Suffolk County NY home sales have fallen to their slowest pace in nine months, with sales of existing homes tumbling 4.9 percent last month.

Relatively low mortgage rates and steady job growth have not yet spurred the kind of activity from buyers or sellers, raising the possibility of either a spring rush, or another year of slack Suffolk County NY home sales.

Suffolk County NY home sales have not picked up so far in 2015 like they were expected to

Nationwide, few properties are being listed for sale, would-be-buyers are holding off, and the harsh winter weather is taking its toll on attempts to hold open houses.

Suffolk County NY Home Sales Expectations Not Happening

Weaker Suffolk County NY home sales in 2014 had set up expectations of a strong rebound in 2015, but so far, that resurgence has yet to appear. Even the addition of more new jobs over the past three months has failed to make much of an impact on overall Suffolk County NY home sales.

Builders haven't started ramping up any new construction either. Confidence among builders in the market for single-family homes in February fell two points to a level of 55 on the National Association of Home Builders/Wells Fargo Housing Market Index (HMI) released recently. Any number over 50 indicates that more builders view conditions as good rather than poor.

Average mortgage rates have held well below 4 percent for weeks, which you would think bodes well for a rejuvenated housing market in the spring. But only time will tell.

Suffolk County NY home sales are not the only area where numbers are down. Sales slid in all four major geographical regions of the country last month: dropping 6 percent in the Northeast, 2.7 percent in the Midwest, 4.6 percent in the South and 7.1 percent in the West.

In the meantime, you can get more information about news that may affect the Suffolk County NY home sales market in our section on Suffolk County NY Real Estate to your right under Suffolk County NY Real Estate Categories.

Remember, we post tips daily to Twitter, and also on our Facebook Page. We'd love you to check us out there too.

Suffolk County is one of 62 counties in New York. The county is in the New York metro area. We can help you find real estate in any of these areas of Suffolk County: Babylon, Bellport, Centereach, Cold Spring Harbor, Commack, Dix Hills, Farmingdale, Farmingville, Greenlawn, Half Hollow Hills, Hauppague, Holbrook, Holtsville, Huntington, Islandia, Islip, Lake Grove, Lake Ronkonkoma, Lindenhurst, Melville, Oakdale, Patchogue, Sayville, and Smithtown. Just click the "Search for Suffolk County NY Real Estate" link at the top or bottom of this page.

The Suffolk County NY housing market is finally showing signs of recovery, in large part because young adults are finding jobs, but some obstacles persist. Even with talk of the job market turning around, there are still over 9 million people unemployed. This leads to more young adults either struggling to find jobs, or taking part-time jobs with less pay. Either situation makes it much harder to save up for buying homes in the Suffolk County NY housing market. Mike Aubrey, host of the HGTV show “Power Broker” joined “CBS This Morning" recently to explain more…

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The job market does continue to show signs of recovering and, hopefully, millennials will find more opportunities for buying homes and boosting the Suffolk County NY housing market.
 
Until it does, millennials who have goals of homeownership, should try and save whatever money they can. It's important for them to start building up credit by paying off loans and being on time with payments. Even if millennials continue to live at home for a while, this is a step in the right direction, and will help them be able to eventually buy homes.
 
Don't forget, we post daily tips on Facebook and Twitter. Often times our posts there are about the Suffolk County NY housing market, as well as news that affects the real estate market in general. Be sure to check us out there.
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Suffolk County is one of 62 counties in New York. The county is in the New York metro area. We can help you find real estate in any of these areas of Suffolk County: Babylon, Bellport, Centereach, Cold Spring Harbor, Commack, Dix Hills, Farmingdale, Farmingville, Greenlawn, Half Hollow Hills, Hauppague, Holbrook, Holtsville, Huntington, Islandia, Islip, Lake Grove, Lake Ronkonkoma, Lindenhurst, Melville, Oakdale, Patchogue, Sayville, and Smithtown. Just click the "Search for Suffolk County NY Real Estate" link at the top or bottom of this page.

More millennials are expected to become Suffolk County NY home buyers this year, and they might have a wish list of features that set them apart from previous generations of house hunters. We have assembled a list of features that The Federal Savings Bank has also noted as being desired by Suffolk County NY home buyers, especially among millennials:

Features Millennial Suffolk County NY Home Buyers Demand

Suffolk County NY home buyers want features like a separate laundry room in any home they are looking to buy these days

Separate laundry room. According to the National Association of Home Builders on January 26th, the No. 1 feature millennials demand is a separate laundry room. Many first-time Suffolk County NY home buyers said they would pass on houses that did not have this room.

Several storage areas. Another must-have is plenty of storage, including a walk-in pantry and garage storage. This could give millennials more room to hold and organize their belongings after spending time renting in apartments or living with their parents.

Energy-efficient technology and equipment. A separate report back in October 2014 by the National Association of Realtors found millennials are also demanding technology that is sustainable or energy-efficient. These include LED lighting as well as heating and cooling systems that save energy.

Simple and open spaces. While older generations liked the look of crown molding and other details, millennial Suffolk County NY home buyers are not so much interested in these design elements, according to NAR. Instead, they prefer open spaces in houses to spread out.

Overall, millennials will look for homes that fit in their budgets, which could mean smaller houses, according to NAHB.

Although millennials will likely seek out less pricier homes, they are less likely to favor houses made with inexpensive materials.

Get more information about how first time Suffolk County NY home buyers, whether millennials or not, can get started with the home buying process in our section on Suffolk County NY Home Buying Tips to your right under Suffolk County NY Real Estate Categories.

We post daily tips and news for Suffolk County NY home buyers at Twitter, and also on our Facebook Page. We'd love you to check us out there too.

