I’m frequently asked, “How’s the Market?”  The chart below gives the best answer to that question.  Altos Research provides a unique market statistic,  ‘Market Action Index” (MAI) which illustrates the balance between supply and demand – based on the current rate of sales versus inventory.   Their market reports contain this statistic and you can Request a Free Market Report from Altos Research for any zipcode (and some areas) on Long Island.  Just fill out the quick form for a free market report on the Left Sidebar.  Altos Reports will email one to you.  If you would like a personal consultation for a Market Value Report for your home, please call me at 631-223-8549 or email:  cheryl@liagent.com.

These charts are based on Quartile Statistics, Last 90 days.  They are “Live” – so the stats will change each week.

In both Dix Hills and Melville, during the week of February 10, 2010, the Top Quarter and the Bottom Quarter of the Market are performing the best.

The January, 2010 Dix Hills, Melville Half Hollow Hills School District Housing Market Report shows inventory levels about the same as last month.  Considering that during January there were 45 new listings in the Dix Hills market (vs. 12 new listings in December) and 16 in Melville (vs. 7 in December) the total numbers for both areas were surprisingly sustained – nudging up only slightly.  You can view the full report by clicking on Dix Hills, Melville SD#5 Housing Market Report, January 21010.

The  2-page Report below lists all the  Homes Entered Under Contract and Closed in January, 2010 for Dix Hills, Melville School District #5.   The report also includes market stats for each area.

If you have any questions about these reports or want more infomration please contact Cheryl Grossman at cheryl@liagent.com.

Half Hollow Hills High School West Senior, Levent Alpogel is one of the 40 students  from across the country named a finalist in the 2010 Intel Science Talent Search.  Established in 1942, this science competition is the nation’s oldest – and probably most renowned research contests for students.  The finalists are considered to be the most promising scientists of the future.

The competition between the finalists will be in March where they will meet in Washington, D.C.   The top winner will receive $100,000 from the Intel Foundation.

Levent’s project is:  ”A Non-Parametric, Massively Parallelized Multiscale Vessel Detection Method for Complex Vascular Structures” and is described as research on an improved method of detecting stenosis, a narrowing of blood vessels underlying many health problems.   Michael Lake is his teacher and the supervising scientist is:  Xenophon Papademetris from Yale University.

Over the years, Half Hollow Hills School District has had many of their students rank as Semi-Finalists.  And in 2003 Lester Wayne Mackey won 6th Place in the Final Competition.  Half Hollow Hills School District has detailed information about their science curriculum on their website.

All residents in Dix Hills & Melville can be proud of  Levent Alpogel’s achievment – and we wish him success in Washington D.C.!  We are also proud of the Half Hollow Hills School District for providing the support, teachers and high standards of education that prepare and enable all our students to achieve their goals.  I know their were some teachers who had a tremendous impact on my daughter and son during their high school years.  First ignating the “Spark”, then establishing the means and focus to accomplish their goals.  One in science and one in art (digital animation).

The Dix Hills, Melville Half Hollow Hills 2009 Housing Market Report shows that sales numbers improved as the year went on.  The Median Selling Price in 2009 dropped about 12% from the year before.  However the Quartile Chart on page 3 (Chart 5) shows the preponderance of sales numbers below $600,000 – a change from 2008 – which affects the median price as well.  Although prices certainly have dropped, the drop across the board is less than 12% from the year before.   The “First-Time Homebuyer Tax Credit”  had a positive impact on the housing market.  That tax credit is expires April 30 for homes to be in contract.  They must close by June 30.  Click on 2009 Housing Market Report for the full report in a pdf format.

Chart 1 -  The number of homes entered Under Contract in 2009 is a little less than in 2008.  The Median Listing Prices and Selling Prices are lower in 2009.

Chart 2 – Comparison of number of Homes Entered Under Contract in 2009 and 2008.

Chart 3 – Comparison of 2009 and 2008 Homes Sold.

Sales numbers were higher for 2008 than 2009,  Selling Prices were lower in 2009.

Chart 4 – Comparison of Number of Homes Sold by Month for both 2009 and 2008.

Chart 5 – 2009 Market Stats for Dix Hills, Melville SD#5.  The data for Homes Under Contract, Sold and Available are broken down by Price Range. 

Read the full report: Dix Hills, Melville SD#5 2009 Housing Market Report.

Comparison of Quarterly Stats of Sold Homes and the Median Original Listing Prices, Median Listing Prices at time of Contract and the Median Selling Prices at Closing.

Any questions or for more information please contact Cheryl Grossman at cheryl@liagent.com or 631-549-1993.  If you want to know the value of your home in today’s market, please call me for a personal consultation – no charge, of course!

