​Peter B. Owen
Licensed Sales Associate
Four Seasons Realty 
166 7th Street, Garden City, NY 11530
Cell: (516)317-2860         
Office: (516)721-4444       
Email:  PeterOwenRealtor@Gmail.com
Website:  www.FourSeasonsRealtyTeam.com
​
 Why You May Want To Cash in on Your Second Home

​When stay-at-home mandates were enforced last year, many households realized their homes didn’t really fulfill their new lifestyle needs. An office (in some cases two), a media room, space for children to learn, a gym, and a large yard are all examples of amenities that became highly desirable almost overnight.
Zelman & Associates recently reported that sales of primary residences grew by 9% in 2020. That increase in demand was met by the lowest supply of homes for sale in history. High demand and low supply caused prices to skyrocket over the past twelve months. Here are three home price indexes released most recently that show how home values have risen:

• FHFA Agency House Price Index shows a 13.9% increase
• CoreLogic Home Price Insights Report shows an 11.3% increase
• S&P Case-Shiller U.S. National Home Price Index shows a 13.2% increase

Prices increased by double digits in every region of the country and in 19 of 20 major metros. Chicago was the only exception, where prices still rose by 9%.
What does this mean to those who purchased a second home during the pandemic?Many people didn’t want to give up a home in the city or close to their office. Instead, they purchased a larger second home farther away and moved there to stay safe and have more space. According to the same Zelman report, sales for second homes rose an astonishing 27% in 2020.
That large second-home retreat on a lake or in the mountains would demand a higher price than the average house. Let’s assume a buyer purchased such a home for $500,000. Assuming the middle 13.2% appreciation shown above, that home would now be worth about $566,000.
Those who bought second homes to improve their lifestyle during the height of the pandemic, or those who just wanted to be in a safer environment, also made a great investment.
What should these homeowners do now as the pandemic is receding, and the economy is reopening?The buyers of those second homes now have a decision to make. Many will move back to the original home they still own (the one that’s closer to work, friends, and family). Should they keep the second home? That could depend on answers to questions like these:

• Now that you may have to go back to the office (at least a few days a week) and students are required to physically attend school, would you still use the second house enough to warrant the expenses of an additional home?
• Would you go to the second home on most weekends, or would you return to the movie theater, attend sporting events, eat out at fine restaurants, or spend your time traveling again?

Bottom LineIf you purchased a larger second home during the pandemic, you were able to make day-to-day life much easier for those important to you. You also made it much safer. However, with those goals already accomplished, you now need to decide whether to continue paying the extra expenses or sell the house and cash in your profit. If you decide selling makes sense, contact me to discuss and I will refer you to a vacation area local real estate professional today for an evaluation of your second home.

