When I was in grade school, we started each day with the pledge of allegiance. As is the case with most kids, it was more about routine than trying to gather any meaning from the words that I uttered each day. As I grew up, I could appreciate the significance of the pledge, but it still wasn't something that I contemplated much. This all changed in 2001 on 9/11, when I finally understood why the pledge of allegiance was so important. For the first time, I felt truly connected to every word, and to my fellow Americans.
There is no doubt that 9/11 was one of the worst days in American history. Having witnessed it up close and personal, I can say that I never thought that any positives would ever come of that day. I didn't realize it at the time, but one very big positive did come out of 9/11, although it seems that it was short-lived. I can't speak for the rest of the country, but in New York, there was a feeling in the air that we were all in this together. Patriotism was at an all-time high, and differences were put aside as we were united as one.
For those of you that read my blog, you may have noticed that I haven't been posting much lately. Initially, it was because I was dealing with some health issues that have since been resolved. During this time, I spent a lot of time watching CNBC, and following the financial crisis to see how it would affect me on both a personal and professional level. There was a brief time when I felt that sense that we were all going to come together again as our country was in crisis. Unfortunately, it didn't last, and a solid foundation began to fracture, until yesterday, when the fracture evolved into an abyss.
In an election year, there is bound to be political posturing, but I had hoped that politicians would come together for the good of the country in a time of crisis. They did NOT! Like petulant children that want to take their ball and go home if things don't go their way, our "leaders" turned an important piece of legislation aimed at saving our financial system, and quite frankly, our way of life, into a game of "he said, she said." Following the failing of the financial rescue bill to pass yesterday, the stock market plummeted by its largest margin ever (777 points). This sell-off was worse than the one that occurred after 9/11 and the stock market crash of 1987.
You would think that after yesterday's events, the politicians would have realized that they needed to come together to do their part to help remedy this financial crisis that is threatening a global meltdown. Instead, the ones that were interviewed immediately started the partisan finger-pointing that has become all too commonplace in recent times. The sad part is that the people that are going to suffer from the politician's actions are not just the Wall Street "fat cats" that seem to be bearing the brunt of the blame. Quite the contrary!
We are all going to suffer if this crisis is not addressed with swift action. This is not merely about a stock market sell-off. While a declining stock market is harmful to a lot of people, it is not nearly as dire as the frozen credit markets that now exist. It's obvious that frozen credit markets can hurt those that are looking for a mortgage, a car loan or a loan for a college education, but this runs much deeper than that. Businesses, both large and small, rely upon credit lines to keep their business operating. If this crisis persists, businesses will close, jobs will be lost, unemployment will rise, people will lose their homes, retirement accounts will be greatly diminished, and we may very well get to see what it is like to live through a depression.
Whether you are a Democrat or Republican right now is of little consequence. It doesn't matter if you support Obama, McCain or a third-party candidate in this year's election. This financial rescue plan is necessary to fix a broken system. Is any taxpayer happy about being a part of a $700 billion "bailout?" NO! But that doesn't mean that it isn't necessary. None of us like paying exorbitant medical bills, but we would do so if it were vital to our survival. Furthermore, there is a very good chance that this plan will cost far less than the $700 billion that has people up in arms.
Any money that is being invested in mortgage backed securities has the potential to not only be recouped, but it may also generate profits that will be returned to the taxpayers. This money is going to be used to purchase assets at a discount rate. As REALTORS®, we work with people all of the time that are looking for a "deal" on real estate, but "fire sale" bargains are rarely ever found by the small investor because they don't have the leverage to make it happen. Our government has more leverage than any other entity in the world. The problem is that its ego-driven gatekeepers must work as a team to allow the leverage to be used.
Perhaps it would be best to have the members of congress recite the pledge of allegiance over and over again until they fully understand the meaning behind it...
I pledge allegiance
To the flag
Of the United States of America
And to the republic
For which it stands
ONE NATION
Under God
INDIVISIBLE
With liberty and justice for all
It's time for the rhetoric to stop, and for action to start. For the good of the country that they serve, the members of congress need to stop campaigning and start doing the job that they were hired to do. Nothing less is expected of each of us in our respective careers.
Over the course of this series, we have explored many aspects of buyer representation. If you've missed any of the earlier segments, and would like to get caught up, you will find links at the bottom of the page to each previous post. In the last post, the various methods of compensating buyer agents were discussed. As important as it is to understand the compensation methods, it is equally as important to understand the role that each person plays during the course of the home buying process.
