Is your family starting to feel cramped in your current house, or are you ready to quit renting and start investing? With the extra day added into this leap year, you have an additional 24 hours this month to decide if you’re.

Not sure how to decide if this is the year? Whether you’re a property-purchasing pro or a first-time home buyer, take a look at the three points below to determine if you’re prepared to take the leap and invest big.

You have a sizeable down payment. Knowing what you can actually afford is half the battle. A good estimate is to triple your household income, and that will roughly be what you’ll want to spend. Whatever you’ve saved as a down payment can go on top of that or, if you’re frugal, can just be used to reduce your monthly payments. The larger the down payment you have, the smaller your mortgage payments will be, and it could possibly get you a better interest rate.

1. You have a good real estate agent. It’s important to find a trustworthy, competent agent before you find your dream house. Take the time to thoroughly interview agents and get referrals. You’ll want to make sure you have someone who is knowledgeable about the Brooklyn real estate market to help you make one of the biggest decisions of your life.
2. You have a brag-worthy credit score. Strike while the iron is hot! If you’ve taken the time to build up and ensure a great credit score, use your good standing to take advantage of today’s low interest rates.

If you meet all three qualifications, consider taking advantage of this month’s extra day, as well as the low interest rates and home prices, and leap into a new home. Please call Call Charles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected] if you have questions concerning your credit score and down payment, or want to work with a knowledgeable Brooklyn real estate agent.

The latest statistics indicate that the U.S. real estate market is at or very close to the bottom right now. And it may be  Time to Buy Brooklyn Real Estate !

On January 18, Bloomberg News reported, “Confidence Among U.S. Homebuilders Climbs to Highest Since 2007.” Bloomberg said, “The confidence measure, which increased for a fourth straight month, improved in all four regions of the U.S. This is ‘yet another indication of the gradual but steady improvement that is beginning to take hold in an increasing number of housing markets nationwide,’ Bob Nielsen, chairman of the National Association of Home Builders and a builder from Reno, Nevada, said in a statement.”

The official data on home prices might not show the recovery yet, because they are always months behind, but most other data indicates that in general the housing market has hit the bottom.

Right now, homes in America are the best value they’ve been in many generations. And right now, mortgage rates are off-the-charts low. In short, now is the time to buy Brooklyn real estate.

The reasons to buy now are incredibly basic:

• U.S. home prices are more affordable than ever – by far.
• Mortgage rates are down to record-low levels.
• You can often pay below-market prices on short sales and REOs.

Of course, there is no guarantee that this is the bottom. But with prices this low and with very few other great places to invest your money, now’s the time to seriously consider buying Brooklyn real estate. If you can buy now and hold on to it for a few years, it could be one of the lowest-risk, highest-reward investments you ever make.

If you’re still not convinced real estate is one of the best values out there right now, please give 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 will share specific numbers with you about our Brooklyn real estate market.

Fannie Mae and Freddie Mac have been in the news quite a bit over the last year, so it’s a good time to do a refresher on who they are and what role they play in the Brooklyn real estate market.

Who are Fannie Mae and Freddie Mac?

Fannie Mae is the Federal National Mortgage Association. Freddie Mac is the Federal Home Loan Mortgage Corporation. They were originally created to raise homeownership levels and increase the availability of affordable housing.

Fannie and Freddie don’t sell mortgages directly to homeowners. They buy mortgages from lenders, so the lenders can use the money to issue new home mortgages.

In 2008, due to mismanagement resulting in billions of dollars of losses, Fannie and Freddie were taken over by the government.

How do Fannie and Freddie impact Brooklyn real estate?

• They contributed to the financial crisis and real estate downturn, by loosening underwriting standards, buying and guaranteeing risky loans and increasing purchases of mortgage-backed securities.
• They are key players in the government’s Making Home Affordable foreclosure-prevention program. If your mortgage is owned by Fannie Mae or Freddie Mac, you may be able to refinance your loan and take advantage of lower interest rates.
• They influence mortgage interest rates and the availability of home loans. Freddie, Fannie and the Federal Housing Administration together now guarantee about 90 percent of all new mortgages, far above their historic level.

What’s going to happen to Fannie and Freddie?

Fannie and Freddie’s future is uncertain. The House Republicans and the Obama administration agree that the pair should be done away with. But this will not happen soon, if at all. Congress must agree on a plan, which could take years, and then the market’s dependence on the companies and the financial backing they provide must be reduced.

If you have questions about Brooklyn real estate or how national or international events impact Brooklyn real estate, please give  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.

One of the least understood aspects of Brooklyn home loans is the different types of lenders.  Many people assume they have to get a home loan from a traditional savings and loan.  Not so.  There are many different types of lenders.

Here are the main types of mortgage lenders and how they function:

1. Mortgage Bankers: Mortgage bankers are loan originators that operate with the sole objective to sell the loan they create to another source. Even though they will sell the loan they must have the ability to finance the loan in the first place and hold it until it is sold.

2. Mortgage Brokers: This type of lender does not originate loans for your Brooklyn real estate, they prepare the paperwork to submit to multiple lending institutions and get offers they will present to you to choose from. Their offers may come from any of the other types of mortgage lenders.

