Long Island NY Home Buyers Want These Features

More millennials are expected to become Long Island NY home buyers this year, and they might have a wish list of features that set them apart from previous generations of house hunters. We have assembled a list of features that The Federal Savings Bank has also noted as being desired by Long Island NY home buyers, especially among millennials:

Features Millennial Long Island NY Home Buyers Demand

Long Island NY home buyers want features like a separate laundry room in any home they are looking to buy these days

Separate laundry room. According to the National Association of Home Builders on January 26th, the No. 1 feature millennials demand is a separate laundry room. Many first-time Long Island NY home buyers said they would pass on houses that did not have this room.

Several storage areas. Another must-have is plenty of storage, including a walk-in pantry and garage storage. This could give millennials more room to hold and organize their belongings after spending time renting in apartments or living with their parents.

Energy-efficient technology and equipment. A separate report back in October 2014 by the National Association of Realtors found millennials are also demanding technology that is sustainable or energy-efficient. These include LED lighting as well as heating and cooling systems that save energy.

Simple and open spaces. While older generations liked the look of crown molding and other details, millennial Long Island NY home buyers are not so much interested in these design elements, according to NAR. Instead, they prefer open spaces in houses to spread out.

Overall, millennials will look for homes that fit in their budgets, which could mean smaller houses, according to NAHB.

Although millennials will likely seek out less pricier homes, they are less likely to favor houses made with inexpensive materials.

Get more information about how first time Long Island NY home buyers, whether millennials or not, can get started with the home buying process in our section on Long Island NY Home Buying Tips to your right under Long Island NY Real Estate Categories.

We post daily tips and news for Long Island NY home buyers at Twitter, and also on our Facebook Page. We'd love you to check us out there too.

Long Island NY Housing Market: Will 3% Down Help?

Home ownership rates have hit the lowest level in 20 years as the Long Island NY housing market continues to struggle following the financial crisis.
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Bloomberg's Erik Schatzker examines a proposal from President Barack Obama to incentivize the Long Island NY housing market…

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Can Obama's 3% solution awaken enough first time homebuyers to revive the Long Island NY housing market, or will the low down payment plan backfire and cause another housing crisis like we've just emerged from? Time will tell, and we'll keep a sharp eye on the Long Island NY housing market for you right here at our site. Bookmark us now and come back often.
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Don't forget, we post daily news, tips, and links over on Twitter, and we publish daily on our Facebook Page as well.
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Can Starbucks Affect Long Island NY Home Values?

Sounds like a ridiculous question, but can living near a Starbucks actually affect Long Island NY home values? According to a new book, "Zillow Talk: The New Rules of Real Estate" by Zillow CEO Spencer Rascoff and Chief Economist Stan Humphries, it just might.

The pair write that Starbucks is actually the fuel for gentrification. "Starbucks equates with Venti-sized home-value appreciation," Humphries and Rascoff write. Moreover, Starbucks seems to be fueling — not following — these higher Long Island NY home values.

Long Island NY home values tend to be higher within a quarter mile of Starbucks versus those homes further away from Starbucks

Long Island NY Home Values Higher Near Starbucks

To make the argument that Starbucks is actually causing this growth, rather than just piggybacking on it, the executives looked at homes within a quarter-mile of a Starbucks compared to those between a quarter-mile and half-mile away. The increase in the value of houses within a quarter-mile radius of a Starbucks outpaced those of Long Island NY home values slightly further away during the five years after the coffee shop arrived in the neighborhood.

In a 17-year span, homes near Starbucks appreciated 96 percent, compared to the average home which appreciated 65 percent. So, assuming Starbucks truly does drive gentrification, how does Starbucks choose where to put its next location and send Long Island NY home values skyrocketing?

The team looks at traffic patterns, businesses and maps for every potential location. But it also leaves a lot of the decision up to "art," and regional teams who know the local areas well.

Turns out, Starbucks' data also has a pulse on the national consumer's mood on the economy, not just on setting the future for Long Island NY home values. CEO Howard Schultz told Time Magazine that Starbucks sales fluctuate with the national mood and tank during moments of political unrest.

What does all this mean? Do you need to add "near Starbucks" to your list of things to look for when shopping for your next home?  Perhaps. But we'd say, "don't make it mandatory."

Remember, we post daily tips and news that may affect Long Island NY home values over on Twitter, and also on our Facebook Page. We'd love you to check us out there too.

Long Island NY Homebuyers Say Location Still Matters

Nearly half of Long Island NY homebuyers surveyed by The Demand Institute who say they plan to move at some point in the future say that location still matters for them.

While some Long Island NY homebuyers say they will move for a larger or nicer home, or perhaps buy a home for the first time, three out of every four movers say that a location consideration is a reason for moving.

