This article will discuss the various pros and cons of homes for sale in Nassau County, Long Island. The list of pros and cons is not exclusive, though. Feel free to research some more regarding your specific requirements if you believe you need more information to make a sound decision.
PRO: High Income Neighborhood
Nassau County is considered as part of the suburbs of the New York Metropolitan Area. The majority of its residents are mid level to high income earners. The average household income is around $93,000 annually. This means the lawns are well-kept and trash is regularly and correctly disposed of.
CON: Crime Rate
The crime rate was last rated at 71.11 (crime index). This is not the worst but it is definitely not the best, either. On a positive note, the crime rate has been slowly but surely going down year after year. In fact 71.11, is a record low for Nassau County!
PRO: Foreclosure Homes are 25% Cheaper!
Homes for sale in Nassau County, Long Island Real Estate can be categorized as non-foreclosure or distressed. In case of the former, the average selling price is around $390,000. In case of the latter, the average selling price goes down to $291,000. This represents a 25% discount. Granted, most homes are fixer-uppers, but the repair costs usually amount to 5% to 10% of total home value. This brings the actual savings down to 15-20%.
Tip: Bring an expert assessor with you, especially when viewing any of the foreclosure homes on your list top picks. This, way you know what has to be fixed and you have a rough estimate of the repair bills you will incur.
CON: Racial Segregation
Surveys have shown that Nassau County is one of the most racially segregated counties in the state of New York. This means that some areas are predominantly oriented towards a specific race. The majority (73%) of the local population consists of Caucasians.
PRO: Non-Discriminatory Practices
Racial segregation in terms of streets, townships, and home blocks may exist, but this same segregation has no direct connection with acts of discrimination. In fact Nassau County benefits from the many “cultural” towns it has (e.g. Little China, Little Korea). This is in terms of commerce, food, and social interaction.
Tip: Their Little China and Little Korea should be on your must-visit list!
CON: Higher 2013 Home Values
There is a slight rise in average home values starting from 2012 up to the first half of the current year. On a positive note, this rise is only present in distressed homes. Most experts agree that the supply is running out and demand is running high.
PRO: Stable Home Values
The market for brand new homes has been relatively stable from 2012 to the first half of 2013. Experts believe that there is more interest in foreclosure homes because of their cheaper selling prices. On a side note, once the foreclosure runs dry, then the demand for brand new homes will rise.
Tripping should not be limited to the house itself. Pay attention to the neighborhood. Ask about the basic facilities near you (e.g. schools, hospitals, shopping centers, public transportation). Remember, a little due diligence now when it comes to homes for sale in Nassau County, Long Island, can save you a lot of trouble in the future.