Gregg MarksSenior Loan Officer NMLS#: 37244
Contact me today!Greggmarks@silverbaylending.com
Phone: 631-656-6450 x 210
More than 1 in 4 mortgaged properties were considered to be equity rich in the fourth quarter of 2019 according to the latest U.S. Home Equity and Underwater Report by the real estate data company ATTOM Data Solutions. Making the Cut A total of 14.5 million homes within the United States, 26.7% of mortgaged properties, were considered to be equity rich. For a home to be classified as “equity rich”, the combined estimated amounts of loans on the property must be 50% or less of the property’s market value. While this share was unchanged from the third quarter of the year, the figure is up from 25.6% in the fourth quarter of 2018. On the other hand, 6.4% of mortgaged properties were considered to be underwater. “Underwater” homes have combined loans on the home that are worth at least 25% more than the property’s market value. This share has inched down from 6.4% in the third quarter of the year and is also down 2.4 percentage points from the previous year. Good News for New York The highest shares of equity rich properties during Q3 2019 were located in both the Northeast and the West: California +40.8% Hawaii +39.2% Vermont +39.0% New York +35.7% Washington +35.6% States with the lowest percentages of equity-rich properties were ...
It’s no secret that New York home sellers have quite the variety of buyers to choose from so it’s important to make sure that your offer stands out from the crowd. The best way to get the competitive edge you’ll need in this competitive market is to get pre-approved for a mortgage. The resulting pre-approval letter lets home sellers and real-estate agents know that you’re serious while alerting lenders that you may be taking out a mortgage soon. Know How Much You Can Borrow It’s easy to get caught up in the excitement of your search and look for homes outside of your budget. Getting pre-approved can help you set realistic expectations for your finances so you can focus on homes within your price range. It’s important to review your budget and make sure that your loan amount is one that you’re comfortable with. Make a Competitive Offer Getting pre-approved for a mortgage lets sellers know that a lender has reviewed your current financial situation and determined that you can afford to buy a house. As a result, sellers can be confident that the process is unlikely to get derailed because you can’t secure the proper financing. Be Aware of Potential Problems While each lender’s process can vary, many will review your credit history, income, and assets before granting a pre-approval. Many people realize that there’s some work to do before making their first offer. From paying down debts, saving for a larger down payment, or resolving inaccuracies on your credit report, it’s important to take care of any potential issues before you make an offer. ...
Whether you’re a recent college graduate or have spent some years working and saving, making your first home purchase may have crossed your mind. Thoughts about the real estate market in New York and the overall affordability of a home for first-time buyers may have quickly followed as well. However, buying a home is more attainable than you think and can be a valuable tool in building your net worth and overall wealth. Homes Appreciate Over Time One of the largest reasons people buy a home has more to do with selling it down the road than anything. The value of a home has consistently appreciated over time. While their appreciation can take years and you may experience some downturns, the overall trends are consistently positive. And when the time comes to sell, any return on your investment is yours, not your landlord’s, to keep. Investment Potential If you buy property in a developing neighborhood, especially here in New York, chances are that your home will yield a high return within a few years. Spending those same years renting a property will put you at a disadvantage when you do decide to buy. The home that you could have bought in the developing area will now be selling for a lot more in that same area, leaving you paying a much higher price for the exact same property. Worst case scenario of buying? The appreciation value will be slower than expected but investing in property has always been one of the safest investments you can make. Tax Breaks When you take out a loan to purchase a property, you will be eligible for a tax deduction against the interest paid on the loan. If you ...
In a market where timing can dramatically impact the amount of time spent looking for a buyer as well as the price you’re ultimately able to get, many people are led to believe that winter is the absolute worse time to sell your home in New York. However, this common misconception couldn’t be further from the truth. Take Advantage of the Opportunity to Sell High and Buy Low If you’re set on purchasing a home in the spring, selling in the winter gives you the chance to be a non-contingent buyer when you’re ready to make a purchase. As a buyer, the warmer months bring you a greater number of options but also an increase in the competition. Selling in the winter sets you up as a competitive buyer because you won’t be saddled with a house sale contingency by the time you’re looking to buy in the spring. Beyond that, reduced inventory in the winter months often sees homes selling at slightly higher prices. Less options for buyers leaves them feeling less likely to try to negotiate the price down. Capture the Relocating Buyer The first quarter of the new year brings a spike in people looking to move as employees are transferred to new areas. These individuals are eager to make offers and they’re often looking to move quickly. Less Competition Makes Your Home Seem More Desirable During the winter months, there are simply not enough homes for sale to satisfy the number of buyers in the market and waiting until the spring can have you seeing more time spent on the market and less money for your home. Sales are generally completed, on average, 10-15 days faster in the winter than they ...
Buying a “fixer-upper” home in New York has its advantages. For example, homes in need of work are typically priced well below comparable turnkey properties that are move-in ready, so it’s a chance to save money. You also get to put your own finishing touches on the property you’re buying. There are many ways to finance the purchase of a fixer-upper home in New York. The FHA 203k loan program is one of the most popular financing strategies among buyers. But how does this program work, and what benefits does it offer to you as a home buyer? Here’s what you need to know. FHA 203k: Rehab Loans for New York Buyers Some home buyers who purchase fixer-upper properties in New York use two separate loans — one to finance the purchase itself, and one to pay for the renovation work. But it can be time-consuming, challenging, and sometimes costly to obtain two different loans for one property. That’s where the FHA 203k program comes in. This program is managed by the Federal Housing Administration, which is part of HUD. According to the HUD website: “Section 203(k) insurance enables homebuyers and homeowners to finance both the purchase (or refinancing) of a house and the cost of its rehabilitation through a single mortgage.” These loans can also be used to finance the rehabilitation of an existing home. (Due to their nature, they are also referred to as rehabilitation or “rehab” loans, and sometimes FHA construction loans. All of these terms generally refer to the same program.) Other important details of this program: FHA 203k loans are ...