A successful transaction will occur when the buyer agent and the buyer clients work together as a team to achieve a common goal. The home search should be a proactive process by everyone involved, which makes communication essential. The more information that a homebuyer provides to a buyer agent, the more likely the homebuyer will be in finding the right home at the right price in the shortest amount of time. In today's day and age, homebuyers have the ability to help guide the home search by spending time looking at homes online, and also by driving around neighborhoods of interest.
While it is the duty of the buyer agent to provide buyer clients with a list of homes that fit the homebuyer's criteria, it is quite possible that the homebuyer will discover homes of interest on their own. It is important for homebuyers to remember to pass along any pertinent information to their buyer agent so that the buyer agent is given the opportunity to do the job that they were hired to do. If a homebuyer with a buyer's agent does decide to view homes on their own, there are some simple rules that should be followed:
[1] DISCLOSE YOUR REPRESENTATION - As a homebuyer, it is possible for you to walk into an open house that is being held by another agent, or even a "For Sale By Owner." If you are represented by a buyer's agent, you should let the person holding the open house know that you have representation, and provide them with your buyer agent's business card. At this point, they may or may not allow you to tour the home. Even if you are allowed to tour the home, it is likely that you will need to return to the home with your buyer's agent before making any offers.
[2] DO NOT DISCLOSE PERSONAL INFORMATION - Any agent holding an open house will have a fiduciary responsibility to the seller. Agents are trained to ask leading questions to gather information, but you are not required to give any information that could hurt you in negotiations. Seemingly harmless conversation can result in the agent learning information about the homebuyer that must be disclosed to the seller. In the case of a "For Sale By Owner," homebuyers should also avoid providing any information that could be used against them in negotiations.
[3] CURB YOUR ENTHUSIASM - This is the title to a clever TV show, but it also sound advice for all homebuyer, especially those that are viewing homes without their buyer agent present. Aside from keeping personal information close to the vest, homebuyers should also keep an even keel when viewing homes. If the agent representing the seller or the "For Sale By Owner" sees a great deal of enthusiasm about the home, they are likely to use this information when it comes time to negotiate.
[4] GATHER AS MUCH INFORMATION AS POSSIBLE - Once a homebuyer has disclosed that they are working with a buyer's agent, and the person holding the open house has allowed the homebuyer to tour the home, the homebuyer is well within their rights to try and gather information that can help themselves in negotiations. The key question is finding out the motivation of the seller. A savvy listing agent will not disclose this information, nor will a savvy "For Sale By Owner," but there are a number of each out there that will offer up helpful information. Any information learned should be passed along to the buyer agent.
At times, a proactive homebuyer will feel that they are doing the work of the buyer's agent, which may lead to questions as to why they even bothered to hire the buyer's agent in the first place. In the next post in the series, homebuyers will learn that that most of the work that the buyer agent does takes place after a home is found.
There are 525,600 minutes in an average year. Being that this year was a leap year, there were an additional 1440 minutes added to that total. For the majority of these minutes, we all go about our lives without taking time to reflect. Life is too busy for most people to do so. However, we should never be too busy to observe a moment of silence at least once each year on the anniversary of 9/11.
In a post that I wrote earlier this week, entitled The Other 9/11 Victims, I spoke about the victims of 9/11 that do not have their names read in a ceremony because they died as a result of the aftermath of 9/11 years later. In this post, I introduced Mike Ryan, a Hauppauge resident, beloved family man and football coach. Coach Mike passed away in November. Cancer caused by his heroic efforts took his life way too soon. This was the first 9/11 that Mike's children were in school since their father's passing.
When my son came home from school on 9/11, I asked him what they did in school to honor those that have lost their lives as a result of the terrorist attacks. His answer made me angry, sad and disappointed all at once. The school did nothing, aside from flying the flag at half mast. There was no moment of silence observed, not at 9:59am, when the first tower fell or at 10:29am, when the second tower fell.
Tonight, there was a dedication made to Coach Mike Ryan at the HYO Complex in Hauppauge. The details of this event will be a separate post during the week. I got the chance to speak to Mike's wife at length after the dedication ceremony. She and I discussed many things, including the lack of an observation of 9/11 in the middle school with a moment of silence. The middle school starts their day even earlier, so they had the opportunity to have a moment of silence at 8:46am, when the first plane hit the Twin Towers, and at 9:03am, when the second plane hit.
