WE HOPE YOU "DANCE"....

 WE HOPE YOU "DANCE"...

 As we celebrate

 the holidays this year,

 let’s take time to be grateful for

 every day and all the blessings

 in our lives. May this verse inspire

 you to engage in the “dance”

 of life, and live each day

 to the fullest!

“We hope you never lose your sense of wonder,

May you get your fill to eat but never lose that hunger.

May you never take a single breath for granted,

May love never leave you empty-handed.

We hope you still feel small when you stand beside the ocean,

Whenever one door closes, may another open.

Please give faith a fighting chance,

And when you get the choice to sit it out or dance…

We hope you dance! We truly hope you dance!

We hope you never fear those mountains in the distance,

Never settle for the path of least resistance.

Living may mean taking chances, but they’re worth taking.

Loving might be a mistake, but it’s worth making.

Don’t let some hell-bent heart ever leave you bitter

When you come close to selling out – please reconsider.

Give the heavens above more than just a passing glance,

And when you get the choice to sit it out or dance…

We hope you dance! We truly hope you dance!”

All of us at Beninati Associates

Wish You a Blessed and Merry Christmas

and a Very Happy New Year.

Adapted from Lee Ann Womack’s “I Hope You Dance”

2018 Vacation Rental Trends

Tourism on the North Fork is important to the health of our economy – it brings new businesses, jobs, and growth needed to sustain the services essential to our community.  If you offer your home for short term rental or if you are a vacation home renter, you know that things are changing.  Unfortunately, the trends from what travelers desire to what the town allows are going in opposite directions. 

Understanding some of the underlying market factors should help landlords, tenants and town government make better decisions as to how to go forward.

Vacation rental homes versus hotels are attractive to travelers especially:

·        those who are pet lovers – 31% of travelers want to take their pets with them.

·        roadtrippers – 33% of travelers take trips within 250 miles of their home.

·        travelers with special diets – 6 in 10 households have at least one dietary restriction and the rest are probably concerned about their weight! 

·        The cost of a vacation rental for a family needed 3 or more bedrooms is definitely lower than multiple rooms in a hotel or inn.    

Trip length is an important factor.  A recent study*, revealed that trip length has shrunk over thet past 3 years and projects that the recent shift to travelers taking shorter-length trips will likely continue in 2018.  Short trips (4-6 nights) and longer vacations (over 7 nights) have decreased by 4% over the last 3 years, while long weekend trips have increased 8% since 2014.   The move toward shorter trips may be due to busy families, tighter budgets, and work pressures.  Nevertheless, the trend is there and last year’s local rental code move to a two-week minimum negatively impacted the number of people renting.  If trip lengths continue to shrink, it will continue to reduce rental traffic on the North Fork.  So perhaps we should address the exceptions and not apply  across-the-board solutions that negatively impact the economic balance  of region.

Vacation rental home owners should be aware of local regulations and understand the penalties. It’s important for the vacation home owner to put controls in place so that there are no complaints for noise and overcrowding, if they wish to continue to benefit from rental marketplace.  Not only is it important to properly screen and manage tenants, vacation home owners should have appropriate insurance and  get written confirmation from their insurance agent as to damages and liability coverage.

Although the environment has become more complex, vacation rentals still offer needed lodging on the North Fork and a revenue benefit for home owners.   If you decide to offer your home for a short term rental, be sure to educate yourself as to what you can and cannot do.  Be a good neighbor and screen your tenants.  The best way to protect yourself is to use a qualified, honest rental agent to assist you.

Source: 2018 Vacation Rental Trends Report, Homeaway.com, inc., December 12, 2017.

WHY YOU SHOULD LIST SOONER RATHER THAN LATER

               So often, sellers believe that our market on the North Fork is like the rest of Long Island, and they must wait to list their homes in the Spring.  In fact, ours is a strong second home market and most buyers want to purchase and close on their homes with enough time to make some improvements before Memorial Day rolls around.

              

              If you think about the time it takes to find a home, get financing and close, the smart buyer is looking now.  It takes about 2-3 months to find a home and 2-3 months to close. If a buyer starts looking today, they will have completed their purchase somewhere between March and May.  That would suggest, that to appeal to the typical second home buyer, you should be on the market right now!

               Another reason to list now is that your home will have less competition and get more attention, because so many sellers do wait for Spring, If your home is on the market, make sure it’s ready to show.  I know that’s a challenge when all the kids are home for the holiday, but make them part of the process.

               Holiday decorations often enhance the showing experience.  Just make sure it’s tasteful and not overdone.  Holiday music is another way to make the showing merry and bright!  I did an open house last weekend in a home that was nicely decorated and it was truly a pleasant experience for all who came.

               Lastly, remember that buyers who are out house hunting  at this time of year are motivated and ready to make a deal.  They will certainly benefit from their efforts and sellers who recognize and respond, will benefit as well!

             

              If don’t list your home next Spring – do it now!!!  We’ll help you, just call us at 631 765 5333 or email marie@beninatiassociates.com  or come on in and sit down and we can talk over a cup of coffee!