Most Long Island NY homebuyers surveyed still say location is an important factor

Most Long Island NY homebuyers who answered the survey said they won't go very far. More people seem to be wanting to move closer to city centers and are looking for denser, more walkable living. But most Americans in general say they will still continue to choose to live in the suburbs.

Findings of Long Island NY Homebuyers Surveyed

For most Long Island NY homebuyers, the location of their home is as important as or even more important than the physical home itself. So it's not surprising that location-related reasons play a critical role in the decision on when and where to move. 75% cite one or more location-related reasons for why they are planning to move.

While location plays a big rol in housing decisions, most Long Island NY homebuyers say they will stay in state, and more than half (59%) will move within 30 miles of their current home, and 27% of those plan to move less than 10 miles from where they live now.

A big factor for Long Island NY homebuyers is the desire to feel safe where they live. "Safe Neighborhoods" is a top unmet housing need for many Long Island NY homebuyers, as well as most Americans nationwide.

Other location-related priorities vary greatly. Those with school-age children care about good schools, while those in the workforce want to be close to their job. Others want to be in walkable areas near entertainment, services and public transit, and some don't want to be close to anything at all.

Since most Long Island NY homebuyers have at least one car, they continue to be fine with being a short drive from most services and amenities. Still, most do want to be within walking distance of one or two places, like a park, bus stop or convenience store.

There are important benefits associated with more walkability. More walkable communities report stronger expectations with home price growth, and are also more likely to report that their quality of live has improved in the past few years.

As you can see, there is tremendous diversity among Long Island NY homebuyers in terms of features and benefits. This diversity will likely persist going forward, given that these differences reflect divergent consumer needs and preferences. And this is a good thing, providing Long Island NY homebuyers with options consistent with their life stage and preferences.

If you're considering joining the ranks of Long Island NY homebuyers but are not sure where to begin, give us a call or fill out our short contact form here on our site. We're always available to sit down and discuss your moving plans with you and help you find the right neighborhood for your lifestyle and desires.

Long Island NY Real Estate: Mistake Millennials May Make

When it comes to Long Island NY real estate, most millennials say they'd rather rent than buy a home — a decision that could cost them more than $700,000 (or more) over the course of their lives.

It is still cheaper to buy Long Island NY real estate than it is to rent

Nearly six in 10 millennials (59%) say they'd rather rent a home than buy one, with just one in four saying they are either very or completely likely to purchase a home in the next five years, according to a survey of 1,300 millennials released recently by EliteDaily and Millennial Branding. (This anti-home-buying trend can already be seen: Currently, only about one in four millennials own a home, down from about one in three in the mid-70s and early 80s, according to data from the Demand Institute.) That's "bad news for the Long Island NY real estate industry," the report concludes.

Long Island NY Real Estate Cheaper to Own Than Rent

Whatever the reason, this decision may be a costly one. "In the Long Island NY real estate market it is still cheaper to buy than to rent [each month]" — even when you factor in the insurance and property tax payments, in addition to the mortgage payments, according to Daren Blomquist, vice president of RealtyTrac. And because interest rates are so low, now is a good time to buy Long Island NY real estate — at least if you plan on staying in the home over the long term. As a very rough rule of thumb, if you don't plan on staying in a home you are buying for at least five years, it may make sense to rent instead of buy.

Many millennials will likely rent now but buy a home down the road. But waiting to buy has its costs, too — interest rates and median home prices are likely to rise down the road. At current rates of appreciation, in 10 years the average $190,000 home now would be selling for about $249,000. If interest rates return to their historical norm (from over the past 15 years) of 5.6%, a monthly house payment (including mortgage, taxes and insurance) on a $249,000 home would be $1,574 a month, a 52% increase over the $1,037 house payment for a median priced home now; plus, over that 30 years, you'd pay a total of $566,640 (assuming you put 10% down) for a home worth $558,356 at the end of that period.

If that same millennial rented — let's assume he or she pays $1,312 a month in rent this year (which is the average fair market rent for a three-bedroom nationwide, according to RealtyTrac) — and his or her rent appreciates at a rate of 2.7% a year (the average increase over the past decade, RealtyTrac says), he or she will end up shelling out nearly $717,000 in rent over that 30-year period — all without an asset to show for it in the end. Of course, he or she can cut that by having roommates, but at some age, he or she is probably going to want out of the roommate game, unless it turns out to be a spouse or love interest.

The bottom line in this whole scenario is simple. If you can afford to buy Long Island NY real estate rather than rent, do it.  If you can't afford it, don't. You don't want to end up in a situation where you have to foreclose on a home because you bit off more than you can chew.

Find more news articles as they relate to buying Long Island NY real estate in the Long Island NY Home Buyer Tips section under Long Island NY Real Estate Categories to your right. And find us on Facebook and follow us on Twitter for daily updates we post there as well.