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New York Real Estate Experts Blog

Wednesday, July 10, 2019   /   by Michelle Ramos

Wants Vs. Needs; An Important Consideration Before Buying a Home

Aside from the obvious reasons about priorities, knowing what you want versus what you need will also help your buying experience go a tad bit smoother and seamless.

If you’ve been thinking about buying a home of your own for some time now, you’ve probably come up with a list of things that you’d LOVE to have in your new home. Many new homebuyers fantasize about the amenities that they see on television or Pinterest, and start looking at the countless homes listed for sale through rose-colored glasses.

Do you really need that farmhouse sink in the kitchen to be happy with your home choice? Would a two-car garage be a convenience or a necessity? Could the “man cave” of your dreams be a future renovation project instead of a make-or-break right now? The first step in your home buying process should be getting pre-approved for your mortgage.

This allows you to know your budget before you fall in love with a home that is way outside of it. The ...

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Friday, July 5, 2019   /   by Michelle Ramos

Gen Z and Millennials are Preparing to Buy Their First Home

They may have taken longer than previous generations to finally decide they are ready to buy their first homes, but we are now seeing more and more interest from these young generations online and in social media.

According to a survey from Open Listings, 70% of single renters are more likely to spend their Sunday nights swiping through house listings than dating profiles.

All that time window shopping has led 45% of millennials to expect the first home they buy to be their “dream home”! They are willing to wait longer, save more for a larger down payment, and are pickier about the listings they want to tour and the features that they want to see in their first home.

Waiting a little longer to buy a home than their parents or grandparents did has also helped young buyers become more established in their careers prior to making such a large purchase. Lawrence Yun, NAR’s Chief Economist, recently commented,

“Older millennials are now entering t ...

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Tuesday, July 2, 2019   /   by Michelle Ramos

Private Mortgage Insurance and Why it is Important

By now you should have already heard of private mortgage insurance. If you're planning to buy a house, it is important that you know all the facts about mortgage programs available in your area. Here's what you need to know about PMI and why is it significant to buying a home.

What is PMI?

Freddie Mac defines PMI as:

“An insurance policy that protects the lender if you are unable to pay your mortgage. It’s a monthly fee, rolled into your mortgage payment, that is required for all conforming, conventional loans that have down payments less than 20%. Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your mortgage payment.”

As the borrower, you pay the monthly premiums for the insurance policy, and the lender is the beneficiary. Freddie Mac goes on to explain that:

“The cost of PMI varies based on your loan-to-value ratio – the amount you owe on your mortgage compared to its value ...

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Thursday, June 27, 2019   /   by Michelle Ramos

Is it time for Gen X to Move Up?

Out of all the generations this century, Gen X has endured the most losses in terms of real estate investments. But is it finally their time to shine this year? Are the Gen X homeowners ready to finally move up their dream home?

According to Pew Research Center,

“Their fortunes have rebounded more than those of other generations during the post-recession economic expansion and as home and stock prices have risen. Since 2010, the median net worth of Gen X households has risen 115%. In fact, in 2016, the most recent year with available data, the net worth of a typical Gen X household had surpassed what it was in 2007 ($84,200 vs. $63,400)”.

The same report also mentioned,

“15% of Gen X’s homeowners were ‘underwater’ on their homes in 2010 (meaning they owed more than they owned). By 2016 only 3% were underwater.”

As a result of homes regaining market value and their increasing net worth, many Gen Xers are presented with ...

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Tuesday, June 25, 2019   /   by Michelle Ramos

Keeping You Up To Speed in The Housing Market

Let us update you with what's currently happening in the real estate market. We have a list of three significant influencers that directly impacts our seller's market as we know it.


1. Interest Rates
One of the most important things to consider when buying a home is the interest rate you will be charged to borrow the money. In our recent post we posed the question, “Are Low Interest Rates Here To Stay?” The latest information from Freddie Mac makes it appear they are. We are currently at a 21-month low in interest rates.

2. Building Materials
Talk of tariffs could also affect the housing market. According to a recent article, the National Association of Home Builders reports that as much as $10 billion in goods imported from China are used in homebuilding. Depending on the outcome of the tariff and trade discussions between several countries, there could be as much as a 25% boost in the cost of building materials.


3. Economic Slowdown
In a prior blog pos ...

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New York Real Estate Experts
Team Of eXp Realty
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Yonkers, NY 10710
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image001.png The data relating to real estate for sale or lease on this web site comes in part from HGMLS. Real estate listings held by brokerage firms other than Rummy Dhanoa - eXp Realty - New York Real Estate Experts are marked with the HGMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by the Hudson Gateway Multiple Listing Service, Inc. or the Hudson Gateway Association of Realtors, Inc. or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2019 Hudson Gateway Multiple Listing Service, Inc. All rights reserved.

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than eXp Realty - New York Real Estate Experts are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2019 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.