THE MORTGAGE PROCESS

Learn about the details, like documentation you will need, average timelines, and fees.

Finding the Right Neighborhood

When you think about your dream home, are you seeing the house, or the neighborhood it's in?

It's easy to get caught up in bedroom and bathroom counts when you're shopping for a new home, but the biggest choice you're going to make in the process is of course the ‘where’ question. So how do you find the home that's going to be the perfect fit for your whole lifestyle?

Here are three of my favorite tips to see if an area or a particular area is right for you:

Check out the basic stats.

What is the median sale price of homes in a given neighborhood? How do the local and nearby schools perform? What amenities are nearby? How popular is the neighborhood in today's market?

See what the neighbors are doing.

Get a sense of local activities, and see if it looks like a place with frequent block-parties or if people may keep more to themselves.

Learn the traffic patterns.

Knowing that you're close to the highway or a public transportation center is one thing. You should find out if there are frequent jams at key commuting times, or if a nearby farmers' market limits road access during weekends. You may also want to consider how much parking is available, both for yourself and for when you want to entertain.

Give me a call on my mobile at 516-241-6264 anytime you'd like to discuss which neighborhoods you're considering. I love to talk about local real estate issues and market conditions you should consider as you're building your home buying plan.

Home Seller Tip #9 Spring 2016

Create a Balanced Space: To make a room appear bigger, paint it the same color as the adjacent room. If you have a small kitchen and dining room, a seamless look will make both rooms feel like one big space. Tip: If you want to give the illusion of more space, paint the walls the same color as your draperies. It will provide a seamless and sophisticated look.

Home Seller Tip #8 Spring 2016

If you power wash the sidewalk and parts of the house, you can improve its curb appeal and excite a potential buyer. Think about it: when a person walks up to a house that was recently cleaned, they will be much more interested. This is an inexpensive way to improve your house, since you can rent a power washer.

Home Seller Tip #7 Spring 2016

Half-empty closets. Storage is something every buyer is looking for and can never have enough of. Take half the stuff out of your closets then neatly organize what’s left in there. Buyers will snoop, so be sure to keep all your closets and cabinets clean and tidy.

Home Seller Tip #6 Spring 2016

Light it up. Maximize the light in your home. After location, good light is the one thing that every buyer cites that they want in a home. Take down the drapes, clean the windows, change the lampshades, increase the wattage of your light bulbs and cut the bushes outside to let in sunshine. Do what you have to do make your house bright and cheery – it will make it more sellable

Home Seller Tip #5 Spring 2016

The condition of your property is always a factor in how quickly your home sells. It's a fact: acquiring the highest market value and elevating your home above the others in the same price range often comes down to first impressions. Here are some inexpensive ways to maximize your home's curb appeal:

-Keep the grass cut and yard clutter to a minimum.
-Apply fresh paint to any wooden fences and your front door.
-Clean windows inside and out.
-Wash or paint your home's exterior.
-Ensure gutters and other exterior fashions are firmly attached.

Home Seller Tip #4 Spring 2016

Take the home out of your house. One of the most important things to do when selling your house is to de-personalize it. The more personal stuff in your house, the less potential buyers can imagine themselves living there. Get rid of a third of your stuff – put it in storage. This includes family photos, memorabilia collections and personal keepsakes. Consider hiring a home stager to maximize the full potential of your home. Staging simply means arranging your furniture to best showcase the floor plan and maximize the use of space.

Home Seller Tip #3 Spring 2016

The kitchen comes first. You’re not actually selling your house, you’re selling your kitchen – that’s how important it is. The benefits of remodeling your kitchen are endless, and the best part of it is that you’ll probably get 85% of your money back. It may be a few thousand dollars to replace countertops where a buyer may knock $10,000 off the asking price if your kitchen looks dated. The fastest, most inexpensive kitchen updates include painting and new cabinet hardware. Use a neutral-color paint so you can present buyers with a blank canvas where they can start envisioning their own style. If you have a little money to spend, buy one fancy stainless steel appliance. Why one? Because when people see one high-end appliance they think all the rest are expensive too and it updates the kitchen.

Home Seller Tip #2 Spring 2016

Always be ready to show. Your house needs to be "show-ready" at all times – you never know when your buyer is going to walk through the door. You have to be available whenever they want to come see the place and it has to be in tip-top shape. Don’t leave dishes in the sink, keep the dishwasher cleaned out, the bathrooms sparkling and make sure there are no dust bunnies in the corners. It’s a little inconvenient, but it will get your house sold.

