What to know ; Higher mortgage rates have hurt affordability for homebuyers, causing a shift in the region's real estate market. ; Sellers can no longer expect multiple offers for homes that aren't in mint condition, agents say. ; Buyers are regaining some power to negotiate on price, repairs and other aspects of deals.
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Are home prices still going up despite mortgage interest rates skyrocketing above 7.5%? Get all the info you need in 22 minutes right here and grab the solutions you need to navigate this...
The Real Estate Attorneys on Long Island can assist with purchasing and selling homes, commercial and land, all while being able to negotiate contracts and create legal documents for...
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mortgage rate reached its highest point since December 2000 this week. The average rate for a 30-year fixed mortgage was 7.57%, according to Freddie Mac, up from 7.49% last week. Last year at this time, the average was 6.92%. As recently as January 2022, rates were about 3%. Zahra Jafri, founder and president of Lynx Mortgage Bank in Westbury, said there hasn’t been a drop off in inquiries from potent ...
The main concern is that mortgage lenders and brokers, operating legally, are finding loopholes in the law to obtain additional profit. The typical scenario is that terms of the loan are...
One such buy-down is called a "3-2-1," because it lowers buyers' mortgage rates by 3 percentage points during the first year; 2 points the next; and 1 point the third. In the fourth year and ever after, home buyers make the full payment themselves. "People think that the price is what sells," says Earl Niemoth, founder of Real Estate on the ...
WHAT TO KNOW ; Long Island home prices rose substantially in November compared with the previous year even as homebuyers faced high mortgage rates. ; The median price in Suffolk County rose 10.1%, matching a record $600,000. The median in Nassau increased 6.8% to $710,000 compared with November 2022. ; The number of sales last month was down about 20% across the Island, and Nassau had the fewest homes for sale in at least 35 years at the end of November.
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