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  Tue Jan 09

LISTING IN THE WINTER

Thanksgiving has passed, the weather has turned out cold  and everyone has their mind on the holiday season as the year comes to an end. For the residential real estate industry, that means sales go quiet.

The seasonal real estate cycle typically sees a decrease in buyer demand during the last couple months of each year, as people turn their attention to family gatherings and holidays and wrapping up projects at work before the new year.

Where you’ll see the biggest change in sales over the ebb and flow of the seasons is the number of days a property is on the market. Realtor.com reports the U.S. housing market hit its lowest median days on market in June 2016 with 65 days, climbing to 89 days in December 2016 and hitting its peak in January 2017, with a median of 96 days on market. The trend appears to be repeating itself. The housing market hit its low for this year again in June, at 60 days, and is now climbing up, with the most recently reported number being 73 days for October.

But fewer active buyers and more days on market doesn’t mean you can’t sell your house during the winter months. Especially if you’re pressed for time and need to sell quickly, particularly hot markets see many eager buyers looking to snatch up available properties while the competition is still recovering from Thanksgiving dinner.

If  you are not listed you surely will not sell. Less homes on the market in the winter does give a seller an upper hand. 

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  Sun Jan 28

Land Sales up Four Percent. ARTICLE DATE 1/18/2018

he Realtors® Land Institute and National Association of Realtors® Research Group released the results of their annual Land Markets Survey which shows a 4 percent increase in land sales and a 3 percent increase in land prices over the previous twelve months.

RLI Land Markets Survey 2017

Sales for all types of land rose, indicating a strong national land market. In the lead were residential land sales with an increase of 5 percent, followed by commercial land sales up by 4 percent. Analysts in the NAR Research Group and at RLI believe these markets are in the lead because of the sustained economic growth and the continued recovery of the housing construction market due to an increase in new home sales.

Land sales for agricultural irrigated land also rebounded after contracting last year, as commodity prices generally stabilized from late 2016 to early 2017 after slumping since 2014. Responses from survey participants indicated a lack of land financing, tighter zoning regulations, and valuation issues as some of the biggest issues facing the industry.

RLI’s 2018 National President Jimmy Settle, ALC, said “Now is great time for landowners and investors as well as land professionals. With flat commodity prices making the growth in ag land sales modest compared to residential and commercial land sales, it’s encouraging to see the market as a whole still continue to strengthen.”

The annual Land Markets Survey is a tool for landowners and land real estate professionals in all sectors of the business to use for bench-marking and as an informational resource when conducting business. This year marks the fifth consecutive year that the survey has been conducted to reveal current trends and the ever-changing state of land markets within the industry; and with over 800 respondents this year, it continues to grow. The Realtors® Land Institute has made the full survey results available for free to the public on their website at rliland.com/about-realtors-land-institute/land-markets-survey 


   
  Sat Jan 13

glass

   
  Sat Jan 13

Carbon monoxide can kill

Updated December 29, 2015 4:48 PM
 
Police tell News 12 they were called to the scene around 8 a.m. in response to two unconscious girls at a home on Franklin Court East. (12/29/15)

GARDEN CITY - A Garden City family was exposed to dangerously high levels of carbon monoxide in their homes Tuesday morning, emergency crews say.  
Martin Arelleno, the owner of a home on Franklin Court East, says his cousin was staying with his wife and two kids in the basement. Arelleno says his cousin's two daughters fainted after being exposed to the gas.
A carbon monoxide detector was inside the home, but no alert was set off.
Garden City police say six out of the eight people inside the home were taken to the hospital for carbon monoxide poisoning. Arelleno says his family will be OK.
The source of what caused the high levels of carbon monoxide is still under investigation.
Garden City police say neighboring homes were also checked for carbon monoxide, but were found to be normal.
Nassau County Assistant Chief Fire Marshal John Priest says homeowners should get their heating systems checked by a professional.
"Carbon monoxide is a deadly killer. It is invisible, and it is odorless," says Priest. "Fire services across the United States will go to 60,000 carbon monoxide calls during 2016. We strongly suggest carbon monoxide and smoke detectors in the home on any floor."


 
   
  Thu Jan 11

WHY AGENTS HATE OPEN HOUSES

THIS IS FROM A LADY WHO GOES TO OPEN HOUSES :

I’m not planning to move, but I receive regular emails from my real estate broker with new listings in my area. And I open them. I forward the good ones — with stunning pictures of new kitchens and bathrooms with soaking tubs — to my husband.

