The real estae information is very conflicting. National reporting indicates rising prices and a great deal of activity for selected markets. I see some prices in Harborfields going up-listing coming in higher than I would have expected. But if I look at inventory for Harborfields it suggests that it is still a buyers market. 

It is still difficult to time the markt. A buying or selling decision should be based on life decisions not the latest news report. If our prices in Harborfields are going up it will not match some of the "hot" markets arounde the country. An increase of 2-4% in a year could be possible. but that is not enough to base a real estate decision on.  Ruth Ann 5/6/2013

In this last quarter 20 homes were sold in Harborfields. This was a rate not predicted by many "experts"  Average sales price was $589,125.

Average days on the market was 196  but new data suggests that that number will be reduced in this next quarter due to the increase in buyer activity and to the reduced number of homes on the market.

A possible appreciation in this next year could be 2 to 4% but consider that a guess.

Greenlawn/Centerport Business Association will hold its next meeting this Thursday the25th  at the Harborfields Public Library at 5:30. All welcome- Business owners and public.  Ruth Ann 4/16/2013.

Tonight -Saturday at 6:00  Richie- the post man at the counter in Greenlawn is to be honored at the post office. Food being provided by Ruvo ($15.) Rich alway had the same helpful and cheerful temperment. He was loved by the community. Like many patrons I aways tried to arrange it so I was able to go to his counter.He is one of the reasons that makes Harborfields so special. We are so quick to honor the rich and famous- but it is people like Rich who make our towns "communities"

I've been asked to contribute to a web site for peole 50 and over. The title of my article is "How Much is a Year of Your Life Worth". With some optimism in the markted we have had a few home owners considering waiting a year or two before selling. Possibly they could get another $10,00 or $20,000. But can you put a price on a lost year you could have in retirement-with grand children-in a better climate. An extra $10,000 in the sale of your home amounts to  about $600.00 a year. How much is a year worth? There is an old saying amoung sailors. "Go simple-and go now"  Ruth Ann Monday April 8th

Greenlawn-Centerport Business Association will hold its next "Soiree" on Friday  April 12 from 5:30-7:30 at Esteem Wellness and Fitness  45C Broadway Greenlawn.All welcome-business and public.

There is good news in the market-but it might be a little early to raise the listing price on a home that has not sold. Although there is more activity there are still some constraints on the market that will temper an immediate and substantial price increase in homes. Mortgages are more restrictive-the job market is still difficult- and wages for most people have not risen. The market is improving but it is a  slow process. Optimism yes-radical change-not yet. 

 If you need specific information on Harborfields real estate-available or sold listing-just give a call  Ruth Ann April 4th  261-5877

Buyers are confident. Activity is up.We are even getting some multiple offers.

Interest rate at at all time lows-but they are prediected to go at least a percentage point. That will take many buyers out of the markt when that happens.

Ren ts are also increasing. Buyers can now buy for less money than renting when you factor in rates and tax deductions.

INVENTORY IN HARBORFIELDS IS DOWN. If your home is on the market now it will stand out You want competition!  Ruth Ann   3/29/2013

Some economists have revised their prediction for home values to go as high as 8% this coming year from a more conservative 4%. .A look at our own Huntington office experience would suggvest this might be t rue. As always we must wait a few months to find out but the signs are positive. Only one remaining problem. Timing the market is always hard. If you have a life reason  to buy or sell-then do it. Getting on with a life choice is more important than a possible appreciation in a home value.

The next meeting of the association will be Thursday March 28th at the Harborfields Public Library. All are welcome. Help make our local businesses thrive. Ruth Ann 3/22/2013

A gold standard in real estate for how long it takes for a home to sell is called the absorbtion  rate. It is the time it normally takes for the averge home to sell. Over time that number has been accepted to be 6 months. That would mean it is neither a buyers market-or a sellers market. Just a normal or average market. Harborfields inventory is now at 6 MONTHS. We are now normal. Other parts of Huntington Township are as high as 15 months so the old saying  that real estate is  truly local is also true of our township. The current flurry of activity could change this number but it would take 2-4 months to see that data.

The low inventory in Harborfields along with increased buyer activity suggests a trend towards a sellers market  Over the last years avaialable inventory has normally been over 100 homes for sale in Harborfields-Now we are at 80. Increased showing and even multiple offers are also appearing. In the short term this does not immediately  translate into price increases but it seems to be clear that buyerrs are under more pressure to make more rapid decisions and to be less rigid in their negotiations.  Ruth Ann   3/19/2013

Data from the 4th quarter of 2012 indicated that activity was up significantly but that prices had either remained stable or dropped.

But on the local level I am seeing something different. Today there were 5 showing on one of my listing! I am seeing multiple offerfs-buyers loosing homes because they do not act quickly-home owners feeling more confident.

Of course home prices are not suddenly exploding but our market is getting back  to a normal market.

Homes that are in good condition and priced appropiately are selling-buyers now  do not have the option of moving slowly.

Buyying or selling. A good time for both

The numberof closed sales increased 9.7 from the prior year levels. Over the same period signed contracts saw a larger 12.9 gain.

But--medium sales price remain essentiall level. Also there are fewer homes currently on the market. Days on market remained unchanged.

The market is active-but most prices are remaining static. Normally the data would suggest that prices would rise-but it is not happening yet.   2/28/2013

New member soiree at Ripe art Gallery-67A Broadway Greenlawn Village

February 19th  5:30-7:00 PM

Meet you neighbors and fellow small busines owners in the Greenlawn/Centerport area. Informal gathering, beverages and light food.   Ruth Ann   2/16/2013

GCBA will meet this Wednesday February 13th at the Harborfields Library at 5:30. All welcome-business owners-residents-non residents. Park in circle in front of library. Ruth Ann Hyne 2013

Greenlawn-Centerport: A Great Place to Live-Work-Learn- and Play

Activity in our Hutington Office is breaking all past records.In part that is due to the disruption from Sandy when some transaction were put on hold-But the activity is more than that.! As I talk to brokers in other parts of the Island this also the case. As always it will take a month or so to see if this is a trend or only a one month abberation.  Ruth Ann 2/10/2013

Next meeting of Business Association is Wednesday february 6th at the Harborfields Public Library at 5:30. Please park in the circle.

