foreclosures Archives - Handsome Homebuyer

Mar 2023

Long Island Real Estate Statistics

Glenn Haskings2024-04-16T14:45:00-04:00March 1, 2023|commercial property, flipping houses, foreclosures, house selling tips, real estate investing|

Long Island Real Estate Statistics 2023-2022

Long Island’s median home price reached a record high of $560,000 in 2022, up 15% from the previous year.
Home sales on Long Island totaled 9,408 in 2022, a 17% increase from the prior year.
The average home value on Long Island is $541,700, up 14.5% from the previous year.
The median price of luxury homes on Long Island increased by 29.3% in 2022.
Homes on Long Island are selling on average for 6.8% above their asking price.
The average rent in Long Island NY was $2,292 in December 2021

Key Long Island Real Estate Stats Explained

Newsday.com reports that Long Island’s median home prices have reached a record high of $560,000 in 2022, an increase of 15% from the previous year. This statistic suggests a strong demand for housing on Long Island, driven by low-interest rates, an influx of homebuyers from New York City, and limited housing inventory. This trend may significantly impact affordability and the overall housing market on Long Island.

LIBN.com highlights the increase in home sales on Long Island, with 9,408 sales in 2022, a 17% increase from the previous year. This statistic suggests that the real estate market on Long Island is thriving, with a higher demand for homes and more buyers entering the market. However, this may also lead to a need for more available housing options and increased buyer competition.

Long Island’s average home value is $541,700, an increase of 14.5% from the previous year. This statistic suggests that Long Island’s real estate market is a strong seller’s market, with high demand and limited supply. It may also impact Long Island’s overall economy, as a strong housing market can lead to increased economic activity.

Other sources also provided valuable insights into Long Island’s real estate market in 2022. For example, a Douglas Elliman Real Estate report suggests that the median price of luxury homes on Long Island has increased by 29.3%, indicating a strong demand for high-end properties. Meanwhile, a report by Redfin.com shows that Long Island’s housing market has become increasingly competitive, with homes selling 6.8% above their asking price on average.

Long Island’s real estate market in 2023 is thriving, with a record-high median home price, increased home sales, and a strong seller’s market. While this may be good news for sellers and the local economy, it may also lead to affordability concerns and limited housing options for buyers. As such, it will be necessary to closely monitor Long Island’s real estate market trends in the coming years.

Cited sources:

More Facts About Long Island NY Real Estate Market Trends

The median home value in Long Island, NY, is $542,876 as of December 2021. This suggests that the real estate market in Long Island remains strong. (Source: Zillow)
Redfin found that the median home sale price in Long Island was $509,000 in December 2021, up 26.6% from the previous year. This highlights the trend of rising home prices in the area. (Source: Redfin)
The number of homes sold in Nassau County, Long Island, increased by 29.5% from 2020 to 2021. This suggests that the real estate market in the area is experiencing growth. (Source: Long Island Board of Realtors)
The average rent in Long Island was $2,292 in December 2021, up 4.4% from the previous year. This highlights the trend of rising rental prices in the area. (Source: RentCafe)
The number of building permits issued in Long Island in 2021 was the highest in a decade, suggesting a growing demand for new construction. (Source: Newsday)
The luxury real estate market in Long Island saw a surge in sales in 2021, with 248 homes priced at $2 million or more sold in the first three quarters of the year. This suggests that high-end real estate in the area is in demand. (Source: The Real Deal)
A study by DataUSA found that the most common type of housing in Long Island is single-family homes, which comprise 61.3% of all housing units in the area. This suggests that single-family homes are a popular choice among homebuyers in the area. (Source: DataUSA)

Long Island Business News found that the commercial real estate market in the area is experiencing a surge in demand for industrial and warehouse space, driven by the growth of e-commerce. (Source: Long Island Business News)

Apr 2022

Do Banks are Giving Houses Away?

