Kenny The Closer

01/04/2024

Greenlawn- there's a lot in a name.What will strike you when you visit is, not to put to fine a point on it....the green lawns.Greenlawn, straddles the line between commutable location and big, comfortable properties. As you know, if you've searched for a home on Long Island, you're often choosing between location, property size, and an empty wallet. You can live in northern Nassau County. That will put you near the city, for sure. However, barring millions of dollars, you'll be lucky to find a quarter acre. Further, be prepared to do some renovating.You can live out east, but it will be hard to work in the city (or even visit). School districts present some choices as well. Go to Niche.com to investigate.Greenlawn offers the best of both worlds. Comfortable property size, easy access to the Huntington LIRR train, and you're just 10 minutes from Commack and the Deer Park Outlets (for example). You're close, but not too close. Everything you need is nearby, but not on top of you. If you ever think "I want my family near me....but not TOO near me," Greenlawn may be a fit.Take a look!

01/04/2024

Many of my clients haven't yet decided where they want to live. They have a budget and some priorities. Maybe they want their families nearby. Maybe parks, waterfront, or the train station.Centerport checks a lot of these boxes for many people. It also has the benefit of being near me!Centerport is true to its name.But seriously, Centerport is just 10 minutes from the Huntington LIRR train line- the best line in Long Island east of Hicksville, IMHO. It's also just 10 minutes from the Village of Huntington AND the Village of Northport. It will take you months to try the restaurants, bars, and local hangouts. Centerport is also in the Harborfields school district- check out Niche.com to see what that means.What makes Centerport truly special, though, is that while it is truly in the "center" of everything, it's still outside the hustle and bustle of nearby towns. It has rolling hills, old-growth trees, and quiet streets. When you're here, it feels like you might be in the Berkshires, when really you're 10 minutes from everything, and just an hour's train ride from the city. On top of all this, most of the village is a short bike ride to the water. If you kayak (or want to), or boat (or want to), or simply like laying a quiet Sound beach, Centerport could be the ticket. Speaking from experience, it is great to be able to spend an hour or two at the beach without spending an hour or two to get there. The "port" in Centerport isn't just branding.

10/18/2023

Who doesn't respect the wood?
..

Sometimes I find unique brand applications that fit my clients so well I get them as a surprise!

Kenny The Closer is the real deal, genuine real estate expert. If you're in the North Shore, you need Kenny's insights.

05/01/2023

This is the biggest (among many) hit off the new Taytay album.‍If you haven't listened, it's your loss.‍There is certainly no bigger star than Taylor Swift right now (ever?). Her current tour literally broke Ticketmaster and priced out many customers.‍The relevance here is that as you save for a home and move in, you may have to tighten your belt a bit. The decision to spend $2500 on Taytay tix may have seemed like a fun splurge a few months ago. However, if you're saving for a home, it may be best to sacrifice that splurge in the name of being a homeowner. Stoic's will tell you a successful life comes from sacrificing the present in the name of the future. ‍Taytay becoming so popular you can't go to a show may make her the Anti-Hero, but if you learn the lessons you should, you can turn that on its head.

04/26/2023

Have you seen it?‍This new rule really changes how lenders are going to look at borrowers. Listen up!‍In short, if you have a high credit rating and put 20% down, your fees will go up.‍If you have a lower credit rating and put down 5% (for example) your fees will go down. ‍This new rule seems to disincentivize good credit (and fail to punish bad credit). It seems to do this because it DOES do this.‍So, what to do? ‍Well, if you've spent your adult life building a great credit rating, but haven't yet bought a home, this is going to sting. Mortgage payments will be about 0.1% higher than they were before the news. Takeaway- If you are on the fence, get in the game and buy. Rules are not getting better for you...only worse!‍If you've wanted to buy a home but worried that your credit will be a barrier to getting a good, affordable monthly payment, things have gotten a little easier. Closing costs have dropped by more than 1% of the purchase price. That adds up. If the math was close for you, it may have changed. ‍Reach out. Let's talk.

04/25/2023

How much money to put down when you buy a house can be a little tricky. There are a lot of moving parts.

First, and most simply, you can only put down money you can access. If that is the barrier, then this gets very simple: put down what you need to in order to get the loan.

If you're more liquid, there are benefits to putting extra money down at closing. First, there is the implied return on investment (ROI). For example, if you get a mortgage approved at 6.5% (fixed), every dollar you put down is "earning" that interest rate, since you are avoiding paying 6.5% interest on that dollar. Given that most bank acounts pay roughly 0%, this 6.5% is not nothing. It's also safe and certain. As long as you stay in the home and can afford the payments, you will earn that ROI. The downside is that money paid to the bank is somewhat less liquid than, for example, money invested in the stock market. This means that if you need the money, it's harder to get. You can do a refinance, or HELOC (home equity line of credit), but these take significant time, often have fees associated with them, and may have a floating interest rate.

There are at least two other factors to consider: 1) the power of compound interest and 2) expected returns on other investments (and risk tolerance).

First, putting extra money down now is a big example of utilizing the power of compound interest. For example, if you put $10,000 extra down, you'll save $650 in interest in year one, but $8,771 in 10 years and $25,236 in 20 years (way more than 6.5% a year!).

Next, if you believe the stock market (or other investments you have access to) won't beat 6.5% a year while you're in the house, then that 6.5% may be a great option. On the other hand, if you expect a decade of 10% returns in the stock market, you'll be leaving investment returns on the table by locking your money up in your home. However, you need to ask yourself whether you (and your bank account) have the stomach to deal with the roller coaster ride of the stock market. If not, maybe a sure 6.5% is better.

