May 9, 2019

The HGTV Effect: 60% of Home Shoppers Considering Fixer-uppers

According to Move.com, there is a wave of first-time homebuyers hitting the market this summer! Nearly 60% of these buyers are considering a fixer-upper project as turn-key homes are hard to find. Additionally, 95% of these buyers believe that the renovations and upgrade will increase the value of their new home!

 

Realtor.com’s Chief Economist, Danielle Hale, sites two reasons for this shift:

  1. A shortage of inventory at the entry-level price range
  2. Rising home prices across the country 

Now, the most common remodeling project is that of a kitchen renovation, which can run anywhere from $20,000 for to $60,000 depending on the extent of the upgrades.

Surprised? This isn’t a new trend by any means. Consider this, Americans spent almost $400 billion on remodeling projects in 2018 - roughly 88 billion more in spending on remodeling compared to 2017! 

So What Does This Mean For You?

BUYERS:
If you are one of the many Americans thinking about buying a home this spring/summer, meet with a local real estate professional who can help you find a house with the potential to make it your dream home!

SELLERS:
If you've got a home that needs some TLC, don't be discouraged. Instead,  sit down with a local real estate professional and see what your options are. 

 

Need help with the purchase or sale of your home in Queens, Nassau, or Suffolk? Get in touch with us for all your real estate needs at (718) 701-8585 | TheTayebGroup.com

 

 

Jan. 14, 2019

2018 Recap & A Look At What’s Ahead for Real Estate in 2019

 

As we begin another year, everyone wants to know: “Where is the housing market headed in 2019?”

 

It’s not only buyers, sellers, and homeowners who are impacted. The real estate market plays an integral role in the overall U.S. economy.  Fortunately, key indicators point toward a stable housing market in 2019 with signs of modest growth. However, shifting conditions could impact you if you plan to buy, sell, or refinance this year.

 

BEFORE we dive into 2019, watch this quick video on 2018 Real Estate Market Update for Queens and Nassau Counties in New York -- presented to you by John Tayeb, Broker & Realtor at Tayeb Group. 


 

HOME VALUES WILL INCREASE

The value of real estate will continue to rise. Freddie Mac predicts housing prices will increase by 4.3 percent in 2019.  While the rapid price appreciation we witnessed earlier in the decade has slowed, the combination of a strong economy, low unemployment, and a lack of inventory in many market segments continue to push prices higher.

 

Home sales expected to increase in 2019

 

"Ninety percent of markets are experiencing price gains while very few are experiencing consistent price declines," according to National Association of Realtors (NAR) Chief Economist Lawrence Yun.

 

Yun predicts that the national median existing-home price will increase to around $266,800 in 2019 and $274,000 in 2020. "Home price appreciation will slow down—the days of easy price gains are coming to an end—but prices will continue to rise."

 

What does it mean for you? If you’re in the market to buy a home, act fast. Prices will continue to go up, so you’ll pay more the longer you wait. If you’re a current homeowner, real estate has proven once again to be a solid investment over the long term. In fact, the equity level of American homeowners reached an all-time high in 2018, topping $6 trillion.


SALES LEVELS WILL STABILIZE

In 2018, we saw a decline in sales, primarily driven by rising mortgage rates and a lack of affordable inventory. However, Yun isn’t alarmed. "2017 was the best year for home sales in ten years, and 2018 is only down 1.5 percent year to date. Statistically, it is a mild twinge in the data and a very mild adjustment compared to the long-term growth we've been experiencing over the past few years."

 

Home price appreciation in the U.S. in 2019

 

Yun and other economists expect home sales to remain relatively flat over the next couple of years. Freddie Mac forecasts homes sales will increase 1 percent to 6.08 million in 2019 and 2 percent to 6.20 million in 2020.

 

“The medium and long-term prospects for housing are good because demographics are going to continue to support demand,” explains Tendayi Kapfidze, chief economist for LendingTree. “With a slower price appreciation, incomes have an opportunity to catch up. With slower sales, inventory has an opportunity to normalize. A slowdown in 2019 creates a healthier housing market going forward.

