Prepare to move from renting to buying a home this hear! Start today with these 5 good habits and make home ownership your reality!

The end of a year is a good place to start – some good habits for a new year, that is! Are you hoping to move from renting to buying a home this year? Then there’s no time like the month of January to get started on these 5 habits. Start here. Start now for a seamless transition from renting to buying in the New Year.

5 Good Habits That Will Pave the Road from Renting to Buying

1. Start saving for a down payment right away

Unless you’ve received a sizeable inheritance, you can never start saving for a down payment too early. For a $200,000 home, the recommended 20% down payment is $40,000. That’s a lot of money, and most people don’t plan for it like they ought to.

The best way to start saving for a down payment is to automate an amount from every paycheck into your savings. Yes, automate saving a small amount of every paycheck. Set it up to go right into a separate savings account named “Down Payment.” Exercising the discipline and perseverance to set aside money for a savings account is tough. But setting up automatic savings makes it easier, and you won’t miss it. Money can be “out of sight, out of mind.” You won’t spend what you don’t see to spend.

By the way, a down payment of 20 percent is not a requirement. There are other options, but it’s best to save as much as you can. Start a savings account with your very next paycheck.

2. Pay down debt and pay your bills on time

Can’t say this enough, “Pay off debt and pay your bills on time.” Mortgage lenders want to see that you’ve paid off past debts. They also want to see that you are paying your credit cards and other loan payments on time. If you’ve been late in the past, get current and stay current. Even if you make $250,000 a year, a mortgage lender will likely deny a mortgage if your credit card payments are always late. Keep in mind, lenders favor not using more than 30 percent of your available credit, too. Pay down as much debt as you can before applying for a home loan.

3. Live on a budget

Owning a home isn’t necessarily pricier than renting. It depends on your area. Do your homework and compare the costs of renting versus buying a home. If you expect your mortgage payment to be larger than your rent payment, create a budget that factors that in. When you live on less, you get used to it. Then you won’t choke when your monthly mortgage payment becomes a reality. You’ll also be able to save more for the down payment and pay down debt.

4. Learn how to do your own repairs and maintenance

When renting, repairs are the landlord’s responsibility. That’s nice. Learn the basics of property maintenance while renting. What if your new home has a lawn? You’ll need garden hoses, a lawn mower and other maintenance tools, because lawn care will also be your responsibility. It would be wise to add home maintenance as a budget item, too.

Knowing how to do basic home repairs and maintenance will save thousands of dollars as a homeowner.

5. Get to know the real estate market

Here’s something else you should do while renting – get to know the real estate market. Prepare before you’re ready to hire a real estate agent and start touring homes.

Browse homes online to get a sense of what is available. Find out what you can afford and how much of a down payment you should be saving for. This saves you from disappointment when you begin touring homes.

And Now You Know How to Pave the Way from Renting to Buying

Now you know 5 good habits to start now to move from renting to buying a home this year. Hiring an agent may be in the somewhat distant future, but there is plenty for you to do right now. Change your hope of buying a home into a reality in 2017. This is a huge purchase, and it requires some preparation financially and mentally.

Call Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate today at (718) 253-9700 ext. 206 or email [email protected]. With over 30 years of experience, Charles has the expert real estate agent skills needed to help you prepare to purchase your first home.

Why rent? Now is the perfect time to buy a home in Brooklyn!

Mortgage Rates are Low

Are you looking to buy a home in Brooklyn? Are you qualified? If so, now is the perfect time to buy. Interest rates are at historical lows!

Mortgage rates are approaching the lows of May, 2013. Mike Fratantoni, MBA’s Chief Economist, explains, “The US economy and job market continued to show signs of strength, but weakness abroad and tumbling oil prices have led to further declines in longer-term interest rates.”

Should You Rent or Buy a Home in Brooklyn?

Because interest rates are so low, many are wondering if they should continue to rent or dive into homeownership. These lower interest rates make monthly rent payments about the same as what you would pay monthly to buy a home in Brooklyn.

It Makes Sense to Buy a Home in Brooklyn Now

It makes a lot of sense to buy a home in Brooklyn now since mortgage interest rates, rents and home values are projected to rise in the last 6 months of 2015. Here are a few articles from those who agree that buying now makes sense:

 “If you have been thinking about purchasing a home, the first half of 2015 might be a good time.”  Consumer Affairs

 “As rent increases, it simply makes more sense to buy a home.”  Fox Business News

 “Economists see several reasons why 2015 might be a banner year for homebuying — and not just in San Francisco and Miami.”  NPR

The clock on these low mortgage rates is ticking. Those who wait to buy a home in Brooklyn will be priced out of the market. Home buyers need to move fast if they want to spend less.  “Delayed purchases will only result in higher monthly mortgage payments as prices and rates rise,” says Jonathan Smoke, chief economist at realtor.com®.

If you are renting or if you’ve been waiting to buy a home in Brooklyn, call Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate, at (718) 253-9600 ext 206 or email [email protected] today. Now is the perfect time to buy. Don’t wait and be priced out of the market!

