As reported by MLSLI:The closed median home price in March 2013 for Long Island, which includes Nassau, Suffolk, and Queens housing data, was $345,000, representing an increase of 4.5% over last year. Nassau County reported a March 2013 closed median home price of $379,000 compared to $365,000 in March 2012. Suffolk County reported a closed median price of $305,000 in March representing a 4.3% increase over last year and Queens reported a closed median home price of $356,080, which is 4.7% higher than $340,000 reported in March 2012..

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

As reported by MLSLI:The impact of super storm sandy on real estate appears to have been a temporary disruption in activity that was reflected in the housing data released by MLSLI for the months of November and December 2012. Overall activity in January, however, indicates that the market is rebounding from the affects of the storm, and returning to a more normal pace.

Historically favorable affordability conditions continue to drive the market's recovery, both nationally and locally. Home prices and transactions are up compared to a year prior, while available inventory is low.

The closed median home price in January 2013 for Long Island, which includes Nassau, Suffolk, and Queens data, was $350,000, representing a 4.5% increase over January 2012. Nassau County reported a January 2013 closed median home price of $400,000 compared to $385,500 a year prior. Suffolk County reported a closed median price of $310,000 in January representing a 6.9% increase over last year and Queens reported a closed median home price of $356,000, which is 3.2% higher than $345,000 reported in January 2012.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

The closed median home price in December 2012 for Long Island, which includes Nassau, Suffolk, and Queens data, was $357,750, representing a 7.3% increase over December 2011. All three counties reported year over year increases in the category of closed median home prices. Nassau County reported a December 2012 closed median home price of $400,000 compared to $380,000 a year prior. Suffolk County reported a closed median price of $314,500 in December representing a 4.8% gain over last December and Queens reported a closed median home price of $375,000, which is 15.4% higher than $325,000 reported in December 2011.

The favorable affordability conditions that many buyers have already taken advantage of in recent months, will continue to support the market in its recovery mode in the days ahead. Low mortgage rates and affordable home prices make it a good time to consider buying a home.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

When you buy a new home, it's hard to be sure that there are no previous issues with the property's title. If a problem arises after closing, it could bring about trouble, both in levels of stress and financial loss. This is why, according to Lawrence Finn, CEO Owner/Broker of Coach Real Estate Associates, it's pertinent that you purchase title insurance to be sure you, and your new home, are covered.

After your sales contract has been accepted, a professional from a title company will review the public land records to search for any possible title problems or human errors. Before you purchased your home, it may have changed hands several times, and this may have caused conflict. "Maybe the previous owners had an undisclosed heir, or neglected their taxes," says Finn. "Title insurance protects you, the buyer, from any claims and legal fees that could arise." These insurance policies are called owner policies, and often, sellers pay for owner policies as part of the closing process.

But homeowners aren't the only ones who purchase title insurance. If you need to take out a mortgage, then your mortgage lender will require title insurance, too. This is called a loan policy.

"Unlike car insurance, title insurance is purchased only once, and lasts for as long as you or your heirs have an interest in the property," explains Finn. "This makes it one of the best kinds of insurance you can purchase."

However, title insurance is not always so cut and dry. "If you think you may want to resell your property within a couple years, it may be smart to ask your title company about 'binder' coverage," recommends Finn. These policies, which are only slightly more expensive (around 10 percent), are good for two years--although they can usually be extended beyond that time. "With a binder policy, you will get a credit for the amount of coverage you purchased under your own owner's title policy," says Finn.

The November 2012 closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, is $362,000 representing a 6.5% increase over last November. The contracted median home price for Long Island is $345,000, representing a 1.8% increase over $339,000 reported the year prior.

Nassau County reported a closed median home price of $400,000 representing an increase of 5.8% over last year. Suffolk County reported a closed median home price of $313,500 compared to $310,000 in November 2011. Queens reported a $389,950 closed median home price in November 2012 representing a double digit increase of 18.2% over last November.

For eleven consecutive months leading up to November the Multiple Listing Service of Long Island was reporting year over year increases in the category of monthly contracted sales, but considering the magnitude of the affects experienced by this area after Sandy, the trend was expected to end, and it did. In November 2012, MLSLI reported 1,838 contracted sales. This represents a decline of 14.6% over a year ago, and moreover, it represents a drop of 26.1% from October 2012.

As expected, the aftermath of the storm created a slowdown in the area of both sold and contracted sales activity.

