Real Estate Information

On Wednesday of this week, thanks to one of my very favorite mortgage lenders, Wayne Slaughter of Wells Fargo Home Mortgage and a Vet himself, it came to my attention that many of our veterans are unaware of the great advantages of a VA Loan!  Many of you may be renting and you may be completely unaware of the great mortgage programs out there for YOU!  Here are some of the advantages of getting a VA Loan:

No Down Payment:   Most loan programs require at least 3% down and as much as 20%.  But a VA loan requires NO DOWN PAYMENT whatsoever!  This saves Veterans years of scrimping and saving prior to buying a home.

No Mortgage Insurance:  Most home buyers pay hundreds of dollars per month in mortgage insurance if they make a down payment of less than 20%.  Veterans who use a VA Home Loan DO NOT PAY PMI, which enables them to buy more house with less money.

Less-than-Perfect Credit is OK:  The Non-Veteran home buyer often needs stellar credit to buy a home. This isn't the case for Veterans.  Credit score minimums are much easier to reach.

Lower Mortgage Rates:  Veteran home loan interest rates are about 0.25% lower than rates for conventional loans, according to a recent lender survey.  Veteran home buyers will likely end up paying less in interest compared to the average home buyer.

Closing Cost Reduction:  Veteran home loans come with limits on how much you can be charged in loan fees.  These loans come with built-in protections for Veterans.

So, you see...maybe that home you've been dreaming of isn't out of reach for you after all.  For more information or assistance, please call me and I'll gladly put you in touch with Master Mortgage Lender, Wayne Slaughter.  And by the way,  thank you very, very much for your service to our country!

Whether you're considering selling your home one day or soon or in the distant future, pricing your home competitively from the very beginning is the best way to attract buyers, but sellers can also spark some interest with a strategic price reduction.

Reasons for a Price Adjustment:

• If  there's been very little buyer activity and no offers after 60 days, it may be time to lower the price in order to appeal to active buyers in your area.
• Don't wait too long to make an adjustment if it becomes clear that prices in your neighborhood have fallen since your home came on the market.  If a competing property is reduced first, your higher price could make your property less attractive to buyers.
• Keep in mind that the longer a home sits on the market, the more likely it is to be perceived as undesirable.  Buyers may start to assume there is something wrong even if it was simply overpriced next to the competition.
• Delaying a price reduction could end up costing you...big time.  If your property takes several months longer to sell, you still have to pay the mortgage, property taxes, insurance, maintenance, etc.  

For example in Westchester County's Hudson River Villages, such as Tarrytown, Sleepy Hollow, Irvington, Briarcliff Manor, houses priced well when they enter the market place, are selling very quickly and very close to the list price.

I'm often asked if this is a good time to buy a home. Some clients are concerned that home prices may fall down the road, while others are convinced that home prices will go up.

Home prices are one factor in determining your cost of ownership, but so are interest rates and financing availability. Even though interest rates have fluctuated, they are still near historic lows. Since your monthly mortgage payment is a combination of paying down your principal and paying the interest owed, a one point rise in interest rates could cost tens of thousands of dollars over the life of your mortgage!

While a home is a major investment, it is also the center of your personal life. It's important to live in a home that reflects your taste and values, yet is within your financial "comfort zone." To that end, it may be more important to lock in today's relatively low interest rates while they are still available.

Please give me a call if I can be of any assistance in determining how much home you can afford in today's market.