new york real estate experts: Homeowners Equity Position Update! - 06/24/16 04:36 AM


Yesterday, we reported that according to CoreLogic's latest Equity Report, nearly 268,000 homeowners regained equity and are no longer underwater on their mortgage in the first quarter. Homes with negative equity have decreased by 21.5% year-over-year. A study by Fannie Mae suggests that many homeowners are not aware of how their equity position has changed as their home has increased in value. For example, their study showed that 23% of Americans still believe their home is in a negative equity position when, in actuality, CoreLogic's report shows that only 8% of homes are in that position. The study also revealed that … (1 comments)

new york real estate experts: Current Housing Market Favors Homeownership - 06/14/16 01:45 AM

According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, homeownership is a better way to produce greater wealth, on average, than renting. The results from the first quarter index showed that "16 of the 23 metropolitan markets investigated moved in the direction of buy territory." The BH&J Index is a quarterly report that attempts to answer the question:
Is it better to rent or buy a home in today's housing market?"The U.S. housing market, when considered as a whole, has swung marginally more in favor of home ownership over renting a comparable property and investing monthly rent savings … (0 comments)

new york real estate experts: The Experts Show Episode 2: 3 Steps to Take for New Agents - 06/13/16 04:24 AM

 
Here is the 2nd Episode of the New York Real Estate Experts Show! In this Episode we talk about how agents and realtors should start and do their business. It is actually easier than you thought! ?#‎nyreex??#‎expertsshow? ?#‎expertadvisor? ?#‎realtor? ?#‎realestate?tweet your questions and follow us at nyexpertcloser


www.NYREEX.com
 

 
 
(0 comments)

new york real estate experts: A Housing Market Meltdown Possibly? Some Experts Disagree... - 06/02/16 06:20 AM

We want to let you know that "rumors of a new market meltdown" are not based on any reputable data. As proof, we offer you the comments of the following experts who have a totally different view on the current housing market.
Lawrence Yun, Chief Economist at NAR:"In spite of deficient supply levels, stock market volatility and the paltry economic growth seen so far this year, the housing market did show resilience and had its best first quarter of existing-sales since 2007."
Jonathan Smoke, Chief Economist at realtor.com:"We had a triple crown of April home sales reports, so 2016 is in … (0 comments)

new york real estate experts: Staying Positive - 05/23/16 06:18 AM

Abraham Lincoln failed in business, had a nervous breakdown, and was defeated in eight elections. Steve Jobs was fired from his own company. Oprah Winfrey was publicly fired from her first television job as an anchor in Baltimore for getting "too emotionally invested in her stories." Steven Speilberg snuck his way into success after being rejected by the University of Southern California School of Cinematic Arts multiple times. Vera Wang failed to make the 1968 US Olympic figure-skating team. Then she became an editor at Vogue, but was passed over for the editor-in-chief position.Just as the opening quote states, “Life isn’t … (1 comments)

new york real estate experts: After Selling: Upkeep or Downscale? - 05/17/16 05:50 AM


A study by Edelman Berland reveals that 33% of homeowners who are contemplating selling their house in the near future are planning to scale down. Let's look at a few reasons why this might make sense for many homeowners, as the majority of the country is currently experiencing a seller's market. In a recent blog, Dave Ramsey, the financial guru, highlighted the advantages of selling your current house and downsizing into a smaller home that better serves your current needs. Ramsey explains three potential financial advantages to downsizing:
A smaller home means less space, but it also means less time, stress … (0 comments)

new york real estate experts: Breaking Bad Habits - 05/16/16 06:26 AM

Our brains work on a trigger and reward basis—the so-called “habit loop”—which means it is easy to slip into a routine and difficult to fight back when the undesired behavior occurs.Of course, life moves so much smoother when we are able to do certain things on auto-pilot, however, that has definitely had an effect on breaking your bad habits.Identifying that bad habit is a great start. Once you are aware, you can start making a plan.Here are some great tips to breaking that bad habit once and for all! Create a habit diary – remember that awareness thing we talked about? … (0 comments)

new york real estate experts: You Don't Need 20% Down to Buy a Home Now - 05/02/16 06:21 AM


