Lindenhurst NY Short Sale Market Report - 2008-January 2012
The Lindenhurst NY short sale market in 2011 almost stayed the same compared to 2010. In 2010, 55 homes were listed as short sales and 30 sold. 50 homes in Lindenhurst NY were listed as short sales in 2011 and 33 sold.
2012 will be interesting. Short sales will continue to be around for a while. I have to assume right now that 2012 for short sales in Lindenhurst NY will be around the same as in 2010 and 2011.
If you have been considering to short sale your Lindenhurst NY home as an option but are not sure what it entails, call me today (631) 703-0201 to make a confidential, no-obligation appointment to see if a short sale is right for you and your family.
The Only Person I Sleep with is My Husband
It's funny how buyers get advice that is old-school. Family and friends mean well but inaccurate information can lead to misunderstandings.
In January of 2009, I met with a nice couple who were first time home buyers. During my consultation with them, I let them know that I can refer them to great mortgage brokers, home inspectors and real estate attorneys that will get the job done without breaking the bank.
Upon hearing that, the husband said the following, "we were told to not use anyone the Realtor® "sleeps" with". I knew exactly what they meant and I said, "the only person I sleep with is my husband". Good thing they both laughed at that one!
I explained that real estate was different 20+ years ago then it is now. My job as a buyer's agent is to make sure you have a great team behind you and that includes mortgage brokers, home inspectors and real estate attorneys. If you blindly pick anyone, that could cause problems, delays and cost you more money than necessary. If you already have someone in mind that you trust, then it's all good!
In the end, they bought the home of their dreams and are living happily ever after.
Lindenhurst NY Waterfront Homes - You Will Miss The Boat If You Wait To List Your Home
A few times a day I check my website visitor stats to see the activity. Potential buyers are already looking for waterfront homes for sale in Lindenhurst NY:
There are different types of waterfront homes in Lindenhurst NY: Bayfront and Canal location. Bayfront for the most part gives you spectacular views of the Great South Bay.
View Map of Great South Bay on Long Island in a larger map
Canal homes are just that. They are on the canal and your neighbors can be very close to each other. You do get bulkheading with canal homes so if you want a boat or jet ski, go for it! Just make sure the boat isn't larger than your dock space.
Lindenhurst NY Waterfront Homes currently For Sale
On the Market Waterfront Homes in Lindenhurst NY in 2011
January 2011 - 1
February 2011 - 0
March 2011 - 0
April 2011 - 1
May, 2011 - 5
June, 2011 - 0
Sold Lindenhurst NY Waterfront Homes in 2011
January 2011 - 3 sold for $392,000 (Contemporary style), $400,000 (Bayfront), $400,000 (Bayfront)
February 2011 - 1 sold for $275,100 (located in the Copiague School District)
March 2011 - 3 sold for $315,000, $346,500 and $625,000 (Bayfront)
April 2011 - 1 sold for $220,000 (2 bedroom)
May 2011 - 2 one homes sold for $190,000 (1 bedroom home) and the other for $435,000 (Bayfront)
June 2011 - 2 one home sold for $336,000 and the other for $450,000 (Bayfront)
July 2011 - 0
August 2011 - 0
September 2011 - 1 sold for $315,000
October 2011 - 0
November 2011 - 0
December 2011 - 1 sold for $350,000
In my opinion, the best time to list a Lindenhurst NY waterfront home would be in March. You may not get a lot of activity at first but sometimes all it takes is just one buyer that loves it and you get it sold.
The tricky part is, if the seller has school-aged children and the buyer does not, the seller doesn't want to move a few months before school ends and usually an agreement can be made between the buyer and seller as to when closing can take place. I find most buyers are accommodating with this situation.
Call me today to find out how much your Lindenhurst NY waterfront home is worth in today's real estate market!
What Does Real Estate and A Box Of Chocolates Have In Common?
