Rate for New York 2011

 

Rates are still in the low 4′s on 30 year fixed!

FHA is still doing 3.5% down with 6% seller concessions!

SONYMA is still at 4.5% with 3% down for those that qualify. They also will give 3% towards closing ! costs for free!

PRICES ARE DOWN, RATES ARE LOW! IT’S AN AWESOME TIME TO BUY!

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Landlord free form for screen and Qualifier tenants

Is the Landlord Reference really the tenant’s landlord?

Did you ever think the landlord reference the tenant gives you on your rental application might be false? Unfortunately, it is very common for a rental applicant to offer up a fake landlord reference, especially when he does not want you to hear what that landlord has to say about him!

The purpose of The Landlord Reference Qualifier is to help you to determine if the information being given to you by the tenants’ current or past landlord is the truth. This screening technique has been succesfully tested over time by professional landlords.

By asking certain targeted questions, you will be able to spot a false reference much easier.

An imposter most likely will not be able to answer anything more than the most basic and obvious questions that he or she may have been briefed on. The Landlord Reference Qualifier provides you with an easy to use barrage of simple friendly key questions aimed at getting you the truth.

Not only will you easily spot an imposter, but you’ll also get better information from the true landlord reference! If you hit the jackpot and determine a reference to be a fake, you are victorious. You’ve just saved yourself an incredible amount of heartache and money. You are then free to accept the right tenant.

Email or Call me to get the a Free Landlord Reference Qualifier Form

Rummy@kw.com or go to www.freenyhomesearch.com

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Mortgage Rate September 2011

 

Jobs Fall Short

Major economic data and uncertainty about future Fed policy produced another volatile week for mortgage rates. Labor market weakness helped mortgage rates end the week lower.

The most significant economic data this week was Friday’s monthly Employment report. Against a consensus forecast for a gain of 75K, the number of jobs remained unchanged in August, and the data for June and July was revised lower by 58K. The Unemployment Rate remained at 9.1%. Average Hourly Earnings, a proxy for wage growth, unexpectedly declined from July. In short, it was a weak report in nearly every area, and that was favorable for mortgage rates.

The economic data gained even more importance in light of the detailed Fed minutes from the August 9 FOMC meeting which were released on Tuesday. The minutes revealed that Fed officials were deeply divided about what to do. Some officials felt that the high unemployment rate and the downside risks to the economy justified easing monetary policy, while others questioned whether additional easing would have a significant impact. The decision to extend the pledge for low fed funds rates for two years was a compromise. Weaker than expected economic data, such as the August Employment report, supports the case for looser monetary policy. The next FOMC meeting, scheduled for September 21, has been extended to a second day to allow more time for discussion, and the Fed’s announcement will be very important for financial markets. 

Jobs Fall Short

Major economic data and uncertainty about future Fed policy produced another volatile week for mortgage rates. Labor market weakness helped mortgage rates end the week lower.

The most significant economic data this week was Friday’s monthly Employment report. Against a consensus forecast for a gain of 75K, the number of jobs remained unchanged in August, and the data for June and July was revised lower by 58K. The Unemployment Rate remained at 9.1%. Average Hourly Earnings, a proxy for wage growth, unexpectedly declined from July. In short, it was a weak report in nearly every area, and that was favorable for mortgage rates.

The economic data gained even more importance in light of the detailed Fed minutes from the August 9 FOMC meeting which were released on Tuesday. The minutes revealed that Fed officials were deeply divided about what to do. Some officials felt that the high unemployment rate and the downside risks to the economy justified easing monetary policy, while others questioned whether additional easing would have a significant impact. The decision to extend the pledge for low fed funds rates for two years was a compromise. Weaker than expected economic data, such as the August Employment report, supports the case for looser monetary policy. The next FOMC meeting, scheduled for September 21, has been extended to a second day to allow more time for discussion, and the Fed’s announcement will be very important for financial markets.

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New York Hurricane Check list a Must!

Hurricane Preparedness Instructions and Checklist

Important Information:

□ Nearest hurricane shelter:
□ Local Police and Fire Dept:
□ Location of electric panel to shut off main breaker:
□ Location of water shutoff valve in case of evacuation:
□ Renters Insurance Company telephone #
□ Landlord Telephone # to call landlord in case of evacuation: 

Important Supplies:

□ flash lights,
□ batteries,
□ battery powered radio,
□ drinking water,
□ propane camping stove, fuel
□ pre-packaged nonperishable food. (Enough for 3 to 7 days),
□ non-electric can opener, cooking tools.
□ water – at least 1 gallon daily per person for 3 to 7 days
□ fully charged cell phone
□ Tool set
□ First Aid Kit / Prescription medications / refills /
□ Pet food, if you have a pet

If a hurricane is likely in your area, you should:

□ Listen to the radio or TV for information.
□ Fill your car with gasoline.
□ Get cash. Following a hurricane, banks and ATMs may be closed.
□ Close all windows and storm shutters.
□ Secure all lawn furniture and any other outside items that could become projectiles.
□ Turn off utilities if instructed to do so. Otherwise, turn the refrigerator thermostat to
its coldest setting and keep its doors closed.
□ Turn off propane tanks. Avoid using the phone, except for serious emergencies.
□ Moor your boat if time permits.
□ Ensure a supply of water for sanitary purposes such as cleaning and flushing toilets.
□ Fill the bathtub and other large containers with water.

You should evacuate under the following conditions:

□ If you are directed by local authorities to do so. Be sure to follow their instructions.
□ If you live in a mobile home or temporary structure—such shelters are particularly
hazardous during hurricanes no matter how well fastened to the ground.
□ If you live in a high-rise building—hurricane winds are stronger at higher elevations.
□ If you live on the coast, on a floodplain, near a river, or on an inland waterway.
□ If you feel you are in danger.

