March 6, 2018

Housing Market Expected To "Spring Forward" This Year

Housing Market Expected To "Spring Forward" This Year | Keeping Current Matters

Just like our clocks this weekend in the majority of the country, the housing market will soon “spring forward!” Similar to tension in a spring, the lack of inventory available for sale in the market right now is what is holding back the market.

Many potential sellers believe that waiting until Spring is in their best interest, and traditionally they would have been right.

Buyer demand has seasonality to it, which usually falls off in the winter months, especially in areas of the country impacted by arctic temperatures and conditions.

That hasn’t happened this year.

Demand for housing has remained strong as mortgage rates have remained near historic lows. Even with the recent increase in rates, buyers are still able to lock in an affordable monthly payment. Many more buyers are jumping off the fence and into the market to secure a lower rate.

The National Association of Realtors (NAR) recently reported that the top 10 dates sellers listed their homes in 2017 all fell in April, May, or June.

Those who act quickly and list now could benefit greatly from additional exposure to buyers prior to a flood of more competition coming to market in the next few months.

Bottom Line

If you are planning on selling your home in 2018, meet with our managing member, Mike Flynn, to evaluate the opportunities in your market.

Posted in The Market
Feb. 15, 2018

Which Comes First... Marriage or Mortgage?

Which Comes First… Marriage or Mortgage? | Keeping Current Matters

According to the National Association of REALTORS most recent Profile of Home Buyers & Sellers, married couples once again dominated the first-time homebuyer statistics in 2017 at 57% of all buyers. It is no surprise that having two incomes to save for down payments and contribute to monthly housing costs makes buying a home more attainable.

But, many couples are also deciding to buy a home before spending what would be a down payment on a wedding, as unmarried couples made up 16% of all first-time buyers last year.

If you’re single, don’t fret! Single women made up 18% of first-time buyers in 2017, while single men accounted for 7% of buyers. A recent report pointed to a sense of responsibility and commitment that drives many single women to want to own their own homes rather than rent someone else’s.

Here is the breakdown of all first-time homebuyers in 2017 by percentage of all buyers, income, and age:

Which Comes First… Marriage or Mortgage? | Keeping Current Matters

Bottom Line

You may not be that much different than those who have already purchased their first homes. Contact the Flynn Team today who can help determine if your dream home is already within your grasp.

Posted in Homebuyers
Jan. 24, 2018

Bird's Eye View: Hicksville

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 newlywed, works in Lower Manhattan

and lives in Hicksville.


What part of HIcksville do you live in?

I live off the 107, the inset neighborhood across from Broadway Mall.


How would you describe Hicksville in just a few words?

Diverse, becoming more so, accessible and friendly.


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

Levittown, East Meadow, all the surrounding neighborhoods, wanted to stay central.


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

I recently got married, we are newlyweds, no kids yet but being in a good school district is already

very important to me. I also am thankful I am close to the Hicksville LIRR, I have to trek to lower

manhattan every day and can catch an express from here.


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

Knowledge is power. Also partner with a solid, good real estate agent who is educated in your

target area and can easily inform you of important factors like taxes, safety, and schools.


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

Hicksville has its fair share of Indian restaurants, but Chilli & Curry on Woodbury Road

is exceptional, freshly made Indian/Thai fusion with awesome service.


What about take-in?

Kirazu Sushi is always on point for take out.


What does the family do to relax in Hicksville?

In an effort to stay fit for the new year, the wife and I take a 5 min drive to Eisenhower Park

where, which I recently learned, has a bunch of fitness trails.


Biggest perk of living there?

Though a diverse community, a very friendly community.


Biggest complaint?

I can complain about the LIRR, but who doesn’t?


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

It’s a great place to call home, very family oriented and the location is good for weekend errands

and of course, you have the mall.

Posted in Town Profiles
Jan. 23, 2018

Why Do I Need a Real Estate Agent ?

Many people wonder whether they should hire a real estate professional to assist them in buying their dream homes or if they should first try to go through the buying process on their own. In today’s market: you need an experienced professional!

You Need an Expert Guide If You Are Traveling a Dangerous Path

The field of real estate is loaded with landmines; you need a true expert to guide you through the dangerous pitfalls that currently exist. Finding a home that is priced appropriately and is ready for you to move into can be tricky. An agent listens to your wants and needs, and can sift through the homes that do not fit within the parameters of your “dream home.”

A great agent will also have relationships with mortgage professionals and other experts that you will need in order to secure your dream home.

You Need a Skilled Negotiator

In today’s market, hiring a talented negotiator could save you thousands, perhaps tens of thousands, of dollars. Each step of the way – from the original offer to the possible renegotiation of that offer after a home inspection, to the possible cancellation of the deal based on a troubled appraisal – you need someone who can keep the deal together until it closes.


Bottom Line

Famous sayings become famous because they are true. You get what you pay for. Just like a good accountant or a good attorney, a good agent will save you money…not cost you money.

Posted in The Market
Dec. 22, 2017

Existing Home Sales Reach Highest Annual Pace in 11 Years

Some Highlights:

  • Existing home sales are currently at an annual pace of 5.81 million, the highest pace since December 2006.

  • The inventory of existing homes for sale has dropped year-over-year for the last 30 consecutive months and is now at a 3.4-month supply.

  • NAR’s Chief Economist Lawrence Yun had this to say: “Faster economic growth in recent quarters, the booming stock market and continuous job gains are fueling substantial demand for buying a home as 2017 comes to an end.”

Posted in Homebuyers
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.


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!!


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!



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