 

What does it mean for you? If you’ve been scared off by reports of a market slowdown, it’s important to keep things in perspective. A cooldown can prevent a hot market from becoming overheated. A gradual and sustainable pace of growth is preferable for long-term economic stability.

 

MORTGAGE RATES WILL RISE

The Mortgage Bankers Association predicts the Federal Reserve will raise interest rates three times this year, resulting in a rise in mortgage rates. While no one can predict future mortgage rates with certainty, Realtor.com Chief Economist Danielle Hale estimates that the rate for a 30-year mortgage will reach 5.5 percent by the end of 2019, up from around 4.62 percent at the end of 2018.

 

 

While mortgage rates above 5 percent may seem high to today’s buyers, it’s not out of line with historical standards. According to Hale, “The average mortgage rate in the 1990s was 8.1 percent, and rates didn’t fall below 5 percent until 2009. So for buyers who can make the math work, buying a home is likely still an investment worth making.”7

 

What does it mean for you? If you’re in the market to buy a house or refinance an existing mortgage, you may want to act quickly before mortgage rates rise. To qualify for the lowest rate available, take steps to improve your credit score, pay down existing debt, and save up for a larger down payment. 

 

 

AFFORDABILITY ISSUES WILL PERSIST

Although the desire to own a home remains strong, the combination of higher home prices and rising mortgage rates will make it increasingly difficult for many first-time buyers to afford one.

 

“Buyers who are able to stay in the market will find less competition as more buyers are priced out but feel an increased sense of urgency to close before it gets even more expensive,” according to Hale. “Although the number of homes for sale is increasing, which is an improvement for buyers, the majority of new inventory is focused in the mid-to-higher-end price tier, not entry-level.

 

What does it mean for you? Unfortunately, market factors make it difficult for many first-time buyers to afford a home. However, as move-up buyers take advantage of new high-end inventory, we could see an increase in starter homes hitting the market.

 

 

MILLENNIALS WILL MAKE UP LARGEST SEGMENT OF BUYERS

“The housing market in 2019 will be characterized by continued rising mortgage rates and surging millennial demand,” according to Odeta Kushi, senior economist for First American. "Rising rates, by making housing less affordable, will likely deter certain potential homebuyers from the market. On the other hand, the largest cohort of millennials will be turning 29 next year, entering peak household formation and home-buying age, and contributing to the increase in first-time buyer demand.”

 

 

Danielle Hale, chief economist for Realtor.com, predicts the trend will continue. “Millennials are also likely to make up the largest share of home buyers for the next decade as their housing needs adjust over time.

 

What does it mean for you? If you’re in the market for a starter home, prepare to compete for the best listings. And if you plan to sell a home in 2019, be sure to work with an agent who knows how to reach millennial buyers by utilizing the latest online marketing techniques.

START PREPARING TODAY

If you plan to BUY this year:

  1. Get pre-approved for a mortgage. If you plan to finance part of your home purchase, getting pre-approved for a mortgage will give you a jump-start on the paperwork and provide an advantage over other buyers in a competitive market. The added bonus: you will find out how much you can afford to borrow and budget accordingly.
  2. Create your wish list. How many bedrooms and bathrooms do you need? How far are you willing to commute to work? What’s most important to you in a home? We can set up a customized search that meets your criteria to help you find the perfect home for you.
  3. Come to our office. The buying process can be tricky. We’d love to guide you through it. We can help you find a home that fits your needs and budget, all at no cost to you. Give us a call to schedule an appointment today!

If you plan to SELL this year:

  1. Call us for a FREE Comparative Market Analysis or get your home value estimate here, in 20 seconds! A CMA not only gives you the current market value of your home, it will also show how your home compares to others in the area. This will help us determine which repairs and upgrades may be required to get top dollar for your property, and it will help us price your home correctly once you’re ready to list.
  2. Prep your home for the market. Most buyers want a home they can move into right away, without having to make extensive repairs and upgrades. We can help you determine which ones are worth the time and expense to deliver maximum results.
  3. Start decluttering. Help your buyers see themselves in your home by packing up personal items and things you don’t use regularly and storing them in an attic or storage locker. This will make your home appear larger, make it easier to stage ... and get you one step closer to moving when the time comes!

