REAL ESTATE ECONOMISTS SAY 2020 IS A GO!

News about the economy has moved from concern over the health of the market in 2020 to optimism. Economists point to job growth, low unemployment and a good real estate market - for now. An undercurrent of concern that another recession is imminent, however, may be keeping consumer confidence low, and as a result, the National Association of REALTORS® (NAR) conducted  its first-ever Real Estate Forecast Summit in December, featuring the insights and market forecasts of 16 economists.

          While all the Economists had varying opinions about the state of the market, and where we are headed, the biggest takeaway is that chances of another recession in the short-term are low, tallied at an average 29% chance by the economists. Here’s what the economists had to say:

Current Market Analysis:

         “We are in a great economy,” said Lawrence Yun, PhD, NAR’s chief economist, “there is consistent job creation, leading to a super low unemployment rate of 3.6% in the U.S. The stock market is touching an all-time high, and homeowners have been accumulating wealth thanks to price appreciation.

         “But there are segments of the population that are not participating in this wealth gain. We have more people, affordability conditions are better, yet home sales are actually lower, so something is not matching up with the current environment.”

Future Market Predictions:

• Mortgage rates will rise incrementally, possibly hitting 4% in 2021—still favorable        according to historical conditions.
• Slight weakening in home sales, similar to 2019, driven more by lack of supply than lack of demand.
•  Slower price appreciation that is more manageable and more closely in line with income growth.
•  60,000 more housing starts in 2021.
•  Rents expected to rise a little faster than home prices.

         Those economists who were less optimistic felt that if we did go into a recession, it would be a much shallower recession. Overall, predictions for the future were relatively optimistic, with concerns over a recession low—a one in three chance.

         Here’s our takeaway for North Fork homeowners and buyers. If you are planning to sell, get into the market early - don’t wait for Spring.  If you are planning to buy a home on the North Fork, buy sooner rather than later – prices will continue to go up and mortgage rates will increase.  Call us now to list your home or buy a home.  We’re available - no winter in Florida for us, we’re here on the North Fork to serve you!

Source: NAR Forecast Summit: Is a Recession Imminent? Industry Economists Share Predictions, Liz Domingues, Associate Content Editor, RISMedia, December 25, 2019.

A Special Message for the Holidays!

 As we celebrate the holidays this year, let’s take time to appreciate and 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!

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

All of us at Beninati Associates wish you a Blessed
and Merry Christmas, Happy Hanukkah and a very
Happy New Year!

SELLING A HOME HAS ITS CHALLENGES

We’ve all heard of “buyer’s remorse,” but have you heard of “seller’s tears”?

More than a third of people who’ve sold their homes say they have shed tears over the experience.

A recent study of consumers’ ranked selling their properties as one of their most stressful life events—along with getting fired or planning a big wedding.

36% of sellers interviewed, admitted sobbing over the experience. One in five of the people surveyed said they cried five times or more while going through the process of selling their property.

 “If you’ve ever sold a home before, you know how daunting the process can be,” Zillow’s Jeremy Wacksman said in the report. “Anticipating that stress can be a huge obstacle that keeps homeowners from moving on to the next stage of their lives. Our survey found more Americans were stressed over selling their home than planning a wedding, getting fired or becoming a parent.”

What is this all about? Homeowners say that uncertainty about their home’s sale price, worries that the property wouldn’t sell and pressure to fix up the homes triggered the tears.  Neighbors, friends and relatives, trying to be “helpful” by giving advice, often only serves to add more stress to the situation.

Even though home prices in most neighborhoods have more than recovered from the 2008 crash, some sellers have high expectations, and when the market doesn’t seem to agree, and their real estate agent suggests a price adjustment, it becomes a source of consternation.

Since 60% of the folks Zillow talked to were also buying another property, buyer jitters added more stress to the already complex situation.

The important takeaway is to recognize that selling or buying a home is probably one of the largest financial transactions in most peoples’ lives – be prepared - it will be stressful.  Seller should avoid taking advice from well-meaning people who are not experts, and who are not familiar with their situation, and instead trust their professional advisors, stay focused and know that in time, all will be resolved.

