Let me tell you a story.
There is a man who lives in a town where all residents had a job, a house, and a car or two in their driveway. Every day he went to work and came home and sometimes he would go out on the weekends for a drink. He seemed happy, yet he always complained about little things. Deep down his soul, he knows he's not happy. He regrets the fact that he did not go after the one thing in life that he ever wanted. He sold out for the security of a 9-5 job and the little luxuries that came with it. Therefore, to compensate, he made up stories to tell himself so he could feel better and continued to waste his time with fake reality.
Here is what I think.
Never sell your life short and look down on other people's success and pass it off as luck. Create the life you wanted. A life you could be proud of. I'm guessing that if you find yourself reading this you also want to create a life for yourself. Well, let me tell you that it is possible to create a life following your passion. It is possible for you to break outside the role society has thrown you into, to have more than a mediocre lifestyle. All it takes is a choice.
You owe it to yourself to have better things, a better paycheck, better life. Hussle, be unrealistic, go after your dreams, and create the life you want, but absolutely never settle with mediocrity!
I built a company that gives me the opportunity to earn big and at the same time freedom to concentrate on my passion. NYREEX will never stop pushing people to work their very best and achieve their full potential.
If you're one of the many someones I mentioned above and want to kick off a change to better your life, then I recommend you start as an agent with New York Real Estate Experts. Go to our website www.realestatecareerexpert.com to learn about the many things NYREEX and eXp Realty has in store for you.
It is with my utmost pleasure and excitement to announce that NYREEX has joined eXp Reality. We have started a strong relationship built on logic, trust and a shared vision of unconditionally satisfying our clients in terms of coverage, client experience, and level of service.
We are looking forward to the great opportunities this partnership will bring to all of us. Connecting with like-minded, top tier experts and innovators opens new doors for expansion to other locations, possibilities of coverage in different states, and the early adoption of what will become the most reliable, trust worthy, and effective cloud brokerage platform.
I am so blessed to be in a position to support my family doing what I love to do and so excited to help others do the same thing!
If you want to know how NYREEX and eXp Realty can help you make more money. Give us a call at 914.920.2299 or drop a comment below and visit our website www.nyreex.com to learn more.
If you think about it, it makes sense to pay for something monthly that you know will be yours in a few years time. You can consider your monthly amortization a deposit to your personal savings, only you cannot withdraw cash from it.
A study revealed that the median net worth of a homeowner was $231,400 - a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a home is a great way to build family wealth
As we've said before, simply put, homeownership is a form of 'forced savings.' Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
That is why, for the fifth year in a row, Gallup reported that Americans picked real estate as the best long-term investment. This year's results showed that 34% of Americans chose real estate, followed by stocks at 26% and then gold, savings accounts/CDs, or bonds.
Greater equity in your home gives you options
If you want to find out how you can use the increased equity in your house to move to a home that better fits your current lifestyle, meet with a real estate professional in your area who can guide you through the process.
Currently, sellers are enjoying huge if not undivided attention from buyers as their visibility is at peak. There are reports, however, that this will change in the following months to come as permits for single-family units are granted.
According to the latest U.S. Census Bureau and U.S. Department of Housing & Urban Development Residential Sales Report, the number of building permits issued in June was 850,000, a 0.8% increase from May.
How will this impact buyers?
More inventory means more options. Mark Fleming, First American's Chief Economist, explained that this is good news for the housing market -- especially for those looking to buy:
"The continued year-over-year growth in completions means more homes on the market in the short-term, offering some immediate relief in alleviating housing supply shortages."
How will this impact sellers?
More inventory means more competition. Today, because of the tremendous lack of inventory, a seller can expect:
If you are considering selling your house, you'll want to beat this new competition to market to ensure that you get the most attention on your listing and the best price for your house.
Most people can't help but be concerned that mortgages changes may lead to another disaster, and we can't blame them for we've been there before. The question remains, is there any foothold to peoples worries? Are lending standards truly propping up our home prices?
