Posts from February 2017
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24
Experts Agree: The No. 1 Factor Shaping the 2017 Housing Market
Rising mortgage rates will have the most impact on the housing market in 2017, according to expert opinions recently assessed in Zillow's Home Price Expectations Survey, followed by limited housing supply and shifting demographics.
Rising rates, markedly, affect both sides of the transaction—as rates increase, homebuyers are further extended, while sellers hold off on listing to avoid a higher-priced mortgage. The experts surveyed expect the most significant changes to come when rates reach 5.5 percent. According to Freddie Mac, rates currently are in the neighborhood of 4 percent.
"Rising mortgage rates, inventory shortages and demographic shifts will be the main drivers of the U.S. housing economy this year, especially for first-time buyers who...
17
The Real Deal on Rising Rates: What It Means for Your Home-Buying Plans
You've taken all the necessary steps to get ready to buy a home. You've saved for a down payment, improved your credit score, got all your financial documentation in line, and figured out what price range you can afford. And then the interest rates went up. Is your dream of homeownership now unachievable?
According to recent data from realtor.com®, the share of first-time buyers planning to buy a home this spring fell sharply when mortgage rates began to rise toward the end of 2016. According to realtor.com®'s January survey of active homebuyers, 44 percent of buyers planning to buy in spring 2017 are first-time buyers. This has dropped significantly since the survey was conducted in October, when 55 percent of buyers planning a spring purchase indicated they were looking for their first home.
However, with inventory shortag...
10
5 Things to Pay Attention to on a Walk-Through
You've done your research online and narrowed down the neighborhoods and homes you're most interested in. The next step? Visit your top picks in person. But what should you look for? What real estate information will you be able to determine live that you couldn't find in the photos and details you already looked at online? Here's a list of what to look for when on a walk-through:
The neighborhood. Sure, you found out all about school quality, crime stats, proximity to transportation and more during your online research, but nothing compares to being there. Take a look at traffic patterns, the condition of surrounding homes, the neighbors, their yards, etc. After you've toured the house, take a few minutes for a quick stroll around the block. This will give you a much better sense of the neighborhood you may c...
9
Important Contact Numbers
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Significant snowfall and strong winds are expected to impact our area starting early tomorrow morning. With this storm approaching, I wanted to make sure you had the following phone numbers in case you need assistance or information:
Emergencies: Dial 911
To report power outages or downed power lines:
• PSEG 24 hour hotline: (800) 490-0075
To report gas outages or gas safety emergencies:
• National Grid 24 hour hotline: (800) 490-0045
Information on mass transit service:
• MTA/LIRR/NYC Transit: www.mta.info
• LIRR 24 hour travel information center: 718-217-5477
• NICE Bus travel information: 516-228-4000
• NYC Transit travel information: 718-330-1234
Up to the minute information about traffic conditions on Long Island's major roads:
• NYS Department of Transportation's 511 service: www.511ny.org or call 511.
To report snow plowing issues or downed trees:
Town maintained roads
• Town of North Hempstead: 311
• Town of Hempstead: 516-489-5000
• Town of Oyster Bay: 516-677-5757
Village maintained roads
• Baxter Estates: 516-767-0096
• Bellerose: 516-354-1000
• East Hills: 516-621-5600
• East Williston: 516-746-0782
• Floral Park: 516-326-6300
• Flower Hill: 516-627- 5000
• Great Neck: 516-482-0019
• Great Neck Estates: 516-482-8283
• Great Neck Plaza: 516-482-4500
• Kensington: 516-482-4409
• Kings Point: 516-504-1000
• Lake Success: 516-482-4411
• Manorhaven: 516-883-7000
• Mineola: 516-746-0750
• Munsey Park: 516-365-7790
• New Hyde Park: 516-354-0022
• North Hills: 516-627-3451
• Old Westbury: 516-626-0800
• Plandome: 516-627-1748
• Plandome Heights: 516-627-1136
• Plandome Manor: 516-627-3701
• Port Washington North: 516-883-5900
• Roslyn: 516-621-1961
• Roslyn Estates: 516-621-3541
• Roslyn Harbor: 516-621-0368
• Russell Gardens: 516-482-8246
• Saddle Rock: 516-482-9400
• Sands Point: 516-883-3044
• South Floral Park: 516-352-8047
• Stewart Manor: 516-354-1800
• Thomaston: 516-482-3110
• Westbury: 516-334-1700
• Williston Park: 516-746-2193
County maintained roads
• Nassau County non-emergency hotline: 800-315-5153
State maintained roads
• NYS Department of Transportation: 631-904-3050
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3
Making the Jump: Transitioning from a Tenant to a Homeowner
Becoming a homeowner for the first time is an exciting and stressful process. However, once the papers are signed and the keys are in your pocket, your work really begins. Homeownership can be fraught with financial and emotional perils, especially if you've been renting from a landlord up until now. Landlords are on the hook for not only minor repairs, but also major upgrades, yard work, taxes and fees associated with building ownership, as well as normal upkeep such as painting and cleaning carpets.
Before You Buy
The best way to make a smooth transition to your new home starts before you buy. A proper inspection can alert you to problems that already exist with the property. New homes shouldn't have many issues, but it's always wise to get an inspection anyway to ensure that everything has been installed p...