Posts Tagged ‘buying a Brooklyn home’

Why Rent? Now is the Perfect Time to Buy a Home in Brooklyn

Sunday, February 15th, 2015
Buy a home in Brooklyn

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

Buying a Brooklyn Home for Sale by Owner: Pros and Cons

Sunday, June 5th, 2011


For Sale By Owner and your Brooklyn Home

Buying a Brooklyn home for sale by owner (FSBO) has benefits and drawbacks. Analyzing the pros and cons of buying a home directly from the homeowner can help you decide whether this is the best move for you.

Pros of buying a FSBO

  • You get the house you want. If the home of your dreams happens to be a  Brooklyn home for sale by owner, don’t worry.  You can still have your Brooklyn real estate agent represent you while buying the home.  That way you get the home you want with a knowledgeable agent looking out for your best interests and helping you get the best price and terms.
  • Sellers may price their homes too low. In their eagerness to sell their homes, sellers may offer their homes at prices lower than the market value.  But, don’t count on this because the typical FSBO is priced at or higher than the market average.
  • You can communicate directly with the owner. You and your Brooklyn real estate agent don’t have to go through a third party (the seller’s agent) to negotiate with the seller.

Cons of buying a FSBO

  • Sellers want to maximize profits. Why do owners decide to sell their homes as FSBOs?  It’s usually because they believe they can maximize their profits by not paying a listing agent to sell their homes.  They’re not doing it so they can give the buyer a great deal.   If you’re thinking you can pay less for a FSBO than for a home listed through a real estate agent, think again.  Statistics show that you pay as much or more for FSBOs, especially if you purchase it without the help of a real estate agent who is a skilled negotiator.
  • Homeowners may withhold important information. Even though homeowners are required by law to disclose any information that would impact the buyer’s decision to purchase the property, they may not.  They may intentionally withhold the information to get you to buy the house, or they may unintentionally withhold the information because they don’t know that it’s the law.
  • Difficult negotiations. Sellers may refuse to lower the price of their homes, even if the homes are overpriced, or they may not want to pay for needed repairs.  The home owner is also more personally connected to the property than a real estate agent would be and therefore may be more sensitive to any form of critique.

Whether you want to buy a  Brooklyn home for sale by owner or a home listed with a real estate agent, I can help you get the best terms and price.  I’ll also look out for your best interests and make sure all the i’s are dotted and t’s are crossed.  If that sounds good to you, Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate a call today at (718) 253-9600 ext 206 or email me at [email protected]

How Real Estate Taxes Impact the Cost of Owning a Brooklyn Home

Friday, April 8th, 2011

As we approach the 2011 Income Tax filing deadline of April 15th , as homeowners we turn our attention to a different tax, real estate tax.

The cost of home ownership is not simply your monthly mortgage payment.  In order to calculate the true cost of Brooklyn home ownership, you need to consider a variety of other expenses.

One of the additional expenses you need to consider is real estate taxes.  Most state and local governments charge an annual tax on the value of real property. This is called a real estate tax.  Not everyone is subject to real estate taxes but for those who are it can make a big difference in how much home you can afford.

Real estate taxes are not the same for every property.

Real estate taxes vary from a couple of hundred dollars a year to thousands of dollars a year.  This should be looked at seriously, because it could mean the difference between being able to afford your home and not being able to make your payments.

No one wants to be house poor or lose their home because they can’t afford the real estate tax, but countless numbers of people have lost their homes for this very reason.  If you don’t pay your real estate taxes, not only will your home be sold for back taxes, but the mortgage company will still expect full payment on your loan.

Higher taxes don’t necessarily mean better services.

Although neighborhoods with higher taxes can offer better schools, roads and hospitals, this is not always the case.  Don’t judge the neighborhood by the real estate tax, but do look at the services you’re getting for the taxes being charged.

Real estate taxes must be paid to transfer ownership.

If you are selling your Brooklyn home, you must have your real estate taxes current.  If you’re buying a Brooklyn home, know that the real estate taxes are part of the closing costs you have to pay.  The yearly real estate taxes and the status of those taxes are part of every real estate listing and should be taken into consideration just as you would consider the price of the home.

Knowing the costs associated with homeownership allows you to purchase your new Brooklyn home with peace of mind.

