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 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.
 
As we approach Thanksgiving 2021, we are filled with mixed emotions – we are grateful the pandemic has slowed down thanks to the science of vaccines, treatments that have saved lives like Regeneron, and preventive measures taken over the past two years since the pandemic began. But we are also saddened by the many lives lost to COVID-19.  As we give thanks this Thursday, let us include in our prayers of gratitude those friends and family who are no longer with us.
 
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.
           

 We wish all of you, God’s Blessings and a very
    Happy Thanksgiving Holiday.

REMEMBERING 9/11...

 It has been 20 years since the World Trade Center tragedy. Hard to believe that so many years have passed from the time of the assault on our land.  Our lives have been changed forever by the destruction of the Twin Towers, and the attempts to destroy the Pentagon, the White House and the Capitol. 

 Let us never forget the innocent victims, the first responders who lost their lives to save others, the brave passengers on Flight 93 who fought the hijackers and crashed into a Pennsylvania farm field, and all the family members left to mourn their unspeakable loss. Let us remember the surviving heroes who risked their lives to save or recover victims and those who lost their lives from illnesses due to the aftereffects of the attacks.

The United States of America is truly a great country, 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.  Regardless of what divides us, our exceptional American Spirit unites us.

 May God Bless America and guide us through difficult times strengthening us with resolve to always do what’s right, and to protect and preserve freedom throughout the world!

 

Never Forget 911…

MEMORIAL DAY

 

Memorial Day is a time to remember the men and women who lost their lives serving our country.  The tradition of wearing red poppies on Memorial Day goes back to World War I.  The red field poppy was one of the first plants to grow in war-torn battlefields. Its seeds scattered in the wind and sat dormant in the ground, only germinating when the ground was disturbed—as it was by the very brutal fighting during World War I.

 The practice of wearing poppies was inspired by the beautiful and moving poem, “In Flanders Fields,” written in 1915 by a Canadian soldier, John McCrae, when he saw red poppies springing up in burial fields around his artillery position in Belgium:

                                               

In Flanders Fields
 
In Flanders fields the poppies blow
Between the crosses, row on row,
That mark our place; and in the sky
The larks, still bravely singing, fly
Scarce heard amid the guns below.
We are the Dead. Short days ago
We lived, felt dawn, saw sunset glow,
Loved and were loved, and now we lie
In Flanders fields...

 

This Memorial Day, support our veterans by sending a donation to your local American Legion or other not-for-profits that offers services to veterans and their families.

 We thank and honor our military - every man and every woman who has served past and present. And we remember always, those who have died in service of our great country.

__________________________________________________________

Happy Birthday, Chris...you’re our hero! We miss you every day...

Hope SPRINGS Eternal! We Are Overcoming…

Over the past week and next few weeks we celebrate very important holidays – Passover, Easter and Eastern Orthodox Easter.  These holy holidays are celebrations of hope and salvation – Passover commemorates God’s deliverance of the Jews from Egypt and the birth of the Jewish people as a nation.  And Easter celebrates the Resurrection of Jesus Christ and the birth of Christianity.

 As we look back to last year at this time, we were in lockdown.  The pandemic had stopped every one of us in our tracks,  and made us realize how truly vulnerable we were and how borders were no defense against this microscopic enemy.

Today, a year later, there is hope!  Sadly, so many people have been taken by this virus, but medical treatment has improved and many have been saved.  Millions of people have already been vaccinated and many millions more will be immunized over the next few months.

Passover and Easter remind us that even in the most trying of circumstances, we must always “hope.”  May this beautiful verse* about HOPE inspire you to keep going:

Hope opens doors where despair closes them.

Hope discovers what can be done instead of grumbling about what cannot.

Hope regards problems, small or large, as opportunities.

Hope looks for the good in people, instead of harping on the worst.

Hope cherishes no illusions, nor does it yield to cynicism.

Hope sets big goals and is not frustrated by repeated difficulties or setbacks.

Hope pushes ahead when it would be easier to quit.

Hope puts up with modest gains, realizing “the longest journey starts with one step.”

Hope accepts misunderstandings as the price for serving the greater good of others.

Hope is a good loser because it has the divine assurance of final victory.

Hope draws its power from a deep trust in God and the basic goodness of human nature.

