House Flipping Tip # 4

“Flipping” a house typically means buying, rehabbing and selling for a profit. Here are is one of seven tips to help you get started: Work with a Realtor who can provide a comparative market analysis. How much are homes in your niche selling for? What features do they commonly have? What is their average time on market? This will help you choose properties to buy and know what rehabbing you will have to do to sell for a competitive price.

Suffolk County, NY Market Time May 2014

The average Days On Market(DOM) shows how many days the average Property is on the Market before it sells. An upward trend in DOM tends to indicate a move towards more of a Buyer's market, a downward trend a move towards more of a Seller's market. The DOM for April was 142, up 6.0% from 134 days last month and down -7.2% from 153 days in April of last year. The April 2014 DOM was at a mid range compared with April of 2013 and 2012.

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Suffolk County, NY Inventory & Months of Supply May 2014

The Total Inventory of Properties available for sale as of April was 10,035, up 7.5% from 9,332 last month and up 9.7% from 9,144 in April of last year. April 2014 Inventory was at a mid range compared to April of 2013 and 2012.

A comparatively lower MSI is more beneficial for sellers while a higher MSI is better for buyers. The April 2014 MSI of 15.5 months was at a mid range compared with April of 2013 and 2012.

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Market Watch June 2012

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June, 2012 Babylon & West Islip (Zone 21) Brookhaven North (Zone 28) East Islip & Brookhaven South (Zone 25) Eastern Nassau/Central (Zone 4) Eastern Nassau/South Shore (Zone 5) East End/North Shore(Zone 30) East End/South Shore(Zone 31) Huntington (Zone 20) Nassau North Shore (Zone 3) Western Nassau/Central (Zone 8) Western Nassau/South Shore (Zone 6) Smithtown (Zone 24) Queens*** *** Zones 10,11,12,14,15 (All Zones Combined) OWNING A HOME IS STILL THE AMERICAN DREAM Coldwell Banker Residential Brokerage In the last decade, many approached real estate as a financial short term investment. That tide has finally turned and many are returning to the traditional reasons for purchasing a home. Well-known psychotherapist, Dr. Robi Ludwig partnered with Coldwell Banker Real Estate to explore the feelings Americans have on the value of the home and homeownership now, compared to before the economic downturn.  According to an online survey conducted in April by Harris Interactive for Coldwell Banker, the economic downturn has had a distinct effect on the way people view homeownership, but owning a home is still the foundation of the American dream. The survey found that: A majority of U.S. adults (79 percent) indicate the recession has caused society to rethink the concept of homeownership. In fact, 84 percent of U.S. adults agree more people took owning a home for granted before the recession, and nearly three-quarters (72 percent) said they feel like Americans have a greater respect for it now than they did before the recession. Seventy-five (75) percent of U.S. adults agree that due to changes in the housing market and/or economy there has been an overemphasis on the financial value of a home rather than the emotional value of a home. “Instead of looking at homes through the eyes of an economist, we’re realizing that a home doesn’t solely equate to financial return or measure only to a mortgage amount. Instead the home is the emotional center of our lives, and it remains a critical component of who we are,” said Dr. Robi Ludwig.  The survey also found homeownership is still part of the American dream and that the United States becoming a “rent-based” society does not appear plausible:  Ninety-one (91) percent of Americans agreed that owning a home is part of the American Dream (93 percent of homeowners, and 89 percent of renters).  Eighty-three (83) percent of renters said that they want to own a home someday. Market conditions, financing, price range, and inventory can all play a part in the home buying process. Look to the attached graph to see some of this information for the area that most interests you. If you want to own a home and need more detailed information, please feel free to contact a Coldwell Banker Residential Brokerage sales professional. A Coldwell Banker Residential Brokerage sales professional can explain the home buying and selling process, the benefits of homeownership, and can guide you through each step. Survey Methodology This survey was conducted by Harris Interactive on behalf of Coldwell Banker Real Estate. All data collection was done online within the United States from April 23-25, 2012 among 2,177 adults ages 18 and older (1,457 homeowners and 666 renters). ©2012 Coldwell Banker Real Estate LLC. Coldwell Banker is a registered trademark licensed to Coldwell Banker Real Estate LLC. An Equal Opportunity Company. Equal Housing Opportunity. Owned and Operated by NRT LLC.

Ronkonkoma, Holbrook, Lake Grove, Holtsville, Farmingville, Selden, Centereach, Sayville, Blue Point, Bayport, Oakdale, Patchogue, Medford, Bellport, Brookhaven, Mastic, Shirley, Manorville, Center Moriches, Moriches, East Moriches, Eastport, Miller Place, Mount Sinai, Shoreham, Wading River, Ridge, Rocky Point, Coram, Middle Island, Yaphank, Phillip King, Realtor, Suffolk Realtor, Coldwell Banker Residential Brokerage, phillip.king@cbmoves.com, cbmoves, 516-241-6264, 5018 Express Dr. S, Residential, Resale’s, New Construction, Builders, Investors, First-time Buyer, Vacation Homes, Short Sales, Listing Agent, Buyers Agent, Real Estate for Sale, Long Island Home, Long Island House, Long Island Real Estate, Long Island Houses For Sale, Long Island New York Property, Suffolk County Real Estate, Suffolk County Property, Suffolk County Homes, Suffolk Homes, Real Estate Agents in, Long Island Realty, Long Island Real Estate Agent, Long Island NY Real Estate, Long Island New Homes, Long Island Condos, Suffolk County Condo, Long Island New York Condo, How to www.philliprking.com