All welcome-Business owners/residents/non residents

Greenlawn/Centerport: A GREAT PLACE TO LIVE- WORK- LEARN AND PLAY

I was with a family last night and a good part of the discussion was over the timing to buy and sell. Where is the market going-how do they make the most of their assets. But as far as I tell tell the market appears to have bottomed and is probably static for some time-possibly some appreciation but not what is occuring in some parts of the country.

Then a buy or sell discision is realy about your family. Do you need more room for a growing family-possible you want to down size-maybe you have a relative coming to live with you. Money is important but in a static market real estate decisions turn more heavily to family situations.

Meeting this Thursday at the Harborfields Libnrary at 5:30. Please park in frontcircle. Events and activities to be planned for year. All welcome

Sandy has had a number of effects on real estate. Some homes that were ready to close are now undergoing additional appraisals. Two of my listings did close but adjustments were made because of damage. One closing was put off because the moving truck could not get thru the street.

Of course these are minor problems compared to the loss and suffering so many families went thru. In our own village area people shared generator lines-had people over for meals-cut up trees-stored frozen foods for people without electric. Neighbors on the same streets became friends as they helped each other. Greenlawn is still a small town.

Traditionally there are about 6-7 more active weeks for the year. If you are considerting a price reduction-do it now. If you are planing to list your home-do it now. Some homes do sell between Thanksgiving and February but at a reduced rate. One advantage to having your home on the market in the winter season- Buyers that are out looking are serious.

Home prices have rebounded to 2003 levels. One major index saw prices up 1.2 percent in year to year. Nothing great to make up for loses in last four years but an indication that prices have stabilized. Of course many years to return to 2007 prices.

We have another home in Greenlawn selling above asking price. The secret is to price a home at a realistic selling price.  This will generate much more interest with the possibility of multiple offers.O course the final decision is in  the hands of an appriaser.

The last weeks of August are traditionally slow. Vacations-back to school-beaches etc.  Not this year! Buyers are out-transactions are happening! For two of my most recent listings I now have multiple offers above asking price A general concensus in the market is that prices may have stabilized . We will know for certain  by the end of September.  Ruth Ann  8?24/2012

I am having a Public Open House this Sunday at 4 Geneva Place in Greenlawn. time is 2:30-4:30. Beautiful condition. enlarged on main level with master bedroom suite with sitting room and private bath. Upper level has master sized bedroom . Lower level den with outside entrance. Pool-landscaping-pristine. Move in condition!

Before you list your home there may be some things you might have to do first:

Make sure you have all the proper permits. Did you add a deck? enclose a porch-put up a shed

Does your home have any possible problems? Termites-water-electric codes-roof leaks

Does it need minor repais and a  cleaning out.

Look at your home from the street- curb appeal is critical

Make your home shine! Buyers want to experience a move in house.

If your planning to sell this Fall-get started NOW

August is often slow in real estate. Vacations-back to school-beaches etc. Our next "window" for active real estate starts the second week of September and goes to the second week of November. Unless you are waiting until next Spring to sell your house now is the time to get started..

Spring came to soon. Becaue of the weather buyers were out in Februrary and March and now our traditional Spring flurry is slower Sales are down along with some prices.  Ruth Ann  

1.  Don't deposit cash into your bank accounts.

2. Don' make a large puchases like a new car or funniture.

3. Don't co-sign other loans for anyone.

4. Don 't change bank accounts.

5 Don't apply for new credit.

6. Don't close any credit accounts.

   (Courtesy of Steve Harney KCM)

Today is Saturday and I had planned it as a day off from real estat- except I now  have ended up with five appointments! Brokers and the public are calling for appointments. There are a  few homes with multiple offers.

Certainly not a radical change in the market but there is a sense of optimism. Rates are low-time to buy. Buyers are out there-time to sell.  Ruth Ann 3/10/2012

I have recently gone to two Long Island economic conferences. Three things stand out:

1. The market is active and homes are selling

2  Prices still are declining but at a slower rate

3  A large volume of foreclosures are ready to be put on the market-that can change everything       Ruth Ann 2/21/2012

Ten years ago I held a public open house in East Northport. Over 40 people came and within two days I had FIVE OFFERS and it sold for more than asking price.

This last Saturday I held a public open house here in Harborfields. Six people came and there was one re-show. This is now a normal market.

Well priced homes are selling but gone are the days of multiple offers and bidding wars.  Ruth Ann Hyne 1/30/2012

The weather has been unusual but also so has real estate. January is often very slow with activity traditionally picking up after Super Bowl Sunday. So far this month I have put three transaction into contract and taken three listings! There is some economic news that is positive and this all could point to an improvemnt in real estate. It will take another few months to see if this is a trend or just a blip.

Last weekend Bob and I were participants at the Huntington Hilton as part of the Live South Real Estate Show.  I had been asked to present semnars on "Selling Your Home in a Difficult Market" Compared to last year, attendance more than trippled and over all attendance at the event was over 1300. Over 25 companies  from Virginia to Florida were  there to present and describe their plantations.

Bob and I have owned a home on Hilton Head Island in SC for the last 20 years. Certainly Long Island as much beauty and many advantages but places in the South are special too. The quality of life can be very rich even on a modest budget. 