Back in 2005, Federal Reserve Chairman Alan Greenspan described the dramatic increases in residential real estate values as a "froth in housing markets." Greenspan went on to say:
"The increase in the prevalence of interest-only loans and the introduction of more-exotic forms of adjustable-rate mortgages are developments of particular concern...some households may be employing these instruments to purchase homes that would otherwise be unaffordable, and consequently their use could be adding to pressures in the housing market."
Greenspan was warning that the loosening of lending standards could lead to disaster. And it did.
With home prices again appreciating at percentages well above historic norms, many are wondering whether the market is again becoming "frothy." Mortgage standards are much stricter now, however, than they were in 2005.
The Urban Institute's Housing Finance Policy Center issues a monthly index which measures the percentage of home purchase loans that are likely to default. A lower score indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards. A higher score indicates that lenders are willing to tolerate defaults and are taking more risks.
Their July Housing Credit Availability Index revealed credit availability rose to 5.9%. For context, they went on to explain:
"Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market."
Here is a graph depicting the Urban Institute's findings:
Though it may be slightly easier to get a mortgage today than it was a year ago, lending standards are nowhere near where they were during the build-up to the housing bubble.
Many can't help but worry that we may be on the verge of another housing bubble. Believe it or not, despite what statistics may seem, experts say that we shouldn't be too concerned about an impending housing bust.
Here are four key metrics that will explain why:
There is no doubt that home prices have reached 2006 levels in many markets across the country. However, after more than a decade, home prices should be much higher based on inflation alone.
Last week, CoreLogic reported that,
"The inflation-adjusted U.S. median sale price in June 2006 was $247,110 (or $199,899 in 2006 dollars), compared with $213,400 in March 2018." (This is the latest data available.)
2. MORTGAGE STANDARDS
Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today's standards are nowhere near as lenient as they were leading up to the crash.
The Urban Institute's Housing Finance Policy Center issues a monthly index which,"â¦measures the percentage of home purchase loans that are likely to default--that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan."
Their July Housing Credit Availability Index revealed:
"Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market."
3. FORECLOSURE RATES
A major cause of the housing crash last decade was the number of foreclosures that hit the market. They not only increased the supply of homes for sale but were also being sold at 20-50% discounts. Foreclosures helped drive down all home values. Today, foreclosure numbers are lower than they were before the housing boom.
Here are the number of consumers with new foreclosures according to the Federal Reserve's most recent Household Debt and Credit Report:
4. HOUSING AFFORDABILITY
Contrary to many headlines, home affordability is better now than it was prior to the last housing boom. In the same article referenced in #1, CoreLogic revealed that in the vast majority of markets, "the inflation-adjusted, principal-and-interest mortgage payments that homebuyers have committed to this year remain much lower than their pre-crisis peaks."
They went on to explain:
"The main reason the typical mortgage payment remains well below record levels in most of the country is that the average mortgage rate back in June 2006, when the U.S. typical mortgage payment peaked, was about 6.7 percent, compared with an average mortgage rate of about 4.4 percent in March 2018."
The "price" of a home may be higher, but the "cost" is still below historic norms.
After using these four key housing metrics to compare today to last decade, we can see that the current market is not anything like that bubble market.
Be in the know. Here's the Yonkers' update for this week, read all about it.
In 1849, John T. Waring founded the Waring Hat Manufacturing Company in the City of Yonkers. It was one of three hat manufacturers in Yonkers at the time. However, by the end of the 19th century, the company produced more hats per day than any other hat company in the world!
Love it or hate it, social media platforms have invaded and taken over the past time of the majority of the world today, and it does not show any sign of stopping or slowing down in any foreseeable future. To be on the top of your game, you need to adapt and utilize the social media to your advantage. Here's how you can do just that.
The key is targeting the best social media options--those proven to attract real estate leads--and building a marketing plan tailored to getting the most out of these accounts.
There is no denying Facebook is huge. Odds are, almost everyone you know has an account. But when it comes to real estate marketing, Facebook has a huge benefit over nearly every other social network: demographics. Facebook reaches everyone. Regardless of age group, income level, or location, almost everyone is on Facebook, and you should be too.
