Discover The North Fork …A Quick Tour of The Area  

 

Riverhead, gateway to both the North Fork and the Hamptons, includes the towns of Baiting Hollow, Aquebogue and Jamesport, and is home to some of the island’s best golf clubs, vineyards, and local farm stands.

Handy to  the LIE, it is also boasts the 2,700-acre Pine Barrens Preserve, the Atlantis Marine World Aquarium and the Tanger Outlet Mall, a 165-plus store discount outlet.

 

 

 

Southold has a rich heritage, dating back to 1640. It is New York’s oldest English settlement and home to some of the best surviving examples of domestic English architecture in the United States.

Amid acres of farmland and sandy beaches, well-kept historic homes provide an idyll for those interested in the natural beauty of the island. In 1973, the first winery on Long Island was established in Cutchogue.

The area is known for its vineyards and wine culture. Wineries throughout the region are open year-round for tours and tastings.

 

From West to East, Southold includes the towns of: Laurel, Mattituck, Cutchogue (New Suffolk and Nassau Point), Peconic, Southold, East Marion and Orient.

Greenport, a mariner’s dream, is a village unto itself, its streets lined with artsy shops, galleries and fine restaurants. The North Ferry carries visitors and locals across the Peconic Bay  to Shelter Island.

 

Rates are low. Prices are at their winter lows, too. Come on out and let me help you find your North Fork Dream Home.

 

 

Call Your North Fork Expert: Vicky Germaise 631.298.6146

 

 

 

 

Crystal Ball: Interest Rates Will Increase Significantly in 2014

 

The smart folks in the KCM Crew are at it again - offering smart forecasts and advice on all things real estate. They are often correct, so I am passing their views along to you:

Most experts are calling for an increase in mortgage interest rates in 2014. However, we believe the increase will be more dramatic than is being projected. We believe rates will be closer to 6% than 5% by year’s end.
The Fed announced last month that they would be pulling back some of their stimulus package which has helped the housing market by keeping long term mortgage rates at historic lows for the last few years. This should come as no surprise as the KCM Blog has been warning of this likelihood over the last several months.

Above are the most recent projections of where rates will be at the end of 2014 by the four major agencies. However, we believe that the government is not afraid to shoot right past these levels.
Doug Duncan, chief economist for Fannie Mae, this past summer announced:
“I don’t think the Fed ultimately would be troubled with a 6.5% mortgage rate.”
And Frank Nothaft, Freddie Mac VP and chief economist, at virtually the same time explained:
"As the economy continues to improve, we expect to see continued upward movement in long-term interest rates… At today’s house prices and income levels, mortgage rates would have to be nearly 7 percent before the U.S. median priced home would be unaffordable to a family making the median income in most parts of the country.”
Only time will tell. However, we feel that rates will be in the 5.75-6% range by year’s end.
SOURCE: KCM.COM

If you are curious about the value of your own home in today's market, contact me for a free, confidential Market Analysis. I'm happy to help you with all your Real Estate needs. Vicky Germaise, Licensed Salesperson, Douglas Elliman Real Estate. 631.298.6146

REMINDER: Deadline looming for BASIC STAR Tax Exemption!

REMINDER: Deadline looming for BASIC STAR Tax Exemption!
Below are the key eligibility requirements. New York State will be carefully monitoring your qualifications, so please read below before beginning the process:

What is the STAR Exem...ption?

It’s New York State’s School Tax Relief Program, which includes a school property tax rebate program and a partial property tax exemption from school taxes. The STAR program is truly a win/win situation, as your school district gets income tax revenue back from Albany and school taxes are reduced accordingly.

What has changed?

All Eligible homeowners must re-register for the Basic STAR exemption by December 31, 2013 in order to receive their exemption in 2014 and subsequent years. It is a one-time registration, and the tax department will now be monitoring homeowner eligibility in the future so there won’t be a need to reapply.