I will never forget the first time I prospected expired listings in September 2009. The very first door I knocked on had recently expired in Lindenhurst NY and had listed with numerous real estate agents over the last four years. I knew it was going to be a challenge but didn’t expect what I was greeted with.......
It was just short of 11:15 a.m. and when I knocked the homeownerflew open the screen door and screamed at me, “do you know what F’ing time it is?!?!?” I replied, “yes, it’s 11:15”. “I’m sorry, is it too early for you?” I then put a smile on my face and told her to have a good day and thanked her for her time.
As I was walking back to my car, I heard footsteps behind me. I turn around and was almost nose to nose with the homeowner. I told her to back away or I call 911. I get in my car and just said “NEXT! since I had 11 more expireds to go to.
For the rest of the day I was greeted with a few luke-warmhomeowners and the rest couldn’t have been any nicer. I even had an elderly woman invite me in for tea and cookies and of course I did. How could I say no? She was the nicest one of all and I enjoyed her company and she appreciated me sitting down with her. To this day, I visit her once a month and we both look forward to it. At this point in time, she can’t sell yet and when she is, I will miss her so I’m in no rush to list her home and she knows this.
Being a real estate agent, I get to meet all kinds of interesting people. Most are nice. Some are frustrated with this market which is understandable.
Just goes to show you how real estate is just like a box of chocolates. You never know what you are going to get!
Lindenhurst NY Short Sale Sold!
This Lindenhurst NY Short Sale sold and we closed on it today. It was my very first listing and my very first short sale.
I took the listing on February 10th, 2010. Almost two years. Lost a few buyers here and there and this one took eight months under contract to get to closing. The buyers almost walked a few times. Read my post to find out how I didn't lose these buyers: Thank You Sherry at Bank of America.
This Lindenhurst NY home is a Colonial and a Legal 2 by CO. Meaning, the entire home does not have to be owner occupied. The Town of Babylon and Village of Lindenhurst NY do not give homes Legal 2 by CO anymore due to they do not want the town to become a rental haven.
So here we are, a happy seller who avoided foreclosure and happy buyers who bought themselves a great investment property. They already started doing work on their new home.
All I know is I will be getting a good nights sleep tonight knowing my seller is happy and can now move on with their life. Life is good!
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"When You Want Your Home Sold, Call Jackie!" Serving Lindenhurst, Babylon, West Babylon, West Islip, Islip, Islip Terrace, North Babylon, Suffolk & Nassau Counties. Expect More, Get More!
As a homeowner myself, I know how I would want the sale of my home handled by my Realtor. I will treat you the way I expect to be treated.
My job is not done after you are in contract.
My clients and customers tell me how they appreciate me getting back to them quickly and getting the answers to their questions. If I do not know the answer, I will get it for you and pronto! If for some reason I can't get you an answer the same day, I will tell you why. And know, I'm always on time for my appointments with you.
For a Competitive Market Analysis appointment, visit my website.
Email me to join my Neighborhood Monthly & Quarterly Market Reports. This will keep you informed about real estate activity in your neighborhood!
Sprucing Up Your Home:
It is more important than ever to make your home shine in the eyes of potential buyers. Equally important for sellers, however, is to make an impact on potential buyers without spending a lot of money.
Here are a few ideas: Make those small fixes you've been putting off. Is the handle on the kitchen cabinet loose? Is a corner of wallpaper hanging off the wall? Are there oil stains on the garage floor or rust stains on the stucco?
Now is the time to get these small tasks checked off. For a little time and very little money, you can back a big impact on how buyers feel about your home, and how they remember your home in comparison to others they've looked at.
Touch up paint. Most likely you have paint left over, taking up space in your garage. Take it out and spend an hour or two making sure the edges are smooth and scuff marks are covered. A well cared for home feels good to buyers, and they will remember your home more favorably.
Clean, clean, clean! Nothing affects a potential buyer quite like a clean home! Take time to dust and vacuum the entire house. Make sure toilets, sinks and mirrors are clean. And don't forget to tidy up inside closets and cupboards, as well as in the attic, basement and garage. Remember, buyers will be looking EVERYWHERE!