WE’RE HERE TO GUIDE YOU

While national real estate numbers and predictions can provide a “big picture” outlook for the year, real estate is local. And as Queens, Nassau, and Suffolk market experts, we can guide you through the ins and outs of our market and the local issues that are likely to drive home values in your particular neighborhood.

If you’re considering buying or selling a home in 2019, contact us now to schedule a free consultation. We’ll work with you to develop an action plan to meet your real estate goals this year.

 

Tayeb Group Real Estate

 

Jan. 3, 2019

Thinking About Buying A Home This Year? Here’s What To Watch

buy a home in 2019

As we kick off the new year, many families have made resolutions to enter the housing market in 2019. Whether you are thinking of finally ditching your landlord and buying your first home or selling your starter house to move into your forever home, there are two pieces of the real estate puzzle you need to watch carefully this year: interest rates & inventory.

Interest Rates

Mortgage interest rates had been on the rise for much of 2018, but they made a welcome reversal at the end of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.94% in November before falling to 4.62% for a 30-year fixed rate mortgage last week. Despite the recent drop, interest rates are projected to reach 5% in 2019.

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.

Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows the impact that rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between $2,020-$2,050 a month.

 

rising interest rates in 2019 

With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000).

Inventory

A ‘normal’ real estate market requires there to be a 6-month supply of homes for sale in order for prices to increase only with inflation. According to the National Association of Realtors (NAR), listing inventory is currently at a 3.9-month supply (still well below the 6-months needed), which has put upward pressure on home prices. Home prices have increased year-over-year for the last 81 straight months.

The inventory of homes for sale in the real estate market had been on a steady decline and experienced year-over-year drops for 36 straight months (from July 2015 to May 2018), but we are starting to see a shift in inventory over the last six months.

The chart below shows the change in housing supply over the last 12 months compared to the previous 12 months. As you can see, since June, inventory levels have started to increase as compared to the same time last year.

housing supply in 2019

This is a trend to watch as we move further into the new year. If we continue to see an increase in homes for sale, we could start moving further away from a seller’s market and closer to a normal market.

Bottom Line

If you are planning to enter the housing market, either as a buyer or a seller, make sure that you have an experienced local agent who can help you navigate the changes in mortgage interest rates and inventory.

For expert guidance in buying, selling, or investing in the Queens, Nassau, and Suffolk County real estate markets, get in touch with us. 

Dec. 16, 2018

9 Ways to Share the Spirit of the Season—Starting From Home

 Ways to Share the Spirit of the Season 2018

The holiday season is upon us, and many of us have already begun to celebrate. From trimming trees to lighting candles, it’s the time of year to fill your homes (and hearts) with holiday joy.

But there’s no need to stop at your front door. Let the spirit of the season radiate outward from your house into your community. Some homeowners hang outdoor lights and decorations to help make the neighborhood “merry and bright.” But that’s not the only way to share the magic of the holidays with others.

Not sure where to start? Check out these 9 inspirational ideas for spreading cheer far and near!

THERE’S NO PLACE LIKE HOME

You probably don’t have to look far to find someone who could benefit from a gift or kind gesture this time of year. Try one (or all) of these ideas for sharing the season with those closest to home.

1. Host a Holiday Party

9 Ways to Share the Spirit of the Season

Hosting a neighborhood holiday party is a great way to reconnect with old friends and welcome new families to the community. And it doesn’t necessarily require a huge investment of time or money. Plan a potluck dinner and ask your guests to bring a dish or drink to share. Or host a holiday cookie exchange and ask everyone to bring a couple dozen of their favorite cookie to swap with other guests. Hot cocoa and caroling is another great way to bring neighbors together to celebrate the season.

If you have a neighbor who you’ve been at odds with in the past, consider extending them an invitation, as well. It could be the perfect opportunity to make peace in the new year.