Source:RISMedia,”Nothing to Cry About: More Than a Third of Home Sellers Get Weepy Over the Deal,” Steve Brown, 2019 The Dallas Morning News, Distributed by Tribune Content Agency, LLC

A LOOK AT SOME REAL ESTATE TRENDS FOR 2020

It’s always healthy to look forward, especially this time of year, and consider how our lives may be affected in the new year.  This article by experts at Boom Town Networks, Inc.  Is thought provoking and worthy of consideration.  Here are some key trends that they believe will impact the next two years and beyond:

Generational Shifts: “Silver Tsunami” & Welcome Gen Z
              As millions of aging Americans enter their 60s and 70s, there is potential for a variety of impacts on the housing market in the coming years. Senior housing demands often mean downsizing and cost saving, so the market could see higher demand for smaller, more affordable inventory. Because inventory of these smaller one-level homes is limited across the board in the U.S., competition could increase.

            It’s also time to say hello to Generation Z. According to a TransUnion report, the number of Gen Z shoppers who took out a mortgage more than doubled in one year. Year-over-year growth was 112% in comparison to 12% from millennials. It’s important to consider what the profile of a Gen Z homebuyer looks like. Similar to millennials, they are riddled with student debt. That means smaller spaces and affordability are key. In combination with the millennial market and the Silver Tsunami, it’s easy to see why experts are predicting more of a demand for affordable inventory that is both senior- and starter home-friendly.

Recession: Facts and Fears
            Some experts predict that a recession will hit the U.S. economy around 2020-2021; however, this time around, the housing market is not the cause, as low unemployment , stricter Fed lending policy and steady/increased housing prices,  moving towards a more balanced market. The most optimistic predictions lean towards a smooth descent into a balanced market, rather than a crash.

            However, it’s important to be cautiously optimistic, but prepared. Recession fears, warranted or not, could lead to seller hesitation and exacerbate an already low-inventory market, with first-time buyers wanting to snap up good deals, but sellers wanting to wait until prices rise.

Return of the Suburb
            Census data is showing that the “back to the city” trend of the early 2010s is shifting. City population growth has declined while suburban growth has increased, mainly due to millennials.  Because millennials are now having children, the rise of suburbia makes sense. They want the stability and affordability of what the suburbs offer; however, they still want some of the city-like amenities they’ve grown accustomed to. And so, the term “hipsturbia” was born. Essentially, it means “cool” suburban communities that are more walkable, accessible and fun. We’re seeing the trend grow in smaller communities outside of New York City, Los Angeles and San Francisco…and the NORTH FORK (my editorial addition!)

These trends, along with growing technological sophistication, are important to consider, especially if you are thinking about selling or buying a home on the North Fork.  If you want to explore the ramifications for you personally, I would be happy to meet with you and discuss how these trends may impact your real estate strategy in the next few years.  Call me – and let’s talk.

Source: RISmedia, “5 Real Estate Trends to Watch in 2020.” November 28, 2019.

THANKSGIVING – A TIME TO BE GRATEFUL

          Thanksgiving is one of America’s most cherished holidays of the year where family and friends gather and give thanks.  The tradition dates back to 1621, when the Plymouth colonists shared a harvest feast with Native Americans. The Wampanoag tribe came bearing much of the food and like most Native American tribes had their own long-standing tradition of harvest celebrations. In fact, there was so much food that the revelry lasted for three days!  So, sitting down to a big plate of yet more leftovers on the Saturday after Turkey Day isn't overkill, it's tradition!

           

            The generous Wampanoag’s taught the colonists where to fish, where to hunt and how to plant corn. It’s likely that venison, wild fowl – roasted duck or goose, seafood - lobster, clams and mussels, dried corn, porridge and simple cranberries, chestnuts and walnuts were on the first Thanksgiving menu. Probably not turkey, potatoes, corn or pumpkin pie!             

