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Posts Tagged ‘Real Estate’

Housing Is Still Affordable in the United States!

Housing Is Still Affordable in the United States! | Simplifying The Market Lately, there have been many headlines circulating about whether or not there is an “affordability issue forming in the housing market.” If you are considering selling your current house and moving up to the home of your dreams, but are unsure whether or not to believe what you’re seeing in the news, let’s look at the results of the latest Housing Affordability Report from the National Association of Realtors (NAR). According to NAR:
“A value of 100 means that a family with the median income has exactly enough income to qualify for a mortgage on a median-priced home. An index above 100 signifies that a family earning the median income has more than enough income to qualify for a mortgage loan on a median-priced home, assuming a 20 percent down payment.”
  • The national index results for August came in at 141.2.
  • This is up from 138.9 in July, but down 8.3% from last August’s value of 153.9.
One big factor in determining affordability each month is the interest rate available at the time of calculation. In August 2017, the 30-year fixed rate mortgage interest rate was 4.19%. This August, the rate rose to 4.78%! With an index reading of 141.2, housing remains affordable in the U.S. Regionally, affordability is up in three out of four regions. The Northeast had the biggest gain at 6.2%. The South had an increase of 2.4% followed by the West with a slight increase of 0.1%. The Midwest had the only dip in affordability at 4.8%. Despite month-over-month changes, the most affordable region remains the Midwest, with an index value of 175.7. The West remains the least affordable region at 101.2. For comparison, the index was 146.7 in the South, and 151.2 in the Northeast.

Bottom Line

If you are thinking of selling your home, let’s get together to discuss the affordability conditions in your town.

Is the Inventory Increase a Bullish or Bearish Sign for Real Estate?

Is the Increase in Inventory a Bullish or Bearish Sign for Real Estate? | Simplifying The Market In a recent article, National Housing Inventory Crisis Reaches Inflection Point, realtor.com reported that:
  1. New listings jumped 8% year-over-year nationally, the largest increase since 2013
  2. Total listings in the 45 largest markets are now up 6% on average over last year
  This increase in housing inventory has sparked two different reactions. Some are saying this is the first sign of a potential collapse.  Meanwhile, others are saying it is a welcomed reprieve from the lack of inventory that has stalled the market recently. As Zelman & Associates reported in a recent ‘Z Report’:
“With the rate of home price appreciation starting to decelerate alongside the uptick in inventory, we expect significant debate whether this is a bullish or bearish sign.”

Is this a sign the market might crash?

There are those who look at the increase in inventory as a sign that we are returning to the market we saw last decade. However, a closer look shows that we are nowhere near the levels of inventory we reached before the crash in 2008. A normal market would have about 6-months inventory, but the latest Existing Home Sales Report issued by the National Association of Realtors revealed that:
“Unsold inventory is at a 4.3-month supply at the current sales pace up from 4.1 months a year ago.”
A decade ago, prices began to rapidly depreciate in June 2007. At that time, we had a 9.1-month supply (more than double what it is today) and inventory kept rising until it hit a peak of 11.1 months in April of 2008. With the current levels of buyer demand, any such increase in months supply is highly unlikely. As Danielle Hale, realtor.com’s Chief Economist explains:
 “After years of record-breaking inventory declines, September’s almost flat inventory signals a big change in the real estate market. Would-be buyers who had been waiting for a bigger selection of homes for sale may finally see more listings materialize. But don’t expect the level to jump dramatically. Plenty of buyers in the market are scooping up homes as soon as they’re listed, which will keep national increases relatively small for the time being.”

What will be the result of the increase in inventory?

The increase in inventory will allow many families who had been unable to find a home to finally become homeowners. Again, we quote from the ‘Z Report’:
“In our view, the short-term narrative will probably be confusing, but more sustainable growth and affordability will likely be the end result.”

Bottom Line

If you are either a first-time or second-time buyer who has given up, let’s get together. We can discuss the inventory available in any town or towns in our market. You may be surprised to find just how many homes are in your price range.

5 Tips for Starting Your Home Search

5 Tips for Starting Your Home Search | Simplifying The Market In today’s real estate market, with low inventory dominating the conversation in many areas of the country, it can often be frustrating to be a first-time homebuyer if you aren’t prepared. In a recent realtor.com article entitled, “How to Find Your Dream Home—Without Losing Your Mind,” the author highlights some steps that first-time homebuyers can take to help carry their excitement of buying a home throughout the whole process.

1. Get Pre-Approved for a Mortgage Before You Start Your Search

One way to show you are serious about buying your dream home is to get pre-qualified or pre-approved for a mortgage before starting your search. Even if you are in a market that is not as competitive, understanding your budget will give you the confidence of knowing whether or not your dream home is within your reach. This step will also help you narrow your search based on your budget and won’t leave you disappointed if the home you tour, and love, ends up being outside your budget!

2. Know the Difference Between Your ‘Must-Haves’ and ‘Would-Like-To-Haves’

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the ‘man cave’ of your dreams be a future renovation project instead of a make-or-break right now? Before you start your search, list all the features of a home you would like and then qualify them as ‘must-haves’, ‘should-haves’, or ‘absolute-wish list’ items. This will help keep you focused on what’s most important.

3. Research and Choose a Neighborhood You Want to Live In

Every neighborhood has its own charm. Before you commit to a home based solely on the house itself, the article suggests test-driving the area. Make sure that the area meets your needs for “amenities, commute, school district, etc. and then spend a weekend exploring before you commit.”

