Remembering 9/11...

Tuesday is the 17^th anniversary of the World Trade Center tragedy. It’s hard to believe that so many years have passed since the attack on American soil.  Our lives have been changed forever by the attacks on the Twin Towers, the Pentagon and the attempted attacks on the White House and the Capitol. 

Let’s take time to remember the innocent victims, the heroes that lost their lives working to save others, the brave passengers on Flight 93 who fought the hijackers and crashed into a field in Pennsylvania, and all the family members left behind. Let’s remember the surviving heroes that risked their lives to save or recover victims in the aftermath and those lost from illnesses due to exposure from the aftermath of the attacks.

The United States of America is truly a great country.  We are 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 what we hold sacred.  In spite of what divides us, we should be mindful of our American spirit and the goodness that comes from within that unites us.

May God Blessed 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.

HOW TO BEAT THE HOMEBUYER’S JITTERS

     The market is tight and you know that if you see something you like, you will have to make an offer quickly, because it’s likely to be gone if you hesitate. Your realtor presents your offer to the sellers and after one round of counters, they accept!  You’re happy and excited - until you wake up the next morning with the jitters even before you have your morning cup of joe! You’re second guessing yourself, wondering if you acted too hastily and paid too much for the house?  Or perhaps wondering if there’s another home coming on the market, that you may like better?  Or maybe your dog won’t like the neighborhood!

      With the short supply of home on the market, and the need to act quickly,  that morning after “buyer’s remorse”  is not uncommon. But before you do anything you may regret, take a moment to reflect on the situation and understand that this is a very normal reaction to making a very large lifestyle and financial commitment.  Almost everyone who buys a house experiences this feeling, with varying degrees of intensity. But if you have a bad case of homebuyer’s jitters, take time to considered things carefully and rationally.  Be sure that your financial  planning is solid – it’s one of the reasons we recommend a bank mortgage preapproval. And remind yourself of all the family and lifestyle reasons you came to the North Fork in the first place – a less hectic pace, the beautiful beaches, numerous creeks for boating and kayaking, farms and vineyards and bucolic scenery that enhances each day you spend here. Talk to your realtor, share your concern.  It should all fall in place. Then take a deep breath and go for it!  I don’t know anyone who has purchased a home on the North Fork, who regrets it.  In fact, everyone I know is thrilled to be in this special part of the world!

    

"ENCROACHING" NEIGHBORS

When you own a home or you are preparing to purchase a home, you do not want anyone to “encroach” on your property or have their personal property on your property. But boundary issues happen, and they can be ugly. There is a term for this battle of land: “encroachment.”

An encroachment happens your neighbor crosses the property lines or a home owner takes over land that provides public access to roads or beaches. Examples of encroachments could involve trees, shrubs, and other landscaping, parts of a building or other structure, fencing, or any other fixture located on both pieces of property.

Oftentimes, the encroachment will be intentional -  land or roads will be incorporated into someone’s property to expand the footprint.  Sometimes  encroachment is unintentional -  neighbors encroach because they do not properly survey the boundaries of their property before construction or landscaping work.  

What should a property-owner do if his or her property is encroached upon? If you are dealing with a neighbor, you might try being polite first. You can request that the encroachment be removed or, if appropriate, that the person who is doing the encroaching lease the property from you; sometimes they are not aware of the encroachment.  As a last resort, you can take the person to court and have it removed by a court order.

If the encroachment is found during the sale of a home, the seller may be able to work with whomever it is that owns the land where the encroachment is located and either have the encroachment removed or resolve any issues to be sure the title is clear at closing. If you are buying a property with an encroachment, don’t ignore it. It is important that any and all encroachments be found before the closing occurs — otherwise, the encroachment will become your nightmare.

It is common to find mistakes when dealing with property boundary lines. They can happen due to  errors by land surveyors.  Or sometimes property erosion can change the boundary line. But most of the time, it is a property owner usurping a neighbor’s property or community property, because they have not done appropriate due diligence to be sure that what they are building is within the boundaries of their property and according to setbacks of local building code.