Hope “lights a candle” instead of “cursing the darkness.”

*HOPE written by Father James Keller, Founder of The Christophers.

We wish you a Happy Passover and a Blessed Easter.

                       

IT’S SPRING - TIME FOR NEW BEGINNINGS

 

Spring officially begins at the vernal equinox, which will occur at 5:37 AM on Saturday, March 20, 2021. Winter is officially over, and it’s time to say goodbye to the gray days of winter and welcome spring with activity and hope! You deserve it – it’s been a very tough year. So, here are some ideas to rejuvenate our minds, bodies, and souls:

1. Take a walk. Studies have shown that even 10 minutes of walking each day can help adults maintain strength and agility. We are blessed with many wonderful gifts of nature on every road in our town and we have wonderful nature preserves to explore.

2. Do some spring cleaning. A little spring cleaning can create a healthy and comfortable living environment. Open the windows and let the fresh air in! Hang some artwork, brighten up your lighting, put away the winter clothes, repot your indoor plants.

3. Go fishing. Dust off your rod and reel and head to your favorite fishing spot. Whether you fish for pure enjoyment and simply “catch-and-release,” or try to reel in some keepers for dinner, fishing is an enjoyable, relaxing pastime.

4. Go on a picnic. A little creativity can turn even the most routine activities into adventures. Try turning your next meal into a picnic. Grab a blanket and head to a local park or even your backyard. Bring a book to read in the fresh air.

5. Install a bird feeder. Once the birds start chirping, you know spring has arrived. An abundant food source will help attract these feathered friends to your yard. Buy a bird feeder (or if you’re handy, build one) and install it near a window.

6. Plant a garden- especially colorful flowers. If you like to get your hands dirty, consider planting a garden. Spring is the right time to start cultivating the earth for herbs, vegetables and flowers. Aside from being able to reap what you sow, gardening is a great form of exercise and can reduce stress.

7. Feel like a kid again. Head outside and do the activities you used to love as a kid! Fly a kite, search for four-leaf clovers, blow bubbles, swing as high as you can, dance and sing “like no one is watching!”

8 Take some time to meditate.  Be thankful for all the good things in your life and entrust your burdens to God.

Happy Spring Everyone!!!!

 

Source: Internet and Newsday. 

MEDIAN PRICES & SALES UP - PENDING SALES "DIP"

“Inventory constraints appear to have played a part in pending home sales dwindling in January, 2021, according to the latest report from the National Association of REALTORS® (NAR). NAR's Pending Home Sales Index , a forward-looking indicator of home sales based on contract signings, showed a decline of 2.8% in January,” compared with December, 2020.      Also, mortgage rates have shown signs of trending upward, “in response to movements in the 10-year treasury yield. This will put some upward pressure on mortgage rates, which have been bouncing around historical lows for months now.”               In Southold Town, home sales in February were strong and if the inventory levels increase, the numbers will compare favorably with last year, as we head into the months impacted by the shut downs and initial reactions to the COVID-19 pandemic.  The median sale price for February, 2021 was $785,000 compared to $630,000, a 24.6% increase over last year.      The market continues to be strong, but the low availability of homes for sale, will eventually impact the market as higher prices may reduce demand due to affordability.  We may be reaching that tipping point where “something’s gotta give!”            If you are thinking of selling this year, act sooner rather than later.  Catch the curve while it is still in an upswing, not on the way down.  Call us, we can help and give you a good idea of how your home would fare in this market.  Don’t wait, “she who hesitates…” Source: RISMedia, Pending Home Sales Kick Off 2021 With a 2.8% Dip in January, Jordan Grice.   Don't forget to Celebrate International Women's Day - March 8th

SHOULD BUYERS BUY NOW?

As we enter the 2021 housing market, supply of existing homes for sale is very low and the demand just gobbles up new homes as they come on the market. It’s no wonder that buyers may be confused and overwhelmed as to what to do. Home sales are predicted to increase by 21.9% with home values expected to rise 10.5% by December 2021, and housing inventory in the 50 largest U.S. metros declined by 41.8% in January year-over-year, according to a recent report by Realtor.com.

Some buyers think it may be prudent to wait for the market to cool. No one has a crystal ball, but it may be helpful to look at some of the aspects of our current real estate market for guidance. 