Suffolk County Single Family Property Sales

February Property sales were 828, up 29.4% from 640 in February of 2015 and -0.4% lower than the 831 sales last month. February 2016 sales were at their highest level compared to February of 2015 and 2014. February YTD sales of 1,659 are running 26.4% ahead of last year's year-to-date sales of 1,312.

Home Seller Tip #1 Spring 2016

The first impression is the only impression. No matter how good the interior of your home looks, buyers have already judged your home before they walk through the door. You never have a second chance to make a first impression. It’s important to make people feel warm, welcome and safe as they approach the house. Spruce up your home’s exterior with inexpensive shrubs and brightly colored flowers. You can typically get a 100-percent return on the money you put into your home’s curb appeal. Entryways are also important. You use it as a utility space for your coat and keys. But, when you’re selling, make it welcoming by putting in a small bench, a vase of fresh-cut flowers or even some cookies.

Happy New Year!!!! Welcome 2016!!!

This is Home. This is where milestones are marked, celebrations take place and new dreams are imagined. Coldwell Banker. Where home begins. For exceptional real estate service, contact me anytime.   Phillip King CNS Associate Real Estate Broker                                      Office: 631-588-9090 Mobile: 516-241-6264 Call, Text or Email Me Now phillipking@mysuffolkhomevalue.com mysuffolkhomevalue.com Coldwell Banker and the Coldwell Banker Logo are registered service marks of Coldwell Banker Real Estate LLC. Coldwell Banker Residential Brokerage is owned by a subsidiary of NRT LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation.

Median Vs Average Values in Real Estate

What is the difference between median and average values? How does this affect your pricing strategy?
Let’s start by discussing the “average”, also known as the “mean”. This statistic is fairly easy to understand, as well as, to calculate. Just for purposes of this example, I want you to consider the current active properties (for sale) in your local market.
Compose a list of each active listing along with its asking price, or list price. A spreadsheet is very useful for this purpose. Next, we will calculate the sum by adding up all asking prices. Finally, we divide that sum value by the total number of listings. Voila! We just calculated the average asking price for listings in your market!
The median is also quite easy to understand and calculate. Let’s take another look at our list of active listing prices. We need to arrange this list in order from lowest price to highest. Once that is done, simply find the value that’s in the exact middle of the list. That value is our median asking price!
When our list has an even number of properties, our list will not have a single middle value, but rather we find 2 values that occupy the middle space. In this case, we simply take the average (add both numbers and divide by 2) to get the median value for the entire list.
Median values show a more accurate view of the market since they are typically less affected by large deviations in the data. For example, let’s assume that your data set includes 5 properties, as shown below along with their respective asking prices.
Property #1 … $350,000
Property #2 … $370,000
Property #3 … $310,000
Property #4 … $1,200,000
Property #5 … $335,000
The first thing you might notice is that one of these things is not like the others. Property #4 is priced much higher than the rest. This will have a significant affect on the average value, which happens to be $513,000.
To determine the median, we first sort the list in ascending order, then pick the middle value, which is $350,000. Comparing it to the average, the median value is a much more realistic interpretation of this market.

December Home Care Tips

You can keep your home in top shape with simple tasks throughout the year. This month, be sure to: Check your basement windows for drafts and/or cracked panes. Check on supplies around the home that could will be helpful if there's a weather related power outage or other emergency. Batteries, non perishable food items, and blankets should be available. Replace the filter on your furnace to keep it operating as efficiently as possible. Clean faucet aerators and shower heads. Reseal grout on counters, walls, and floors to prevent staining. Drain approximately 2 gallons from water heater to eliminate sediment. Make sure any decorative lights you put up for the holidays are working properly before hanging them. Anything with a frayed or damaged cord should be discarded.     As always, I appreciate referrals from my friends and past clients. If you know of anyone who is looking to buy or sell real estate, please send them my way!   Phillip King CNS Associate Real Estate Broker  Coldwell Banker Residential Brokerage                Office: 631-588-9090 Mobile:516-241-6264 Call, Text or Email Me Now phillipking@mysuffolkhomevalue.com mysuffolkhomevalue.com Coldwell Banker and the Coldwell Banker Logo are registered service marks of Coldwell Banker Real Estate LLC. Coldwell Banker Residential Brokerage is owned by a subsidiary of NRT LLC. If you have a brokerage relationship with another agency, this is not intended as a solicitation.

How to Get a Mortgage Loan for a Fixer

Here's a clever real estate dictum for you: Don't buy the best house in a bad neighborhood; buy the worst house in a good neighborhood.

