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.

Winter: Best Time To Be Selling a Long Island NY Home

When is the best time to be selling a Long Island NY home? According to a new study by the real estate brokerage Redfin, homeowners who list their property for sale often find the winter season the most advantageous time to be selling a Long Island NY home.

The winter season unofficially is considered to be the time between December 21st and March 20th. So if the Redfin study holds true for the best time to be selling a Long Island NY home, we're starting into the home stretch now, no pun intended.

Winter may be the best time of the year for selling a Long Island NY home

Listing a Long Island NY Home Now May Net More

In an update to a two-year analysis it completed last year, Redfin researchers studied nationwide home listings, sales prices, and time-on-market data from 2010 through October 2014. According to Redfin's research, February is "historically the best month to list, with an average of 66 percent of those owners selling a Long Island NY home who listed then, selling within 90 days."

Selling a Long Island NY home during December through March tends to net sellers more than their asking price than listing during any months other than April and May.

Researchers say the winter market is less competitive for those selling a Long Island NY home since many people tend to wait until the spring to list. The smaller inventory of active listings help sellers get more attention from buyers on their properties. Also, many large corporations often transfer employees or hire new ones early in the year, creating opportunities for winter sellers from very motivated purchasers.

As for buyers, they may find winter a good time to make a move too. Sellers often are more flexible about negotiations over prices and terms than they would in the spring.

People tend to get more realistic at this time of year with the holidays behind them, particularly if their Long Island NY home has been on the market since last summer or fall.

Find more news articles as they relate to selling a Long Island NY home in the Long Island NY Home Selling 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.

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.

First Time Long Island NY Home Buyer? Tax Considerations

If you're a first time Long Island NY home buyer, there are some tax deductions you'll want to be sure not to miss when filing your taxes this year.

If you're a long time seasoned Long Island NY homeowner, this probably won't be news to you. But a first time Long Island NY home buyer just might miss some of these deductions.

A first time Long Island NY home buyer may miss some of these tax deductions

What a Long Island NY Home Buyer Can Deduct

Mortgage Interest – A new mortgage means you'll have a little more paperwork when it's time to file your taxes. However, the extra work is usually pays off. Perhaps the most important tax deduction a Long Island NY home buyer needs to be aware of is the mortgage interest deduction. At year-end, check out Form 1098 from your lender to see how much mortgage interest you've paid for the year.

Mortgage Points – Mortgage points are simply prepaid interest. You can buy points to lower your interest rate when you take out a mortgage. By purchasing points, you can save money in the long run if you stay in the home for a certain period of time, depending on the amount of points you purchase.

For example, if you have a $200,000 mortgage and buy two points, you'll cough up $4,000 for those points at closing. (Each point is 1% of the value of your mortgage.) If buying the points lowers your payment $250 a month, you'll have to stay in your home for at least 16 months to break even. After that time passes, you'll start putting money back in your pocket.

Are you eligible to deduct money you spent on mortgage points from your taxes? Each situation is different, but it's worth looking into.

Property Taxes – The fact that you're a Long Island NY home buyer also gives you the responsibility of paying property taxes. In most cases, your taxes are rolled into your monthly mortgage payment, and your mortgage company pays them from your escrow account when they're due.

If you're a first time Long Island NY home buyer, you'll need to know the total real estate taxes for the real property tax year and the number of days in the property tax year that you owned the property.

What a Long Island NY Home Buyer Can NOT Deduct

Although you have to pay them, items Uncle Sam does not let you write off include; homeowner's insurance premiums, homeowner association dues, general closing costs, and home repairs. There are some home improvements that come with a tax credit, and some may qualify for rebates, but overall, home repairs are not deductible.

Being a first time Long Island NY home buyer can have a big impact on your overall tax liability, so do your homework and take the tax deductions you're entitled to.

Get more information about how a first time Long Island NY home buyer may be affected tax-wise in our section on Taxes to your right under Long Island NY Real Estate Categories.

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