If you are unable to evacuate, go to your safe room. If you do not
have one, follow these guidelines:
 
□ Stay indoors during the hurricane and away from windows and glass doors.
□ Close all interior doors—secure and brace external doors.
□ Keep curtains and blinds closed.
□ Do not be fooled if there is a lull; it could be the eye of the storm – winds will pick up again.
□ Take refuge in a small interior room, closet, or hallway on the lowest level.
□ Lie on the floor under a table or another sturdy object.

If you must evacuate, follow these guidelines:
□ Stay updated on storm advisories
□ Map out your evacuation route. Do not get on the road without knowing where you are going.
□ Evacuate early if told you must evacuate.
□ Don’t forget to bring your important documents (deed to your home, lease, etc), in waterproof container and in plastic bags.
□ Don’t forget to bring your house keys.
□ Have a plan for your pet. Contact your local humane society for advice keeping your pet
safe. Remember, shelters usually do not accommodate pets.
□ Notify friends and family of your plan.
□ If you have special needs, you should register with a local emergency management office.

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Westchester Putnam Home Sales Stat’s

Take look at the decline in the market from Last year and the multi family is doing ok

Westchester Putnam Home Sale 2nd quater 2011

 

 

 

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Top 10 Tips for Home Seller From IRS

Www.FreeNyHomeSearch.com

Here are the IRS’s top 10 tax tips for home sellers:
1. In general, you are eligible to exclude the gain from income if you have owned and used your home as your main home for two years out of the five years prior to the date of its sale.

2. If you have a gain from the sale of your main home, you may be able to exclude up to $250,000 of the gain from your income ($500,000 on a joint return in most cases).

3. You are not eligible for the exclusion if you excluded the gain from the sale of another home during the two-year period prior to the sale of your home.

4. If you can exclude all of the gain, you do not need to report the sale on your tax return.

5. If you have a gain that cannot be excluded, it is taxable. You must report it on Form 1040, Schedule D, Capital Gains and Losses.

6. You cannot deduct a loss from the sale of your main home.

7. Worksheets are included in Publication 523, Selling Your Home, to help you figure the adjusted basis of the home you sold, the gain (or loss) on the sale, and the gain that you can exclude.

8. If you have more than one home, you can exclude a gain only from the sale of your main home. You must pay tax on the gain from selling any other home. If you have two homes and live in both of them, your main home is ordinarily the one you live in most of the time.

9. If you received the first-time homebuyer credit and within 36 months of the date of purchase, the property is no longer used as your principal residence, you are required to repay the credit. Repayment of the full credit is due with the income tax return for the year the home ceased to be your principal residence, using Form 5405, First-Time Homebuyer Credit and Repayment of the Credit. The full amount of the credit is reflected as additional tax on that year’s tax return.

10. When you move, be sure to update your address with the IRS and the U.S. Postal Service to ensure you receive refunds or correspondence from the IRS. Use Form 8822, Change of Address, to notify the IRS of your address change.
These tips can be found on the IRS website at http://www.irs.gov/newsroom/content/0,,id=104608,00.html.

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Single family homes Yonkers NY 10704 Price Perfectly

www.FreeNYHomeSearch.com

4 bedrooms 3 bath move in condition single family house near cross county shopping center, Yonkers raceway (casino) close to Rail Road and All Major transportation. This house offers Full finished w/basement door to backyard, 14×17 patio with storage underneath, fireplace, hardwood floors and a beautiful back yard for the family.1 car garage with door to finished basement that offer a half bath and gas burner that was recently installed. Taxes do not reflect the Star Exemption. Priced Perfectly

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yonker ny one bedroom for rent

One Bedroom for rental – Everything included! call now

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Sale Team of Rummy Sold another Property in Yonkers 10710

We Did Again Here another happy home buyer , who just brought another property this month.! Got him to closing table.





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Real Estate Market and Trend for other Half Of 2011

S&P Downgraded the USA a economy to AA+ and Moody is still at AAA+ , what does that mean to you as an investor, buyer and home seller in today’s real estate market. Fannie  Mac and Freddic Mac, is 80% owned by the U.S Government after receiving more then $150-billion in federal bailout funds to purchase bundles of mortgages from banks, providing lenders with fresh cash to make new loans. Fannie and Freddie package those mortgages to sell it to investor.

Mortgage Rate:

The 30-Year Fixed rate mortgage was down after the downgrade to 4.44% and expect to come to 4.30% . The 10 year treasury note down from to 2.34% from 2.56% on Friday .  Auto Loans rate slide lower tied to treasure yields, treasury notes dipped Monday to .45% , pressuring down 48-months auto loan rate. Now the national auto loan according to bankrate.com is 5.6%.

If Investment flows were to move back into stocks and out the bonds, interest rate on treasure securities, and consequentially mortgages would rise. The US has to pay more interest rate So the consumer rate will likely go up.

Over time, we will continue playing out the market and see how the market will regress back to equilibrium.  For many different markets this is going to be a short term price increase or stabilization. But just like in the past this will follow with softening of the market prices, especially now that a load of foreclosure inventory is scheduled to come back on the market after a hold of almost a year by most banks. There is prediction that in the coming months we will see a large number of increase in the renter pool verses ‘owner’ occupied. More and more people are looking to dig themselves out of the turmoil by renting; this will only help strengthen as the population of renters increases then the supply of rental properties. Even if the investors purchase some of the foreclosed properties that has displaced owners that have now become renters.

So you ask when is good time to sell, buy and invest.  THE TIME NOW FOR EVERONE!

Rummy Dhanoa

www.FreeNYHomeSearch.com

 

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