First and foremost we wish continued success and Happy Holiday to
*Jim Turano, Broker of Diverse Real Estate for contributing Real Estate News articles since 1979.
THE BEST TIME TO BUY A HOUSE IS NOW!
Since 1979 this advice has been given to countless buyers over the years. Some listen and act on it some still looking 40 years later or can't afford to buy any longer. Imagine in 1980 a House known as a Bungalow Ranch with two bedrooms near Juniper Valley Park sold for $65,000 dollars. Today the same house is selling around $700,000 to $750,000 dollars.
A two family in 1980 was selling for $85,000 dollars and today the same house is fetching $850,000 to $900,000 dollars. It seems that the same saying by buyers hold true today as back then 'TO MUCH MONEY'.
MORTGAGE RATES WENT FROM 7% TO 18% AT ONE POINT IN THE 1980'S. TODAY RATES ARE UNDER 4% MOST EVERYWHERE.
The best time to look and get your best deals is in the dead of winter. Why? Because most buyers come out searching during the spring time. The buyers compete with each other over the same house.
There never was a Perfect Time in 40 years to always pick the exact Time to buy. And with Rents going threw the roof these past 12 months if a buyer can, if a buyer is qualified now is the time. Nobody knows if mortgage rates will remain under 4% all through 2020?
The killer for most buyers is they lease cars today which effects their qualifying for a mortgage. Bad credit now is not helpful either. Many buyers do not know how to save money today. But some tell me they hit the bars during the week and most weekends. So there is a guaranteed $200 per week unnecessary expense. Now add lease payments of $200 dollars or more Plus $1600 to $2500 more on rent, how can anyone save any money at all.
Location has always been Key. Top rated schools, convenience to all stores and transportation. So if a house needs work, better to pay less and fix up the house little by little. Get that tax write off every year.
Middle Village offers three supermarkets, 5 Nursery schools, top rated public schools, more bus lines, and express bus lines coupled with having the M train near by. Better taxes than Long Island, and you will not be married to the Long Island Expressway parking lot too.
Thank you Jim Turano for your input and advice it is appreciated.