2. Help a Neighbor in Need

ways to Share the Spirit of the Season

The holiday season is the perfect time to offer help to a neighbor in need. Next time you head out to rake your leaves, take care of an elderly neighbor’s, as well. Or drop off dinner for a friend who is recovering from surgery. 

If you know of someone in your community with a larger need, consider setting up a Care Calendar through a site like CareCalendar.org. Then share the link with other neighbors who may be interested in helping, too. Users can sign up to run errands, cook a meal, babysit, wash laundry, clean the house, mow the lawn, or complete other household tasks depending on the individual’s needs. Even a small gesture of kindness can make someone’s holiday extra jolly.

3. Treat Your Mail and Package Carriers

ways to give back this holiday

Extend comfort and joy from your own front porch during your postal and package carriers’ busiest time of year. While many of us love the convenience of shopping online for holiday gifts, the boom in e-commerce has exponentially increased the workload for our postal and package carriers, some of whom work up to 70 hours a week during the holiday season.

You can help brighten their day by leaving a goody and note of gratitude in your mailbox or a basket of water and snacks by your front door. Attach a sign that says: “Thank you for working hard to deliver our holiday packages. Please take a treat to enjoy on your route!”

DON’T STOP AT YOUR STREET … BRING HOLIDAY CHEER TO EVERYONE YOU MEET

Surprise and delight those you encounter with a small act of kindness or a generous gesture. ‘Tis the season of giving, but the reaction you get in return may be the best gift of all!

4. Overtip

Don’t be a Grinch when it comes to tipping at the holidays. Your waiter, your Uber driver, and your hairdresser will all appreciate an extra-generous tip this time of year. 

International etiquette expert Sharon Schweitzer recommends that you start by setting a budget for holiday tips and prioritizing those you most want to thank. Place those who help you most frequently at the top of your list—such as your trusted housekeeper, nanny, or daycare provider. For those you regularly tip at the time service, consider frequency and length of the relationship to determine an appropriate amount.

Everyone could use a little extra cash around the holidays. If you can afford it, share a bit of your abundance with others.

5. Thank Those Who Don’t Get a Holiday

creative ways to give back this holiday 2018

Santa isn’t the only one working on Christmas. Emergency workers, hospital staff, airline employees, toll booth attendants, movie theater staff, and many others will be working to make your holiday safe and bright. 

Say “thank you” by bringing breakfast to the firehouse or police station on Christmas morning or by dropping off a tray of goodies for the hard-working hospital staff on New Year’s Eve. Keep a stash of treats or coffee-shop gift cards on hand to pass out to those you encounter working over the holidays. And, if appropriate, a generous tip is always appreciated!

6. Fill Stockings for the Homeless

Ways to Share the Spirit of the Season

Not everyone gets to go “home for the holidays.” You can bring a little cheer and comfort to a homeless person this year with a holiday care kit. 

Pick up some inexpensive Christmas stockings from a craft store and fill them with a variety of useful items, such as:

  • Applesauce cup (and plastic spoon)
  • Baby wipes
  • Bandages
  • Bottled water
  • Beef jerky
  • Cereal or granola bar
  • Cheese or peanut butter crackers
  • Deodorant
  • Gloves
  • Lip balm
  • Lotion
  • Nail clippers
  • Socks
  • Tissues
  • Toothbrush and toothpaste
  • Tuna and crackers
  • Trail mix

As an added touch, include a sweet treat and a handwritten note wishing them a happy holiday. Hand the stockings out at a shelter or keep a stash in your car so you can offer one when you encounter someone in need.

SEND JOY TO THE WORLD BY BECOMING A SECRET SANTA

Reach beyond your sphere by sending some holiday magic out into the community. Surprise a stranger with an anonymous gift that’s sure to make their holiday shine.

7. Offer Warmth on a Cold Day

9 Ways to Share the Spirit of the Season

As temperatures drop, some members of our community will be left out in the cold. Our local homeless population is especially vulnerable this time of year, but so are many families living in poverty. Health experts warn that a two-degree drop in body temperature can result in reduced heart rate, lack of coordination, and confusion, making it difficult for adults to work and children to learn.

You can help by bringing your old but gently-used coats to a collection site. Leave a note in the pocket wishing the recipient a warm and happy holiday. Or tie a scarf around a tree and attach a sign that says: “I am not lost. If you need this to stay warm, please take it!”

Check with local homeless shelters to find out if they accept donations of old blankets. Well-worn blankets and towels can often be donated to an animal shelter to help keep four-legged friends warm this winter, as well.

8. Pay Off a Stranger’s Layaway

help strangers this holiday season

Some large retailers offer layaway options during the holidays so that shoppers can pay for their purchases a little at a time. Media stories often surface this time of year about anonymous donors who pay off a stranger’s layaway account to the surprise and delight of the recipient. 

This is a great way to help a family that may not qualify for charitable assistance but is on a limited budget for holiday gifts. If you have a particular interest in helping kids, you can ask to pay off an account that consists primarily of children’s items.

You don’t have to drop a bundle to become a family’s “Secret Santa.” Ask the layaway attendant to search for accounts with balances that fit within your budget. To make a bigger impact, ask friends and family members if they want to pitch in to help, too.

9. Donate Toys to a Tot

9 Ways to Share the Spirit of the Season

One of the most popular ways to give back during the holidays is to participate in a toy drive. There are a number of great charities that collect toys for children of low-income families.

Before you shop, find out if the organization has a wish list of preferred items or guidelines for wrapping and labeling the gift. And check the drop-off deadline to ensure your gift will reach its intended recipient in time.

If you have children, involve them in the process of selecting and purchasing the gift so they can experience the joy of giving to those less fortunate, too. 

One more easy way to support the community this year? Shop local! From locally-owned stores to service providers, please consider spending your holiday dollars here at home. We have an extensive network of local businesses and would love to recommend some of our favorites. Get in touch with us, and let us know how we can help!

John Tayeb real estate broker

Dec. 7, 2018

5 Reasons Why Winter is a Great Time to Buy or Sell a Home

 

 

winter is the best time to buy or sell a home

 

It’s a common misconception that you shouldn’t try to buy or sell a home during the fall and winter months. 

 

This is generally considered the “offseason” in real estate. Many sellers mistakenly believe that the cold weather will keep buyers away and that no one is looking over the holidays. Unfortunately, many real estate professionals perpetuate this myth by advising their clients to “wait until the spring” to list their home. 

 

The truth is, homes are bought and sold year round. And while the market is typically quieter during the fall and winter, savvy buyers and sellers know how to use this slow down to their advantage. In fact, depending on your circumstances, now may be the ideal time for you to purchase or list a home.

 

If you’re in the market to buy or sell, there’s no need to wait for the spring. Read on to discover the top five reasons that it can pay to buy or sell a home during the offseason!

 

1. LESS COMPETITION

 

What’s the number one reason to buy or sell a home during the offseason? Less competition!

 

This can be particularly beneficial if you’re a seller. Come spring, a huge wave of new listings will hit the market. But if you list now, you will have fewer comparable homes with which to compete. 

 

In the spring and summer months, it can be difficult for your property to stand out in a crowded market. You may end up with a surplus of homes for sale in your neighborhood. Indeed, it’s not uncommon to see multiple listings on a single street during the peak selling season.

 

Inventory in the fall and winter months, however, can be significantly lower. That means your home will not only receive more attention from buyers, but you may also gain the upper hand in your negotiations. In fact, research found that homes listed in the winter are nine percent more likely to sell, and sellers net more above asking price in the winter than any other time of year.

 

redefine report on homes selling in winter

 

Buyers also have a lot to love about the real estate off-season. While some buyers need to move during the winter, many bargain hunters search this time of year in hopes of scoring a great deal.

 

Smart buyers will continue to scan the market during the fall and winter for hidden gems that pop up during the offseason. There are always highly motivated sellers who need to sell quickly. And with less competition to bid against you, you’re in a better position to negotiate a great price. If you’ve been looking for a good deal on a home or investment property, now may be the best time to look!