If property boundary encroachments are found, the best solution is to get a surveyor to flag the property and for the offending party to work out a solution with their neighbor.  Why would any fair-minded person wish to argue with their neighbors about what is on whose property? This never makes for a good relationship when you are living closely to someone.  Doing the right thing is always the best road to take.

MIDDLE OF AUGUST ADVICE FOR SELLERS & BUYERS

 Here we are in the middle of August and summer fun is in full swing – swimming, boating, fishing kayaking, getting together with friends, dining al fresco at your favorite North Fork location...and you're selling your home or you’re looking to buy a home before fall rolls around.  Both activities – buying and selling are filled with effort, anxiety and sometimes difficult decisions.  How do you get through it all and still have time to enjoy the last few weeks of summer?  Here is some advice for sellers and buyers as we approach Labor Day.

Advice to Sellers:
               Listen to your realtor.  They are out there, meeting with prospective buyers, doing your open houses, and having lots of similar experiences with other clients and properties they represent.  Listen to them when they give you feedback. If your home has been on the market for several weeks and even with aggressive marketing, no one has stepped up, it’s most likely that the price needs to be adjusted.  TRUST them when they recommend you lower the price. There are studied that show the earlier a price is adjusted, the less the overall reduction will be when the property is sold.  Often, a seller has a price they want for their property, and after the home has been exposed to the market it is clear that the property isn’t generating interest.  Sometimes, things can be tweaked in the home, but most often, the price has to be tweaked.  Listen to your realtor when they suggest a price adjustment.  Especially now, this is the peak of our season – you will get the most attention now. 

              

              Keep up with you property. Mow and water the lawn.  Make necessary repairs.  If a major repair comes along, discuss it with your realtor – sometimes it may be better to make a price adjustment.

 Hang in there!  Don’t take things personally.  Look at it as a business transaction.  If you get a low ball offer, don’t take offense – strategize with your realtor as to how to respond.  Be positive, and supportive of the process. It’s a process filled with uncertainly from week to week, but an experienced realtor can guide you through it – trust him or her!

Advice to Buyers:

              Work with your realtor – find one you trust.  An experienced realtor  knows the marketplace.  If they tell you a property you like is “hot,” believe them!  So often, buyers lose deals because they are skeptical of the information they are receiving from their realtor.  If you feel that way, get another realtor!  There must be a partnership between you and your agent. 

              

               Tell your agent what you want to spend within a reasonable range.  If you overestimate, you will see homes you love but can’t afford and then as you move down in price, you will be disappointed in homes you can afford.

   Be willing to look at properties that the agent suggests – especially if you have worked together – pictures don’t always give a good sense of the site.  An experienced agent knows his/her market – ask questions and share your impressions as you look at prospective properties.

                

              Be ready to make a move when the situation presents itself.  The low inventory on the North Fork, makes for quicker sales and multiple offers.  Trust your realtor to guide you through this sellers’ market!

At Beninati Associates, we are experienced realtors, we know our market, we are keen observers of the dynamics of the marketplace and expert at navigating buyers and sellers through the process! Call us at 631 765 5333!

LI HOUSING PRICES CONTINUE UPWARD - EXCEPT ...

A new study of Long Island housing prices for the second quarter of 2018* showed a continued increase in median prices of homes sold except for the Hamptons.  Long Island as a whole reported a 5.2% increase in home sales median price to $425,000.  By comparison, the North Fork homes sold at a 9% higher rate than last year or $600,000, while the Hamptons sold at a 5.3% lower rate or $975,000 for the same time frame.  The Hamptons was the only region to show a quarterly decline from 2017.

According to Newsday, “prices increased sharply for the most affordable homes, and fell at the top of the market. In the bottom fifth of sales, home sold for a median price of $220,000, up 12.8% from a year earlier.  By contrast, the top fifth of sales fetched a median price of $820,000, down .6% annually.”

The North Fork is faring well and will likely continue to show improvement through the balance of the selling season.  But there is a question as to whether the growth can be sustained.  The factors affecting our rate of growth include increasing mortgage rates and the federal tax overhaul that put a heavier burden on New York State which is kicking in this year and will impact our tax bills next year.  The delicate balance between demand and affordability will become more of a consideration to many of our prospective buyers in the near future.