Here's how to pull it off:
Instagram has amassed a huge, loyal user base. Don't let the photo-based sharing deter you. Smart Insights found when it comes to interaction, Instagram blows other social media sites out of the water with a whopping 70 interactions per 1,000 followers. Getting started on Instagram is easy.
Here's how to pull it off:
Pinterest is often overlooked by agents, but it shouldn't be. The site has a huge fan base and many dedicated followers actively 'pinning' every day. Building up your Pinterest 'boards' (collections of clickable photos) will take dedication, but the payoff will be worth it.
Here's how to pull it off:
Twitter shouldn't be the only social media you use, but the fast--paced feeds can help you generate leads (and crossover followers to other social media sites) if you do it right.
Here's how to pull it off:
There's no denying that social media can help boost your real estate leads. With that said, it doesn't mean you need to be on every social media platform. Your audience may just be on one platform or may be on all platforms. Some platforms may perform better than others. So it's important to come up with a social media strategy that will work best for you. If some social media sites perform better for you than others, then focus your attention on those that will give a better return. Overall, a social media strategy and some hard work can help boost your real estate leads to where you want them to be.
Nowadays, people buy insurance for all sorts of things they hold dear. Jewelry, pets, computer equipment and believe it or not, even body parts. It gives one peace of mind and a sense of security to know their possessions are safe. All the more reason why your home should be insured with the best insurance provider you can find. Here a few things you need to know about home insurance and the top providers of 2018.
The first thing you need to know about homeowners insurance is what it covers. One well-known aspect of homeowners insurance is that it covers your dwelling and its contents if there's a fire or other event that causes damage -- or if your stuff is stolen or vandalized. Policies typically cover certain kinds of weather or extreme events like hail, lightning, or damage from wind, but not others. Floods and earthquakes, for example, are often excluded from most base plans. You have to buy additional coverage if you want to protect yourself in case of those events.
When it comes to dwelling and property coverage there are two types. The first is cash value coverage, which only will pay you the amount that your property is currently worth or the depreciated value of the property. The second kind is replacement value coverage, which will give you as much as you need to replace an item at its current market value. Certain types of property or property with values that are over a certain dollar amount can't be insured in some circumstances. For that reason, you might also need a special insurance rider or include these items in a schedule.
But homeowners insurance doesn't just help you repair or replace your things, it also provides liability coverage. This covers you against liability if anyone is injured on your property or if you damage their property. It also often covers you in case someone is injured because of your dog. Usually these liability coverage policies have low coverage amounts and offer just $100,000 in total coverage.
After that, different home insurance companies offer different types of additional coverages in their base policies. Some include things like medical payments coverage in the event someone gets injured on your property. It can offer a certain dollar amount to cover medical bills without having to go to court or reach a settlement. There are also home insurance companies that offer things like "loss of use" coverage, which pays for a hotel and food if you can't return to your home, identity fraud coverage, additional liability coverage, and other types of special riders.
Are you wondering what type of coverage is best for you and what company you should buy it from?
We look at the best homeowners insurance companies to help you decide.
Here are LendEDU's best homeowners insurance companies (click a company to read their full review):
Best Homeowners Insurance Comparison
There are a lot of home insurance providers out there, you have the freedom to pick one that you find can cater to all your needs.
Should home buyers and savers be worried about the Fed rate hike? Here are a few things we should know about to help us prepare for this impending change.
With the Fed announcing another rate hike Wednesday, borrowing costs will head even higher for consumers. The good news is some bank customers will start to see noticeably higher savings rates.
Americans with credit cards, adjustable-rate mortgages and home equity lines of credit will see their monthly payments rise now that the Federal Reserve has lifted its key short-term interest rate by a quarter percentage point to a range of 1.75 percent to 2 percent.
All are revolving loans with variable rates that are directly affected by the Fed's move.
Car buyers may feel it, too, though they're still benefiting from a competitive auto loan market that's keeping borrowing costs low. Any effect on 30-year mortgages and other long-term loans would likely be muted.
But consumers with bank savings accounts and CDs will benefit.