 

So while a “slow market” may scare off some buyers and sellers, it can actually be the perfect time of year for you to list or purchase a home. While the rest of the market is hibernating until spring, take advantage of this opportunity to get a jump start on your competition!

 

2. EVERYONE’S MORE MOTIVATED

 

During the spring and summer, you’re likely to encounter “lookie-loo” buyers who are just testing the waters and unrealistic sellers who are holding out for a better offer. But the serious buyers and sellers stay active during the cold weather and holiday season, often because they need to move quickly. In fact, research shows that homes listed in the winter sell faster than any other time of year

 

January and February are peak job hiring months, which brings a surge of buyers who need to relocate quickly to start a new job. And of course life changes like retirement, marriage, divorce, and new babies come year round. While families often find it more convenient to move during the summer when school is out, the reality is that many don’t have the option to wait. According to the National Association of Realtors, 55 percent of all buyers purchased their home at the time they did because “it was just the right time,” not because of seasonal factors.

 

2018 NAR Home buyer and seller report trends

 

If you prefer to deal with serious, highly-motivated buyers and sellers who want to act fast and don’t want to waste your time, then the offseason may be the perfect real estate season for you.

 

 

3. GREATER PERSONAL ATTENTION

 

Another key benefit to buying and selling in the offseason is the increased personal attention you’ll receive.

 

While we strive to provide unparalleled client service throughout the year, we simply have more time available for each individual client during slower periods. Similarly, we find the other real estate professionals in our network—including title agents, inspectors, appraisers, insurance agents, and loan officers—are able to respond faster and provide more time and attention during the offseason than they are during the busy spring and summer months. The result is a quicker and more streamlined closing process for all involved.

 

4. COST SAVINGS

 

Clients who move during the offseason often report significant cost savings. Moving costs may be discounted by 15 percent or more during the winter months, and moving companies can typically offer more flexibility in their scheduling.

 

Home renovations and repairs can also be less expensive in the off-season. Whether you’re fixing up your property prior to listing it or remodeling your new home before moving in, contractors and service providers who are hungry for business are often willing to work for a discount this time of year. If you wait until the spring and summer, you may be forced to pay a premium.

 

Home stagers and decorators are also more likely to negotiate their fees during the winter. And you can often score great deals on new furniture and decor during the holiday sales. 

 

Whether you’re buying or selling, count cost savings as another compelling reason to consider an offseason move.

 

5. EASIER TO MAINTAIN CURB APPEAL

 

Finally, listing your home during the fall and winter offers one key—but often overlooked—advantage: less lawn maintenance! 

 

Good curb appeal is crucial when selling your home. According to a recent report by the National Association of Realtors, 44 percent of home buyers drove by a property after viewing it online but did NOT go inside for a walkthrough. That means if your curb appeal is lacking, buyers may never make it through the door.

 



If you list your home during the peak of the selling season, we will generally advise you to implement a frequent schedule of mowing, edging, watering, weeding, and trimming shrubs and hedges. You’ll probably want to plant flowers, as well, to brighten your exterior. After all, a lush landscape is a key element in attracting spring and summer buyers.

 

If you list in the offseason, however, your lawn maintenance list is significantly reduced. While we do recommend that our sellers keep their exterior clean, tidy, and free of leaves, snow, and ice, you will probably spend much less time on outdoor maintenance during the winter than you would if you listed your home in the summer.

 

 

ARE YOU READY TO MAKE YOUR MOVE?

 

Now that you know all the great reasons to buy or sell a home in the offseason, it’s time to decide whether you’re ready to make your move. 

 

Every client’s circumstances are unique. Whether you need to move quickly or you simply want to take advantages of all benefits this season has to offer, it’s a great time to enter the market. 

 

 

Contact us today to schedule a FREE consultation … and you could be ringing in the New Year in your new home! 

 

 

John Tayeb Queens Realtor

 

 

Dec. 5, 2018

4 Reasons to Buy A Home This Winter!

Here are four great reasons to consider buying a home today instead of waiting.

 

1. Prices Will Continue to Rise

 

CoreLogic’s latest Home Price Insight report revealed that home prices increased nationally by 5.4% year over year from October 2017. On a month-over-month basis, prices increased by 0.5 percent in October 2018. 