Several years of inventory shortages have been exacerbated by the unnatural demand created by the pandemic in nonurban areas. Certainly, here on the North Fork, we have seen an influx of buyers who have left their city apartments and purchased or rented here in Southold Town.  School enrollment is up, and there is a visible increase in activity in our neighborhoods. Homes have increased in value, due to the demand, which has also prompted aggressive bidding wars. And low mortgage rates have helped make higher prices more manageable. 

So, does it make sense for buyers to dive in now or wait for the pandemic and the frenzy to end? Clearly, the time to buy is tied to what is best for you, the buyer. If you have been thinking seriously of buying a home do your HOMEwork!  Sit down and review your needs and affordability as it is now. Speak to your financial planner, mortgage broker, or banker and understand what you can afford with today’s mortgage rates and today’s home prices.  Mortgage rates are low right now and may continue for a while, however, the change in administration, has brought changes in policy that certainly will continue and may affect mortgage rates in the near term. As with any consumer decision, it is important to be informed, research the market and shop around to find the best deals possible. 

Looking into that crystal ball, NAR Chief Economist Lawrence Yun expects strong home sales momentum, with sales up roughly 8 to 12% in 2021 vs. 2020, as well as prices rising more moderately, about 4% nationwide. These projections suggest that if your finances will support a home purchase on the North Fork, you should not wait. Do it now!  Lastly, and it goes without saying, but I will: sellers - with the scenario of low inventory and higher prices, if you’re thinking of selling, do it now!  We’re here to help- call us! 631-765-5333

SOURCE: WHY BUYERS SHOULD DIVE IN NOW? Liz Dominguez, RIS Media, February 6, 2021.

2020 SURGE IN HOME SALES HIT 14-YEAR HIGH

            Home sales last year, ended at the highest level in 14 years, fueled by the pandemic that “sent buyers scrambling for more spacious homes to accommodate remote work” as well as at-home remote schooling for children including college-aged students.

On the North Fork, we have experienced many families coming to the East End, especially from tight-spaced apartments in Manhattan. People moved into their “second” homes on a full-time basis and others, with the wherewithal to buy homes, gave up smaller lodging in Brooklyn and NYC. 

“Existing home sales totaled 5.64 million in 2020, up 5.6% from 2019” despite the pandemic, when many homeowners chose to shelter-in-place, particularly seniors. The 2020 sales level was “the highest since the 2006 pace of 6.48 million, NAR said.”  Economists believe that record low mortgage rates definitely helped make homes more affordable in 2020. To date rates are low and we expect low interest rates to continue, but that remains to be seen.    

Our last column reported nationwide low inventory of homes for sale - certainly, a prime scenario for a higher sales price.  If you are thinking of selling, this may be the time to act.  COVID-19, is a definite concern, especially with the increase in cases since Thanksgiving, but many safety measures are in place, to protect homeowners and home buyers during the process.  Call us, we’ll tell you all about it and then you can decide for yourself.

 

Sources: 1. Existing-Home Sales Rise 0.7% in December, Annual Sales See Highest Level Since 2006, National Association of Realtors (NAR) , January 22, 2021.

2. Pandemic Fueled a Rush to Buy Homes in 2020, The Wall Street Journal, January 23-24, 2021 page A3.

DECEMBER INVENTORY of Homes for Sale Hits New All-Time Low*

     Realtor.com® reported a national housing inventory decline by 39.6% in December, 2020 versus last year. Total homes for sale on the market fell below 700,000, nationally, for the first time since they have been keeping records.  There were 449,000 fewer homes for sale in December compared to the same month last year. The decline in total inventory of homes for sale, suggests that buyers are still very active in the housing market, even during a typically slow holiday season- perhaps looking to lock-in record-low mortgage rates.

     The December national median listing price was $340,000, up 13.4% compared to last year, and up 12.7% in November. Nationally, the typical home spent 66 days on the market in December, which was 13 days less than the same time last year. 

What these results mean to buyers and sellers going into 2021:

If you are a seller, you have a major advantage now.  The supply of homes is depleting while demand for homes is still high – even during a typically slow time of year.  Be aggressive in marketing your home.  You should sell your home in record time.  Also, for those of you who wish to sell your home, there couldn’t be a more difficult and yet better time to sell! So, evaluate your options and take the action that makes sense, even if it is during a pandemic.

