For your reading pleasure, here are some interesting and (hopefully) helpful real estate news articles published over the past couple of weeks.
The surge in values, combined with higher mortgage rates, is reducing affordability while also encouraging more sellers to list their properties, indicating that price growth will slow after the biggest increases since 2006.
Mortgage credit is still very tight by historical standards, and only borrowers with the most pristine credit and healthy down payments can get the lowest rates. But there are signs that the noose is loosening, if only slightly, in response to lower mortgage volume.
In a somewhat surprising move, Bloomberg withdraws proposal to rezone Grand Central area for new towers.
Freddie Mac released today its U.S. Economic and Housing Market Outlook for November showing that the major shift for the coming year will be a transition from a refinance-dominated mortgage market to the first purchase-dominated market the industry has seen since 2000.
On Monday night, it was the owner of a building in Queens who used a crew of painters to work overnight and paint over graffiti on a warehouse in Long Island City, wiping clean a canvas that was used by thousands of artists over the years to transform an otherwise nondescript, abandoned brick building in a working-class neighborhood into 5Pointz, a mecca for street artists from around the world.
The year-end holiday season is a good time for gift-exchanging, entertaining and general merriment. But what about buying a house? Should you try to do that in November or December, too?
Nikki R. Thomas
Licensed Associate Real Estate Broker
The Corcoran Group – Village Office