January 22, 2017
Since I started in 1979, till today, I say buy a home now.
In 1980 you could have bought a 1 family for $65k in Middle Village, and a two family for $85k. But look what the mortgage
rates were back then. For a briefspell
in 1981Ã‚Â—from Sept. 11 to Nov. 13Ã‚Â—interest rates topped 18 percent for a 30-year fixed-rate mortgage, according to Freddie MacÃ‚Â’s surveys ofmortgage lenders
I told clients go for it and refi when rates come down. I did it myself and took a 17% mortgage rate.
Today some are buying as rates for mortgages are around 4% now. But you always have people telling others to wait. Wait till prices go down. Wait Wait Wait. And the ones talking do not own a dozen homes right now. There just experts on the market
with no Real Estate assets or maybe they own two homes currently.
But look where one families are selling at today in Middle Village,NY
1f.2beds. Bungalow ranch $550k
1f. 3beds.townhouse $700k
2 families from $850-$1.2million.
Never wait. Even if a home price drops
doesn't mean that is a deal. Reason mortgage rates may be 2% higher and although you may pay $75k less you may spend $175,00 more per month in mortgagepayments per month, You can't beat Real Estate.
Just Buy when you can.
I know people from 5 and 7 years ago still looking to buy their first home.
Home prices in time do not stay the same.
Rents in time do not stay the same.
And lastly, mortgage rates do not stay the same.Thank you Jim Turano, Broker of Diverse Real Estate,
Middle Village,NY 11379Any questions please feel free to call
at any time. Cell 1-347-837-9206
copy and paste:http://www.topix.com/forum/city/middle-village-ny/TF7IKLTQLH7S70F7D#lastPost