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  Mon Apr 23

Remodeling? Recoup Your Investment When You Sell

Remodeling? Recoup Your Investment When You Sell

Before you pour your savings into a new kitchen and a rainforest shower for the master, think about whether or not you'll be able to recoup your investment when it comes time to sell. 

If you have equity in your home, you can make improvements, but don't go over the limit of what other buyers can spend for a home similar to yours in your neighborhood. 

While it's tempting to make your home more beautiful, you have to consider the rest of your neighborhood. If most residences in your neighborhood are three-bedroom single-story homes, buyers are unlikely to shop in your area for two-story four-bedroom homes. 

Buyers want to shop for a home where there is the most selection of homes that fit their criteria. If they want a swimming pool, they're going to look in neighborhoods where many homes have pools. They won't be aware of your home if you have the only pool in your subdivision.  

That's why over-improving for the neighborhood is a bad idea. Not only will you not get your money back for some updates, your home my be harder to sell because of them.  

Another reason buyers don't tend to pay as much for updates as you might think is broad differences in taste. Your updates may include choices your buyer wouldn't have made because of several reasons:  

You only improved one or two rooms, leaving the rest of the home looking unfinished. 

Your updates were too radical, such as cold minimalism in a traditional setting. 

Your updates masked a problem but didn't solve it, such as a kitchen that's too small. If the kitchen is still too small after you've put in granite counters, don't expect buyers to care. 

You failed to do necessary repairs and updates that were less visible than the new décor but buyers noticed anyway. 

Your updates are beautiful but require a lot of cost and upkeep. 

Buyers want to make a home their own, and don't want to be distracted or confused by design statements that they don't agree with. Enjoy your home while you can, but make sure your new look can be easily depersonalized when it comes time to sell. 

Don't expect to set a listing price based on what you've put into your home no matter how long you own it. Your home will be worth market value no matter when you sell, whatever the value is for that point in time. 

All the improvements in the world won't change that basic fact. Your home and the improvements you make are only worth what willing buyers say they will pay. 

Before you begin renovations, talk to your Realtor and your lender. They will help you develop a reasonable plan for updates that will add value to your home. 

   
  Sat Apr 14

Home Purchase in Winter

As the temperature in many areas of the country starts to cool down, you might think that the housing market will do the same. This couldn’t be further from the truth! Here are 4 reasons you should consider buying your dream home this winter instead of waiting for spring!

1. Prices Will Continue to Rise

CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6.3% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year.

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

2. Mortgage Interest Rates are Projected to Increase

Your monthly housing cost is as much related to the price you pay for your home as it is to the mortgage interest rate you secure.

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage are currently at 4.08%. The Mortgage Bankers Association, Fannie Mae, Freddie Mac & the National Association of Realtors are in unison, projecting that rates will increase by this time next year.

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

3. Either Way You’re Paying a Mortgage

There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you are living with your parents rent free, you are paying a mortgage - either yours or your landlord’s.

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.

Are you ready to put your housing cost to work for you?

4. It’s Time to Move on with Your Life

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

But what if they weren’t? Would you wait?

Look at the actual reason you are buying and decide whether it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer or you just want to have control over renovations, maybe now is the time to buy.

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings.


   
  Wed Apr 11

REAL ESTATE

Long Island home prices posted their biggest gains in more than a decade at the end of last year, with increases throughout the region as buyers competed for scarce inventory. 

The median home price on Long Island, excluding the East End, rose year-over-year by 6.6 percent in the last three months of 2017, to $415,000. The gain was the biggest annual increase since 2006 and the 19th straight quarter of yearly gains, a report to be released Thursday by the brokerage Douglas Elliman and the appraisal company Miller Samuel shows.

In the Hamptons, the median price rose to $995,000, an annual increase of 7.6 percent. North Fork home prices ticked up by 0.4 percent, to $597,500. 

   
  Fri Apr 06

Home water quality issues to address before a sale

Community water systems must test and monitor drinking water supplies to ensure safe, clean and good-tasting water. But what happens once water hits neighborhoods and homes?

The answer: It varies. Which is why homesellers, especially those in older homes, should test their water to ensure they support clean, healthy water. And their listing agents should support them, because home water quality issues can complicate a sale.

The water quality tests homesellers should do varies based on their home water setups. We outline the four most common, and how to address them, below.

Beware of lead

Older homes may have lead-based service lines, which can leach lead into water as it enters the house. Older lead fixtures, or those with lead-soldered joints, can also cause elevated lead levels.

Without a doubt, pipes and fixtures containing lead should be replaced with new materials when possible.

Watch for corrosion

Many homes built before the 1960s have galvanized steel pipes. While galvanized pipes do not create chemical contaminants on their own, they are susceptible to severe corrosion, which can flake off and clog taps and faucets. In some instances, rust can also build up inside galvanized pipes.

To be on the safe side, it is a good idea to have all galvanized piping replaced.

Prevent emerging contaminants

“Emerging contaminants” are another water-quality concern for homeowners. If present in a home, they usually occur in very low amounts. They create two primary concerns: one being health, the other aesthetic.

Emerging contaminants that affect health include detergents, pesticides and medications. Other contaminants that don’t affect health may adversely alter water taste, odor or color.

Home filtration systems are the most common way of reducing emerging contaminants. Options include filters within faucets, in separate pitchers, or in the plumbing itself. There are also reverse-osmosis filters, which treat the entire home’s water supply.

Any filtration system used should meet national standards for reducing multiple contaminants.

Maintain your well, if you have one

While most North Americans get their water from community water systems, millions rely on well water at home.

   
  Sat Mar 31

HOT TOPIC - RENT OR BUY

Gen Z expected to outspend millennials on rent
This young generation will shell out over $102k on rent by age 30, study finds.

When it comes to rental costs, millennials carry a burden heavier than that of any other generation in history — but if average rental rates continue to soar at their current pace, Generation Z will have it worse.

A new study from RentCafe revealed that the nation’s estimated 80 million millennials pay approximately 45 percent of their total income toward rent. And due to a preference for city living over suburban sprawl, and the uninterrupted rise of rental rates nationwide, most millennials will shell out $92,600 in rent before 30, according to data pulled from the U.S. Census Bureau.

But a new generation of renters, Generation Z, are forecasted to spend a staggering $102,100 on rent by the time they turn 30, according to Florentina Sarac, writing for RentCafe’s blog.

“Given their overwhelming student loan debt, younger Millennials may carry on renting, simply because the prospect of buying is not yet attainable,” wrote Sarac. “On the other hand, older Millennials are starting to slowly shift towards home ownership. As they are finally catching up with the American Dream, this will surely drive demand for homes for sale.”

By comparison, Generation X renters (those born between 1965 and 1984) paid an average of $82,200 before the age of 30, and baby boomers (those born between 1946 and 1964) paid $71,000 in rent by age 30, according to RentCafe.

“Both Gen Xers and Baby Boomers made less money than Millennials but they also spent less on rent,” the authors of the study wrote. “Gen Xers spent a total of $82,200 on rent when they were in their 20s, and they earned about $202,100. The same is true for Baby Boomers as they earned $195,700 while $71,000 of that went towards rent.”

   
  Thu Apr 26

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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  Wed Apr 25

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 


   
  Mon Apr 09

glass

   
  Sat Apr 07

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."


 
   
  Mon Apr 02

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. 

   
   
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