Just a Few Reasons For Buying S.I. NY Real Estate This Year

It is a bit difficult to think about buying a home due to the negative news on the real estate market. When you review the facts, it is actually a very good time to purchase real estate. Here are reasons for buying Staten Island NY real estate this year. Reasons For Buying Staten Island NY Real Estate This Year Reduced Interest Rates Mortgage rates are at an all time lows. Most buyers secured fixed rates under four percent during recent months. Mortgage rates have a big impact on recurring mortgage payments. By acquiring a low rate, home buyers spend less money on a property or are able afford a higher prices home. Rates may not remain low for very long, so buyers may want to act sooner rather than later to to fix in a low rate for the length of their home loan. Home Price Trends The downturn in the real estate market means that listing prices are lower than they were at the peak of the market. Similar to stocks, it is better to purchase at a low price than a high one. Real estate generally increases in price over time. By purchasing on the low end, there is much more potential for price increases. The Ability to Upgrade to a Bigger Home When real estate values decline, it is actually the best time to upgrade to a more expensive property. Buyers can lose money in selling an existing home, but the savings on the more expensive home should be more than that loss. Many buyers are realizing that the lower prices offer a rare opportunity afford a home of their dreams. Renting Comparison Rental rates are high even though housing prices are low, leading to less of a gap between renting and buying. Buying provides tax advantages as well for mortgage interest, municipal taxes, and other expenses. When you also consider the ability to build equity over time, home buying provides both savings and long term growth potential. Help With Buying Real Estate in the Staten Island NY Area There are many reasons for buying Staten Island NY real estate this year. If you are ready to benefit from decreased prices, low interest rates, and the other advantages of purchasing a home, start by finding a mortgage professional and real estate buyer agent. Contact Gregory Diaz and Gina Guerriero at S.I. Premiere Properties 718-408-1499 for additional details on the local market and assistance with your property search needs.

Information On Renting Vs. Buying Staten Island NY Real Estate

There are several considerations when evaluating renting vs. buying, and it could differ based on the real estate market and your personal finances. The Information On Renting Vs. Buying Staten Island NY Real Estate below can help you make an informed decision on which alternative is beneficial to you. Renting Vs. Buying Renting Staten Island NY Real Estate Renting is a preferred decision if you do not intend to live in the neighborhood for an extended period of time, are uncertain about employment security, have poor credit, or basically do not want to maintain a residence. Unless the real estate market is good and/or is rapidly increasing, it traditionally takes five plus years to see equity in a piece of real estate. If the economy is on a downward trend or you are undecided on how long you plan to stay in a house, renting could be the safer option.Job security is another consideration. If you rent, you can adjust to a job loss by changing to a less expensive apartment and thereby lowering recurring expenses. A home mortgage is not as easily reduced. If you have bad credit, that can result in higher mortgage rates, making purchasing a property a less appealing option to begin with. Lastly, taking care of a property takes time, energy, and money. There are general costs related to home maintenance. You may decide that taking on those repairs are not what you want or not possible for your lifestyle. Buying Staten Island NY Real Estate Purchasing has many perks such as potential tax deductions for mortgage interest and local taxes, creation of equity over time, and control over your amenities. In most cases, purchasing a home costs the same as or less than renting. If you plan to remain in the area for an extended period of time, properties also typically builds equity for a beneficial return on investment. A declined market is a great time to purchase since prices are low and the potential for increasing values is higher. Lastly, buying a home allows you to alter the space. You can change appliances, flooring, fixtures, and other amenities to create a unique space. These factors make real estate ownership extremely appealing both personally and financially. Information On Renting Vs. Buying Staten Island NY Real Estate Calculate the cost of renting vs. buying (based on existing real estate prices and mortgage interest rates). When home prices drop, rental costs do not necessarily follow, so a poor real estate market may be the optimal time to buy. The above information on renting vs. buying Staten Island NY real estate is meant as a general introduction. Before deciding what to do, contact a real estate agent for accurate details on the real estate market and a mortgage consultant on interest rates and estimated payment totals. Only with accurate information will you develop an informed decision. Please do not hesitate to call SI Premiere Properties at 718-408-1499, for all your real estate needs!