3. Banks and Savings & Loans: These are the most common traditional sources of mortgage loans.  They use the backing of their depositors to fund mortgages.  In turn, they use the money paid by borrowers to repay the depositors’ interest for allowing them to use the money as an investment.

4. Credit Unions: Credit Unions operate in largely the same way a bank or savings and loan does by using money from a pool of depositors to finance investments in the form of mortgages and other types of loans. The difference is that most credit unions are operated out of a collective pool of closely associated people generally through a work place or professional organization.

If  planning getting into the Brooklyn real estate market to buy a home to always get Pre Qualified by a lender before you start.

If you’d like help determining the best type of mortgage lender for your Brooklyn real estate purchase, give me a Charles D’Alesssandro of Fillmore Real Estate call today at (718) 253-9600 ext 206 or email me at [email protected].

In my years as a real estate agent, I’ve learned a lot from people and Brooklyn real estate. Oddly enough, the main thing I’ve learned is that homes are a lot like people…

#1. Homes get wrinkles, too. Yes, believe it or not, I’ve seen Brooklyn real estate with sagging plaster, drooping windows and hanging doors. Brand new For Sale signs sit out front, their clean, white sparkle contrasting with the wrinkles. It’s not attractive; the homes may be only ten years old (30 in house years), but they look much older. Be kind to your home – use cosmetic surgery.

#2. There’s cosmetic surgery for homes. Only, in home-speak, it’s called “replacements.” If you notice your home has wrinkles and you want to sell it, see what replacements you can afford. Windows? Check. They’re reasonably affordable on most budgets and can make a huge difference in how the house looks. Hanging doors? Check. Not as affordable as windows, but still doable. With $10,000 or less, YOU can give your home a major facelift.

#3. Homes get tired. Have you looked around your house lately? This is one of the first things you want to do before putting it on the Brooklyn real estate market. Is your home tired and worn out? Even relatively young homes can show signs of energy-deficiency. Cabinets start sagging. Doors groan and sigh when you open them. Windows refuse to stay open all the way and slowly slide back down in the tracks. Give your home an energy boost.  Even a little WD40 can make a difference, especially on groaning doors.

#4. Homes can go bald and get age spots. It’s true, they can. What used to be a bright red roof has faded and peeled in places, giving the home an “aged” look. The real kicker is, to keep it bright and pretty, you have to maintain it, dye it or replace it. Take care of your home’s head!

#5. Homes need TLC. To stay happy and healthy, homes need tender loving care. With a steady diet of maintenance, touchups and cosmetic surgery, your house will find a happy home with a good buyer.

Now, maybe it seems a little silly, and maybe it is, but all the above is true. If you’re selling your home, make sure it stands proud above the rest!

Are you looking for a buyer who will care for your home? I can help. Call Charles D’Alessandro @  Fillmore Real Estate now at (718) 253-9600 ext 206 or email me at [email protected] for more information.

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog Preparing Brooklyn Homes for Quick Sale

As Maria and I take our morning walk around Maine Park Brooklyn we are amazed by the devastation of the many fallen trees from the past storm, 60 in all! Some of the trees are as much as 80 years of age. Our thoughts where, how terrible this is all these trees we will never recover from this it may never be the same again,

Then we walked past to the Marine Park Nature Center, a little further ahead, there where many young trees that where planted a few years back. The trees where budding with flowers and new leaves.  The birds seemed to be getting ready to find the perfect spot to nest and raise their new families, spring is on its way.” A New Beginning”!

In my thoughts where the similarities with the Brooklyn real estate market for the past couple of years. Like the mighty oaks we have grown accustom to seeing each day, as we walk by them full of life expecting continued growth year after year, now is time for us to plant new trees for future generations to enjoy and watch grow.

2010 is that time for growth in our financial markets as well as the Brooklyn Real Estate market. Spring is on its way! It’s time for us to look for that nest to enjoy, and raise our families

The storm has past, time to clean up and start new. For some it may be time to clean up credit reports and others may want to go over their own financial statements and create goal to buy in the future. I believe it is time for a new beginning. Future generations will see 2010 as the beginning of their time of growth.

For others who have waited out the storm “The Clock Is Ticking”, the Federal Home Buyers Tax credit runs out on April 30^th and may never return. This may be you “Perfect Storm”, Low interest rates, fallen prices, Lots of Inventory to select from.

You do not want to be the one to look back and say I shouldda or couldda but didn’t! Make 2010 the time for your new beginning, and start building for your future If you are interested in finding your  Brooklyn home or creating a plan for one in the future call Charles D’Alessandro at Fillmore Real Estate my # is (718) 253-9699 or email me [email protected]

Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573

Brooklyn Real Estate Blog Renting Your Brooklyn Home While You Wait for it to Sell

— @ WiseStamp Signature. Get it now

With all the incentives in this real estate market like the $8000 Tax Credit Rebate on first-time home purchases set to expire Dec. 1  and the Mortgage Credit Certificate plan that allows eligable borrowers to deduct up to 20% of mortgage interest paid from their federal taxes at a dollar for dollar tax credit . First-time buyers  have a real edge on todays real estate market where they constitute  like 40 to 50 percent of the market right now. With prices down from the past few years and the lowest interest rates in years , now is a really  great  time buy real estate .