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Posts Tagged ‘village’

personal_retriever

Are you looking for a home in the Massapequa, Amityville, Amity Harbor Area, Copiague? Not only am I an expert in these areas but I am happy to set up a good old fashioned “Retriever” Search for you! I will set you up in my system so you get notified of anything new to the market or any price changes to help you find your dream home! Don’t waste your time searching Zillow and Trulia when you can get hourly updates of the areas you are looking in!

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Tomorrow is a new year complete with new aspirations and hopes, new dreams and new resolutions.  My New Year’s resolution is to break my resolutions….that way I succeed at something.  On New Year’s Day we walk through our lives making lists of work to be done, things to be fixed and promises to be made.  This year…to balance those lists maybe we should walk through our lives looking for the potential and not the flaws.  Be positive and let that overcome the negative in our lives, our work and our minds.  Let’s look forward to the future and make things happen!

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Real Estate Market Update
Date: 6/10/2013

The closed median home price in May 2013 for Long Island, which includes Nassau, Suffolk, and Queens’s housing data, was $350,000. The closed median home price is equal to what was reported one year ago, and is unchanged from last month as well. Nassau County reported a $423,500 closed median home price in May compared to $405,000 last May. Suffolk County reported a closed median price of $315,000 representing a 4.1% increase over last year and Queens reported a closed median home price of $361,000, which is 3.1% higher than $350,000 reported in May 2012.

Available inventory has ticked up slightly from the month prior, despite strong contracted activity, however available residential inventory continues to lag compared to the year prior.

“Booming pending sales activity across Long Island and Queens is the market story this month. In May, we saw a 24% increase over last year’s transactions, continuing to support the fact that our market is well under recovery. Whether you are a first time buyer, or trade up buyer, the favorable housing affordability conditions that take into account pricing, inventory, and financing, have aligned to create near perfect home buying conditions.” said Joseph E. Mottola, CEO MLSLI.

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There is a tremendous amount of activity these days in the real estate market here in the friendly bay village.  I am going to give you the scoop on what is means when you read the words “as is” on homes for sale today by the bay…

“As Is” is a term that has always been used in the real estate industry.  In past years it may represent a home in disrepair, without appliances, possibly fire damage, or any other condition that is not typical.  It is almost akin to what you see is what you get. The owners will not be negotiating anything that a potential buyer may want and that the house is simply “as is”.  It may be a simple broken dishwasher that is “as is” or a wooden attached deck that is falling apart that is “as is”.  The term is broad in its scope.

Unfortunately in the aftermath of Superstorm Sandy most of these “as is” homes refer to water damaged homes.  Some may have been remediated completely, some may have nothing done to them at all.    There may be mold, the house may be totally gutted down to the studs, or some repairs may be started.  Each home will be in a different state but the most important thing to remember is if the listing states “as is” there is to be no negotiations for things that a buyer may want.  It is up to the buyer to put back the sheet rock, fix the electrical system or purchase appliances.  Every situation will be different and buyers should be well-educated in the costs to bring these homes up to current building codes.  This leads us in the financing of purchasing homes in these conditions.

Many “as is” homes are being sold for cash.  Investors are seizing this opportunity to purchase lower valued homes and then fix them up.  Some may plan to rent for a few years as the market continues its recovery while others may fix and immediately flip it back onto the market.  Other progressive home buyers are purchasing the home of their dreams even if there is no sheet rock.  There are loan programs such as a 203K loan which will incorporate the construction repair costs into the loan and they will in essence re-build the house as part of their mortgage agreement.  This program allows a home buyer to purchase a house much cheaper than they would have been able to afford and then pick out the bathrooms and kitchens of their dreams.  The bank will have some limitations in place and of course help oversee the process to make sure the appropriate equity is invested into the home but it is a fantastic solution to rebuilding the neighborhood.

I will warn you that buying an “as is” home is not for the faint hearted.  There is a lot to consider and tons of research to be done to ensure all repairs are up to current building codes.  Make sure your realtor knows what to look for…or you can just call me and I will be happy to help!

Oh yes..one last thing…these homes can not be considered a fair comp when appraisals are performed…but that is a story for another day.

~Jenn

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fantastic front doors

You don’t need to spend a fortune this year to give yourself the curb appeal to set your home apart from your competition. Sprucing up your entryway is one of the most important things you can do this spring. The first impression of buyers is often a lasting impression. Many simply do a drive by of the house to see if they are interested in taking the next step. Take a look at your own front door and these examples to see how your can add some curb appeal of your own!

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FEMA and SBA Extend Filing Deadline

According to FEMA, the deadline for residents and small businesses to apply for federal assistance for damages related to super storm Sandy has been extended to Jan. 28, 2013. The original deadline was December 31, 2012.  The extension applies to Long Island, New York City and the lower Hudson Valley.

Any homeowner, renter, or business owners who suffered loss and damages as a result of Super Storm Sandy, is encouraged to register with FEMA and seek assistance by the January deadline.  http://www.sba.gov/community/blogs/official-sba-news-and-views/open-business/sandy-update-4-send-us-your-completed-loan.

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“As Is” is the description of the week. Lean more as I post what the effects of Sandy is doing to our real estate market here in Long Island. Worried that the house down the street from you flooded and was sold dirt cheap? Follow me and learn why this will not impact your home value in the next year when you are looking to sell.

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