How will new non-conforming loan limits impact my purchase?
The new non-conforming loan limits are great news for buyers or investors searching for New York homes for sale. Depending upon where you are located, the new non-conforming loan limits may have passed by without a second glance but for new homes buyers shopping for New York City real estate, the increased loan limits are great news.
Non-conforming loans cannot be purchased by Fannie Mae or Freddie Mac - the quasi governmental secondary loan guarantors which comprise the two largest purchasers of mortgage loans. With the higher loan limits, it means a bank or loan originator no longer is required to keep the loan "in-house" but can now resell mortgages up to $729,750 (as compared to the previous $417,000 limit).
While it is still too early to tell exactly how the New York real estate market will respond, it is certainly a move in the right direction. By keeping your anticipated mortgage below $729,750 it may be possible to obtain a more competitive interest rate while shopping for New York City real estate.
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What is a good house warming gift?
Buying a piece of the Big Apple is no small accomplishment, so it is only natural to congratulate the new home buyers on their perseverance and dedication that was required to purchase New York real estate. Here to help select the perfect house-warming gift are some the most requested items for new homeowners.
1. Gift Cards to hardware stores or home improvement stores. All new homeowner have a list of items they want to personalize when moving into their New York home, but with the down payment, insurance and closing costs they can be strapped for cash. A home improvement gift card is the perfect functional gift.
2. Plants and Garden Items. Outdoor living is alive and well even among New York condo owners. Nothing welcomes people home better than a little greenery with a splash of color or fragrance.
3. Food Basket. Everyone hates moving so make it easy to relax and enjoy that new home by having a food basket or gourmet meal delivered.
4. Framed Photo or Drawing of the home or skyline. For those with an artistic flair this is the perfect memento of the new home.
5. Time. One of the most overlooked but most appreciated gifts of all is your time. Volunteer to help unpack or babysit so the new homeowners can enjoy their home rather than exhaust themselves.
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How do I obtain a home inspection?
When shopping for New York homes for sale chances are you will encounter a wide range of options, styles and prices. So, how can you determine which is the best purchase? One of the most important aspects of purchasing a new home in New York is to obtain a quality inspection. Begin by using our quick tips to home inspections.
1. Turn on utilities. If the home is vacant then arrange to have the water, electric and other utilities turned on for 24-48 hours. Most utility companies have special rates for inspection purposes. This is typically covered by the buyer.
2. Scheduling. Have your real estate agent schedule a convenient time to allow the home inspector full access to the property – while the utilities are on.
3. Make sure the inspector is certified by ASHI (American Society of Home Inspectors). To locate an inspector in your area or zip code visit www.ashi.org.
4. Contingent. When making an offer on a property always make it contingent upon the inspection. Many homeowners are not fully aware of damage to unseen areas of the home such as basements, crawl spaces or attics.
5. Report. The appraiser will issue a report that should go directly to you and/or your buyer’s agent. It is your choice to share it with the seller or not.
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How can I attract foreign investors to purchase my NY real estate?
New York real estate is getting an unexpected boom from foreign investors due to the weak dollar. However sales of vacation properties have fallen nearly 30% year-over-year with investment purchases by United States buyers down over 18% according to a recently released report by the National Association of Realtors.
To compensate for the decline among domestic investors and second home buyers, many New York property owners are actively seeking out foreign investors and buyers. European buyers are more than happy to take a second look at New York real estate and vacation homes given the high cost of real estate abroad combined with a favorable exchange rate. The weak dollar has led to bargain shopping for New York condos and other premium New York properties.
If you're contemplating listing your New York home for sale then visit the HomesandLand.com agent search tool to locate a qualified real estate agent. In order to attract foreign buyers it is necessary to find a real estate agent that specializes in overseas marketing particularly to the European and Middle Eastern markets. Here are some useful tips to keep in mind when listing your New York property for sale.
1. Find an agent with a track record of success in the listing marketing and selling New York properties to foreign investors and buyers.
2. Be prepared for a longer than average time for closing. It is often necessary for foreign buyers to obtain special financing as well as other documentation prior to buying or purchasing a New York home.
3. Virtual tours and the ability to transact business at a distance are requisite skills for any potential real estate agent who will be showing your New York property.
