If you're thinking about putting your home on the market in time for the Suffolk County NY real estate sales season, you better move now! Not next month, not next week. Do it right now!
Spring is coming, and that is certainly driving a lot of the interest in Suffolk County NY real estate currently listed for sale. But there are other factors at play.
Incentives for Suffolk County NY Real Estate Buyers
Mortgage rates have declined over the past month and are currently trending back toward 4% for traditionally structured, well qualified loans. This is a significant development for buyers, as interest rates are a huge driver of home affordability.
For example, a traditional 30-year, $250,000 mortgage at 4.5% would have a monthly payment of $1267. If rates declined to 4.25%, the payment would change to $1230.
For Suffolk County NY real estate borrowers on the edge of qualifying for a mortgage, that $37 per month savings could make the difference between getting a loan approval or not. Over the life of the loan, that 0.25% difference saves the borrower $13,320!
The Urgency for Suffolk County NY Real Estate Buyers
For buyers, the time to buy low is quickly ending, creating a sense of urgency to buy now before prices rise too high or interest rates return to more historically normal levels.
According to CoreLogic and reported by Realtor.org, home prices in 2013 saw the largest percentage increase across the board since 2005, north of 11% as of December.
The spring selling season will be in full swing sooner than you think. Rates are low, there is urgency to buy now, and buyers are already coming out of their winter slumber. If you're planning to sell your Suffolk County NY real estate in 2014, you need to jump on the bandwagon right now. Don't miss out on the perfect, well qualified buyer because you waited a week or two too long.
For more Suffolk County NY real estate home selling tips, visit the Suffolk County NY Home Selling Tips section of our website to your right under Suffolk County NY Real Estate Categories.
There have been all kinds of bad Suffolk County NY housing news reports in recent weeks, from slower home price increases, to rising mortgage rates and harder rules to qualify for a loan.
On top of that, national new reports on real estate have been chilly, mainly due to a cold winter and low consumer confidence. But there are a few things to be optimistic about when it comes to Suffolk County NY housing this year…CNN's Christine Romans reports…
Check out our other articles and tips pertaining to Suffolk County NY housing news by clicking on the Suffolk County NY Real Estate News link to your right under Suffolk County NY Real Estate Categories.
The biggest growing trend Suffolk County NY homebuyers are looking for in new homes appears to be more space.
According to data presented by the National Association of Home Builders (NAHB) at the International Builders' Show in Las Vegas, the size of new homes is up 13.4 percent in the last four years alone, with a massive rise in 4+ bedroom homes being sold.
Regardless of size, the NAHB says that features builders are most likely to include in a typical single-family home this year are a walk-in closet in the master bedroom, low-e windows, a laundry room and a great room.
Energy-efficiency is also a key theme among Suffolk County NY homebuyers, as Energy-Star rated appliances, programmable thermostats and Energy-Star rated windows also rank high on the wish list.
Suffolk County NY Homebuyers Still Want Kitchen Islands
According to builders, Suffolk County NY homebuyers are still wanting granite countertops, a double-sink and a central island in the kitchen as well as a linen closet and a private toilet in the bathroom.
Paneled appliances that blend into the cabinetry are gaining favor. And appliances are being moved around the kitchen. Two ovens are becoming more popular. They could be in different locations rather than above one another.
Other features that builders are likely to include are first-floor ceilings at least nine-feet high, a front porch, exterior lighting and a patio.
Based on feedback from Suffolk County NY homebuyers, the most unlikely features wanted in 2014 homes are laminate kitchen countertops, an outdoor kitchen, an outdoor fireplace, a sun-room, a two-story family room, a media room, a two-story foyer and a whirlpool in the master bathroom.
For more on what Suffolk County NY homebuyers want in their homes, as well as improvements, visit our Suffolk County NY Home Improvement section of articles under Suffolk County NY Real Estate Categories to your right.
It used to be that exterior Suffolk County NY home maintenance involved painting some form of wood siding, or installing vinyl siding over your wood (if you didn't have brick or stone siding.) That meant supposedly never having to paint again, but you sacrifice the architectural beauty of wood.