If you are a buyer, connect with a realtor that you trust, who will commit to work aggressively for you.  Be ready to make a good offer and act quickly when you see something that works for you.  Offer the best terms you can afford, and have your proof of funds or your mortgage preapproval ready.

Even though, “these are the times that try (wo)men’s souls,” you can prevail.  WE have helped many sellers and buyers reach their goal last year through those difficult months.  WE can help you now! Call us at 631-765-5333.

With much HOPE for the future, our heartiest best wishes for Health and Happiness in this new year!

*Realtor.com, December 2020 Monthly Housing Market Trends Report: Number of Homes for Sale Hits a New Low, January 7, 2021.

WE HOPE YOU "DANCE"

 

THIS CHRISTMAS GIVE THE GREATEST GIFT OF ALL...

Did you know that Charles Dickens was credited with reinvigorating interest in Christmas and its traditions almost 180 year ago, when he wrote his novella, A Christmas Carol?  The ‘New Christmas’ that Dickens helped to create was essentially a family affair.  Dickens put home and hearth at the center of things, to stress fellowship, empathy between different sections of society, the responsibility of employers, good cheer and social harmony.

Today in America, and so many years later, we carry on much of the traditions that Dickens portrayed in The Christmas Carol – The Christmas tree, roasted turkey, holly, Santa Claus (Father Christmas), presents for the children and family and friends, gathering together for fun and fellowship. 

But 2020 has presented us with a new challenge at Christmas, a life & death challenge, to avoid gatherings to stay safe. The safety measures that the health professionals are asking us to follow are not theory.  They are based on science and taking a page from history.  The world suffered over 50 million deaths 100 years ago from the pandemic that started in 1918 and ended in 1920.  The second wave hit the world right after Christmas.  This year, we have seen the number of covid-19 cases increase dramatically again, after Thanksgiving.   In Southold Town, some hamlets have reported 30-50% more cases in the past 20 days.

So many friends and family are torn between traditional family gatherings and staying at home.  It seems almost impossible to establish a “safe” gathering when relatives and friends are travelling from other parts, working or going to school, or engaging in seemingly harmless activities, that expose us all to the virus. 

The greatest gift you can give your family and friends is to stay safe and encourage them to stay safe as well. You make the decision that will protect all your friends and loved ones from becoming ill or possibly worse.  The vaccine is a beacon of hope, but it will take some time to reach us all.  Stay home this year for Christmas, wear a mask, wash your hands, disinfect, practice social distancing, get tested if you are not feeling well, and let others know you expect them to do the same.

On the plus side, technology has given us new ways of communicating with each other.  Zooming, Facetime, and so many other ways of seeing each other, can brighten up the holiday and bring us closer together.  Our family will be zooming on Christmas Day and opening gifts we have sent to each other.  Create your own, new family tradition!

This Christmas, give the greatest gift of all to your loved ones – stay home, stay safe so we can all celebrate together next year…in person!

“God Bless us, everyone.”  

Wishing you a very hopeful Christmas!

HOLIDAYS WILL SOON BE UPON US…

     If you want to sell or buy a home, you may be thinking that you should wait until the holiday season is over.  It’s generally assumed that people are too busy shopping for gifts and not for real estate.  But today’s turnover of home sales is faster than anything we have seen in many years. In fact, the real estate environment created by the pandemic is like nothing any of us has ever experienced.  There are many serious buyers, anxious to buy and not able to find homes that meet their needs.  For sellers who must sell, there is no time like the present. Prices are continuing to be pushed up by the high demand and low supply of homes on the market. 

     For those would-be sellers who are staying put for safety’s sake, especially those who are most vulnerable to the covid-19 virus, be patient, stay safe and consider fixing-up projects that will make your home increase in value when you do put it on the market.

     In the meantime, spend time enjoying each day and planning for a stay-at-home holiday.  Send those gifts earlier, so they will be sure to arrive in time for the holiday.  And think about adding a gift or donation for a needy child to your holiday plans.