Resources:

http://www.marimarkmortgage.com/blog/refinance/millions-of-u-s-homeowners-in-the-money-to-refinance-as-interest-rates-approach-2-year-low

http://rismedia.com/2015-02-01/expert-ways-to-increase-home-value/?utm_source=newsletter&utm_medium=email&utm_campaign=eNews

http://www.websitebox.com/blog/entry.php?323-Housing-Market-Report-NOW-is-the-Time-to-Buy

http://realtormag.realtor.org/daily-news/2015/02/04/why-homebuyers-need-act-now?om_rid=AAKpWC&om_mid=_BU0pLgB8-LaaY2&om_ntype=RMODaily

http://www.keepingcurrentmatters.com/2015/01/15/buying-a-house-everyone-seems-to-think-this-is-the-time/?utm_source=feedburner&utm_medium=email&utm_campaign=Blog_Promo

Economists say and statistics show that there are true signs of improvement in the most recent housing figures for U.S. and Brooklyn real estate markets. Here are a few of those stats:

Investors bought 1.23 million homes in 2011, up 64.5 percent over 2010, according to data from the National Association of REALTORS®. 

• The median investment-home price was $100,000 in 2011, up 6.4 percent from $94,000 in 2010.
• Single-family home sales rose 3 percent in April.
• New home sales increased 3.3 percent in April, according to new Commerce Department data.
• Sales of existing homes rose in April, up 10 percent from April of 2011.
• The median price of existing homes nationwide also moved up to $177,400 from $164,800. This is the biggest year-to-year gain since January, 2006.

In addition to good news in both nationwide and Brooklyn real estate, there’s also good news about the economy:

Economic growth is now projected to grow by 2.4 percent this year, up from a 2.2 percent forecast in February.

• The new job creation forecast, which is the most watched economic indicator, has also improved. The data now shows that 188,000 new jobs will be created each month this year, which is up from the 170,000 new jobs per month forecasted earlier this year.

As you can tell from this data, if you want to buy Brooklyn real estate while prices are at their lowest, you shouldn’t wait a minute longer. Give me a call today at Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected].. to get started!

Just because you can buy a home in Brooklyn does not always mean that you should.  It’s important for you to consider if it is better for you to own or rent a Brooklyn  home.

Here are five reasons you might want to rent:

1. You may be moving within five years. It usually takes five years to break even on your home purchase or investment.
2. You don’t want the responsibilities associated with being a homeowner.  It can be expensive and time consuming to maintain a home.
3. You have a bad credit report.  If your score is below 620, you will not get a good interest rate.
4. You have a high debt ratio. A high debt ratio means you may not qualify for a loan.
5. You have job instability.  If your job is not secure, it’s not a good idea to buy.

Here are four reasons you might want to buy:

1. You want to build equity.  The longer you own your home the more equity it will build. When you pay rent, that money goes down the drain.
2. You get a tax break when you deduct mortgage interest.
3. You want the emotional satisfaction of owning your own home in Brooklyn.
4. It’s an investment. With low interest rates and home prices, buying investment property is a wise decision.

If you are ready to buy a home in Brooklyn or purchase investment property, call Call me at Charles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected]..

Brooklyn’s Marine Park Community! Price Adjusted !

Brooklyn’s Marine Park Community CLICK PICTURE FOR MORE INFO!

Marine Park Location!! 3 bedroom duplex with 2 baths, finished basement

with 2 extra bedrooms, just a short walk to great schools,shopping ,

houses of worship and transportation to Manhattan.

Priced to sell today!

Call Charles D’Alessandro your Brooklyn Realtor®

with Fillmore Real Estate today (718) 253-9600 ext 206

or e mail me at [email protected] today for private tour and or Open House Schedule !

for these or any other Brooklyn House For Sale, priced to deal !

Charles D'Alessandro your Brooklyn real estate agent!

While we all know the economy has taken a hit on the real estate market, that doesn’t mean purchasing a Brooklyn home and putting down roots has turned into an unreachable dream. In fact, you can grasp it quite easily, and there are many benefits to doing so.

Start 2012 off right by setting new life and financial goals for yourself. If you’ve been renting and are planning to remain in Brooklyn, then it’s definitely time for you to consider buying a house. Here are some benefits you should take into account:

• You’ll build equity. If you take out a loan, you’ll be using someone else’s money to turn your property into a piggy bank and eventually make money as your Brooklyn home appreciates. Plus, when you sell down the road, you won’t have to share the proceeds — what’s not to like about making money with your bank’s money!
• You’ll receive tax breaks. The government supports purchasing homes by giving you significant tax breaks on your federal taxes. And when it comes time to sell, you won’t have to pay capital gains taxes either, until you hit a certain ceiling.
• You’ll be able to count on consistent payments year to year. If you can get a fixed-rate mortgage, you won’t need to worry about an annual increase in your housing payments. When you’re renting, you never know what your payments could be from lease to lease, which makes it hard to determine if your current residence will always be within your budget.

While the appreciation on a house you purchase now might not shoot up as fast as it did a decade ago, buying a home is still a wise long-term investment. Paying rent is no investment at all.

