WE HOPE YOU "DANCE"....

 WE HOPE YOU "DANCE"...

 As we celebrate

 the holidays this year,

 let’s take time to 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!”

All of us at Beninati Associates

Wish You a Blessed and Merry Christmas

and a Very Happy New Year.

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

2018 Vacation Rental Trends

Tourism on the North Fork is important to the health of our economy – it brings new businesses, jobs, and growth needed to sustain the services essential to our community.  If you offer your home for short term rental or if you are a vacation home renter, you know that things are changing.  Unfortunately, the trends from what travelers desire to what the town allows are going in opposite directions. 

Understanding some of the underlying market factors should help landlords, tenants and town government make better decisions as to how to go forward.

Vacation rental homes versus hotels are attractive to travelers especially:

·        those who are pet lovers – 31% of travelers want to take their pets with them.

·        roadtrippers – 33% of travelers take trips within 250 miles of their home.

·        travelers with special diets – 6 in 10 households have at least one dietary restriction and the rest are probably concerned about their weight! 

·        The cost of a vacation rental for a family needed 3 or more bedrooms is definitely lower than multiple rooms in a hotel or inn.    

Trip length is an important factor.  A recent study*, revealed that trip length has shrunk over thet past 3 years and projects that the recent shift to travelers taking shorter-length trips will likely continue in 2018.  Short trips (4-6 nights) and longer vacations (over 7 nights) have decreased by 4% over the last 3 years, while long weekend trips have increased 8% since 2014.   The move toward shorter trips may be due to busy families, tighter budgets, and work pressures.  Nevertheless, the trend is there and last year’s local rental code move to a two-week minimum negatively impacted the number of people renting.  If trip lengths continue to shrink, it will continue to reduce rental traffic on the North Fork.  So perhaps we should address the exceptions and not apply  across-the-board solutions that negatively impact the economic balance  of region.

Vacation rental home owners should be aware of local regulations and understand the penalties. It’s important for the vacation home owner to put controls in place so that there are no complaints for noise and overcrowding, if they wish to continue to benefit from rental marketplace.  Not only is it important to properly screen and manage tenants, vacation home owners should have appropriate insurance and  get written confirmation from their insurance agent as to damages and liability coverage.

Although the environment has become more complex, vacation rentals still offer needed lodging on the North Fork and a revenue benefit for home owners.   If you decide to offer your home for a short term rental, be sure to educate yourself as to what you can and cannot do.  Be a good neighbor and screen your tenants.  The best way to protect yourself is to use a qualified, honest rental agent to assist you.

Source: 2018 Vacation Rental Trends Report, Homeaway.com, inc., December 12, 2017.

WHY YOU SHOULD LIST SOONER RATHER THAN LATER

               So often, sellers believe that our market on the North Fork is like the rest of Long Island, and they must wait to list their homes in the Spring.  In fact, ours is a strong second home market and most buyers want to purchase and close on their homes with enough time to make some improvements before Memorial Day rolls around.

              

              If you think about the time it takes to find a home, get financing and close, the smart buyer is looking now.  It takes about 2-3 months to find a home and 2-3 months to close. If a buyer starts looking today, they will have completed their purchase somewhere between March and May.  That would suggest, that to appeal to the typical second home buyer, you should be on the market right now!

               Another reason to list now is that your home will have less competition and get more attention, because so many sellers do wait for Spring, If your home is on the market, make sure it’s ready to show.  I know that’s a challenge when all the kids are home for the holiday, but make them part of the process.

               Holiday decorations often enhance the showing experience.  Just make sure it’s tasteful and not overdone.  Holiday music is another way to make the showing merry and bright!  I did an open house last weekend in a home that was nicely decorated and it was truly a pleasant experience for all who came.

               Lastly, remember that buyers who are out house hunting  at this time of year are motivated and ready to make a deal.  They will certainly benefit from their efforts and sellers who recognize and respond, will benefit as well!

             

              If don’t list your home next Spring – do it now!!!  We’ll help you, just call us at 631 765 5333 or email marie@beninatiassociates.com  or come on in and sit down and we can talk over a cup of coffee! 

WISHING YOU A HAPPY THANKSGIVING

Thanksgiving is one of the most cherished holidays of the year where family and friends gather and give thank.  The tradition dates back to 1621, when the Plymouth colonists shared a harvest feast with Native Americans, the Wampanoag Indians, who taught them where to fish, where to hunt and how to plant corn .  It’s believed that venison, wildfowl – likely roasted duck or goose, seafood lobster, clams and mussels, dried corn, porridge and simple cranberries, chestnuts and walnuts were was on the first Thanksgiving menu – but not likely turkey, potatoes, corn on the cob or pumpkin pie! 

            In 1863, in the midst of the Civil War, that President Abraham Lincoln proclaimed a National Thanksgiving Day to be held on the fourth Thursday of each November .

            Whether your traditions are old ones or new ones, this time of year is for acknowledging the blessings in our lives, giving thanks for those blessings and sharing our abundance with others. May this year’s Thanksgiving serve as a time of gratitude for all our blessings and may we each, in our own place, share our love and happiness in each circumstance.

            Living on the North Fork, we have a great deal to be thankful for. We feel especially blessed to be in this wonderful part of our country.  More than ever we must pray for peace and understanding  throughout the world.  May God’s Goodness and man’s kindness to one another abound.

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

Is H.R. 1 Really a Tax Cut?

