Buying a Home in Port Jefferson in 2012

    supply demandWith a new year comes new opportunities, and 2012 is going to be a great year to buy a home in or around Port Jefferson. If you have a New Year’s resolution to quit renting and settle into a gorgeous Port Jefferson home, you’ve come to the right place. I’m committed to remaining accessible and keeping my blog updated with helpful tips and useful information for anyone looking to buy a home or sell their home in Port Jefferson this year – and beyond!

    While many were on the fence about whether or not to invest in a home in 2011, people are starting to realize now is the time to buy.  It is anticipated that the number of home sales will increase over 20% in 2012.  Why, you might ask? A main factor lies within the fact that interest rates are still at historic lows (Realty Connect had a closing just this week with a buyer who obtained a mortgage at 3.0%!).

    According to David Stiff, Chief Economist at Fiserv, “Housing affordability has improved dramatically… The monthly mortgage payment for a median-priced single-family home is now $700 compared to $1,140 in 2006; a decline of nearly 40%. Nationally, purchase mortgage payments now account for only 13% of monthly median family income, the lowest percentage on record (since 1971), and compared to 23% in the first quarter of 2006.”

    They are practically giving money away, and it is not as difficult to qualify as you may think. If you have any questions about how to choose a lender, just give me a call! I’d be happy to provide some recommendations in and around Port Jefferson.

    While amazingly low interest rates have put home buyers in a great position, we can’t forget about those sellers who remain optimistic as we move into the spring real estate market! As a seller, the next 90 days present a great opportunity to get your Port Jefferson home sold. Inventory is lower than it has been in the recent past with only 52 homes listed for sale in the 11777 zip code. In December, contracts were written on 5 homes Port Jefferson in the 11777 zip code. That’s compared to only 2 contracts written in December 2010. Two of these homes had been trying to sell for over 365 days, so hang in there all you home sellers out there — there is a silver lining!

    With less competition, this is a window of opportunity, if you price your home realistically. If you’re considering putting your Port Jefferson home on the market this spring, don’t wait! Mild temperatures have inspired buyers to get a head start on their home search and there isn’t much inventory to show them. Please contact me so we can get your home listed and sold while the competition is still hibernating!

    Amanda Eckart
    Three Village/Port Jefferson Real Estate Expert

    North Shore Real Estate
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