Any dedicated bargain hunter who scours the Long Island listings is not surprised to find among the most deeply discounted entries one of two notations: foreclosure or short sale. Everyone knows what the “foreclosure” designation means—it’s been repossessed by the bank. It’s an REO (real estate owned). By discounting the asking price, the lending entity invites buyers to take the property off its books. It is here that the economists’ favorite acronym, “TANSTAAFL” (There Ain’t No Such Thing As A Free Lunch), comes into play. Foreclosed properties have frequently been neglected by their previous owners, who are not happy campers. So the cost of rehabilitation must be … (0 comments)
A couple of recent developments made the news recently that promised to impact Long Island, NY’s real estate scene either now or in the future. The one that got most of the attention last Wednesday came from a familiar source: Federal Reserve Chair Janet Yellen. Her news conference’s less-than-stirring pronouncement (“Caution is appropriate”) made headlines nonetheless because of the accompanying action (actually, inaction): no increase in interest rates. Nassau and Suffolk County real estate watchers will remember that when the Fed increased their Fed Funds target rate by a quarter of a point last December, they nudged it upward from zero to … (0 comments)
sell my house: Predicting Long Island Home Sales: More Quandary Than Certainty
- 04/24/16 09:44 AM
Even the least vigilant of Long Island’s market-watchers had their antennae out this April, the traditional time of month when real estate statistics are released from the most authoritative sources. National trends in home sales frequently provide clues to the direction the Nassau and Suffolk County markets are likely to take—and with the 2016 spring selling season already under way, this is the time of year when movements can be more volatile than usual. The April 4th, 2016 data was less exciting than has been the case in recent years—and what movement there was seemed to leave opinion-makers perplexed. The Associated Press … (0 comments)
sell my house: Do Long Island House Hunters Prefer New Homes? Yes and No...
- 04/24/16 09:05 AM
Several different surveys confirm that if you ask American consumers which they prefer, close to twice as many say they would choose to move into a brand new home rather than an existing one. But—and there are several important ‘buts’—when it comes to today’s typical Nassau and Suffolk County house hunter, that answer can be a little misleading. For one thing, house hunters who don’t even check out Long Island’s pre-owned house listings are few and far between. In actuality, when someone begins to think seriously about buying their next home, it’s highly unlikely they will be able to resist taking at … (0 comments)
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