April Housing Stats

Despite April's less than ideal weather, buyers continued to chase housing value. Contract sales activity was off slightly compared to last year, but 11.1% higher than in March. Median home prices were on a par with last April.

The closed median home price in April 2014 for Long Island, which includes Nassau, Suffolk, and Queens's housing data, was $359,000, representing a 2.6% increase over last year. Nassau County reported a $410,000 closed median home price in April, representing a 5.7% increase over $388,000 reported by MLSLI last April. Suffolk County reported a closed median price of $301,000 representing a slight increase over last year while Queens reported a closed median home price of $370,000, up 2.8% from $360,000 reported last year.

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

Homeownership’s Impact on Net Worth

As reported by our friends at KCM Blog: Over the last six years, homeownership has lost some of its allure as a financial investment. As homeowners suffered through the housing bust, more and more began to question whether owning a home was truly a good way to build wealth. A study by the Federal Reserve formally answered this question.

Report Click Here

Some of the findings revealed in their report: The average American family has a net worth of $77,300. Of that net worth, 61.4% ($47,500) of it is in home equity. A homeowner's net worth is over thirty times greater than that of a renter. The average homeowner has a net worth of $174,500 while the average net worth of a renter is $5,100.

Moving Tips for Newlyweds

So the wedding is over and you're moving into your first home as a couple. Congratulations! While this is an exciting time, moving may be stressful. After all, moving both of your possessions into a new home is much different then hauling your stuff out of your parent's basement to your first one-bedroom apartment, like you did post-college. Below are some insightful tips for moving made easy.

Eliminate the duplicates – Before you move into your new place, take inventory of what you both already own. Two toasters? Three huge television sets? Two grills? This is the perfect time to have a garage sale and minimize your stock, before you rent that moving van.

Group items together – There is a reason people label their boxes by room. It makes unpacking much easier, and allows you to organize your packing time by area. Focusing on packing or unpacking one or two rooms at a time can make the whole project seem much less daunting. Break it down and make a plan, pack the kitchen and bathroom today and the bedroom tomorrow.

Start early - Don't procrastinate; it will make moving day miserable. Instead, begin packing early, starting with the things you don't use every day. On moving day, the only thing that should be left to do is put the boxes in the truck, and maybe give the place one final sweep.

Leave gifts in boxes - Unless you're tight for space in your moving van, leave all of your wedding gifts in their original boxes during the move. This ensures they are packed safely, and won't break during the move. While it may be tempting to take out all the new china and shiny appliances during the weeks before the move, leaving them in their original packaging is smartest for safe storing and moving.

Protect your assets -This is especially important if you're hiring a moving company. As heartbreaking as it would be to shatter your new china set, imagine how it would feel if your movers did it. Be sure to take note of the condition of your items being relocated. That way, if you have to make a claim, the condition of your possessions will be documented. Make a list of everything that you pack into the truck to be sure it all makes it out, and check to see if your insurance covers the damages.

Don't forget to have some fun, invite a few friends to help you to say goodbye to your old place--and celebrate your new one.

What is your mortgage IQ?

When it comes to your knowledge of home financing, do you feel there may be something you are missing? According to a recent survey published by Zillow.com, 44 percent of homebuyers admitted they are not confident in their knowledge of mortgages or the mortgage process.

 

The Zillow® Mortgage Marketplace survey, also stated "more than half (55 percent) of prospective home buyers in the study do not understand that mortgage rates vary throughout the day."

 

To read the report's complete findings, please click here.

 

At Coach Realtors, our team of more than 600 real estate sales professionals is backed by our home finance partner Residential Mortgage Division, an affiliate of Wells Fargo Home Mortgage.

 

Our mortgage partner provides our buyers, sellers and sales agents with the expert information needed whether financing a first home, next home, newly built house, or refinancing a current mortgage, lowering monthly payments, or turning equity into cash.

 

Residential Mortgage Division is dedicated to providing you with top customer service and assistance in finding the tailored solution that meets your home buying or refinancing needs. Their innovative financing programs can help you buy your very own piece of the American Dream, and establish long-term financial security for you and your family.

 

What to Do Before You Start House Hunting

Now is a great time to consider buying a home. Whether you're relocating, purchasing a vacation house or looking to become a homeowner for the first time, there are certain things you need to do before you even begin to look for a new home. Doing your homework before plunging into the house hunt can save you valuable time and energy.

