Why are there so many properties on the market in Brentwood, New York?

Asked by Rdalstn, Brentwood, NY Sun Jul 17, 2011

Went with a real estate agent to view a home in Brentwood New York. Before we got to the home that i was to see, we passed at least 11-12 for sale signs in a 3 block span

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Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Sun Jul 17, 2011
I just looked on mls; there are 391 homes listed for sale, more than any other town in Suffolk County. I was actually shocked that it was that high. There are probably not that many buyers for the area right now, so what they call the "absorbtion rate", or how many months it will take all these homes to sell, is probably quite a bit. What you may want to do is check out what homes have sold for in Brentwood in the past 6 months or 1 year. To do that, go to http://www.mlsli.com, click on "sold properties", then put in an address of something you saw. A map will populate with every address, when it closed, what price, and a few basic details from the listing. You can not only see what sold, at what price, they will show the picture of the front of the house, so you can get an idea how it would compare.
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Cynthia Mart…, Agent, Town of Islip, NY
Sun Jul 17, 2011
the reason is because is a median class community, there are many people whom lost their jobs and most of them paid a really high price for there homes at least five years ago. So now a lot of them can not make mortgage payments anymore, there are many short sales and foreclousures I work in the area so I am very familiarize with this question. I have been in this area for more than five years. I hope this information will help you with your decision.
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Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Sun Jul 17, 2011
That is one of the communities where there were a lot of those buying who bought a few years back were using some of the loans that were easy to get, high financing, where you didn't have to show much of anything. Once they got in to the homes, they realized that the payments were more than they could afford. If the house is a normal deal, not a short sale, you are probably getting a bargain. There are many nice homes there. There are various websites where you can find more information about the schools, and certain other things that contribute to the type of community it is. Google what you want to know, and you will probably find it.
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Anna M Brocco, Agent, Williston Park, NY
Sun Jul 17, 2011
Keep in mind that people do move for a variety of reasons, such as financial, downsizing, upsizing, closer to employment, closer to family, relocation, etc.
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