Property Grunt

Tuesday, March 24, 2009

Another great moment in real estate marketing: Things are looking up.

Now and then I get emails from other real estate brokers.

Greetings, Firstly, I would like to thank so many of you who contacted me and my team recently to get Real Estate updates, and to reach out to those of you who have any inquiries or thoughts. We are here to serve you.

And yes, real estate activity in NYC has picked up in the past few weeks. We now experience more transactions than in the past few months. Sellers are more realistic and willing to accept the new reality, and buyers see this market as an incredible opportunity not to be missed.

With the latest news that The Federal Reserve will buy long-term government bonds and mortgage-backed securities, it seems that mortgage rates will remain at historically low levels for an extended period of time, and will most likely drop even further.

In this market, many properties are literally on sale, so it affords wonderful opportunities for those looking to purchase a home. First-time homeowners, move-up buyers and investors can all benefit from lower home prices, larger selection and historically low interest rates. It's the market so many of you have been waiting for.....

Did you know...?
The Government recently approved a First Time Buyer Tax Credit, up to $8000, that does not require repayment. (Regulations do apply so call me to see if you qualify)

Here are some pointers to keep things in perspective...(Note: you will not read these in the newspaper)

1) In 1929 Depression, the unemployment was at 25%, which is equivalent to 45% today because women were not a major part of the work force back then. Today's unemployment rate, although awful is less than 10%. Back then, the Dow Jones was down 89%; today approx 50%

2) Currently, 30% of all homes are free and clear with no mortgages. Of the 70% of households that do have a mortgage, 96.7% are not in foreclosure!!

3) Housing affordability is the best it's been in 20 years (low interest rates and lower prices is a wonderful combination)

4) In the 80's Recession, prime rate was at 19-20%, today it's at 3.25%. Did somebody say "Affordability"?

Real Estate is arguably your largest personal and financial investment so there isn't a place for trial and error. It's essential to find the most capable real estate professionals and it's more important now than ever.

We aren't just agents; we are coaches to guide and provide you with the necessary tools that will help you make the best decision for your individual situation.

We see a change as an opportunity. Do you?

I look forward to speaking to you.

Best Wishes,

Remember my entry on Broker CONfidence?

It feels like more of the same. I can't fault them though. There is not a lot of good news out there so brokers are grasping for whatever they can. Remember folks, brokers are always optimistic to their clients.