Before you begin looking at homes, determine what you can afford to spend. "This may seem obvious," says Lawrence, Finn, Jr., CEO of Coach Realtors, "but it's a step that can lead to disaster if overlooked, causing you to waste time with homes you can't afford, or sparking arguments with family members about what your budget looks like."

Before you begin looking, sit down with all parties involved and set a realistic price range, including the amount of money you can afford to put down.

Once your budget is determined, make a list of what you're looking for. What type of neighborhood do you have in mind? Do you want to be able to walk into town, or are you looking for a private setting with lots of land?

Make a detailed list of the absolute necessities, like good local school systems, versus things you simply want, such as a modern kitchen for the chef in the family or a guest room for relatives. Finn, notes that "while both wants and needs are important, knowing the difference will help guide you in your decision making process. " Finn, stresses the importance of planning and talking about important details in advance, enabling you to weed out any possible homes that don't meet your criteria.

After listing your wants and needs, Finn, suggests talking to mortgage lender about your mortgage rate and figuring out an affordable monthly payment. "When looking at a monthly payment, you should always take into account unexpected expenses, such as medical bills or a job loss. Make sure you have enough emergency money saved to cover a few months' payments, should something go awry," suggests Mr. Finn.

It's also important to keep your credit in mind before you begin hunting. "There is nothing more heartbreaking than finding your dream home only to have the bank refuse to give you a loan due to credit," says Finn. If your credit isn't where it needs to be, spend a few months building it up before you begin hunting. "If your credit has really fallen, it can take up to two years to build it back up again. This is something you want to know before you begin searching for a new home," notes Finn, Jr.

For Buyers:The Financial Opportunity of a Lifetime?

Today's blog post is an informative (and borrowed) article regarding the opportunity facing today's buyers.

 

The following article is from KCMBlog.com:

 

We often point out that a buyer should be more concerned about the COST of a home rather than the PRICE. Price obviously is a component of cost. However, unless you buy all-cash, you must also be concerned about the financing of the purchase. The price and the financing together determine the cost of a home. Today, we want to look at only the financing piece.

 

An opportunity exists today because of recent government involvement; an opportunity that may never again be available in our lifetimes. There has been much discussion about what role the federal government should have in supporting homeownership. We will leave our opinions on the debate for another time. However, we want to alert you to two advantages available to a purchaser today that may disappear in the future:

 

Historically low interest rates.

 

The ability to lock in these rates for thirty years.

 

Interest Rates:

Because of the financial crisis, the government stepped in and instituted a series of programs which pushed mortgage interest rates to historic lows. If we look at 30 year mortgage interest rates before and after government intervention we see the impact these programs had (see chart below). Click here to read the full article

 

Why It Makes Sense to Buy a Home Now

Many of the critical factors for a recovery in housing prices are in place. The drop in housing prices, coupled with the current low mortgage interest rates, has brought affordability back into alignment with historical ranges in most markets. Unemployment levels appear to have bottomed out, and a growing number of real estate economic indicators also suggest that, on a national level, we're also at, near, or just past the bottom of housing prices. Mortgage interest rates remain near all time lows. In many areas, today's buyers have the best opportunity to choose from a very large home inventory at the lowest prices. Nonetheless, there is a great variance among local housing markets, and some may be looking at further declines in home values, perhaps even double digit drops, before prices hit bottom.

Consumer confidence will play a big role in any housing recovery. According to a June and July survey by Fannie Mae, 70% of Americans think it is a good time to buy a house, an increase of 6% responding to the same question in a similar survey conducted in January 2010. Not surprisingly, 83% also think now is a bad time to sell. Those surveyed are also becoming more optimistic about home values;78% think that home prices will either remain stable or increase next year; a 5% increase over the January survey.

Mortgage rates will also play a big role in the housing recovery. They are very low by historic standards today. Importantly, Federal Reserve policies intended to prevent a double dip recession are helping to keep mortgage interest rates low, and are likely to remain in place for some time. The slow recovery of the business sector, while not encouraging from an employment standpoint, also means that there will be less upward pressure on interest rates in the near future.

To read the complete article: http://rrein.rismedia.com/items/view/3941/85441/10878

66 Gilbert Street, Northport NY, 11768p: 800.321.RELOf: 631.262.0854

© 2010 Coach Realty Website by liQuidprint