Mike Ryan's wife complained to the middle school, and was given a very poor excuse as to why there was no observation, even though there was one in all of the schools last year. The reason was that "it is too hard on the kids." What a disgrace! Mike Ryan's children deserved better. All of the children of Hauppauge deserved better.
The media spends a good portion of the day remembering those that lost their lives. Any child that sees the news on 9/11 is exposed to the coverage. I am all for protecting our children from the evil in the world, and sheltering them as much as possible from the bad in this world. However, there is no reason for them not to spend a moment in silence on 9/11. This is not about going into graphic details of the events of 9/11. It's about paying their respect to those whose lives were tragically cut short because of the events.
Thankfully, many families were a part of the ceremony to honor Mike Ryan tonight, so our children got the chance to pay their respect to Mike and his family. Many more families were not in attendance tonight, so their children did not get the opportunity to have their moment of silence.
My hope is that the Hauppauge School District will see the error of their ways and rectify this situation for next year and beyond. We owe it to the Mike Ryan's of the world to take one minute out of the 525,600 minutes that are in a year, to have a moment of silence.
The following is a Long Island Real Estate Market Trend Report featuring statistical trends from six school districts in Suffolk County and six school districts in Nassau County.
The market reports provide a year-over-year comparison (2007 vs. 2008) of August home sales, July statistics, in addition to year-over-year comparisons of the first quarter and second quarter statistics. Broken down by school district, the market trend reports provide information about listing price, sales price and average days on market.
It should be noted that some of the luxury markets have less transactions, and wider price fluctuations, so the trend is not always as clear as those markets with more activity and a narrower price range.
In addition to the market trend reports for the 12 school districts across Nassau and Suffolk County, this report also tracks the trends of Waterfront homes, New Construction and Bank Owned Homes on Long Island.
Below, you will find links to each of the 12 mid-year market reports, followed by the niche market reports.
For the purpose of this report, new construction is defined as homes that were built within the current and last calendar years (2007 & 2008).
It was discussed in the original post that there is not a lot of new construction on Long Island by way of comparison to homes that are being resold. However, there is a wide variety of new construction across Long Island in various price ranges and towns. Although there are very few large developments being built on Long Island, there is a growing inventory of new construction homes to choose from.
By studying the trends in new construction, you will be able to track the inventory of new homes on the market, in addition to the new homes that have sold. The information provided in this month's report includes the number of new homes that came on the market, and the number of new homes that closed during the month of August, in addition to the first and second quarters and July of 2007 and 2008. Average listing prices and sales prices are also be provided, along with a trend analysis.
If you have any questions about new construction on Long Island, please feel free to contact me directly. If you would like to stay current with the new construction market on Long Island, you can either check back for regular updates, or send me an e-mail requesting to be put onto an e-mail list with the updates. My contact information is listed at the bottom of the page.
The following is the market data for the month of August. The reports are broken down by homes that are priced under $1 million, homes between $1,000,000 - $1,999,999, and homes priced at $2 million and higher.
LONG ISLAND NEW CONSTRUCTION HOMES - UNDER $1 MILLION
TREND ANALYSIS: Inventory numbers are still high, but they have started to increase at a slower pace over the last two months. The average list price and average sales price was the lowest of the year so far, but still slightly higher than 2007. The ratio between the average sales price and list price remained fairly steady, and the number of days on market improved since July.
There is still plenty of inventory available for those that are looking to purchase a new home. The declining rate of new inventory is likely the result of less housing starts and more closings due to price reductions.
Homebuyers should keep in mind that the prices may begin to rise again as inventory declines. This is an excellent buying opportunity for those that are in the market for a new home for under $1 million.
LONG ISLAND NEW CONSTRUCTION HOMES - $1,000,000 - $1,999,999
TREND ANALYSIS: The amount data in this price range is so small to accurately determine the market trends, especially when you factor in the wide price range. However, inventory has really started to slow down, so it is possible that the prices will be on the rise once the inventory starts to be depleted. The lower ratio of sold price to list price indicates that builders may be becoming more flexible with their pricing to reduce their inventory. The average days on market improved during August.
There are still a number of good opportunities for homebuyers looking for a new home in this price range.
