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Long Island, NY Housing Market *
Sat Nov 24The median sale price of a home in Long Island was $700K last month, up 8.5% since last year. The median sale price per square foot in Long Island is $447, up 6.9% since last year.
The longer you wait to purchase a home the higher they are going! There are good deals for 1st time homebuyers.
Home Sellers and Their Selling Experience
- The typical age of home seller was 63 this year, the highest ever recorded.”
- For all sellers, the most commonly cited reason for selling their home was the desire to move closer to friends and family (23%), followed by home was too small (12%), home was too large (11%), and the neighborhood was becoming less desirable (10%).
- The median number of years a seller owned their home was 10 years, the same as last year. That number was higher than reported from 2000 to 2008, when the tenure in the home was only six years.
- 36% of sellers traded up and purchased a home that was larger in size than what they previously owned, 30%bought a home that was similar in size, and 32% traded down and purchased a home that was smaller in size.
- For recently sold homes, the final sales price was a median of 100% of the final listing price. This continues to be the highest recorded median since 2002.
- For all sellers, time on the market this year was a median of three weeks, one week longer than last year.
- 68% of sellers were very satisfied with the selling process. 22% were somewhat satisfied.
Home Selling and Real Estate Professionals
- 66% of recent sellers used an agent that was referred to them or used an agent they had worked with in the pastto buy or sell a home.
- 81% of recent sellers contacted only one agent before finding the right agent they worked with to sell their home.
- 50% of sellers used the same real estate agent to represent them when purchasing or selling their home. That number jumps to 71% for sellers within 10 miles of their home purchase.
- Sellers place a high priority on the following three tasks: help market the home to potential buyers (22%), price the home competitively (20%), and sell the home within a specific timeframe (18%).
- The real estate agent’s reputation remains the most important factor when sellers select an agent to sell their home (35%), and an agent’s trustworthiness and honesty (21%).
- Most sellers—87%—said that they would definitely (72%) or probably (15%) recommend their agent for future services.
For-Sale-by-Owner (FSBO) Sellers
- 90% of sellers sold with the assistance of a real estate agent, up from 89% last year, and only 6% were FSBO sales. The share of FSBO sellers was a historical low.
- For 38% of all FSBO sellers, the main reason to sell via FSBO was because they sold to a relative, friend, or neighbor.
- Getting the price right (17%), selling within the length of time planned (13%), and understanding and performing the paperwork (10%) were the most difficult steps for FSBO sellers.
- FSBOs typically sell for less than the selling price of other homes; FSBO homes sold at a median of $380,000 in 2023 (up from 310,000 in 2022), still far lower than the median selling price of all homes, which was $435,000.
Real Estate Info
Sat Nov 24
An appraisal is an important part of many real estate transactions. An appraisal is typically done if a buyer requires a mortgage loan to purchase a property. The appraisal is done by an appraiser (who is licensed), and it's based on multiple data gathered during an inspection by the appraiser. When it comes to appraisals, there are many myths or misconceptions around them. Whether you're looking to buy a home, looking to refinance a current mortgage, or you're looking for more information about all that goes into real estate transactions, here are some of the most common myths when it comes to appraisals. |
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Assessed Value, Appraised Value and Market Value are all the SameFor many properties and in many states, the idea that the assessed value, appraised value and the market value are equal is understandable. But, in many areas and instances, this isn't the case. Assessed value is determined by an assessor (who works for a city, town or county) and is usually used to levy taxes; if the assessor doesn't actually physically inspect the property, s/he won't know if any improvements (remodeling projects, interior updates, additions, etc.) have been done. The same can also be said if nearby properties have not been reassessed for a long period of time or they don't reflect the area's current real estate market. Appraised value is determined by an appraiser, and is a result of a detailed physical inspection of a property and research done on the neighborhood and any nearby recently sold properties. Market values are consumer-driven and can be influenced by a buyer - if a buyer is willing and able to pay more for a property, then the market value is what the buyer is willing to pay. While all three values can be similar, all three also have the chance of being vastly different. |
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The Appraisal Varies Whether it's For the Buyer or SellerTypically, an appraiser has no vested interest in the price of a property - s/he doesn't represent any particular person. The appraiser should complete an independent and objective appraisal, simply performing the service of determining a property's appraised value. Appraisals can be done for a number of reasons: insurance, home loans, tax losses, estates, liquidation and net worth. Because of this, depending upon the purpose of the appraisal, the market value and appraised value can vary, but the appraiser does not complete an appraisal in favor of the seller or the buyer. |
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Equine scientists believe they have demonstrated a much higher degree of intelligence in horses than previously assumed.
Wed Nov 24
The old English proverb “you can lead a horse to water, but you can’t make it drink” has been used since the 16th century to describe the difficulty of getting someone to act in their own best interests.
Now, research by equine scientists suggests the use of this phrase has been inadvertently maligning horses for centuries.
Horses have the ability to think and plan ahead and are far more intelligent than scientists previously thought, according to a Nottingham Trent University study that analysed the animal’s responses to a reward-based game.
The horses cannily adapted their approach to the game to get the most treats – while making the least effort.
“Previously, research has suggested that horses simply respond to stimuli in the moment, they don’t proactively look ahead, think ahead and plan their actions – whereas our study shows that they do have an awareness of the consequences and outcomes of their actions,” said the lead researcher, Louise Evans.
The three-stage game involved 20 horses, who were initially rewarded with a treat merely for touching a piece of card with their noses. Then, in the second stage, researchers started switching on a “stop light”. The horses were only given a snack if they touched the card while the stop light was off.