If you are thinking of moving South give me a call. I have wortked with numerous southern communities througout the years and can assist you in your decision making.  Give a call-Ruth Ann Hyne 631-261-5877 1/23/2012

Last year approximately 140 homes sold in Harborfields. Through out the country sales are increasing and that should be the same for us. If you are planning to sell get ready now. There are fewer homes on the market-mortgage  rates are still low- and the shadow inventory has not yet made a significant negative impact on the market.

Activity is strong now but that may be a function of the weather. Historically the market starts to build after Super Bowl Sunday. GET READY NOW.

This Saturday and Sunday I will be the only Long Island broker to be included in the Live South  Real Estate Show at the Huntington Hilton. 30 or more resort and retirement companies form the south will be on site. It is a great opportunity experience a "different" kind of life. 

I grew up in Virginia-we have owned a property in Hilton Head for  over 20 years. New York has many great advantages-but the South is also a special place. Hope to see you there.  Ruth Ann 12/6/2012

A few trends seem to be clear for this coming year:

1. Sales are increasing

2. Prices continue to fall but at a smaller rate

3. Mortgages are harder to obtain unless you have excellent credit

4. Foreclosures and short sales will depress prices

The market is expect to stabilize in the second part of the year but there is no silver bullit. No significant improvement expected for a number of years.

    Sorry for the depressing news   Ruth Ann 1/4/2012 

 

If you plan on moving anytime in the next year or two you should strongly consider selling yourt home now rather than waiting. Here are five reasons why.

1. This is when your house will get the most exposure.The surge of buyers is strongest now.

2. Foreclosures and short sales will increase in the next few months. In addition, short sales in your neighborhood will impact on the sale of your own hiome.

3. Interest rates are historically low now but there is some upward movement.Every time interest rates go up more buyers are eliminated from the market.

4. Qualifying for a mortgage is about to get even more difficult.

5. It could be time to get on with your life. Do not let a less than a stellar housing market prevent you from reaching your goals and dreams. 

           Concepts from Steve Harney  "Keeping Current Matters"

Yesterday I hosted a public open house at 17 Fenwick in Greenlawn. Twelve couples came to inspect the home which is a large number. What was also gratifying was that almost all of them were serious buyers. We are constantly bombarded by negative news concerning real estate but this turn out seemed to go against the trends This morning I recieved one offer on the property.  At least locally real estate may be picking up.4/11/2011

The Greenlawn Centerport Historical Association (GCHA) has started a databank of all veterans that have ever lived in the Greenlawn-Centerport area. If you or someone you know is a veteran or is now on active duty please contact us. In addition to collecting names, we want to complete history, collexct memorbllia, and if possible record oral history. 

Our local American Legion Greenlawn Post #1244 has already compiled a history containing over 150 names, history and pictures. We want to build upon this. We hope to make our loyal veterans a part of our history. They deserve to be part of our memory.

Contact the GCHA at 631-754-1180 or call me at 631-261-5877 for further information or to give us information on our veterans.  Ruth Ann   4/6/2011

As I look at and hear the economic and real estate news I see some positive trends but there little to suggest an immediate change in our local market. The East End-New York City- they are both showing improvemt but that is in high end sales. 

As always, the single most accurate number that suggests our immediate situation is the number of months of inventory we have on the market. A normal balanced inventory of unsold homes is 7 or 8 months. Our inventory in Harborfields is over 13 months but we are just beginnin our most active season. In another month I will look at the numbers again.  Ruth Ann 3/19/2011

According to the Association of Foreign Investors in Real Estate New York will be the favorite city for foreign investors in 2011. Obviously New York is not Harborfields. But this news, along with a number of other resprts suggest that we may have turned the corner in real estate.

Yesterday I had three different appointments; today I also have three. This is unusual for January. It will  take another month to see if this is a trend but the outlook is promising.

There are currently 90 homes for sale in Harborfields.That is a three year low and suggests a 7 month inventory. Seven month inventory or lower suggests a "normal" market. Although some economists are still suggesting  some price decline, supply and demand is always our best indicator of the market. 

It will take 2-3 months of sales to verify a trend. For home owners planning to sell this low inventory means less competition. If you are planning to sell this year now is the time Any significant rate increase could change the market.

In 2005-2006 two econimists predicted our current housing collapse-Nouriel Roubini known as Dr. Doom and-John Paulsen known as Mr. Bear.

What is interesting is that both have recently purchased homes in New York City. Could they be right again? Is now the right time to buy real estate?

This last Sunday I showed one home three times.! Also three builders are now asking me to find them homes to renovate. This does not usually happen in mid December.

On a more national view both the National Association of Realtors and Fannie Mae expect sales in 2011 to increase up to 8%. They do not expect prices to increase untill late 2011 or 2012.

The message is still the same. It is a great time to buy. Rates are low-prices are low. But if you plan to sell and cannot wait two to four years-now is the time to sell.  12/15/2010

People choose their homes for many reasons: price/location/style/size etc. But there are two concerns that are always at the  top of most lists-School District and Community. Although a house may be a financial investment over time, a home is finally a place to live and raise a family.

As I take buyers around our community to look at homes I obviously point out the many aspects of Harborfields including our town. Most people value a small town where they will know the shop keepers and feel welcome. When we moved from Centerport to Greenlawn our eight year old daughter Dawn was overjoyed. As she said-Greenlawn has everything- a Carvel and a pizza store.

Greenlawn Business Assoiation has been  promoting "Shop Greenlawn" . I know you can shop on-line or go to the mall but when you can shop locally it will save you time, gas, and prices are often as good and service is friendly. We are a community.

A few weeks ago I put two homes on the market. Within two weeks both had accepted offers and now both are in contract. Both were in the 600 price range.

In general buyer activity does drop off in this season but the buyers who are out there are serious. The tire kickers are staying home. Also there are fewer home coming on the market at this point so there is less competition for each home.

