Key Takeaway If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second-guessing your decision—but perspective matters. While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly Continue Reading
Manhattan Market Report for the week ending January 13th, Supply closed out at 5,839 and trending downward as we close out the year. Pending Sales at 2,256 and off-market listings (delisting) maintain the market pulse at a .38% level. Manhattan is holding on to price action due to the resilient rental market. With low supply in the sales market, sellers with built-in equity choose to rent or Continue Reading
A Pre-Approval is one of the first steps in your home-buying journey: getting pre-approved by a lender. To understand why it’s such an important step, you need to understand what pre-approval is and what it does for you. Business Insider explains: “In a preapproval [sic], the lender tells you which types of loans you may be eligible to take out, how much you Continue Reading
Estate Settlement for executors probating a Will can be complex and overwhelming with new terms. I have put together this Glossary of Common Probate Terms to help. A ABATE To put an end to; nullify. ABATEMENT Cutting back certain gifts under a will when necessary to create a fund to meet expenses, pay taxes, satisfy debts, or to have enough to take care of other bequests that are given Continue Reading
Whether you’re already a homeowner or looking to become one, the recent headlines about home prices may leave you with more questions than answers. News stories are talking about home prices falling, raising concerns about a repeat of what happened to prices in the crash in 2008. Based on those headlines, one of the questions that’s on many minds is: how much will Continue Reading
Welcome to the new year, where possibilities abound. The Manhattan Market Report for the week ending January 6th, Supply closes at 5,751. Supply is ending where it began at the beginning of the year. Pending Sales at 2,401 are also down, and off-market listings (delisting) maintain the market pulse at a .40% level. Manhattan is holding on to price action due to the resilient rental Continue Reading
Last year, the Federal Reserve took action to try to bring down inflation. In response to those efforts, mortgage rates jumped rapidly from the record lows we saw in 2021, peaking at just over 7% last October. Hopeful buyers experienced a hit to their purchasing power as a result, and some decided to press pause on their plans. Today, the rate of Continue Reading
It doesn’t matter if you’re someone who closely follows the economy or not; chances are you’ve heard whispers of an upcoming recession. A broad range of factors determines economic conditions, so rather than explaining them each in-depth, let’s lean on the experts and what history tells us to see what could lie ahead. As Greg McBride, Chief Financial Analyst at Continue Reading
Key Takeaway Key terms such as appraisal, closing costs, credit score, down payment, mortgage rate, preapproval letter, inspection contingency, affordability, and equity are some vocabulary to familiarize yourself with before beginning your search. The two largest private financial institutions, Fannie Mae and Freddie Mac, devised key terms for purchasing a home. Continue Reading
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