Charles Weinraub2024-01-06T12:48:58-05:00April 5, 2022|flipping houses, foreclosures, real estate investing|

It’s a common misconception for new investors that bank owned properties (REO as they are referred to in the business) are the cheapest and easiest way to find distressed properties. The truth is quite the opposite. Ten years ago I took a one day class on real estate foreclosures because I was certain that banks were giving houses away to investors like myself who had the right connections. I completed the course and devised a plan to build relationships with REO brokers who would give me first dibs on any of these deals. My girlfriend at the time even went so far as to get licensed as a real estate agent so she could work at the premier REO brokerage on Long Island. We would have the inside track on all the deals and she would get commission when I bought and when I sold. Great plan right? In theory yes, but in reality it was anything but.

So why didn’t this plan work?

A number of reasons. First, by the time a property becomes bank owned the bank has already taken a significant loss and is looking to minimize their downside. Selling properties to investors at a discount only hurts them further. Second, most banks require properties be listed on the MLS, auction sites, and more to give them maximum exposure. Many banks go as far as to require a property to be publicly marketed for a minimum number of days before any offer can be accepted. Lastly, REO brokers aren’t willing to risk a bank relationship that took them years to cultivate. So the odds of them steering a deal in your direction is slim to none and slim just ran away. The truth is that bank owned properties are usually the most overpriced properties an investor can buy.

What can investors do to generate quality leads to purchased distressed assets ?

Simple, you need to generate a comprehensive marketing strategy and be consistent with it to find deals of people that want to sell my house fast Long Island. How involved the strategy becomes depends on how much business and the type of business you’d like to do. Marketing strategies include networking, TV, radio, mailers, cold calling, driving for dollars, organic social media, paid social media, PPC, SEM, events, sponsorships, and more. The more exposure you have the more opportunity you’ll get. For more creative real estate marketing ideas see the attached video

The Advanced Guide On How To Get Deals in Real Estate!

Apr 2022

Where Do Foreclosures Come From

Charles Weinraub2024-01-06T12:48:30-05:00April 5, 2022|flipping houses, foreclosures|

In New York State, the foreclosure process can take a very long time, frequently in excess of five years, as there are a number of moving parts involved in the process which can each take significant time to resolve. For the purposes of this discussion, we’ll keep things simple if you need to sell my house fast in Long Island.

What Is Foreclosure Homes?

Foreclosures are the result of a borrower defaulting on their home loan. If a homeowner fails to make payments toward their mortgage for three months and the borrower’s and lender’s efforts to remedy the situation fail, a lis pendens (Latin for “suit pending”) is filed. A lis pendens in this context serves as public notice that a borrower has not paid their mortgage for at least three consecutive months. The matter is assigned to an attorney who represents the lender, and this attorney begins the foreclosure proceedings.

How Does Foreclosure Auction Work

During this process, hearings and foreclosure conferences are held. A “referee” is assigned to conduct an auction for the property in question. Ultimately, several years down the line, the property becomes available to the public at auction. This auction is typically either held online or on the steps of the local courthouse, and it will be advertised at least 30 days in advance to give potential bidders notice of the impending auction.

The bank sets an “upset price”, the lowest acceptable bid for which the property will be sold at auction. This price is intended to recover the outstanding balance of the unpaid mortgage. So long as this reserve price is met, the property goes to the highest bidder.

What Is an REO Foreclosure

In the event that no bidder is willing to offer the upset price, the bank proceeds to buy the property itself, and the property becomes – Real Estate Owned. The property is then listed for sale by a specialist REO real estate broker who lists the property on the open market and attempts to get market value. REO properties are often sold at somewhat of a discount because it is not in the bank’s best interest to retain the property for very long, with the caveat that these properties are most often sold “as is” and may be in need of repair work at the time of purchase.

Conclusion

The above is a brief overview of how foreclosures happen and how they become available to the buying public, but more detailed information for how foreclosures work in New York is available here.

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