GOOD NEWS: HOME PRICES HAVE RECOVERED

“Have home prices recovered from the 2008 crash?” I am often asked this question, and always answer cautiously, because we still see some homes which were purchased at the peak of pricing in 2006-2007, selling at prices lower than the purchase price at the peak of the market ten years ago.

A recent Wall Street Journal story* made me wonder how the North Fork compared to the national statistics  quotes in the article.

The gist of the article is about home equity loans (Helocs) that offered advantageous payment terms, “typically the borrowers were allowed to pay back only the interest for 10 years.”  But after ten years, the payments reset to higher amounts including principal, and banks feared that home owners  could not handle the much higher monthly payments.  The good news is that “U.S. home prices, after dropping throughout the 2008 crisis and its aftermath, have risen nearly 35% since the start of 2014.  The median sales price of an existing home was $252,800 in May 2017, according to the National Association of Realtors, up from $187,900 in January 2014.” As a result of higher home equities, banks have been able to refinance customers into new loans.  Good news also: banks learned a valuable lesson about working with their customers, adjusting terms, instead of letting the “system” take over. 

How did Southold Town do over this same period?  The median sales price of an existing home was $524,000 in April 2017, according to Suffolk Research Services, Inc, up from $459,500 in January 2014 - very good news: an increase of 14%.  Great news: in 2007 the median sales price was $525,000 compared to $532,800 at the end of 2016.  We have turned the corner, and recovered value from the 2008 crisis.  Based on our own experience, the current trend, year-to-date, is continuing and we should hold and possibly increase in value by year-end.

So, more good news: it’s a good time to buy and a great time to sell!  Don’t delay, call us at 

631 765 5333 or email me at broker@BeninatiAssociates.com or visit our website www.BeninatiAssociates.com. We’re happy to help you with your purchase of sale here on the North Fork!

Sources:

* “Home-Price Rise Eases Bank Pain on Equity Credit Line,” page B14, The Wall Street Journal,  July 12, 2017.

Suffolk Research Services, Inc

Summer: The Best Time to Buy & Sell on the North Fork!

There is no doubt that summer is the best season to show off the bountiful waterfront and other natural resources on the North Fork.  With summer officially here the North Fork is already seeing the most intense traffic of the year.

If your home is for sale, keep in mind that this is one of the best opportunities for you to attract the right buyer in the shortest amount of time.

If you are looking to buy, don’t let summer fun distract you too much from your home search.  It is a very competitive market, low inventory (I know you’re probably tired of me saying this), rising prices and interest rates make a good case for acting sooner rather than later.

Here are some tips for sellers and buyers to help cope:

For Buyers:  

·       Do your homework.  Even though summer is a time to relax and have fun with family and friends, if you are ready to buy, then put a plan together to get house hunting time into every weekend.  Work with a local Realtor – they will be able to give you background info on the homes, the offerings of each neighborhood and help you get through the offer and sale process. 

·       Be prepared to act quickly, once you see something you like, move quickly – make that offer and counter the same day if possible, especially where there may be multiple offers. 

·       Not ready to buy, then postpone your search to the fall where you will have time to look.  Homes are selling so quickly now that most anything you see will be not be available – so enjoy the summer!

For Sellers:  

·       Show off  the outside of your home.  Keep the front porch  and patio swept and lawn furniture clean.  Open the sun umbrellas, and put out colorful plants and cushions and make the outdoor space stand out.  First impressions count and curb appeal helps sell a house.

·       Do some summer staging. Remove heavy drapes and curtains and let in natural sunlight.  Always open the blinds and turn on lights when the home is being shown.  Add summer color to the inside of your home with pillows and cushions – colors like turquoise, mint green, yellow and pale blue all add to a summer feel.

·        ALWAYS use a dehumidifier in the basement, in warmer weather. There is nothing worse than a musty odor coming from the basement.  Turn on the air conditioner and cool off the house before a showing – even if you don’t like to use it. Most buyers  will remember where they were uncomfortable and hot.

