Dec. 14, 2017

Should Boomers Buy or Rent after Selling?

Should Boomers Buy or Rent after Selling?

Should Boomers Buy or Rent after Selling? | Keeping Current Matters

In a recent CNBC article, it was reported that many baby boomers are selling their current homes and moving into rentals, rather than purchasing another home.

“Between 2009 and 2015, the number of renters aged 55 or above rose 28 percent, while those aged 34 or younger only increased 3 percent…

Meanwhile, more than 5 million baby boomers across the nation are expected to rent their next home by 2020, according to a 2016 analysis from Freddie Mac.”

This makes sense in the short term for many reasons. If you are moving to a different part of town or a new region of the country, you may decide to rent until you pick the perfect home in an area you love. However, is renting a good long-term strategy?

A mortgage payment remains fixed. Rents, however…

The Census Bureau recently released their 2017 third quarter median rent numbers. Here is a graph showing rent increases from 1988 until today:

Should Boomers Buy or Rent after Selling? | Keeping Current Matters

As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether you should rent or buy your next home, you should take this into consideration.

Bottom Line

One way to protect yourself from rising rents is to lock in your housing expense by buying a home instead of renting. Meet with a local real estate professional who can help you decide what the best step is for you and your family!

We have solid experience in downsizing in and around Long Island, the options that are best suited for you at certain stages in life. Contact The Flynn Team today!

Posted in Lifestyles
Dec. 5, 2017

Bird's Eye View: Levittown

Every month, we will ask a resident of a Long Island town to give us a "bird's eye view" of their town as a whole: why they chose it, what to look out for when choosing a home there, and most importantly, where to eat.  This month, we spoke to a young mother of two about raising a family in Levittown.  

 

 

What part of Levittown do you live in?

Directly off Newbridge Road to the right, half a mile north of Hempstead Turnpike.

 

 

How would you describe Dix Hills in just a few words?

Family neighborhood, central location convenient for shopping and general LI weekend travelling.

 

 

When you were looking for a home, where else besides Dix Hills were you looking?

Hicksville, Massapequa and Bethpage.

 

 

What made you choose Dix Hills and (your section) in particular?

Hicksville station for city commute, family-oriented.

 

 

What advice would you give a first time home buyer in LI?

Don’t settle or be complacent, find the town that feels right.

 

 

What is your favorite restaurant in Levittown to go out to eat?

Restaurants with small kids are tough, we do love Two Brothers pizza once a week.

 

 

What about take-in?

Same answer, Two Brothers

 

 

What does the family do to relax in Dix Hills?

There are a bunch of local and safe playgrounds, or we head to Broadway Mall.

 

 

Biggest perk of living there?

Central Long Island location.

 

 

Biggest complaint?

We would appreciate a bit more diversity, we think it’s trickling in.

 

 

Best piece of advice for someone looking to make Levittown their next home?

If schools are a deciding factor, check your district lines as Levittown students can end up in Hicksville or Island Tree school district, all have different ratings.

Dec. 4, 2017

5 Reasons to Sell This Winter!

5 Reasons to Sell This Winter! | Keeping Current Matters

Here are five reasons listing your home for sale this winter makes sense.

1. Demand Is STRONG

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal housing market. This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.

Historically, the average number of years a homeowner stayed in their home was six, but has hovered between nine and ten years since 2011. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 44 days, after seeing a 12-month high of 48 days in January.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly, AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 4.7% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

That is what is truly important.

Posted in The Market
Nov. 13, 2017

Why Sell Now Instead of Later? The Buyers are Out Now

 

Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.

SUPPLY

It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply.

Supply is currently very low!!

DEMAND

A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.

Demand is currently very high!! 

Bottom Line

Waiting until the spring to list your house for sale made sense in the past. This year is different. The best deal is probably available right now.

Contact The Flynn Team to learn more about listing your home in this current buyers' market!

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Posted in Homebuyers
Oct. 20, 2017

No… You Do Not Need 20% Down to Buy NOW!

 

The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.

This brings us to two major misconceptions that we want to address today.

1. Down Payment

NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 39% of non-homeowners say they believe they need more than 20% for a down payment on a home purchase. In actuality, there are many loans written with a down payment of 3% or less.

Many renters may actually be able to enter the housing market sooner than they ever imagined with new programs that have emerged allowing less cash out of pocket.

2. FICO® Scores

An Ipson survey revealed that 62% of respondents believe they need excellent credit to buy a home, with 43% thinking a “good credit score” is over 780. In actuality, the average FICO® scores of approved conventional and FHA mortgages are much lower.

The average conventional loan closed in August had a credit score of 752, while FHA mortgages closed with a score of 683. The average across all loans closed in August was 724. The chart below shows the distribution of FICO® Scores for all loans approved in August.

