By Joseph Palumbo III
Queens has seen a severe decrease in buyers due to the elimination of the subprime loan market. The media has dramatized current economic conditions, which has only hurt consumer confidence more.
Currently, there are approximately 1,100 foreclosures in Queens with about 12,450 homes for sale. For the week ending Oct. 22, the two most popular neighborhoods were Forest Hills and Astoria.
This is the best time for first?time home buyers. Buyers have the opportunity to maximize their buying power. If you currently have 20 percent to put down and good credit, you can negotiate from a position of strength and put yourself in the driver’s seat because you can close.
Interest rates are still low, which means that after you haggle down a home’s price, you can afford it. This was how it was supposed to be until greed and living beyond our means caused the financial pain we are now dealing with.
If you have a home and equity in it, it may be time to get a loan at a good rate and clean up your financial situation. With the low rates and amended loan limits, this could be an opportunity worth pursuing. If you own your home, now could also be a time to move into a bigger home.
So How’s Business regarding the housing market and first?time home buyers? There is no silver lining to the cloud over our heads. If you have capital to invest, you can find real estate deals to capitalize on. The Internet can provide us all with necessary tools to evaluate market value, thereby making correct purchase offers accordingly.
Reach Joe Palumbo at 516?248?0256 or info@camelotlimo.com.
