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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Through the internet, on the airwaves, in the papers, there’s plenty of real estate news. The problem is much of it is based on trends. The key is to know the “local” real estate market, your real estate market. Whatever town you plan on buying a home, that’s your local real estate market.
When it comes to real estate, we can’t emphasize strongly enough that all real estate markets are local. It’s always important for those involved in a real estate transaction, particularly home buyers, to be knowledgeable about the actual conditions in their own market. Currently negative, but even when it’s positive, often reports on the “National” housing market don’t accurately reflect the conditions in your local market.
As a proud member of the NYSAR – New York State Association of REALTORS, we get quick access to excellent information. When it comes to getting information on the local area you are targeting, the Long Island and Queens’ multi-listing neighborhood info is a great place to start, http://www.mlsli.com/neighborhoodinfo.cfm. Simply, put in the town or zip code and a slew of information appears.
While the MLSLI tool is excellent, do more research. You can never go wrong with RealtyTrac.com and of course contacting BBBR is always your best bet.
Despite over a year of poor realty news, in May, New York’s housing market continues to outperform the national statistics in terms of sales. While the National Association of REALTORS reported a 1.6% increase in May 2008 sales compared to April 2008, New York State sales were up nearly 12%. While I won’t jump on the bandwagon, in a recent NYSAR column, National Association of Realtors economist Lawrence Yun states, “home sales and prices throughout most of the country are poised for improvement in the second half of 2008″. He also adds, “the recovery will vary by market.” Which is why we say, don’t be lazy, do your homework, KNOW YOUR MARKET!!!
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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.bestbuyersbroker.com or www.bestbuyerbroker.com
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