If you’re on the fence about the benefits of purchasing a Brooklyn home in the New Year or you’d like to see what’s available, please call Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected] I’m happy to help.

If you’re thinking about taking the plunge into homeownership, before you even start looking, talk to a qualified mortgage professional to get preapproved for a home loan. Armed with that information, you can make better decisions on the type of  Brooklyn real estate you can afford to buy.

Follow these steps to get preapproved for a mortgage:

1)      Get referrals. Ask family, friends, neighbors and your Brooklyn real estate agent for referrals to a lender with whom they have had a good experience. Talk to several lenders to compare service, rates and other options.

2)      Review your credit report. If anything unexpected appears on your report, do what you can to resolve the issues before you apply for preapproval.  Lenders will review your credit report before preapproving you for a home loan.

3)      Provide financial information to the lender. This usually includes documentation of your income, recent statements for all your checking and savings accounts, assets and debt (for instance, credit card debt and car payments).

Even though the preapproval process is rigorous, obtaining a preapproval still does not guarantee that the lender will ultimately fund your loan. Lenders still need to look at property appraisals, verify your information and potentially check your credit again before agreeing to give you a mortgage.

Preapproval helps you narrow the focus of your Brooklyn real estate search to properties that are within your financial reach. It also helps you check out lenders to find one that is the best match for your situation. When you find the Brooklyn real estate of your dreams, you’ll be ready to move to the next step!

If you’re looking for more information on the home buying process, I can help. Give me a call today at Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected]

Reasonsons to invest in short sales

Now is a fabulous time to take advantage of today’s real estate market and boost your investment portfolio with Brooklyn short sales. Here are the top ten reasons why investing in short sales might be beneficial for you:

Short sales benefit buyers, sellers and investors. You get to help a lender and homeowner out of a tough financial situation.

1. You can make a nice profit because Brooklyn short sales are priced at or below market.
2. Banks are closing them faster than ever before and, from start to finish, it’s not as painful as it used to be.
3. There is a huge inventory of short sales from which to choose.
4. The competition is low because there aren’t enough investors to gobble them all up.
5. It doesn’t take a ton of time. You’ll spend even less time when you work with a real estate agent who specializes in short sales.
6. Short sales are generally in better condition than foreclosures.
7. You can work with luxury home short sales. Luxury short sales require the same amount of time and work as short sales on less expensive homes, but the profit margins are much higher.
8. In some cases, the banks will pay closing costs and Home Owner Association transfer fees.

10.  You can work real estate short sales in all markets: urban, suburban and rural areas.

If you’d like more information on investing in Brooklyn short sales, give me a call today at (718) 253-9600 ext 206 or email me at [email protected]

Should You Rent or Buy a Brooklyn Home?

If you’re sitting in your apartment right now thinking: I wish I could paint it, but my lease doesn’t allow it, maybe it’s time to talk to a Brooklyn real estate agent about purchasing a new home.  Before you rush off to the store to look at paint samples or, more importantly, sign on the dotted line of any mortgages, consider the pros and cons of buying.

Pros

1. Financial Investment: Given the gloomy news on foreclosure rates across the country, it is easy to forget that buying Brooklyn real estate is also a means of saving and investing.  The money you pay in rent to your landlord goes to your landlord; the money you put toward a mortgage goes toward building equity in your home.
2. Pride of Ownership: By buying a home, you will be able to paint the interior walls any color, renovate to your heart’s content, put nails in the walls and know that it is truly your territory. As a homeowner, you have a level of control over your environment that renters lack.
3. Putting Down Roots: Purchasing Brooklyn real estate is a commitment to a community, akin to staking a flag in the ground.  You’re not just passing through, if you own your own home.  Most mortgages are 15 to 30 years.  Certainly, you can sell before that time is up, but with closing and moving costs and an uncertain market, the era of flipping houses for fun and profit is at a close. Buying your first home may involve considerations on other long-term decisions such as where you want to raise your children.

Cons

1. Additional Expenses: Even if the mortgage you secure on your home is less than your current rent, home ownership comes with a lot of extra bills. You may not have considered the cost of yearly real estate taxes, insurance, repairs, and maintenance.  If your water heater dies as a renter, your landlord is required to replace it.  As a homeowner, you’re looking at the time and expense of getting it replaced yourself.
2. Less Flexibility: Rental leases often include provisions for leaving before the termination of the lease.  So, if you’ve decide to accept a job offer in Paris, while you might lose some money in security deposits, you can sever your connection relatively easily. That’s not the case with a mortgage.  You are responsible for the payment on the mortgage whether you live in your home, rent it out while you’re in Paris or leave it vacant. Buying [city] real estate is a serious, long-term commitment.
3. Less Time: With most apartments, someone else is raking the leaves, shoveling the snow, mowing the lawn, and replacing that broken water heater.  As a homeowner, those duties would fall to you or someone you hire to tend to those issues.

Whether you’re ready to stop renting and buy a home or you need more information before taking the plunge, I can help. Give me a call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected]