In this episode, we discuss on how to choose the right agent for you.
You need to ask these 4 questions:
1. If they are a FULL TIME Agent
- this is important as you will know how committed they are
2. What are their credentials
- do they have a strategy in place or how do they do their business
3. Any references to check?
- get feedback from people and clients they previously worked with
4. Do they know the neighborhood?
- they should know the market in your area!
That wraps up episode #5 of The New York Real Estate Experts Show. Keep sending in your questions, and I'll do my best to keep answering. Add me on my social medias and don't forget to subscribe and share!
If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interest at heart, they may not be fully aware of your needs and what is currently happening in the real estate market. Answering the following 3 questions will help you determine if now is actually a good time for you to buy in today's market.
1. Why am I buying a home in the first place?
This truly is the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money. For example, a recent survey by Braun showed that over 75% of parents say "their child's education is an important part of the search for a new home." This survey supports a study by the Joint Center for Housing Studies at Harvard University which revealed that the four major reasons why people buy a home have nothing to do with money. They are:
2. Where are home values headed?
According to the latest Home Price Index from CoreLogic, home values are projected to increase by 5.3% over the next 12 months.
What does that mean to you?
Simply put, if you are planning on buying a home that costs $250,000 today, that same home will cost you an additional $13,250 if you wait till next year. Your down payment will need to be higher as well to account for the higher home price.
3. Where are mortgage interest rates headed?
A buyer must be concerned about more than just prices. The 'long term cost' of a home can be dramatically impacted by even a small increase in mortgage rates. The Mortgage Bankers Association (MBA), the National Association of Realtors, Fannie Mae and Freddie Mac have all projected that mortgage interest rates will increase over the next twelve months as you can see in the chart below:
Bottom LineOnly you and your family will know for certain if now is the right time to purchase a home. Answering these questions will help you make that decision.
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On this episode of New York Real Estate Experts Show I give you 3 Steps to "Prep" Your Home for sale.
This may Sound Strange, but the first thing you should do is ... Change
1. Attitude : Unless you haven't been living in it for a long time, you probably love your home. After all, it's full of lovely memories and well, Your life ! When Selling your home, you need to change your attitude to one of objectivity. That is, you need to see through the eyes of potential buyer , and you know those eyes are going to be critical, looking for reason not to buy .
2. Benefits of your home .. Write down all the benefits on your home For example ( new Roof, new Boiler , New Window, Low energy bill due to excellent insulation ) most buyer agent won't know about them , that mean buyer won't know about them .
3. Flaws .. has yourself what are flaws (Old Carpet, Old paint, etcc) and how can You Fix them or minimize them ! Turn a Critical eye on your home and think of it as a product to be sold.
Bottom Line : Adopt a Business Attitude toward the sale of your home to make the whole process easier - and more profitable!
That wraps up episode #4 of The New York Real Estate Experts Show. Keep sending in your questions, and I'll do my best to keep answering. Add me on my social medias and don't forget to subscribe and share!
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The widespread myth that perfect credit and large down payments are necessary to buy a home are holding many potential home buyers on the sidelines. According to Ellie Mae's latest Origination Report, the average FICO score for all closed loans in May was 724, far lower than the 750 or 800 that many buyers believe to be true. Below is a graph of the distribution of FICO scores of approved loans in May (the latest available data):
Looking at the chart above, it becomes obvious that not only do you not need a 750+ credit score, but 54.9% of approved loans actually had a score between 600 and 749. More and more experts are speaking up about the fact that if potential buyers realized they could be approved for a mortgage with a credit score at, or above, 600, the distribution in the chart above would shift further to the left. Ellie Mae's Vice President, Jonas Moe encouraged buyers to know their options before assuming that they do not qualify for a mortgage:
"The high median credit score is due to many millennials believing they won't qualify with the score they have - and are therefore waiting to apply for a mortgage until they have the score they think they need." (emphasis added)
CoreLogic's latest MarketPulse Report agrees that the median FICO score does not always tell the whole story:
"The observed decline in originations could be a result of potential applicants being either too cautious or discouraged from applying, more so than tight underwriting as the culprit in lower mortgage activity."