You don't have to wait for Spring to get your home sold. Give a call if I can be of help. Ruth Ann 261-5877

It is a good time to buy. Last week I closed on a home with a mortgage rate of 4.2%! Almost the lowest rate in history. When we bought our first home in the 1970s the rate was 6%? which at that time was considered low.

Some buyers are holding off a purchase because they assume prices will continue to drop. That may be true in the near future but the mortgage rates are projected to rise. Another percent is forcast for this next year.  

Usually spectulators and builders doing rehabs stay out of a decling market. In this last week two builders called me saying thay wanted to get back into the market. To me this is a strong sign that now is a good time to buy. Give a call if you would like a market up date.  Ruth Ann 261-5877

Real estate is becoming even more local.  Medium prices are up in both the Hamptons and also in Manhatten. Manhatten up 7.5% year to year-the Hamptons up 17%. But what about harborfields?

In most industries the best statistic is often supply and demand. In Harborfields there is currently 119 homes available for sale. In the last 30 days 11 have closed. That would indicate a 10 months supply of homes. Inventory of 9 months or more suggests a double digit depreciation. But Harborfields is diverse with prices ranging from $179,000 to $1,799,00. Each price bracket would be different to a degree. Untill the supply is down to 5 or 6 months it is unlikely that our prices will stabilize.

In SD#6 there were 6 closing in the last 31 days. There are currently 124 home on the market in SD#6. By definition a normal market would have 6 months inventory. We now have over 20 MONTHS. Anything over 6 months suggest that prices are declining. Supply and demand is usually our best indicator. 

This is just one piece of data but it is worth watching. August is normally a slow month but actually for a home to close in August it had to go to contract 2 or more months before. It will be October before we will have good information about our local market. I will keep you updated. Ruth Ann-9/1/2010

I recently had a sale not go forward because a deck did not have the necessary permits and the buyer was unwilling to wait for the owner to apply and get the necessary approval. Even if you are not plannuing to sell for another year check the Town records now. In some instances it can take up to 6 months to get everying approved.

If you are planning to put your home on the market this Fall now is the time to get started! Do an inventory of your home both for structural and cosmetic items to be addressed. The advice of an experienced broker with staging traing will be of help.

Declutter-clean-declutter-clean . Buyers want your home to sparkle! Call a broker in now. A broker who will do a comprehensive marketing progam will need a few week to prepare. Professional photos-floor plans-narration-multiple web sites- all  take time. The day the home goes on the market every  avenue of marketing should be completely ready. We all know about "first impressions"

Price your home to sell. In spite of all the mixed news we are still in a difficult market. The Fall market is short. You do not have time for a series of reductions. If your home starts too high you may miss the Fall market and Spring is a long way off.

If you follow real estate news and projections you will find it completely confusing. For example, Time Magazine recently had two lead real estate articles-one suggested that prices were going up- the second that prices were going down! But there is one "gold standard" projection. It is very simply the relaltionship between demand-supply and price.

Currently in Harborfields we have an 11 month supply of homes. A 6 month supply is considered a normal market with prices remaining stable. An 11 month supply strongly suggests that prices will continue to decline. This may sound too simple. We will have to wait and see.  7/20/2010

I recently closed on one of my Harborfields listings but the closing had been delayed for over four months! It was a great home but a number of changes had been made to the home over the years either without permits or not to current codes. This is all too common and it can result in numerous problems.: triple fees to the Town, the hiring of an expiditer, paying for a new survey and  additional attorneys fees. It is costly and time consuming. Often buyers are unwilling to wait while problems are solved.

If you bought years ago or have made changes with out the proper permits and you want to sell your home look at the Town data long before you plan to put your home on the market. On the Town of Huntington web site you can pull up your homes records and get an initial idea if you have all the proper permits If you had work done by a builder you may have assumed that the builder got all the proper permits and inspections. Possibly that did not happen.

Finished basements are also  becoing an increasing problem. If you have trouble pulling up your Town records give a call and I can help you retrieve your data.  261-5877 - 7/13/2010

In the last few months three of my Harborfields homes have sold and each within two weeks!.But it is now July and the market is traditionally slower in the summer months. Currently there are 130 home listed in  Harborfields. The average listed price is $681,256. In the last 30 days there were 13 sales. This would suggest a ten month inventory. A six months inventory is considered normal. Nine or ten months inventory suggest that prices could still be dropping.  In many parts of the country prices are stable or even rising. Our data from Multiple Listing Service is by quarters. As soon as the Spring data is up I will post it.  7/1/2010

I seems like forever since our last entry. All realtors have encountered a lot of problems, and if they are honest they admit it. Real estate changed in the last few years to a degree we had not  experienced in all of my 33 years of selling. Life became difficult for many people and that had an impact on real estate. Almost every transaction becaume more difficult,complex and time consuming. Mortgage companies became more demanding; towns more strickly enforced their codes; title companies required additional certifications for the sellers; buyers became more cautious; virtually every homeowner lost equity intheir homes.

We were grateful that we had enough expwerience so that we were able to help our clients and customers. Many realtors left the business; many small agencies cliosed their doors;some agents simply gave up in trying to complete their transactions. Bob and I worked thru some very challenging situations sucessfully but the amount of time it took prevented us from being able to keep up our web site We had to choose the site or the people who were counting on us to help them make a more Needless to say we chose the people that put their trust in us.

