A considerable number of potential buyers shy away from jumping into the real estate market due to their uncertainty about the buying process. A specific cause for concern tends to be mortgage qualification.
For many, the mortgage process can be scary, but it doesn't have to be!
In order to qualify in today's market, you'll need to have saved for a down payment (the average down payment on all loans was 11% last month, with many buyers putting down 3% or less), a stable income and good credit history. Throughout the entire home buying process, you will interact with many different professionals, all of which perform necessary roles. These professionals are also valuable resources for you. Once you're ready to apply, here are 5 easy steps that Freddie Mac suggests to follow:
Do your research, reach out to professionals, stick to your budget, and be sure that you are ready to take on the financial responsibilities of becoming a homeowner.
This time of the year, upcoming Holidays typically some businesses slows down... But that's not how we roll in New York Real Estate Experts. We march forward just like every other day of the year. Another closed deal today and more coming up! Today we helped our clients, the home buyers, find the perfect home for them. Our passion is real estate, and that alone is enough to drive and keep us striving to be better each day.
Congratulations to our clients and thank you for believing and trusting in our service in finding you the right home.
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So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. More often than not, your agent may have made your offer contingent on a clean home inspection. This contingency allows you to renegotiate the price paid for the home, ask the sellers to cover repairs, or even, in some cases, walk away. Your agent can advise you on the best course of action once the report is filed.
How to Choose an Inspector
Your agent will most likely have a short list of inspectors that they have worked with in the past that they can recommend to you. Realtor.com suggests that you consider the following 5 areas when choosing the right home inspector for you:
Ask your inspector if it's ok for you to tag along during the inspection. That way they can point out anything that should be addressed or fixed. Don't be surprised to see your inspector climbing on the roof, crawling around in the attic, and on the floors. The job of the inspector is to protect your investment and find any issues with the home, including but not limited to: the roof, plumbing, electrical components, appliances, heating & air conditioning systems, ventilation, windows, the fireplace & chimney, the foundation and so much more!
They say 'ignorance is bliss,' but not when investing your hard-earned money in a home of your own. Work with a professional you can trust to give you the most information possible about your new home so that you can make the most educated decision about your purchase.
The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The updated numbers actully show that the range is an average of 17.4% less expensive in Honolulu (HI), all the way up to 53.2% less expensive in Miami & West Palm Beach (FL), and 37.7% nationwide!
Other interesting findings in the report include:
Bottom LineBuying a home makes sense socially and financially. If you are one of the many renters out there who would like to evaluate your ability to buy this year, let's get together to help you find your dream home.
Our clients have allowed us to expand our business and pushed us to strive for excellence year after year. Our team is one big family and with our clients we are becoming an even bigger family. We are grateful to have shared this special time with everyone and their loved ones as well as our Vendors. Thank you for coming!
Don't miss out on the OPEN HOUSE tomorrow on this 3 Bedroom Single Family Home in the Bronx! It will be on Quicksale and will accept bids on site! October 22nd Saturday 10:30-12:30pm
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Today we closed on 37 Newbury! Congratulations to the new home owners Ian & Maxine! Thank you for trusting us in selling your home and finding you a new one! It was really a pleasure! And shout out to our amazing team of experts behind the closing and making it happen!
If you are planning on selling or buying a home please dont hesitate calling us! We'd be more than happy to assist you!
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According to Freddie Mac's latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.47%. Rates have remained at or below 3.5% each of the last 16 weeks, marking a historic low. The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget. The chart below shows what impact rising interest rates would have if you planned to purchase a home within the national median price range, and planned to keep your principal and interest payments at or about $1,100 a month.
With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5%, (in this example, $6,250). Experts predict that mortgage rates will be closer to 4% by this time next year. Act now to get the most house for your hard earned money.
In today's housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that closed recently) to defend the selling price when performing the appraisal for the bank. Every month, Quicken Loans measures the disparity between what a homeowner believes their house is worth as compared to an appraiser's evaluation in their Home Price Perception Index (HPPI). Here is a chart showing that difference for each of the last 12 months.
Every house on the market has to be sold twice; once to a prospective buyer and then to the bank (through the bank's appraisal). With escalating prices, the second sale might be even more difficult than the first. If you are planning on entering the housing market this year, meet with an experienced professional who can guide you through this, and any other obstacle that may arise.
We just closed on 33 Goodwin in Greenburgh today. Only less than 30 days in the market from having an accepted offer! Congratulations to the new home owners!
