Topics include:

THE PRICE IS THE SAME, BUT THE COST IS LESS

WILL THE 30-YEAR MORTGAGE DISAPPEAR?

TIPS TO PRESENT A STRONGER MORTGAGE APPLICATION

REAL ESTATE:  GOLDEN OPPORTUNITY OF THIS DECADE

IS IT REALLY THE TIME TO BUY A HOME?

AMERICANS STILL BELIEVE IN THE VALUE OF HOMEOWNERSHIP

Prices Are Low, Money Is Cheap, Rents Are Rising!

Where Are You?

I am available to inform you of the marketplace in Three Village, Port Jefferson, Mt. Sinai, Miller Place, Sound Beach, Rocky Point, Pt. Jefferson Station.  I have been a real estate expert in these communities since 1987!

Just drop me a line, anytime!

WHAT EXACTLY IS A SHORT SALE?

A short sale is when a property is sold for less than the sum of all liens on the property.  The lender often agrees to forgive the unpaid amount and releasing the borrower from any remaining obligations.  Remember that you may have to pay income tax on amount forgiven.

WHAT CONDITIONS MUST EXIST FOR A LENDER/SERVICE COMPANY TO CONSIDER A SHORE SALE?

The borrower must be able to demonstrate the inability to pay their mortgage and currently be experiencing a hardship.  Many servising companies and lenders will require that the borrower first attempt to do a loan modification before they will allow a short sale.

WHAT ARE CONSIDERED ACCEPTABLE HARDSHIPS BY THE SERVICERS/LENDERS? 

Hardships generally fall into 5 categories.

DEATH
DYING-SICKNESS OF A BORROWER AFFECTING THEIR ABILITY TO EARN AND PAY THEIR DEBT
DESTITUTE-AN INVOLUNTARY LOSS OF INCOME
DIVORCE-IN THIS CASE, WHEN ONE OF THE OCCUPANTS LEAVE AND IT AFFECTS THE INCOME OF THE HOUSE IT CAN BE DEEMED AN ACCEPTABLE HARDSHIP.
DISASTERS-IN THE CASE OF NATURAL DISASTERS

WHAT IF A HOMEOWNER IS CURRENT ON THEIR MORTGAGE?

It is not necesssary for a borrower to be late on their mortgage in order to engage in a short sale.  What is important is being able to demonstrate the inability to pay the monthly mortgage debt.  Even if the payment is being made now but documentation proves a foreseeable default, this is acceptable.

WHAT WILL HAPPEN TO THE CREDIT SCORE OF A BORROWER WHO COMPLETES A SHORE SALE?

The effects on credit will vary depending on payment history and the payments of other debts.  Assuming the borrower is current on their mortgage upon completion of a short sale, they will see point reductions in their credit score.  Foreclosure on the other hand can lower your score even more.

HOW WILL THE SHORT SALE SHOW UP ON A CREDIT REPORT?

It can show up in several different ways but generally speaking it will say something along the lines of: “paid in full; settled for less than originally agreed.”

IF A BORROWER WANTS TO DO A SHORT SALE, CAN THE PROPERTY BE SOLD TO A FAMILY MEMBER?

NO!  It is a requirement of the short sale agreement that the sale is an arms length transaction.  This means in no way can the seller and buyer be related in family or business.  The buyer will also be required to include laguage in the sales contract that they will not sell the property for at least 90 days and a statement affirming the arms length transaction.

Further Questions?  Feel free to ask!

It’s tangible, it’s solid, it’s beautiful. It’s artistic, …. and I just love real estate! 
So appropriate to let you know this today, on Valentine’s Day!

As I walk through the exquisite Historic District of Port Jefferson this morning, I feel love all around me!  So many homes decorated with hearts.  I especially love this one pictured.  I call it the House of Hearts! 

I encourage you to take a long walk with your loved one today, and enjoy the beauty of our local towns.  Port Jefferson, Stony Brook, Mt. Sinai, Miller Place.  Walk the beaches, shop locally, visit the wonderful local restaurants, it’s all about supporting the towns in which we live, play, work and love so much!

And when you are ready to get into a home you LOVE…..let me give you a one-minute tip.  Simply sign up for LISTING ALERTS!

