Carollo's Blog on Real Estate- Featuring Queens and Nassau County Real Estate Information

SOLD: Whitestone Brick Attached Townhouse

 144-15 15 Rd
Whitestone, NY 11357
Asking: $560,000
Selling: $525,000
On the Market: 6 Weeks

Whitestone Brick Townhouse Located In Cul-de-sac Features 3 Br ,Lr, Dr,Eat in Kitchen 1.5 Baths Hardwood Floors, And Full finished Basement With Walk Out Access To Yard.Garage Close To Transportation And Stores. Visit CarolloRealEstate.com for more information

 

Top Tips: Selling your home

CNNMoney.com presents:

Top Tips: Selling your home 2:10

CNN's Gerri Willis offers tips on how to make your home more attractive to potential buyers.

Most Middle Class Still Can't Buy a House

According to the real estate article Most Middle Class Still Can't Buy a House on CNNMoney.com most middle income wage earners still do not earn enough money to purchase a median priced home in their hometowns [Center for Housing Policy].  The Center for Housing Policy came to this conclusion on the basis of calculating and comparing 201 metro areas median wages and median house value.  These figures were based on major vocations such as police officers, firemen and educators.  Nonetheless, home prices have fallen in a majority of the 201 metro areas, but home costs were still considered too high for typical working people in those markets. 

Read the entire artivcle Most Middle Class Still Can't Buy a House on CNNMoney.com

Farewell Foxtons

According to a recent article Farewell Foxtons on CNNMoney.com, Foxtons has shut down.  In October of 2003, the brokerage profiled and claimed to have revolutionized the real estate industry.  Foxtons caught nearly everyones attention when they announced they were charging 2% commission in comparison to the standard 6%.  The founder Glenn Cohen launched the company in an effort to show home owners that realtors were overpaid.  He argued that homeowners could market and sell their homes on the internet, with little to no help from a realtor, thus the 2% commission.  But, for that price, the old saying held true: "You get what you pay for."  Foxtons brokers listed homes on their website, but did little else, sellers were left to schedule and host open houses as well as handle closings.  However, discount brokerages rely on high volume to succeed, so, Foxtons was not equipped to handle a market such as the one we're experiencing now, with rising interest rates and slowing growth. 

Read the entire article Farewell Foxtons on CNNMoney.com to fully understand why Foxtons has said farewell to the real estate industry

How Much House Can You Afford?

Home Affordability Calculator on CNNMoney.com

To arrive at an "affordable" home price, we followed the guidelines of most lenders. We've allowed a total debt-to-income ratio of no more than 36 percent. And we have assumed a housing payment-to-income ratio of 28% for our conservative estimate, and 33 percent for the aggressive one. Before buying, however, you should also factor in other savings needs, including retirement and college.*

ASSUMPTIONS: We've assumed a 30-year mortgage term, annual property tax of $3,500 and homeowners insurance of $481 -- the national average. And we do not factor in private mortgage insurance, which you'll owe if your downpayment is less than 20 percent of the purchase price. It averages from $50 to $80 per month. Plug in your own numbers for more tailor-made results.*

*All information provided courtesy of CNNMoney.com

Housing Slump Gets Longer, and Longer...

According to a recent article, Housing Slump Gets Longer, and Longer on CNNMoney.com the slump in house sales and prices will last longer and will be deeper than previously expected and predicted by real estate analysts and experts, namely the National Association of Realtors.  The previous projection for the year had been that new and existing home prices would start to rebound.  However, now new and existing home prices are showing a less than 1 percent gain.  The weakness' shown are due in part to the wide variety and selection that buyers have.  Furthermore, the Association expects that if new construction homes are sharply reduced there can be an expected respectable increase in home sales and thus prices. 

Read the entire article, Housing Slump Gets Longer, and Longer on CNNMoney.com

Where the Growth Is - and Isn't

According to the article, Where the Growth Is - and Isn't on Money Magazine "Of the 100 biggest housing markets by population, there are still plenty slated to show price gains from April 2007 to April 2008. Here are the top 5 and the bottom 5."

View Where the Growth Is - and Isn't on Money Magazine

Mortgages That Put You in Charge

According to the article Mortgages That Put You in Charge on CNNMoney.com, usually when borrowers decide to reconstruct their mortgages it is the norm that they go from a fixed-rate to a variable rate.  Through this process home owners are required to refinance, which is an expensive process.  However, the new product from Washington Mutual, Mortgage Plus, allows customers the ability to switch the type of loan they have without refinancing. 

Read the entire article Mortgages That Put You in Charge on CNNMoney.com

Curious to know what will your mortage payment be? Use this Mortgage Calculator from CNNMoney.com

Unlock Your Home's Value

CNNMoney.com says, "Reverse mortgages, which pay money to home owners based on the values of their homes, seem like a good answer. These loans, however, come with strings not to mention costs."

The drawbacks and limitations of reverse mortages are as follows:

• They can be quite costly. There are origination fees and normal closing costs. There's also, usually, a 2 percent insurance premium. That's to guarantee the lender that it won't lose money on the deal. All told, the expenses add up quickly, typically to between $8,000 and $20,000.
• Borrowers must be at least 62 years old.
• The loans can only be made on a primary residence, not on vacation or investment properties.
• Lenders don't normally loan much more than half of the house's value.
• Borrowers must meet with a counselor approved by the Housing and Urban Development agency to make sure they understand the transaction.

Read Unlock Your Home's Value on CNNMoney.com

Home Prices Down 1.2% in Third Quarter

The National Association of Realtors Reported Monday that the median price of single family homes dropped in the third quarter 1.2%.  To see which market has suffered the most read the CNNMoney.com article Home Prices Down 1.2% in the Third Quarter