New York is said to be one the best states to live in, which makes real estate more expensive and the market more volatile. Long Island, New York is no different. You can find a lot of really good Long Island homes for sale here, but the search may never easy and making a purchase may be even more so. Not knowing the ins and outs of the industry can only rob you off your hard-earned money and earn you a lot of heartaches.
Do not risk getting lost in a sea of Long Island homes for sale. We urge you to follow these tips for the sake of making your search and purchase easier and less risky.
1. Decide if you want to live in a borough or suburban.
The locations of Long Island homes for sale are categorized into two: borough and suburban. The boroughs are Queens and Brooklyn while the suburban areas are Suffolk and Nassau. Properties in the boroughs are more expensive, sometimes three to five times higher than the properties in the suburban areas. Paying more is likely to pay off though, as you will also be closer to commercial areas and job opportunities. It is a matter of weighing what you and your family really needs and considering all the factors that can affect your budget in the long run.
2. Find a list of prominent addresses, and stay away from them (unless you really want to live in one).
The address contributes to the price of a property. The properties are likely to have higher prices if they are located in prominent addresses. On the other hand, addresses that have been infamous in the past are likely to have properties with below-market prices. The infamous addresses need not be those peppered with crimes as they can include places with a lot of foreclosure, had flooding, and had any incident that gained media attention. According to the National Association of Realtors, addresses where infamous personalities currently live also tend to have below-market prices.
3. Look for Long Island homes for sale that have been in the market for over a year.
A property that has been in the market that long is considered less marketable. It is possible that it is simply not appealing to buyers, it is overpriced, or the property has a lot of looming quality or location problems. Whatever the reason is, the fact remains that its price is bound to go down, which you can take advantage of.
Haggling for a property that nobody wants to buy is easier. You have the upper hand, so your demands are likelier to be met. If you are working with a realtor, you can ask for a list of properties that have already been past their market time frames (as set by the owner or real estate agency). You can also ask for a list of properties that need urgent selling.
4. Make the first offer.
The prices of Long Island homes for sale are flexible even if listings and advertisements tell you otherwise. Realtors that represent sellers know that a specific price cannot always stick for good, so you still have a chance to make you own demand or at least meet with the seller halfway. Never be intimidated by a price. Approach the seller or the realtor if the property’s price is within or close to your range. You can always negotiate, and although you may waste some time doing this, you may still be able to save five to six figures in your purchase. It is worth the try.
5. Contact property management companies for tips.
Property management companies are usually not involved in selling, only in renting out and managing properties. These companies manage homes, so they have contacts with owners, who can be potential sellers.
You do not need their contact list. What you need is a list of homes that have not been rented for a long time or homes that do not earn well. Properties that continue to collect expenses may be considered liabilities soon enough. Before that time comes, the owner may decide to sell it, which you can take advantage of by negotiating for it before it happens.
Not all property management companies will entertain your request of course, but with a little power of persuasion and charisma, your efforts will surely pay off big-time.
6. Use online property finders.
A lot of online listings are unreliable, but there are still some (like ours) that truly offer guaranteed information and contacts of accredited realtors. You do not have to sacrifice a lot of your time and money if you can seek help and make your life easier.