If you are thinking of selling your home, you still have time.  Call us at 631 765 5333 or visit our office at the corner of Main Road and Horton’s Lane.  We will gladly visit and prepare a market analysis at no cost to you.  Our full service offering will exceed your expectations.  If you are planning to buy, we’d be delighted to help you find the right match for your needs. Call us or email: broker@beninatiassociates.com

INDEPENDENCE DAY 2017 - CELEBRATE OUR FREEDOM

On July Fourth  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.  It’s good to remember that the freedom we value today was earned by the bravery of the American statesmen who signed this document, putting their lives, reputation and personal property at risk. Fifty-six men, supported and guided by many brave, hard-working and dedicated women, stood together and affirmed:

            "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. Today’s fireworks mark this great event with an exuberance our forefathers would have appreciated.

     

            We will be handing out replicas of the Declaration of Independence and American flags from our front steps during the Southold Town Annual Parade down Main Street.  The parade kicks off at 12 NOON  at the Firehouse and ends at 1PM at the American Legion Hall.  Hope you all will be there.  Check local newspapers and website for fireworks – lots going on!   It’s a great way to celebrate our wonderful country’s independence  and teach our children the reason for the celebration. 

May God Bless America.

FED RAISES INTEREST RATES – SECOND THIS YEAR

The Federal Reserve voted last week to raise the key interest rate one-quarter percentage point, making it the second of three hikes slated for this year. The outcome was predicted, even with lagging inflation.

“In view of realized and expected labor market conditions and inflation, the [Federal Open Market] Committee decided to raise the target range for the federal funds rate to 1 to 1-1/4 percent,” according to a statement by the Fed. “The stance of monetary policy remains accommodative, thereby supporting some further strengthening in labor market conditions and a sustained return to 2 percent inflation.”

The key rate, though not directly tied to mortgage rates, exerts influence in housing and eventually impacts mortgage rates.  The Fed initiated its first increase late last year, voting to carry out the first and only hike of the year, while signaling three hikes in 2017, in December. The Fed made good its promise in March, 2017. Mortgage rates have remained in flux since then, dipping  back below 4 % in April for the first time since the presidential election, although the most recent 30-year fixed rate mortgage averaged  3.69% versus 3.60% last year.

It seems to me that the FED will continue its plan to hike rates again later in the year and it will trickle down to the consumer in higher credit card rates and mortgage rates.  The prudent scenario if you are planning a home purchase is to make you decision sooner rather than later.

Give us a call, 631 765 5333, visit our office, or email me, marie@BeninatiAssociates.com.  We’ll help you find the right home for your needs.  No high pressure selling, no gimmicks, no nonsense, just plain old hard work and looking out for you, our clients and customers.

Source: RIS Media.

Flag Day, June 14, 2017… FLAG ETIQUETTE & RESPECT

This past Wednesday was the 240^th birthday of our Country’s Beautiful Flag.  On Flag Day and other holidays, many homeowners across America display the flag proudly outside their doorsteps.  As you raise your flag for a holiday, here are some historical facts about our flag and information on proper flag etiquette and care - courtesy of the Veterans of Foreign Wars:

Historical facts about our Flag:

·       It was believed that New Jersey’s Francis Hopkinson, signer of the Declaration of Independence, designed the first  American flag , although many believe that  the original "Stars and Stripes" version of the U.S. flag that was adopted by Congress on June 14, 1777 was designed by Betsy Ross.

·       The original flag had "13 stripes alternate red and white: that the union be thirteen stars, white in a blue field, representing a new constellation."

·       Today the flag still has its 13 stripes representing the original 13 Colonies and 50 stars representing all the states of the Union.

·       According to usflag.org, the colors of the flag signify purity, valor, and justice- white for purity, red for valor and blue for justice.

Etiquette and Care of our Flag:

• Never let the flag touch the ground.
• When flown on the same staff as other flags, the U.S. flag should be at the top.
• If grouped among other flags, the U.S. flag should be flown to the observers' left.
• When flown over a street, the stars should face north or east, depending on the direction of the street.
• Do not fasten or tie the flag back, but always let it fall free.
• If marching with the flag, it should be held on the marcher's right.
• The flag should not be carried flat.
• Don’t affix anything to the flag or mark it with any type of insignia, letter, word, number, figure, or drawing.
•  A flag flown upside-down is a sign of distress or emergency.
• The flag should not be used as clothing or as a cover or used for any type of advertising or costume and you should never use it to carry anything.

What a beautiful Flag we have!  As we display it outside our home or place of business and let’s all take care and show respect for our  symbol of a united, free Country and mindful of the blood, sweat and tears that have been expended to give us the freedom we enjoy every day of every year.