If you have a home you plan to sell or planning to buy a home don't hesitate to call us at 914.920.2299
613 Barretto Street Bronx, NY 10474
The Investment That You Have Been Waiting for! This Brick Multifamily Home is A Fantastic Opportunity with A Great Value! Perfect for A Large Family, First Time or The Seasoned Investors! Over 4 Bedroom Units and Full Finished Basement with A Long Driveway and 2 Car Garage Which is Rare! All This in The Upcoming Hunts Point Area of the Bronx! Property is Located Right Next to the New Development Within Walking Distance to the Train Station. Move-in Condition with New Paint & Carpet. Ideal for A Large Family That Wants Extra Income or Wants a Multifamily Home Fully Rented for Passive Income! Wont Last Grab It Now!
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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. Ask yourself the following 3 questions to help 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 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 until 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:
Only 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.
Though the use of lead paint was banned in 1978, apartments throughout New York State continue to contain lead paint. Landlords especially should be aware of the dangers of lead paint, what they can do to avoid a lawsuit, and what to do if they are sued.
The Dangers of Lead Paint:
Lead paint is dangerous because it can cause lead poisoning, a serious disease caused by swallowing or breathing lead. Pregnant women and children under the age of six are the most at risk for lead poisoning. In the United States, one in every six children has toxic levels of lead in their bodies. Lead poisoning can lead to slow growth and development, damage to hearing and speech, and learning/attention issues. Most lead poisoning happens at home.
Lead paint claims can be expensive, with damages potentially reaching hundreds of thousands, if not millions, of dollars per claim. Additionally, tenants may withhold rent payments until the lead paint has been removed or covered, citing a decrease in services, and may eventually ask the Housing Court for a rent abatement.
The law requires landlords to take special care to protect their tenants from lead poisoning.
Federal law requires landlords to disclose the presence of known lead paint to tenants, and provide an approved pamphlet about how to protect against lead exposure.
New York State requires landlords to maintain their property free from conditions endangering or detrimental to life, health or safety. However, New York State does not require Landlords to test for lead paint.
In New York City, according to Local Law 1 of 2004, Landlords are required to test for lead paint annually if the building was built before 1960, or a child under the age of six (6) lives in the apartment.
Prevention is key:
The best way to prevent a lead paint-based claim is to determine if lead is present in the apartment. If the apartment was built before 1978, have the apartment inspected by a licensed lead inspector.
The presence of lead paint does not, by itself, pose an immediate health risk. If lead paint is present, but not peeling, flaking or chipping, your expert may advise you to leave it alone. Pay close attention to walls, windows and door frames for signs of wear or chipping paint. These are areas where children are most likely to be exposed to lead in the home, and your expert may advise you to have the lead paint properly removed.
Original Article from JGD Associates NL.
The number of new home sales is far off historic norms. The National Association of Realtors (NAR) just reported that the percentage of all house sales that were newly constructed homes has fallen to the lowest numbers in forty years. Here is a graph showing the percentages:
This should come as no surprise as the number of new housing starts has fallen dramatically over the last several years:
We need more new construction for two reasons:
Come and join us this Saturday 10/8/2016 from 12nn-3pm!
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Today we just closed on 10 Delaware Road Yonkers! Congratulations Patricia and Edgar to your new home! Thank you once again for the trust in us finding the perfect home for you!
In today's market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers. Here are the top five reasons:
1. Exposure to Prospective Buyers
Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?
2. Results Come from the Internet
Where did buyers find the home they actually purchased?
3. There Are Too Many People to Negotiate With
Here is a list of some of the people with whom you must be prepared to negotiate if you decide to For Sale By Owner:
The paperwork involved in selling and buying a home has increased dramatically as industry disclosures and regulations have become mandatory. This is one of the reasons that the percentage of people FSBOing has dropped from 19% to 8% over the last 20+ years.
The 8% share represents the lowest recorded figure since NAR began collecting data in 1981.
5. You Net More Money When Using an Agent
Many homeowners believe that they will save the real estate commission by selling on their own. Realize that the main reason buyers look at FSBOs is because they also believe they can save the real estate agent's commission. The seller and buyer can't both save the commission. Studies have shown that the typical house sold by the homeowner sells for $210,000, while the typical house sold by an agent sells for $249,000. This doesn't mean that an agent can get $39,000 more for your home, as studies have shown that people are more likely to FSBO in markets with lower price points. However, it does show that selling on your own might not make sense.
Before you decide to take on the challenges of selling your house on your own, sit with a real estate professional in your marketplace and see what they have to offer.