A survey by Ipsos found that the American public is still somewhat confused about what is actually necessary to qualify for a home mortgage loan in today's housing market. The study pointed out two major misconceptions that we want to address today.
1. Down PaymentThe survey revealed that consumers overestimate the down payment funds needed to qualify for a home loan. According to the report, 36% think a 20% down payment is always required. In actuality, there are many loans written with a down payment of 3% or less. Many renters may actually be able to enter the housing market sooner than … (1 comments)

new york real estate experts: How Much Less is Buying a Home Than Renting? - 04/19/16 05:02 AM

In the latest Rent vs. Buy Report from Trulia, they explained that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The updated numbers actually show that the range is an average of 5% less expensive in Orange County (CA) all the way up to 46% in Houston (TX), and 36% Nationwide!
Other interesting findings in the report include:Interest rates have remained low and even though home prices have appreciated around the country, they haven't greatly outpaced rental appreciation.Some markets may tip in favor of renting if home … (1 comments)

new york real estate experts: Top Reasons Why Americans Buy Homes - 04/13/16 01:27 AM
 
Last week, the inaugural "Homebuyer Insights Report" was released by the Bank of America. The report revealed the reasons why consumers purchase homes and what their feelings are regarding homeownership. Consumer Lending Executive, D. Steve Boland, explained:
"Homebuyers today are motivated by both emotional and practical reasons. Nearly all want more space, but a majority of homebuyers, especially those purchasing their first home, are also looking for a place to call their own, put down roots and make memories. They value the emotional benefits of owning a home as much as the financial ones."
Boland went on to say:
"The path to homeownership is … (1 comments)

new york real estate experts: Mayor Mike Spano Recognizes Yonkers Volunteers - 04/11/16 05:05 AM
Home of New York Real Estate Experts
 
YONKERS, NY – April 6, 2016 – Mayor Mike Spano this week announced his selection of Yonkers volunteers for the third annual nationwide Mayors Day of Recognition for National Service, spotlighting the impact of national service and thanking those who serve in their communities. Mayor Spano honored nine local volunteers from the Yonkers community, specifically who donate their time to a variety of charitable organizations, sponsored by Volunteer New York. All of the awarded honorees contribute to Yonkers non-profit organizations, assisting those in the local community.
“Yonkers is a city of ordinary people who do extraordinary things … (0 comments)

new york real estate experts: Why You Need A Real Estate Professional When Selling Your House - 03/16/16 02:17 AM


Every homeowner hopes to accomplish five goals when selling their home:
1.    Sell it for the best price
2.    Sell it within a predetermined time
3.    Sell it with the least amount of hassles
4.    Close on the sale the same day they move into their new home
The fifth reason is the most obvious and the most important:
5.    They want to make sure it sells.
In order to dramatically increase the chances that the house sells, a homeowner should list with a real estate professional in their market. Why? Because agents have access to the vast majority of the available buyers!! According to the National Association of … (0 comments)

new york real estate experts: Home Prices Are Rising! And No, It's Not a New Housing Bubble Forming - 03/14/16 04:25 AM


We recently reported that home prices are continuing to rise across most of the nation. This has created concern in some pundits that a housing bubble, like we saw ten years ago, is forming again. We want to explain why these concerns are unfounded. The current increase in home values can be easily explained by the theory of supply and demand. Right now, the number of families looking to purchase a home is greater than the supply of homes on the market. Here is a chart that explains how the months’ supply of housing inventory impacts home values:
 
According to the latest Existing Home … (1 comments)

new york real estate experts: A Survey on Future Home Values - 02/22/16 03:30 AM


Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
The results of their latest survey:Home values will appreciate by 3.7% over the course of 2016, 3.3% in 2017 and 3.2% in the next two years, and finally 3.1% in 2020 (as shown below). That … (0 comments)

new york real estate experts: 2016 Household Formations - Are the Kids Finally Moving Out? - 02/18/16 04:36 AM


