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Tax Credit Explanation for First Time Home Buyers on The East End & North Fork

March 23rd, 2009 category: Buyers, East End LI Foreclosures, Real Estate NewsNo Comments »

While much has been offered in the way of explanation for the first time home buyer tax credit, we thought we’d bring you right to the link that makes the program clear.

A “first time buyer” is a homeowner seeking a primary residence, and one who has not owned a home within the last three years.

http://www.guarantee.com/taxcredit/taxcredit_faq.pdf *

*courtesy of Susan- thank you!

To search available condos or homes for sale on the North Fork / East End Long Island or condos on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

To get more specific local North Fork or East End & Hamptons real estate information, fill out the form below with your questions/comments. We know how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it.

Fair Housing Law on the North Fork

January 17th, 2009 category: Buyers, Real Estate News1 Comment »

Southold HS Recently, I read a blog in which the author (not a real estate agent) was discussing a housing possibility with a friend.

When the friend mentioned the area of interest, the author offered her own input, which was that this particular neighborhood had a crime issue. When recent crimes were provided to the homebuyer, they made the decision to look elsewhere, based on the authors/friend’s input.

The question posed by the author was, “Why didn’t their real estate agent tell them about the crime level”?

When you’re seeking a home with a real estate agent, fair housing laws apply; offering an opinion on crime, the make up of locals (race, religion, etc.), or any other effort to dissuade/encourage a purchase based on what appear to be simple questions can end up being in violation of fair housing laws, or viewed as “steering.”

Crime Level Here are some links to Fair Housing Laws and Community links.

Office of Fair Housing (HUD)

ZipSkinny.com

US Census

Trulia.com Community info

NY Sex Offender Registry

Newsday Community Profiles

As a real estate company, we offer links to sites offering crime statistics; many sites offer population data. Providing legitimate go-to’s for consumers is perfectly legal; offering an opinion is most definitely not.

These controls are in place to protect consumers from opinions that may or may not be valid, and offer fines to real estate agents that violate these laws, in order to minimize discrimination in any form with housing.

Information offering crime statistics, school “report cards”, the location of child predators, and general population info is readily available to ALL home purchasers, when considering areas of interest, and should be considered “due diligence” on the part of the home buyer.

Links or data sources are permitted by your real estate agent, so if you have an area of interest, request legitimate data before embarking on a search in which you might discover something contrary to your home purchase goals in advance.

To check out all available properties on the North Fork of Long Island, click “north fork homes”, enter your area of interest and any parameters, and click “go”- properties for sale include Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, Orient, and Orient Point, NY.

To get more specific local North Fork real estate information, fill out the form below with your questions/comments. We’ve been monitoring the area for a few years, and have learned how to find properties coming on the market, and available. If you’re looking for a foreclosure on any part of Long Island, we’ll help you find it also.

Buyer Agency on the North Fork & East End of Long Island

January 10th, 2009 category: Buyers, Real Estate News, Real Estate Philosophy, SellersNo Comments »

Teamwork on the North Fork If you purchased your last home without the assistance of a buyers agent (an agent hired by you to diligently monitor your best interests in a home purchase), here are some things to consider NEXT time around:

1. How long has the home been on the market?

We’re noticing that on occasion, a home that’s been on the market for an extended period of time is allowed to expire, and then re-entered by the listing company as a “new” listing a few days after the expiration. Tracking this is simple, if you have access to the history of the property, either through public records, or your own real estate agent digging for property history. The listing agent is unable to offer this insight; they represent the seller.

2. What is the history of the individual listing agent with respect to pricing?

Some listing real estate agents often have a listed/sold differential in excess of 15-20%- the property is initially overpriced, then dropped in fairly short order. Knowing the methods of the specific listing real estate salesperson on your property of interest provides insight that is of immeasurable value; if the typical effort includes overpricing, and then whacking off huge sums to reach market value, better to know this beforehand, in order to present an offer that coincides with both market value, and seller expectation. A buyers agent should seek out this info for you before an offer is considered. An agent representing the seller will NOT OFFER information detrimental to their seller, and we understand/respect that obligation.

