Aspiring homebuyers can pick up tips at workshop in Roosevelt

Long Islanders interested in buying a home will be able to pick up financial tips on Thursday at a workshop for homebuyers hosted by Assemb. Taylor Darling (D-Hempstead) in partnership with the Roosevelt Public Library.

The event will run from 6 to 8 p.m. Thursday at the library. Darling said the event is part of creating a pathway to homeownership for aspiring buyers. 

"This is so important because we know real estate has long been used to build generational wealth," Darling said. "I want to level the playing field for my constituents, so they are able to build generational wealth for their children’s children."

Local first-time buyers have faced a challenging environment in the years since the COVID-19 pandemic started.

The median home price on Long Island, excluding the East End, increased 9.6% to $630,000 in the first quarter of the year compared with the same period a year ago, according to a recent report from real estate brokerage Douglas Elliman and appraisal firm Miller Samuel. Real estate agents have pointed to too few homes on the market as one of the factors driving up prices.

Meanwhile, the average mortgage rate has more than doubled in the past three years to 7.17% as of April 25, according to Freddie Mac, increasing monthly housing payments for buyers.

Darling said the event can help people prepare even if they can't afford to buy at today's mortgage rates. 

Darling is a candidate in the June 25 Democratic primary for the 6th District state Senate seat along with Nassau Leg. Siela Bynoe (D-Westbury) and Carmen J. Piñeyro, a former Freeport deputy village mayor.

Gwen O'Shea, president and CEO of Community Development Long Island, which is participating, said Thursday's event is intended for anyone interested in homeownership, including people currently living with family, renting or who already own a home but may buy again in the future.

“Right now, there’s a lot of confusing, and maybe even depressing, information related to homeownership,” said O'Shea said. “However, everyone should always work on being prepared because it’s not something that happens overnight — building your credit, securing a down payment that might be necessary and identifying where you might want to be living.”

Speakers from CDLI will share information about the Melville-based nonprofit’s programs to help people improve their credit score, build up their savings and find out about available down payment assistance programs.

In addition to CDLI, other participants in the workshop include the State of New York Mortgage Agency; Ruth Burgos, vice president of community relations at City National Bank; and Tanya Hill, a real estate agent at Coldwell Banker American Homes, in Merrick.

Interested attendees can register by emailing Darling’s office at darlingt@nyassembly.gov. Registration is encouraged but not required.

By Jonathan LaMantia

jonathan.lamantia@newsday.com@jonlamantia

Jonathan LaMantia covers residential real estate and other business news on Long Island. He previously covered the business of health care for Crain's New York Business.