There are currently 9 houses for sale between $125,000 and $150,000. The average tax of those homes is $7,478 the low is $5,429 and the high is $9,187.
Tom Brady SFR, e-PRO, SRES, BPOR
Licensed Real Estate Salesperson
Notary Public, Retired N.Y.P.D. Lt.
#1 Listing & Selling Office on Long Island
Charles Rutenberg Realty, Inc.
255 Executive Drive - Suite 208
Plainview, New York 11803... more
In my opinion there are several factors to consider. Stone surfaces are more impressive than formica. If you your kitchen is old however than investing in a stone surface might not be worth it. If you have an updated kitchen then there would be an added value.... more
If you go to FFIEC Gecoding, you will get the breakdown of the area by income, owner occupied and minorities compiled by the government.
The school district can only tell you what percentage of the students get free lunch or discounted lunch.... more
Fair Housing Laws, prohibit real estate professionals from steeringâ€”enticing a buyer to purchase, or not, in specific neighborhoods; therefore you should do some homework of your own to assure your comfort level can be reached. Also keep in mind opinions are subjective--what's good for one is not necessarily the case for another.... more
To be honest, I'm not happy reading any of the answers given so far. The reputation of the Banker or Broker you will be dealing with is of paramount importance. I can't stress enough that if you have not heard of them before, beware. Many "unknowns" offer ads that say they are lower in rate than many of the major Lenders you know of & heard of before. The old saying goes "if it walks like a duck & quacks like a duck, there's a good chance you have a duck on your hands". Mortgage Brokers are not capable of giving loans, only matching you with a Lender that is licensed to provide the mortgage. Much of the access Mortgage Brokers had to programs in the past has been taken away. Be careful. Ask lots of questions. And as stated earlier, if the Banker or Broker you are speaking to won't provide you, IN WRITING, with a GFE (Good Faith Estimate of Settlement Costs), run. No one should need you to give them $$ to provide this either.
Next, as Luke stated, credit scores are important. Borrowers with low scores can find that they become limited in what loan programs are available. More important in today's market is "verifiable income". The days of no-income loans is as extinct as the dinosaurs. (there are still a few programs left, but you will required to make bigger down payments & be subject to higher rates than those that can verify income). Down payment is the 3rd of the major factors. Larger down payments can allow you, in certain markets, to apply for a Conventional mortgage. Many markets have been classified as needing 10% or more as a down payment to allow for conventional applications. Those buyers that are working with less than 10% Down can utilize programs such as FHA. This is where I find a little fault with Luke's reply. FHA is not just for borrowers with weak credit. Having terrific credit, but limited funds should not keep you from buying.
Many states also offer special "State Bond Programs" meant for 1st-time homebuyers. In NY, the program is called SONYMA and details can be found at www.nyhomes.org. The FHA program requires only 3.5% down payment (as of 1/1/09). SONYMA still allows as little as 3%. Those buyers that are qualified Veteran's can also utilize the VA loan program. This is the only legitimate program available that allows purchasers to finance 100%.
Today's market, while depicted as "doom & gloom" by the media, is actually one of the best Buyers markets that has existed in years. Prices on homes have been reduced to affordable levels for many. Rates are at near historic lows. There are incentives for 1st-time homebuyers such as the Tax Credit made available by the Housing & Economic Recovery Act of 2008. If you are able, you should be out there looking to buy!
Please feel free to contact me personally for more information.
Wells Fargo Home Mortgage