3. What are the anticipated values in a declining market that should guide the offer of a property of interest?

In a market that is a “moving target”, it’s very important to review local trends. With a closing occurring 30- 90 days after a purchase, common sense based on historical data would suggest that things “can’t change THAT much”- not so in todays market. While there is no clear cut answer, a buyers agent can work with you to establish what the trends indicate, so that you don’t face a closing in which your property of interest runs into appraisal issues. While highly inexact in this market, a buyers agent is able to work from a “cautious, in the best interest of the buyer” angle, rather than a “get the seller the best price possible” angle required of the listing company (and any real estate agent that hasn’t committed to serving the buyers interest FIRST and foremost).

4. Who pays the buyers agent?

As with the typical transaction, payment to Options Realty buyer agency agreements are paid by the seller upon closing (although because the cost of real estate fees is included in the purchase price- it can be argued that commissions are paid by the buyer, as well, just paid out by the seller). The seller, if they are a listing company that utilizes the MLSLI, will stipulate the fee paid (just as has been historically done under all other agencies). While there are a handful of companies that indicate non-payment for buyer agency, it’s our job to “collect” from the listing company- as a buyer, you can either avoid properties in which the listing company indicates payment only for seller representation (not recommended) or we’ll establish UP FRONT for you any issues created by a listing company not well versed on the value of buyer agency. MOST REAL ESTATE COMPANIES on the North Fork of Long Island today COUNSEL SELLERS TO PAY THE FEE TO A BUYERS AGENT, so the likelihood of any issue is greatly diminished. A good thing for sellers.

North fork homebuyers (and likely, New York homebuyers overall) have discovered over time that their interests have been ignored in favor of both real estate agents (listing and selling) representing the seller.

As a result, there is a knowledge level gained by prospective home buyers that often creates the certainty that having someone in their corner is an unnecessary endeavor- they can “represent” themselves- real estate agents are simply a conduit.

In the current real estate market, sellers, buyers and real estate agents are playing with a new deck of cards, and the hand dealt is not always a “winner”- elements outside of the real estate industry control are wreaking havoc.

Viewing buyer agency/seller representation as a simple acknowledgement that in fact, two sides exist in ALL transactions is simply common sense, to the benefit of both parties.

If you’ve sold a home in the past, and wondered WHO your real estate agent “really” worked for, or bought a home and wondered the same thing, you’re likely clear about one thing: IT’S BEEN AS CLEAR AS MUD.

At Options Realty, we seek to provide clarity for ALL parties in a transaction- fiduciary to our primary client (whether it’s a seller or a buyer) with fairness offered to the second party in a transaction, including encouragement for both parties to have full fiduciary from their participating real estate company. Two represented parties = one transaction of integrity for ALL.

It’s our job to permit you to clearly see where we stand, so that the choices that you make MAKE SENSE to YOU.

Options Realty. Defining Lines, Providing Clarity.

Forty Eight and Counting- to Fifty Five and Better!

December 1st, 2008 category: BuyersNo Comments »

Fifty five and better communities are a really fun place to work.

Better still, to live (for some).

As a late forties person, a new appreciation is proffered to this special group of “tweens” that find themselves seeking to SIMPLIFY.

With children in mid-flight but tottering, and parents doing some health tottering as well, it’s no wonder that at some point, finding a like-experienced group is appealing. It has nothing to do with eliminating a bike riding crowd of little shriekers on the street- grandchildren are typically welcomed. Most in this group will find charm in the sound of little voices.

Fifty five isn’t “footloose and fancy free”. Fifty five is seeking to be found, amidst the bedlam. To navigate the double end with calm.

It does include the need, when considering neighbors, to perhaps look into eyes that have a “like” life experience. Loss of parents has quite possibly occurred; other losses felt by this contingent, less understood by most in the younger contingent, find comprehension in those neighboring eyes.

While it’s wonderful to listen to a 25 year old neighbor celebrate his promotion with a rousing (and fun) party, the connection is often more difficult to navigate, because well…we’re NOT 25.