Available residential inventory continues to decline.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Also known as a purchase money mortgage, seller financing is when the seller agrees to "lend" money to the buyer to purchase and close on the seller's home. "Often, sellers do this when money is tight, interest rates are high or when a buyer has difficulty qualifying for a conventional loan or meeting the purchase price," explains Lawrence Finn, CEO Owner/Broker of Coach Real Estate Associates.

Seller financing differs from a traditional loan because, unlike the lender, the seller does not actually give the buyer cash to complete the purchase. Instead, it involves issuing a credit against the purchase price of the home. The buyer executes a promissory note or trust deed in the seller's favor.

The seller may take back a second note or finance the entire purchase if he or she owns the home free and clear.

With seller financing, the buyer makes a sizeable down payment and agrees to pay the seller directly every month.

"These loans are often more flexible," Finn comments. "The interest rate on a purchase money note is negotiable, as are the other terms in a seller-financed transaction."

Understandably, most sellers are not open to making a loan for a lower return than could be invested at a more profitable rate of return elsewhere. This means that often, interest rates they charge may be higher than those on conventional loans, and the length of the loan shorter, anywhere from five to 15 years.

Because sellers, unlike conventional lenders, do not charge loan fees or points, seller-financed costs are generally less than those associated with conventional home loans. Interest rates are generally influenced by current Treasury bill and certificate of deposit rates.

"Seller financing is a viable option when the seller does not immediately need the entire cash equity they have accumulated in the home," explains Finn. This type of financing offers less rigid qualification requirements, and eliminates nearly all loan fees.

But it can be beneficial to the seller, too. In return for providing financial assistance to the buyer, the seller receives tax benefits, attracts a larger pool of potential buyers, generally completes the sale sooner, and gets good interest earnings.

"Fear of default often makes many sellers reluctant to take back a second note or finance the entire purchase," says Finn. A thorough credit check should help to dispel many of these fears, although the mortgage also allows the seller to foreclose on the property in case of default.

"The process can be very complicated. It is a good idea to consult an attorney when putting together this kind of transaction," recommends Finn.

As reported by MLSLI: The October 2012 closed median home price on Long Island, which includes Nassau, Suffolk, and Queens, is $355,000 representing a 4.1% increase over last October. The contracted median home price for Long Island is $345,000, representing a 3.0% increase over October 2011. The number of contracted (pending) sales was 2,489 representing a 16.5% increase over the prior year. This is the eleventh consecutive month that MLSLI has reported year over year gains in the area of contracted sales activity. Available residential inventory continues to diminish as sales activity remains strong in our area.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County

Buyers looking to score a great real estate deal often consider purchasing a short sale--a property that sells for less than the balance owed on its mortgage. There are many different types of short sale properties, from upside down homes to vacant land. While purchasing a short sale can be financially beneficial to the buyer, it can also be good for the seller and lender, as it keeps the property from facing foreclosure.

"If you think purchasing a short sale property may be right for you, seek an agent specializing in short sales, as the process is often more complex than a traditional real estate transaction," says Lawrence Finn, CEO Owner/Broker of Coach Real Estate Associates.

There are some extra steps that buyers need to take when entering into a short sale, which can require doing some additional homework and assembling the right paperwork--this is why having a short sale specialist on your team is crucial.

You need to assemble an arduous proposal that includes a specific short sale request application, an authorization letter, the purchase and sale contract, a statement of the property's value, a detailing of the costs and liabilities, and a settlement statement, which can be prepared by your agent.

According to Finn, paperwork aside, many short sales involve a series of extensions and can often take longer than other real estate sales. This may not be a big deal if you're an investment buyer, are purchasing a second home, or have a relaxed move schedule. However, if you're relocating for work or otherwise facing a time crunch, a short sale purchase may not be the smartest move.

One of the biggest headaches that comes along with short sales can come from the bank. "Keep in mind that just because a property is listed with short sale terms, and the seller accepts your offer, this doesn't necessarily mean the lender will accept," Finn warns. This can create extra stress and extend the time until closing.

Your agent, if acting as buyer representative, can help with the research by finding out who is in title of the home, whether a foreclosure notice has been filed and how much is owed to the lender. This information is vital when deciding how much to offer on the home.

As reported by MLSLI: The September 2012 closed median home price on Long Island, which includes Nassau, Suffolk,and Queens, is $365,000 representing a 1.4% increase over last September. The contractedmedian home price for Long Island is $345,750, representing a 3.2% increase over September 2011. Contracted home sales are forward-looking indicators of future home sale activity. The number of homes for sale is shrinking. Residential inventory is 16.1% lower than a year ago.

To see the detailed reports for each county, please click the county name below to view the PDF file.

Suffolk County

Nassau County

Queens County