Real Estate Report:First Quarter of 2014 North Shore Long Island

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411 MARKET REPORT

2nd Quarter 2014

Hosted by Edie Katz | Licensed Associate Real Estate BrokerLaffey Fine Homes

[email protected] 516-639-1172 www.ediesellslongisland.com

Navigating the Residential Real Estate Markets on Long Island

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REAL ESTATE COMPANY

EDIE KATZ… always the Consummate Professional

[email protected] www.ediesellslongisland.com

516.639.1172

.

REAL ESTATE COMPANY

Long Island Ranked Hottest Market in January 2014!

3

JAN 2014 JAN. 2013 $430.000 $400,000

AVERAGE NASSAU COUNTY

HOME SALES PRICE UP 7.5%

FROM LAST YEAR.

FACTOR 1

Available L. I. housing

inventory at only 3.63 months.

FACTOR 2

It’s calculated that Long Island will reach peak highs again

by 2019.

FACTOR 3

Contact Us:Lorem Ipsum, 203156, State, Country

[email protected]/www.realestate.com

Long Island leads Home Value Forecast's ranking as the hottest real estate market in the nation in Pro Teck

Valuation’s January Home Value Forecast.

Foreclosures make up an

inconsequential 2.18

percent of sales.

REAL ESTATE COMPANY 4

Choosing the Right Home

.

Choose the neighborhood, not just the house.

No matter how lovely a home is, if it doesn't fit your lifestyle, it won't make you happy in the long run.

Buy a life, not an address.

If you have to decide between a great house in an area that doesn't appeal to you, or a house that's slightly less appealing in a neighborhood of people with similar values, interests, and ages, choose the latter.

Don’t choose based on investment.A home that's a great financial investment is only a smart choice if it satisfies your need for home comforts, as well.

Choose a floor plan, not the finishes.Finishes, like tile, paint & countertops, can be changed for less money than changing a floor-plan. Choose a house with living areas that are the right size for your life, then tweak the finishes later.


THE HOUSING MARKET SHOULD CONTINUE TO NORMALIZE.

TRULIA’S HOUSING PREDICTIONS:

The housing market continued its uneven recovery in 2013 and will enter 2014 closer to normal than it was a year earlier. Consumer optimism is climbing back: in Trulia’s latest survey, 74% of Americans said that homeownership was part of achieving their personal American Dream – the highest level since January 2010. Even among young adults (18-34 year olds), many of whom struggled through the recession and are still living with their parents, 73% said homeownership was part of achieving their personal American Dream, up from 65% in August 2011.

Rising prices over the past two years have been great news for homeowners, especially for those who had been underwater, and the real estate industry has benefited from both higher prices and more sales volume.

How 2014 Will be Different

REAL ESTATE COMPANY

5 REASONS TO BUY NOW

6

Supply is Shrinking

Owning a Home Helps Create Family Wealth

With inventory declining in many regions, finding a home of your dreams may become more difficult going forward. The best homes in the best locations sell first. Don’t miss the opportunity to get that ‘once-in-a-lifetime’ buy.

Price Increases are on the HorizonPrices are projected to appreciate by over 25% from now to 2018. First home

buyers will probably pay more both in price and interest rate if they wait until the spring. Even if you are a move-up buyer, it will wind-up costing you more in net dollars as the home you will buy will appreciate at approximately the same rate as the house you are in now.

Whether you are rent or you own the home you are living in, you are paying a mortgage. Either you are paying your mortgage or your landlord’s. The Fed, in a recent study, revealed that the net worth of the average homeowner is 30 times greater than that of a renter.Interest Rates are on the RiseThe Mortgage Bankers Association, the National Association of Realtors, Freddie Mac and Fannie Mae have all projected that the 30-year mortgage interest rate will be over 5% by the this time next year. That is an increase of almost one full point over current rates.Buy Low, Sell HighWe would all agree that, when investing, we want to buy at the lowest price possible and hope to sell at the highest price. Housing can create family wealth as long as we follow this simple principle. Today, real estate is selling ‘low’ compared to where it will be next year. It’s time to buy.

REAL ESTATE COMPANY

5 REASONS TO SELL NOW

7

As the unemployment rate drops and consumer confidence increases, more buyers are entering the housing market and sellers are finding that they have more leverage in negotiating the going prices of their homes.

