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/  

 

 

There are many more homes that are considered short sales.  What is a short sale?  It is when the current homeowner owes more to the bank than what they can sell it for. 

If you are a homeowner, there is a process to selling your home.  Contact a qualified agent who has experience in handling this process.  Bank requirements are all different.                             

Purchasers, if you are looking for these kinds of sales, or happen to come across them in your home search travels, the process takes time.  You may be required to go to contract on the home before you even have an answer on your offer.  The length of

 

time to find out the answer varies from bank to bank.  Homes are sold 'as is', so make certain that you know what the repairs will be on the home.

 

As I finish up my day, I wanted to take a moment to address buyer's agency.  On Long Island, it is not commonplace to represent a buyer.  I don't know why, it just has not caught on here.....

As I met the couple for the first time, we went over agency.  They are first-time home buyers and did not really know about the whole home buying process, let alone NY agency law.

Realtors, please take the time to explain what the different agencies mean.  Every person is entitled to be represented in a transaction.  I know many of those in my profession who still do not understand agency themselves.

It was such a pleasure to have the 'customers' turn into "clients".  They fully understood the difference and decided that they needed to have someone that was working for them.  It is a wi-win situation.  I work for them and they are loyal to me.  No worries for either of us, because I have their best interest at heart.

Agents, if you do not realize it, buyers are golden.  You should offer compensation to buyer's agents, why would you preclude them from bringing a buyer?  Isn't it in the best interest of the seller to get their home sold?  Does your homeowner know that you are not offering compensation?  They don't care where the buyer comes from, only that they have one.... 

Thoughts anyone? 

 

 

 

                                      The 11th Port Jefferson Dickens Festival

November 30, December 1,2,2007         

 The streets of Port Jefferson Village turn into a stage for this wonderful weekend experience!  One weekend a year, for the past 10 years, volunteers from all over Long Island come to celebrate all that is Charles Dickens.  the idea to turn Port Jefferson into a bustling Dickensonian era came from our then mayor, Jeanne Garant.  Born out of a strong wish to help the merchants during a slow selling season, she created the Festival with a small group of volunteers.  The Dickens Festival has grown into a large, upscale production. 

 

Characters ranging from Father Christmas to Ebenezer Scrooge roam throughout the village and entertain.  Restaurants serve period food, concerts and mini plays are scheduled throughout the weekend.  Take a carriage ride, eat warm chestnuts, stroll through town and be greeted warmly by costumed townsfolk.  Take a candlelight house tour, dance the night away at the Victorian Ball,  or ice skate in the park...there is something for everyone to do.                                                                                                                                                                   

                                                                  

Okay, so today was a really AWESOME day!  After working 7 days a week,with what seems like forever....I took a half day off today and went with my newly turned 18 year old son and went skydiving!  Mind you, I am not known to be the most adventurous person around...

 

From 15,000 feet, I flew out of a perfectly good airplane and ever so quickly fell to the earth!  The beauty was spectacular, the fear very real.  The memories with my son, PRICELESS!

My son is out before me!  I am on the right with the pink shirt....I hated going on my back, I couldn't see anything!

This is the second time around for a skydive for me.  The first was two years ago when my oldest son turned 18.  Two down and two to go!  Glad my daughter thinks I am crazy and won't go!