In 1863, in the midst of the Civil War, President Abraham Lincoln proclaimed a National Thanksgiving Day, to be held on the fourth Thursday of each November. That’s why this year’s Thanksgiving is so late. 

            Living on the North Fork, we have a great deal to be thankful for. We are especially blessed to be in this wonderful part of our country.  More than ever we need to foster understanding, kindness and civility.

            May this year’s Thanksgiving serve as a time of gratitude for all our blessings and may we each, in our own way, share our abundance.

           

            All of us at Beninati Associates wish all of you, God’s Blessings and a very Happy Thanksgiving Holiday.

FAIR HOUSING

The Federal Fair Housing Act, the New York State Human Rights Law, and local laws, such as the Nassau County and Suffolk County Human Rights Law, make it illegal to discriminate in the sale, lease, purchase, rental, or financing of any housing accommodation, or making housing otherwise unavailable, because of a protected characteristic.

Protected characteristics include: FEDERAL LAW- race, color, religion, national origin, sex, disability, familial status; NEW YORK STATE LAW- race, color, creed, national origin, sex, age, disability, marital status, familial status, sexual orientation, military status, pregnancy, domestic violence victim status, gender identity or expression, and any lawful source of income - including Section 8; NASSAU COUNTY LAW- includes in addition to the Federal and State characteristics – ethnicity; SUFFOLK COUNTY LAW – includes in addition to the Federal and State characteristics - alienage, citizenship status, and veteran status.

           

These Fair Housing Laws also prohibit the making, printing or publishing of any statement, notice or advertisement in connection with the sale or rental of housing which expresses or includes preference, limitation, or discrimination based on a protected class.

            Newsday just published a three-year study that they have conducted, testing real estate agents on whether all customers were treated equally regarding housing searches. The results were focused more west of us, although some tests were done in the Hamptons, according to the newspaper.

Unfortunately, they found agents who appear to have “steered” the potential home buyers in a particular direction, suggesting bias on the agents’ part. It’s sad to see that, such housing bias still exists.

We wish to state without reservation, that we take fair housing laws seriously not only because it is the law but because it is the right thing to do. We believe it is our responsibility to assist and support, to the best of our ability, everyone who comes to our door in search of housing.

FIXER-UPPERS: 8 THINGS TO DO IF YOU ARE BUYING OR SELLING

If you are selling a home or buying a home that needs fixing-up, you can do some small things, that will have a bigger impact than you think. Here are 8 good ideas:

1. Update the Lighting

Lighting is something that can be updated easily and won’t cost a bunch of money. Nothing says outdated like an old-fashioned gold chandelier. Avoid dark rooms - add lighting where necessary.  Light and bright is important for the psyche!

2. Paint

 You will be amazed at what some paint can do to your home. If you’re selling, stick to white ceilings and paint the walls white with grey or ivory hues. Save the splash of color for rugs, pillows, or if you must – one accent wall.

3. New Fixtures

Just like the lighting, the fixtures in the home become outdated quickly. New kitchen faucets and bathroom fixtures update and upgrade a fixer-upper.  Many attractive options are available at low cost.

4. Paint Cabinets

 Paint existing cabinets (white!) and install new hardware to give the kitchen a facelift. Painting is less expensive than replacing. If the cabinets are old but sturdy, you can bring them back to life. If they are falling apart – consider investing in economical “IKEA” or other “DIY” cabinets.

5. Rip Out Old Carpeting

Carpet is great when it is new; however, when it is old and dingy, it can really have a negative impact on a space. If hardwood floors are under the carpet, that’s the best option. If you can install hardwood floors, that’s always the number one option. If you are on a budget, check out other creative options online that allow you to do great things with your floors for less.

6. Add Curb Appeal

It does not matter how great the inside looks if the outside is in disrepair. Paint or replace siding if your budget allows.  Clean up any dead plants and add some new.  Add shutters and a fresh coat of paint to the trim and porch.

7. Replace Broken Windows

New windows are expensive, but they are important. At the very least, replace or repair broken windows or windowpanes in your home.

