Levittown

My Husband and I have been looking to buy a house there and we seem to notice that all the houses we see the homeowners only lived there for 4-5 years...is there a reason why? just curious

TIA

Re: Levittown

I am not sure why that would be the case. I would say most people on my parent's block have lived there for 20+ years.

I think many people selling in Levittown need to sell because they bought houses they could not afford. JMO.

Re: Levittown

I agree with the above poster. My parents sold their house 2 years ago after being there for 28years. The majority of the people on that block & surrounding have been there for over 20 years.

I do believe a lot of people bought in the height of the market & now they can not afford their mortgages. Plus I think in general, a lot of people are looking to get out of LI bc of the high taxes.

Re: Levittown

Posted by NYPD-Wife

My Husband and I have been looking to buy a house there and we seem to notice that all the houses we see the homeowners only lived there for 4-5 years...is there a reason why? just curious

TIA

Re: Levittown

The prices in Levittown were completely insane at the height of the market. DH and I, who make a good combined salary, were hesitant because our money was not going to go far at all. It seemed like I knew a few people who were buying there, who made less money than we did, and spending more than we could have.

I also grew up in Levittown; my parents are still in my childhood home and there has been very little turnover in recent years. The people on either side of my parents have been in their homes even longer.

ETA- I also think that young-ish couples who bought before the boom are probably finding that this is a good time to upgrade.

Message edited 7/20/2009 9:29:14 AM.

Re: Levittown

my parents have been there since 1980.

the houses were wayyyy inflated a few years ago, so i think people priced themselves out of the house. they simply cannot afford it anymore.

plus, levittown is a GREAT town to start out in too.. so maybe these people bought small houses and need larger, have no equity $ and are selling??

but, i think there is no reason for it...

Re: Levittown

i agree with the rest of the posters.. like i know we bought our house in Levittown in the height of the housing boom.. and we are managing... but i am sure there are a ton of people who are not able to afford it no longer.

but most levittown homeowners have been living in this community for years!

we love it there!

Re: Levittown

I also live in Levittown and I agree with the other PP's. I know a lot of of my neighbors have been here 20+ years and some retired so they sold their homes but alot have been here from the get go since Levittown's inception.

I also know some who just couldn't handle the payments of their mortgage(s). They got in over their heads with second mortgages to make the house bigger than the taxes go up so they have no choice to sell.

Levittown is not at all bad but some people usually sell for a reason. I would keep looking you will love it here. Great schools, neighbors, and near all.

Message edited 7/20/2009 7:22:40 PM.

Re: Levittown

Not based on any real inside information, but I would assume most houses for sale right now are because the people "have" to sell them for some reason, since it is not a sellers market right now.
I would think a lot of areas have people in similar situations that have to unload their house due to financial reasons.

Also, the height of the market coincides with an explosion of interest-only morgatages (adjustable rates) which typically have a 5 or 7 year period where at that time, the rates adjust and you have to start paying principal. Many people with this type of loan see their payments double, triple, or worse. Could be why a lot are selling after the magic 5 year mark.

I would think also some older people who in the past might sell so they can move somewhere cheaper and retire, possibly are holding onto their houses for a few more years until things improve. If they have a small morgatage or none at all, its in their best interest to wait a few years. KWIM

Re: Levittown

We bought at the height of the market from the original owners, and on our block we have a lot of older couples that have been there for 25 years plus.
Scott

Re: Levittown

Thanks so much ladies...this helps alot...and yea most of them are young couples and bought in the height of the market....makes sense now

Re: Levittown

We are currently selling our home in Levittown which we have only lived in for 5 years. For us, this was a starter home. Our house only has 3 bedrooms and while it is an expanded cape (not dormered though), we are outgrowing it, with a baby on the way. We are hoping for a home with all the bedrooms on the same floor.

Actually, the house we are hoping to buy is in Levittown as well. It is just a fully expanded and dormered Levitt so there are 4 actual bedrooms upstairs, plus plenty of room on the first floor.

I highly recommend Levittown to young couples, it's a great place to live and the houses are priced very reasonably. My in-laws have lived in Levittown for over 30 years, so people defintely do stay a long time as well.

Re: Levittown

Message edited 5/13/2010 3:58:30 PM.