"While rising interest costs constrain borrowers... savers are finally getting their day in the sun," says Greg McBride, chief economist of Bankrate.com.
The rate hike Wednesday becomes the second this year and the seventh since the Fed began bumping them up in late 2015. Two more hikes are now expected in 2018.
Here's how the moves could affect consumers:
Credit cards, HELOCS, adjustable-rate mortgages
These loans will become more expensive within weeks since their rates are generally tied to the prime rate, which in turn is affected by the Fed's benchmark rate.
Average credit-card rates are 17 percent, according to Bankrate.com. For a $10,000 credit-card balance, a quarter-point hike is likely to add $25 a month in interest, according to Steve Rick, chief economist of CUNA Mutual Group.
Four rate increases this year could mean an additional $100 in monthly interest. LendingClub advises people to consolidate their credit-card debt with a personal loan.
Rates for home equity lines of credit are much lower at 5.92 percent. A quarter-point increase on a $30,000 credit line raises the minimum monthly payment by just $6 a month.
By contrast, rates on adjustable-rate mortgages are modified annually. So the impact may be delayed, but then it could bite. Four quarter-point hikes in 2018 likely would boost the monthly payment on a $200,000 mortgage by $84 to $112.
The Fed's key short-term rate affects 30-year mortgages and other long-term rates only indirectly. Those rates correlate more closely with inflation expectations and the long-term economic outlook.
The average 30-year fixed mortgage rate already has climbed from 4.15 percent to 4.54 percent since Jan. 1 largely because investors expect federal tax cuts and spending increases to push inflation higher. But the rate is down from a recent high of 4.66 percent in late May. The likely rate hike on Wednesday is already figured into mortgage rates.
For home buyers, any impact on the monthly bill would probably be relatively small. By year's end, a quarter-point rate increase on a $200,000 mortgage would boost the monthly payment by about $30.
Existing fixed-rate mortgages are not affected.
Other Fed moves could also play a role. In September, the Fed announced that it's gradually shrinking the bond portfolio it amassed during and after the financial crisis in a bid to lower long-term rates. That likely has a greater effect on fixed mortgage rates, according to Tendayi Kapfidze, chief economist of LendingTree.
A quarter-point rate hike theoretically would get passed on to new auto loans, increasing the monthly payment for a new $25,000 car by $3. Existing loans would be unchanged. But competition among lenders is holding down auto loan rates, McBride says. That could mean an even smaller monthly increase. Five-year auto loan rates are currently at 4.71 percent.
Bank savings rates
Since banks will be able to charge a bit more for loans, they'll have a little more leeway to pay higher interest rates on the deposits customers make.
Don't expect a fast or equivalent rise in your savings accounts or CD rates, many of which pay interest of 1% or less. Those rates have barely budged the past year despite the Fed's hikes.
Low rates on loans have meant narrow profit margins for banks for years. They can now benefit from a bigger margin between what they pay customers in interest and what they earn from loans, McBride says. And since they're still flush with deposits, they don't need to attract more to make loans.
Yet a handful of online and community banks, credit unions and money market mutual funds that are hungrier for deposits are paying as much as 2.5 percent on a one-year CD, up from 2.15 percent in March. Fed rate hikes this year should help boost the top rate to 2.8 percent to 3.1 percent by December, McBride says.
And top savings and money-market rates are nearing 2 percent. That's about the rate of annual inflation. "Being able to earn more than inflation is something savers haven't seen in a decade," McBride says.
Bottom line is, the impact of all these on our home buyers will be relatively small.
A shelter is considered to be one our basic commodity, and many got stuck thinking it's just that, a commodity that we need to have and pay for every month. Truth is, it can be something so much more, it can be an investment, a legacy or a source of income. It mainly depends on how you utilize it to your advantage particularly by owning instead of renting.
People often ask if now is a good time to buy a home, but nobody ever asks whether or not it's a good time to rent. Regardless, we want to make certain that everyone understands that now is NOT a good time to rent.
