Port Jefferson Realtor,Foreclosure & Short Sale Specialist Cynthia McKenna

In this market, where there is a prepondurance of foreclosures and short sales, it is hard to figure out how long the market will continue to fall...or if it will ever go up again! For the first time home buyer, this is a very confusing time, but one that is worth taking a look. Mortgage rates are still at historic lows. Prices have come down to reasonable levels. There is an enormous amount of inventory to choose from. With all of these positives in the market, this is a good time to purchase! Here is a "checklist" or explanation of some of the terms that you may hear when you begin your search. Foreclosure- bank owned property that is always sold 'as is'. Always sold at a discount to the current market and usually needs work. Short sale- many are afraid of this type of sale, but can be a great value, if you have patience. The length of time from offer to closing can be as short as 30 days to upwards of 6 or 7 months. This time period is getting shorter as banks have finally added the additional staffing and are beginnning to preapprove sales in some areas. A good Realtor is key to having a successful Short Sale experience.

There are currently 89 homes for sale in the Port Jefferson/Belle Terre community consisting of 11777. 17 homes went under contract or sold in the last 90 day period. In the same time last year, from May to August 2007, 28 homes were sold.

If we listen to the news, it is doomsday all around......the important thing to remember is that if you did not purchase your home in the height of the market, you still have plenty of appreciation for your home!

If you have to sell now, there are a few things to keep in mind:

1) Pricing is key. Price is determined by condition of your home, are there updates? Is it in good condition or in disrepair?

2) Location,location,location..... With so many homes on the market, location can make one home sell faster than another....while we can't physically move our homes, we can price accordingly.

3) Condition. The condition of your home is important. Do you need painting and carpet? Have you updated your kitchens and bathrooms? How is your heat and air conditioning. If these items are not updated, then once again, price is going to be important.

When listening to the news, please remember that all real estate is local. What is happening in one town, may not be happening to the same extent or even at all in another town!

Feel free to contact me with any questions that you may have.

www.cyndimckenna.com

Information courtesy of Long Island MLS as of 8/21/2008

Are you looking for something to do in Port Jefferson Village? Do you like music?

Try attending our 5th Annual American Music Festival.

September 12th, 13th, and 14th 2008

Featuring: Peter Tork and Shoe Suede Blues Band Buckwheat Zydeco

The Kerry Kearney Blues Band

22 Other acts and performers on 4 stages throughout the Village Plus: Children's rides and an arts and crafts fair on Saturday and Sunday Visit our Village stores and restaurants, and enjoy the music at no cost! For more information: http://www.portjeffmusicfestival.org/