Suffolk County is one of 62 counties in New York. The county is in the New York metro area. We can help you find real estate in any of these areas of Suffolk County: Babylon, Bellport, Centereach, Cold Spring Harbor, Commack, Dix Hills, Farmingdale, Farmingville, Greenlawn, Half Hollow Hills, Hauppague, Holbrook, Holtsville, Huntington, Islandia, Islip, Lake Grove, Lake Ronkonkoma, Lindenhurst, Melville, Oakdale, Patchogue, Sayville, and Smithtown. Just click the "Search for Suffolk County NY Real Estate" link at the top or bottom of this page.

When is the best time to be selling a Suffolk County NY home? According to a new study by the real estate brokerage Redfin, homeowners who list their property for sale often find the winter season the most advantageous time to be selling a Suffolk County NY home.

The winter season unofficially is considered to be the time between December 21st and March 20th. So if the Redfin study holds true for the best time to be selling a Suffolk County NY home, we're starting into the home stretch now, no pun intended.

Winter may be the best time of the year for selling a Suffolk County NY home

Listing a Suffolk County NY Home Now May Net More

In an update to a two-year analysis it completed last year, Redfin researchers studied nationwide home listings, sales prices, and time-on-market data from 2010 through October 2014. According to Redfin's research, February is "historically the best month to list, with an average of 66 percent of those owners selling a Suffolk County NY home who listed then, selling within 90 days."

Selling a Suffolk County NY home during December through March tends to net sellers more than their asking price than listing during any months other than April and May.

Researchers say the winter market is less competitive for those selling a Suffolk County NY home since many people tend to wait until the spring to list. The smaller inventory of active listings help sellers get more attention from buyers on their properties. Also, many large corporations often transfer employees or hire new ones early in the year, creating opportunities for winter sellers from very motivated purchasers.

As for buyers, they may find winter a good time to make a move too. Sellers often are more flexible about negotiations over prices and terms than they would in the spring.

People tend to get more realistic at this time of year with the holidays behind them, particularly if their Suffolk County NY home has been on the market since last summer or fall.

Find more news articles as they relate to selling a Suffolk County NY home in the Suffolk County NY Home Selling Tips section under Suffolk County NY Real Estate Categories to your right. And find us on Facebook and follow us on Twitter for daily updates we post there as well.

Suffolk County is one of 62 counties in New York. The county is in the New York metro area. We can help you find real estate in any of these areas of Suffolk County: Babylon, Bellport, Centereach, Cold Spring Harbor, Commack, Dix Hills, Farmingdale, Farmingville, Greenlawn, Half Hollow Hills, Hauppague, Holbrook, Holtsville, Huntington, Islandia, Islip, Lake Grove, Lake Ronkonkoma, Lindenhurst, Melville, Oakdale, Patchogue, Sayville, and Smithtown. Just click the "Search for Suffolk County NY Real Estate" link at the top or bottom of this page.

Since the mortgage crisis when loans became almost impossible to obtain, Suffolk County NY mortgage lenders have begun to loosen standards again. This begs to ask the question, will lenders ever learn their lesson from loose lending practices?

Recently, the Federal Housing Administration (FHA) announced changes they hope will encourage banks to give more home loans to worthy but weaker borrowers.

Suffolk County NY mortgage requirements tightened during the mortgage crisis are now showing signs of being loosened again

The government has extracted billions of dollars in penalties from lenders that made mistakes on loans to borrowers who later defaulted. The errors ranged from small mistakes to ones that affected the riskiness of the Suffolk County NY mortgage they chose to underwrite in the first place.

Some banks, believing the penalties are too harsh relative to the errors made, have pulled back from originating a Suffolk County NY mortgage backed by the FHA and argue that the broad "certification" they must make when originating a Suffolk County NY mortgage should be limited to significant errors.

Will FHA Changes Help Those Trying to Get a Suffolk County NY Mortgage?

The FHA’s attempt to change the provision shows the tightrope policy makers and regulators are trying to walk. While they want to hold lenders accountable for crisis-era mistakes and retain recourse should the Suffolk County NY mortgage go bad, they also want the banks to extend loans to some consumers who have been largely shut out of the Suffolk County NY mortgage market since the crisis.

Lenders typically have pulled back on FHA lending by having more stringent requirements than what the FHA would allow. For example, even though the FHA will guarantee loans to borrowers with credit scores of as little as 580, on a scale of 300 to 850, a bank might not give a Suffolk County NY mortgage to borrowers with a score below 640.

Meanwhile, Suffolk County NY mortgage rates remain near a two-year low, even though rates inched up slightly in the past few days. Freddie Mac says the average rate on a 30-year fixed rate mortgage is now around 3.69 percent, that's up just a fraction from 3.59 percent a week ago. A year ago, 30-year rates averaged 4.28 percent.

We'll continue to monitor the FHA decisions and how they may affect (negatively or positively) getting a Suffolk County NY mortgage as we continue moving through the housing recovery in 2015.

In the meantime, you can get more information about news that may affect the Suffolk County NY mortgage market in our section on Suffolk County NY Mortgage Info to your right under Suffolk County NY Real Estate Categories.

Remember, we post tips daily to Twitter, and also on our Facebook Page. We'd love you to check us out there too.

Suffolk County is one of 62 counties in New York. The county is in the New York metro area. We can help you find real estate in any of these areas of Suffolk County: Babylon, Bellport, Centereach, Cold Spring Harbor, Commack, Dix Hills, Farmingdale, Farmingville, Greenlawn, Half Hollow Hills, Hauppague, Holbrook, Holtsville, Huntington, Islandia, Islip, Lake Grove, Lake Ronkonkoma, Lindenhurst, Melville, Oakdale, Patchogue, Sayville, and Smithtown. Just click the "Search for Suffolk County NY Real Estate" link at the top or bottom of this page.
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