Newsday reports on Long Island. "John Giamarino wants to pay your mortgage. The catch? You have to buy his house. In the latest incentive to hit the local real estate market, the Seaford resident and his wife are offering to make a year's worth of mortgage payments for the buyer of another home they have in West Gilgo Beach."

"The house has been on the market for about six months and has seen a few price reductions, real estate agent Karen Reese said. It's now listed at $645,000. 'People need incentives to make the move,' said Giamarino. As homes in Giamarino's price range glut the market, it's no wonder he and other sellers are looking to woo homebuyers with pricey gimmicks. Some slash the price, but others throw in furniture, plasma televisions and even cars or vacations."

"'I think if you move into a house and you're not struggling with payments for 12 months, it's just another idea to help.' he said. The concept isn't entirely new. Indeed, Giamarino got the idea from sellers in the South, particularly in Florida, where he owns other property, he said."

"Despite their reservations, real estate attorneys Lita Smith-Mines and Neil Garfinkel said they weren't surprised by Giamarino's desire to spice up his sale. 'I have three dozen or more files that are open just from home sellers who can't sell,' said Smith-Mines. 'No one is coming to see their houses.'"

The Long Island Business News. "Long Island’s residential market continued to transition from red-hot to ho-hum in August. Inventory counts..have been skyrocketing for months as owners scramble to cash out on the cooling market. Realtors have begun blaming sellers, saying they’re holding out for the eye-popping gains."

"'It’s slow. It’s slow. Most of the buyers are giving us the exact same story: they’re waiting until December or January. Or if we show them a property, again, the offers are coming in much, much lower,' said Renee Weinberg, a licensed sales associate in Long Beach. 'We need something to give us a little bit of an uplift … It hasn’t turned. It is not good.'"