LONG ISLAND NEW CONSTRUCTION HOMES - $2 MILLION AND OVER
TREND ANALYSIS: There is even less data to work with in the $2M and up range than the $1-2M range. Due to the limited amount of activity, it is not possible to determine a market trend with any accuracy. Even the average days on market information is skewed by the fact that one home sold in 2007 was on the market for around 5 years!
Homebuyers looking in this price range may very well find some opportunities that were unavailable during the height of the seller's market. Inventory of new homes in this price range is on the rise, but still relatively limited in comparison to other parts of the country.
There are several different types of waterfront homes on Long Island (ocean, bay, sound, river, canal, lake), and each has its own appeal. Waterfront homes can be found throughout Long Island in a variety of towns, price ranges and bodies of water.
Because of the vast offerings, it is a bit more challenging to perform a simple analysis of the overall trend for waterfront homes. This waterfront market report is a recap of the month of August, the first two quarters of the year, and July for both 2007 and 2008, and will show the number of new homes that came on the market and the number of closings that occurred during August. Average listing prices and sales prices will also be provided, along with a trend analysis.
If you have any questions about waterfront homes on Long Island, please feel free to contact me directly. If you would like to stay current with the waterfront market on Long Island, you can either check back regularly for updates of new listings, or send me an e-mail requesting to be put onto an e-mail list to receive the updates automatically. My contact information is listed at the bottom of the page.
The following is this month's market data. As I mentioned earlier, the disparity between waterfront home prices on Long Island makes doing the market trend analysis a bit of a challenge, which is why the report is broken down by price ranges, rather than location. The price ranges are as follows: under $1 million, $1,000,000 - $1,999,999 and $2 million and over. Using these price ranges allows me to provide a more accurate depiction of the market than grouping all waterfront homes in one general category.
These trends are for the market, and do not necessarily translate to any individual home. If you are thinking about selling your waterfront home, you should have a market analysis done for your particular home. If you are looking to purchase a waterfront home, I strongly suggest hiring a buyer's agent to help you "navigate the waters" of the current real estate market.
LONG ISLAND WATERFRONT HOMES - UNDER $1 MILLION
TREND ANALYSIS: The rising inventory numbers have slowed again this month. While the numbers are still rising at a faster pace than 2007, it is only by a negligible amount. The average list price and sales price continued to show improvement. The ratio between sales price and list price deteriorated, which means that more homeowners needed to reduce their price to accomodate homebuyers. The average days on market rose to its highest level since 2007, but only by a slight margin in comparison to the first two quarters of the year.
CONCLUSION: Due to the fact that a broad price range is being used, it's possible to have month-to-month fluctuation based on where the majority of the sales came from, as evidenced by the large gain in list price and sales price for the month.
Waterfront homeowners that are motivated to sell their homes should take into account that there is still a decent amount of inventory, and there is a lot of competition for waterfront homebuyers. Now, more than ever, it is essential to price your home for today's market conditions. The homes that are likely to sell are going to be the ones that are priced properly.
OPPORTUNITY KNOCKS for homebuyers looking to purchase a waterfront home for under $1 million. Inventory is up and prices are down, and if this month is any indication, the prices have become much more negotiable in many cases. Anyone that was looking to move into a waterfront home in time to enjoy waterfront activities has already found their home, which could mean less competition for the most desirable homes.
LONG ISLAND WATERFRONT HOMES - $1,000,000 - $1,999,999
TREND ANALYSIS: Due to the fact that there is limited activity in this segment of the market, and that the price range is broad, the statistics and trends are volatile, and subject to fluctuation from month-to-month.
CONCLUSION: The numbers for July were heavily skewed by 4 homes that were listed and sold at the high end of the price range. Each of these homes sold for significantly below asking price, which is the main reason that the ratio of sales price to list price was so low last month. In August, the ratio of sales price to list price showed great improvement, even though the average prices declined. Inventory numbers continue to rise albeit at a slower pace than earlier in the year.
Homeowners that are motivated to sell their waterfront homes must take into account that there is still a large inventory of waterfront homes on the market from the first two quarters of the year. The homes that are selling are the ones that are priced to sell, or the ones that consider all offers that are in line with the comparables.
Homebuyers that are looking to buy a waterfront home in this price range will find a lot of homes to choose from, and a good opportunity to get the most home for your money.
LONG ISLAND WATERFRONT HOMES - OVER $2 MILLION
TREND ANALYSIS: This segment of the waterfront home market is the most difficult to analyze because there is a very limited amount of data. Aside from the lack of data, there is also the fact that waterfront homes can sell for well above $2 million, and any multi-million home sale can create vast fluctuations.
CONCLUSION: While analyzing the overall segment of the market is challenging, there is some information that can be gathered. The inventory of homes continues to rise, as very few homes are selling in this price range. The one thing that can be determined by the ratio of sales price to list price is that home sellers are pricing their homes at a level that is significantly higher than homebuyers are willing to pay.
Homeowners and homebuyers should seek out professional advice as to the current market value of a home.
Bank owned homes are on the rise throughout the nation, including on Long Island,although the numbers are not nearly as high as they are in other markets. This segment of the market predominantly attracts first-time homebuyers and investors, although others are interested as well.
The information provided in this report will include the number of new bank owned homes that came on the market and the number of closings during the month of August, in addition to the first and second quarters and July. Average listing prices and sales prices are also be provided, along with a trend analysis.
If you have any questions about bank owned homes on Long Island, please feel free to contact me directly. If you would like to stay current with the bank owned homes market on Long Island, you can either check back regularly for the latest update, or send me an e-mail requesting to be put onto an e-mail list with the updates. My contact information is listed at the bottom of the page.
The following is the market data for the month of August.
LONG ISLAND BANK OWNED HOMES
TREND ANALYSIS: The bank owned market is unlike any other on Long Island. First and foremost, the emotion that is often times a part of a real estate transaction is removed, as the banks have no attachment to the homes that they are selling. While the majority of bank owned homes are located in the less expensive areas of Long Island, there are bank owned homes in a variety of price ranges. For this reason, it is important to note that the average list price and average sales price are subject to fluctuations, and may or may not be indicative of the actual pricing trends.
The most important numbers to look at on the bank owned homes market trends report are the inventory numbers, ratio of sold price to list price and days on market.
INVENTORY - The amount of bank owned homes continues to rise, and while the number of closings has increased, it has only done so by a very small margin. While this is only a one-month trend, it bears watching, as a rise in inventory may put more pressure on the bank owned home prices.
When looking at bank owned homes, it is important to look at the absorption rates (ratio of listings to closings). For the month of August, the number of homes sold in relation to new listings showed a decline. This may be a one-month anomaly, or it may be an indicator of a softening market. This will become clearer in future months.
RATIO OF SOLD PRICE TO LIST PRICE - Bank owned homes on Long Island are selling, on average, at a ratio of 95-98% of the list price. For the month of August, the numbers were on the low end of the spectrum. However, these are still strong numbers, especially when compared to other segments of the Long Island real estate market. High ratios are an indication that bank owned homes are being priced to sell, which stands to reason since the banks are motivated sellers that do not want to carry inventory.
DAYS ON MARKET - Bank owned homes on Long Island are usually on the market for 90 days or less. For the month of August, the average days on market was 86, which is an improvement over the July numbers. While this number is comparable to some segments of the Long Island real estate market, it is certainly lower than most segments. This is largely because of proper pricing by motivated sellers.
CONCLUSION: Buyers in today's real estate market have been conditioned to think that they have the leverage in a buyer's market. While this is true in a buyer's market, it can be argued that we are actually not in a buyer's market when it comes to bank owned homes. However, if the current inventory trend continues, there may be even more opportunities for buyers than ever before. Despite the weakness this month, bank owned homes are being sold at high ratio to the rate at which they are being listed, and selling very close to listing price, in a comparatively short amount of time.
As is the case with all segments of the Long Island real estate market, there are bank owned homes that are priced to sell and those that are overpriced. Buyers must realize that there will be times when there will be multiple offers on a home, sometimes within a matter of days.
Buying a home is just like buying any other product; it's all about supply and demand. There is an increasing supply of bank owned homes on Long Island, but there is also an increasing demand.
Last year on 9/11, I wrote a post entitled Always Remember...And Don't Ever Forget...A 9/11 Reflection. This post was a difficult one for me to write because it forced me to relive one of the most horrific days of my life in great detail. While writing is cathartic, it is also very painful at times.
Seven years have now passed since 9/11, and yet the pain and sorrow still comes rushing back as I relive the events once again. It has become a tradition of this day to have the names of the victims read aloud at a ceremony that takes place where the Twin Towers once stood proudly. This is something that should always be done so that no one ever forgets exactly what this day means to our country.
