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Eric Janssen's Blog

By Eric Janssen | Broker in New York, NY

Summertime...When the living is easy!

Who said that summertime was only about going to the beach, swimming and having fun? Not me. This summer however has been all about the debt ceiling and how to extend it before our credit rating goes to hell. Well, it looks like we may have gotten past the initial hurdles and are moving on for now.

However, that is not to say that we are out of the woods yet! There is still a tremendous deficit moving forward that needs to be dealt with and the government needs to find out a way to work within a balanced budget like the rest of us. Spending more than you earn is a recipe for disaster-even if you are the US Government.

On a positive note however, interest rates have been sinking over the last couple months and now enable buyers to afford much more. Or at the very least, they can save  tens of thousands of dollars in interest over the life of the loan. Some of this is a direct result of the debt crisis mentioned above. And some of it comes as a result of loosening regulations.

That’s not to say that banks are getting relaxed about what they expect borrowers to have in assets and liabilities and income. They still require excellent credit and income in relation to the amount borrowed, but some of the rules are a smidgen better and the rates are much better on the whole.

Now is a great time to buy a home in NYC as a result. Check out The Top Luxury Condominium website in NYC  Since prices haven’t gone up yet to pre-Lehman highs, and interest rates are at historic lows-it’s a slam dunk.  Since the summertime is a slower paced sales market, with half of the buyers out of town, it is really a great time ot be looking. The competition is on the beach soaking up the rays.  So in fact,, Summer time is when the buying is easy. Give us a call…

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