Archive for June, 2015

Is It Time To Relocate?

Tuesday, June 30th, 2015
Time to Relocate

Is it time to relocate in Brooklyn or someplace new?

Is it time to relocate? It’s always a good idea to think through a major change, such as a move, before listing your home. So, before you pack your dishes and silverware, consider all your options to find out if relocating is right for you.

Is it time to relocate, or are you just restless?

Does the “grass seem greener on the other side”? To find out if it is truly time to relocate, sit down and make a list. Write down everything you love about where you are currently living. List all that you would truly miss if you moved: the community group activities you are involved in, the neighbors who are always there for you when you need help with something, your church family, family who lives close by, someone who you take care of. If you really give it some thought, you’ll write down things that are unique to your city, town or community, too. Things such as the historic hotel that serves the best meals for miles around, your favorite bakery and coffee shop that are within walking distance, the deli that knows what you’ll order when you walk through their door, because you always order the same favorite items. These “little things” matter more than you may realize.

Is it time to relocate because you don’t like your present circumstances?

Think things will be better somewhere else? Choosing to relocate because your current job or a current relationship has “gone south” should be reconsidered. Look at whether or not relocating would honestly solve either situation. Instead of choosing to make a major change like relocating to fix a bad job or bad relationship, try finding a new job, starting a new career or spending time with a new group of people instead. This could solve your present circumstances without the major change of moving. It may not really be time to relocate.

If it is time to relocate, what will change?

It’s time to sit down and make another list. Make a list of the positive things that the new city, town or community has to offer. Compare these positive factors with the list of everything you love about where you are currently living. Will a larger or smaller city, safer neighborhood, better cost-of-living, better schools, better weather, more access to outdoor recreation, etc. be preferred over all that you enjoy where you currently live? Now, for the new city, town or community, rank, in order, what is most important to you and your family, number 1 being most important. Does where you are currently living already offer what is important to you and your family? Look at what your life might be like one, five or even ten years down the road with or without a move. Relocating is a major change that requires long-term planning. It requires commitment, energy, patience and financial resources as well. Your family might be better off physically, emotionally and spiritually if you delay moving. Perhaps you could better afford relocating in a few more years. There are a lot of changes that must be considered to determine whether or not it is time to relocate or stay put.

If it is time to relocate, can you afford to move?

Now it’s time to move from the emotional side of relocating to take a look at the practical side. If it is truly time to relocate, it is time to plan. It’s important to be financially prepared before a move.

  • Develop a budget. Look at how much you have to spend.
  • Research and estimate all moving costs. It’s best to overestimate to be better prepared.
    • Movers (Get estimates from at least two or three moving companies. Should you hire movers? Find helpful tips here: Hire or not )
    • Costs for driving to the new location
    • Costs for flying to your new location
    • Price of renters insurance, homeowners insurance and auto insurance
    • Property and income taxes
    • Price of housing
    • Monthly average for utilities and hook-up costs
    • Accommodation and storage costs (while shopping for your new house)
    • Food, taxis, parking and even the time it will take (while you look for a new place)
  • Know what help you’ll receive financially.
  • Don’t overspend. Play it safely and securely! Do not deviate from your budget!

Learning about relocation costs and the costs unique to the new area will help you when creating a budget. It is wise to plug these costs and figures into a spreadsheet so that you know where you stand financially. You’ll clearly see what you can afford and how to develop a budget to stick to. You’ll also see what you have to work with in order to keep from overspending. Budgets help you prioritize!

You can never be 100% sure whether or not it is time to relocate, but you can be confident about moving (or not) with good planning. Determine your priorities and create a spreadsheet. If you’re retired, you might want to take a 3 to 6-month vacation in the area you plan to move to in order to “give it a try.”  Visit Best Places to Reinvent Yourself for some helpful tips.

When you know the costs of relocating, you know the positives of the new place outweigh the positives of where you live currently and that you can afford to move, then it is time to relocate. It is the right time to call your Brooklyn real estate agent, Charles D’Alessandro with Fillmore Real Estate at (718) 253-9600 ext 206 or email charles@brooklynrealestatesales.com.

Related Links:

Now Is The Best Time To Buy Or Sell In Brooklyn, Or Is It?

