Best Buyer’s Broker Realty                516-887-6901

According to analysis of recent Zillow Real Estate Market Reports, U.S. homes lost $489 billion in value during the first 11 months of 2009, significantly less than the $3.6 trillion lost during 2008. Furthermore, 48 of the 154 markets tracked by Zillow, or nearly one in three, showed gains in home values during 2009.

The stabilization in home values reduced rates of negative equity in the third quarter of the year. Twenty-one percent of single-family homeowners had mortgages underwater, or greater than the value of their homes, compared with 23 percent in the second quarter.

Negative equity has been one of the biggest banes of homeowners, making many unqualified for home loan refinancing and preventing some from selling. Borrowers with negative equity are more prone to defaults and foreclosures.

Sales have surged in recent months as buyers scrambled to take advantage of the government's first-time home buyer tax credit, which was originally set to end November 30. Last month the Obama administration extended the $8,000 first-time home buyer tax credit, added a $6,500 credit for home owners buying a new residence and increased income limits. Eligible borrowers must sign contracts by April 30 and close loans by June 30.

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.

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Existing home sales surged in October to the highest level in more than 2-1/2 years. The National Association of Realtors reported that existing home sales rose 10.1% last month to a seasonally adjusted annual rate of 6.1 million units, up from the downwardly revised rate of 5.54 million in September.

Also, the S&P Case-Schiller composite index rose slightly on a seasonally adjusted basis. The country was roughly split between areas where home prices increased during the month and areas where housing values continue to decline.

Sales activity is the highest since February 2007, when the annual rate was 6.55 million. The gain was likely due to an influx of buyers looking to take advantage of an $8,000 tax credit the Obama administration made available for qualified first-time home buyers.

The tax credit was scheduled to expire at the end of November, but it has been extended to April 30 and expanded to include more home buyers.

Total existing home sales rose the most in the Midwest, surging 14.4% in October to a pace of 1.43 million. That's 28.8% above a year ago. In the Northeast, sales rose 11.6% to an annual level of 1.06 million; sales in the South jumped 12.7% to 2.30 million; and the West saw the smallest increase, up 1.6% to 1.31 million.

It is encouraging to see home prices rise as well. If this continues, some of the people in underwater houses (meaning with a mortgage more than the value of the house) might just see the flood recede and regain some positive equity in the house. This would greatly reduce the number of foreclosures in the future. It would make it an economically rational thing for people to pay their mortgages again.

All in all, the increase in home prices is good news, but it is coming with a big price from the Federal Treasury. The risk of a renewed downturn in the second quarter of 2010 is very big. If that were to occur, it would mean more pain for the mortgage complex.

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at http://bestbuyersbroker.com or http://bestbuyerbroker.com.

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If the near record low mortgage rates being advertised everywhere has you wondering whether now might be the time to consider refinancing your mortgage, here are some things to keep in mind:

First, use a good mortgage calculator to see how much you might save by refinancing to a lower rate. If you can save a significant amount each month, then consider how much you’ll have to pay in closing costs to refinance. If you find that you’ll save a considerable amount on the monthly payment in addition to factoring in your closing costs, then proceed with the type of mortgage you might want to consider.

Keep in mind if you currently have an FHA loan, FHA Streamline guidelines have changed, so you may have to do an FHA inspection whereas previously it was not required.

The next thing you have to consider is how long you’ve been in your current home. Lenders review your record of payment and the length of stay before approving your mortgage refinance. Also, keep in mind that the more you owe, the higher your refinance cost may be, due to fees, interest, and possible penalties.

Finally, don’t forget about the appraisal process. Many property values have dropped recently, so make sure this won’t affect your refinance amount.

If you still have quite some time left before your home is paid off, refinancing now and locking in a lower rate can easily save you thousands in the long run.

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com

It seems there may be some time for the tax credit as an extension till June of 2010. According to Money.com (http://tinyurl.com/yk452z6), the tax credit was used by 1.8 million homebuyers and 355,000 who would not have purchased a home without it. That’s around 20% where the tax credit has stimulated home purchases. 20% is a fantastic number that shows that a tax credit is a great incentive.

The current November 30, 2009 deadline is indeed stressing some potential home buyers out and the proposed deadline of June 2010 alleviates some of that stress. However, our blog article of “Home Buying: When Hesitating Costs You $8000″ says that it is at least a 3 month process to accomplish the details of a regular home buying process. So, if the tax credit deadline does get extended till June, you should start looking by March at the latest, which is still plenty of time right now. Have a decision by February 2010. If you have not started the home buying process, don’t expect to make the November deadline.

This extension may also help you to buy a more valuable home and a bigger bang for your buck as housing prices in some markets increase. So, watching the housing market is very important.

The rise of wireless technology seems to be coming with a price, declining property values, at least to the residents of the Merrick and other communities in the town of Hempstead. The reason is because of the ugly wireless boxes posted on lamp posts in front of homes. The company called NextG from California has posted orange boxes in other to deliver their wireless service.

Several residents and a residential group called Merrick Gables Association have engaged in a lawsuit against the town of Hempstead. Apparently, because NextG is recognized as a utility by the state of New York and the Federal Telecommunications Act of 1996, allows which prevents localities from disallowing the placement of public utilities,  the lawsuit has very little merit.

What does this mean for those looking for a home in these areas: When looking for your home, this could be construed as bargaining power to talk the homeowner down some in price! Of course, you need to consider whether YOU would want these boxes in front of your home.

Even if you do not mind these boxes in front of your home and everything looks acceptable, you might want to complain to the homeowner about these boxes and negotiate a lower price!

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Best Buyer’s Broker Realty is an Exclusive Buyer Agent specializing in Long Island real estate (Nassau and Suffolk properties) and neighboring Queens County properties.

We don’t take any seller listings (yet we have more homes for you to see than most agents) and never have any potential conflict of interest like other agents who also represent sellers. We represent buyers only, 100% of the time. We can show you more homes for sale because we have access to MLS, FSBOs, Exclusives (homes that agents try to keep secret), foreclosures and homes not on the market that may be of interest to you.

We are not your traditional real estate agent. Our goal is to advise and protect home buyers and help them obtain the lowest price and best terms on their dream home. Call us at 516-887-6901 to see how we can help you save time and money. Or visit our sites at www.bestbuyerbroker.com or www.bestbuyersbroker.com