Things are still compleex but to a dgree more settled. Prices have begun to stabilize. Transaction are still difficult but they are goinmg thru. That gives us time now to update Harborfieldsreality.net. We hope you do know that if you need information, advice or help, we are never too busy for you. Just call us directly and we'll see how we can be of help. Call 631-261-5877. It has been a real sense of lpride to continue even in this climate to help people solve their problems or make a dream come  true. That will always be our mantra

This past Sunday September 13th I put a home on the market. It already has 6 offers and two of them are above asking price. Homes that are correctly priced and in excellent condition are selling.This is not to suggest that there are not still difficult times ahead but there are positive signs

Some of the recent real estate headlines may have caught your attention: "House prices up for 1st t ime in 3 years" "Home prices rise across US"

That is one side of the story.I listed a home in E. Northport. It had 5 offers and sold above asking price. I listed another home in Harborfields six weeks ago in the mid 600s. It is already in contract. But a Wall Street Journal article of 8/3/2009 paints a more complex picture. "Housing is fast dividing into two markets. Sales of low and moderately priced homes are picking up and values have stopped falling in some parts of the nation. But on the upper end, sales remain mired in a deep slump and prices declines are expected to accelerate"

My own local excperience reflects this same divide. Homes below $500,000 that are well priced and in excellent condition are selling briskly. But homes above that are often lingering. In Harborfields there are currently 131 homes on the market. The mid-point is $625,000. If we follow the WSJ article, then half of our homes fall into the "difficult" category. Current news headlines do not represent our local market nor do they describe the "divide" in sales.

O course homes above $600,000 are selling in Huntington Township. In the last 30 days there were 47 homes above $600,000 that sold. Below $600,000 there were 109 sales.In every price bracket a well lpriced home in exceptional condition will still sell quickly.

A recent article from Multiple Lising for Long Island suggested that "there is a "buzz" in the market"

There are a number of indications that the market may be turning around. There are more phone calls; more visitors to open houses and more consumers looking at properties. In addition there is an increase in Daily Average Uniques Visitors to MLS.  Visitors are also staying longer on the sites.

But on the other hand- -A recent Wall Street article suggested that even though there have been some positive signs the market may still have a way to go before a turn around. The simple answer is always the same. It is impossible to accurately determine the bottom, and if you personal situation is such that you need to buy a home  this is still a good time to buy. 

 Lowest Taxes in Harborfields! Picture perfect updated home on dead-end street. Walk to Library,shops and train. $499,876

 Spurred by the low mortgage rates and the promise of money from the stimulus package, first time buyers are out in force. In Huntington Township that usually means the range from $300,000 to $500,000. This activity holds promise for homeowners whose homes are in the $500,00 to $700,000 range. Some of the sellers in the lower range will move up once their homes have sold. It is ussually a domino effect. In spite of the economic news the market is now active.  Ruth Ann 2/3/2009

In the last two weeks I have been busier with buyers then I would have expected. Traditionally our"Spring Season” should start to open up now that the Super Bowl is over.

Last Thursday I was part of a panel in Nassau for the Women's Council of Realtors. The general tone of the realtors was that they were also experiencing more than expected activity.

A January report from Multiple Listing Service is also encouraging.

“Year-end figures released by the MLSLI show a significantly slower price decline year to date then some other areas of the country.—The December 2008 residential inventory levels reported -was virtually unchanged compared to December 2007” Sales and new listings are approaching a better balance.

Possible programs from Washington also point to some positive news. The current reality? It is still a buyers market. Prices appear to continue to go down in general but not at the rate of the previous years. Homes must be realistically priced and every attempt made to enhance their appearance. We still have a year"s supply of homes in some parts of the Island.

My recommendations: As interest rates do go below 5% this is a great time to buy. If you are planning to sell in the next two years-there is probably no point in waiting.  Even if the market rebounds it will probably not be significant in a two year period. It is unlikely that anyone can precisely determine the bottom of the market. Later this year we may realize that we are currently “bottoming out”.  If your family needs or your life style indicate you should buy- then go ahead and do it. Finally a house is a home not just a commodity. There are benefits in addition to financial.

With Pennsylvania Dutch ancestors there are several traditions I grew up with. One of them is that on New Years day a part of your dinner must include a sweet relish (cranberry, apples, nuts, etc.) Its purpose, beyond being delicious is to "break the bitterness” of the year just passed.
Well, I am all in favor of breaking any ties to 2008. After last summer it was a very challenging year. YET I HAD AN UNUSUAL NEW YEAR'S EVE DAY. Generally it is a non existent business day. Yet yesterday 12/31/08, I had an engineering report on one of my seller's homes to get it into contract and I showed 2 buyers in two separate price categories of $500,000 and $1,500,000. I also received 2 emails from buyers who told me they have made a decision to purchase a new home in the first quarter of this New Year. I even spoke to an investor that is beginning to consider coming back into the real estate market.
I read all the dismal news and data…. so what is happening?  Let me go back to the 80"s when black Monday hit. Several five months prior to the stock market crash, I experienced a significant drop in my personal business. Prices had been going up like a rocket, but in May one buyer after another would see a home that they really liked and they would tell me that they felt it was simply too expensive. Some buyers were transferees who did not take their job offers; others were buyers who said they would just wait in hopes prices would be forced down eventually.
The point of this tale is that sometimes the day to day experiences of an experienced broker or company owner in a “main street business” picks up a trend before the newsmakers know it is happening.
I believe there is some good news ahead for all of us in 2009. There are tremendously good values on the market right now. Owners have reduced their prices and want to get their home sold so that they can move on in their lives. Mortgage rates are at all time lows for qualified buyers. One of my buyers who are purchasing one of my listings just locked in their mortgage rate at 4.8%. A conventional loan has been raised from $417,000 to $625,000. Jumbo loans now start at there. No more PMI for many people.  There is a first time home buyer’s government credit of $7,500 available to help get a home for more people. Most of my home sellers are willing to structure a seller’s concession as part of their sale. Lots of good things to help lots of people buy. The news sounds like no one can get a good mortgage.  That simply is not true.
Therefore I an excited and hopeful that this New Year in our communities is going to be a happy new year with the joy of home ownership for many families.

