Homewonership Has Always Proven To Be A Great Long Term Investment

Real Estate Agent with William Raveis Legends Realty Group 30PA1082583

There are alot of Buyers on the fence at the moment and alot of it has to do with uncertainty.  Whether it be the job market, the media, or mere cautiousness there are alot of people that aren't sure what they should do or who they should believe.  If You rely soley on the media you will never buy a home and could miss out on alot of opportunities in the market.  Buyers and Sellers should rely on the Real Estate professionals since we are the people that 1) specialize in Real Estate and 2) are technically considered experts in the field.  Real Estate is very localized and national statistics don't do anything for someone looking to buy in a specific area.  National statistics such as 96% of homeowners are fine and have no problems with their mortgage, another 30% of homeowners own their homes free and clear.  Those are encouraging stats but at the same time Buyers and Sellers need to know what is going on in their immediate area and that information will come from the Agents that are conducting business in that area.

The role of the Agent has evolved into more of a consulting role.  I make it my business to know as much as possible so that I can truly guide and educate my Buyer Or Seller.  I firmly believe that an educated decision is a confident and sound decision.  We have seen housing turmoil in the past and of course things got better.  Real Estate is cyclical and the rule of thumb is to buy low and sell high.  You will not know the bottom has hit until you are looking at it from the rearview mirror and realize things are moving upward.  Trying to time the bottom is useless and in most cases very frustrating because you don't know when the time is right to push the button until it's too late.

Westchester County has seen our share of decline, such as home prices about 15%-17% the past two years.  A decline of about 27% in sales since this time last year.  These figures are local and real, now here is the positive;  Westchester has alot of towns that retain value and are very desirable.  We have not been in the slump as long as many other markets so our rebound should be quicker.   We are not overly saturated with inventory and A Local Agent will be able to help you figure out a specific areas Absorbtion Rate.  The Government has implemented a few new programs to help those people at risk of Foreclosure and any others in need of a loan modification.  One site in particular is
www.MakingHomeAffordable.Gov and another great site to see where you stand as a homeonwer is from HUD http://portal.hud.gov/portal/page?_pageid=73,7620944&_dad=portal&_schema=PORTAL This link will allow you to do an asessment of yourself and see if you may be in trouble.  It's a great site for educating yourself as well, tons of info here. So you can see there are plenty of resources and this is the tip of the iceburg.  If you have questions or concerns turn to a professional with the knowledge and tools to help.

A recent survey was completed and the result is that First Time Home Buyers make up a large percentage of the buyers so far this year.  This means that many are looking to take advantage of great opportunities in housing and even in finance.  The First Time Homebuyer incentive is fantastic in my opinion, epsecially since the re-payment stipulation has been erased.  Interest rates are down to about 4.8% and there are many safe Mortgage products being offered right now, especially from FHA (Federal Housing Administration).  This type of loan is insured by the FHA and allows borrowers to put down 3.5% and even works with Buyers that have less then perfect credit.

So you can see thre are plenty of information resources and this is just the tip of the iceburg.  If you have questions or concerns turn to a professional that has the tools to help You.


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Christopher Pagli

"I Stay Open Until You Close"
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