Monday, June 10, 2013 / by Rummy Dhanoa
The real estate community is often criticized for always seeming to have a Pollyanna attitude about the housing market. Many believe that the industry’s current call ‘to buy now’ is nothing more than a scare tactic with the sole purpose of creating more commissions for the industry. Let’s take a look at whether or not that advice was good advice over the last year.
The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. According to the most recent Case-Shiller Home Pricing Index, home values have risen over 10% in the last year. If we look at Freddie Mac’sWeekly Primary Mortgage Market Survey®, the 30 year mortgage rate has increased from 3.67% to 3.91% during that same period.
The table below compares the cost of the same exact house over the last twelve months:
We can see that the advice to buy a year ago made complete financial sense.
What About Moving Fo ...
Monday, June 03, 2013 / by Rummy Dhanoa
-Paying bills on time will improve my credit score - While it is definitely a good start, it is not the only thing that needs to be done. Since 35% of your score is based on your payments being on time, it is essential but it will only continue to raise your credit score slowly over time. Remember that if payment history only accounts for 35%, there is still 65% of your score that has nothing to do with missing payments.
-Cancelling credit cards that you haven't used in a while will increase your credit score - Cancelling unused credit cards can actually hurt your credit score. Since 10% of your score is based on the length of your credit history, it is a good idea to keep the oldest credit card open.
-When you get a divorce, your accounts automatically divorce with you - This couldn't be further from the truth. If you have a joint account and one of the parties on the account is late, you are both late. With some types of loans, such as a mortgage or a car loan, the lender m ...
Thursday, March 07, 2013 / by Rummy Dhanoa
This market report for market 2013 give you an insight on yonkers NY single family home the Total Number of homes in the market are 185 , Average Days on the market is 137 the average price is $443k in the last 6 months 78 homes has gone under contract thats 29% ratio. In the last 6 months total of 116 single family did not sell either they were over priced or they are working with a average agent not with a team of Experts like our self. The good news is that in the last 6 months 63 single family did sell , it took an average of 213 day on the market (mostly because of mortgage industry requiring more paper to get the approval ) and from the average original list price of $448k they reduce the price down to an average of $419k then end of selling the home for an average of $398k thats about 95% from list to sales price . This leave us with the biggest question because it will taken an average of 17 months to sell all the single family inventory . Yonkers ...
Wednesday, March 06, 2013 / by Rummy Dhanoa
New York Short sale where home sit on market for 3 years they are suffering through some of the challenges the rest of the country had over the past couple of years right now and will continue for the next 12 to 18months.
Right now in Westchester and Bronx Real estate we still are suffering with 7 to 8 months of inventory. Some of the town are moving faster then other our tam just put up home for sale $950, 000 thousand in White Plains NY with in days we have 10 showing. But majority of the Westchester there are not enough buyers satisfy the thirst of the people selling their houses and we have more discounted, distressed, more discounted inventory coming to the market. This week are listing 3 more short sale 2 Bronx and 1 Yonkers.
Looking at the mortgages and prices I don’t get why buyers are waiting. Warren Buffet said on CNBC “ who every buys a home and get a 30 year mortgage will do very well in the future.” This means if you ...
Wednesday, February 20, 2013 / by Rummy Dhanoa
Housing Market in 2013: Freddie Mac’s Projections
Some believe that our coverage of the housing market at times is too optimistic. Today, we want to report on Freddie Mac’s projections for the real estate market in 2013 as per their latest U.S. Economic and Housing Market Outlook.
Frank Nothaft, Freddie Mac vice president and chief economist, explains:
“Across the nation, most local housing markets have room for sustainable growth, particularly in home construction and sales. As the broader economy heals, expect to see more good news with house prices continuing their recent upward trend, and home sales and housing starts continuing to post strong growth rates.”
The report also offered projections on sales and prices.
Housing Starts and Sales
Projecting housing starts in 2013 will increase to 950,000 units or about 22 percent higher than 2012 levels.
Existing home sales are expected to pick-up as the house price recovery allows homeowners who ...