Peter Owen

​                                
Peter B. Owen, Licensed Sales Associate
Four Seasons Realty 
166 7th Street, Garden City, NY 11530
Cell: (516)317-2860 
 Email:  PeterOwenRealtor@Gmail.com
Website:  www.FourSeasonsRealtyTeam.comHi EveryoneWhere Have All the Houses Gone? In today’s housing market, it seems harder than ever to find a home to buy. Before the health crisis hit us a year ago, there was already a shortage of homes for sale. When many homeowners delayed their plans to sell at the same time that more buyers aimed to take advantage of record-low mortgage rates and purchase a home, housing inventory dropped even further. Experts consider this to be the biggest challenge facing an otherwise hot market while buyers continue to compete for homes. As Danielle Hale, Chief Economist at realtor.com, explains:
“With buyers active in the market and seller participation lagging, homes are selling quickly and the total number available for sale at any point in time continues to drop lower. In January as a whole, the number of for sale homes dropped below 600,000.” 
Every month, realtor.com releases new data showing the year-over-year change in inventory of existing homes for sale. As you can see in the map below, nationwide, inventory is 42.6% lower than it was at this time last year:
Does this mean houses aren’t being put on the market for sale?Not exactly. While there are fewer existing homes being listed right now, many homes are simply selling faster than they’re being counted as current inventory. The market is that competitive! It’s like when everyone was trying to find toilet paper to buy last spring and it was flying off the shelves faster than it could be stocked in the stores. That’s what’s happening in the housing market: homes are being listed for sale, but not at a rate that can keep up with heavy demand from competitive buyers.
In the same realtor.com report, Hale explains:
“Time on the market was 10 days faster than last year meaning that buyers still have to make decisions quickly in order to be successful. Today’s buyers have many tools to help them do that, including the ability to be notified as soon as homes meeting their search criteria hit the market. By tailoring search and notifications to the homes that are a solid match, buyers can act quickly and compete successfully in this faster-paced housing market.”
The Good News for HomeownersThe health crisis has been a major reason why potential sellers have held off this long, but as vaccines become more widely available, homeowners will start making their moves. Ali Wolf, Chief Economist at Zonda, confirms:
“Some people will feel comfortable listing their home during the first half of 2021. Others will want to wait until the vaccines are widely distributed.”
With more homeowners getting ready to sell later this year, putting your house on the market sooner rather than later is the best way to make sure your listing shines brighter than the rest.
When you’re ready to sell your house, you’ll likely want it to sell as quickly as possible, for the best price, and with little to no hassle. If you’re looking for these selling conditions, you’ll find them in today’s market. When demand is high and inventory is low, sellers have the ability to create optimal terms and timelines for the sale, making now an exceptional time to move.
Bottom LineToday’s housing market is a big win for sellers, but these conditions won’t last forever. If you’re in a position to sell your house now, you may not want to wait for your neighbors to do the same. Call me for advice on how to sell your house safely so you’re able to benefit from today’s high demand and low inventory.

Peter Owen

​                              
Peter B. Owen, Licensed Sales Associate
Four Seasons Realty 
166 7th Street, Garden City, NY 1153
Cell: (516)317-2860       
Email:  PeterOwenRealtor@Gmail.com
Website:  www.FourSeasonsRealtyTeam.comHi Everyone