I know how busy life is…. aren’t enough hours in the day to search the MLS listings frequently and thoroughly.  And if you’re eager to buy a home, it’s essential that you keep on top of any new listings that may come up.

That’s where I can be a great asset to my clients. When you’re too busy to check out the Mulitiple Listings Service, we can do it for you and save you both time and money in the process.

We want to be your personal LOCAL real estate expert!  WE LOVE REAL ESTATE!

I’ve been assessing my own home and noticing the winter build up in each room, but realize that if I take one room at a time, it will be less stressful.

Here’s a list of things to help you get a handle on spring cleaning in a more manageable way.

GO ROOM BY ROOM

Take a week and dedicate each day to a particular room in your house.  Before you even start cleaning, just make a list of all the things that need to be done in that room.  It won’t take you that long, and having a list will make tackling the task a whole lot easier when you’re ready. It works!

INVOLVE THE FAMILY

Make spring cleaning a family affair!  When it’s a team effort, spring cleaning can be done in no time.  You can even provide incentives, like each family member gets a turn at choosing the music played during cleaning.  You could also make a game out of it and offer a gift card to the family member who removes the most clutter.  I have already purchased gift cards from Salsa Salsa in Port Jefferson, for my college-aged kids. 

SPRING-CLEAN THROUGHOUT THE YEAR

There are a handful of big projects that should be done throughout the year to reduce stress during spring cleaning. Projects like window washing, exterior painting, and pressure washing can be intimidating tasks and it helps to do those at other times throughout the year. That way, when it’s time for spring cleaning, you can just focus on the smaller things within your home.

Hopefully, these helpful tips will make spring cleaning a little less of a chore and more of a fun activity for you and your family. The more enjoyable something is, the more likely it is to get done.

The MLS of Long Island reported that the closed median home price on LI in 2011 was $350,000, compared to $360,000 in 2010.   Btw, we always use Median prices which represents the middle value and is considered a more accurate indicator of a market than Average prices. 

We are very fortunate to be living here on the North Shore where industries surround us.  Example –  Stony Brook University and Hospital, Mather Memorial Hospital, St. Charles Hospital, Renaissance Technology, Brookhaven National Lab, Computer Associates, just to name a few.   Not to mention the excellent school districts in all of our local communities. Other areas across the nation have not fared as well in terms of home price depreciation. 

Suffolk County reported a closed median of $310,000 for 2011 representing a 4.6% decrease over $325,000 reported the year prior.  In general, LI homes prices did not change significantly in 2011 compared to the home prices reported in 2010.  This is a testament to the quality of life that LI homeownership provides, which is still desireable for many.

I believe that the pent up demand of buyers, combined with the low mortgage rates and stable home prices, could really improve the local market and speed up the economic recovery in 2012.  Let’s keep the faith!

Another figure for consideration is the total number of contracted (pending) sales for 2011.  The number of contracted sales for LI was 27,862 compared to 28,476 in 2010.  Although the annual number is off by 2.2%, the MLS of LI reported November and December monthly contracted sales were HIGHER than last year.

Lawrence Yun, Chief Economist for the National Association of Realtors said he believes that home prices will finally turn positive this year.  His forecast for 2012 home sales is a rise of 2 percent.  He said the market will improve because housing affordability conditions are too good to pass up.

Check out our listings and let’s shop!  Now’s the time….

Here’s her comment on the housing market: 

“We now have an America that doesn’t even think that they want to own a home anymore; they’re under water in their homes, and they are praying that somebody will just take it off of their hands so that they can rent.”

I understand that there are some families trapped in a house they cannot sell, but to say that Americans no longer believe in homeownership, is just not true.

Here are a couple of findings from recent surveys:

96% of all homeowners (and even 93% of all homeowners that are currently underwater) believe that homeownership has been a positive experience.

84% of Americans and 70% of renters believe homeownership is a better alternative than renting.

63% of renters have aspirations to someday be a homeowner.

64% of Americans think buying a home is a safe investment. (A safer investment than stocks or government bonds)

When asked which investment is currently showing the most potential, more Americans picked buying a home than ANY OTHER INVESTMENT (stocks, bonds, mutual funds, etc.)

IN A NUT SHELL– 67% of homeowners, 55% of renters and even 75% of those homeowners underwater believe it is a good time to buy a home.