It's not just millennials who believe high credit scores and large down payments are needed. Many current homeowners are delaying moving on to a home that better fits their current needs due to a belief that they would not qualify for a mortgage today.
So what does this all mean?
Moe put it this way:
"Many potential home buyers are 'disqualifying' themselves. You don't need a 750 FICO Score and a 20% down payment to buy."
If you are one of the many Americans who has always thought homeownership was out of their reach, meet with a local real estate professional who can help you start the process of being pre-qualified to see if you are able to buy now!
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WHITE PLAINS—Prospective homebuyers who were out in force during the first several months of 2016 came to the closing table during the second quarter to post a five-year high of transactions.
Realtors in the four-county area comprising the Hudson Gateway Multiple Listing Service, a subsidiary of the Hudson Gateway Association of Realtors, reported 4,526 closings of single-family houses, condominiums, cooperatives and 2-4 family houses, an increase of 23% over the 3,669 closings reported in the second quarter of last year. The powerful second quarter results continued the strong recovery in this region that commenced in 2011.
The increases were largely concentrated in the single-family house sectors of the four counties. Overall, Putnam County had the largest increase in sales—32%—followed closely by Orange County at 30%. There were no decreases by county or by property type but for a few statistical artifacts in low-volume cooperative and multifamily sectors in Orange County.
For the past two or three years member Realtors have reported a gradual tightening of the availability of properties for sale in the region, reflecting that high sales volumes have been outpacing new listings. Up to now, this has not been too much of a problem; the main consequence being to slow the decision-making process of prospective purchasers as they take more time to find suitable properties. That may be changing, however, as the second quarter closed with significant year-over-year double-digit decreases in inventory.
At the close of the second quarter of 2015 there were 12,400 for-sale properties recorded with the multiple listing service in its four-county service area and among the four property types. At June 30, 2016 there were 9,972 properties, a decrease of 20%. On a percentage basis, Putnam County inventory dropped the most—22%. On a volume basis, Westchester being the largest county, end-of-quarter inventory fell by 945 properties or 16% from last year at this date.
That sort of imbalance may have consequences: either price increases and/or diminished sales volumes. Putnam, Rockland and Orange counties all posted second quarter price increases for the median sale price of single-family houses. Putnam County posted the largest percentage increase—8.5%—from $289,500 last year to $314,000 this year. Orange County followed at 6.0% and Rockland County at 4.9%.
Westchester on the other hand posted a 1.6% decrease in the median sale price of a single-family house, from $660,500 to $650,000. Its condominium median, $356,438, also was down by 1.5%. The $155,000 median price of cooperatives on the other hand was an increase of 6.9% from last year. While looking back over the past few years indicates a lot of seasonality in prices, it also shows that since 2013 the seasonal bumps themselves are trending flat.
Each county is different as to its size, dominant property type, and price range, so it will take a few more months to discern the likely path of the region as a whole. Certainly the foundation forces affecting the real estate market are favorable for all. Mortgage interest rates are as low as they have ever been, and in this region at least, employment and job security are supportive of prospective purchasers. As always there are the wild cards that can affect real estate markets everywhere, current examples including “Brexit,” Puerto Rico insolvency, Federal Reserve rates, and not the least consequential, the upcoming elections. But, so far we are having an excellent run in our market.
As a seller, you will be most concerned with the 'short term price' - where home values are headed over the next six months. As a buyer, you must be concerned not with price but instead with the 'long term cost' of the home. Many economists have pointed to Brexit (Britain's exit from the European Union) as a reason that interest rates will remain low for the next few months. But Trulia's Chief Economist Ralph McLaughlin warns that this will not always be the case in a recent post:
"While the departure of the UK from the European Union has driven down the 10-year bond, and thus mortgage rates, we expect them to rebound later in the year as uncertainty over the economic consequences of the departure lifts."
