Jun

27

Long Island Real Estate Market: Foreclosure Update, June 2008

Filed Under Foreclosure Info, Sellers, Sellers & Buyers | 1 Comment

I will be updating the numbers of foreclosures in 15 separate towns throughout Suffolk County each month. This article is actually the second installment. The first article on foreclosures in suffolk county was written in february and was somewhat of an experiment by myself. However, as we bear deeper into the challenges of this market and the increasing number of “short sales” and foreclosures, I thought it might be a good idea to write a monthly article featuring the number of foreclosures in certain areas throughout Long Island, Suffolk County.


The following is a list of homes that according to realestate.yahoo.com in cooperation with realtytrac.com are in the process of foreclosure. I simply “googled” the term “foreclosure TOWN, NY”.

West Islip = 30 Homes Pending Foreclosure
Deer Park = 100 Homes Pending Foreclosure
Babylon = 25 Homes Pending Foreclosure
West Babylon = 98 Homes Pending Foreclosure
Lindenhurst = 89 Homes Pending Foreclosure
Patchogue = 14 Homes Pending Foreclosure
Miller Place = 19 Homes Pending Foreclosure
Riverhead = 5 Homes Pending Foreclosure
Huntington = 46 Homes Pending Foreclosure
Port Jeff = 15 Homes Pending Foreclosure
Sayville = 24 Homes Pending Foreclosure
East Hampton = 1 Homes Pending Foreclosure
Smithtown = 6 Homes Pending Foreclosure
Hauppauge = 14 Homes Pending Foreclosure
Manorville = 28 Homes Pending Foreclosure

Total = 514 Homes Pending Foreclosure

Click Here For Helpful Information & Tips For Avoiding Foreclosure. If you have any questions, feel free to contact me at 631.587.1700, ext. 51.

(c) Copyright 2008, www.tommcgiveron.com

By Tom McGiveron, Licensed Real Estate Salesperson

Jun

13

Buying Real Estate

Filed Under Buyers | 1 Comment

Provided by www.nytimes.com, the following tool is great to help analyze whether or not it’s better to buy or rent.

Is It Better To Buy Or Rent?

Without going into an elaborate explanation of how to use this program, I encourage you to see for yourself. I used national numbers for the annual long-term home appreciation rate of 5% and an annual rental increase of 5% as well. If you have any questions, please call me at 631.587.1700 or leave a comment!

Jun

9

Interest Rates: The Trend Is Up

Filed Under Buyers, Sellers, Sellers & Buyers | 1 Comment

I have a few slides worth taking a look at regarding real estate interest rates. Again, these slides feature expert analysis on the topic. This topic happens to be about mortgage rates, where they’re going and why you should be concerned.

As a buyer, it’s no secret that now is the time to buy. Interest rates are low and prices have dropped. My previous article about the importance of a low interest rate is worth reading or reading again!

The impact of inflation on interest rates is something Lawrence Yen, Chief Economist for the National Association Of Realtors, talks about in much of his continuous expert analysis of the market.

may-buyer-inflation-slide.jpg

And as for where the interest rates are going. The data suggests that rates are rising and will most likely continue to rise with economic trends.

may-buyer-interest-rates.jpg

Lastly, while buyers may take comfort in that they still can continue to rent, they must also realize that with the increases in energy costs, taxes and general living expenses, this also impacts the cost of rent. And with renting, tenants don’t get to write off any of this expense, like a homeowner can write off mortgage interest.

may-buyer-rent-increase.jpg

So with the trend of interest rates seemingly increasing, it may be a prudent time to review your options. If you have any questions, please feel free to call me anytime!

Now for sellers, with interest rates so low NOW - this is definitely one of the best times to sell, if you need to sell. Again, sellers must look at their situation for what it really is and determine on their own what course of action they will take. I am also available anytime to discuss the market in a much more comprehensive manner.

(c) Copyright 2008, www.tommcgiveron.com

Call me 1-877-SOLD-123, ext. 51

Jun

6

Get Your House On The Market!

Filed Under Sellers | Leave a Comment

With all that is in me, if you “want” to sell your home, you must get it on the market now.

Click Here Read This Article On Today’s Oil Prices And Future Projections

I put the word “want” in quotes because that word is perception. There are people that tell me they don’t have to sell their home, meanwhile they tell me their life circumstances and all indications lead me to believe that in this market, the “want” is really a NEED. Whether it’s a measure of financial situations or more importantly, a healthier lifestyle decision, you may find that you “NEED” to sell rather than just want to sell.

The prices and current markets are leading experts to believe that the recovery of the real estate market will be L O N G - T E R M. This simply means that it’s not going to just “pick up” on a whim.

Please feel free to read my latest article on real estate market values.

The content on my website is not meant to “scare” homeowners. It’s simply an tool of information. I hope while you read the article on yahoo.com about oil prices and consider the impact it will have on your home when gas and oil reaches $6. This will not improve prices but will continue to put buyers on the fence.

If you “need” to sell now, call me. I work 7 days a week - tirelessly.

631.587.1700 ext. 51 (if you call after hours - dial *8 and then my extension).

(c) Copyright 2008 www.tommcgiveron.com

By Tom McGiveron