CoreLogic’s latest Home Price Insight report Oct 2018

The same report predicts that prices will continue to increase at a rate of 4.8% on a year-over-year basis from October 2018 to October 2019. 

 

The bottom in home prices has come and gone. Home values will continue to appreciate for years. Waiting no longer makes sense.

 

2. Mortgage Interest Rates Are Projected to Increase 

 

Freddie Mac’s Primary Mortgage Market Survey shows that interest rates for a 30-year mortgage have hovered around 4.8%. Most experts predict that rates will rise over the next 12 months. The Mortgage Bankers Association, Fannie Mae, Freddie Mac and the National Association of Realtors are in unison, projecting that rates will increase in 2019.

Freddie Mac’s Primary Mortgage Market Survey

An increase in rates will impact YOUR monthly mortgage payment. A year from now, your housing expense will increase if a mortgage is necessary to buy your next home.

 

3. Either Way, You are Paying a Mortgage

 

There are some renters who have not yet purchased homes because they are uncomfortable taking on the obligation of a mortgage. Everyone should realize that unless you are living with your parents rent-free, you are paying a mortgage – either yours or your landlord’s.

 

As an owner, your mortgage payment is a form of ‘forced savings’ that allows you to build equity in your home that you can tap into later in life. As a renter, you guarantee your landlord is the person building that equity.

 

Are you ready to put your housing cost to work for you?

 

4. It’s Time to Move on With Your Life

 

The ‘cost’ of a home is determined by two major components: the price of the home and the current mortgage rate. It appears that both are on the rise.

buying a home today instead of waiting

But what if they weren’t? Would you wait?

 

Look at the actual reason you are buying and decide if it is worth waiting. Whether you want to have a great place for your children to grow up, you want your family to be safer, or you just want to have control over renovations, maybe now is the time to buy.

 

If the right thing for you and your family is to purchase a home this year, buying sooner rather than later could lead to substantial savings. 

 

Your home is an investment in your family and lifestyle. At Tayeb Group, we are relentlessly driven to represent and protect our clients' interest. Work with us for your next purchase or sale in Queens, Nassau, or Suffolk.  

Sept. 6, 2018

Queens And Nassau Open House Weekend | Sep 8 and 9 2018

Open Houses This Weekend 
Your Queens & Nassau, NY Home Search Made Easy

If you're thinking about buying a house in the near future, it is always a smart idea to start your search early - especially in today's market. Open houses are a great way to see 'what's available' in your desired neighborhoods and if the overall feel of community resonates with your family.  

TAYEB GROUP OPEN HOUSE 

Drop by our open house this Sunday, Sept 9th as we showcase a MINT condition gorgeous 3 bedroom residence in Richmond Hill, Queens! 

Status: Price reduced by $20,000

Address: 87-39 129th St, Richmond Hill, NY 11418

Open house: Sunday, Sept 9th | 2 to 4 PM 

Details: http://bit.ly/GorgeousSingleFamRichmondHill

3 Bed Detached Home in Richmond Hill, Queens

 

Here is our pick of open houses to see this weekend, happening in Queens & Nassau. We're looking at what's HOT (single and multi-family homes) on the market in Jackson Heights, East Elmhurst, Astoria, Forest Hills, Bayside, Jamaica, Whitestone and of course, Valley Stream.

 

3 bedroom house in east elmhurst queens

2 family home for sale in Jackson Heights

single family home for sale in East Elmhurst NY

luxury 3 story townhouse in East elmhurst queens

Astoria Queens house for sale

single family home for sale in astoria queens

Forest Hills Queens home for sale

2 family home for sale in forest hills NY

single family home for sale in bayside queens

luxury 2 story brick new home in bayside blvd ny

2 family for sale in Jamaica queens

investment property for sale in Jamaica Queens

detached colonial home for sale in Whitestone NY

luxury colonial home in Whitestone queens

3 bedroom house for sale in valley stream ny

luxury single family home for sale in valley stream ny

Need help buying or selling in Queens, Nassau, or Suffolk? Let us help you with all your real estate needs. Get in touch with us

 

Good luck with your home search! 