8. Do a Check-up on the Heating and Cooling Systems

Make sure the home has well-functioning heating and air conditioning systems. Have it checked out by an HVAC expert.  Regularly replacing air filters is critical to ensure no dirt or dust gets into your system and to extend the life of your unit.

If you would like to have a no-cost evaluation of what you should do to update your home for sale, give us a call – 631 765 5333.  We are happy to walk-through with you and share ideas as to what will make the home more appealing and saleable.

Source: RIS Media’s housecall, March, 2019.

HOW LONG WILL ECONOMIC EXPANSION CONTINUE?

Economic business cycles, measured for 165 years in America, have never lasted more than 10 years, until the current expansion.  “The economic recovery that began mid-2009 set a longevity record as it entered July 2019, and the recovery is expected to continue at least into next year.

“The current expansion has created more than 20 million jobs, raised family incomes and rebuilt consumer confidence.  The CoreLogic Special Report: The Role of Housing in the Longest Economic Expansion, these economic forces have driven a recovery in home construction, prices and equity.”

After the dust settled from the financial crisis in 2008, home prices began to recover in 2011 and have continued to date.  The CoreLogic Home Price Index for the U.S. has recorded a 59% increase in prices since January 2011. (see chart below).  Of course, we must not forget that homes prices fell drastically in 2008-2009, so part of the increase in prices was actually recouping what had been lost. 

A recent article in Newsday, reported Long Island home price increased 4.2% for the 3^rd quarter, but the number of sales for the year fell 1.3%.  The luxury market (those selling for over $1.1 million) reported a decrease of 3.6% in median price for the 3^rd quarter.  Clearly, the luxury home buyer is more price sensitive, at this time, and sellers have been adjusting their prices to encourage sales.

The important take away here is that home prices must respond to market pressures. The environment is dynamic- sellers and their realtors must be vigilant.  At Beninati Associates, we keep our eye on the market.  If you are thinking of buying or selling, call us at 631 765 5333, we’ll give you an up to date assessment of market conditions and help you develop a market strategy for your sale or purchase.

Sources: Economic Expansion Reaches Milestone, CoreLogic, October 16,2019; Newsday, “Surge in LI Home Prices,” October 25, 2019, page A33.

Happy Halloween - Some Folklore and History

The origins of Halloween are believed to date back over 2,000 years ago to a Celtic festival known as Samhain. This festival, held around the end of October, marked the end of the harvest season and the beginning of winter. The Celts believed the night of October 31 was a day when the living and dead overlapped, and the dead returned to earth. Fearing evil intent from the returned dead, festival goers wore costumes and donned masks so as not to be recognized.

In the 7^th century, All Martyrs Day, November 1^st, became a day to honor all saints and martyrs, in the Roman church.  About 400 years later, the Roman church dedicated November 2^nd, as All Souls Day in honor of the dead. This day was celebrated with dressing up in devil, angel and saint costumes, and with bonfires and parades.  All Saints Day celebration was also referred to as All-hallows and the night before began to be called All-hallows eve which eventually became Halloween. Both All Saints Day and All Souls Day are still celebrated today by Roman Catholics and some Protestants.

Through the centuries, the traditions of feasting, wearing costumes and door-to-door trick-or-treating grew in Europe and eventually came to the United States.  Halloween became the mainstream, money making holiday that we know, with costumes for sale in shops and decorations, candy, etc. beginning in the 1930’s.

Enjoy the day and festivities. Be safe. Share the “history” with the children!

LET’S MAKE CLEAN WATER A SOUTHOLD TOWN INITIATIVE

One of the most important long-term issues we face as town residents, homeowners and citizens of the part of the world we live in is to address water quality and future impact of climate change TODAY - before it becomes a major crisis of the future.

Property owners who are on the water have an even greater responsibility to address their stewardship of the land-waterfront entrusted to them.  It’s easy enough to say, let someone else worry about it, I’m going to plant my green lawn to the waterline, or I’m going to blow those leaves into the creek.

Clean water is essential to life and one very important thing that we must do is address the quality of our water today and into the future.