If you’re thinking of buying a Brooklyn home, let me help make the process a pleasant and profitable experience.  Call me Charles D’Alessandro your Brooklyn Realtor® with Fillmore Real Estate today at (718) 253-9600 ext 206 or email me at [email protected]

4 Reasons You Should Buy Brooklyn Real Estate in a Down Market

Thursday, October 7th, 2010

The national and Brooklyn real estate markets are constantly fluctuating, falling somewhere between more inventory and lower prices and less inventory and higher prices. People are often frightened when the home inventory rises, but a declining real estate market may just be the perfect time to find your next home.

Here are 4 reasons why you should consider buying Brooklyn real estate in a down market.

1.      Inventory. When the market is down, more homes are for sale. This means you have more homes to choose from, which makes it easier to find a home in your dream neighborhood or closer to work or school.

2.      Negotiation. There’s a reason down markets are called “buyers’ markets.” Sellers want to sell their homes, and they are often willing to do whatever it takes. This means you have the advantage and can buy a home for a great price. You can also ask the seller for other incentives like paying all or a portion of your closing costs.

3.      Mortgage Rates. When the real estate market begins falling, interest rates get cut. This can mean considerable savings for you over the course of your mortgage. You can even buy a larger home within your price range than you can when the market is booming.

4.      Investment. Even though doom and gloom is forecasted in a down market, your Brooklyn home will still most likely go up in value or at least retain its value. Keep in mind that your home is your most personal investment. It’s a place where you will create memories and maybe even raise a family.

If you’re considering buying a Brooklyn home, let me help you find a wonderful home at a great price. Call Charles D’Alessandro of Fillmore Real Estate Today at (718) 253-9600 EXT 206 or email me at [email protected]


Charles D’Alessandro

[email protected]
tel 718 253-9600
fax 718 253-9573
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FHA Changes the Rules for Buying a Brooklyn Home for Sale

Saturday, February 6th, 2010

The FHA, or Federal Housing Administration, has helped many a homeowner buy a Brooklyn home for sale by providing mortgage insurance through FHA-approved lenders. However, a change in policy, announced in January, may make it harder for those with poor credit.

Before we talk about FHA’s change in policy, let’s cover a few of the basics about the FHA and how it might help you buy a Brooklyn home for sale.

What is the FHA?

The FHA is a government agency that provides mortgage insurance to approved lending institutions.  It assists home buyers by providing mortgage insurance to lenders to cover most losses that may occur when a borrower defaults.  This encourages lenders to make loans to borrowers who might otherwise not be able to get a loan.

What is an FHA Loan?

An FHA loan is a loan provided by an FHA-approved lender and insured by the FHA. In other words, the FHA guarantees that a lender won’t have to write off a loan if the borrower defaults – the FHA will pay. Because of this guarantee, lenders are willing to make mortgage loans.

An FHA loan might help you get a mortgage by providing:

  • Lower down payments
  • Lower closing costs
  • Easier credit qualifications

Now let’s talk about the changes FHA is making…

The Future of FHA Loans

Until recently, the FHA has managed to weather the real estate turmoil rather well. In fact, the turbulence surrounding other lenders had potential homebuyers flocking to take advantage of FHA loans. However, even FHA’s bank account is starting to suffer. In order to shore up capital reserves and keep 34 million families in their homes, the FHA is changing the rules.

Before the changes, borrowers were required to pay a down payment of 3.5% of the cost of the home. Now, borrowers with a credit rating below 580 will be required to pay at least a 10% down payment. As well, the good upfront mortgage insurance premiums of 1.75% are increasing to 2.25%. The FHA is now trying to get Congress’ approval to raise the annual premiums from 0.55%, although the amount it will seek is still unknown.

What This Means for You

If you’re interested in buying a Brooklyn home for sale, but haven’t because you’re waiting for the market to bottom out, you may end up losing out on a great deal. With almost record low mortgage rates, home values lower than they’ve been for eight years, the first-time and upgrade homebuyer tax credits and a wide selection of homes, there may never be a better time to buy.

Whether you want to use an FHA loan or a traditional home loan, I can help you cash in on this great buyer’s market. Call me Charles D’Alessandro you Brooklyn Realtor® at Fillmore Real Estate today at (718)253-9600 ext.206 or email me at [email protected].


Charles D’Alessandro
[email protected]
tel 718 253-9600
fax 718 253-9573
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