3 Reasons We’re Definitely Not in a Housing Bubble Home values appreciated by about ten percent in 2020, and they’re forecast to appreciate by about five percent this year. This has some voicing concern that we may be in another housing bubble like the one we experienced a little over a decade ago. Here are three reasons why this market is totally different.
1. This time, housing supply is extremely limitedThe price of any market item is determined by supply and demand. If supply is high and demand is low, prices normally decrease. If supply is low and demand is high, prices naturally increase.
In real estate, supply and demand are measured in “months’ supply of inventory,” which is based on the number of current homes for sale compared to the number of buyers in the market. The normal months’ supply of inventory for the market is about 6 months. Anything above that defines a buyers’ market, indicating prices will soften. Anything below that defines a sellers’ market in which prices normally appreciate.
Between 2006 and 2008, the months’ supply of inventory increased from just over 5 months to 11 months. The months’ supply was over 7 months in twenty-seven of those thirty-six months, yet home values continued to rise.
Months’ inventory has been under 5 months for the last 3 years, under 4 for thirteen of the last fourteen months, under 3 for the last six months, and currently stands at 1.9 months – a historic low.
Remember, if supply is low and demand is high, prices naturally increase.
2. This time, housing demand is realDuring the housing boom in the mid-2000s, there was what Robert Schiller, a fellow at the Yale School of Management’s International Center for Finance, called “irrational exuberance.” The definition of the term is, “unfounded market optimism that lacks a real foundation of fundamental valuation, but instead rests on psychological factors.” Without considering historic market trends, people got caught up in the frenzy and bought houses based on an unrealistic belief that housing values would continue to escalate.
The mortgage industry fed into this craziness by making mortgage money available to just about anyone, as shown in the Mortgage Credit Availability Index (MCAI) published by the Mortgage Bankers Association. The higher the index, the easier it is to get a mortgage; the lower the index, the more difficult it is to obtain one. Prior to the housing boom, the index stood just below 400. In 2006, the index hit an all-time high of over 868. Again, just about anyone could get a mortgage. Today, the index stands at 122.5, which is well below even the pre-boom level.
In the current real estate market, demand is real, not fabricated. Millennials, the largest generation in the country, have come of age to marry and have children, which are two major drivers for homeownership. The health crisis is also challenging every household to redefine the meaning of “home” and to re-evaluate whether their current home meets that new definition. This desire to own, coupled with historically low mortgage rates, makes purchasing a home today a strong, sound financial decision. Therefore, today’s demand is very real.
Remember, if supply is low and demand is high, prices naturally increase.
3. This time, households have plenty of equityAgain, during the housing boom, it wasn’t just purchasers who got caught up in the frenzy. Existing homeowners started using their homes like ATM machines. There was a wave of cash-out refinances, which enabled homeowners to leverage the equity in their homes. From 2005 through 2007, Americans pulled out $824 billion dollars in equity. That left many homeowners with little or no equity in their homes at a critical time. As prices began to drop, some homeowners found themselves in a negative equity situation where the mortgage was higher than the value of their home. Many defaulted on their payments, which led to an avalanche of foreclosures.
Today, the banks and the American people have shown they learned a valuable lesson from the housing crisis a little over a decade ago. Cash-out refinance volume over the last three years was less than a third of what it was compared to the 3 years leading up to the crash.
This conservative approach has created levels of equity never seen before. According to Census Bureau data, over 38% of owner-occupied housing units are owned ‘free and clear’ (without any mortgage). Also, ATTOM Data Solutions just released their fourth quarter 2020 U.S. Home Equity Report, which revealed:
“17.8 million residential properties in the United States were considered equity-rich, meaning that the combined estimated amount of loans secured by those properties was 50 percent or less of their estimated market value…The count of equity-rich properties in the fourth quarter of 2020 represented 30.2 percent, or about one in three, of the 59 million mortgaged homes in the United States.”
If we combine the 38% of homes that are owned free and clear with the 18.7% of all homes that have at least 50% equity (30.2% of the remaining 62% with a mortgage), we realize that 56.7% of all homes in this country have a minimum of 50% equity. That’s significantly better than the equity situation in 2008.
Bottom LineThis time, housing supply is at a historic low. Demand is real and rightly motivated. Even if there were to be a drop in prices, homeowners have enough equity to be able to weather a dip in home values. This is nothing like 2008. In fact, it’s the exact opposite.
Give me a call if you have questions.

Peter Owen

​                                
Peter B. Owen, Licensed Sales Associate
Four Seasons Realty 166 7th Street, Garden City, NY 11530
Cell: (516)317-2860 
Email:  PeterOwenRealtor@Gmail.com
Website:  www.FourSeasonsRealtyTeam.com

Hi EveryoneDo I Really Need a 20% Down Payment to Buy a Home? Is the idea of saving for a down payment holding you back from buying a home right now? You may be eager to take advantage of today’s low mortgage rates, but the thought of needing a large down payment might make you want to pump the brakes. Today, there’s still a common myth that you have to come up with 20% of the total sale price for your down payment. This means people who could buy a home may be putting their plans on hold because they don’t have that much saved yet. The reality is, whether you’re looking for your first home or you’ve purchased one before, you most likelydon’t need to put 20% down. Here’s why.
According to Freddie Mac:
“The most damaging down payment myth—since it stops the homebuying process before it can start—is the belief that 20% is necessary.”
If saving that much money sounds daunting, potential homebuyers might give up on the dream of homeownership before they even begin – but they don’t have to.
Data in the 2020 Profile of Home Buyers and Sellersfrom the National Association of Realtors (NAR) indicates that the median down payment actually hasn’t been over 20% since 2005, and even then, that was for repeat buyers, not first-time homebuyers. As the image below shows, today’s median down payment is clearly less than 20%.
What does this mean for potential homebuyers?As we can see, the median down payment was lowest for first-time buyers with the 2020 percentage coming in at 7%. If you’re a first-time buyer and putting down 7% still seems high, understand that there are programs that allow qualified buyers to purchase a home with a down payment as low as 3.5%. There are even options like VA loans and USDA loans with no down payment requirements for qualified applicants.
It’s important for potential homebuyers (whether they’re repeat or first-time buyers) to know they likely don’t need to put down 20% of the purchase price, but they do need to do their homework to understand the options available. Be sure to work with trusted professionals from the start to learn what you may qualify for in the homebuying process.
Bottom LineDon’t let down payment myths keep you from hitting your homeownership goals. If you’re hoping to buy a home this year, call me to review your options.

