Fabulous water views of Flax Pond and Long Island Sound. This 3.07 acre property is the perfect spot for communing with nature! 3900 sq ft of living space. Main floor primary bedroom/bath/walk-in closets and finished basement. Close to Stony Brook University & Hospital, LIRR, Library, Shopping & Schools. MLS# 3359730 $1,683,000
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This notable estate was completed in 1935 and remains a crown jewel of Long Island’s fabled North Shore. Overlooking Long Island Sound, Somerset enjoys an unassuming approach that leads to the end of a long, private road adjacent to the lush David Weld Sanctuary. The property, with its exceptional privacy, boasts a staggering span of nearly 700-feet of waterfrontage along the shoreline. An adjacent 4-acre waterfront parcel is available separately. $10,600,000
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2600SF Main House w/800SF Fully Finished Basement. State of the Art Kitchen with Stainless Steel Appliances and Quartz Countertops. Beautifully finished Hardwood Floors-Custom Molding throughout. 3/4 Acre Flat Level Lot at the end of a Cul-De-Sac.
$849,000 | 3369076
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By Michael Ardolino
Great news is trending for 2022. The real estate market is still favoring sellers, and buyers can take advantage of mortgage rates that remain historically low.
Timing is everything. The best tip anyone can give a homebuyer is: Take advantage of rates on the low side now.
Let’s look at the data. According to Keeping Current Matters, mortgage rates are still below the average for each of the last five decades. Back in the 1980s, some people were paying rates as high as 12.7%! (See graph above)
For each single percentage point a mortgage rate is raised, it may only translate into a small increase in your monthly payment; however, over a few decades that will add up to a significant amount. Even half a point can make a difference.
The first few weeks of 2022 have been a prime example of how quickly mortgage rates can change. Freddie Mac reported 3.55% for a 30-year fixed-rate mortgage on Jan. 27. Just three weeks before the company was reporting the same rate at 3.22%. Fortunately, the week before the 27th stayed flat despite the month-long rise, but these numbers are the highest in nearly two years.
Experts, such as Freddie Mac’s Chief Economist Sam Khater, expect the increase to be gradual, with rates possibly reaching 3.7% by the fourth quarter. We’ll stay on top of this closely.
Lock it in. People starting the home buying process will benefit from visiting various banks to find the best rate and locking it in. Rates fluctuate daily, sometimes even hourly.
How does a rate lock work? The lock will protect you against rate increases while in the home buying process. Of course, there is always a chance rates can go down, and that’s when it’s wise to ask your lending institution if they offer a “float down” option. Considering how things are trending, it’s most likely not needed now.
Make sure to ask about fees before locking in a mortgage rate. Depending on the lender, locks tend to last 30 to 60 days. Also, ask about extension costs past 60 days.
Make the move. The housing demand will continue to be high due to more buyers than sellers. Fannie Mae and Freddie Mac predict trends that will see a strong increase in home prices in 2022.
Many homeowners wait until later in the year to put their homes on the market as many people in the past searched for homes in the warmer weather to prepare to move after the school year ended. Buyers will look earlier now that they see mortgage rates increasing. Get their attention by putting your house on market earlier than the rest.
Takeaway. Be the first to secure the best price for your home, and if you need to take out a mortgage on your new place, enjoy 16-year low rates. So … let’s talk.
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.
By Michael Ardolino
The new year is around the corner. Many homeowners yearning for a fresh look may think about renovating their homes or making small changes to their house. Here’s a piece of advice — always keep in mind that you will sell your home one day. With the market staying steady for sellers, it may be sooner than later.
Stay relevant
Even if you’re not thinking of selling your home currently, when painting, buying new fixtures, working on the outside, or making any change, stay up to date with the latest trends.
There are plenty of ways to find looks that are pleasing to you while you’re living in the house and still trendy. One day when you are ready to sell your home, you’ll be glad you did. It will mean less time and money to get it ready for market.
The first step is to check out popular social media apps such as Pinterest and some home decor websites or magazines. Some beautiful colors are trending for 2022.
For those who like a bright pop of color, purple will be a hot one. It works best in pillows or select pieces and the color pairs well with neutrals or a jewel tone such as red. Green is becoming another popular choice. The color is an earthy tone that is ideal for walls, and just like taupe, warm browns and off-whites, it works well with various decors.
Be bold with furniture and home decor items and mix materials such as metal, stone, wood and different fabrics to add an inviting look to a room.
Homes with kitchens that open into a living or family room are very popular. At the same time, today’s buyers like to see some definition between areas so consider a kitchen island or area rug in the dining room.
As you walk around your house, remember with more work-from-home options and many people still exercising at home, setting up a room or area that can be identified as office space, a study room or yoga studio is still big. Remember your ceilings when updating your home, too. Textured ceilings are dated so work on replacing popcorn, textured or stucco to freshen up your home.
Breath of fresh air
One of the biggest trends over the last couple of years has been the growing appreciation for the outdoors and fresh air. No matter what time of year it is, you can think about creating a yard that is an oasis for you and future occupants with luscious gardens, or fun additions such as fire pits and porch swings.
