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Thoughts on the Move |
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"Homeowners see highest mortgage rates in 7 years" |
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It feels as if October is about putting things into perspective, perhaps just like the seasons: sad to see the warm weather go, enjoying the crispness of autumn, and perhaps dreading the cold winter ahead - unless you love the cold weather. NYC is as far north as I go! As my "Keeping Current" section covers keeping price drops in perspective, my "Thoughts on the Move" here broaches the same subject with regard to interest rates - again. We have been waiting for interest rates to rise since approximately 2000. They have actually decreased during this time period! See the 3 graphs below for easily visible timelines of the ups and down of rates since the 1970s. Yes, interest rates are increasing right now; however, they are still at ridiculous all time lows even when compared to the last 10 years, never mind the last century. For some reason the news media whether on TV or printed likes to over-sensationalize every .10% increase that interest rates rise... The doom & gloom that surrounds the words “rising interest rates” must be kept in context. At the time the linked article below was published (9/27), the Federal Reserve had just announced a .25% increase. As I mentioned above, even though interest rates may feel high, they are technically still below any number of “historical” highs. Do not expect that these incremental increases are going to cause home prices to drop at this juncture. Most of the property prices that are now sliding are those that were over-priced in the very first place. Do not sit on the fence if you want or need to buy or sell. I personally think any major future modifications may be tougher to navigate for both buyers and sellers. As I always mention, if you have any questions about the state of the market or the buying & selling of property, you know where to find me! |
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30-Year Fixed Mortgage Rates 2000 - 2018 |
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30-Year Fixed Mortgage Rates 1970 - 2000 |
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30-Year Fixed Mortgage Rates 1970 - 2018 |
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Keeping Current |
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"New development discounts are at highest level in years" |
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This is an interesting piece of news that has to be put into perspective. The pricing on these new developments was ridiculously high. Frankly, when I heard the prices per square foot for some Hudson Yards developments, the first thought that ran through my head were ‘New Yorkers are not going to buy and live in Hudson Yards at these prices’. My next thought was ‘great prices for foreign money laundering however’. OK so maybe I am a bit cynical… The part that needs to be put into perspective is the new development plunging prices that we are now seeing do not necessarily indicate that the market is down as significantly as these new development price drops may imply, only that the original pricing was out of proportion to the market, over-inflated in the first place. - The Real Deal (October 8, 2018) Click here to read the full article. |
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The Changing Face of NYC |
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"NYC’s drab construction fences will get an artsy upgrade" |
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Hallelujah! With reference to the ugly & sometimes hideous construction fencing and “sidewalk sheds” aka scaffolding, a pilot program has just been announced to upgrade these eyesores into beautiful art displays. “Some places where you can currently see artwork on construction fences include the World Trade Center area, Brooklyn Bridge Park, and the Domino redevelopment site in Williamsburg.” - Curbed (September 18, 2018) Click here to read the full article. |
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Q&A |
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How many homes should I view before buying one? |
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There is no correct or magic amount of properties to see prior to purchasing. Everyone has their own idiosyncrasies and/or ways of going about things in life. The average homes viewed by a potential buyer has been reported to be about 30. However, once again there are those people who know what they like when they see it even if it’s the 2nd property they see and they go for it. On the other side of the spectrum, there are those who may need to see 75 properties or take a year or 2 prior to coming to a decision. Do what’s most comfortable and best for you. Follow your instincts. Of course, having a good broker you trust at your side who can provide you with important information in making a smart decision is priceless. |
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Fun in the City! |
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Click here to see NYC’s spookiest, most haunted places! I did not verify any of the information in this article. Proceed at your own risk!!! |
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If spooky or haunted places are not your thing: Click here to see all events happening in the city throughout October. |
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