The Public’s Outlook on Real Estate on Long Island

Outlook On Real Estate On Long IslandProspective homeowners on Long Island have shown more interest about real estate ownership this spring then they have shown in the past few years. A new poll showed that consumers felt the real estate market was moving in the correct direction.

Buyers’ Market

Prospective homeowners on Long Island take the position that they are in control of the market place. It is a “buyers’ market.” Although the sentiment is favorable, this has not translated into an increase in the number of homes that have been purchased on Long Island. Don Levy, the director of Ciena Research Institute, recently stated, “the current view toward buying is extremely positive on Long Island. Right now the seller is losing and the buyer is winning and that tension is more acute on Long Island than it is in any other area of the state we measure.”

Sellers are at a Disadvantage

Liz English is the president of the Long Island Board of Realtors. She is also an associate broker at Netter Real Estate, located in West Islip, Long Island. She recently stated that some may view sellers at a disadvantage, but she does not. “With interest rates where they are now the buyers are there” English said. She believes it is an opportunistic market for both buyers and sellers. Houses are being sold for reasonable rates and buyers can obtain low interest mortgages. She feels this is a “win-win” situation for all involved.

English stated that she sees a trend concerning increases in the amount of purchases of homes on Long Island. She hopes this will continue into the near future.

Foreclosure Defense Attorneys

Filing a bankruptcy is one avenue to take to stop foreclosures from moving forward. Individuals can file Chapter 7 and Chapter 13 bankruptcies. These bankruptcies are usually filed by individuals and not by corporations. After filing bankruptcy you can re-establish credit and, in some circumstances, eliminate second mortgages.

Individuals and families whose homes are in foreclosure can also fight the foreclosures in the New York State courts. Foreclosure defense in the New York State courts can involve litigating issues concerning predatory lending, defective mortgages and defective foreclosure lawsuits. There are mandatory foreclosure court conferences in the state courts of New York. The Judges at these conferences try to motivate banks to work out mortgage modifications with individuals whose homes are in foreclosure. The courts can put pressure on the banks concerning mortgage modification programs that fail to meet the consumers needs. Feel free to call our office for a free consultation. At our initial meeting, we will provide you with an explanation of all of your foreclosure options. If you are reading this article, you are on our foreclosure defense blog.

Mistakes Made by Home Sellers

It is a buyers market for homes in the United States. Therefore, it is important, if you are trying to sell your home, to avoid making mistakes in how your home is marketed. Here are some suggestions.

Take Beautiful Photographs of Your Home

Today it is estimated that more than three quarters of all home buyers who view perspective homes view them online. It is therefore important that you take attractive photographs of your home and that these photographs are presented online. When you take the photographs, make sure your home is neat, clean and well organized.

Low Quality Home Improvements

Many homeowners, during the course of living in their homes, have been involved in home improvements. Home improvements that have been done to your home should be finished! They should not be projects that made it two-thirds of the way through and never were completed. This is a definite turnoff to perspective purchasers. Purchasers are not interested in buying into your unfinished problems. Homes should be painted in neutral colors.

Realistic Pricing

We have a free market economy concerning the sale of homes in the United States. Your home is only worth what a purchaser will pay for it. Your preconceived notions of what you would like to receive for your home do not necessarily comport with current market conditions that exist in the United States. Remember it is a purchaser’s market. There is a large inventory of homes on the market. Many homes on the market are considered distressed properties. These properties are placed on the market because the purchasers are forced to sell, or the homes have been taken over by financial institutions pursuant to foreclosure proceedings. Buyers will only pay attention to homes that they feel are realistically priced. Before figuring out what you wish to sell your house for, review the prices for other homes that are for sale. If you want your home to sell quickly, price it competitively!

Neat, Clean, Organized

If your home is messy or cluttered, you need to deal with this issue before you list it for sale. Perspective home buyers can be turned off by messy, poorly organized homes. Make sure you do not have corners in your house, closets or other locations that are cluttered with things that need to be filed or organized. The biggest turnoff for perspective purchasers is seeing a dirty home. If your home isn’t clean and neat, hire someone to help you in this endeavor. It is especially important that your kitchen and bathrooms look neat and organized.

Don’t Over Sell

Your home is what it is. You can point out the highlights to perspective purchasers, but to a large extent you should let them look around and get the feel of your home for themselves. Real estate brokers will tell you that the longer the perspective purchaser spends in your home the more likely they will purchase it. Good luck!! Unless the housing market turns around you will need it!

Foreclosure Lawyers

Our office handles foreclosure defense of homes throughout the Metropolitan New York area. We can help you with mortgage modifications and mortgage modification programs that fail to meet your needs. We litigate issues involving defective mortgages, defective foreclosure lawsuits, predatory lending, bad faith litigation and all other foreclosure related issues. We maintain a foreclosure blog to educate our clients and the general public concerning issues involving mortgage foreclosures, mortgage modification programs and other real estate related issues. We also file Chapter 7 and Chapter 13 bankruptcies on behalf of our clients. Call us for a free consultation at 1-800-344-6431, 516-561-6645 or 718-350-2802.

The Real Estate Market

The Real Estate MarketFor the past few years, home prices in the large majority of the United States have been falling. I am happy to report that in an article recently published by the National Association of Realtors, it showed that in seventy-eight markets throughout the United States, representing most major metropolitan areas, housing prices have started to stabilize. Stabilization of the housing market is good news. However, stabilization is indicative of the slowing of the downward valuation of homes and not their increasing in value.

Buyers’ Market

We still have a buyers’ market for single family homes. Sellers are reluctant to commit to buying homes when home values are decreasing. Perspective home purchasers are always looking for bargains. Will housing prices continue to go down or will they rebound? No one can be absolutely sure as to when the housing market will hit its absolute bottom.

Is this a Good Time for Selling?

Are you interested in selling your home? Many prospective home sellers have kept their homes off the market with the hope that there would be a rebound in the housing market in the United States. The stabilization of the real estate market should not be considered a rebound. However, there is no guarantee homes will be worth more in the near future.

Location, Location, Location

There are three rules concerning the valuation of real estate. Those three rules are known as “location, location, location”. The valuation of real estate is a local issue. The market value of homes and commercial real estate changes from state to state, city to city, suburb to suburb and locale to locale. It could even be different from one block to the next in the same neighborhood. It behooves you if you are a purchaser to use due diligence and to become familiar with the area in which you seek to purchase a home.

The Improving Economy

Although the real estate market has been stabilizing, we are still in a recession. Will the rising stock market bring back the real estate market with it? I am hopeful, but I am also concerned that the problems in the real estate market in the United States are so severe that it may take several more years to sort this out.

house1Foreclosure Defense Lawyers in Long Island and New York

Our office assists our clients with mortgage modification applications. We are knowledgeable about the mortgage modification programs and why they fail. We maintain a foreclosure blog to update the public concerning various issues involving homes and real estate. We aggressively litigate foreclosure proceedings. We litigate defective mortgage lawsuits, predatory lending and we attend court conferences for our clients when necessary. We advise our clients with regard whether they should file a bankruptcy to deal with being behind on their mortgage and as to whether a Chapter 7 or Chapter 13 bankruptcy would be appropriate. In the event you are behind on your mortgage or experiencing foreclosure problems, we can help you. Call us at 1-800-344-6431, 516-561-6645 or 718- 350-2802.

Foreclosure Defense in Valley Stream, Lynbrook, Baldwin, Malverne, Freeport, Oceanside, Long Beach, Elmont, Lakeview, West Hempstead, Hempstead, Merrick and Bellmore, New York

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