There are several reasons for this rule, but the main one has to do with property values, which are determined in large part by the surrounding homes. If you buy the best home in a bad neighborhood, your home sets the highest price consideration in the area.

If you purchase a lower-priced home in a good neighborhood, you'll pay less for it, and with improvements, you can greatly increase its value. The higher-priced homes surrounding it will also buoy its value.

This doesn't necessarily mean you need to purchase a fixer. Sometimes a small home in a good neighborhood offers a good value if there is room to add to it. A fixer, however, presents you with the best opportunity to quickly build equity.

The FHA 203(k) Loan

If you think it's impossible to get a loan for a house that is uninhabitable, or needs a lot of work, think again. Not only is it possible, there is even a loan that allows you to live somewhere else during the rehab, while not having to worry about two mortgage payments.

The United States Department of Housing and Urban Development is the umbrella agency for the Federal Housing Administration (FHA). You've no doubt heard of FHA loans – which are low down payment loans that are guaranteed by the U.S. government.

The FHA offers another program called the Section 203(k) program, also known as Rehab Mortgage Insurance. Like a standard FHA loan, this program guarantees the repayment of the loan. Where this loan program differs is that it allows the borrower to finance both the purchase and the cost to rehab the house all in one loan.

Two Types of FHA 203(k) Loans

FHA offers the standard 203(k) loan that pays for rehabbing a house. Items such as a new roof, replacing plumbing, adding or replacing floors, and major landscaping are among the type of work allowed.

The program also offers a streamline FHA 203(k) loan, which pays for non-structural elements, such as painting, adding energy-efficient appliances and new carpet. In addition, homeowners can tap into the program to finance repairs required by an inspection report or to perform other work needed to get the property ready to sell.

The maximum loan amount for the streamline program is $35,000.

Ways to Use the Standard 203(k)

While most borrowers utilize the 203(k) to rehab a fixer, there are other ways to use the loan, as well. A homeowner can borrow the money to convert a single-family home into a multiple-unit dwelling, with up to four units. Or, the borrower can do the opposite – convert a multiple-unit home into a single-family home. Finally, the 203(k) loan can be utilized to move a house onto the property on which you've taken out a mortgage.

Of course there are rules and stipulations to all of these alternatives, which interested homeowners should take the time to look into.

Dwelling Eligibility

FHA has eligibility requirements for the property. These include:

The dwelling must either be a single-family home or a multiple-unit building with a maximum of four units.

The dwelling must be at least one year old.

Condo projects are limited to the interior of the unit. Other rules apply for condos.

The cost of the project must be at least $5,000, but you are prohibited from raising the value of the home to more than the FHA mortgage limit for the area. You can find the limits for your area on FHA's website.

Borrower Eligibility

This loan is for owner-occupants only. Investors, home flippers and the like don't qualify for the FHA 203(k) loan.

While FHA doesn't require a minimum credit score to qualify for the loan, lenders do – and the score varies by lender. Wells Fargo, for instance, dropped their minimum score requirement in February, from 640 to 600.

You must be a legal U.S. resident.

You will need from 3.5 to 10 percent of the loan amount as a down payment. This is in addition to closing costs and the cost of mortgage insurance.

The maximum debt-to-income ratio for an FHA backed loan is 43 percent.

Borrower requirements can and do change, so consult with a HUD-approved lender for the latest changes. You can find a list of these lenders on HUD's website.

homes for sale long island, houses for sale long island, mt. sinai home, real estate long island, stony brook home, long island ny condos, long island real estate, real estate commack new york, suffolk county property, long island new york new homes, long island ny real estate, patchogue ny real estate, huntington real estate, suffolk county ny homes, new homes in long island, long island houses for sale, suffolk county ny homes, long island ny condos, long island ny homes, long island real estate, condos for sale long island, long island house for sale, long island houses, long island homes, smithtown homes, Bayport, Bellport, Blue Point, Bohemia, Brookhaven, Center Moriches, Centereach, Coram, East Islip, East Patchogue, East Moriches, Eastport, Farmingville, Great River, Hauppauge, Holbrook, Holtsville, Islandia, Islip, Islip Terrace, Lake Grove, Lake Ronkonkoma, Manorville, Mastic, Medford, Middle Island, Moriches, Nesconset, Oakdale, Patchogue, Ridge, Rocky Point, Ronkonkoma, Sayville, Selden, Shirley, Shoreham, Wading River, Yaphank and other communities throughout Suffolk County New York. , Residential, Resale’s, New Construction, Builders, Investors, First-time Buyer, Vacation Homes, Listing Agent, Buyers Agent, Market information, How to, Phillip King, Suffolk Realtor, Coldwell Banker Residential Brokerage, 2395 Ocean Ave. Ronkonkoma, New York, 11779 http://www.mysuffolkhomevalue.com, phillip.king@cbmoves.com, 516-241-6264, 631-588-9090

How to Be a Respectful Home Buyer

To Veiw In Your Browser Click Here

When a home is on the market, the seller's privacy goes out the window. It is almost guaranteed that some buyers will open drawers, peek inside cabinets and touch items that are obviously personal and not included in the sale.

