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by Highline Residential
Buying a home is one of the most important and expensive purchases you will ever make, but that doesn't mean you can't save some money during the process. Smart house hunters can consider these tips to help pay for a home and still be prudent with their pocket book. Read on to find out how. Put Twenty Percent Down When you borrow in excess of 80 percent for a home mortgage, you're automatically required to pay for private mortgage insurance, also known as PMI. This adds to your monthly payment. Homes in New York, NY, have an average down payment of 8.8 percent, but suggests you work toward saving 20 percent for your down payment. Your wallet will eventually thank you. Multiple Lenders and Multiple Quotes You won't know if you're getting the best mortgage deal if you don't compare the terms with other lenders. According to Investopedia, "Looking at multiple good faith estimates (GFEs) side by side lets you compare rate and closing cost scenarios" to select the ideal mortgage package for your particular set of circumstances. At times, you can negotiate amongst several lenders in hopes that they will compete for your business by offering better terms than their competitors. Find a Fixer Upper or Less Expensive Home Choosing a home that requires a bit of loving care in order to return it to its former glory is another way to save money when buying a house. Fixer uppers boast lower sales prices because they're not move-in ready. There's less ...
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by Highline Residential
Some people from out of state may imagine New York City real estate only thriving in the heart of the city, however, in 2016, the market heated up considerably in the suburbs. New buyers are making their way to the more spacious commuter neighborhoods as the sudden surge of activity is having a significant impact on available home inventory. Busy Housing Market Winter Normally, the housing market can slow down when the winter weather hits the New York area. This year, buyers have hit the streets in force searching for homes during the mild winter days. The housing inventory has decreased substantially as homes are spending less time as listings – numerous bids are being made by buyers and accepted by sellers. Places such as Pleasantville has homes sitting on the MLS real estate listings for 83 days before going to contract, and the Westminster suburb has an average of 3.7 months for its absorption rate. Inventory has dipped so low that there were only 34 homes on the listings in the Pleasantville area. Long Island has recorded its lowest inventory levels in 13 years. On average for most suburb areas, there is only three months’ worth of home inventory available. Home Prices Steady at Beginning of Year but Expected to Rise Steady prices have brought buyers out in droves to find the best deals for homes. However, with lowering home inventory, these prices have risen in certain desirable neighborhoods as bidding wars are taking p...
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by Highline Residential
New York City faces a mixed bag of current markers in the world of residential and commercial construction activity. In some ways, it's good news that the rate of cost increases is slowing. But costs are up once again throughout the city's five boroughs. If that's no surprise to you, the good news may be that the 2016 rate of increase was approximately 4 percent, pretty much in line with the average 3-4 percent increase in 2016 in major markets across the nation. Now that the preliminary figures are in, what does it all mean? New York building executives -- interviewed for the Construction Update prepared by the New York Building Congress -- foresee about the same rate of increase, about 1 percent per quarter, for the balance of 2017. That offers some relief from the 5 per cent annual cost hikes experienced in 2013, 2014 and 2015. During those years, the nationwide averages were between 2.5 and 3 percent. A decade ago, during the height of the U.S. building boom, cost increases climbed to about 6 percent nationally. At the same time, New York City was experiencing double-digit increases -- 12 percent in 2006 and 11 percent in 2007. The aftermath of the Great Recession slowed the climb, but costs began to rise again in 2010. High Demand = High Costs The market is "robust" across all types of construction, according to Carlo Scissura, New York Building Congress President and CEO. He notes that the high level of activity across the board tends to stretch the ...
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by Highline Residential
Over the past five years, we have made our way through a housing recovery which has seen prices rise to and above 2007 levels and financing requirements loosening up to allow more and more buyers to enter the market. But as buyers enter the market today, they may find themselves in the unenviable position of having to compete with a significant amount of all-cash and high down payment buyers while dealing with the limited inventory available in their areas of interest. Buyers dealing with these pitfalls may want to broaden their searches to include additional neighborhoods and pockets of neighborhoods that have historically turned over at a higher rate relative to the rest of the Queens market. They may also consider neighborhoods that are creating new inventory through new construction. Focusing on these neighborhoods will offer these buyers more inventory and options and afford them a better chance of securing the home of their dreams. Hypercompetitive Neighborhoods (Low Inventory and Turnover) Zip Code 11372 (Jackson Heights): With 94 residential sales in 2015, amounting to a turnover ratio of 0.77%, owners in this pocket of Jackson Heights were least likely of all owners in Queens to sell in 2015. Looking for an apartment in this area? Ride the seven train over to flushing and more options become available. Zip Code 11415 (Kew Gardens): Some of the most spacious houses in Queens can be found in Kew Gardens, but considering there were only 39 reside...