The Federal Housing Administration (FHA) announced new guidelines to strengthen its assets and reduce risk.  These are some of the major changes that will affect borrowers:  

 1) There will be new loan-to-value and credit score requirements.  A  FICO score of less than 580 will require a minimum of 10% downpayment.  

 2)  A 3.5% downpayment continues to be acceptable for those with a FICO score of 580 or above.   The upfront insurance premium will be increased to 2.25% (currently 1.75%). 

 3)  Allowable Seller Concessions will be reduced from 6% to 3%.   

4)  Stronger enforcement of FHA standards & guidelines for lenders.  Lenders will be ranked by performance.

 The timing for these new guidelines to kick-in is the spring and early summer.  Long Island  homebuyers will be required to pay more money to obtain an FHA mortgage.  The best time to buy is Before these new guidelines go into effect.   To read the full statement click on FHA Report.

DON’T FORGET! You MUST be in contract by April 30 and Close by June 30 to take advantage of the  The First Time HomeBuyer and Repeat Buyer Tax Credit.  See Video with details on my Blog Post.

Contact Cheryl Grossman at cheryl@liagent.com for more information or to discuss your housing needs.

 The NYS Department of Environmental Conservation has some great ideas for homeowners on Long Island!  Going green can save money for you and your family.  These small actions can make a big difference for the environment as well.   Check out their Website for tips & resources for greener living.   The are some short videos with Green Tips for Windows and Doors, the Kitchen, the Bathroom, the Water Heater , and the Washing Machine.

One great tip is to wait until February to buy new appliances.  The Great Appliance Swap Out Program is scheduled to begin President’s week, 2010.  Rebates from $50 to $550 will be available – plus bonuses for recycling your old appliances.  There’s a Refrigerator Retirement Savings Calculator as well as some other tools and more information to help you save money-  and help the environment at the same time!  Go Green!

Today at the LI Board of Directors Meeting, the President for the LI MLS, Frank Dell’Accio discussed the latest MLS stats.  I’m relaying some of the more interesting ones for buyers and sellers. 

Houses Entering Under Contract:  An increase of 21% in December, 2009 from December, 2008.

The Number of Houses Closed (Sold):  2708 in December, 2009   –    1964 in December, 2008.

Inventory (the number of homes on the market) is down 7% from last year.  The length of time to sell all the inventory on the market is down from 17.8% to 13.7%.

HUD is issuing new regulations for FHA mortgages this spring.  They will be more restrictive and the upfront fee will increase.  I’ll write more about this in a future blog post.

The Dix Hills, Melville Half Hollow Hills School District 4th Quarter, 2009 Housing Market Report show an improvement each month—both in sales numbers and sales prices – after a drop from the 3rd Quarter stats.  September and October are lower than those in the same period in 2008, but the selling prices for December, 2009 are higher than December, 2008.  The 4th Quarter, 2008, Dix Hills, Melville, SD#5 MLS stats indicate that the Median Selling Price was $695,000 vs. $590,000 in 2009 (or down about 9.6% from last year).  The number of houses sold is about the same as last year—a little higher. 52 homes closed during the 4th quarter of 2008 vs. 55 homes closed in 2009 for the same period.   Click to view the entire Report.

You can refer back to the 1st Quarter, 2009, Dix Hills, Melville, SD#5 Housing Market Report, 2nd Quarter, 2009, Dix Hills, Melville SD# Housing Market Report and the 3rd Quarter, 2009, Dix Hills, Melville SD# Housing Market Report.

 Any questions or for more information, please contact Cheryl Grossman at cheryl@liagent.com.

The December, 2009 Dix Hills, Melville Half Hollow Hills SD#5 Housing Market Report continues the November trend of higher sales numbers in the mid-price range.  The $700,000 to $799,999 price range is doing very well.  In December, the Dix Hills median listing price for homes entered under contract remained around the same as November:  $749,000.   In Melville, the median listing price of homes entered under contract remained at $749,000 also.    To see the full report click on the image or Dix Hills, Melville SD#5 Housing Market Report, December, 2009. 

A 2-page Report listing all homes Entered Under Contract and Closed in December, 2009 for Dix Hills, Melville School District #5 also includes market stats for each area.

If you have any questions about these reports or want more infomration please contact Cheryl Grossman at cheryl@liagent.com.

Video from the IRS provides information about the new First-Time Homebuyer Tax Credit and how it can benefit you.  The law went into effect Nov. 6 and it extends the first-time homebuyer credit to April 30, 2010 (must be in contract by that date and contract closed by June 30, 2010). Eligibility requirements for purchasers are expanded.

There’s more information about the requirements and how some current long-term homeowners also can use a Tax Credit of $6,500 for the purchase of another home in an article from the IRS website. 

Start your search for a new home at www.LIagent.com.  Click on the map to search for all homes for sale on the LI MLS. Or use the quick search form on the upper right sidebar.  Contact us at CGTeam@CherylGrossman.com.