It’s Prime Time for Negotiating

For-sale listings are limited, which is pushing prices up at the same time that mortgage rates are rising. That’s created a sense of urgency among buyers, many of whom fear that the door to affordable real estate in their market may be closing.

Supply vs. Demand

New Construction is Likely to Increase in 2014Moody’s Analytics projects that construction will begin on 1.43 million new homes this year, up from slightly under 1 million that were expected for last year. This event alone could stall price gains.

Holding off selling for the possibility of obtaining a higher price comes with several risks. Sales prices could rise, which could slow or reverse recent price gains. If economic recovery stalls, home sales & prices could drop. If mortgage rates spike suddenly by one full percentage point, demand could fall.

Delaying Selling Comes with Risks

Mortgage experts say that mortgage rates are likely to rise further as the government unwinds its bond-buying program. The impact on buyers will be twofold: Some will quicken the pace of their home search to lock in a mortgage before rates get much higher. Separately, as rates rise, they won’t be able to qualify for as large of a mortgage as they can now since higher rates will result in larger monthly payments that they may not be able to afford.

Mortgage Rates are Likely to Increase


NASSAU COUNTY REAL ESTATE MARKET

Note: Information displayed in the data table is compiled by the Multiple Listing Service of Long Island, Inc. and represents a combined total of all residential, condo, and coop sales for the selected time frame. Only available data will be displayed. Please note that small data samples will skew the % of change year to year. This information is intended for marketing purposes only.

Source:

Prices UP 3.8% over last January!


PORT WASHINGTON AREA REAL ESTATE MARKETHOME VALUE INDEX:

The Forecast is Looking Bright!

2005 - 2014

Source:


PORT WASHINGTON AREAMEDIAN HOME LIST

PRICES:

HOME PRICES ON THE RISE

Source:

2009 - 2014


PORT WASHINGTONMEDIAN LIST PRICE 1/2013 – 1/2014

Source:


PORT WASHINGTON HOME PRICES & VALUES OVERVIEW

The median home value in Port Washington is $754,700.

Port Washington home values have gone up 4.1% over the past year and Zillow predicts they will rise 2.8% within the next year.

The median list price per square foot in Port Washington is $405, which is higher than the New York Metro average of $250.

The median price of homes currently listed in Port Washington is $725,000

The median price of homes that sold is $789,750.

Source:


FEBRUARY 2014MARKET TRENDS TIMELINE:

AVERAGE LISTING PRICE:



AVERAGE LISITiNG PRICE: AVERAGE

LISTING PRICE

$759,000

$782,000$783,000

FEB 5, 2014

PORT WASHINGTON, NY

$745,000

FEB. 12, 2014

FEB. 19, 2014

FEB. 26, 2014

SUMMER 2014

UP?

DOWN?


SANDS POINTMEDIAN LIST PRICE 1/2013 – 1/2014

Source:


SANDS POINT HOME PRICES & VALUES OVERVIEW

The median home value in Sands Point is $2,163,800.

Sands Point home values have gone up 4.5% over the past year.

Zillow predicts they will rise 2.8% within the next year.

The median price of homes currently listed in Sands Point is $3,500,000.

Source:


MANHASSET HOME PRICES & VALUES OVERVIEW

The median home value in Manhasset is $971,500.

Manhasset home values have gone up 8.9% over the past year.

Zillow predicts they will rise 4.8% within the next year.

The median list price per square foot in Manhasset is $582, which is higher than the New York Metro average of $250.

The median price of homes currently listed in Manhasset is $1,499,000 while the median price of homes that sold is $1,250,750

Source:


30 YEAR MORTAGE RATESJANUARY 2013 – JANUARY 2014

Source:

4.28%


CONTACT EDIE:

Address:

215 Main St. Port Wasington, NY 11050 Phone:

516-639-1173

Website:www.ediesellslongisland.com

E-mail:

[email protected]

www.laffey.com/ekatz

THANK YOU!!

The Best Compliment for my work is a referral to your family & friends…

Edie Katz516-639-

1173

Date post:	08-Aug-2015
Category:	Real Estate
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