SoutholdVOICE, a not-for-profit organization, is taking this challenge seriously and addressing pragmatic solutions. This Saturday, October 26^th, there will be an INFORMATION SESSION and WORKSHOP on the Suffolk County initiative, “Reclaim Our Water.” Learn from Suffolk County Health Department and Industry Experts - how you can replace conventional cesspool and septic systems with innovative, low nitrogen systems and pay for all or part of the cost with a grant.

Come join us, become familiar with the issues and what you can do that is real and concrete. Set an example for you children…

When: Saturday, October 26, 2019, 9 - 11:30 AM

Where: American Legion Hall 51655 Main Road, Southold

House Plants for a Healthier Home

While plants certainly help beautify our homes, they also provide several health benefits when they are indoors.   Studies show that indoor plants offer wonderful advantages:

Increase Oxygen

 Most plants release oxygen throughout the day.  Orchids and Gerbera Daisies, release oxygen at night too.  So, they might help you sleep better.  For those of us who answer the “unsolicited” 3am wake-up call – it’s worth a try!

Improve Air Quality

Plants remove toxins that can cause headaches, nausea and certain respiratory issues.  House plants are especially beneficial in the fall and winter months when we spend more time indoors and it’s too cold to open windows for extended periods of time.

Increase Productivity

Studies show that children are more attentive in classrooms and people are more productive at computer tasks with plants in the room. Plants are not just for the home – they should be in our schools and workplaces as well. 

Decrease Dryness

Several plants placed together in a room add moisture and humidity.  Again, heating systems in winter months tend to take humidity from the air.  Plants can offer a natural solution to a humidifier.

Reduce Stress and Fatigue

Plants can help us unwind and relax.  I have lots of orchids in my home and it’s wonderful just to admire their intricate beauty.  But also, when I water, fertilize and tend to them, it takes my mind off the daily routine and I find it very relaxing.

Consider plants for your home and when you are thinking of a gift for someone, think about a plant – it beautifies any room and has wonderful health benefits as well! 

 Source: RIS Media, October 16, 2019.

FALL – THE RIGHT TIME TO BUY (…and sell!)

Summer’s over, but if you’re a serious buyer, NOW is the time to step up your search.  Maybe you slacked off with the beautiful weather we had this summer and even the past few weeks.  But now it’s time to get back on track because there are opportunities in the marketplace, interest rates are still low and wouldn't it be wonderful to have your house lined up before it starts to snow!

The market has been quite active. Homes have been coming on the market and there are more possibilities especially at the mid-range level.  The fall may be just the right time to find your second home or waterfront trade-up at the right price.

Home owners, who haven’t sold are often more open to negotiate as they move forward with their winter plans.  A fall/winter purchase of a second home allows you to have time to update, paint or furnish and be in your new home before the spring.  

Remember a serious buyer, doesn’t stop looking because the season changes.  If you are thinking about buying on the North Fork, don’t put it off to next year.   The North Fork is particularly beautiful in the fall with lots of things to do.  Call us at 631 765 5333.  Come visit our office at the corner of Main Road and Horton's Lane in Southold. We’re local and we’re here for you all year round! 

How to List and Sell Your House Before Year-End

We all know that the housing market is cyclical and changes over the years, but also as we move from one season to another. Pricing and demand that goes up eventually goes down, and the hot summer housing market often cools by the time winter rears its chilly head.

If you need to sell your house and can’t wait for next year’s warm-weather sales surge, you should act quickly to put your home on the market. To get to the closing table sooner rather than later, you may need to adjust your expectations and approach. Here are six steps you can take to sell your home before the new year is here. 

1.      Rely on comps—not emotion—to set a realistic asking price.
Experts say you’ll want to jump into the housing market with a realistic asking price that has the potential to stick. This part is often hard for sellers to accept, since many want to “test the market” with a higher sales price with the possibility of dropping it later. Often a seller will choose the realtor who suggests the highest price. But an unrealistic price, may put the house in an unfavorable position when compared to homes in the same price range. Partner with your realtor and carefully consider their advice.