De-clutter! I know you've heard it a thousand times, but it really does make a difference. Put unnecessary décor and personal pictures in boxes and store them neatly on storage shelves or in the attic or basement, if you have one. If you don't have space in your home, maybe a family member or friend has an attic or basement you could store your boxes for a few months. If you have a lot of stuff, you may need to rent a storage unit while your home is on the market, but storage is inexpensive and many companies offer deals for a free month.
Include appliances. Buyers are looking for value, and only a great deal is going to motivate them to make an offer. For instance, when deciding between your home and another, a home that includes a washer and dryer is going to be more appealing than one that just has a hookup for these appliances. Buyers will consider costs they will have after buying the home before deciding to make an offer.
• No loose, cracked or curling shingles on the roof
• Adequate chimney caulking and flashing
• Windows, window sills and shutters all in good condition
• No peeling paint
• Gutters free of debris
• Down-spouts securely attached
• Clean driveway
• Uncluttered garage
• Mulched flower beds
• No obvious weeds or dead flowers and plants
• Trimmed hedges and no clippings
• No dead tree branches
• Fresh seasonal flowers in window boxes and planters
• Adequate outdoor lighting
• Safe walkways with no tripping hazards.
Before you list your property for sale, keep in mind that potential buyers will not cherish the marks on the bedroom wall recording the growth of your youngest child; they may not approve your pet’s bed and food dishes in the kitchen; perhaps their favorite wall treatment is not orange paint patterned with blue polka dots.
Here’s how to make your home’s interior more presentable:
• Remove excess personal photos, travel souvenirs and large posters
• Organize bookshelves, toy storage and hobby or workshop areas
• Wash windows, mirrors and any other decorative glass
• Shampoo carpeting and clean all hard surface flooring
• Dust everything
• Re-grout bathroom tile, if necessary, and remove mildew stains in laundry and bath
• Reorganize closets and donate unnecessary clothing
• Display fresh towels and clean bedding
• Tidy up the kitchen and bath • Repaint walls in neutral colors for maximum appeal if necessary
• Remove excess furniture and household goods to a storage facility, consignment shop or charity institution.
So take a weekend, make a checklist, bribe a friend or two with pizza to help you out, and get your home in top shape for visiting buyers. You'll be amazed at what a difference just these few things can do to make your home shine!
Your Home Is A Commodity, Not A Product!
When trying to understand the real estate market and why prices are what they are, it may help to think of your house as a commodity - not a product.
• A product is an item that a seller places a value on and prices it accordingly ... think: a sofa, a jar of peanut butter or a shovel. There will be differences in quality, differences in features, and differences in attractiveness. There will be sales available and some vendors may charge more or less than others ... but the price is the price as set by the seller.
• A commodity is an item whose price is determined by the buyer who has a perception of its current value. Think: stocks, gold, and silver. The buyer places a value on it and pays accordingly - prices of commodities go up and down. Commodities' prices are influenced by supply and demand. The more supply there is, the less the price will be. The more scarce the commodity, the higher the price will be. Who cares? What's the difference? Why does the distinction matter? A seller should care, understand the difference, and make the distinction ... then price their home accordingly. In today's real estate environment (in most areas of the country) where there is a plethora of available homes on the market, the prices are lower than when the inventory is sparse. The law of "supply and demand" is in control. In real estate, when the inventory is high, it pushes housing prices downward. A savvy seller will hire a Realtor who is educated and knowledgeable in their area and who will help them price their house accordingly. Sellers who position their houses correctly (as the commodity that it is!) sell for more money and in less time than those who treat their house as a product whose perceived value by the potential buyers may be different than theirs!
When You Think Of Your House As A Commodity ... You will price it right and it will sell!