What do I need to register with New York State?
The names and social security numbers for all property owners and spouses
Your STAR code – this can be looked up online at: http://www.tax.ny.gov/pit/property/star13/lookup.htm

(The state is also in the process of mailing the codes to all Basic STAR recipients)

In order to register for the Basic STAR, you must be able to confirm these three things:
Confirm that the property is the primary residence of one of the owners.

(Married couples with multiple residences may only claim one STAR exemption)
Confirm that the combined income of the owners and their spouses who reside at the property does not exceed $500,000.
Confirm that no owner received a residency-based tax benefit from another state.

How can I register?

Online: http://www.tax.ny.gov/pit/property/star13/

By Phone: # (518) 457-2036See More

STAR Code Lookup

Don't Be Afraid

Buying a Home? Don’t Let Fear Get in Your Way

I had to share this great Steve Harney piece with you! ~Vicky

Our founder, Steve Harney, occasionally asks to do a personal post on what he sees as important to our industry. Today is one of those days. Enjoy! – The KCM Crew
Last week, I was talking to a young couple I know that was about to close on their first home. They were riding the wild rollercoaster of current mortgage rate swings and were not happy about the mortgage process overall. Yet, when the conversation shifted to finally living in a home that they own, their disposition changed dramatically.
A smile came across their faces as they talked about decorating their son’s bedroom and how much he will enjoy the backyard. They talked about inviting friends over for dinner and their family over for the holidays. The more they talked, the more excited they became.
I asked them if many of their friends were also buying. I was shocked to find out that they weren’t. Why not? Their friends believed that homeownership was financially unobtainable right now. Many wanted to own but didn’t think they could afford the monthly mortgage payment. They decided to rent instead.
I said that, with interest rates and prices where they are today, owning a home might not be any more expensive than renting one. The couple agreed but said their friends were afraid; afraid they might not qualify for a loan, afraid to handle negotiations with a seller, afraid of the home buying process itself.
Wow!
People should not make decisions out of fear! I’m not saying that every young person should own a home. I am saying that anyone that is qualified and wants to buy should not be afraid of the process. I realize the process may seem daunting but realize over 10,000 homes sell every day in this country. Sit down and discuss your goals with professionals from both the real estate and mortgage industries. Get the facts. Make an informed decision. Don’t let the fear of the unknown prevent you from living the life of your dreams.  SOURCE: KCM.COM

I Used To Have a Corner Office in Rockefeller Plaza....

....but now this is where I conduct most of my business. Ergonomically correct chair, and all.

I Used to Have a Corner Office in Rockefeller Plaza....

...but now I find that some of my most productive meetings take place on the street, with a small bag of dog poop in my hand.

Two Additional Experts Upgrade their Pricing Forecast

The Guys at KCM get it right again.

 

Last Monday, we reported that several analysts had upgraded their projections for home price appreciation in 2013. A few days later, the Wall Street Journal revealed that two additional analysts had also upgraded their forecasts.

Zelman & Associates

“Ivy Zelman, chief executive of research firm Zelman & Associates, said Wednesday she was now expecting prices to rise by 7% this year, up from earlier estimates of 6%, 5%, and 3%…She’s also calling for a 5% gain next year because she says the supply shortages and growing demand that fueled last year’s turnaround show no signs of easing.“

Her reasons:

“The shortage of housing capacity continues to resonate. Just as deflation was a national headwind that stretched deeper into the economy than anyone would have imagined, we believe that appreciation can carry broad, positive implications for the consumer and economy beyond many expectations.”

John Burns Real Estate Consultants

“John Burns, who runs a real-estate consulting firm in Irvine, Calif., is calling for a 9% gain in home prices this year, up from a 5% forecast late last year.”

His reasons:

“Strong investor demand and low interest rates that have boosted the purchasing power of buyers.”

These two experts join a long list of housing analysts who have now called for a major rebound in housing prices in 2013.

SOURCE: KCMblog.com