Friday, April 10, 2015
Long Island and Queens Realtor® Open House Weekend Kicks-Off Spring Home Buying Season Wading River, NY – April, 2015– Purchasing a home is one of the most important decisions in a person’s life and deciding on a particular house comes with many options. Buyers in Wading River / Shoreham vicinity will have the opportunity to do just that on April 18 and 19, 2015 as Realtors® hold open houses all weekend long as part of the 6th Annual Long Island and Queens Realtor® Open House Weekend, hosted by the Long Island Board of Realtors®, Inc. (LIBOR). “Spring is typically a busy season when it comes to real estate, especially after the extreme weather conditions that this winter brought. It is a time when more properties become available and when buyers are most active. Open houses are a key to success in the Spring market, and are a boost to spring home-buying activity. To celebrate spring and kick-off the season, Realtors® throughout Wading River / Shoreham vicinity are taking part in Realtor® Open House Weekend,” said Mildred Thomas. According to data from the National Association of Realtors® (NAR), the months between April and July are when the most house sales take place. Many homeowners choose this time of year to sell their homes as it is vacation time and there is nicer weather. Buyers are often reluctant to uproot themselves while their children are in school and when the weather makes moving difficult. Given the number of houses on the market during spring, it can be an optimal time for house hunting. During Realtor® Open House weekend, buyers can have a greater chance of finding the home of their dreams. Realtors® will be present at the open houses to offer expert insight into the local housing market and answer questions from consumers concerning the home buying and selling process. There will be thousands of open houses for you to attend, throughout Nassau, Suffolk, and Queens Counties. Visit www.lirealtor.com/hom for a list of participating offices in your local area. “The Long Island and Queens Realtor® Open House Weekend promotes the convenience of the open house for both buyers and sellers. This event creates great opportunity for buyers to see what is available to them and for sellers to get maximum exposure for their properties.” said Laura Copersino, LIBOR President. “Also, working with a Realtor® can be a real asset. Realtors® visit hundreds of homes with buyers each year, and have a unique understanding of what buyers’ value in their local markets. Their expertise and knowledge can help you achieve the dream of homeownership.” added Copersino.
For a list of participating NOHW offices, weekend open houses, and the sweepstake form, please visit: www.lirealtor.com/hom.
Tuesday, November 26, 2013
Landmark Realty of LI, Inc. is joining the Long Island Board of REALTORS® (LIBOR) 6th Annual REALTORS® Against Hunger campaign, to fight hunger in our local communities. REALTORS® Against Hunger (RAH) will be collecting donations of non perishable food items through the end of December. During this time period, the public is encouraged to drop off dry and canned food donations, as well as well as personal care items, diapers and dry pet food, to Landmark Realty of LI, Inc., 6347 Route 25A, Wading River NY 11792 between the hours of 9am to 5pm. This collection drive will support efforts to provide food and additional donations, to hundreds of local food pantries, soup kitchens, shelters and other programs that help those in need. LIBOR is working with several strategic partners to ensure proper distribution of donated items to outlets in Nassau, Suffolk and Queens Counties. “LIBOR is proud to once again participate in the REALTORS® Against Hunger campaign. Almost a year after Super Storm Sandy tore through Long Island, storm damaged communities are still in need of assistance. Many Long Islanders are continuing to struggle with rebuilding their homes, and their lives. They are finding themselves in a position where they are unable to put food on the table and are in dire need for other resources as well. Through RAH and our “We’re More than REALTORS® program, the REALTOR® family is committed to assisting our neighbors in any way that we can.” said LIBOR President Moses Seuram, whose own office has participated in this program since its inception. Donation items can also be brought to REALTOR® Service Centers in Jackson Heights, West Babylon, Riverhead and Woodbury as well as local REALTOR® offices such as Landmark Realty of LI, Inc.. “As Long Island recovers from the devastation of the storm and the hard hit economy, so are the millions of food pantries across the country and on Long Island. As LIBOR launches its 6th year of the RAH campaign, we're hoping to help fill the depleted shelves throughout Long Island’s food pantries, which in turn will get food and other necessities to those in our community who need it most.” explained Millie Thomas of Landmark Realty of LI, Inc.. REALTORS® Against Hunger (RAH) is part of the Long Island Board of REALTORS® “We’re More than REALTORS®” initiative that supports numerous programs and charitable community organizations. The Long Island Board of REALTORS®, Inc. (also known as LIBOR) is a 20,500 member not-for- profit trade association that serves real estate professionals throughout Nassau, Suffolk and Queens counties. LIBOR is the third largest local REALTOR® Board in the United States. REALTOR® members subscribe to a strict Code of Ethics and Standards of Practice. Not every real estate licensee can be called a REALTOR®.
