Think of it more as purchasing your home...and not so much as an investment. If the numbers work for you now, go for it and good luck!
Very few lucky people can time the market exactly.
Bay Ridge seems to be in demand and prices are stable.
Bonnie Chernin and David Rogoff
Fillmore Real Estate Branch #19
2926 Avenue J
Brooklyn NY 11210
917-593-4068 (David’s Cell)
646-318-5031 (Bonnie’s Cell)
Take a look at Trulia's market trends: http://www.trulia.com/real_estate/11209-Brooklyn/market-trends/
Hope you found something, let us know if you still need help!
Ali, Community manager
Prices may be going down but in man locations...so is the inventory. In many cases the shrinking inventory results in a very noticable decrease in the quality of those home that remain on the market.
Our best advice is to not commit to making a purchase now but remain active in your select market, collecting information and remaining current with the RE market. By taking this approach you are not putting pressure on yourself to make a decision but will be better prepared to make a good decision when the opportunity presents itself.
Nobody can predict the future. If the stock market were to crash again tomorrow, the economy and real estate market as a whole would also go down. There are too many factors that come into play to predict the future otherwise we would all be rich!
You simply have to look at the here and now. Right now prices are extremely low (statistically and relatively speaking based on past history). In addition to that interest rates are relatively low. A qualified buyer can still get a rate of 4.75% on a 30 year fixed mortgage. This means you would be paying about $522.00 per hundred thousand you borrow! This is still very cheap money from a mortgage perspective!
It has been rare in the history of man that you have a market where both real estate prices and mortgage rates are low. Nobody know how long this will last. If you buy know your going with a sure thing as the future is always uncertain.
Also, the sooner you buy the sooner you will get the tax benefits of home ownership. Remember, the interest you pay on your mortgage and the real estate taxes you pay annually are an income tax deduction. Hence, if you were to borrow $400,000.00, you would get an annual tax write off in excess of $20,000.00! Ask your accountant how much that would save you on your taxes. For the average homebuyer it would be approximately $3600.00 per year. That is a tax savings of $300.00 per month (again, speak to your accountant to make sure as tax savings are on a case by case basis depending on how you do your taxes)!
If I can be of further assistance please let me know. Good luck!!
Mitchell S. Feldman
Associate Broker/ Director of Sales
Madison Estates & Properties, Inc.
Office: (718) 645-1665/ Cell: (917) 805-0783
As far as your local market conditions, your local realtors are best suited to direct information about your specific needs; however, I thought you might be interested or might want to know about the emerging proposals by the current administration that will affect both buyers and sellers.
According to a just published article in Smart Money Magazine, Why You Should by That Home Now, sounds the opening cannon shot into what everyone is wondering about when wanting to buy or sell a home.
Consumers ask the following questions: Has the market stabilized ? Is it a good time to buy my home ? Should I wait and see what happens to the housing market? Is my local market affected ?
The Smart Money Article makes the following major predictions and observations:
Fanny and Freddie exit the scene
Government backed loans are shrinking in number and size
Smaller mortgage loan amounts
Higher fees for loans
Bigger down payments
Real Estate Professionals and Mortgage lenders struggle to lead in mixed currents and muddy waters. The short answer is who knows for sure.
I think back to many storm forecasters before modern prediction tools came to bear on stormy weather. I am no storm forecaster; however, our mothers taught us to carry an umbrella just in case ....
" The future, according to some scientists, will be exactly like the past, only far more expensive." John Sladek
BROKER ASSOCIATE | Realtor
DeRiso & Haynes Realty - Texas
All information is provided "as is" with no guarantees or warranty. M. Chalambaga © 2011 - -