The Hamptons are an exclusive area on Long Island, New York, that consists of approximately 20 seaside villages, which are favorite spots not only for year-round residents but for those looking to escape the crowded city in the summer.
The area offers miles of pristine coastline, numerous hiking trails, lush state parks, and picture-perfect landscapes that entice visitors far and wide. Sightseers will delight in a visit to Montauk Point State Park, where the Montauk Point Lighthouse stands. It’s one of the most visited and photographed attractions in the region. Also on tap are varied vineyards and wineries that give Napa Valley, CA, and France a run for their money.
East Hampton is one of the two divisions of the Hamptons—the other being South Hampton—and a fortunate 29,000 residents occupy an area of about 70 square miles. It is known in part for being an artist’s colony, founded by the famed artist Jackson Pollock in the 1940s, and later artists, including Willem de Kooning, Mark Rothko, and Andy Warhol brought more fame there.
The current median home price of East Hampton homes for sale is about $4,244,000, and the area is in a healthy seller’s market. Whether you’re looking to buy or sell East Hampton NY real estate, here are some tips to do so quickly.
Hire an agent who’s enthusiastic and has marketing chops
An enthusiastic realtor is crucial to marketing East Hampton homes for sale with the greatest effort and skill, so make sure you do a thorough job of finding that ideal realtor to represent your best interests. Ask friends, co-workers, and family for direct referrals—in other words, referrals to realtors they’ve dealt with, not just someone whose ad showed up on a bus stop bench. Ask for a free consultation and to see the realtor’s sales history. If it’s on the weak side, move on.
An agent with strong marketing skills offers different ways of marketing your home that go beyond uploading a few pictures on the Multiple Listing Service (MLS). These different ways include networking, staging, and video tours.
Staging your entire home from the inside to the outside
Upgrade with energy-efficient fixtures and appliances
Obtain a pre-approval letter
A pre-approval letter is a mortgage lender's offer to loan potential homebuyers a certain amount of money under specific terms. It shows sellers of East Hampton NY real estate that you are prepared, and it gives you the flexibility that buyers without pre-approval letters lack. When should you get a pre-approval letter? Don’t wait until you’ve found the home of your dreams. Obtain one as soon as you decide to go on a home search. Pre-approval letters are not valid for extended periods of time (state rules may vary) but once you have one, it’s an easy task to renew it if your house hunting takes longer than initially expected.
Be prepared for down payments and closing costs
Here is an example. Buying one of the East Hampton homes for sale takes more money than just that needed for a down payment. Even if you have the highest credit possible and qualify for a 3% down payment, you’ll have to pay $127,320 as a down payment on East Hampton NY real estate for sale with its current median home price of about $4,244,000.
In addition, you’ll have to pay closing costs; i.e., fees required to finalize the mortgage, which range from 2% to 5% of the original loan amount. Say your loan amount on that $4,244,000 after the down payment is $4,116,680. Two percent of that is $82,334. Five percent is $205,834. Adding up all your costs to this point ranges from $209,654 to $333,154, assuming a 3% down payment. If your credit is anything less than perfect, you’ll likely be responsible for paying a 20% down payment.
Lastly, calculate expenses to include moving expenses, move-in costs, which include needed repairs or renovations, and even furniture and appliances.
The bottom line is this: if you can’t swing these expenses on the home of your dreams, don’t spend time looking for homes in that price range. Once you’ve purchased a home, expenses continue and even build. Play it conservatively and build up to a pricier home later on.
Are you ready to sell or start looking at East Hampton homes for sale? Reach out to trusted local agent Jonathan Milioti for expert guidance and advice.