New Products Save on Suffolk County NY Home Maintenance
Now, a new breed of manufactured products looks realistic enough to preserve or even boost your home's appearance. Many of these new products are pricier than the natural versions, but in the long run, will save you money and effort.
One of the most dramatic new products to hit the market that will help cut the cost of your Suffolk County NY home maintenance is Fiber-Cement Siding.
These clapboards and shingles are cut from sheets of special, slightly flexible cement mixed with wood fibers. This siding won't rot, warp, or cup. The pieces are typically factory painted, then nailed one by one onto your house, just like the real thing. That creates an authentic, handcrafted look.
Factory paint will last 15 years. Then repaint every seven to 10 years, compared with five to seven years for wood.
Suffolk County NY Home Maintenance Includes Trim
Now there is a new, Cellular PVC trim. This natural-looking trim is made from the plastic used for plumbing drains, with air added while the material is molten for woodlike density. Your contractor can cut, shape, and install the boards just like lumber.
PVC doesn't need painting, though a couple of coats will add realism. If you do, repaint every 25 years, vs. five to seven years for wood. Hiring a pro to paint only your trim might cost $1,500 or more. Figure that in, times at least 4, for painting wood trim versus PVC that won't need it all, or at most, ever 25 years.
Figure about $75 to trim a window (including installation), or $3,500 for an entire house, both about 10% more than pine, but you'll save that in the cost of not painting your pine trim every few years.
Suffolk County NY Home Maintenance – Don't Forget The Doors
And finally, for your exterior Suffolk County NY home maintenance, consider fiberglass entry doors.
Fiberglass doors are made of thin, waterproof fiberglass skins embossed to look as if they have traditional panels, moldings, and even woodgrain. Inside is an insulating foam that's three times as energy-efficient as wood.
As with wood, you'll need to touch up the paint or apply a fresh coat of varnish every five years or so (about $100, assuming you already have a painter or handyman coming to tackle other projects). Yet these doors will never warp, crack, or split.
Most fiberglass doors come with a lifetime warranty, whereas most wood door warranties are generally only five years.
So as you can see, Suffolk County NY home maintenance doesn't have to be an ongoing thing if you consider moving up to some of the more modern manufactured products that have come on the market in recent years.
To get more tips on Suffolk County NY home maintenance and ways to save money by doing-it-yourself, check out our other articles by clicking on the Suffolk County NY Home Improvements link to your right under Suffolk County NY Real Estate Categories.
A Suffolk County NY real estate scam is making the rounds. Scammers are approaching new home owners and trying to trick them into paying $83 for unnecessary property records — including deeds that are available for a few bucks at county government offices or are already supplied at the end of a Suffolk County NY real estate transaction.
Fake companies reportedly are soliciting customers with a formal-looking letter that resembles a government bill. The companies are using multiple names for their business, such as Record Transfer Services, Property Transfer Services, Conveyance Transfer Services, Record Retrieval Department, and National Deed Service. They often use a similar phone number: 888-874-4669.
In a recent case in Wisconsin, new home owners were asked for an $83 "document fee" for a deed and "real property records" by a certain deadline.
Some people don't even call and ask any questions. They just automatically send the money. They're just excited they get their house and don't know enough to even question the request.
A real estate broker with a firm in Milwaukee first alerted the Milwaukee Sentinel Journal about the scam after two of his clients approached him separately within two months of purchasing a house to ask why they had received another bill. At the bottom of the letter was a disclaimer: "The company Record Transfer Services is not affiliated with the State of WI or the County Recorder. This offer serves as a solicitation for services and [is] not to be interpreted as a bill due."
Recently Purchase Suffolk County NY Real Estate?
For people who don't understand the Suffolk County NY real estate process or that a deed exists, they think they have to pay this added fee. Don't be scammed. If you've recently purchased Suffolk County NY real estate and receive such a notice, don't pay it. Call your county tax office for confirmation that your notice is a scam.
For more information on Suffolk County NY real estate news and updated information that affects Suffolk County NY real estate directly, visit our Suffolk County NY Real Estate News link under our Suffolk County NY Real Estate Categories to the right.