Long Island Bank Owned Homes

Bank owned homes on Long Island are sparking the interest of many first-time homebuyers and investors alike.  At the height of the housing market, prices on Long Island were often times out of reach for the first-time homebuyer, and investors had a difficult time finding homes that they could purchase and rent out without having a negative cash flow. 

The increase of bank owned homes on Long Island has created a window of opportunity for many people, in particular the first-time homebuyer.  Until recently, many first-time homebuyers felt like they would never have the chance to own a home on Long Island, and started relocating to other parts of the country where homes are more affordable.  Plenty of people are still choosing this option, but a number of first-time homebuyers that want to stay on Long Island now have the opportunity to do so, largely because of the availability of bank owned homes.

This is an important development in the Long Island housing market, and it should have a ripple effect which eventually leads to a stronger housing market for the following reasons:

[1]        The biggest drag on the Long Island housing market has been the "bottleneck" that has occurred due to a lack of first-time homebuyers.  First-time homebuyers entering the market allow people in starter homes to move up to their next home.  The sales cycle starts with first-time homebuyers and progresses upwards.  I personally witnessed this phenomenon when the sale of a starter home fell through over a few thousand dollars, abruptly halting a move by four families looking to move on Long Island.

[2]        The availability of bank owned homes has brought out buyers that have been sitting on the sidelines waiting for the "right" time to buy.

[3]        Once buyers get into the mindset of being ready to buy a home, they usually continue their search even if they don't feel that a bank owned home suits their needs.

For those homebuyers and investors that are interested in buying a bank owned home on Long Island, I have put together a list of towns and price ranges where bank owned homes are available.  Each week, I will release a list of new bank owned homes that have come on the market in various price ranges and towns, broken down by counties (NASSAU COUNTY, SUFFOLK COUNTY).

To make this list a bit more dynamic, I have created each town as a link.  If you click on the name of any town, it will take you directly to information about the community.  In most cases, you will be able to find demographic information, census bureau information, average household income and more!