5 Factors That Indicate It Could Be Time To Move

Sources:

http://moving.about.com/od/preparingforyourmove/u/plan_to_move.htm

http://moving.about.com/od/whymove/a/time_to_move.htm

http://moving.about.com/od/preparingforyourmove/a/best_time_move.htm

http://moving.about.com/od/shouldyoumove/a/should_you_move.htm

http://money.stackexchange.com/questions/11377/i-am-moving-to-a-new-city-how-do-i-plan-and-prepare-financially-for-the-mov

http://blog.doortodoor.com/the-importance-of-preparing-financially-for-a-move/

Now Is The Best Time To Buy or Sell In Brooklyn, Or Is It?

Friday, June 19th, 2015
buy or sell

Now is the best time to buy or sell in Brooklyn!

“I’d like to buy a new home, but is now the best time to buy?” “I’d like to sell my home, but is now the best time to sell?” Is there an urgency to buy or sell in 2015? The answer to each of these questions is, “YES!” Here’s why …

Now is the best time to buy in Brooklyn because:

  1. Waiting could cost you thousands. “With interest rates and home prices expected to climb in the next year, the financial penalties of delaying or forgoing a home purchase in today’s market have become very steep, said Jonathan Smoke, chief economist for realtor.com®. View the realtor.com® Opportunity Cost Report market list here:  Opportunity Cost Report
  2. Interest rates are projected to increase in the next 12 months. Your ability to build substantial long-term wealth is decreasing. Each time interest rates increase, monthly mortgage payment amounts increase decreasing your ability to build long-term wealth. A little increase in interest rates can make a huge impact on your monthly budget.
  3. Home prices are expected to continue to rise in the next year.
  4. Homeownership has financial benefits. Buying a home delivers a financial benefit well over$100,000 over a 30-year period. Get the projected wealth increase for almost 100 cities here.

The cost of living is increasing. The costs of gas, taxes, insurance, etc., everything is going up.  You only make so much. You can only qualify for so much. Find out how much house you can actually afford. Can you really afford to live in the neighborhood you want to live in? Find out. Also, find out how rising interest rates will affect your ability to build wealth long-term. Take time to do the math. Reach out to a mortgage specialist. You can calculate your monthly mortgage payments using this online calculator.

Buyers, don’t get boxed out because you are waiting. You’ll miss out on significant, long-term financial gains if you choose to stand on the sidelines waiting. The longer you wait, the farther those financial benefits will distance themselves from you. Get started on the road to homeownership now!

Now is the best time to sell in Brooklyn because:

  1. Job growth is increasing. More than 3 million jobs have been created in the past year. As job growth increases, demand follows.
  2. Homes are selling more quickly.
  3. The supply of houses is down making it predominantly a seller’s market. A tight inventory puts the ball in the sellers’ court driving home prices upward helping you build additional equity in your home.
  4. There are fewer cash buyers. The increase in home prices has slowed from its recent growth. Moderate increases are still expected this year, but with fewer cash buyers.
  5. Interest rates are heading upwards. Since mortgage rates are still low, more buyers are expected to move into the market in the not-too-distant future because of the projected increase in interest rates.
  6. Rents are rising, too. Rising rental costs are encouraging renters to take the plunge into home ownership.

It’s a great market for sellers! Here are a few more reasons to consider listing your home in today’s sellers’ market:

If you’ve built up equity in your home, now is a good time to sell. Find out how much equity you’ve built up in your home. Ask your Brooklyn real estate agent, Charles D’Alessandro, to run a free comparative market analysis (CMA) to find out what the approximate value of your home is.

It’s worth selling your home if you’ve built up enough equity to provide 20% equity to purchase a new home. A down payment of 20% or more will keep private mortgage insurance (PMI) down.

If you’ve paid off all your non-mortgage debt and have saved 3-6 months of monthly expenses in an emergency fun, now is a good time to sell. It’s a good time to look for a new home that may be more accommodating to your current lifestyle. Read more about reasons for considering selling right here.

Now is a great time to buy or sell in Brooklyn. Take a good hard look at your finances. Then, partner with your Brooklyn real estate agent,  Charles D’Alessandro with Fillmore Real Estate. He puts service before a sale. He knows how to get things done when it’s time to sell your home or buy a new home that is better suited to your current needs. Call at (718) 253-9600 ext 206 or email charles@brooklynrealestatesales.com.

Sources:

http://rismedia.com

https://www.dailyworth.com

http://realtormag.realtor.org

http://money.cnn.com

http://www.daveramsey.com

http://money.usnews.com