Real estate data in Harborfields remains essentially unchanged in the last few months. Although closings lag behind new listings, the number of homes taken off the market keep the total inventory at a stable level of approximately 160 homes. At the current rate of closings we have over a 12 month supply of homes on the market in Harborfields. On Long Island prices have been declining approximately .5% per month but that number is different based upon individual zip codes. It cannot be said too often- real estate is local! Actually the four different zip codes in Harborfields each have different data. We are currently in a slow season of the market and it is unlikely that there will be any significant econoiminc changes in the near future. What we have now is probably what we will have untill at least Spring or late Winter.. But remember-homes are still selling that are well priced-in great condition- and easy to show. There are good buyers for specific homes.

It is obvious that the local real estate market is reflecting the national picture. As of October 15th there are 151 homes listed in Harborfields. In the last month there were 30 homes that came on the market. During that period only 5 homes went to contract and 5 homes were withdrawn.. Once again we have more than a year’s supply of homes on the market. To add to the picture current interest rates have gone up a half percent and the lending institutions have become stricter in approving loans. Even the best minds find it difficult to give advice to clients. For the buyer there are many goods deals to be had but the prices may go down even further. For the home owner it is a difficult time to sell, but prices next year may be even lower. At this point I can only give this advice.  Unless you have a compelling reason to sell, this is not an opportune time. If however you do need to  make a move, as long as you are staying in the same type of market, you can feel pretty secure that the loss may feel on the sales end will be more than offset by a lower price on the home you want to buy. If you are buying a first home you have been wasting the rental payment while mortgage rates are still historically low. Real estate values continue to be zip code affected. If you want a handle on where you value is today give a call.  261-5877

This past Friday, Saturday and Sunday I  gave seminars at the annual Live South Real Estate Show held at the Huntington Hilton. There were over 30 exhibitors from Florida, Georgia, North Carolina, South Carolina and  Virginia.

They had booths, slide shows and  receptions. There were representatives with information on each distinct community. Many made available introductory visits for interested buyers.

I have been involved with this event for many years and am the sole New York agent for this event. I was born and raised in Virginia. Bob went to college in Tennessee and we own a vacation home on Hilton Head Island. Bob has sailed from Long Island to Savanah several times and we know TheChesapeake and Delmarva Peninsula.

Have you been thinking about a second home or perhaps buying an investment or retirement home while the prices are low? A way to start might be to purchase a lot that you can build on when the time is right. I think you would be pleasantly surprised how far your dollar can go in the south and the quality available there.

Give a call if I can share information with you or even help you zero in on an area that offers a lifestyle to make you happy.

Look forward to talking to you 631-261-5877.

We all know that real estate is local. Long Island is not Florida or California or Ohio.

But “local” could now mean zip code by zip code.

In Huntington Station in 2007 there were 117 sales in the first half of the year.

In the first half of 2008 – only 77 sales in Huntington Station.

In contrast Melville went up from 43 to 53;

Northport down from 79 to 59.

Some interesting numbers as we look at Greenlawn and Centerport.

In the same time periods – first half of 2007 compared with the first half of 2008, the medium sales price in Centerport rose from $580,000 to $605,000. But in Greenlawn it went up from S460,000 to $548,000.

What does all this mean to a specific homeowner? Probably very little.

Medium prices can be impacted by the sale of just a few homes, but the number of sales is important. Sales in some areas are down as much as 30%. It is still a soft market.

The homes that sell quickly are well priced and in great condition. Pricing, condition and accessibility are still key.

This last week I was asked by a Centerport resident to  help them price their home for sale and discuss the local market and its activity.

Listed below is some of the data we discussed:

• Prices in Suffolk County between May 2007 and May 2008 fell 11.6%
• Zone 20, Huntington Township - Difference between Listing price and selling price 7.6% on average - many homes had reduced their price more than once
• Zone 20, Huntington Township has a 19.1 month supply of unsold houses
• Centerport 11721 prices down 9.89% on average in the last year
• Number of homes sold in Centerport 11721 compared with the previous year down 37.5%
• Average days on the market 156
• Available houses in the 600,000 to 1,000,000 range - 18
• Number of houses sold in the last 30 days between $600,000 and $1,000,000 was 3  – resulting in a 6 months supply
• New York City transactions down 38% in one year
• Leased commercial space in Long Island

–        January 2008 - 1 million sq ft  -

–        May 2008   -      440,027 sq ft .

Homes are selling. Actually this year is on track to be the 7^th highest year in history for home sales. But it is not always easy. Homes must be aggressively priced, in good condition and easily available to be shown.

If you would like information on another area (of Harborfields) please call for a private, confidential meeting.

If you have sold a home in the past your broker probably presented you with a CMA “Comparative Market Analysis”. You obviously examined past sales, homes that did not sell and homes currently on the market. If other homes were somewhat similar to yours you might have priced your home somewhere in the middle, or add a percentage for negotiating room or expensive upgrades.

In a stable market or a market that is rising this may work. Will it work now? Probably not. Look at this in another way. If in your area and school district there were 100 homes on the market – but only 10 buyers actually bought  one in the previous month – what are your chances?
If only one in 10 is chosen – why would yours be one of the fortunate ones? In some way your home must stand out – condition-size- property- price something must cause your home to rise above the competition so you will sell.

We are in a price driven market. Yes, be sure that your home is clean, uncluttered and in good repair. This is the minimum buyers expect.

Today instead of adding 5% to a "comparable" price what about listing your price 5% below the competition.

You will sell faster and at a better price because you will be a better value than the other homes competing for your buyer.

Harborfields inventory of homes is up slightly during this last week. For the last few months there have been 120 to 125 homes listed for sale in Harborfields. There are currently 130 homes listed. In the last 7 days there were 9 new listings but only 1 home sold. It is common for listings to increase in the spring; therefore this does not necessarily suggest a trend. Our affiliates in New York City and the Hamptons are now reporting some softening of their markets. In contrast Bloomberg.com reports that New York prices were up for the year 1.1%.