The best communities for some seeking the fifty five and better community include REALLY GOOD amenities, offering a vacation feel for visiting family members, and the east end of Long Island has a plethora of opportunity.

A community offering just such an environment is the WCI COMMUNITIES Atlantic Shores neighborhood in Eastport, New York. While WCI Communities is making their way through a tough issue the clubhouse is FINISHED, and the community itself largely sold out. The opportunities in pricing reflect the difficulty of the market- not a bad thing at all. Pricing used to be as high as the $800’s for the largest model- their market has most definitely changed.

Wincrest East Another community offering the freedom of a single family home, within the confines of the fifty five and better group is Windcrest East . While WCI offers a duplex style, with two families in each building, Windcrest East offers a single family home- complete with yard- and like WCI, some models exceed 2000 square feet. While available in the mid $500’s, watch the market. It’s a well landscaped and (based on our last visit) maintained neighborhood, with the convenience of Riverhead a short drive away.

Pulte Homes as a builder is very cognizant of the hope for a nice sized room, while offering the Westhampton address. Known for an exceptional price per square foot, Pulte’s community in Westhampton doesn’t disappoint, with builder inventory available.

We like Foxwood Village in Riverhead, as well. Foxwood Village is a community of manufactured homes, in which the
“land tenants” pay a fee for their land, with full amenities included. The pool area is lovely; there are many north fork locals that have chosen this neighborhood, prices begin in the low $200’s, and it’s close to everything. While new construction tends to increase the cost of the home, we’ve seen several homes on the resale side that are lovely.

Southold offers a favorite in Founders Village. While the homes are attached, the property is located within walking distance to town. Very popular, offerings are limited in this $330-400k neighborhood. When an opportunity arises, it’s worth checking out.

TO VIEW CONDO OPPORTUNITIES ON THE NORTH FORK, CLICK ON THE “NORTH FORK CONDO” TAB, TOP RIGHT. Enter your parameters, and see what’s out there. With experience in new construction, we’d love to help- having a real estate agent seeking the best possible price for you, along with the right “fit”, is our goal.

There are a number of fifty five and better communities on the east end of Long Island. We’d love to assist your search, while understanding the motivation to seek out this choice. It’s all about the eyes.

Buyer Agency on the East End of Long Island

November 25th, 2008 category: Buyers, Real Estate NewsNo Comments »

While it would appear that an increasing number of real estate agents are understanding the need for representation on both sides of a real estate transaction, I heard the following comment recently:

“Why do there have to be ‘two sides’ to a transaction? This isn’t a battle, it’s a cooperative effort.”

Exactly.

Wondering why a cooperative effort, in the presence of two separate parties, should be challenging is the bigger question for those considering the jump to buyer agency.

There is no dismissing the fact that when there is a seller seeking the best possible price, and a buyer seeking the best possible price, there are by the nature of the transaction, “two sides.” It’s unavoidable, and etched in stone. Acknowledging the needs of each side, independent of one another, permit an ethical real estate agent to participate with a client-level (as opposed to customer level) focus- whichever side is their responsibility affords an opportunity to create a loyal and ethical transaction for their client.

Rather than viewing it as a detriment to one side or the other, perhaps it should be viewed as a benefit to both- a two sided situation is exactly that. Ignoring one side in favor of the other serves no one; providing both with an integrous experience offers much value to a transaction.

BUYERS WILL EVENTUALLY BE SELLERS- buyers deserve an experience that provides transparency, not a hidden agenda.

Questioning the NEEDS of each side would seem a more appropriate thought process- the suggestion that both sides should ignore the obvious (that there are two sides to a transaction) is of zero value to one, the other, or both.

In order for a real estate agent to remain (or become, on the east end) of value to a transaction, the recipient of their services must take away tangible evidence that focus was offered, along with clarity.

If you are a buyer seeking a home on the east end of Long Island, buyer agency is available- don’t make a home purchase without exploring this opportunity to provide a balanced transaction for all involved.

TO CHECK OUT AVAILABLE HOMES ON THE NORTH FORK, CLICK “NORTH FORK HOMES” (top right) to access MLSLI.