The Mortgage Bankers Association (MBA), the National Association of Realtors (NAR) and Freddie Mac all project that mortgage interest rates will increase by close to a full percentage point over the next twelve months. According to CoreLogic's most recent Home Price Index Report, home prices will appreciate by 5.3% over the next 12 months.
What Does This Mean as a Buyer?Here is a simple demonstration of what impact an interest rate increase would have on the mortgage payment of a home selling for approximately $250,000 today if home prices appreciate by the 5.3% predicted by CoreLogic over the next twelve months:
Stocks are rallying and Mortgage Bonds are slightly lower after a much stronger than anticipated June Jobs Report. The Bureau of Labor Statistics (BLS) reported that there were 287,000 job creations last month. As we said yesterday, this was the snap back we were looking for from the previous anemic report. And speaking of last monthâs report, the already weak 38,000 figure was revised even lower to 11,000. The Report for April, on the other hand, was revised higher from 123,000 to 144,000. Combined, the previous two months saw revisions of -6,000. Since there is so much volatility month to month, a longer average is usually a better representation of the strength of the housing market. And the last three months have averaged job growth of 147,000â¦so the trend is certainly softer.
There are two reports, the Business Survey, where we get the headline number from, and the Household Survey, where the unemployment rate is derived from. The unemployment rate actually rose from 4.7% to 4.9%â¦but letâs see why. When looking at the Household Survey, it showed that there were only 67,000 jobs created in June. But there were also 414,000 people who entered the labor force, which is why the unemployment rate increased. The U-6 unemployment rate, which takes much more into consideration, improved from 9.7% to 9.6%.
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As the temperature rises, buyers are coming out ready to purchase their dream homes. The summer is a great time to list your home for sale. Here are five reasons why:
1. Demand Is Strong
The latest Buyer Traffic Report from the National Association of Realtors (NAR) shows that buyer demand remains very strong throughout the vast majority of the country. These buyers are ready, willing and able to purchase... and are in the market right now! Take advantage of the buyer activity currently in the market.
2. There Is Less Competition Now
According to NAR's latest Existing Home Sales Report, the supply of homes for sale is still under the 6-month supply that is needed for a normal housing market at 4.7-months. This means, in most areas, there are not enough homes for sale to satisfy the number of buyers in that market. This is good news for home prices. However, additional inventory is about to come to market. There is a pent-up desire for many homeowners to move, as they were unable to sell over the last few years because of a negative equity situation. Homeowners are now seeing a return to positive equity as real estate values have increased over the last two years. Many of these homes will be coming to the market this summer. Also, as builders regain confidence in the market, new construction of single-family homes is projected to continue to increase over the next two years, reaching historic levels by 2017. The choices buyers have will continue to increase. Don't wait until all this other inventory of homes comes to market before you sell.
3. The Process Will Be Quicker
Fannie Mae just announced that they anticipate an acceleration in home sales that will surpass 2007's pace by late summer. As the market heats up, banks will be inundated with loan inquiries causing closing-time lines to lengthen. Selling now will make the process quicker & simpler.
4. There Will Never Be a Better Time to Move Up
If you are moving up to a larger, more expensive home, consider doing it now. Prices are projected to appreciate by 5.3% over the next year, according to CoreLogic. If you are moving to a higher-priced home, it will wind up costing you more in raw dollars (both in down payment and mortgage payment) if you wait. You can also lock-in your 30-year housing expense with an interest rate below 4% right now. Rates are projected to increase by nearly a full percentage point in the next 12 months.
5. It's Time to Move On with Your Life
Look at the reason you decided to sell in the first place and determine whether it is worth waiting. Is money more important than being with family? Is money more important than your health? Is money more important than having the freedom to go on with your life the way you think you should? Only you know the answers to the questions above. You have the power to take control of the situation by putting your home on the market. Perhaps the time has come for you and your family to move on and start living the life you desire.
That is what is truly important.