As its name suggests, Long Island is a separate lengthwise island located at the southeastern side of New York and surrounded by the Atlantic Ocean. For the purposes of this discussion, Long Island refers only to Nassau and Suffolk Counties. This is because Brooklyn and Queens are now widely regarded as New York boroughs.
This article will discuss FAQs on homes for sale in Long Island NY. These FAQs are all selected to educate the reader about the advantages of purchasing realty within Long Island NY.
Tips to get the most out of your purchase will also be included.
1. How much does real estate cost in Long Island NY?
The answer depends. First you have to consider the county, either Suffolk or Nassau. The former has a lower average selling price than the latter. In fact, non-distressed homes average $290,000 while foreclosure homes average $200,000 in Suffolk. On the other hand, non-distressed homes average $390,000 while foreclosure homes average $292,000 in Nassau.
Tip: Factor in renovation and repair costs when purchasing foreclosure homes. You should not worry as these actually increase the value of the property. Therefore, you are hitting two birds with one stone. This is by making yourself more comfortable and investing in the equity of your home.
2. How much income is needed to buy homes for sale in Long Island NY?
The answer depends on the size of the property and your disposable income. On average, the annual household income for most residents in Nassau is around $93,000. In Suffolk, there is disagreement. Some say it is as low as $55,000 while some experts say it is around $75,000.
Tip: Maximize your buying power by making sure you have excellent credit before applying for a loan. This means you pull out your credit reports. As a general rule, a 720 FICO score is excellent, but when it comes to buying homes, excellent means at least 750 FICO.
3. What can I expect in Long Island?
Nassau and a significant portion of Suffolk are known for their suburban homes. These counties are so near New York and that is why their metropolitan area is disregarded, but both counties are well-developed. There are enough malls, parks, markets, schools, and hospitals for the residents. In fact, there are more than 2 dozen hospitals and more than 125 school districts within Long Island. Public transportation is also not a problem. There is the train, subway, MTA, and several highways among others.
Tip: Go to Long Island for the weekend. See the sights. Visit villages and neighborhoods. Go to banks and lenders (branch or online). Ask for their list of foreclosure and non-foreclosure homes for sale. If you do not have the time, hire a broker to speed things up.
4. Are home values going up or down?
Based on 2012 and the first half of 2013, home values for distressed homes are rising. In contrast, home values for brand new homes are going down. This means that there is a growing demand for foreclosure homes this 2013.
Why the interest? Some experts believe that large-scale buying and investments by large corporations are driving up the values of foreclosure homes.
Why only now? A few years back, businesses needed to buy on a large scale to make profit, but the logistics at the time were not feasible. It is believed that someone has figured out how to get around this dilemma, hence the slow but sure buyout of foreclosure homes for sale in Long Island NY.