     This year, we should all consider adding a Hanukkah or Christmas donation to our list, especially for needy children. Certainly, we should start with our community -  local Churches, Synagogues, and charities like CAST, all offer opportunities to give at this time of year.  Here are a few top charities that help children at Christmastime: Toys for Tots, The Salvation Army, Make-A-Wish Foundation, Samaritan’s Purse (help children all over the world), Prison Fellowship Angel Tree (help children with a parent in prison), and Operation Christmas Spirit (help children in military families).  

Together, let’s make this a better holiday for as many kids as we can!

We Have Much to Hope For and Be Thankful For…

The Thanksgiving holiday is one of the most cherished times of the year to gather with family and friends. Yet due to the second wave of the COVID-19 virus and the increasing number of cases worldwide, we have been advised to limit our holiday gatherings.  Perhaps you will be celebrating virtually, or only with immediate family members.  Whatever you decide, please take the warnings to heart and heed the guidance we have been given from the CDC and the Governor – don’t gather in groups larger than ten both indoors and outdoors, stay home if you can, stay socially distant, and wear a mask.

We are in the second wave, we must all persevere and take care to prevent the spread of COVID-19 by doing what we are asked to do.  It has and will save lives.

Why all the concern and warnings about the second wave? If we look back to history - the 1918 pandemic took over 50 million lives worldwide and lasted almost 2 years.  There were no vaccines or drugs to treat the disease – the only way to control the spread of the “Spanish Flu” was to quarantine and wear masks.  The second wave, which came in the fall was the most deadly, and some say it was attributed to the movement of troops during the first World War. 

This has certainly been a year of crisis and uncertainty. But even in this time of crisis, there is a reason to be hopeful - we have two promising vaccines that are in or near production. We have refined and improved treatment of the virus and many more lives are being saved each day.

Right now, our job is to follow the guidance we have been given, and  to support each other.  Americans are innovative and bold.  We are a “can-do” nation.  We will see an end to the dreadful virus.  We all must persevere and encourage one another. 

Please take time this Thanksgiving holiday to be mindful of and grateful for all the blessings in your lives.  May this year’s Thanksgiving serve as a time of healing, hope and new determination.  We wish you all God’s Blessings and a Hope-filled Thanksgiving.

WHAT NEXT?

As we post this, the presidential election is undecided.  It maybe that way for several days as mail-in ballots are counted. “With the coronavirus now surging anew, voters ranked the pandemic and the economy as top concerns in the race between Trump and Biden, according to AP VoteCast, a national survey of the electorate.”*

Both issues have had and will continue to have a significant impact on the Real Estate market:

·       The coronavirus lockdown in mid-March affected our ability to do business for many weeks.  And to this day, many activities are curtailed by necessary, but cumbersome, guidelines and restrictions that affect every property showing and transaction.

·       The slowdown of the economy, due to the restrictions to control the spread of the virus, has affected jobs, businesses, schools and places of worship. We all have had to curtail our social activities. 

We can only hope and pray that whoever wins this election, will focus on getting the coronavirus under control so that a second wave does not cause another lockdown, and that Americans, and people all over the world, can return to a normal life, albeit a “new-normal.” 

For now, let us all be diligent in protecting ourselves, our families, our friends and co-workers.  Wear your masks, be mindful of staying socially distant, wash your hands, sanitize home and workplace, and avoid large gatherings, until this dreadful virus is squashed and gone forever!!!! 

*Source: Newsday, The Associated Press, updated November 4, 2020 4:43 AM

POLITICAL DIFFERENCES?? LOVE WINS!!!

          The Wall Street Journal, had a particularly meaningful story about how two neighboring families get along even when their political views differ.  It’s particularly important now, in this time leading up to the Presidential election, that we are mindful of respecting one another’s views and having civilized discourse. I wanted to share the article’s message with you. Here is an excerpt:

“Millions of Americans are alarmed at the bitter split in the country, with 9 out of 10 Americans saying incivility is a problem and two-thirds saying it’s a ‘major’ problem—according to a 2019 poll by public relations firm Weber Shandwick taken before this year’s tumultuous events.

‘People know how wrong this division is and actually want out of it, but they don’t know what to do,’ says Carolyn Lukensmeyer, former executive director of the National Institute for Civil Discourse at the University of Arizona. The institute, which describes itself as a nonpartisan organization set up to promote healthy and civil political debate, offers programs on getting along despite differences. 