Suze Orman may believe that families in this country now prefer renting over owning. Surveys say the exact opposite!Americans still very much believe in owning their own home.

Currently, in most parts of the country, buying is less expensive than renting. Plus, purchasers can lock in their housing expense for the next thirty years by buying now. They will get a sensational price and a record low interest rate. What will happen if they continue to rent?

If a family continues to rent, they are looking at a housing expense which will rise with the market. Rental costs increase by 3% a year historically. But today’s rental market favors the landlord to a greater degree.  Above is a graph of how rental prices have increased recently and where they are projected to go over the next few years based on a report from Marcus & Millichap.

My belief?  HOMEOWNERSHIP IS A TRADITION WE MUST PRESERVE!

The first tour begins at the Roe House, currently the home of the Greater Port Jefferson Chamber of Commerce, and covers much of East Main Street, ending at The Mather House Museum.

Did you know that today’s Main Street was first called Jones Street?  Its businesses supplemented the village’s shipbuilding industry which was the largest in Suffolk County. Four out of ten ships built in the county were constructed here.  The village was the home of coastal schooner captains, blue water sailors and seamen.  Most families had at least one or two members building ships or at sea.

The second tour begins at the Mather House, which is presently the museum run by the Historical Society, and covers High Street, Thompson Street and East Broadway.

Did you know that P.T. Barnum, the circus owner, played a significant role in the history and development of Port Jeff Village?  He purchased land in Port Jeff to use as a base for his circus and to winter his animals, but the Village disapproved of his plan, so that never happened.  He was very wealthy and owned hundreds of properties in Bridgeport CT, his home, and began wintering his animals there in 1871.  Barnum Avenue in Port Jeff was named in his honor, where a good number of elegant and stately houses were built.

The third tour starts at the Roe House, covers much of Main Street, ending at the Mather Museum.

Did you know that our quaint village is home to the Port Jefferson Village Historic District, which was listed on the National Register of Historic Places in 2005?  The district features 98 buildings in all, which is a mix of homes, commercial buildings, and a church.

This beautiful, one-of-a-kind Historic Home is currently on the market in Port Jefferson.

Check out the virtual tour!

Don’t you just love this village?

I am your neighbor, I am your realtor!

Contact me anytime.  My Service Is Exceptional!  My knowledge, Powerful!

Are you in a higher-end neighborhood?  It’s time to think high-end.  Your older home may have a highly functional kitchen, but a buyer will take one look at your formica counters and white appliances and become lost in the stress of how much money and time it would take to remodel.  If you don’t want to put in the time yourself to make upgrades then you’ll have to make concessions in the price.  

Don’t become overwhelmed, though.  Sometimes a kitchen update can mean doing just a few minor changes.  Change the paint color to a warm, neutral tone.  Get rid of any clutter!  Update your appliances, paint your cabinets, change the hardware, or get a high-end looking counter top for less (lower end granite).  It all depends on the market values in your neighborhood.  Remember though, most buyers want a kitchen that is ready to use the day they move in.  

Do your competitiors have new solid wood cabinets and granite counters in today’s designer colors?   Then consider making the same change to maximize the value of your home.  A good kitchen is coveted by buyers today.  Include new stainless steel appliances and if you’re able, wine-coolers, and trash compactors.

A kitchen is the heart of a home.  It’s true all across the world.  The old saying that the “stomach is the way to the heart” carries a lot of truth.  Kitchens are where we spend much of our time and most of that is with our families.  It’s the room where we nourish our bodies and our spirits.  It’s because of this that kitchens play such an important role in the buying and selling process.

This one room is the showpiece of the house.  You’ll see it every day and your guests will see it during most visits. T his means buyers want homes with up-to-date kitchens.  

Food For Thought!

MANY SHADOWS DO I SEE, SIX MORE WEEKS OF WINTER IT MUST BE!

If you were hoping to be done with winter (me included), the groundhog had some bad news for us yesterday….HE SAW HIS SHADOW!

This tradition goes back to medieval times when there was a superstition that all hibernating animals emerged from their caves and dens to check the weather on Candlemas Day, which is halfway between the winter solstice in December and the vemal equinox in March. 

If the animals saw their shadows, winter would go on for another six weeks, and they could go back to sleep.

Hey, do you know which European country Candlemas Day originated from? 

Leave your answer below: