November and December are traditionally the slowest time for sales on Long Island. If the $8,000 tax credit is NOT renewed I think sales are going to fall off a cliff. My area is primarily 1st time buyers anyway, and they have certainly taken advantage of the great choice of homes available, the low interest rates and the $8,000 tax credit. I know we saw a big difference in the number of buyers and sales this summer and fall due to the credit. People are surprised when we say the summer is the second slowest time of year for sales here. Yes, you get people on vacation who take time to look at homes, but often decide not to buy.
Now, with the real deadline of November 30 to close to get the credit, buyer's ran to purchase.
I think it will be an interesting last 2 weeks of November to watch the lawyers (yes, we use attorney's to prepare contracts and close real estate on Long Island) and banks get pushed by all the buyer's to close before the deadline. Kind of like December 31 on steriods. Everyone wants to close before the new year for tax purposes.
If the credit is not renewed or extended, we will see a big drop off in buyer activity.
It is still a GREAT TIME to buy a home. Prices are down, interest rates are low, lots of choice to find the right home...
Every where we go, we get asked by everyone, are houses selling?
Our answer is YES!!! Our experience shows a very active market. WHAT is selling is really the question that should be asked. WHAT is selling are the lower priced properties. The investor and first time buyer market is booming. Low priced homes, listed below $275,000 are what's hot, hot, hot!
The first time buyers who COULD qualify for a mortgage (and yes, mortgage money IS available), yet where priced out of the market for years are looking and buying. Of course, the lower prices combined with the $8,000 possible tax credit are driving this market.
Investors are back in the market buying properties like mad. That is because prices are now working for them where they can buy, fix up and then sell for a profit again. They can also buy and keep homes as rental properties. During the time when prices where inflated, they couldn't do this, they would have lost money every month.
If you are looking to buy or sell, it's a great time to move! With over 17 years full time experience, we can help you too!
If you are thinking about selling residential or commericial real estate in Central Suffolk County, NY, call the #1 Team in the #1 Office with the greatest seller satisfaction! With years of full time experience and hundreds of satisfied clients, Toby & John T. Williams. You can reach us anytime at 631-363-5434.
We just got another written approval for a short sale in Medford, Long Island, Suffolk County, New York.
In our experience, the approvals are taking 4-6 months. The buyers have to be very patient to wait it out.
We are negotiating short sales in Medford, Patchogue, North Patchogue, East Patchogue and Lake Ronkonkoma right now. We have approved short sales in Middle Island, Medford and Patchogue so far this year.
In our market area, approximately 30% of the homes on the market are short sale properties. This is causing prices to continue to drop.
The market has definately heated up in the last 3 months in our area. We are seeing the first time buyers coming out and buying homes. Why now? Now is the time to buy, prices are at or near the bottom, interest rates are at an incredibly low rate (and this is only temporary). Add to that the $8000 tax credit for 1st time buyers who close by November 30, 2009 and you can't have a better time to become a homeowner. There are lots of homes to choose from too.
Investors have also jumped back into the market with both feet! There are now values out there for the investor looking to repair and flip homes as well as those who want to buy and rent properties. We have one house that was a true handyman special and had 11 offers within 1 week and sold over the asking price.
If you are looking to take advantage of these times of low rates and hot prices, call us. You can see all the local listings on our website at: www.tjplace.com
Well, they say March comes in like a lion and out like a lamb. I hope we get the lamb part right, cause we sure got the LION! Here on Long Island, we got over 12 inches of snow on Monday! NYC even had their first snow day in 5 years!
What is a tax credit? It is NOT the same as a tax deduction. It actually lowers your tax due dollar for dollar! That means you can buy a house this year and save up to $8,000 on your actual tax due!
Who can get this tax credit? It is for first time homebuyers. A first time buyer CAN have owned a home in the past!!! It means you can not have owned a home in the last three years. Of course there are income limits and other details.
We have been wanting to update our site for sometime and now it's here!
We have had our site up and running for over 12 years, an internet presence back before anyone heard of it. I remember being so excited when I would see a TV ad with teeny tiny print on the bottom of the page that would say www.nike.com or something similar. I knew the time would come when the internet would grow, but isn't it amazing how it has transformed how we do business, not just in real estate, but everything!
I have to say, I am surprised how often I hear people saying that no one can get a mortgage anymore.
This is inaccurate. While some types of mortgage products are no longer available (such as a "stated" income, no documentation type loans) aren't done anymore, other products are available.
FHA loans are common, you only need 3.5% down payment, you don't need perfect credit, and you can finance up to 6% of your closing costs.
Other, conventional loans are available for those with good credit and provable income.
It is a fantastic time for first time buyers to purchase, rates are at record lows and I don't see how they can get any lower with the Federal Government bringing the Fed Rate down to 0-.25%. This is the interest rate that banks can borrow from one another. Since it can't get lower than 0, rates on mortgages are as low as they can get. For anyone who was waiting to try to catch the "bottom", this is probably it.
Rates are in the 4-5% range, depending on credit scores.
Home prices are at their lowest level in years too. Purchasing power is in the buyer's favor.
What about sellers? While your house probably isn't worth as much as it was 3 years ago, neither is the dream home you have been thinking about. If your $300,000 house is down 10% and is now worth $270,000 when you sell, the dream home that was $500,000 is also down 10% and you can buy it for $450,000! Also, don't forget, that new mortgage rate will probably be much lower than the one you are paying now!
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
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