I mark the date for the open houses and then I go.

On a miserable Sunday in late November, rather than curl up with a cup of hot cocoa, I dodged puddles to get to an open house for a four-bedroom colonial in my neighborhood.

I had noticed the house for years, with a handsome bay window and lush landscaping. I just had to see what was inside. Before you write this off as time wasted, let me tell you, dear reader, the visit was worth every moment spent out in the icy rain.

The living room, with recessed lighting and a coat of fresh paint, was dreamy, with a navy carpet and cream-colored sofa. Can I tell you about the kitchen? The listing described it as a chef’s kitchen. I’m no chef, but the soapstone countertops, wine fridge and that very fancy stovetop convinced me to consider becoming one. I sent my husband over next. He came home soggy, but swooning. Two fireplaces! Who has two fireplaces? We could. That’s who.

I guess you could call me an open house lookie-lou. Some people try on shoes for fun. I try on houses.

Open houses rarely bring about a sale. Most buyer's are younger in there late 20's to mid 40's and they shop the internet or they are sent listings by there agent and rely on the e mails the agent sends to them.  The reason we at LIHP try to only do them if the owners want them is because you never know who your letting in the door. It is the first thing the police will ask if you were robbed and your house is on the market. We do keep accurate notes on who we let in with phone numbers and most agents will ask for identification as well at our open houses. BUT the truth is that if someone is looking in that area they already know about the listing from the on line sources. With the hourse properties we already have e mails of every horse person and they are on our newsletter list. 

We sell 99 percent of the houses we list from our own newsletter not MLS. 

This is just an FYI of why we do not push open.houses. 

   
  Thu Feb 08

SELLING A FOR SALE BY OWNER

In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers.

Here are the top five reasons:

1. Exposure to Prospective Buyers

Recent studies have shown that 95% of buyers search online for a home. That is in comparison to only 17% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?

2. Results Come from the Internet

Where did buyers find the home they actually purchased?

  • 49% on the internet
  • 31% from a Real Estate Agent
  • 7% from a yard sign
  • 1% from newspapers

The days of selling your house by just putting up a sign and putting it in the paper are long gone. Having a strong internet strategy is crucial.

3. There Are Too Many People to Negotiate With

Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:

  • The buyer who wants the best deal possible
  • The buyer’s agent who solely represents the best interest of the buyer
  • The buyer’s attorney (in some parts of the country)
  • The home inspection companies, which work for the buyer and will almost always find some problems with the house
  • The appraiser if there is a question of value

4. FSBOing Has Become More And More Difficult

The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.

The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.

5. You Net More Money When Using an Agent

Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent’s commission. The seller and buyer can’t both save the commission.

study by Collateral Analytics revealed that FSBOs don’t actually save anything, and in some cases, may be costing themselves more, by not listing with an agent. One of the main reasons for the price difference at the time of sale is: 

“Properties listed with a broker that is a member of the local MLS will be listed online with all other participating broker websites, marketing the home to a much larger buyer population. And those MLS properties generally offer compensation to agents who represent buyers, incentivizing them to show and sell the property and again potentially enlarging the buyer pool.”

If more buyers see a home, the greater the chances are that there could be a bidding war for the property. The study showed that the difference in price between comparable homes of size and location is currently at an average of 6% this year.

Why would you choose to list on your own and manage the entire transaction when you can hire an agent and not have to pay anything more?

Bottom Line

Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.

   
  Sat Feb 17

Long Island home prices rise as inventory dips

 

Long Island home prices rise as inventory dips

But possible loss of deductions for local taxes, mortgage interest, could put a damper on the market, real estate experts say.

 

A home up for sale in Amityville. Throughout the Island, there were 11,395 homes listed for sale last month. Photo Credit: JessRotkiewicz 

Long Island real estate prices climbed last month, as buyers got into bidding wars over a dwindling supply of homes.

In Suffolk County, homes sold for a median price of $360,000 in October, up 6.2 percent from a year earlier, the Multiple Listing Service of Long Island said in a report released Thursday.

Nassau County homes traded for a median price of $500,000, up 6.4 percent from a year earlier.

Throughout the Island, there were 11,395 homes listed for sale last month, down 12 percent from a year earlier. The number of closed home sales increased year-over-year by 5.7 percent in Suffolk and by 1.5 percent in Nassau. 