Coming home from work to find that the impeccably-made bed you left in the morning is now covered in a ball of linens is obviously annoying. Constant requests to extend deadlines, lists of demands and nitpicking the condition of the home are not only time consuming and insulting, but they do nothing to endear the buyer to the seller.

These are just a few examples of homebuyers behaving badly. Depending on the market, however, buyers are not necessarily in the driver's seat. During periods of multiple offers and heavy investor involvement, it's important for buyers to be on their best behavior. So, dear homebuyer, read on to learn how to not turn off the seller of your potential dream home.

The Time Bandits

Savvy home sellers spend a great deal of time ensuring that the home is presentable during the marketing period. They clean, de-clutter, and then inconvenience themselves by skedaddling before any potential buyers show up. Buyers that cancel appointments at the last minute, or just don't bother to show up, are behaving quite badly.

Unless an emergency came up, and there was no time to call your agent or the seller, try to provide the seller with at least several hours' notice that you won't be arriving to tour the home. It's the polite thing to do, and it just might save the seller from needlessly preparing for your arrival.

"Time is of the essence" is a phrase that you'll see in most real estate purchase contracts. What it means is that all specified deadlines in the agreement are mandatory – well, sort of. Yes, you can request the extension of a date and it will most likely be granted, if the reason for the request is compelling enough.

Frivolous requests, however, or those made repeatedly, are big time wasters. Sellers are frequently on a tight schedule to get the transaction to the closing table. Just as you are excited to get into your new home, the seller has plans as well. Keeping contract deadline extension requests to a minimum is one way you can contribute to a smooth transaction.

Then there is the homebuyer that, once the ink dries on the contract, treats the home as if it's unoccupied and equipped with a revolving door. One week it's an interior decorator that needs access to take measurements, then, perhaps, the next week it will be the architect. Many buyers want to show family members their new home – before it is actually their new home.

The seller, in the meantime, is packing for the move, having repairs completed, accommodating the appraiser and inspectors – all while attempting to live a normal life. Additional home tours are more than an inconvenience, they are time stealers.

If you must gain access to the home, ask your agent to find out when the inspector or appraiser will be there and arrange to visit at the same time.

The Nitpickers

Nitpicking is neither a successful price-reduction nor negotiating strategy, as buyers who have tried it can likely attest. Bankrate.com's Dana Dratch calls these buyers "gladiator wannabes," who, after they've agreed to purchase a home, come in with a long list of things that are wrong with it, or a list of concessions.

The art of negotiating depends on give and take – not a barrage of one-sided demands. Let your real estate agent do the negotiating. If you truly feel that something that is wrong with the house commands a price reduction, your agent should be able to justify it with a list of comparables and reasons why the home doesn't stack up.

The Unprepared

There are several reasons why a real estate agent will suggest that a buyer get fully approved for a loan before submitting an offer. Buyers that don't take this important step will run the risk of derailing the entire transaction.

Even a pre-approval commitment from a lender isn't firm. Once the loan application is in the hands of the underwriter, anything can happen. Many times, a buyer will receive a letter from the bank – in the middle of a transaction – listing all the conditions that must be met before the loan is approved. Satisfying these conditions not only takes time, but, depending on the conditions, may result in a cancelled sale.

Take the time to work with your lender to ensure that you will get the loan before committing to purchase a home. Don't make any major purchases until the home closes escrow. Entering into the process knowing that you'll get the loan is not only a courtesy to the seller, but the peace of mind it will give you is priceless.