2.      Make improvements that are “essential” to a quick sale.
If you’re to sell quickly, you will need to enter the market with your best foot forward. This means having a house that is easy to sell and free of glaring problems. Discuss with your realtor possible improvements to avoid losing out on a sale due to defects or even minor issues that can be addressed before hand.

3.      Clean, organize and declutter.
Take down family photos and straighten out closets right away, but also get going on a major cleanup inside and out. Do everything within your budget to give a great first impression. For example, give your front door a fresh coat of paint, trim back overgrown shrubs and keep your lawn in tip-top shape, and free of falling leaves. The interior should be clean and ready for last-minute showings at all times. Stay on top of cleanliness. Nobody wants to walk through a dirty house.

4.      Consider hiring a professional stager.
Home stagers help make a home visually appealing. We offer home staging as part of our services at no additional cost to the homeowner - we have furniture, art and décor. Most experts say staging works. In fact, a recent study from the National Association of REALTORS® showed that 83% of buyer’s agents said staging helped their clients envision living in that specific home. 28% of seller’s agents said they staged all of selling clients’ homes before putting them on the market.

5.      Make sure your agent springs for professional photos and video.
Most all home marketing is done online now—either through multiple listing services (MLS), real estate websites, email marketing or a combination of all of these avenues. The photos and videos are the first thing a prospective buyer sees – it’s important.

6.      Consider an optional pre-sale home inspection.
If you have concerns about the condition of your home, paying for a home inspection upfront may be a good idea. With prior knowledge of issues like missing shingles on your roof or faulty electrical work, for example, you can fix these problems before putting your home on the market and  you will be more likely to sell quickly, since most buyers are leery of major repairs left undone.

        If you take steps to avoid problems that turn off potential buyers, you’ve increased the probability of getting a deal before the end of the year. Call us at 631 765 5333, we’ll help you get it done.

Source: RISMedia, 6 Tips to Sell Your House Before the End of the Year, Holly D. Johnson,

Bankrate.com.

WHAT IS ROSH HASHANAH?

Rosh Hashanah, the Jewish New Year, 2019 begins on of Sunday, September 29^th at sunset and ends in the evening on Tuesday, October 1^st.   Below is an excerpt from a beautiful writing by Rabbi Lord Jonathan Sacks.  Its message is Universal and I hope you will be inspired by it as I was.

What does Rosh Hashanah say to us?

Life is short.  However much life expectancy has risen, we will not, in one lifetime, be able to achieve everything we might wish. How shall we use life well? We know that we will not finish the task, but neither are we free to stand aside from it. That is the first truth of Rosh Hashanah.

Life itself is the gift of God.  Life is not something we may take for granted. If we do, we will fail to celebrate it. Yes, we believe in life after death, but it is in life before death that we truly find human greatness.

Life is meaningful. We are not mere accidents of matter, generated by a universe that came into being for no reason and will one day, for no reason, cease to be. We are here because a loving God brought the universe, and life, and us, into existence – a God who knows our fears, hears our prayers, believes in us more than we believe in ourselves, who forgives us when we fail, lifts us when we fall and gives us the strength to overcome despair.

Life is not easy. Life may be hard, but it can still be sweet, the way the challah and the apple are on Rosh Hashanah when we dip them in honey. It is to learn and never stop seeking, to pray and never stop thanking, and never stop growing. In this lies the secret of joy. Life is sweet when touched by the Divine.

Our life is the single greatest work of art we will ever make. On Rosh Hashanah we step back from our life like an artist stepping back from his canvas, seeing what needs changing for the painting to be complete.   

For we defeat death, not by living forever but by living by values that live forever; by doing deeds and creating blessings that will live on after us; and by attaching ourselves in the midst of time to God who lives beyond time.

The Hebrew verb lehitpalel, “to pray,” more precisely means “to judge oneself.” On Rosh Hashanah we stand in judgment. We know what it is to be known. And though we know the worst about ourselves, God sees the best; and when we open ourselves to Him, He gives us the strength to … live life in the presence of God, to sanctify life for the sake of God, and to enhance the lives of others – for where we bring blessings into other lives, there God lives.