SONYMA for First Time Buyers and Remodelers

October 17th, 2008 category: BuyersNo Comments »

First time buyers (as well as home buyers seeking a second property*) might want to look into the SONYMA Remodel New York loan program.

With an increase in potential repairs sometimes present in homes being sold in a distressed market, this program has some highlights that could make sense to homebuyers on the east end (North fork and Hamptons) of Long Island. The following requirements are present with the Remodel New York program:

Ratios:

33-38%

40-45% with 3% down or more;

Income:

$97,100-$111,665 in non target areas

$116,250-$135,940 in target areas

*Target areas can be clarified when calling SONYMA directly at 1-800-382-HOME. Have the property address ready.

Purchase Price Limits:

$550k in non target area

$671k in a target area

Good credit is required, and the site offers a list of designated lenders ( although there seem to be some…missing lately).

* This program is not available to owners of residential investment property, or vacation property. A “first time buyer” will not have owned a home in the past three years; this program IS available to non-first time buyers in Federally designated target areas, with the above limitations.

Check out some of the other loan programs available, and keep a copy of this glossary handy!

This appears to be a great loan program for first time buyers seeking a good “buy”- as properties that need a bit of work often are.

Let us know when you’re ready to look!

www.optionsrealty.com

THESE PURCHASE PRICE LIMITS ARE ONLY AVAILABLE FOR LOANS RESERVED ON OR AFTER MAY 20,2008 AND APPROVED BY SONYMA BY DECEMBER 15, 2008.

Home Buyers: Are You Letting Time Pass You By?

October 12th, 2008 category: BuyersNo Comments »

To those seeking either a permanent home or a vacation/retirement home on the North Fork of Long Island…here’s a glimpse of our landscape in the fall.

With so much being generated- legitimately- about the caution needed when entering a declining home market, there is no question but that a focus on pricing (and the deterioration thereof) is a short term issue worthy of serious consideration. With the possible exception of waterfront (fundamentally limited), there is no telling what will occur with pricing over the next year. Or quite possibly, the year after that.

In the meantime, things go on- this weekend was one of pumpkins and sailing. The weather was extraordinary, and offered an opportunity to enter quiet waters (NO WIND today) and escape the onslaught of bad news, at least for a few hours.

For some, jumping on board and making a decision is fairly easy; buying a “lifestyle” is part of the package. On the North fork of Long Island, the abundance of open space, water and charm beckon those seeking to begin each day in a casual, yet spectacularly beautiful location.

Fall festivals and farm-stands dot the way home, with happy kids in Pumpkin nirvana.

Pricing has returned to levels of attainability, having soared upward only to spiral downward. The question remains: how much lower will they go? Further, is waiting to find out worth missing what can be achieved, at adjusted pricing and low interest rates, right now?

I’m not sure. What is certain, however, is that when you visit the North fork, you may not want to leave. That alone is something, isn’t it?

We’re here to assist you with your dream. Offering buyer agency, we’ll make every effort to get you the best possible price on your home of choice on the North fork, as well as provide you with all of the ammunition you need to determine if “now” is the right time for you, and for your life. Pressure doesn’t fit with the North fork lifestyle, so we’ll leave that at the door.

Integrity in Hamptons, NY Real Estate- Arriving NOW!

September 25th, 2008 category: Buyers, Real Estate NewsNo Comments »

Great news for the Hamptons, New York Home Buyer: INTEGRITY HAS ARRIVED!

It was with enthusiasm that I read the recent news offered by Michael Daly, owner of True North Realty Associates in the Hamptons- buyers are now going to be able to navigate the Hamptons and North Fork market with a TRUE ADVOCATE, coming in the form of an exclusive buyers agent.

While Options Realty has been a loud-mouthed proponent of a practice that covers both buyers and sellers on the North Fork, the advent of a long-time (and highly respected)Hamptons broker entering this arena is truly great news.

While this news may be less than exciting for large brokerages focused on scooping up listings (buyer agency is not possible when a buyer purchases a property “in house”- limiting that sought after “double end” for large brokers that choose the buyer agency opportunity), it is, for consumers, a HUGE change in the Hamptons that will likely change the way that business is conducted.

