Last updated 7 days ago
If you are a homeowner in the county of Brooklyn, Queens, Nassau, or Suffolk, you typically must pay city and county property taxes. You may need to pay school property taxes as well. However, the School Tax Relief Program, or STAR, may allow you to opt out of your obligation to pay school property taxes. Knowing if you are eligible for the STAR exemption could possibly save you thousands of dollars over time.
Only individuals who own their homes can qualify for the STAR exemption. The type of home can vary, though. According to current STAR qualification regulations, you may be eligible for the exemption if you own an apartment, farmhouse, single-dwelling house, manufactured house, or condo. No matter the structure, you must use it as your main residence.
An important factor that may affect your eligibility for the STAR exemption is your income. If you are at least 65 years old or older, you cannot earn more than $81,900 in a given year. That number jumps considerably if you are under the age of 65—the amount of money you make cannot be more than $500,000. This earning regulation applies to you and any other person who shares ownership of your home.
As mentioned, the STAR exemption divides eligibility between individuals 65 years old and older and people who have not yet turned 65. For the latter group, though, no other age limitation exists. No matter if you are 24 years old or 64 years old, if you make less than $500,000 in a given year and are the owner of an approved property, you can apply for the STAR exemption.
Do you want to become a homeowner? Then take advantage of Multiple Listing Service of Long Island, Inc. today! Our extensive website, MLSLI.com, provides a wide array of real estate resources to help you find your dream home in the Queens, Nassau, Brooklyn, or Suffolk area.
Last updated 12 days ago
If you’re trying to sell your home, an open house can put your home on display for dozens of prospective buyers. To maximize your selling chances, you should keep in mind a few necessary details.
First, consult a real estate agent. A real estate professional who has supervised other open houses is a great resource. He can recommend cosmetic changes to your home and help you design advertising materials that promote your home in the best possible light. You should also tell trusted friends and neighbors of your plans, as they can spread the word to interested parties. Also, make sure your home is ready to be seen. If you have a to-do list of repairs and renovations, make sure they are completed in time for your open house.
Multiple Listing Service of Long Island, Inc. can help you coordinate a successful open house. To learn more about what it takes to arrange this type of event, visit our website at MLSLI.com. We can put you in touch with a real estate agent with the expertise you need in the Suffolk, Queens, Brooklyn, or Nassau area.
Last updated 20 days ago
MLSLI is pleased to announce the release of the new & improved MLSLI Mobile Application on November 15, 2013! This highly advanced mobile application features HomeSpotter technology, unlocking a wealth of information by simply pointing your smartphone or tablet in the direction of a home. The video below gives you a great idea of just how this amazing technology works:
New to the world of mobile applications? No worry! Simply visit our site and enter in your mobile phone number. You will receive a text message with the link to easily download the app. Happy househunting!
Last updated 21 days ago
Real estate trends indicate that buyers and sellers are finding new ways to complete sales. This video discusses some of these innovative strategies.
While the real estate market is very gradually turning in favor of sellers, buyers still have the advantage in some areas and will for some time. As a result, they may be able to make special arrangements with sellers when purchasing a home. For instance, a buyer may be willing to buy a home for a given asking price, but he or she may not have the financial resources needed upfront for closing costs. In some cases, he or she might want to ask the seller to pay those expenses to close the deal.
Multiple Listing Service of Long Island, Inc. provides real estate information for individuals in the Nassau, Suffolk, Queens, and Brooklyn communities. For more information on our services, please visit MLSLI.com.
Last updated 27 days ago
If you haven’t been able to take advantage of the real estate opportunities of the last several years, you still have time. The mercurial real estate market can quickly shift from being a buyer’s market to a seller’s domain, but the following housing trends indicate that now is the time to buy.
Mortgage Lenders Are Cooperative
A primary reason why the real estate market went through a period of hardship a few years ago is because mortgage lenders were quick to provide big mortgages with equally big fees to homebuyers. The aftermath led to the mortgage lending world becoming less accommodating to buyers no matter their credit histories. The lending atmosphere has become friendlier in recent months, though. While mortgage lenders must still be diligent in vetting customers, they now are working with eligible candidates so that they can purchase the homes they want.
Interest Rates Are Competitive
Interest rates greatly affect how much you will pay over the term of the mortgage. When high, these rates can force homebuyers to pay well above the value of the home. However, current interest rates should put buyers’ minds at ease. Though individual rates may vary from one mortgage lender to the next, as a whole, they continue to hold at a very attractive rate for buyers in the real estate market.
Affordable Homes Are Available
Many prospective buyers consider a house’s price tag as the primary deciding factor when it comes to whether they’ll submit an offer. If too high, they may move on to the next option. When it is a seller’s market, though, buyers may spend months or even years trying to find a suitable home that falls within their budget. This is why now is the perfect time to purchase a home. Though housing prices are on the rise, prospective buyers can still find options in wonderful neighborhoods and at great prices.
To learn more about what you can expect when you enter the real estate market, visit Multiple Listing Service of Long Island, Inc. at MLSLI.com. Our comprehensive website provides a wide array of information for both buyers and sellers. With our expertise, you can quickly find the home in Nassau, Suffolk, Brooklyn, or Queens that’s right for your needs.