 

Bottom Line

If you are a prospective buyer who is ‘ready’ and ‘willing’ to act now, but are not sure if you are ‘able’ to, sit down with a professional who can help you understand your true options.

Posted in The Market
Oct. 16, 2017

Thinking of Selling? You Should Do It TODAY!!

That headline might be a little aggressive; however, as August 2017’s housing market data begins to roll in, we can definitely say one thing: If you are considering selling, IT IS TIME TO LIST YOUR HOME TODAY!

In a recent article by CBS News, they explained that the number of existing home sales is shrinking, and Lawrence Yun, Chief Economist for the National Association of Realtors, said:

“There should be 3 million homes on the market right now…Yet, there are only 1.9 million.”

And this situation will be affected greatly by recent natural disasters. Yun continued by saying:

“Before the hurricanes I would have predicted 1.35 million in new-home construction in 2018…I’ll have to scale that down now.”

NAR, in their August 2017 Realtors® Confidence Index, indicated that:

“Amid sustained job creation and sustained historically low mortgage rates, REALTORS® reported…that buyer demand is stronger compared to conditions one year ago… and that fifty percent of properties were on the market for less than one month when sold.”

The only challenge to today’s market is a severe lack of inventory. A balanced market would have a full six-month supply of homes for sale. Currently, there is only a 4.2-month supply of inventory, which is down from 4.5 months one year ago.

Bottom Line

With demand increasing and supply dropping, this may be the perfect time to get the best price for your home. Contact a local real estate professional today to see if that is the case in your neighborhood.

Posted in The Market
Oct. 3, 2017

Picking Your Perfect Long Island Neighborhood

 

With over 400 miles of beach coastline, beautiful natural parks, and thriving nightlife, Long Island is the perfect destination for young families. This region is home to magnificent castles, historic buildings, and mansions. Its beaches are famous all over the world for their long stretches of sand and clean waters. Long Island also features lots of zoos, parks, sports facilities, and shopping outlets. 

A growing number of young families have moved to Long Island over the past couple of decades. Areas like New Hyde Park, Long Beach, Oyster Bay, and the Hamptons quickly became the centers of the Island’s social scene. Here are some of the best neighborhoods for young families in Long Island:



Bellmore

 

Bellmore is a preferred destination for young families looking to start a new life in Long Island. Bellmore serves as a suburb of New York City on Long Island. Penn Station in Manhattan is typically a 45-minute direct ride on the Long Island Rail Road's Babylon branch. "The Bellmores" are subdivided into Bellmore (population 16,000) and N. Bellmore (population 20,000). The Bellmore area has an approximate population of 36,000 at this time.



Long Beach



With miles of sprawling sands and breathtaking views of the ocean, Long Beach attracts thousands of homebuyers every year. This beach community went from being a summer resort to a residential area. Those who live here have access to a large number of parks, schools, gyms, and recreational activities. The Department of Youth and Family Services provides residents with licensed child care, employment, and adventure camps for kids. 



Patchogue



Home prices in Patchogue are affordable compared to the rest of Long Island. This community is a great place to live, work, and raise a family. Patchogue boasts hundreds of restaurants and cafes, fitness centers, educational institutions, cultural venues, and historic sites. The low cost of living attracts many young families and first-time homebuyers.


Massapequa



Surrounded by beach and natural parks, Massapequa real estate offers lots of recreational activities for children and young people. It is one of the best neighborhoods for young families on the south shore of Long Island. The community has a total population of 21,685 and covers 10.4 square kilometers. Massapequa features six elementary schools and a several high schools. There are also numerous bars, delis, pubs, and great pizzerias.



Brookville


Brookville is a small community located in Nassau County. Residents have access to a large number of schools and government services. This place offers the best of both worlds for those who enjoy living in a picturesque village while having quick access to shopping outlets, restaurants, and major highways. There are numerous historic sites and cultural attractions in the area, including the Hillwood Art Museum and the Tilles Center for the Performing Arts.

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Posted in Lifestyles
Oct. 3, 2017

5 Reasons To Sell This Fall

5 Reasons to Sell This Fall | MyKCM

Here are five reasons listing your home for sale this fall makes sense.

1. Demand Is Strong

The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing, and able to purchase… and are in the market right now! More often than not, multiple buyers are competing with each other to buy a home.

Take advantage of the buyer activity currently in the market.

2. There Is Less Competition Now

Housing inventory is still under the 6-month supply that is needed for a normal housing market.

This means that, in the majority of the country, there are not enough homes for sale to satisfy the number of buyers in the market. This is good news for homeowners who have gained equity as their home values have increased. However, additional inventory could be coming to the market soon.