We wish all our Jewish friends and family,

God’s Blessings and a good

Rosh Hashanah

Source: What Rosh Hashanah Says to Us, September 21, 2019, by Rabbi Lord Jonathan Sacks

THE ALLURE OF THE SECOND HOME

A recent study of high-end consumers examined demographics, and reasons for buying second homes, including what target buyer views as important life-style characteristics.  Below are some of the results of the study and how it applies to buyers and sellers in our marketplace.

The North Fork fits in well with the findings.  Although the study is global, the buyers were looking for resort markets with beaches and boating, homes near lakes or creeks, golf courses, ski resorts, business convenience and seasonal living.  Other than skiing, our beautiful North Fork fits the bill! The average age of the second home buyer is 43.5 years, 71% have children under 18 years.  62% are business owners. 

The population of second home buyers is increasing, as global personal wealth continues to rise. In the past four years the number of people with a net worth of $1-5 million has grown 25%!  These high-net-worth individuals are “more reliant on agents than websites for information and are confident in the global economy,” although two-thirds of sellers “predict a recession is coming, though most believe it will last less than one year.”

Second home buyers in this study, want a second home that allows then to spend time getting together with family (65%), reading (62%), getting together with friend (58%), exercising – doing sports (57%), eating healthy (55%) attending events/parties (42%). Almost half, 43%, enjoy entertaining at home and 39% are passionate about wine!

All-in-all, looks like we have a most appealing marketplace for today’s second home buyer. Sellers may want to evaluate how their home addresses the needs and desires of these buyers and make it a focus in their marketing strategy.  If you are thinking of selling your home, give me a call at 631 765 5333. We can do a market assessment of your property and put together a plan that will appeal to the target buyer.

Source: Luxury Portfolio International, The Allure if the Second Home: Why Affluent Buyers are Displaying Confidence in Resort Markets, 2019.

REMEMBERING 9/11...

Yesterday was the 18^th anniversary of the World Trade Center tragedy. Hard to believe so many years have passed.  I was gratified to see the ceremony at Ground Zero yesterday.  And reminded that we must never forget and we must support those who have been left behind and those who are suffering the results of the catastrophe.  To them we dedicate this column. 

Our lives have been changed forever due to the destruction of the Twin Towers, but our resolve to remember the heroes who died and support those who are suffering today must remain strong.

           

This country is blessed with a heritage of Freedom. Even when times are tough and even with all our challenges, even when we disagree, we stick together to protect each other and honor what we hold sacred. 

If you haven’t visited the 9/11 Memorial and Museum, it’s important to go.  The Museum and Memorial are open every day from 9 am to 8 pm.  It’s at the site where the Twin Towers stood, at 180 Greenwich Street in lower Manhattan.

May God Blessed America and Guide us through difficult times strengthening us with resolve to always do what’s right and protect and preserve freedom throughout the world.

BUY OR SELL WITHOUT AN AGENT?

Although the vast majority of U.S. home sales involve real estate agents, the notion that consumers would be fine buying or selling a home without one is not really a new one. “For-sale-by-owner” has been around for a long time.  But with all due respect to consumers who try to go it alone, it’s a big risk to take with a big-ticket purchase or sale. 

“Do-it-yourself (DIY) real estate is like DIY surgery or DIY legal defense. When so much is at stake, it’s always best to have a professional on your side. Certainly, that applies to the largest financial transaction of a person’s life,” says Adam Contos, CEO of RE/MAX

The good news is that most buyers and sellers agree. The National Association of REALTORS®’ latest Profile of Home Buyers and Sellers notes that 93% of buyers used an agent or broker. That leaves only 7% who made their purchase without the guidance of a professional.  91% of sellers worked with an agent. For-sale-by-owner properties accounted for just 7%—the lowest share since the annual study began in 1981.

