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Posts Tagged ‘sales

Home Sales Approach Two-Year High

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Existing Home Sales Near Two-Year High (Photo by Bruno J. Navarro)

Existing Home Sales Near Two-Year High (Photo by Bruno J. Navarro)

NEW YORK — It’s not your imagination: The real estate market is hot again.

Sales of existing homes grew almost to the highest rate in two years, while prices saw the biggest increase since 2006.

Last month, existing U.S. home sales increased 3.4 percent to an annual rate of 4.62 million units, according to the National Association of Realtors.

That rate was the highest since May 2010.

Anecdotally, sales activity has picked up in Manhattan, Brooklyn and Queens, as previously forecast. I expect the data to show significant gains when it becomes available.

At the same time, home resale prices nationwide soared to a median of $177,400 in April, up 10.1 percent from a year earlier.

“That was the biggest year-over-year increase since January 2006,” according to Reuters.

Mortgage rates, too, continued their downward trend.

The average rate for a 30-year loan dropped to 3.79 percent, a Freddie Mac survey showed.

That was even lower than the record low set earlier this month.

As always, if you’re looking to buy, sell or rent a home in New York, please let me know.

UPDATE: The data gets a boost from federal statistics, which show similar gains among new homes.

The Real Deal writes, “Sales of new single-family homes rose 3.3 percent month-over-month in April 2012 and 9.9 percent year-over-year, according to a release issued by the U.S. Census Bureau and the U.S. Department of Housing and Urban Development. April saw new home sales at a seasonally adjusted rate of 343,000 units.”

Written by Bruno J. Navarro

2012.05.22 at 23:09

Mortgage Rates Hit Historic Low 3.84 Percent

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Mortgage Rates Hit Another Historic Low (Photo by Bruno J. Navarro)

Mortgage Rates Hit Another Historic Low  (Photo by Bruno J. Navarro)

NEW YORK — Mortgage rates dropped to another all-time low this week, providing another stimulus to the strengthening housing market.

The average rate on a 30-year mortgage was 3.84 percent, according to survey results released by Freddie Mac.

That’s the lowest rate ever since long-term mortgages were introduced in the 1950s, even below the previous record low set in February.

At that rate, a $100,000 loan would mean monthly payments of about $468 per month.

Meanwhile, sales activity in the past few weeks suggest that the robustness of the condo market in Manhattan and Brooklyn recently predicted was taking hold.

Written by Bruno J. Navarro

2012.05.04 at 11:03

Should I Buy Or Should I Rent?

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Should I Buy Or Should I Rent? Photo by Bruno J. Navarro

Should I Buy Or Should I Rent? (Photo by Bruno J. Navarro)

NEW YORK — The question almost sounds like the title of a Clash song: Should I buy or should I rent?

The results of a new study make it clear. Buying is the better option.

A confluence of factors are the cause, from low mortgage rates to rising rents.

CNN Money writes: “In 98 of the top 100 housing markets, buying a home is more affordable than renting, according to the online real estate company Trulia. Only Honolulu and San Francisco buck the trend.”

Of course, such rankings do little to paint a complete picture.

The article also adds, “Housing markets, even within a single metro area, typically have local submarkets. Take New York City, for example. Renting in Manhattan is more affordable than buying. But in suburban Westchester County just miles to the north, buying is the more affordable option.”

If you decide to rent, there are a few steps you can take to avoid Craigslist apartment scams. Feel free to share any other helpful tips in the comments, too.

As always, if you know someone looking to buy, rent or sell a home in New York, please let me know.

Related

CNN Money: “Home buying much cheaper than renting

Spring Optimism for NYC Condo Sales

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Spring Optimism for NYC Condo Sales (Photo by Bruno J. Navarro)

Spring Optimism for NYC Condo Sales

All signs are pointing to a fairly healthy spring season for the sales of new condominium apartments in the city, according to a new report released Thursday that tracks the new development market. — “February condo sales fuel optimism for spring,” Crain’s New York Business, March 15, 2012.

NEW YORK — Condominium sales activity in Manhattan and Brooklyn has been strong in the typically a slow month of  February, signaling heightened activity for the busy spring season ahead.

What this means for buyers and sellers is likely that more people will be looking for apartments, which will be more plentiful, and that sales listings are going to move more quickly into contract.

With mortgage rates near all-time lows, it’s a great time to buy. The increased activity also bodes well for sellers.

As always, if you or someone you know is thinking about buying, selling or renting property in New York, please let me know.

NYC Condo Buyers’ Wish Lists Shifting

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A bird's-eye view of Manhattan. - Photo by Bruno J. Navarro

A bird's-eye view of Manhattan.

During the flush times of the mid-2000s, new condo buyers sought out brand-name, high-end appliances, along with jaw-dropping amenities and niche details. Now, they are much more intent on making sure fixtures actually work the way they’re supposed to. And because today’s buyers are more educated than ever, they can easily spot the difference between flash and substance. — “Pickier purchasers: Today’s condo amenities are less sexy, more functional,” The Real Deal, March 1, 2012.

NEW YORK — You have often heard me speak about how the real estate market, like so many other financial markets, is cyclical. Recently we have learned that the amenities apartment buyers look for while searching for a new home are also cyclical.

It wasn’t so long ago that buyers had an all-that-glitters-is-gold mentality. Brand-name appliances, everything automated and computerized, and no matter what your friends bought, you needed to have better. Wall Street was booming and it seemed as though new millionaires were being created daily.

Well, things change.

Life is cyclical, and today’s buyers are looking for more functionality and less fanciness, more simplicity and less glitz. As a result, developers have taken on a different mindset: New is good, but make it simple, functional and durable.

The article below goes into more depth about buyers’ changing desires of buyers. I hope you enjoy it as much as I did. And, as always, if you or someone you know is thinking about buying, selling or renting property in New York, please let me know.

Related Link

Written by Bruno J. Navarro

2012.03.14 at 14:11

Teenage Landlord Might Signal Market’s Bottom

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A Tree Grows In Florida - Photo by Bruno J. Navarro

A tree grows in Florida, a curious real estate market.

A curious story about a teenage girl who bought a foreclosed home in Florida sounded like a good sign that housing has only sunny days ahead.

NPR reporter Chana Joffe-Walt wrote, “As I was working on this story, I kept thinking that when a 14-year-old kid can buy a house, the market must have hit bottom. I kept saying this to Willow, and she’d sort of vaguely nod.”

What do you think?

(via  This 14-Year-Old Girl Just Bought A House In Florida : Planet Money : NPR.

Written by Bruno J. Navarro

2012.03.12 at 16:51

Posted in sales

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Does Report On Rentals & Sales Suggest a Bubble?

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A view of the Manhattan skyline by Bruno J. Navarro.

A view of the Manhattan skyline.

NEW YORK — A unique trend is emerging in housing prices and rentals, according to a report from Zillow that has not yet been released.

“While it seems that rents are rising at the expense of home values, the opposite is true. A thriving rental market will stimulate home sales, as investors snap up low-priced inventory to convert to rentals. That, in turn, will lower the number of homes on the market, which will eventually help put a floor under the value of all homes,” says Zillow chief economist Stan Humphries.

via New Rent Report Suggests Possible Bubble – CNBC.

Written by Bruno J. Navarro

2012.03.12 at 14:40

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