That buyers now have an alternative to sub agency and dual agency in the Hamptons is overdue.

Quite simply, it presents an opportunity for buyers and sellers to proceed in a purchase without that “muddy” who-represents-ME scenario. In the past, it has been as clear as, well, MUD.

To Michael Daly of True North Realty Associates, congratulations on a decision that might (FINALLY) add some consistent clarity and integrity to a transaction on the east end, usurping the often confusing transaction in which a buyer, in hindsight, understands that that “really nice agent” in fact represented the seller all along…leaving the buyer with a sense of unease (and a purchase price dictated by both the listing AND selling agent).

While we may well find ourselves with regret that competition in the form of an exceptional company with experience has nudged into (understatement) a territory in which we’ve found ourselves quite alone in promoting, the end result is a benefit to ALL real estate companies on the east end of Long Island- when consumers are treated with professionalism and honesty, real estate agents benefit. Inherent integrity.

CONGRATULATIONS, MICHAEL, ON YOUR DECISION TO INTRODUCE INTEGRITY TO HAMPTONS AND NORTH FORK REAL ESTATE TRANSACTIONS!

Thank you for recognizing that consumers on the east end have, for too long, encountered too often a “ME, FIRST” attitude from many brokers operating on both the North and South forks of Long Island, when with consumers buying or selling a home.

If you are looking for a home on the North Fork of Long Island, and seeking buyer agency in its least complicated form (no in-house listing issues), call either Options Realty or True North Realty Associates for information:

Options Realty: 631-727-2227 (hey- it’s my blog. I go first) serving the North Fork of Long Island
OR
True North Realty Associates- Michael Daly: 631-725-0554, serving both the Hamptons and North Fork of Long Island

www.beachamptons.com

Home Sellers and Home Buyers on the North Fork of Long Island…Read This

August 23rd, 2008 category: Buyers, SellersNo Comments »

Weather Vane For those interested in purchasing a home on the North Fork of Long Island, but unsure about eligibility for a loan, a great place to begin is at the New York State Mortgage Agency.

As prices come down, reaching levels of attainability for more buyers, awareness of state sponsored mortgage loan programs bear watching.

For example: For VA purchasers, up to $5000.00 is available toward closing cost assistance .

That’s a nice incentive for VA qualified purchasers.

If you are selling a home on the North Fork of Long Island, and have a prospective buyer that might fall into the parameters of any NYSMA program, understand it to develop a selling strategy.

The website www.nyhomes.org provides time frames for buyer qualification. Knowing how long a program takes might offer a bit more clarity for a move in date. And a move out date. Having a good feel for a closing date works for all involved.

If you are buying a home on the North Fork of Long Island, awareness of loan programs provides an edge, and possibly more buying power.

For example: For a first time buyer seeking a “fix up” property, check out the Remodel New York term sheet.

Greenport Grate

The site provides all income level requirements, purchase price requirements, and parameters, as well as all lenders that are participants.

As many eye a fix up property as an opportunity, a loan program like the above might be interesting.

possibly Options Realty. Your Source for a North Fork Buyers Agent. Riverhead, Aquebogue, Baiting Hollow, Calverton, Jamesport, Laurel, Mattituck, Cutchogue, Peconic, Southold, Greenport, East Marion, and Orient, New York.

North Fork Long Island Home Buyer/Seller Agency

August 18th, 2008 category: Buyers, Real Estate News, SellersNo Comments »

7 biggest home price negotiation blunders

Emotion. Ego. Not doing your homework. Don’t let these or other bogeymen derail your chance at your favorite home. Here’s how to keep them at bay.
By Luke Mullins, U.S. News & World Report

This is a very interesting article for home buyers on Long Island.

This is a more interesting article for sellers of homes on Long Island.

This is the BEST article for those home buyers or sellers that don’t believe that, if your home is for sale with a real estate agent, there is negotiation involved that would make representation (either a buyers agent, or a listing agent representing the seller) the only way to go.

This is most definitely NOT the market for dual agency.

If you are buying or selling a home on Long Island, New York, please make certain that you’ve read the disclosure.

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