It’s worth noting that the value of an agent crosses generational lines. A recent Homes.com survey of more than 1,000 adult Gen Zers (aged 18-24) showed that nine in 10 plan to use an agent when the time comes to house-hunt. It’s telling that this group—the most digitally inclined generation yet—understands that buying a house isn’t as simple as purchasing a commodity, arranging a ride or planning a trip. The risks are exponentially higher.

            The fact is, there’s much more to a successful transaction than meets the eye. It can all seem so simple, especially with online home search being what it is today, but there’s a big difference between seeing a great home online and walking in the front door as its new owner. An expert real estate agent can provide guidance that an “app” can’t touch—and, at the same time, provide all the value and data that can be found in the app.

             Technology provides all sorts of advantages, but in the end, it’s a tool. Information  technology, becomes valuable when in the hands of an expert agent, who can apply real-life instinct, insight and local knowledge. That’s when agents deliver their irreplaceable value by negotiating, working through contingencies, being a voice of reason, and guiding clients through a thorny and complicated and sometimes frustrating process. 

We should all celebrate innovation that elevates the customer experience and raises the standard. At the same time, make no mistake—nothing in practice or on the horizon matches the value delivered by a great agent who’s armed with great technology. That remains an unbeatable combo. 

Source: RIS MediaNews, Buy or Sell Without an Agent? No Thanks! August 28,2019, Adam Contos, CEO, RE/MAX, LLC.

WHY DO WE CELEBRATE LABOR DAY?

Monday is Labor Day.  We all know it’s the first Monday in September.  We all know it’s the “unofficial end of summer.”  We all know it’s a National Holiday.  But do we know why we celebrate Labor Day in the United States and Canada, and how it came about? 

Interestingly, there’s disagreement over how the holiday began. One version attributes the holiday to the Knights of Labor, the largest and one of the most important American labor organizations at the time. The Knights in New York City held a public parade featuring various labor organizations on September 5, 1882 — with the aid of the fledgling Central Labor Union (CLU) of New York. CLU Secretary Matthew Maguire proposed that a national Labor Day holiday be held on the first Monday of each September to mark this successful public demonstration.  In another version, Labor Day was proposed by Peter J. McGuire, a vice president of the American Federation of Labor, in spring, 1882, McGuire reportedly proposed a “general holiday for the laboring classes” to the CLU, which would begin with a street parade of organized labor solidarity and end with a picnic fundraiser for local unions.

Regardless of whose idea it was, the holiday had merit and Oregon became the first U.S. state to make it an official public holiday. Twenty-nine other states had joined by the time the federal government declared in a federal holiday in 1894.

Here’s the U.S. Department of Labor’s official tribute to U.S. workers on this Labor Day:

“The vital force of labor added materially to the highest standard of living and the greatest production the world has ever known, and has brought us closer to the realization of our traditional ideals of economic and political democracy. It is appropriate, therefore, that the nation pays tribute on Labor Day to the creator of so much of the nation’s strength, freedom, and leadership — the American worker.”

Like so many holidays we celebrate, we get involved in having fun and we may neglect to teach our children the significance of the holiday.  So, here are some tips from National Today, an organization dedicated to keeping track of holidays, their origin, and how they are celebrated:

            

            ·       Read up on the history of Labor Day

“Labor Day has a rich history that had a direct impact on the working conditions we experience today. So in between rounds of BBQ at your Labor Day celebration, take the time to discuss the U.S. labor movement and its contribution to our country's current work culture.”

• Buy an American-made product

“When you're doing your Labor Day shopping, take the time to read the labels. Consider buying products that say "Made in the USA" to show your support for American workers.”

• Watch a movie about labor unions

“Many of us get Labor Day off. What better way to relax than to watch a movie about the American labor movement? There are tons of union-themed movies to choose from. "Norma Rae" ring a bell? Unions also play a major role in the entertainment industry.”

Whatever your plans, enjoy the long weekend! And…if you want to shop for a home on the North Fork – we around and happy to help you!!!

Source: Google, National et al

HAPPY LABOR DAY!!!