Unfortunately, only the names of those that perished on 9/11 are read, although I suppose if all of the names of the victims were read it would extend the coverage well beyond 9/11. We tend to think of the people that died on that day, but many more have lost their lives as a result of 9/11 as well.
The heroic people that volunteered their time in the aftermath of this tragedy unknowingly exposed themselves to toxic air that has resulted in terminal diseases. These people don't get mentioned on this day, but they should. I have no way of knowing their names, but if I did, I would certainly list them and honor them for their valor.
However, I do know of one person that passed away in late 2007 as a result of his heroic efforts in the days following 9/11. Today, I would like to introduce you to Mike Ryan of Hauppauge. Mike was a dedicated husband, father, friend and football coach in the Hauppauge Youth Organization football league. "Coach Mike" was admired, respected and loved by his team and their families. He stepped up to coach a team that no one else was willing to coach, even though he didn't have a son on the team. His story is one that will be told in much more depth in the very near future, as it couldn't possibly be done justice within the context of this post.
On Saturday, September 13, 2008, the Hauppauge Youth Organization will unveil a permanent tribute to Coach Mike at the HYO complex. The world may not know who he is, and what he did for his country, but every family that participates in HYO sports will never forget Coach Mike. The whole league will honor him this season with a decal on our helmets, and admiration in our hearts. It's the least that we can do for a man that gave so much of himself to our community and our country.
This morning, as my son and I watched some of the 9/11 coverage, he was somewhat curious about the events of 9/11, but he was insistent upon learning about how these events cost Coach Mike his life. If you've read any of my posts about my son, you will know that he is a six-year old with the mindset of a child much older than his age. His sense of curiosity and awareness of this day makes me very proud. Earlier in the week, he was deciding on a shirt to wear for school. When I picked out a shirt that read "Home of the Brave," he told me that he was saving that shirt to wear on 9/11. This morning, he put that shirt on with pride.
Fortunately for me, I was near the Twin Towers, but not close enough to have suffered any health-related issues as a result of the crumbling buildings. Many others, like Coach Mike, were not that lucky. There will be new victims of 9/11 for the foreseeable future. They will not have their names read at the annual ceremony, nor will they receive any financial assistance. Their families will suffer like other 9/11 families. Children will lose parents, parents will lose children, husbands, wives and friends will all be lost also.
We may not have all been directly impacted by the terrorist attacks, but all of our lives have been forever changed as a result of them.
We should never lose sight of the fact that there are many more victims of 9/11 than the ones that perished on that tragic day in 2001. If you know of anyone else like Coach Mike, please feel free to write about them in the comments section of this post. I also encourage anyone to link to other posts about 9/11 in the comments section. The more that we share our stories, the more that we will remember just how important this day is, and always should be.
Three Village School District Homes Market Trend Report - August 2008. This report shows a statistical comparison between the month of August 2008, the first and second quarter averages for the year, the month of July and a year-over-year comparison. This report provides information about homes sold in the Three Village School District including: location of homes, list price, sold price and days on market.
These monthly reports provide a relatively small sampling of homes, which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Three Village School District.
This report is designed to give factual information about sales in the Three Village School District. As is the case with many school districts on Long Island, the Three Village School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends. If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done.
These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.
Below the actual data you will find an analysis of the real estate trends for homes in the Three Village School District.
AUGUST 2008 HOME SALES
AUGUST 2007 HOME SALES
YEAR-OVER-YEAR COMPARISONS
MARKET TREND ANALYSIS:
All year long, home prices have shown strength in comparison to 2007 in the Three Village School District. This is the first month where a noticeable decline was evident. Since this area has a wide price range between starter homes and luxury homes, there is always the chance for large fluctuations in prices. The inventory numbers, while strong, were not nearly as impressive as 2007. The average days on market and ratio between sold price and list price is comparable to 2007.
CONCLUSION:
One month does not make a trend. Overall, this area continues to show strength. It may just be that luxury homes didn't close for one reason or another, which caused a drag on the overall numbers. There are opportunities for buyers in all price ranges in the Three Village School District.
Smithtown School District Homes Market Trend Report - August 2008. This report shows a statistical comparison between the month of August 2008, the first and second quarter averages for the year, the month of July and a year-over-year comparison. This report provides information about homes sold in the Smithtown School District including: location of homes, list price, sold price and days on market.