Takeaway
Many sellers who real estate professionals have staged or painted for often comment, “Why didn’t I do this sooner so I could have enjoyed it! Now I don’t want to move!”
You don’t have to be selling your house in the next few months to keep your home market-ready while still enjoying it yourself. You also never know when the opportunity to sell will arrive. Over the last couple of years, many people who weren’t even thinking of selling decided to do so to take advantage of the seller’s market or because a person or real estate professional reached out to them and asked them to consider selling.
Next year is going to be an exciting one in real estate, and I look forward to sharing with you more tips plus market news in this column during 2022. So, let’s talk.
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.
Daniel Gale Sotheby’s International Realty has announced that it is in the process of moving its longtime Huntington office from Park Avenue to a prime location on the corner of Main Street and New York Avenue in downtown Huntington Village. The new office will reap the benefits of high visibility and heavy foot traffic in this destination village known for its popular restaurants, shopping, and entertainment venues.
Daniel Gale Sotheby’s Chief Executive Officer Deirdre O’Connell made the announcement with the expectation that the new office will open in early spring 2022.
“To say that we are excited about our new location is an understatement,” said O’Connell. “We are delighted to bring a state of the art real estate office to downtown Huntington Village. Not only is Huntington the hometown of Daniel Gale Sotheby’s International Realty, our very first office was founded on this busy corner in 1922. Its opening will coincide with the start of our 100th anniversary celebration.”
As the new home base for some 50 real estate advisors, the office, located at 263 Main Street with display windows running alongside New York Ave., has already been festooned with signs bearing Daniel Gale Sotheby’s International Realty’s familiar whale logo.
“We’re sad to say goodbye to our longtime home on Park Avenue,” said O’Connell, “but this new office will incorporate design elements developed to accommodate the latest technology, the health and safety needs of those who work there or visit, and include leading edge meeting rooms.”
Eric McCarthy, sales manager of the Huntington office, is equally enthused about the move to Main Street. “An essential part of our culture is being part of the local community, and we will be in the thick of it here on Main Street. Huntington is among Long Island’s most desirable communities in which to live, and we look forward to inviting our neighbors, friends and passersby to stop in and say hello.”
By Michael Ardolino
Want to sell your home? Now is as good of a time as any to get started.
Why now?
Recently, National Association of Realtors Chief Economist Lawrence Yun said at a conference and expo that the residential real estate market continues to be promising.
“All markets are seeing strong conditions and home sales are the best they have been in 15 years,” Yun said. “The housing sector’s success will continue, but I don’t expect next year’s performance to exceed this year’s.”
First steps
Before a for sale sign goes up, there’s some prepping to be done.
A real estate professional will provide some tips on preparing your house to make it more attractive to potential buyers. I’ve mentioned some of that advice in past columns.
Sellers usually know to put away anything they don’t need right now and donate what they no longer want. This tip applies during the holiday season, too. A festive seasonal look can be inviting, just not too much. This means if you’re ready to sell before 2021 ends, keep this in mind to show off your space to its fullest potential.
The most important step is to sit down with a professional. They’ll go over with you how much similar houses near you sold at and help you decide the best marketing strategy and pricing for your home.
Timing is important
For the last few months, we’ve been keeping an eye on real estate news and trends together. As many recent Long Island sellers know, prices have been high and houses have sold quickly. While winter historically tends to be slower in real estate, experts predict things will be different this season.
“[This] winter is likely to be a better time to sell than winter typically is,” says Kelly Mangold, principal at RCLCO Real Estate Consulting. “Many sellers should not feel the need to wait until spring, especially in high-demand areas.”
This is no surprise. Interest rates are still historically low. For buyers, it’s still wise to get a mortgage now as some experts see interest rates inching up in 2022. A few experts, including forecasters at the Mortgage Bankers Association, predict that by the end of 2022 30-year fixed mortgage rates will average 4%. Fannie Mae economists are more conservative, thinking the rates will average more around 3.4% during the fourth quarter of next year.
Sellers can still get more money now than they would have just two winters ago. Inventory is still not meeting demand, with more buyers than sellers. Add to the equation that many buyers have met stiff competition finding their dream home. Many are still looking or starting their search again after taking a short break.
Takeaway
Real estate trends depend on what’s going on economy-wise and can be confusing sometimes. A real estate professional would be more than happy to help you with the steps and timing. So … let’s talk..
Michael Ardolino is the Founder/Owner-Broker of Realty Connect USA.
Welcome to this 1880 treasure- open the gate, then chose a chair at one of the several places in the garden, or under the wisteria-covered pergola on the way to the rocking chair front porch. Enter through the original front door and view one of Setauket’s beautiful Circa homes with 4 bedrooms, 2 baths, 2 fireplaces, and updated kitchen with lots of charm and original details. Fully fenced, 3 car detached garage, out-building, Koi Pond and so much more. $735,000.
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