FOX's Gerri Willis tackles Long Island housing market

Gerri Willis, host of “The Willis Report,” which airs 6 p.m. weeknights on Fox Business Network, is scheduled to host a real estate segment Friday that Long Islanders may want to catch.

“The Real Estate Story” will look at the country’s housing market and its prospects for the year ahead. Willis and a panel of experts, including estate mogul Barbara Corcoran and Zillow chief economist Stan Humphries, will address regional markets as well. Special attention will be paid to the Long Island housing market’s recent struggles.

Willis will also offer the following tips for those navigating the Island’s real estate market:

1. Be informed about your market. Don’t read headlines in a national publication and assume that applies to your community.

2. Take the time to investigate foreclosures thoroughly. Foreclosures may be on the decline nationally, but that doesn’t seem to be the case for Long Island. RealtyTrac named Long Island one of the “20 best places to buy foreclosures” for 2013.

3. Anticipate a challenge when it comes to getting a loan, but that doesn’t mean give up. Getting a loan these days is a financial strip search. Be prepared to answer a lot of questions and to document your answers.