The Census Bureau recently released their 2018 first quarter median rent numbers. According to their report, here is a graph showing rent increases from 1988 until today:
As you can see, rents have steadily increased and are showing no signs of slowing down. If you are faced with making the decision of whether or not you should renew your lease, you might be pleasantly surprised at your ability to buy a home of your own instead.
You can either stick to making money for your landlord or make it your own and sell it in the future. The choice is yours to make.
What's the first thing that comes to your mind when you heard the word, Summer? Iâm guessing --beach, vacation, camping, travel, barbecue and so many more! But, did you know that Summer is a great time to purchase your dream home? Doubtful? Here are the 4 reasons why you should buy a home this summer.
1. Prices Will Continue to Rise
Core Logic's latest Home Price Insights reports that home prices have appreciated by 7% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.2% over the next year.
Home values will continue to appreciate for years. Waiting no longer makes sense.
2. Mortgage Interest Rates Are Projected to Increase
Freddie Mac's Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have increased by half a percentage point already in 2018 to around 4.5%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase by nearly a full percentage point by this time next year.
An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.
3. Either Way, You Are Paying a Mortgage
There are some renters who have not yet purchased a home because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage -- either yours or your landlord's.
As an owner, your mortgage payment is a form of 'forced savings' that allows you to have equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person with that equity.
Are you ready to put your housing cost to work for you?
4. It's Time to Move on with Your Life
The 'cost' of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.
But what if they weren't? Would you wait?
Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.
If it is your goal to live in the home of your dreams. Think ahead and foresee the future, especially now that the market price is rising, buying sooner rather than later could lead to substantial savings. Don't worry we will help you find your dream home at your price. Call us or check our website below.
Be in the know. Here's the Yonkers' update for May, read all about it.
Through the Department of Parks, Recreation & Conservation, the Yonkers Animal Shelter is offering great adoption rates for dogs and cats the first weekend of June!
For more information, contact the Yonkers Animal Shelter at 914-377-6730.
Around Town: What's Happening in Yonkers
5/25 - OPEN MIC at Blue Door Gallery
13 Riverdale Avenue, Yonkers 10701
7-9PM | Learn More
5/27 - Westchester County Veterans & Service Members Appreciation Day at Rye Playland
1 Playland Parkway, Rye
5/28 - Memorial Day Ceremony
Yonkers City Hall | Veterans Memorial Plaza
40 South Broadway, Yonkers
5/28 - Crestwood Memorial Day Parade
Annunciation School Playground | 33 St. Eleanora's Lane
5/28 - Catholic Slovak Club Memorial Day Ceremony
Victory Park | 50 Lockwood Avenue, Yonkers
5/28 - Yonkers YFW Post 1666 Memorial Day Service
574 Yonkers Avenue, Yonkers
5/28 - Empire VFW Post 375 Memorial Day Service
10 Huber Place, Yonkers
5/30 - Puerto Rican Flag Raising at Yonkers City Hall
6/3 - 2018 Yonkers Hispanic Day Parade & Festival
12 NOON Start at South Broadway & McLean Ave.
*Yonkers PAL Winter Farmers/Flea Market*
Every Saturday, 8AM to 2PM
127 North Broadway, Yonkers
"Adopt a Pet" - Yonkers Animal Shelter | 1000 Ridge Hill Blvd. Open Daily from 11AM - 4PM | 914-377-6730
*Monthly Activities For All Yonkers Public Libraries Click Here
With events for every Yorkers' of all ages and walks of life, there's truly a lot to look forward to this month.
Is it really a great time to be a seller? Previously we have tackled the millennials drive to own homes. have-young-americans-lost-the-desire-to-own-homes.html
We are well aware that young Americans are ready to commit. We also know for a fact that prices continue to incline, this means more money in your pocket. Needless to say, there's no better time than now.
Recently released data from the National Association of Realtors (NAR) suggests that now is a great time to sell your home. The concept of 'supply & demand' reveals that the best price for an item is realized when the supply of that item is low and the demand for that item is high.
Let's see how this applies to the current residential real estate market.