 

“The buyers are paying full price and sometimes over full price,” said Jerry O’Neill, owner of Coldwell Banker Harbor Light in Amity Harbor. “It’s a good time for sellers to come to market.”

Home prices have posted year-over-year gains nearly every month for the last two years. However, it’s an open question whether that trend will continue if federal lawmakers limit or eliminate Long Islanders’ ability to deduct state and local taxes, local real estate experts said.

Such deductions lower the cost of homeownership. Without them, buyers would need to trim their budgets, they said. 

House Republicans voted Thursday to pass their version of a $1.5 trillion tax overhaul. The measure would end the deductibility of state and local income taxes but allow deductions for property taxes up to $10,000. The Senate version eliminates all state and local tax deductions.

   
  Mon Feb 12

BUYING A HOUSE

   
  Mon Jan 22

How Landscape Design Can Boost Home Value

(Family Features) A recent survey conducted by the American Society of Landscape Architects (ASLA) found that sustainable, low-maintenance designs are top trends among residential landscape projects. The study, which asked landscape architects to rate the expected popularity of outdoor design elements, points to a great demand for ecologically sensitive upgrades intended to preserve the environment, conserve water and reduce landscape maintenance.

According to the study, the top five upgrades are native plantings, adapted drought plantings, food or vegetable gardens, fire pits and fireplaces and low-maintenance landscapes. If you'd like to incorporate these ideas into your outdoor space, it’s best to hire a professional. Here’s why:

1. A landscape architect is well equipped to design an outdoor living space that will add value to your home, extend your living space and allow you to enjoy all that nature has to offer in a controlled setting. From arbors to fountains, they can create a space that is both inviting and environmentally sustainable.

2. Hiring a landscape architect is a terrific investment for your home. Research from Virginia Tech shows that landscapes literally grow in value over time, while traditional home additions or remodels start to lose value the minute the dust settles.

3. Landscape architects are licensed professionals who often work with landscaping or other construction companies to install their designs. Think of the fashion designer imagining an outfit while a clothing manufacturer makes the apparel, or an artist designing a wall poster that's printed by another company.

4. Landscape architects are trained to think about landscapes as systems. They will assess your property's problem areas, as well as possibilities, and create a solid plan that addresses both the big picture and exact details of how your landscape will look. They will handle all the details, saving you time and stress.

5. Landscape architects will deliver a finished project that you will love and that will comply with regulations and codes. It will be a special place that you and your family and friends will enjoy for years to come.

   
  Mon Feb 19

5 Ways to Enhance Curb Appeal

Boosting your home’s curb appeal is a must when placing your home on the market. When readying your home for sale, consider making cost-effective upgrades that add value, rather than over-the-top remodeling projects. According to Remodeling magazine’s 2015 Cost vs. Value Report, several exterior improvements recoup the most return, including new entry doors, siding and roofing.

“Choosing the right renovations to ensure your home stands out among the rest is key,” says Matt Hess, Power Home Remodeling Group, “and with intense focus on increasing curb appeal this year, we recommend moving that to the top of the to-do list and avoiding over-upgrades and mammoth projects where you won’t get your money back.”

These high-ROI exterior projects that enhance curb appeal include:

Replacing Entry Doors – Updating your home's front door can drastically impact its value and draw in a potential buyer. Think about replacing a door with half-glass panels or a change in color, and modernize the look with a mortise lock with lever handle and matching finish.

Creating Functional Outdoor Living Spaces
 – Outdoor living is here to stay, and buyers are taking notice. Consider enhancing your backyard with a new high-end feature or large gathering area, such as a patio with comfortable furniture, a stone fire pit, an outdoor kitchen or a fireplace with an out cove.


Modernizing the Siding – New vinyl siding and trim can make even an older home look brand new. Choose a color that balances both personal taste and long-term ROI. Newer trends include bolder shades like deep blues and heavy greens, while bright white homes continue to resonate. For those who like a pop of color, consider a neutral siding – maybe a taupe or gray – with a bolder trim color.

Making Minor Updates to Landscaping – Add seasonal flowers or a stone border to spruce up your garden. You could also create your own wall garden to grow herbs in mason jars – a feature many buyers will appreciate, says the Power Home Remodeling Group.

Lighting Up with LEDs – LED lights continue to be a popular, inexpensive trend and are a great way to subtly light your yard. From rope lights to walkway or garden fixtures, there are all sorts of LED options that coordinate with your home's exterior. They are dimmable and low-maintenance – you don't have to worry about going outside to turn them off or on.

   
   
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