As with any big financial decision, you'll want to weigh these factors carefully.

04/24/2023

https://www.youtube.com/watch?v=Tka4DQGx7zc‍This Billy Joel classic addresses personal autonomy, the right to make mistakes, and the impact outside opinions can have (or not have) on these concepts. ‍When you are looking to move, everyone will have an opinion. Friends, neighbors, siblings and, especially, in-laws. ‍Ultimately, Billy is right. It's your life, and you get to choose where you live. That said, taking input from people who care about you, or even just like to hear themsleves talk, can be useful. If they challenge your assumptions or conclusions, use it as an opportunity to revisit them. You never know when someone, even your mother-in-law, may say something useful!‍They have thoughts, they have input. What they don't get....is a vote!‍It's a big decision. Advice is good. Bullying, not so much.

04/20/2023

Many sellers wait for spring to list their properties. They may believe good weather and sunshine may help them present their homes better.‍Many sellers begin their online search in the winter, but then really start carving out time to SEE homes in April. They often see the impending school year, and hope to move at the end of the summer.‍These are all good thoughts. The thing to remember is, they largely cancel out. There may be more listings, but there are also more buyers. This means that there may be more ACTIVITY, but not necessarily higher (or lower) prices. The MARKET moves a few % points each month in one direction or another. However, because each home, each buyer, each seller are different, the price of a particular home may not move in lockstep. ‍As a seller, if you're flexible on closing date, or are willing to go with a low down-payment first time buyer, you can get a higher price. If you are more concerned with certainty, you may need to accept less money.‍As a buyer, the reverse is true. If you find out a buyer really wants to stay for a few extra months, and you live with your parents so you're in no rush, communicate that. If you have tons of $$$ but no time, make sure your bid and terms reflect that. You don't need to give away the store, of course, but don't be pennywise and pound foolish if you have a few extra bucks!

kennythecloser.net

04/18/2023

When people consider whether to rent or buy, they often consider the monthly expense of renting versus buying. They also love to think about whether the "market" is high or low, and of course, whether they're getting the house for a good price. Clients LOVE thinking about whether they're getting a good price. I get it.One thing people don't always think about is forced savings.Investment advisors will tell you that the best way to save for the future is to have savings be AUTOMATIC, rather than by choice. It's much easier to save money when it happens without you having to decide to do it all the time. Saving $50 extra one month is clearly less fun than a couple of Mets tickets. Putting extra money down is an extreme method of automatic savings. If you know yourself, and you won't save on purpose, this may be a great way to overcome that obstacle in your personality.‍If you find your bank account never going up, even when you get a raise or a bonus, buying is a great solution. When you buy, you are "saving" roughly 10% of your monthly mortgage in the form of equity. Over 30 years, these small self payments result in you owning your whole home. Even if you OVERPAY for the house, this practice, combined with an expectation of at least SOME increase in value over that time, can put you in a better position than if you wait for the "perfect" time to buy.

04/17/2023

https://www.youtube.com/watch?v=MSRcC626prw‍Kill Bill presents a sentiment I see a lot from my clients. Divorcees (or soon to be divorcees) who are still angry, still holding a grudge. ‍While technically, they're looking to "move on," in reality their focused on the past. ‍When you've experienced an emotional trauma, it can be hard to see the future at all, let alone see it as bright... maybe brighter than the past. ‍Your home search can give you a chance to take your eyes off the anchor around your ankle, and look to the future. Did you buy a house because you "compromised" with your ex? Did you really want a pool? Did you want a park nearby and not get one? Did you want a "man cave?" Well, now's your chance to do it exactly how YOU want to do it. It's not just going to be OK, it is going to be GREAT!

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04/05/2023

Catastrophes make headlines. On the other hand, incremental good news doesn't.‍Every day, millions of Americans go to work, get paid, come home, and eat dinner with their families. It's easy to get caught up in the tragedy, and of course we should feel for people in crisis. We should also be aware of current and potential future systemic crises. We don't want our heads in the proverbial sand.That said, if things are getting a little better day by day, we never hear about it. Interest rates have been creeping DOWN. No one talks about it. If you're in the market waiting to buy, you need to keep your finger on this pulse. Dropping rate environments are the BEST time to buy. As a seller, they are also the BEST time to get out in front of the market in terms of increasing the asking price.

04/04/2023

You can see the finish line. You've seen dozens of homes, or shown yours dozens of times. You've asked/answered questions about the property line, the boiler, air conditioner maintenance, neighbors. You've negotiated the $$$. You've completed the inspection. You've "gone to contract." The lawyers have even agreed on a closing date. You're done right?Actually, no.There is still a walk-through. What's the point, right? The inspector already inspected!Well, a lot can change in a few weeks or months. Houses exist in a state of "punctuated equilibrium." That means they stay largely the same until they radically change quickly. A chimney could be working, then get hit by a tree branch, trapping CO in your den (true story). The driveway could be looking great, until a sump collapses below it (true story). What you want to do as a buyer is walk through a couple of days before the closing. Flip every light switch, bring your iphone flashlight up into the attic, turn on every faucet and appliance. If you see something, say something.As a seller, you want to "pre walk-through." If something isn't working, point it out yourself, and work out a resolution. It may be as simple as a "$75 credit a tclosing." It may be as complex as "lawyer holds $2k in escrow while we get the boiler repaired." Regardless, don't hide things. Earn and deserve your counterpart's trust.If you're not sure how to address an issue, talk to your agent. We are here to help!