‘People can start by listening attentively and with an open mind,’ says Dr. Lukensmeyer. ‘Too often, people interrupt others or mentally prepare rebuttals while another person is talking.’

‘Listen long enough to understand how that human being came to hold the view they hold. If someone says something you don’t believe is factual, don’t respond in conflict or try to convince them otherwise,’ she says.

Troubled by the national discourse, next-door neighbors with opposing political views used yard signs to send a message of civility.  One family, lifelong Republicans, put a Donald Trump sign on their lawn. The other family, lifelong Democrats, planted a Biden sign in front of theirs.   Not extraordinary, except that another homemade sign stands in each yard.  It reads: “We  💗 Them” with an arrow pointing to the other house. In the middle of the heart are the words, “One Nation.” (see picture below)

Some additional advice: ‘ Accept that you don’t have to be right all the time. If you don’t think you have to be right, you listen more. Treat others the way you want to be treated. Recognize that the other person deserves respect. Be willing to consider their opinion. Don’t be so quick to judge someone because of the political sign in their yard.'”

Do you have friends who support opposing candidates? How do you get along with them? 

Appeared in the October 21, 2020, print edition, Personal Journal pA13 as 

'How Neighbors Split on Politics Stay Close.'

SELLING REAL ESTATE IN THE AGE OF COVID-19

Although we are doing our best to facilitate the process of showing homes, doing inspections and accommodating buyers, it is still not business as usual.  There are many CDC requirements we must follow to protect sellers and buyers from transmitting or getting the virus.  We feel our primary responsibility at this time is to protect our clients and customers in every way we can.

Clearly, the pandemic is not over.  Countries in Europe are closing down venues for the second time this year.  Witness in this country, the recent positive diagnosis of the President, the First Lady and so many people around them.  We cannot and should not let down our guard.

So again, we ask buyers and cooperating agents to be diligent and make sure that everyone knows that it is expected of them to provide up-to-date signed questionnaires. If they are coming from one of the states identified by Governor Cuomo’s office, that they quarantine before visiting homes for sale. Also, signed COVID-19 disclosures for the protection of all involved.

Other precautionary requirements for home showings:

•        Home must be unoccupied – seller must not be present
•         6-feet physical distancing
•         Face covering (mouth and nose) must be worn at all times
•         Should wear gloves and shoe coverings (must if seller requires)
•         Recommend showing only one party at a time
•         Visitors may only touch essential services like stair handrails
•         No children or extraneous visitors (they may remain in the cars)

We know that there are times, when all these precautions get in the way of our individual goals, but we urge you to step back and look at the bigger picture. Would any one of us want to be responsible for someone becoming ill of even worse? 

Protecting each other’s health, while we facilitate home sales, is our primary goal.  And we take this seriously.  It is the responsibility of each and every one of us.  It is the way we will help keep this deadly virus at bay until a vaccine is proven and widely distributed.

Please, don’t drop your guard!  Southold Town has had very good results in recent weeks – let’s keep it that way!!!

HOME SALES IN AUGUST ZOOM!

Existing-home sale closings, including single-family homes, townhomes, condos, and co-ops, increased 10.5% YoY (year-over-year) as of the end of August and 2.4% MoM (month-over-month) for August compared to July.  This marks three consecutive months of gains in home sales.  Conclusions regarding these results should be tempered by the fact that the Nation was in lock-down for several months prior and New York also imposed very restrictive rules for marketing and selling homes even after things opened-up a bit in April.

National Association of REALTORS® reported that existing-home sales in each of the four major regions of the U.S. saw month-over-month and annual growth.  Home prices in August climbed 11.4% compared to a year ago, reaching a median of $310,600. Prices rose in every region of the U.S. last month.  The Northeast saw the largest monthly improvement in home sales – making up for lost ground in prior months.  Existing-home sales for the Northeast increased 13.8% in August (MoM) and 5.7% YoY. The median home price was $349,500, up 10.4% YoY.

Housing inventories which have been historically tight, dropped even more with the sales growth, putting upward pressure on home prices. Total housing inventory at the end of August was down 18.6% from last year - a three-month supply.