Friday, December 28, 2012
Saturday, November 5, 2011
The new development of Birchwood Park Homes @ Wading River lies between Rt. 25A and Rt. 25 just East of Wading River- Manor Rd. This premier community is partly in the Shoreham-Wading River School District and partly in the Riverhead School District. Sections 1 & 2 are sold out but you can still choose to build a home in sections 3 & 4. The base prices start at $469,900 which includes 4 or 5 bedrooms, full basements, 9’ ceilings, central A/C, designer kitchens, stone exterior trim, GE appliances and each home is equipped with expandable smart house infrastructure. The properties are ¾ to 1 acre in size.
Birchwood Park Builders have been in existence for over 65 years and have built many quality homes in Virginia, Maryland and New York. The Wading River homes are all two story, however, there are models that can be built with a first floor master suite. The home designs are very pleasing and there are many styles to choose. The size of homes range from 2,000 sq. ft. to over 4,000 sq.ft. and there are some homes that are ready for quick delivery. The current taxes range from $8,000 to 16,000 depending on the size of the home. Every home is Energy Star labeled. That means that they are more comfortable, quieter, healthier and use approximately 30% less energy.
The rates today are the lowest on record at 3.94% for 30 year fixed mortgages. In addition, for a limited time, buyers who build a new home at Birchwood will receive $25,000 credit for upgrades, home automation systems, closing costs, or anything else that they may want. Qualified buyers now have an extraordinary opportunity to buy a new Birchwood Park Home.
Submitted by: Millie Thomas, Broker of Landmark Realty of L.I., Inc.
Thursday, September 15, 2011
Landmark Realty of L.I., Inc. is joining the Long Island Board of Realtors® (LIBOR) initiative, Realtors® Against Hunger, to fight hunger in our local communities. Realtors® Against Hunger (RAH) will be collecting donations of non perishable food items from September 1st – December 31st. During that time period, the public is encouraged to drop off canned and dry food donations at Landmark Realty of L.I., Inc., 6347 Rt. 25A, Wading River, N.Y. 11792 between the hours of 10am to 6pm. This collection drive will support efforts to provide food to hundreds of local food pantries, soup kitchens, shelters and other programs that feed the hungry. LIBOR is working with several strategic partners to ensure proper distribution of food to outlets in Nassau, Suffolk and Queens Counties. “With more than 300,000 children and adults facing hunger or potential malnutrition in the region the Long Island Board of Realtors must respond to the needs of our communities, especially in these difficult times,” said Liz English, LIBOR President.
Realtors® Against Hunger (RAH) is part of the Long Island Board of Realtor®’s “We’re More Than Realtors®” initiative that supports numerous programs and charitable community organizations. A kick-off celebration for the campaign will be hosted at Bethpage Ballpark in Islip at the start of the Long Island Ducks baseball game.
Food donations can be brought to Realtor Service Centers in Jackson Heights, West Babylon, Riverhead and Woodbury as well as local Realtor offices such as Landmark Realty of L.I., Inc.. “We cannot stand by and watch our communities struggle. The impact of the economy and the escalating cost of fuel and other challenges is negatively impacting families throughout Long Island. Many families must now choose between paying for a tank of gas to get to work or feeding their family. We will work diligently to help our communities by filling these pantries and making an impact in the fight against hunger here on Long Island,” explained Millie Thomas, Landmark Realty of L.I., Inc..
Monday, March 21, 2011
If you're thinking of selling your home, and you expect that the total amount you owe on your mortgage will be greater than the selling price of your home, you may be facing a short sale. A short sale is one where the net proceeds from the sale won't cover your total mortgage obligation and closing costs, and you don't have other sources of money to cover the deficiency. A short sale is different from a foreclosure, which is when your lender takes title of your home through a lengthy legal process and then sells it.
1. Consider loan modification first. If you are thinking of selling your home because of financial difficulties and you anticipate a short sale, first contact your lender to see if it has any programs to help you stay in your home. Your lender may agree to a modification such as: Refinancing your loan at a lower interest rate; providing a different payment plan to help you get caught up; or providing a forbearance period if your situation is temporary. When a loan modification still isn’t enough to relieve your financial problems, a short sale could be your best option if:
•Your property is worth less than the total mortgage you owe on it.
•You have a financial hardship, such as a job loss or major medical bills.
•You have contacted your lender and it is willing to entertain a short sale.
2. Hire a qualified team. The first step to a short sale is to hire a qualified real estate professional and a real estate attorney who specialize in short sales. Interview at least three candidates for each and look for prior short-sale experience. Short sales have proliferated only in the last few years, so it may be hard to find practitioners who have closed a lot of short sales. You want to work with those who demonstrate a thorough working knowledge of the short-sale process and who won't try to take advantage of your situation or pressure you to do something that isn't in your best interest. A qualified real estate professional can:
•Provide you with a comparative market analysis (CMA) or broker price opinion (BPO).