 

Aug. 24, 2018

What State Gives You The Most ‘Bang For Your Buck’? [INFOGRAPHIC]

It is no surprise that New York is one of the MOST expensive places to live on earth but just how high is the "cost of living" here?! KCM breaks it down for you. 

 

US States cost of living 2018

 

Some Highlights:

  • The majority of states in the Midwest and South offer a lower cost of living than states in the Northeast and West.
  • The ‘biggest bang for your buck’ comes in Mississippi where, compared to the national average, you can actually purchase $115.74 worth of goods for $100.
  • For more information regarding the methodology used to create this map, visit the Tax Foundation.

 

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At Tayeb Group, we believe every family should feel confident when buying or selling their home. After all, it is the single biggest transaction most families will make in their lifetimes. We work with you to understand your real estate needs and provide customized insights and solutions to help you make the best decision for your family and your investment. Get in touch with us for a personalized consultation today. 

 

 

Aug. 1, 2018

DISPELLING HOME REFINANCING MYTHS

“Refinancing” is a scary word for many people, but that shouldn’t be the case for you. For many homeowners, refinancing can not only lower your monthly payments and help with your monthly budget, but it can save you thousands of dollars in the long run. Here's what you need to know:

home loan refinancing

1. YOU’RE NOT TOO LATE

For years now, we’ve been hearing that interest rates will be on the rise, and although there have been some small increases, you’re still in a great position to drastically lower your interest rate. The general rule is if your mortgage interest rate is more than one percent above the current market rate, you should consider refinancing.

 

2. IT’S NOT TOO TIME CONSUMING

Don’t brush off refinancing just because it seems like a long and daunting process. An informational call with a lender to see how rates compare will only take a few minutes. There are also some programs for streamlining the application process. And besides, isn’t the amount of money you could save worth the time and effort?!

 

3. ARMs CAN BE REFINANCED, TOO!

Seeing your Adjustable Rate Mortgage (ARM) increase after the introductory period can be incredibly stressful and place a squeeze on your budget. Many people assume they’re stuck, but ARMs can be refinanced, just like fixed-rate mortgages. You can even switch to a shorter term fixed-rate mortgage, such as 15 or 23 years. The longer you’re planning to stay in the home, the more sense it makes to look into refinancing.

Adjustable Rate Mortgage refinance

 

Thinking about refinancing your home in Queens, Nassau, or Suffolk in New York? Let us put you in touch with one of our trusted home refinancing specialists. Contact us here

July 31, 2018

WHICH DOWN PAYMENT STRATEGY IS RIGHT FOR YOU?

You’ve most likely heard the rule: Save for a 20-percent down payment BEFORE you buy a home. The logic behind saving 20 percent is substantial, as it shows that you have the financial discipline and stability to save for a long-term goal. It also helps you get favorable rates from lenders.

But there can actually be financial benefits to putting down a small down payment—as low as three percent—rather than parting with so much cash up front, even if you have the money available! 

THE DOWNSIDE

The downsides of a small down payment are pretty well known. You’ll have to pay Private Mortgage Insurance for years, and *the lower your down payment, the more you’ll pay.* You’ll also be offered a lesser loan amount than borrowers who have a 20-percent down payment, which will eliminate some homes from your search.

THE UPSIDE

The national average for home appreciation is about five percent. The appreciation is independent of your home payment, so whether you put down 20 percent or three percent, the increase in equity is the same. If you’re looking at your home as an investment, putting down a smaller amount can lead to a higher return on investment, while also leaving more of your savings free for home repairs, upgrades, or other investment opportunities.

THE HAPPY MEDIUM

Of course, your home payment options aren’t twofold. Most borrowers can find some common ground between the security of a traditional 20 percent and an investment-focused, small down payment. Your trusted real estate professional can provide some answers as you explore your financing options.

 

Thinking about buying real estate in Queens, Nassau, or Suffolk in New York? Let us be your expert guides to the beat homes and a smoother transaction.