4. Pick a House Style You Love and Stick to It

Evaluate your family’s needs and settle on a style of home that would best serve those needs. Just because you’ve narrowed your search to a zip code, doesn’t mean that you need to tour every listing in that zip code. An example from the article says, “if you have several younger kids and don’t want your bedroom on a different level, steer clear of Cape Cod–style homes, which typically feature two or more bedrooms on the upper level and the master on the main.”

5. Document Your Home Visits

Once you start touring homes, the features of each individual home will start to blur together. The article suggests keeping your camera handy and documenting what you love and don’t love about each property you visit. They even go as far as to suggest snapping a photo of the ‘for sale’ sign on the way into the property to help keep the listings divided in your photo gallery. Making notes on the listing sheet as you tour the property will also help you remember what the photos mean, or what you were feeling while touring the home.

Bottom Line

In a high-paced, competitive environment, any advantage you can give yourself will help you on your path to buying your dream home. I've helped may buyers find the home of their dreams...  I can help you too!  Call or text me at 516-429-9399,

The True Cost of NOT Owning Your Home

The True Cost of NOT Owning Your Home | Simplifying The Market Owning a home has great financial benefits, yet many continue to rent! Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for the entirety of America’s existence. Realtor.com reported that:
“Buying remains the more attractive option in the long term – that remains the American dream, and it’s true in many markets where renting has become really the shortsighted option…as people get more savings in their pockets, buying becomes the better option.”

What proof exists that owning is financially better than renting?

1. In a previous blog, we highlighted the top 5 financial benefits of homeownership:
  • Homeownership is a form of forced savings.
  • Homeownership provides tax savings.
  • Homeownership allows you to lock in your monthly housing cost.
  • Buying a home is cheaper than renting.
  • No other investment lets you live inside of it.
2. Studies have shown that a homeowner’s net worth is 44x greater than that of a renter. 3. Less than a month ago, we explained that a family that purchased an average-priced home at the beginning of 2018 could build more than $49,000 in family wealth over the next five years. 4. Some argue that renting eliminates the cost of taxes and home repairs, but every potential renter must realize that all the expenses the landlord incurs are already baked into the rent payment – along with a profit margin!

Bottom Line

Owning your home has many social and financial benefits that cannot be achieved by renting.

Real Estate – Best Investment for 5 Years Running! [INFOGRAPHIC]

Americans Rank Real Estate Best Investment for 5 Years Running! [INFOGRAPHIC] | Simplifying The Market

Real Estate: The Best Investment

Americans Rank Real Estate Best Investment for 5 Years Running! [INFOGRAPHIC] | Simplifying The Market 

Some Highlights:

  • Real estate has outranked stocks/mutual funds, gold, savings accounts/CDs, and bonds as the best long-term investment among Americans for the last 5 years!
  • The generations agree! Real estate is the best investment!
  • Generation X leads the way with 37% believing in real estate as the top investment.

Bay Shore Open House – Southwood Estates

Bay Shore Open House

877 Manor Lane, Bay Shore, NY  11706

June 30, 2013 from 1-3PM

 

Marketing by Glen Hagen

Suffolk County Real Estate

 


Glen Hagen | Douglas Elliman Real Estate | (631) 581-8855
877 Manor Ln, Bay Shore, NY
Majestic Southwood Colonial Backing Up To Sagtikos Manor For Extra Privacy.
4BR/3+1BA Single Family House
offered at $850,000
Year Built1967
Sq FootageUnspecified
Bedrooms4
Bathrooms3 full, 1 partial
Floors2
Parking2 Car garage
Lot Size40,075 sqft
HOA/Maint$0 per month
DESCRIPTION

This Bay Shore Home For Sale Is Located In Southwood Estates. A Majestic, Grand Colonial For The Most Discerning Buyer. Immaculate, Professionally Landscaped Beauty, 1 Of 13 Homes Backing Up To Sagtikos Manor For Extreme Privacy. 4Br Incl 2 Master Br’s With Large Walk-In Closets, 3.5 Baths, 2 Fireplaces, 2 Zone CAC, Composit Deck With Hot Tub, 2 Car Garage, 4 Zone Heat, See It Now, Before It’s Too Late! Star Tax $17,032
Bay Shore
see additional photos below
PROPERTY FEATURES

– Attic– Basement– Breakfast nook
– Dining room– Family room– Laundry room
– Living room– Master bath– Mud room
– Office/Den– Storage space– Walk-in closet
– Dishwasher– Dryer– Microwave
– Refrigerator– Stove/Oven– Washer
– Balcony, Deck, or Patio– Fenced yard– Lawn
– Porch– Sprinkler system– Yard
– Air conditioning– Central A/C– Central heat
– Wired– Security system– Guest parking
– Garage – Attached– Fireplace– Hardwood floor
– High/Vaulted ceiling– Jacuzzi/Whirlpool– Jetted tub
– Skylights– Tile floor
COMMUNITY FEATURES

– Barbecue area
OTHER SPECIAL FEATURES

– Jacuzzi Bath
– Hot Tub
– Exquisite Landscaping
– New Paver Walkway
ADDITIONAL PHOTOS


Backs upto Sagtikos Manor

Shy 1 Acre Property

Front View

Breakfast Nook

Kitchen

Kitchen

Living Room

Den with Fireplace

Formal Dining Room

Master Bedroom

Master BR Sitting Area

Master BR Fireplace

Walk-In Closet in Master

Master Shower

1 of 4 Bedrooms

A 2nd Master BR???

Bedroom Used As Office

1 of 3.5 Baths

1 of 3.5 Baths

Photo 10

2 Car Garage

Deck

Composite Deck

Lndscpe Architect Design

Shy Acre Property
Contact info:
Glen Hagen
Douglas Elliman Real Estate
40HA0895208
(631) 581-8855
For sale by agent/broker