Did you know that you, a buyer, are entitled to representation? Without it you have no one to negotiate your offer on your behalf because by New York State law, a seller's agent has to have their best interest at heart, not yours. As your Buyer's Agent, I will be able to pull up comparables so you can have a better idea of what to offer, I can give you a lot more information being your Buyer's Agent than if I wasn't. By not being your agent, I still have to, by New York State Law, have all seller's best interests at heart.
I will never try to get you to put an offer on a home in the hopes of a quick commission. You will let me know when you are ready to make an offer on a home I've showed you. I don't care if I have to show you hundreds of homes until you find "the one". It won't take hundreds, but you get the idea :) When you find that special home, you will know it. And, here are some tips for when you find your new home:
These 10 Commandments home buyers must follow may seem like common sense to many. Buyers, however, can sometimes forget with all the excitement surrounding the buying of their new home. In the past, I have heard of buyers who saw their home loan turned down, and their dream shattered, a few days before closing because they had bought furniture for their new home before it actually became their home. These buyers were not my clients but it always hurts when I hear of transactions falling apart for reasons that could have been avoided. These 10 commandments are part of the buyer packet I give all my clients when we first meet and I always stress that once you get pre-approved and the process is started, you can't do anything that might affect your credit.
1. Thou shalt not change jobs, become self-employed or quit your job. 2. Thou shalt not buy a car, truck or van (or you may be living in it)! 3. Thou shalt not use credit cards excessively or let your accounts fall behind.
4. Thou shalt not spend money you have set aside for closing.
5. Thou shalt not omit debts or liabilities from your loan application. 6. Thou shalt not buy furniture.
7. Thou shalt not originate any inquiries into your credit.
8. Thou shalt not make large deposits without first checking with your loan officer.
9. Thou shalt not change bank accounts.
10. Thou shalt not co-sign a loan for anyone.
If you are in the process of buying a home, remember that your credit must not change or be affected in any way until you actually sign the paperwork and get possession of your new home. Lenders will not only look into your credit when you first get pre-approved, they will check it again (and sometimes again and again) before they let you sign the mortgage. If you want to buy new furniture for your home or change jobs, just be patient. There will always be time to do it after the closing.
Understanding Market Value
The value of any given property is determined by many different factors. It is important for you, the buyer, to be aware of them. Here is a brief list of variables that may affect the market value of a home.
■ Physical Characteristics
■ Location
■ Type of community
■ Age
■ Size of home
■ Condition
■ Architectural Style
■ Competition
■ Number of other homes on the market and their price points
■ Length of time property has been on the market
All of these factors will help you determine the value of the home and guide you towards presenting the most appropriate offer. This brochure is provided for informational purposes only and is not intended, nor shall it be deemed, to provide or offer legal or financial advice or guidance. You should always consult with your own advisor when dealing with any of the information visited herein.
Mortgage Payment Comparison:
Let's say the Feds decides to raise the interest rate. Let me illustrate the potential shift in the housing and mortgage markets. The cause and effect is very clear:
Today you buy a $1 million dollar home:
Sales Price $1,000,000.00
Down Payment $ 270,250.00
Loan Amount $ 729,750.00
Monthly Payment on a 30 year fixed at 5.125% $ 3,973.00
Now let us say if prices drop 10% in home values and today's $1 million dollar home sells for $900,000.00, this seems very reasonable. The buyer would think well of course I should wait. Now let me add in to this scenario that the interest rate increased only by a modest 1%. Let's look at the numbers.
Sales Price $900,000.00
Down Payment $200,000.00
Loan Amount $700,000.00
Monthly Payment on a 30 year fixed at 6.125% $ 4,253.00
This increase in monthly payment will have a huge effect of the overall purchase power of the buyers and ultimately it will decrease the number of sales transactions. Hence the question should you wait or buy now, the answer is very clear to me.
Contact me today (631) 703-0201 to find out more about having a Buyer's Agent on your side.
Email Me to join my Neighborhood Monthly & Quarterly Market Reports. This will keep you informed about real estate activity in your neighborhood!
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The testimonial below is from a buyer-client who purchased and closed on a co-op:
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