My own interpretation of the market is that the rate of decline of home values has slowed and we may actually be seeing a leveling off of prices. Obviously this interpretation runs counter to national data but then real estate is always local. I feel we must watch closely the increase in listing numbers versus sales for the next 60 days in order to determine the impact on our Harborfields market place.

In February I started working for a family relocating from California. After a number of conversations I began a search for the "right” home. From a pool of 80 homes, I inspected 45. Over 2 visits I showed them over 30 homes. They narrowed it down to 5 that we revisited. They chose one and we are now in contract set to close at the end of June.

This morning I got the following e-mail:

“ Dear Ruth Ann,

It was a pleasure to work with you and we definitely benefited from your immense real estate experience and knowledge of the area to select our future home. We hope that we will continue to see each other once we move there. See you soon. ”

This is my 31st year in this profession. It is this kind of appreciation that brings joy to real estate. This is why I love my job!

The current real estate market is forcing both agents and Offices to leave the industry. More than 15% of the agents on the Island have dropped out in the last year. Here in Harborfields, HarborGates has closed it’s doors and merged with the Huntington office of Coach Realtors.

Last year there was a decrease of 22% in the number of homes sold in Nassau and Suffolk. Sales volume was down 37 %.

A further reduction in agents could result from the new training requirements for new agents. Current law requires only 45 hours of training-new requirements will require 75 hours.

Considering the importance of a real estate transaction, 75 hours of training by itself is woefully inadequate.

Some of the larger firms, such as Prudential Douglas Elliman, have the resources to provide intensive training. New agents who join small firms are often on their own.

In the last 2 weeks, I have driven by or physically inspected over 80 homes. I am working with 3 different buyers with price requirements ranging from $550,000 to $900,000.

There are a number of excellent choices for the buyers particularly in the $500,000 to $650,000 range. Some of these are homes in original condition but the areas can command close to $1,000,000 for a renovated home.

The sellers are obviously in a more challenging position. Most buyers want homes in near perfect condition. Years ago people were willing to fix up and renovate. Also, the speculators who would buy – renovate and flip – are not in the market at this time.

With over 30 years of experience, I recognize this is a more “normal” marketplace.

Buyers are demanding. Sellers are adjusting to the reality of the market place and reducing prices. Homes are selling.

At a Public Open House last Sunday a couple stopped by who were from the south shore. They had followed signs to the open house in Salem Ridge. In a discussion I found out that they had no information about Salem Ridge, the school district, the township amenities, or the different neighborhoods. They were leaving it up to chance to find the right home for their family.

Harborfields (like many places on Long Island)  consists of a number of communities: Salem Ridge, Timber Ridge, Huntington Beach, Knollwood Beach, Robin Park, House Beautiful, etc. If you are not knowledgeable about the area in which you want to buy a home , you must get some source of local knowledge: a friend, relative, co-worker or a local realtor. If not, there are neighborhoods you may never learn about, let alone the unique strengths of each that will most meet your family needs.

A number of years ago a former administrator for the district bought a home-only to find out later that he was one street out of the school distrtict. The internet-following-signs-reading ads-can help you begin a search. They cannot replace in-depth knowledge of an area.

This week I held a broker's Open House  on a lovely classic oldie in Greenlawn Village.

17 brokers attended. This is a  large number for any season let alone nearly freezing temperatures.

Last week I put two homes in contract. There were multiple offers on one and the buyers bid against each other. This was reminiscent of the seller's market in 2006.

I know what the media is saying at this time about burst bubbles and mortgage fears, but somehow something different is happening here.
I have been saying that my personal business was showing signs of greatly increased interest and activity. I know when my "bread and butter" (median priced) houses start to sell the more expensive homes generally follow.

Homeowners in Huntington township are understanding that we are in a declining market. They are either pricing home realistically or reducing them to attract the buyers out there.

Those buyers are beginning to appreciate the value and  along with great mortgage rates are feeling more comfortable to assume the financial responsability of home ownership.

Of course , I earn my living by selling homes. However, it is very satisfying to see the joy that comes  when I'm able to bring a buyer and seller together to give each of them the result they are seeking. I am so pleased to see locally a more normal market place.

I will continue to let you know how our "spring" market is doing. It is only a few weeks away.

If you need help to make your real estate dream come true, give me a call.

Is something happening?

In a previous blog I indicated that there was increasing activity on the houses I have listed for sale. This activity is continuing. Even yesterday which was a “ football day”, some of my listings had multiple showings. As I indicated before, it will take a month or more to see if this activity holds up.

?Today’s Real Estate market is a mixed bag. It’s hard to know what is really happening.

Economic reports continue to be pessimistic but on a very local level something else is going on. Last Sunday four different realtors called to make appointments to show one of my houses. I am getting an increasing amount of showing on several of my listings. Yet, this is January in a down market.

I can only relate this to occurrences in 1987. In the late spring of that year I found that my personal buyers were putting the brakes on. Relocation families would arrive - spend days looking at our inventory - and then go back to their home states to stay. In October of that year we had the stock market crash. I believe sometimes a portion of the public can sense and/or predict a trend before the experts do.

Maybe this current phenomenon is just an exception. I will know in a month.

Real Estate in Perspective

The real estate news on Long Island has been dismal this year and 2008 may not be much better. But there is another side to real estate.

In spite of the gloom and doom of recent news reports on the state of the nation's housing, there is plenty of good news, the most recent of which comes from the National Association of Realtors.