It is no secret that the supply of homes for sale has been far below the number needed to sustain a normal market for over a year at this point. A normal market requires six months of housing inventory to meet the demand. The latest report from NAR revealed that there is currently only a 3.6-month supply of houses on the market.
Supply is currently very low!
A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers who are actually out looking at homes) disclosed that "foot traffic grew 10.5 points to 52.4 in March as the new season approaches."
Demand is currently very high!
Waiting to sell will only increase the competition between you and all of the other sellers putting their houses on the market later this summer. If you are debating whether or not to list your home, contact a local real estate professional who can explain the conditions in your market.
Mortgage interest rates have already risen by over a quarter of a percentage point in 2018. Many are projecting that rates could increase to 5% by the end of the year.
What impact will rising rates have on house values?
Many quickly jump to the conclusion that an increase in mortgage rates will have a detrimental impact on real estate prices as fewer buyers will be able to qualify for a loan. This seems logical; if there is less demand for housing then prices will drop.
However, in a good economy, rising mortgage rates increase demand as many prospective purchasers immediately jump off the fence to guarantee they get the lower rate.
Let's look at home prices the last four times mortgage rates increased dramatically.
In each case, home prices APPRECIATED and did not depreciate. No one is projecting as dramatic an increase in rates as the examples above. Most are projecting an increase of approximately 1% by the end of the year.
The last time mortgage rates increased by 1% over a twelve-month period was January 2013 (3.41%) to January 2014 (4.43%). What happened to house prices during that span? They appreciated by 9.8%.
Just two weeks ago, Rick Palacios Jr., Director of Research at John Burns Real Estate Consulting explained:
"Mortgage rates have risen 1% or more ten times in the last 43 years, with little impact on home sales and prices when the economy was also strongâ¦Historically, rising confidence, solid job growth, and higher wages have more than offset reduced demand for housing resulting from higher mortgage rates."
When mortgage rates increase, history has shown that prices appreciate (and do not depreciate) during that same time span.
Another Agent made an EXPERT move!
To join our team of experts, visit:
âA study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their houses in the near future are planning to scale down. Letâs look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a sellerâs market. In a blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:
Realtor.com also addressed downsizing in an article. They suggest that you ask yourself some questions before deciding if downsizing is right for you and your family. Here are two of their questions followed by their answers (in italics) and some additional information that could help.
Q: What kind of lifestyle do I want after I downsize?
A: âFor some folks, itâs a matter of living a simpler life focused on family. Some might want to cross off travel destinations on their bucket lists. Some might want a low-maintenance community with high-end upgrades and social events. Decide what you want to achieve from your move first, and youâll be able to better narrow down your housing options.â
Comments: Many homeowners are taking the profits from the sales of their current homes and splitting it in order to put down payments on smaller homes in their current locations, as well as on vacation/retirement homes where they plan to live when they retire. This allows them to lock in the home price and mortgage interest rate at todayâs values which makes sense financially as both home prices and interest rates are projected to rise.
Q: Have I built up enough equity in my current home to make a profit?
A: âFor most homeowners, the answer is yes. This is if theyâve held on to their properties long enough to have positive equity that will be sizable enough to put a large down payment on their next home.â
Comments: A study by Fannie Mae revealed that only 37% of Americans believe that they have significant equity (> 20%) in their current home. In actuality, CoreLogicâs latest Equity Report revealed that 78.9% have greater than 20% equity. That equity could enable you to build the life youâve always dreamt about.
If you are debating downsizing your home and want to evaluate the options you currently have, meet with a real estate professional in your area who can help guide you through the process.
âAs of January 1, 2017, the New York State Housing Authority has implemented new voucher payment standards for new rentals, transfers, and annual recertification. Looking at a 3BR apartment the new standards afford you $2,270. This amount will provide a large family a great opportunity to upgrade.
Imagine getting your family out of a cramped space into a property with more breathing room for everyone. With living expenses being probably the most difficult obstacle New Yorkers face, taking advantage of this opportunity should be a no brainer, but we know some of you might still hesitate. We strongly advice against that. Think about it, whatâs going to happen once more people find out about this? Itâs already March, this went into effect January 1st. Your choices have already dropped considerably. The time for thinking about it has passed, the time for action is now.