During the recession, many young adults graduating from college were forced to move back in with their parents. This caused new household formations to drop dramatically from the long term average of 1.2 million formations annually to half that number. However, this may be the year this turns back around. According to the Urban Land Institute’s report, Emerging Trends in Real Estate, household formations will increase dramatically. They project that 3.68 million additional households will be formed in the next three years. This brings household formations back to pre-recession numbers of 1.2 million a year.
What will happen in 2016?One of the key indicators … (0 comments)

new york real estate experts: Why Having Your Own Home Is Better Than Renting - 02/17/16 05:10 AM

Every three years the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). In a Forbes article the National Association of Realtors’ (NAR) Chief Economist Lawrence Yun predicts that in 2016 the net worth gap will widen even further to 45 times greater. The graph below demonstrates the results of the last two Federal Reserve studies and Yun’s prediction:


Put Your Housing Cost to Work For You Simply put, home ownership is a form of ‘forced savings’. Every time you pay your mortgage … (0 comments)

new york real estate experts: You Don't Need To Hear These From Your Real Estate Agent... - 02/10/16 01:20 AM

You’ve decided to sell your house. You begin to interview potential real estate agents to help you through the process. You need someone you trust enough to:
1.    Set the market value on possibly the largest asset your family owns (your home)
2.    Set the time schedule for the successful liquidation of that asset
3.    Set the fee for the services required to liquidate that asset
An agent must be concerned first and foremost about you and your family in order to garner that degree of trust. Make sure this is the case.Be careful if the agent you are interviewing begins the interview by:
§ Bragging … (0 comments)

new york real estate experts: Millennials: Rent or Own a Home? And "Mr. Wonderful's" thoughts... - 02/05/16 04:29 AM

Recently, on CNBC’s Closing Bell, Shark Tank investor Kevin O’Leary, also known as “Mr. Wonderful,” said Millennials “don’t give a poo-poo about owning a house.” This thinking couldn’t be further from the truth. Let’s give a few examples to make this point. 1.) In the recent National Housing Market Survey conducted by Fannie Mae, it was revealed that:
“…data indicates that millennial renters today have as much desire to own a home as the general population of renters. According to NHS data, the substantial majority of renters age 25-34 say that owning makes more sense than renting from a financial perspective. A majority also agree that owning makes … (2 comments)

new york real estate experts: Appraisals...One Of The Reasons Why You Need A Professional! - 02/03/16 12:51 AM


First American Title issues a quarterly report, the Real Estate Sentiment Index (RESI), which “measures title agent sentiment on a variety of key market metrics and industry issues”. Their 2015 4th Quarter Edition revealed some interesting information regarding possible challenges with appraisal values as we head into 2016.
“The fourth quarter RESI found that title agents continue to believe that property valuation issues will be the most likely cause of title order cancellation over the coming year.” 
This shouldn’t come as a surprise. In a housing market where supply is very low and demand is very high, home values increase rapidly. One major challenge in such a market … (0 comments)

new york real estate experts: Why You Should Sell Before Spring! - 02/02/16 04:59 AM


Is spring closer than we think? Depending on which Groundhog you witnessed today, you may have less time than you think to get your home on the market before the busy spring season. Many sellers feel that the spring is the best time to place their home on the market as buyer demand traditionally increases at that time of year. However, the next six weeks before spring hits also have their own advantages. Here are five reasons to sell now. 
1. Demand is StrongFoot traffic refers to the number of people out actually physically looking at homes right now. The latest foot … (1 comments)

 
Rummy Dhanoa, Rummy Dhanoa (New York Real Estate Experts) Rainmaker large

Rummy Dhanoa

Rummy Dhanoa

Bronx, NY

More about me…

New York Real Estate Experts

Address: 2150 Central Park Ave, Suite 209, Yonkers, NY , 10710

Office: (914) 920-2299

Mobile: (914) 438-8840

Email Me



Listings

Links

Archives

RSS 2.0 Feed for this blog