March 6, 2013 rummy 0Comment

New York Short sale where home sit on market for 3 years they are suffering through some of the challenges the rest of the country had over the past couple of years right now and will continue for the next 12 to 18months.

Right now in Westchester and Bronx Real estate we still are suffering with 7 to 8 months of inventory. Some of the town are moving faster then other our tam just put up home for sale $950, 000 thousand in White Plains NY with in days we have 10 showing. But majority of the Westchester there are not enough buyers satisfy the thirst of the people selling their houses and we have more discounted, distressed, more discounted inventory coming to the market. This week are listing 3 more short sale 2 Bronx and 1 Yonkers.

Looking at the mortgages and prices I don’t get why buyers are waiting. Warren Buffet said on CNBC “ who every buys a home and get a 30 year mortgage will do very well in the future.” This means if you’re a first time homebuyer, the time to move is yesterday. Don’t wait for interest rates to go up anymore. Don’t wait for prices to go up anymore. If you live in Westchester and Bronx or if your just moving here even if the prices soften, understand a 1 percent increase in interest rate equates to a 10 percent drop in prices. So if you’re not going ahead and moving forward because you’re afraid prices are going to drop 5 percent in your neighborhood, and interest rates go up 1 percent, the monthly mortgage payment is still greater. It’s not price a buyer should worry about, it’s cost.” So we have to include the interest rate in that. Call our buyer real estate expert at 914.902.3252 or go to our website .

Rummy Dhanoa
Real Estate Experts @ Keller William Realty Group