•Help you set an appropriate listing price for your home, market the home, and get it sold.
•Put special language in the MLS that indicates your home is a short sale and that lender approval is needed (all MLSs permit, and some now require, that the short-sale status be disclosed to potential buyers).
•Ease the process of working with your lender or lenders.
•Negotiate the contract with the buyers.
•Help you put together the short-sale package to send to your lender (or lenders, if you have more than one mortgage) for approval. You can’t sell your home without your lender and any other lien holders agreeing to the sale and releasing the lien so that the buyers can get clear title.
3. Begin gathering documentation before any offers come in. Your lender will give you a list of documents it requires to consider a short sale. The short-sale “package” that accompanies any offer typically must include:
•A hardship letter detailing your financial situation and why you need the short sale
•A copy of the purchase contract and listing agreement
•Proof of your income and assets
•Copies of your federal income tax returns for the past two years
4. Prepare buyers for a lengthy waiting period. Even if you're well organized and have all the documents in place, be prepared for a long process. Waiting for your lender’s review of the short-sale package can take several weeks to months. Some experts say:
•If you have only one mortgage, the review can take about two months.
•With a first and second mortgage with the same lender, the review can take about three months.
•With two or more mortgages with different lenders, it can take four months or longer.
When the bank does respond, it can approve the short sale, make a counteroffer, or deny the short sale. The last two actions can lengthen the process or put you back at square one. (Your real estate attorney and real estate professional, with your authorization, can work your lender’s loss mitigation department on your behalf to prepare the proper documentation and speed the process along.)
5. Don't expect a short sale to solve your financial problems. Even if your lender does approve the short sale, it may not be the end of all your financial woes. Here are some things to keep in mind:
•You may be asked by your lender to sign a promissory note agreeing to pay back the amount of your loan not paid off by the short sale. If your financial hardship is permanent and you can’t pay back the balance, talk with your real estate attorney about your options.
•Any amount of your mortgage that is forgiven by your lender is typically considered income, and you may have to pay taxes on that amount. Under a temporary measure passed in 2007, the Mortgage Forgiveness Debt Relief Act and Debt Cancellation Act, homeowners can exclude debt forgiveness on their federal tax returns from income for loans discharged in calendar years 2007 through 2012. Be sure to consult your real estate attorney and your accountant to see whether you qualify.
•Having a portion of your debt forgiven may have an adverse effect on your credit score. However, a short sale will impact your credit score less than foreclosure and bankruptcy.
Monday, March 14, 2011
Sellers in any real estate market are looking to get the best possible price. If you are looking to sell in the next year, today’s price may well be the best price. Home values stabilized somewhat in 2010. Many hoped that was a sign that values had bottomed out and we would see price appreciation in 2011. Studies released this week have painted a different picture.
If we look at CoreLogic’s January Home Price Index (HPI), we see that prices are again beginning to decline:
National home prices, including distressed sales, declined by 5.7 percent in January 2011 compared to January 2010…
Mark Fleming, chief economist with CoreLogic, said, “A number of factors continue to dampen any recovery in the housing market. Negative equity, which limits the mobility of homeowners, weak demand and the overhang of shadow inventory all continue to exert downward pressure on housing prices. We are looking out for renewed demand in the coming months as the spring buying season gets underway to hopefully reduce the downward pressure.”
They are not talking about the spring market increasing or even stabilizing prices. They hope it will “reduce” the pressure to drive prices lower.
Radar Logic’s RPX Composite Price comes to virtually the same conclusion:
Radar Logic believes the RPX Composite price will continue to exhibit year-on-year declines throughout 2011 due to a growing supply of homes for sale and in the inventories of financial institutions, and weakening demand due to the reduction of government incentives for home buyers. Moreover, banks are facing uncertainty over whether they will be forced by regulators to expand mortgage modifications, and may reduce lending and tighten standards as a result.
“No matter what you call it, a ‘double dip’ or the continuation of a long process of deterioration, the current trend in home prices is evidence that housing markets are continuing to languish,” said Quinn Eddins, Director of Research at Radar Logic. “We expect the negative trend to continue under a severe supply overhang that includes a large and growing ‘shadow inventory’ of homes in default or foreclosure.”
It seems that prices have again begun to fall nationally. With the overhang of existing and shadow inventory, prices will probably continue to decline throughout most of 2011. If you’re thinking of selling, now might be the best time. Check with a local real estate professional to see how this might impact your area.