Jan.22,2017 Buy a Home or wait? Real Estate
by godfather
 Buy a Home now or Wait?
Jan 22, 2017 | 1356 views | 1 1 comments | 88 88 recommendations | email to a friend | print | permalink
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 1981—from Sept. 11 to Nov. 13—interest rates topped 18 percent for a 30-year fixed-rate mortgage, according to Freddie Mac’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 $75,000 dollars 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 11379


Any 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
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jimmyturanobroker
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January 23, 2017
When I listed a 2 family home by Eliot Avenue for $896k asking, we had 32 people come see the home, and within 2 weeks the house sold. Now the other 31 clients are looking at a home right next door for $990k asking. This is typical what buyers go thru.

Since 1979 the most famous sayings till today by buyers is,

"IT'S TOO MUCH MONEY".

And the beat goes on.

Every time a buyer misses out on a home, the next home that comes up for sale is usually higher, and many become unqualified for the mortgage.

Look at the web sites of other brokers. They have more two families over $1 million dollars now than ever before.

So when the 31 clients said my two family was too high in price, now what choices do they have.

By the way the home I had sold for $850k.

Do you think 1 month later that was to high a price to pay for a modern two family by Eliot Avenue now?

The same style home next door is $990k and being shown like crazy right now.