We also want to wish all the Fathers out there a Happy Fathers Day! Hope your day is filled with Joy!!

ETHICS: A Matter of Importance in Every Real Estate Interaction

     There are a lot of jokes about salespeople, and those of us in real estate sales are certainly not immune from unflattering depictions of less than trustworthy behavior.  But there is a very important aspect of our profession that requires us to individually and collectively uphold the law and maintain the standards of our industry: we are licensed professionals, by the Department of State, under the Real Estate License Law and we have a Code of Ethics by which we obligate ourselves.

            

     REALTORS® have duties to their clients, customers, and the public and to each other, as defined the National Association of REALTORS Code of Ethics.®  All sellers and buyers, should be aware of our Code of Ethics and Standards of Practice that affect how we do business and interface with you.  Here are some pertinent excerpts: 

          

     “REALTORS® shall not knowingly or recklessly make false or misleading statements about other real estate professionals, their businesses, or their business practices.” This article in our code of ethics requires us to rise above the temptation to “put down” a competitor, with unfair or misleading remarks, including when discussing the prospects of listing a seller’s home. 

     REALTORS® have a duty to protect and promote their client’s interest while being honest with all parties.  As a consumer, you are entitled to truthful representations from the seller’s agent regardless of the fact that he/she does not represent you.

            

     REALTORS® are obligated to disclose pertinent, material defects or adverse factors about a property.  As a seller, disclosure of “pertinent and material” issues is always the best policy.  Most issues can be resolved if they are dealt with up front and with transparency.

     REALTORS® are not permitted to interfere with another Realtor’s exclusively represented client. Realtors cannot deal directly or solicit another Realtor’s client.  Exaggerated erroneous statements or using another REALTORS® photo representations in advertising are not permitted in print or on websites.

     

     REALTORS® are not to take unfair advantage over their competitors. They should not misrepresent their agency relationship to another REALTOR’S® client or suggest that a buyer’s agent cannot have access to or sell their “exclusive” listing.

     We would be happy to supply you with a copy of our REALTORS® Code of Ethics, just give us a call or stop by our office.  At Beninati Associates you’ll always get a straight answer from us ... we promise to “do the right thing”.

Source: The Code of Ethics, National Association of REALTORS® Copyright 2017.

Visit us on our website: beninatiassociates.com  We listen, we care…….and we get results.

FIVE REASONS YOU SHOULD USE A REALTOR®

Selling and buying a home is a challenging process. And in this new market of scarce inventory, fast paced transactions and complex deals, an experienced Realtor® brings value to the table in many ways.  Here are 5 reasons why it makes sense to use a Realtor®:

1. Studies show that homes sold by Realtors sell for about 12% more than those sold by the homeowner.  Most of the sellers who decided to sell their own home, chose the route to avoid paying the agent’s commission, but in reality, homeowners left more than twice as much money on the table.  Realtors are experienced, professional sales people, who know their market, have lots of experience in pricing homes for sale and can negotiate better for you.

2. More than 92% of home buyers use the internet for their home search and the first impression counts when it comes to presentation of a property.  Professional photography,  well-written copy to describe the home’s assets, and wide dispersion of the property on the internet through major real estate portals, facilitates access of potential buyers online.

3. Realtors® have invaluable insights into what sells a home. We have a unique understanding of local markets, home features and buyer preferences. We believe that staging helps sell a home more quickly and for more money, which is why we provide professional staging assistance as part of our services.

4. For buyers, Realtors® are a trusted source of information and help buyers navigate the increasingly complex home buying process. We offer buyers local area expertise. Buyers who use a Realtor® to represent them engage a partner in the real estate transaction, who can provide counsel, market data, strategies, negotiating skills and more.

5. Realtors® are professionals, licensed by the Department of State and bound by a specific Code of Ethics which in addition to honesty and integrity requires continuing education to maintain the licensing status with New York State.

The added value of using a Realtor® is borne out by the fact that a vast majority of today’s home sellers and buyers use a professional Realtor® –  88% of sellers and 84% of home buyers,  use a real estate professional.

At Beninati Associates, we value the trust you place in us to represent you as a seller’s agent or a buyer’s agent.  We always listen, we always care and we always get the best results we can for you. Call us at 631 765 5333 or visit our office at Main and Horton’s Lane, in Southold or email us at broker@beninatiassociates.com.