HOMES BOUGHT BY INVESTORS AT RECORD HIGHS!

The Wall Street Journal recently published an article on page one, reporting that “big private-equity firms, real estate speculators and others made up more than 11% of home purchasers in 2018… the highest percentage on record and nearly twice the level before the 2008 housing crash.”

               Analysts expected the investor buying to slow down as the real estate market recovered and  home prices increased, but in the past two years, investor purchases surprised analysts and surpassed the previous peak in 2012.

               The reasons given for the increase in investor purchases are, “strong rental demand, technology that facilitates buying homes online and low interest rates that make other investments less appealing.” But I believe another very significant reason is real estate as a hedge against a likely stock market decline on the horizon – one or two years away.  What better hedge than a hard asset like real estate?!

               If you are looking to diversify your investment assets to hedge against a stock market decline, buying a commercial property or investing in a rental home makes good sense.  Buying a two-family home, makes even more sense than a single-family home.  We have several two-family homes available for sale, in good condition, with tenants in place.  Call us at 631 765 5333. Let’s make a deal!

At Beninati Associate, we listen and pay attention to what’s going on in the economy; we care about you and work hard for you; and we get you the best result whether you are buying or selling.

                             

Source: Investors Buy Homes at Unparalleled Rate, The Wall Street Journal, June 21, 2019, front page -A1.

RENOVATE OR BUY TURNKEY?

“Should I buy a home that is turnkey or one that needs some renovation?”  This is often an important decision factor for prospective second-home buyers.  In the past few years, the low level of inventory, has made this question even more critical, as buyers have less selection and have to make trade offs that they may later regret.

The most obvious difference between a turnkey and one that needs some updating is the initial cost.  When you buy a turnkey home, you are paying for the time and investment of the current owner.  You are also opting for the style and taste level of the owner.  When you buy a home that needs renovation, you are making an investment of time and money in the home, but you will have input into design and quality decisions that suit your taste level and pocketbook.

Some buyers prefer to buy a home that does not need any work and recognize that they may be paying a premium but prefer to have the use of the home sooner rather than later.  If the trade off is a higher price that you can afford, all other things being equal, it’s probably a good decision for you.

But sometimes, the trade off may be a very important requirement that gets lost in the decision-making process.  When a buyer finds himself/herself giving up desired location for “pretty” – it’s time to stop and reassess.

“Location, location, location,” is a real estate adage that holds true for every purchase and never gets old.  It’s probably the best advice I can give any buyer – when you have a choice between a great location and a fantastic looking house – STOP – and be sure you will be happy in that house 2-3 years from now, or will you be pining for that waterfront or water-view location?

When buying a home in need of improvements, it’s important to be sure the renovations add value. Will you get a return on your updates?  Certainly, there is the non-tangible return of enjoying the redesigned room, or bathroom, or adding a pool, but it’s also important that there is a tangible improvement in value.  In most cases, thoughtful, tasteful updates add to the market value of a home and faster turnover when its sold.

On a personal note, we have always purchased homes with the intention of making improvements and it has always paid off. 

Sometimes, there is a wonderful home that needs no renovation and sometimes there’s that diamond in the rough that turns into a sparkling jewel – it’s for you to decide.

We would be happy to help you evaluate whether to buy turnkey or buy and renovate.  If you choose to renovate, we’ll assist you with professionals to help you get the job done and move into a home, where you want it to be and how you want it to be! Call us at 631 765 5333 or come see us at our office at the corner of Main Road and Horton’s Lane in Southold.

IS IT TIME TO RIGHT-SIZE?

Are you wondering if your home still works for you and your family? You may be feeling cramped in your current house or perhaps your home is more than you need since you’ve become an “empty nester”. Are the costs of upkeep more than you want to spend?

It may be time to “right-size”- choosing a home to fit your current needs. Here are a few ways to tell if it’s time to make a move and look into purchasing a home that's better suited to your current lifestyle.

Cleaning rooms that are seldom used

No one wants to spend free time dusting vacuuming and caring for rooms that are almost never used. Consider how and where you spend your time at home. Most people spend most of their time in a few key spaces like the bedroom, TV room and kitchen. If you’re spending more time cleaning rooms than living in them- it may make sense to right-size to smaller space.

