NORTH FORK MARKET ASSESSMENT

What’s up with this real estate market?  I am asked that question by buyers, sellers, other realtors, and most people I talk with on the phone, almost every day! It’s not just the North Fork. Most of Long Island, suburban Connecticut and New Jersey and Upstate New York are seeing a surge in sales and rentals primarily due to the COVID-19 escape from the city.

As schools remain closed, with the added uncertainty as to when and how they will open, many families have decided to buy or rent and work from home in more spacious homes, with room for schooling at home, and outdoor space for children and their parents to play! Also, some large corporations, like Google,  are already telling their employees to continue to work from home well into 2021!

The demand created is exacerbated by the low inventory we have been experiencing over the past few years.  The result, many buyers are struggling to find something to ride out the rest of the year, and for some, to change their lifestyle completely – move to suburban or urban areas, work from home or eventually work closer to home and give up the city apartments. In addition, most of our second homeowners are here for the duration of the pandemic, while hoping for a return “someday” to life in the city.

Right now, as homes come on the market, there is a frenzy of activity and often multiple offers, similar to the height of the market in 2005-2007. Unfortunately, many people who truly over-paid then, experienced significant loses when they sold several years later. 

That’s why it’s important to do your homework before you make an offer. Don’t get caught up in a “bidding frenzy.”  Remember the advice from country western singer, Kenny Rogers, “know when to hold ‘em, know when to fold ‘em, know when to walk away and know when to run!” 

Ask your realtor, to help you understand the market, evaluate the value of the home or property you are considering and exercise due diligence before buying.  The absolute worst thing you can do is to bid a property up, win the bid, regret or reconsider, and pull out.  All parties are negatively affected financially and emotionally spent. 

We’re here to help you through this challenging time.  And with many years of experience on the North Fork, we know what to do. Kindly call Lee or me at 631 765 5333.

HOW REALTORS ARE KEEPING COVID-19 AT BAY

The CENTER FOR Disease Control (CDC) has published safety guidelines and we are all responsible to follow the guidelines required by New York State to protect ourselves and others.  As Realtors, it’s our responsibility to protect homeowners and homebuyers.  I would like to share with you what steps we are taking as an industry.  This is a list of guidelines we have been required to institute to mitigate health risks and the spread of the virus:

Prior to Showings:

• Encourage buyers to narrow their property search through photos, virtual tours, and other technology to reduce the number of in-person showings.

• Consider adopting a policy of asking all buyers for a pre-qualification letter to limit in-person showings only to qualified and serious buyers.

• Discuss with a seller the precautions that will be taken when showing their property and adhere to seller’s specific requirements.

• Require property showings by appointment, in lieu of open houses.

• Require sellers and potential buyers to disclose exposure to COVID-19 or if they exhibit any symptoms.

• Discourage non-essential parties from attending showings.

• Ask buyers to remain in their vehicle until the agent arrives at the property.

• For owner or tenant-occupied properties, request seller or tenant to open cabinets, closets, etc. and turn on lights before leaving the property.

• For vacant properties, open front door, open cabinets, closets, window coverings, and turn on lights.

During In-Person Showing:

• Require that all persons entering a property use hand sanitizer, remove footwear or wear booties, and wear a face mask and gloves.

• Social distance by maintaining at least 6 feet of space between persons at all times.

• Avoid shaking hands with clients.

• Limit the number of persons who may attend a showing and show only one person at a time.

• Instruct persons touring the home to avoid touching any surfaces in the home, except for handrails for safety and not to use bathroom facilities at the property.

• Do not share phones, pens, or tablets or other personal property during the showing.

• Provide hand sanitizer to all persons leaving the property.

After Property Showing:

• Wipe down any surfaces touched during the showing with a sanitizing wipe or disinfecting cleaner, and suggest the seller also disinfect the property.

• Speak with buyers outside of the property at a distance of 6-feet or speak by phone or email.

• Maintain a detailed log of interactions to enable contact tracing.

Over the past five months, we have learned that the virus is most contagious via contact with human droplets in the air that do not necessarily dissipate immediately, and a mask is an important deterrent. It is uncomfortable, but the alternative - catching the virus and possibly dying or passing it to someone who dies - is not an acceptable one.  If we are going to win this war against the coronavirus, we must work together to protect ourselves and everyone with whom we come in contact.

PLEASE - DO THE RIGHT THING…

INDEPENDENCE DAY 2020 – CELEBRATE ALL THAT IS GOOD

On July 4^th, we commemorate the signing of the Declaration of Independence, the document that marked the emergence of the United States as an independent, self-governing nation, guided by the principle of liberty.

We remember the men who signed the declaration, but we should also remember those men and women who also played an important  part in our history, like the Marquis de Lafayette, a French aristocrat, who came to America’s aid and fought valiantly beside George Washington to win our independence. Lafayette was an American hero who was outspoken with his most-cherished American friends — including George Washington and Thomas Jefferson — in his belief that slavery was an abomination and should be abolished.

 It’s important to remember that the freedom we value today was earned by the bravery of many men and women putting their lives, reputation and personal property at risk, to collectively affirm:  

         

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights that among these are Life, Liberty and the pursuit of Happiness."
        
            In 1776, as copies of the Declaration spread through the states and were read aloud at town meetings, religious services and public assemblies, Americans marked the occasion with celebratory rituals. They lit huge bonfires, "illuminated" their windows with candles, fired guns, rang bells, removed the symbols of the monarchy from public buildings, churches and taverns, and decorated the walls of their homes with newspaper copies of the Declaration of Independence.
       
            This year, in the midst of the COVID-19 Pandemic, our celebration will require us stay socially distant, to use masks, to gather in safe, small groups, and even quarantine ourselves if necessary.  All actions that are meant to protect our friends and family and yes, strangers, to stop the spread of this unseen enemy.  So even though we will celebrate in a different way this year, let us toast to our country’s independence and teach our children the reason for the celebration and the responsibility we have more than ever to be our brother’s keeper. 

May God Bless America. May God Bless us all.

IN MEMORIAM

CHRISTOPHER WYATT DRUM

                                              May 25,                                                           July 2, 

                                                1972                                                               2014