Bottom line here folks; if you are the leader of your family and have accepted the responsibility of putting a roof over their heads, this is a chance to make things a little easier for everyone, including you. If time is an issue or you need some assistance, no problem. Contact us and we will be happy to take as much pressure off you as possible. You must remember, we live and breathe real estate and our duty is to provide unmatched customer service. Seeing a happy and healthy market means that we have a better chance of making your dreams come true.
We hear opportunity knocking, letâs answer the door together.
Who knew we'd still be talking about Legos in 2017? with the popularity of the recent hit movies, the Lego brand has been moving full steam ahead in a so far so good attempt to capitalize off of its success and popularity. With that being said, this is a real estate blog, so let's get to the real estate.
There have been rumblings of a plan to add a proposed $500-million Lego Land project here in New York, Middletown to be exact. The plan calls for a reconfiguration to the roads in the area of Glen Arden and Orange-Ulster BOCES. The main idea is to relocate EXIT 125 of Route 17 in order to alleviate traffic effects in the area that would certainly be caused by the popular play place. So, where do we fit into all of this?
The land around this area is bound to be prime real estate. With our knowledge of the real estate business and the area in and around this location we are looking for sellers who would be looking to capitalize off of the great opportunity. But wait, there's more. We also know some of the investors/developers involved in this project. So what does this mean for you?
We urge anyone who lives in or knows anyone who lives in this area to call us as soon as possible. With the information, dedication and insight we have into this project we are the number one source for anyone looking to benefit here. This is how real estate works. When you have a line on future increased value you move on it. Once word of mouth about this gets around you'll see and hear the excitement and everyone will probably start thinking they can just move on this by themselves, but big time investors and developers like this are looking to work with professionals to give themselves a better peace of mind. Also, as stated above; we are close to the source. Don't let this opportunity pass you by. Give us a call, not now. but right now.
#selleropportunity #realestate #realestateopportunity #lego #legoland #newyork #expertadviser #homeselling #homebuying #nyreex
âRecently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers out looking for a home, which has caused prices to rise. The great news about rising prices, however, is that according to CoreLogicâs US Economic Outlook, the average American household gained over $11,000 in equity over the course of the last year, largely due to home value increases. The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home from June 2015 to June 2016 (the latest data available).
âFor those who are worried that we are doomed to repeat 2006 all over again, it is important to note that homeowners are investing their new-found equity in their homes and themselves, not in depreciating assets. The added equity is helping families put their children through college, invest in starting small businesses, allowing them to pay off their mortgage sooner or move up to the home that will better suit their needs now.
CoreLogic predicts that home prices will appreciate by another 5% by this time next year. If you are a homeowner looking to take advantage of your home equity by moving up to your dream home, contact an agent in your area to discuss your options!
âThere are many potential homebuyers, and even sellers, who believe that they need at least a 20% down payment in order to buy a home or move on to their next home. Time after time, we have dispelled this myth by showing that many loan programs allow you to put down as little as 3% (or 0% with a VA loan). If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs. Freddie Mac defines closing costs as:
âClosing costs, also called settlement fees, will need to be paid when you obtain a mortgage. These are fees charged by people representing your purchase, including your lender, real estate agent, and other third parties involved in the transaction. Closing costs are typically between 2 and 5% of your purchase price.â
Weâve recently heard from many first-time homebuyers that they wished that someone had let them know that closing costs could be so high. If you think about it, with a low down payment program, your closing costs could equal the amount that you saved for your down payment. Here is a list of just some of the fees/costs that may be included in your closing costs, depending on where the home you wish to purchase is located:
Work with your lender and real estate agent to see if there are any ways to decrease or defer your closing costs. There are no-closing mortgages available, but they end up costing you more in the end with a higher interest rate, or by wrapping the closing costs into the total cost of the mortgage (meaning youâll end up paying interest on your closing costs). Home buyers can also negotiate with the seller over who pays these fees. Sometimes the seller will agree to assume the buyerâs closing fees to get the deal finalized, which is known in the industry as âsellerâs concession.â
Speak with your lender and agent early and often to determine how much youâll be responsible for at closing. Finding out youâll need to come up with thousands of dollars right before closing is not a surprise anyone is ever looking forward to.