I’m been listening to the various Congresspersons on TV talking about the tax cut bill – but what they talk about is lower overall tax rates but what is proposed to offset the lower rates is a direct hit to consumers and homeowners. Not only will millions of homeowners not benefit from the proposal, many will get a tax increase. Additionally, homeowners could lose substantial equity by the predicted 10% drop in home values if this bill is enacted.  We have barely recovered from the real estate crash of 2008 – it’s taken almost 10 years.  What are our representatives thinking?

            The house legislation includes a cap on mortgage interest deduction for new mortgages, limits on the exemption on Capital Gains Tax from the sale of a primary residence, elimination of the deduction for state and local income or sales taxes, elimination of the Mortgage Interest Deduction for second homes, elimination of the deduction for moving expenses, elimination of the deduction for personal casualty losses, such as from hurricanes or wildfires, elimination of the deduction on interest on student loans and elimination of the deduction for medical expenses, even for the elderly. All this from a bill that is supposed to improve the current system.
           

Home ownership is one of the bedrocks of our country and we need to make sure that any tax reform legislation protects middle-class home owners. Homeowners already pay 83% of all federal income taxes. Home-owning families with incomes from $50,000 to $200,000 could face average tax hikes of $815 in the year after enactment?

            Please write your congress men and women (Senators Chuck Schumer and Kirsten Gillibrand, Congressman Lee Zeldin, US House of Representatives) and ask them to reject this bill AND protect middle class homeowners. This legislation if not modified is a clear and present danger to American homeownership and could possible turn America from a home-owning nation to a home-renting nation. Tax reform should not become a tax increase for middle class homeowners.

Sources: National Association of Realtors, The Unveiled Tax Reform Legislation and Its Negative Impact on Housing Prices, November 13, 2017; The Wall Street Journal, Tax Plans Tweak the American Dream, November 13, 2017.

A MATTER OF CHEMISTRY...and Expertise

            Finding a good realtor who you like and trust is the first step in selling or buying a home, and the most important step.

            For sellers, that person will be responsible for directing the marketing efforts for your home – the pricing, advertising, open houses, negotiations, analysis of results, and more.  You will be working closely with the person you choose.  That’s why it’s important you don’t choose the first realtor you happen to meet.  Studies show that well over 50% of sellers hire the first realtor they call.  For buyers, knowledge of the local market, expertise in town code and experience in negotiations is crucial to getting you the home you desire for the right price.

            Take the time to interview candidates at both franchise and boutique, independent firms. Consider recommendations of trusted friends and relatives.  Check to see that the agent has the experience and expertise for your particular search or property.  Ask about the agent’s track record.  Always work with someone who knows the area. Remember all real estate is local.  Discuss the marketing plan for your property if you are selling.  What kind of resource commitment is he or she able and willing to make to you. 

            Then choose the professional with the approach and plan that works best for you.  Most importantly, be sure to pick the person who makes you feel comfortable and confident that they will get the job done!  Choosing an agent who will represent your best interest in your real estate transaction is the most important decision you will make.  Remember that it is a “team” effort, and you should feel comfortable that the person you choose will deal with you truthfully and have the courage to tell you what you may not want to hear if needed.  Yes, it is a matter of chemistry but also professionalism, honesty and ethics! 

            At Beninati Associates, we are experienced, professional realtors. Our team is dedicated to offering the highest level of service.  They have been business owners and have seasoned experience in sales.   We are proud to have each and every one of them with us!

            Come visit our office, and speak to us about your selling or buying needs. We’ll take good care of you always. At Beninati Associates, we listen, we really care, and we get results for you!           

Congratulations to all the newly elected officials...may you be guided by your conscience and have the courage to always do what is right.

No Fall Cooldown in Housing This Season

Although autumn began in September, activity in the housing market remained at summer-like levels through October, according to realtor.com®'s latest data preview. On a National level prices in October were 10% higher than the same time last year, with the national median at $275,000 and the national median age of inventory at 73 days.

"This month we aren't just experiencing still-summery weather—we're also seeing a sizzlingly competitive housing market at a time when things are usually cooling off for the fall," says Danielle Hale, chief economist at realtor.com. "With not enough homes on the market to meet the high demand, homes are selling 8% more quickly than a year ago even though prices are as high as they've ever been.

"For potential buyers who waited until fall hoping to score a bargain, the pickings are disappointingly slim," Hale says, "but one potential bright spot for market-fatigued buyers is that new listings are up slightly from one year ago. While new listings declined in the first four months of the year, they have increased on a year-over-year basis in five of the last six months."

The 3^rd quarter results for the entire East End shows a significant increase in the median sale price over last year.  Southold Town did particularly well.  The median sales price for the 3^rd quarter was the highest ever at $597,500 versus $535,000 last year – an increase of 11.7% quarter to quarter.  Dollar sales increased 17.5% for the quarter – the highest sales increase among all East End towns.  It’s significant to observe that the growth has been steady and consistent, unlike most of the other towns on the east end.

There is no question that the North Fork – especially Southold Town is getting noticed and sales results have reflected the popularity and desirability of the area.  Buyers, get in as early as you can, the trend will only benefit you going forward if you buy sooner rather than later.  Call us at 631 765 5333 or visit our website or email us at Broker@BeninatiAssociates.com.  We listen, we care, and we get results!

Sources: RIS Media, Power broker report, October 31, 2017; Suffolk Research Services, Inc., Comparative 3^rd Quarter 2017, October 21, 2017.