4. Second homes and vacation properties are popular among foreign buyers and investors interested in purchasing a New York condo or other New York City homes.
5. Due to daily variations in the exchange rate between the dollar and other foreign currencies some degree of flexibility is to be expected when locking in a price for the purchase of a property.
6. Ask potential real estate agents for examples of other New York properties they have successfully marketed and sold to foreign investors and buyers. Request full disclosure on how your property will be advertised and how prospect buyers will come to know about the property in question.
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What's In in New York City real estate?
If you are searching for New York new homes chances are you have already encountered some of these hot trends for 2008. When visiting New York City listings be sure to keep an eye out for these featured amenities.
Pet Showers. New Yorkers love their pets as much as anyone but sharing a shower is more than any pet lover should endure. >From dedicated dog showers to small cat condos, pet friendly features are convenient and clean ways to pamper your pet.
Personal Spa. Leave the hustle and bustle of the big city behind in your very own personal spa by turning the Master bedroom and bathroom into a sanctuary. From in-home massage rooms to inclusive high tech bathing, the trend is clear: relaxation isn't just for weekends any longer.
Concealed Appliances. Forget stainless steel appliances – that is so 2007. Instead, the newest trend in kitchen and bathrooms is the look of built-in matching cabinetry. Hidden behind hinged and pocket doors refrigerators, dishwasher and other standard kitchen appliances are turning the kitchen into an integrated part of the home.
Non-Smoking HOAs. Homeowners Associations across the nation are adopting completely smoke-free zones particularly in New York condos and apartments for sale. New York property dwellers suffering from allergies to Asthma will appreciate the health benefits as well as reduced insurance premiums from living in smoke-free zones.
Eco-Friendly Homes. Even in New York the desire to go green is alive and well. Energy efficient appliances, convenient locations and environmentally friendly materials are all the rage.
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What is out in NY real estate?
They say if you want to know what the rest of the nation will be doing in three years, look to New York, California and Florida. For those searching New York City property listings that is good advice. Taking time to consider what hot trends are in - and even more importantly - what is out...is the first step in protecting your valuable real estate portfolio.
Here to help is our quick guide to what's "out" in the New York Real estate market.
1. Formal Living Rooms. Yes, after years of having a show-place lifestyle, New Yorkers are trading the formalized living room for actual living space to meet their needs for entertainment, hobbies and telecommuting options. Look for less formal, highly connected space that can be easily converted into whatever best meets the needs of functional living.
2. Formal Dining Rooms. Modified eat-in kitchens or entertainment oriented dining areas are rapidly replacing the stodgy formal dining area of yesteryear. Kitchen bars that facilitate cooking and conversation are highly desired as busy New Yorkers view cooking as a luxury rather than necessity.
3. McMansions. Styrofoam facades combined with massive square footage are giving place to smaller space and better quality. Not only does it keep the property taxes, insurance and maintenance costs lower but New York home buyers are searching for quality over quantity to correspond to their active lifestyle.
4. Soaring Ceilings. Towering ceiling are expensive to heat and cool so the trend is toward energy efficient heights of nine to eleven feet for most rooms. An added benefit is the ability to change your own light bulbs rather than call a handy man due to fear of heights.
5. Mosaic Tile. During the 90's expensive mosaic tile was considered the height of trendy real estate fashion but today it is just as likely to be viewed as an expensive modification in need of remedy. The delightful pink paisley mosaic you fell in love with isn't likely to match the decor of the new owner.
6. Retro is Out. They say everything old is new again but 70s chic is back to being just plain old. Instead, think green.
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What is fashionable and fun for a NY condo?
Desire something different? Here are the most fashionable and fun ways to express yourself in your New York condo or home.
Individualized Wallpaper. Have a larger than life craving for something truly unique? Try out the latest and greatest craze in home design by creating your very own customized wallpaper. Forget the murals of places you have never been and instead, recreate your very own ambiance by turning your favorite photos into wallpaper.
Multi-Tasking Mirrors. Display your email or other text messages while brushing your teeth or getting ready for work in the morning. These magic mirrors are networked to provide the ultimate multi-tasking morning experience.
Free-Form Sinks. Drop the box design that has dominated the sink industry for the past hundred years. New materials allow free form sinks in any shape, color or size your heart desires.
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