Peter Owen

​
                               
Peter B. Owen, Licensed Sales Associate
Four Seasons Realty 
166 7th Street, Garden City, NY 11530
Cell: (516)317-2860         
Office: (516)721-4444       
Email:  PeterOwenRealtor@Gmail.com
Website:  www.FourSeasonsRealtyTeam.com

​Dreaming of a Bigger Home? Why Not Buy It This Year?

​Are you clamoring for extra rooms or a more functional floorplan in your house? Maybe it’s time to make a move. If you’ll be able to work remotely for the long-term or your overall needs have simply changed, it’s a great time to sell your house and move up. Why? With mortgage rates in their favor and higher-priced home sales powering more moves across the country, sellers in today’s market are finding the space they need (and have always dreamed of) by purchasing a home in the upper end of the housing market.
With so few homes available for sale and high demand from today’s homebuyers, sellers are profiting in major ways this season. Bidding wars are gaining traction, driving up the sale price of more and more homes throughout the country. This means sellers are able to leverage extra cash from higher-priced sales while also taking advantage of today’s low mortgage rates when they purchase their next home. It’s the perfect scenario to move up into a true dream home. According to the April Luxury Market Report from the Institute for Luxury Home Marketing:
“The Institute’s recent analysis of sales in 2020 for homes over 5,000 square feet support the continuing preference for larger homes. The analysis determined that there was a 17% increase in the number of 5,000+ sq ft homes sold when compared to the number of sales in 2019.
Luxury home prices continue to see record highs in the majority of affluent ex-urban communities, as the influence of being able to work from home is still driving buyers away from living in high density areas. Low interest rates also remain in play, allowing buyers to realize the affordability of owning a larger property, which further reinforces this trend.”
Lawrence Yun, Chief Economist for the National Association of Realtors (NAR), also explains:
“The market is hot pretty much everywhere and across all price points . . . The only area where there is sufficient inventory is in $1 million-plus homes . . . .”
While this price range certainly doesn’t fit every budget, if it’s in your reach this summer, you may want to make your move sooner rather than later. Today, more homes are available in this segment of the market, but as the report mentions, more buyers are investing here too, so competition may heat up sooner rather than later.
Bottom LineIf you’re planning to sell your current home to move into a larger one, CALL ME to  discuss your current situation and learn about the opportunities in your local market.

​              
                                                                      
Peter B. Owen
Licensed Sales Associate
Four Seasons Realty 
166 7th Street ,  Garden City, NY 11530
Cell: (516)317-2860         Office: (516)721-4444       Fax: (516)444-3940
Email:  PeterOwenRealtor@Gmail.com
Website:  www.FourSeasonsRealtyTeam.com

Hi Everyone

 I hope this message finds you and your families safe and well after  a tough year in 2020.

I am pleased to inform you that I have now become part of the Four Seasons Realty Team in Garden City.
Although my company name has changed, my service, dedication and commitment to exceeding your expectations remains the same. The team at Four Seasons Realty has successfully represented buyers and sellers in Garden City, West Hempstead and the surrounding area for the past 20+ years and we plan to continue doing so for many, many more!!
My new office address is listed above  as well as the office phone number. My cell has stayed the same (516)317-2860, but please note to change your address book and bookmarks to reflect my new email address as PeterOwenRealtor@Gmail.com and our new website www.FourSeasonsRealtyTeam.com . Everything else is the same.

And, as always, I make a constant effort to maintain and improve the level of service I provide to you because, in my business, the most profound assets I possess are your respect and trust. Please feel free to call me if you need anything at all; I am always here to help.

I will be resuming my monthly newsletters with articles and local Nassau real estate stats. I would love to hear if you want me to include any other items . Simply drop me an email.