Historically, the average number of years a homeowner stayed in their home was six, but that number has jumped to an average of almost nine years since 2008. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. As home values continue to appreciate, more and more homeowners will be given the freedom to move.

The choices buyers have will continue to increase. Don’t wait until this other inventory comes to market before you decide to sell.

3. The Process Will Be Quicker

Today’s competitive environment has forced buyers to do all they can to stand out from the crowd, including getting pre-approved for their mortgage financing. This makes the entire selling process much faster and much simpler as buyers know exactly what they can afford before home shopping. According to Ellie Mae’s latest Origination Insights Report, the time to close a loan has dropped to 43 days, after seeing a 12-month high of 48 days in January.

4. There Will Never Be a Better Time to Move Up

If your next move will be into a premium or luxury home, now is the time to move-up! The inventory of homes for sale at these higher price ranges has forced these markets into a buyer’s market. This means that if you are planning on selling a starter or trade-up home, your home will sell quickly AND you’ll be able to find a premium home to call your own!

Prices are projected to appreciate by 5.0% over the next year according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait.

5. It’s Time to Move on With Your Life

Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should?

Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.

If you are looking to sell your home, start with a free home evaluation by The Flynn Team today!

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Posted in The Market
Sept. 28, 2017

How to Get the Most Money from the Sale of Your Home

How to Get the Most Money from the Sale of Your Home | MyKCM

 

Every homeowner wants to make sure they maximize their financial reward when selling their home. But how do you guarantee that you receive maximum value for your house? Here are two keys to ensure that you get the highest price possible.

1. Price it a LITTLE LOW 

This may seem counterintuitive. However, let’s look at this concept for a moment. Many homeowners think that pricing their home a little OVER market value will leave them room for negotiation. In actuality, this just dramatically lessens the demand for your house (see chart below).

How to Get the Most Money from the Sale of Your Home | MyKCM

Instead of the seller trying to ‘win’ the negotiation with one buyer, they should price it so that demand for the home is maximized. By doing this, the seller will not be fighting with a buyer over the price, but will instead have multiple buyers fighting with each other over the house.

Realtor.com gives this advice:

“Aim to price your property at or just slightly below the going rate. Today’s buyers are highly informed, so if they sense they’re getting a deal, they’re likely to bid up a property that’s slightly underpriced, especially in areas with low inventory.”

2. Use a Real Estate Professional

This, too, may seem counterintuitive. The seller may think they would make more money if they didn’t have to pay a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by a real estate professional.

A new study by Collateral Analytics, reveals that FSBOs don’t actually save any money, and in some cases may be costing themselves more, by not listing with an agent.

In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:

“FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.”

The results of the study showed that the differential in selling prices for FSBOs when compared to MLS sales of similar properties is about 5.5%. Sales in 2017 suggest the average price was near 6% lower for FSBO sales of similar properties.

Bottom Line

Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.

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Posted in The Market
Sept. 1, 2017

4 Changes to Real Estate after Labor Day

 

 

 

 

While many people think the unofficial start of the fall season means the real estate market shuts down for hibernation, Labor Day marks a great time for home buyers to start the leg work that goes into finding the right house at the right time.

 

1.Fall can be a strong buyer’s market.

 

Taking advantage of the change of market/season means there are fewer buyers on the hunt this time of year, which means less competition. This gives your Realtor more room to negotiate purchase prices for you, especially in September and October.

 

2. Home sellers drop prices in fall

 

Summer can be a hot selling season. But not everything sells. The serious sellers who are aware of the market change after Labor Day will consider price reductions at this time. For a buyer who is ready to make an offer, fall is a good time to make put something in writing.

 

3. Fall buyers don’t often have deadlines

 

A major influence on timeline for many home seekers is the school year. It is imperative that they close and are physically in a house by September. But for others there is no rush. There is time to put in offers, negotiate prices and terms, finalize closings with ease, and all around find a good deal. If you would rather wait for the best value for your hard-earned money, you can wait.

 

4. Buyers are back to their normal routine

 

It isn't just teachers whose work/life routine changes in the summer season. Most people relish the opportunity to kick back a little more during the summer months and this can throw off the schedules of buyers, sellers and the real estate professionals who serve them. With the “return to normalcy” that the fall season often provides, buyers can be expected to be more disciplined in their home search, and there is less likelihood of hearing that a preferred home inspector, lawyer or loan officer is taking a vacation during a critical point in the deal making process (Realtors never take vacations ;)

 

 

Find your AGENT

 

A truly good agent can help you shop around to get the best price and having a professional guiding you through a process they understand well can make your life a lot easier. The Flynn Team can streamline your first home purchase, providing step by step advice before the house hunt even begins.

Call us today! (516) 294-7292

 

 

Posted in Lifestyles