First-time home buyers accounted for 33% of home sales in August, up 31% from last year.  Investors and second-home buyers accounted for 14% of homes sold in August, equal to a year ago. Investors and second-home buyers tend to make up the biggest bulk of all-cash sales. All-cash sales accounted for 18% of transactions in August, down from 19% in August 2019.

On the North Fork, real estate sales generally slow down after Labor Day, and we are seeing some of that, although it appears that the population this fall has increased. More people staying around our beautiful North Fork will certainly help business owners.

               If you are thinking of selling your home in the near term. Call us at 631 765 5333. Do it now while the weather is good and COVID numbers are low.  Please don’t procrastinate.  Take action now, based on what you know.  None of us can predict the future…we can only pray that the worst is over and hope that things will go back to normal in due time.

Source: National Association of Realtors, Home Sales hit 2006 Levels, ‘Continue to Amaze’, September 22, 2020

“Work-From-Home” 2 Million Potential Buyers Nationwide

           The coronavirus pandemic has caused many companies to resort to remote work and the result to their surprise, has been higher productivity.  Certainly, part of the reason is because employees can work varied hours and balance life-work demands. Also, the elimination of the time spent preparing to go to work and commuting, has added to the work day.  As such, many companies are continuing the “experiment” or have already decided that work-from-home is here to stay. 

A recent study has projected that remote work could impact the homeownership rate for almost 2 million renter households.  This potential depends on location, home affordability, and income level of the renters.  In New York City, for most renters the price of a spacious city apartment is out of reach, but the monthly rental is affordable.  In many cases therefore, the option of purchasing in the suburbs   has become feasible with the elimination of a daily commute.  Some renters have actually made the decision to keep their apartments in the city for convenience and move to a new home in the suburbs.

“The tipping point was envisioning both of us working from home indefinitely alongside our daughter and a second child on the way,” said Chris Chan. “We wanted to maintain the balance between space and proximity to the city. We could get more for our money just outside city limits and we’re still only 30 minutes from Grand Central Station.”

Proximity to New York City, brings buyers to Long Island- where there is a wide range of home/condo prices.  Many of these potential buyers are seeking to escape tight quarters and afford themselves space to work with privacy and also, have room for the family to live comfortably and safely.

The North Fork, which is roughly 2 hours from Manhattan, has now become a suburb of New York City! Who would have thunk it! 

Our ad today focuses on homes where you can work and play. CALL US!!!!

              

Source: RISMedia, September 9, 2020.

July Home Sales - Record 24.7% - Carpe Diem!

Home sales in the month of July, showed of significant sales gains, marking two consecutive months of gains, reported by the National Association of REALTORS® (NAR).  Total home sales for July (excludes new construction) jumped 24.7% from June to a seasonally adjusted annual rate of 5.86 million growth in home sales versus 2019.  Total home sales for July rose 8.7%, over July last year. July was the first month of positive growth since February 2020. Although June also set a record monthly increase in sales of 20.7% over May, the comparison to June 2019 was still negative.  

The median home price for all housing types in July was $304,100, up 8.5% versus last year’s $280,400. Home prices rose in every region.  July’s national price increase marks 101 straight months of gains. For the first time ever, national median home prices breached the $300,000 level.

The only region that did not show a gain for July was the Northeast, which actually showed a year-over-year decline of 5.9%, even though the median price of a home increase 4% to $317,000.  It should be noted the severity of the pandemic on the East Coast caused Governors to virtually shut down the real estate market in mid-March, April and May.  This shut down of business negatively impacted results for March, April, May, and June, pushed closing forward, which negatively impacted the year-over-year results for the Northeast. July results showed a turnaround of activity and sales closings.

Our experience on the North Fork certainly reflects this – very little business was done in March - May.  However, we have been experiencing a significant bounce-back in the last 2-3 months which has created a bubble in sales. Combine that with high demand for homes on the North Fork by city dwellers, we predict sales increases to continue for the next few months.

This is new territory for all of us.  It’s difficult to say how long this surge in sales will continue.  There are so many unknowns with the COVID-19 virus. So, my best advice is if you’re planning to sell – do it sooner rather than later. “Carpe Diem” – seize the day, seize the moment and benefit from the momentum of the positive results in low level of contagion in the New York area and the current wave of demand.

Source: RIS Media, Record-Setting: Existing-Home Sales Soar 24.7 Percent in July, August 21, 2020.