            If you are planning to sell in the next six months, it’s a good idea to put your home on the market now.  If you are on the fence and want to talk, give us a call. We will give you our honest assessment at no cost to you.

Source: Newsday, July 26, 2018, “Low end up, high end down,”page A2. Study by Miller Samuels.

Home Staging Adds Value to Your Home

When virtually every visual marketing aspect of a listing agent’s efforts are on the internet in nanoseconds and permeates the internet through many real estate portals like Realtor.com, Zillow, and MLSLI.com in minutes after that, it’s clear that the first impressions of a home are critical to the selling process.

As a seller, you are inviting hundreds of thousands of people into your home through the internet, with the hope that they will be motivated to come see it and make an offer.  It’s important then to put your best foot forward.  If you were inviting friends over for a get-together, you certainly would tidy up inside and outside, maybe buy new cushions, add flowers, put out your best linens, etc.  So too, when you put your home and the market it’s important that both the exterior and interior of your home be “nicely staged” for the internet and the prospective buyers who visit. 

In a survey* conducted by the National Association of Realtors, almost all buyers' agents said that staging has a positive effect on buyers and 49% of buyers' agents, reported that staging a home increases its dollar value by an average of 3-8%.  Also, 50% of sellers' agents report the value added from staging averages between 3-9%.  While 5% of agents reported an increase of 11-15%. 

We understand that changing the furniture around and decluttering may feel intrusive, but keep in mind, the facts support a positive outcome in terms of a faster sale and increased dollar value for sellers.  While all real estate is local, and many factors play into what a home is worth and how much buyers are will to pay for it, staging is the extra step sellers take to help sell their home more quickly and for a higher dollar value.

At Beninati Associates, we have seen the positive results of staging – higher selling prices and faster closings.  We have our own professional home stager and furnishings to enhance your home’s décor and there is no added cost for our clients.  Call us at 631 765 5333 and let us help you sell your house

*Source:  NAR 2017 Profile of Home Staging, www.nar.realtor/reports/profile-of-home-staging.

Disclose or Let Sleeping Dogs Lie

When you select your Realtor and you sit down to discuss the features of your home for marketing purposes, it’s also important to be absolutely candid with your agent about the condition of the property.  If there is a problem with the roof, plumbing, wiring or structure, discuss this openly with your agent.  Your agent is your partner in the sales process and can help you sort out what is a “material” defect and what is not. 

            

Some things that may annoy you about your home and seem like a major problem to you, for example, your frig icemaker or a burner on your stove doesn’t work, are not “material” defects – although they will likely be detected during a  home inspection.  Other things which you may have been living with, may be “material” and require disclosure and/or corrective action. For example, a leaky roof or  construction work including electrical or plumbing work that has been done where no permits or c/o’s (certificates of occupancy from the building department) have been obtained. 

          

  It is unlikely that “material” defects or lack of c/o’s will go undetected because most buyers have an inspection before signing contracts and their attorneys secure title searches and c/o’s before the deal is consummated.  Structural problems and “material” defects (leaking roof, foundation defects sometimes cause a deal to fall apart, or at the very least, require price adjustments. However, when “material” issues are disclosed your agent can diffuse concern of the unknown by getting estimates to correct the deficiency by framing the cost and effort involved to repair with a potential buyer.  Most buyers can usually deal with a house with some issues, if they know what they are getting into from the beginning.  Usually these issues can be resolved when all parties come to the table with a sincere desire to make the deal.

           

When you decide to sell your home, discuss significant issues with your Realtor and address defects and missing c/o’s before you put your home on the market.  Also, ask your Realtor to assist you in providing the appropriate disclosure to potential buyers.

           

For professional advice on all aspects of buying or selling real estate call us at 631 765 5333, visit our website at www.BeninatiAssociates.com and come see us!  We’re open 9am to 5pm seven days a week and our office is at the corner of Main Road and Hortons Lane in Southold.