Too much or not enough lawn

With family, friends, work and extracurricular activities, the yard is one part of a property that many people don't have time to care for or even use, consistently. Other people love spending an hour or so in the garden each day or sipping a cup of coffee while the sun is coming up. Finding the right space to entertain, relax after a hard day or give the kids room to safely burn off some energy, is important. Needing more outdoor space or having too much outdoor space to maintain, may be one of the factors in deciding whether it’s time to move to a different house.

Cramped quarters

When you have several younger children, space is always an issue. When the kids grow up, things change—including the size of the home needed. Whether you're a growing, or the family dynamic is shifting so there are fewer people in the home, the size of the house is an important factor.

Gathering space for the family

No one likes crowding into a tight space for dinners or special occasions like birthday parties and other family celebrations. Sitting in a huge great room by yourself thinking about how much wasted space you have, for only two or three people in the home is also an indicator that it may be time to right-size.

Thinking about recent life changes like an elderly parent moving in or adult kids moving out can help you decide when it's time to make a move. Keeping your finances and life plans on track isn't always easy, but as a family evolves, so too must your living accommodations. Right-sizing up or down makes sense.  The key is to recognize when it’s time! At Beninati Associates we are here to help you with those decisions – call us at 632 765 5333 or come visit our office at the corner of Main Road and Horton’s Lane in Southold.

Source: RISMEDIA, June 10, 2019, Upsize or Downsize- which is right for you? Meghan Belnap

REMEMBERING D-DAY - 75 YEARS LATER

There are many speeches and commemorations to remember D-Day, this pivotal turning point in World War II – but for me, one of the most poignant moments, was President Franklin Delano Roosevelt’s prayer, after he announced the surprise Normandy invasion, to our country on national radio.

     "Last night… troops of the United States and our allies were crossing the Channel. It has come to pass with success thus far.  And so, in this poignant hour, I ask you to join with me in prayer:

     Almighty God: Our sons, pride of our Nation, this day have set upon a mighty endeavor, a struggle to preserve our Republic, our religion, and our civilization, and to set free a suffering humanity. Lead them straight and true; give strength to their arms, stoutness to their hearts, steadfastness in their faith. 

     They will need Thy blessings. Their road will be long and hard. For the enemy is strong. He may hurl back our forces. Success may not come with rushing speed, but we shall return again and again; and we know that by Thy grace, and by the righteousness of our cause, our sons will triumph.

     They will be sore tried, by night and by day, without rest-until the victory is won. The darkness will be rent by noise and flame. Men's souls will be shaken with the violences of war. 

     For these men are lately drawn from the ways of peace. They fight not for the lust of conquest. They fight to end conquest. They fight to liberate. They fight to let justice arise, and tolerance and good will among all Thy people. They yearn but for the end of battle, for their return to the haven of home. 

     Some will never return. Embrace these, Father, and receive them, Thy heroic servants, into Thy kingdom.

     And for us at home -- fathers, mothers, children, wives, sisters, and brothers of brave men overseas -- whose thoughts and prayers are ever with them--help us, Almighty God, to rededicate ourselves in renewed faith in Thee in this hour of great sacrifice.

     Many people have urged that I call the Nation into a single day of special prayer. But because the road is long and the desire is great, I ask that our people devote themselves in a continuance of prayer. As we rise to each new day, and again when each day is spent, let words of prayer be on our lips, invoking Thy help to our efforts. 

     Give us strength, too -- strength in our daily tasks, to redouble the contributions we make in the physical and the material support of our armed forces. 

     And let our hearts be stout, to wait out the long travail, to bear sorrows that may come, to impart our courage unto our sons wheresoever they may be. 

     And, O Lord, give us Faith. Give us Faith in Thee; Faith in our sons; Faith in each other; Faith in our united crusade. Let not the keenness of our spirit ever be dulled. Let not the impacts of temporary events, of temporal matters of but fleeting moment let not these deter us in our unconquerable purpose. 

     With Thy blessing, we shall prevail over the unholy forces of our enemy. Help us to conquer the apostles of greed and racial arrogancies. Lead us to the saving of our country, and with our sister Nations into a world unity that will spell a sure peace a peace invulnerable to the schemings of unworthy men. And a peace that will let all of men live in freedom, reaping the just rewards of their honest toil. 

Thy will be done, Almighty God.

Amen."

June 6, 1944