And by the way…if you know of someone who would appreciate the kind of service I provide to my clients, pease call me with their name and business number. I’ll be happy to follow up and take great care of them.

Stay well and enjoy this wonderful Spring!

Peter Owen

Gorgeous new home listing in Garden City, NY. 
Open House Sunday 9/20 from 2 - 4pm.
Or, call Peter for a private showing

www.realtor.com/realestateandhomes-detail/124-Brook-St_Garden-City_NY_11530_M31577-45059?ex=NY2921104334

​Peter Owen
Licensed Real Estate Salesperson
Better Homes & Gardens Atlantic Shores
55 Hilton Ave, NY  11530   
 Cell(516)317-2860
Email:Peter.Owen@bhgliving.com
Website:https://www.BHGREhomes.com/agent/peter.owen@bhgrealestate.com  

Serving Garden City, Lynbrook, Stewart Manor, West Hempstead, East Meadow, Rockville Centre, East Rockaway, Manhasset Hills, Roslyn Heights, Brookville area, and All of Nassau  County                                                                                                                                                                                                                                                              
  Hi Everyone
I really don't think I have to put out some long disertation on how buyers and sellers have been since February -  I just hope everyone has pulled thru this period without a lot of trouble. I'm sure all of you have interesting stories - many of you have already shared them with me. 
The real estate market had naturally dropped off for a couple of months, though buying and selling still occurred. We had a lot of Virtual Tours of homes, buyers were permitted to enter houses if the sellers agreed, and agents were Not allowed to go into the houses. Some agents and sellers played by the rules, others not so much. NOW, the market is quite active, with a lot of buyers coming east from NYC - this may be due in part to the Virus, but I suspect more from the other stuff that is occurring there every day in the City. 
The Future - I am supposed to say we are back to normal, houses being bought and sold very quickly, prices up a bit and holding, BUT - in reality, we as agents have No Clue as to what is going to happen the rest of this year. There are so many variables at play- will the economy come back, how many people will have jobs, will the Virus come back with a vengence, etc. 
From what I see right now, it appears the market is cautious but moving with prices holding nicely. 
I'm here if you need me.
Stay Safe.
Peter Owen

Note: I make a constant effort to maintain and improve the level of service I provide to you because, in my business, the most profound assets I possess are your respect and trust. Please feel free to call me if you need anything at all; I am always here to help.

Articles
1) What Greener Homes Are Made Of
2) Time to Watch Clients’ Gardens Grow
3) 7 Summer Trends for Creating Cozier Backyards

Oh, by the way…if you know of someone who would appreciate the kind of service I provide to my clients, please call me with their name and business number. I’ll be happy to follow up and take great care of them.

Stats
I am not going to bother with Stats this month and maybe next month - they are meaningless with what has occurred over the past months. Mainly I don't want readers to read and make decisions based on them without fully understaning what they mean.
Garden City
Malverne
West Hempstead
Garden City South
Rockville Centre
Floral Park
Stewart Manor
New Hyde Park
Upper Brookville
Muttontown
Mineola
Lynbrook

If you would like a free Personal Comparative Market Report for your home ie what range would your home be priced at currently, please just email me - no obligation, no pressure, no hassle - HONESTLY!

Peter Owen
Licensed Real Estate Salesperson
Better Homes and Gardens Real Estate Atlantic Shores. 
55 Hilton Avenue, Suite 100.Garden City, NY 11530.
Office: (516)444-3939.
Cell: (516)317-2860.
Fax: (516)444-3940.
Email: peter.owen@bhgliving.com.
Website: http://www.nassaucountynyhomes.com

Best, top, most trusted and dedicated real estate agent covering  Garden City, Malverne, Garden City South, New Hyde Park, Floral Park, Franklin Square, Lynbrook, Stewart Manor, West Hempstead, East Meadow, Rockville Centre, East Rockaway, Manhasset Hills, Roslyn Heights, All of Nassau County  displaying a high degree of integrity, honesty, service and knowledge. Best Real Estate Agent in Garden City