Posts Tagged ‘real estate news’

Housing Prices and Interest Rates: Do the Math

Wednesday, December 30th, 2009

Charles D’Alessandro

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

Home Ownership In Brooklyn! Is the American Dream Becoming Just A Dream?

Wednesday, December 2nd, 2009

I ask as the question that has been asked for generations before. How will our children make it through? Will they be able to realize the American Dream of home ownership? With two sons born and raised in Brooklyn New York. A college graduate looking to for decent work for decent pay and my fathers grandson working in the electrical contracting business.We try to teach the ways we where taught, work hard to earn money and save for the future, the” American Dream”! The dream of home ownership! With the average starter home here in Brooklyn New York being around $400,000 in this down market with todays low interest rates and these affordable prices. I ask myself is it time for me to help my boys get started? I guess I have to decide what the answer will be for me. So my question to the parents out there is, “Do we wait to leave an inheritance to our children, or do we help them while we are still here to see them achieve their share of the American Dream ?” I would appreciate to hear your thoughts, go to the comment box and send your thought on the subject.

If you’re looking for a beautiful home, I can help. Call me Charles D’Alessandro at Fillmore Real Estate now at (718) 253-9600 ext. 206 or email me at [email protected] for more information.

brought to you by Brooklyn Real Estate Sales

FHA On Solid Ground: Hope for Brooklyn Real Estate Owners

Wednesday, December 2nd, 2009

A recent interview with FHA commissioner David Stevens on CNBC gives hope to Brooklyn real estate owners with FHA loans. The Federal Housing Administration now covers at least 30% of new home loans, so when Stevens announced that it might not make its 2% capital reserve, people were understandably nervous. For no reason, Stevens says in the CNBC interview.

Instead of immediate risk management in the form of strict guidelines that might make it harder on potential Brooklyn real estate owners, such as those Fannie Mae and Freddie Mac have put on condo mortgages, the FHA is going for some changes. The changes include hiring a chief risk officer and requiring higher capital standards for loan originators.

Once it was out that the FHA wouldn’t meet its 2% (please note that the FHA itself is the one who broke the news), news portals, blogs and other websites spread the news that the FHA was a train wreck. However, the CNBC interview with Stevens cleared the air a bit.

It appears that the FHA, put in place for instances like this when people can’t afford other loans, actually has two capital accounts. According to Stevens, the FHA has “lots of capital in primary reserve to cover expected defaults.” Combined, FHA capital is over $30 billion dollars.

At the present, says Stevens, the FHA isn’t considering a minimum credit score, and they may not have to. Looking at their portfolio, the average credit score has gone up 60 points, from 630 to 690, pointing to a higher quality of borrowers.

So, when thinking about buying Brooklyn real estate and looking at mortgage companies, don’t forget to look at the FHA. If Fannie Mae and Freddie Mac are lending, the FHA is – and it’s going strong!

You can watch the CNBC video for the full interview.

If you’re looking for a beautiful home, I can help. Call me Charles D’Alessandro at Fillmore Real Estate now at (718) 253-9600 ext. 206 or email me at [email protected] for more information.

brought to you by Brooklyn Real Estate Sales

4 Things to Know Before Putting Your Brooklyn Home Up for Sale

Tuesday, December 1st, 2009

The real estate industry is full of numbers and metrics that can influence your Brooklyn home for sale. Here are just a few you need to know before putting your house on the market:

  1. Pricing – Is your home for sale in Brooklyn worth more than you bought it for? Even now, it’s a possibility. Check the average sales prices for the homes in your area, neighborhood and street. You might be pleasantly surprised. Contact your local agent for the information.
  1. DOM – Days on Market is the time period a home sits on the market before closing. Currently, the average days on market in almost any area are rather high, but the actual metric may change depending on the price of your home. If you’re faced with a timeline and have a set goal for the sale, the average days on market for your area is a number you need to know. Again, you can ask your local real estate agent.
  1. List Pricing – The average list price tells you how much your competition is going for. If you’re trying to sell your house way above the average list price, it probably won’t leave the market.
  1. Competition – How much competition do you really have? How many “For Sale” signs are up? The higher the inventory, the lower your chances of selling the home quickly.

Of all the numbers to know, these are at the top. As every agent knows, the best way to sell your Brooklyn home for sale is to do the research – and then hire a proven real estate agent!

If you want to sell your Brooklyn home and need current information, I can help. Call Charles D’Alessandro, of  Fillmore Real Estate now at (718) 253-9600 ext.206 or email me at [email protected] for more information.

brought to you by;  Brooklyn Real Estate Sales

Brooklyn Real Estate News Letter!

Sunday, November 1st, 2009

Here is my Brooklyn Real  Estate news letter feel free to take a look and if you would like to receive it by e mail each month please sign up it’s free! Just another way  to keep you informed .

by Charles D’Alessandro and Brooklyn Real Estate Sales

Buying A Fixer Upper In Brooklyn? How About The 203k Rehabilitation Mortgage Insurance ?

Saturday, October 31st, 2009

What is A 203k Rehabilitaion Mortgage?

Shopping for a Brooklyn home isn’t always so easy. After you go to a lender to learn how much of a mortgage you qualify for then research the Brooklyn neighborhood and maybe school district you would like to live in.

Now it’s time to find a Realtor to show you houses. As you look around at the houses that are for sale you find some are too big, too small ,not the right street, just right but I hate the kitchen or  the property is in total disrepair, sound familiar to anyone? Well for the Brooklyn house that is in disrepair there is an answer. 203k Rehabilitation Mortgage Insurance, this mortgage Section 203(k) fills a unique and important need for home buyers.

When buying a house that needs repair or modernization, home buyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the Brooklyn property may offer adequate security.

This option allows you to buy the handyman special and borrow the repair money needed to get the house renovated.  Now it does have a process and requirements but it’s a great way to get that perfect ugly duckling to what you want it to be. For the houses that might just need a little sprucing up like kitchens and baths there is  another option called FHA’s Streamlined 203(k) program permits home buyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this new product, home buyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

This program is not for everyone it can be time consuming with a lot of involvement, the program is just another option to explore and an example of  the great mortgage programs out there to help buyers and sellers to achieve their goal, Remember research is a top priority. Always do you homework !

If you’re ready to buy a fixer upper or would like to know more about the 203k Rehabilitation Mortgage call me  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]

$8,000 Real Estate Tax Credit:New Deal ?

Thursday, October 29th, 2009

With Time running out on the existing $8000 first time home buyers tax credit, there seems to be an extension in the works. The new deal would be extended to contracts that are finalized by April 30th 2010 ,  and close by June 30th 2010.This will help buyers ,sellers and Realtors until next spring. The tax credit will make available $6,500 to some existing homeowners who lived in a home for five  years out eight years. The income limits will be raised, so tax credits for both programs will be available individuals who earn up to $125,000, or married couples up to $250,000 currently the limits are $75,000 for single and $150,000 for married, these would be changed.Today the news is it looks like it will be passed. Stay tuned .