Both parties in a real estate transaction have schedules that need to be accommodated during the purchase process and, of course, sellers can behave badly as well. (We'll take a look at that in a future article). Respecting each other's needs helps make the transaction run smoother and more comfortably for all concerned.

homes for sale long island, houses for sale long island, mt. sinai home, real estate long island, stony brook home, long island ny condos, long island real estate, real estate commack new york, suffolk county property, long island new york new homes, long island ny real estate, patchogue ny real estate, huntington real estate, suffolk county ny homes, new homes in long island, long island houses for sale, suffolk county ny homes, long island ny condos, long island ny homes, long island real estate, condos for sale long island, long island house for sale, long island houses, long island homes, smithtown homes, Bayport, Bellport, Blue Point, Bohemia, Brookhaven, Center Moriches, Centereach, Coram, East Islip, East Patchogue, East Moriches, Eastport, Farmingville, Great River, Hauppauge, Holbrook, Holtsville, Islandia, Islip, Islip Terrace, Lake Grove, Lake Ronkonkoma, Manorville, Mastic, Medford, Middle Island, Moriches, Nesconset, Oakdale, Patchogue, Ridge, Rocky Point, Ronkonkoma, Sayville, Selden, Shirley, Shoreham, Wading River, Yaphank and other communities throughout Suffolk County New York. , Residential, Resale’s, New Construction, Builders, Investors, First-time Buyer, Vacation Homes, Listing Agent, Buyers Agent, Market information, How to, Phillip King, Suffolk Realtor, Coldwell Banker Residential Brokerage, 2395 Ocean Ave. Ronkonkoma, New York, 11779 http://www.mysuffolkhomevalue.com, phillip.king@cbmoves.com, 516-241-6264, 631-588-9090

The Benefits of Pre- Approval

Coldwell Banker Residential Brokerage | 2395 Ocean Ave 1 Ste | Ronkonkoma | NY | 11779

homes for sale long island, houses for sale long island, mt. sinai home, real estate long island, stony brook home, long island ny condos, long island real estate, real estate commack new york, suffolk county property, long island new york new homes, long island ny real estate, patchogue ny real estate, huntington real estate, suffolk county ny homes, new homes in long island, long island houses for sale, suffolk county ny homes, long island ny condos, long island ny homes, long island real estate, condos for sale long island, long island house for sale, long island houses, long island homes, smithtown homes, Bayport, Bellport, Blue Point, Bohemia, Brookhaven, Center Moriches, Centereach, Coram, East Islip, East Patchogue, East Moriches, Eastport, Farmingville, Great River, Hauppauge, Holbrook, Holtsville, Islandia, Islip, Islip Terrace, Lake Grove, Lake Ronkonkoma, Manorville, Mastic, Medford, Middle Island, Moriches, Nesconset, Oakdale, Patchogue, Ridge, Rocky Point, Ronkonkoma, Sayville, Selden, Shirley, Shoreham, Wading River, Yaphank and other communities throughout Suffolk County New York. , Residential, Resale’s, New Construction, Builders, Investors, First-time Buyer, Vacation Homes, Listing Agent, Buyers Agent, Market information, How to, Phillip King, Suffolk Realtor, Coldwell Banker Residential Brokerage, 2395 Ocean Ave. Ronkonkoma, New York, 11779 http://www.mysuffolkhomevalue.com, phillip.king@cbmoves.com, 516-241-6264, 631-588-9090

What Should You Look For In A Realtor? - Knowledge

homes for sale long island, houses for sale long island, mt. sinai home, real estate long island, stony brook home, long island ny condos, long island real estate, real estate commack new york, suffolk county property, long island new york new homes, long island ny real estate, patchogue ny real estate, huntington real estate, suffolk county ny homes, new homes in long island, long island houses for sale, suffolk county ny homes, long island ny condos, long island ny homes, long island real estate, condos for sale long island, long island house for sale, long island houses, long island homes, smithtown homes, Bayport, Bellport, Blue Point, Bohemia, Brookhaven, Center Moriches, Centereach, Coram, East Islip, East Patchogue, East Moriches, Eastport, Farmingville, Great River, Hauppauge, Holbrook, Holtsville, Islandia, Islip, Islip Terrace, Lake Grove, Lake Ronkonkoma, Manorville, Mastic, Medford, Middle Island, Moriches, Nesconset, Oakdale, Patchogue, Ridge, Rocky Point, Ronkonkoma, Sayville, Selden, Shirley, Shoreham, Wading River, Yaphank and other communities throughout Suffolk County New York. , Residential, Resale’s, New Construction, Builders, Investors, First-time Buyer, Vacation Homes, Listing Agent, Buyers Agent, Market information, How to, Phillip King, Suffolk Realtor, Coldwell Banker Residential Brokerage, 2395 Ocean Ave. Ronkonkoma, New York, 11779 http://www.mysuffolkhomevalue.com, phillip.king@cbmoves.com, 516-241-6264, 631-588-9090

Home Appraisals

http://www.mysuffolkhomevalue.com/media/id/1564338/