Laurence Yun, the chief economist for NAR, had plenty of positive news for Realtors at last month"s conference. Yun attributed much of today’s sub prime mortgage problem to greed. Wall Street wanted the 10-12 percent return that sub prime mortgages yielded as opposed to the smaller returns from more traditional mortgage products. His take on the Wall Street types: " They gambled. They lost”.

Yun’s outlook for 2008 sees a shift from greedy speculators to serious homeowners. 2008 will be a year of opportunity where there will be serious, healthy business. Furthermore, Yun predicted that the market returns to normal by 2009.

First mortgage rates are historically low. Lending institutions have tightened lending practices but for the borrower with good credit and a down payment, rates are low. Our first mortgage some 40 years ago was at 6 %. In the early 80’s rates went as high as 18%.

For the total US market the year 2007 is on target to be the fifth best year in the history for the total number of sales. In 1970 there were 1.6 million homes sold - 3.2 million in 1990, 7 million in 2005 and approximately 5.5 million in 2007. Over time the purchase of a home is still a sound investment while being a source of pride and comfort.

Unfortunately during 2004-2006 up to 40% of the home purchases were by speculators, investors and second homebuyers that fueled a hot market. We are now experiencing a more “normal market”.

Obviously this does not take away the pain of a homeowner who was counting on a  2006 price for retirement or other purposes.  For the homeowner that purchased five or more years ago the appreciation is still significant. Yes our prices are currently down, but during the last decade we have doubled our home prices and in some cases more.

Our township does have some homes that are financially affordable to first time homebuyers. The Federal Reserve said that between 1995 and 2004 the average renter accumulated $4,000 in wealth. In the same period the average homeowner accumulated over $180,000.

My experience has been if a buyer stays in their home a minimum of 3-5 years, they will make money. In fact taking in to account that appreciation is based on total house value rather than the much smaller 10-20% down payment, a home purchase even in today’s market gives a huge return if the house is not sold for the 3-5 year time frame.

I believe  that today first time homebuyers are anxious to own a home but have been made fearful of moving forward by the “coverage” in print and media. The falling interest rates and lower asking prices will motivate many to make their first purchase before too long. Actually those who wait too long will possibly miss the “bottom”. Once the first time buyers start purchasing then the  “move up” market will begin to fully restore the “ normal marketplace”.

In the 30 plus years I have been selling in this market, I believe this is the best window that buyers can hope for. There are excellent deals and excellent financing rates.

This is a particularly good time to buy if you are moving up. You may have lost $25 to $50 thousand, but the home you would be buying may have come down $50 to $100 thousand.

If a buyer waits prices and rates will go higher.

One final thought. A house is finally a home. It is not just an investment. Home ownership is still an American dream.

The Spring Market is just around the corner. Give a call if you need our help 261-5877.

Activity in Harborfields remains somewhat static. We still have 124 homes for sale. 1 closed this last week; there were 3 new listings and 1 home went to contract .The good news is that the number of new homes listed remains equal to the number of homes sold. There are also homes being withdrawn from the market or due to expire soon. Therefore, no increase in the inventory is the sign of a more stable market place, if it continues. Many owners are holding off putting their homes up because of the holiday season.  Good for sellers; not as good for buyers. However, pricing continues to drive the sales that happen.  For specific homes that have sold, go onto "recent sales" on our web site.

Some news that is more challenging. A Newsday article reported a quote from Pearl Kamer, chief economist of the Long Island Association, the region's largest business group. She predicts "a price decline of about 5% from 2006" Kamer says she expects prices to decline between 10% and 15% by 2009, when prices will begin ticking up at 2% to 3% a year as we approach 2010.

Projections that far out , are of course subject to many variations and changes. Her thinking is not that different from many other economists. Yet real estate is very local and those projections may not hold for a zip code, specifically for a neighborhood or even for a unique or special house. Still, it adds more fuel to the current "wait and see" approach held by many buyers.

To keep current with our local market we must follow trends very carefully and know that any major financial or political event can start or exacerbate momentum.  We will keep you posted. Check in to update yourself regularly.

It’s cold out there! Want to move? Maybe even to a warmer climate?Perhaps your home should be on the market???

Spring and fall are traditionally the most active real estate periods. But what about December – January – February?

This past week-end  4 of my listings were shown. There were 2 offers made, one is going forward to Contract and I’m continuing to negotiate on the second home that got an offer.

There are good reasons to have your home on the market now:

1. The inventory is lower. Buyers have fewer houses to choose from.
2. Buyers that are out looking at this time of year are much more serious. People that are only marginally interested have social events to attend rather than looking at homes for sale.
3. Your home might be at its best with holiday decorations, fireplace glowing and delicious smells in the kitchen.
4. Mortgage rates have dropped for well qualified buyers and they anxious to get those good rates locked in.
5. Next spring prices may be lower and normally more people put their homes on the market at that time of year.

Don’t miss what may be an opportune time.

The site has been redesigned from a static site to one that will enable us to give you updates and insight into real estate, and particularly Harborfields real estate. In addition, you can respond with your comments or questions.

It has always been said that real estate is local and that has never been more true.Country wide prices are down for the year in the 5% range. That is also true for Suffolk County. But there are notable exception such as New York City where prices have risen. When we drill down to just Harborfields and look even more closely at our zip codes we get a different and more confusing picture.

Currently there are 136 homes for sale in Harborfields. In the last 30 days we had 17 new listings. But only 10 sold in that time period. Average sale price was $661,789. Average days it took to sell was 116 . To sell off the entire inventory without any new homes coming on the market would take over a year! As I put up new data pay attention to the ratio between homes listied and home sold in a time period. It  will be a rough indicator of where the market is going.

Regarding the data for each zip code in Harborfields. I need to check with Multiple Listing Service  before I post that information. One of the numbers did not seem accurate and I want to verify threir numbers.

If you have q question about a particular home or area please give us a call at  631-261-5877