Whether you're thinking about getting out of the rat race or you've already dipped your toes into the investment pool, information is a tool that you cannot afford to build a foundation without. Alongside fear, overconfidence is responsible for hindering the success of many entrepreneurs. Think about it. What keeps most people from investing or being able to bounce back from a setback? The fear of failure keeps the majority of Americans stuck in what they believe is 'job security', when in fact a high percentage of the population is one medical emergency away from being on the street.
So what about overconfidence? You can't have too much confidence right? Wrong. An overconfident person that doesn't know what they're doing is dangerous to themselves and others.
Imagine you're pretty good at baking some delicious chocolate chip cookies. Your cookies are so good that family, friends, and co-workers keep telling you that you could make a fortune selling them. You know your cookies are that good so one day you decide to quit your job, buy a nice little store front and sell cookies and cakes full time. Here's the catch you never did your research.
A few months go by and you're bleeding money by the day. When you opened your store, you didn't realize that there were two more well-known bakeries down the block. In addition you never learned how to properly market and promote your business.
Now it's too late. One more bad week and you'll be completely bankrupt. This could have all been prevented had you just took the time to take do your homework and seek the advice of one or two #experts in the field. Now let's look at this from a #realestate perspective.
Real estate is one of the best investments you can make. Certain gadgets, cars, and clothes are big sellers but they will always go in and out of style. People will always need a place to stay.
No one ever goes into any business venture without hitting some bumps in the road, but it's how you maneuver the vehicle afterwards that determines how smooth the trip to your destination will be.
When it comes to being a Landlord it will be highly beneficial for you to learn from others mistakes. One of the biggest mistakes is failing to properly screen and approve qualified tenants. Trust in the fact that it is better to have no tenant then to have bad one.
Here are some great TIPS:
1. Congratulate the prospective tenant(s). Letting them know that they beat out others and are now being given the opportunity to move forward will help them realize that this is really happening. This also gives you the opportunity to analyze their reaction to the news. I would be looking for a little excitement here.
2. Set the appointment as soon as possible. You don't want them looking at other properties or thinking too much.
3. Make the appointment at a professional setting such as an office, and tell them what they will need to have with them. This ensures that you not only have the necessary documents, but it also shows the tenants that you are a professional.
4. Make sure all decision makers will be there. You don't want a husband or wife calling you back later because their spouse disagrees with something. You also don't want to have to repeat yourself or chase them down to get signatures and documentation.
5. Do not accept personal checks. You are changing possession of a property here, you need to make sure all funds are cleared. Think about it, if you have to wait for a check to clear anything can happen and that means the deal is not closed. Cash, money order or bank check ONLY.
6. Get picture ID. This should be obvious. You want to make sure the person is who they are saying they are. There are people who will buy a house in your name without you even knowing about it until it's too late. It happens more often than you would think.
The only way to lose is by doing nothing. If you align yourself with the right people and use your common sense to analyze the information you receive anything that goes wrong after that can be chalked up to learning. I hope the information provided here today has given you the thirst for knowledge that is necessary to succeed in world of real estate. I also hope you realize that this is just a small percentage of the knowledge we possess and wish to provide to you in the near future.
Contact us to get an Experts to Rent your Unit Out with any Hassle !
Tiffiany’s passion is being a part of the most important Transaction of the client which is real estate.
She joined New York Real Estate Experts as a way to help people. The core value of the company is people before profit. We put people first while always maintaining integrity and world class customer service.
She became a full-time agent and now she has 1 accepted offer in a month, 6 new clients and at the moment dominating her market area!
If you are thinking about becoming an Entrepreneur, ask us how you can kick start your career! Click on the link below: http://www.newyorkhomeclick.com/joinus.html
#featuredagent #realestateagent #realestate #agent #nyreex#expertadviser