These monthly reports provide a relatively small sampling of homes, which often times results in extreme fluctuations that may or may not be indicative of the market trend for the Smithtown School District.
This report is designed to give factual information about sales in the Smithtown School District. As is the case with many school districts on Long Island, the Smithtown School District has a very broad spectrum of home prices (starter, mid-level, luxury), and the value of individual homes cannot be determined by evaluating broad market trends. If you are interested in finding out the market value for your particular home, you should consider having an actual market analysis done.
These reports are done by school district rather than town because school districts play a very important role in home prices on Long Island.
Below the actual data you will find an analysis of the real estate trends for homes in the Smithtown School District.
AUGUST 2008 HOME SALES
AUGUST 2007 HOME SALES
YEAR-OVER-YEAR COMPARISONS
MARKET TREND ANALYSIS:
There is no doubt that the market declined from 2007 to 2008 in the Smithtown School District. However, home prices have continued to show improvement during the course of the year, with the August numbers being the highest to date. The lower sales prices year-over-year can be attributed, at least in part, to the number of million dollar homes that sold. The August 2007 numbers are significantly higher because there was one sale of nearly $4 million.
CONCLUSION:
While the market has seemingly stabilized during the course of 2008, there is still cause for concern for home sellers. The inventory numbers have been on the rise all year long. August is usually the month that helps deplete inventory, as homebuyers are looking close on homes in time for the school year. This did not happen this year, so selling a home in the area going forward may be more of a challenge than originally anticipated. Home sellers must take this inventory trend into account, and price their homes to sell if they are truly motivated to move. Those that are looking to "test the market," should set realistic expectations as to the likelihood of a sale. Homebuyers have an excellent opportunity to get into the area with the amount of inventory that is available.
Long Island Real Estate and Relocation Specialist. Please read my blog for tips on how to sell your home for the most amount of money in the shortest amount of time, general real estate advice and consultation on out-of-state relocations.
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In an election year, there is bound to be political posturing, but I had hoped that politicians would come together for the good of the country in a time of crisis. They did 
Over the course of this series, we have explored many aspects of buyer representation. If you've missed any of the earlier segments, and would like to get caught up, you will find links at the bottom of the page to each previous post. In the last post, the various methods of compensating buyer agents were discussed. As important as it is to understand the compensation methods, it is equally as important to understand the role that each person plays during the course of the home buying process.
[1] DISCLOSE YOUR REPRESENTATION - As a homebuyer, it is possible for you to walk into an open house that is being held by another agent, or even a "For Sale By Owner." If you are represented by a buyer's agent, you should let the person holding the open house know that you have representation, and provide them with your buyer agent's business card. At this point, they may or may not allow you to tour the home. Even if you are allowed to tour the home, it is likely that you will need to return to the home with your buyer's agent before making any offers.
[2] DO NOT DISCLOSE PERSONAL INFORMATION - Any agent holding an open house will have a fiduciary responsibility to the seller. Agents are trained to ask leading questions to gather information, but you are not required to give any information that could hurt you in negotiations. Seemingly harmless conversation can result in the agent learning information about the homebuyer that must be disclosed to the seller. In the case of a "For Sale By Owner," homebuyers should also avoid providing any information that could be used against them in negotiations.
[3] CURB YOUR ENTHUSIASM - This is the title to a clever TV show, but it also sound advice for all homebuyer, especially those that are viewing homes without their buyer agent present. Aside from keeping personal information close to the vest, homebuyers should also keep an even keel when viewing homes. If the agent representing the seller or the "For Sale By Owner" sees a great deal of enthusiasm about the home, they are likely to use this information when it comes time to negotiate.
[4] GATHER AS MUCH INFORMATION AS POSSIBLE - Once a homebuyer has disclosed that they are working with a buyer's agent, and the person holding the open house has allowed the homebuyer to tour the home, the homebuyer is well within their rights to try and gather information that can help themselves in negotiations. The key question is finding out the motivation of the seller. A savvy listing agent will not disclose this information, nor will a savvy "For Sale By Owner," but there are a number of each out there that will offer up helpful information. Any information learned should be passed along to the buyer agent.
The following is a Long Island Real Estate Market Trend Report featuring statistical trends from six school districts in Suffolk County and six school districts in Nassau County. 
Long Island Bank Owned Homes
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