Should I Wait to Put Down a Bigger Down Payment?
This is one of the most talked about issues for potential buyers. For those committed to home ownership but for one reason or another have not finalized the process, take 2 minutes to understand what it means…
Some experts are advising that first time and move-up buyers wait until they save up 20% before they move forward with their decision to purchase a home. One of the main reasons they suggest waiting is that a buyer must purchase private mortgage insurance if they have less than the 20%. That increases the monthly payment the buyer will be responsible for. Freddie Mac explained what this would mean for a $200,000 purchase with just 5% down. The payment difference decreases even more with 10%
Are you actually saving money by waiting?
CoreLogic has recently projected that home values will increase by 4.3% over the next 12 months. Let’s compare the extra cost of PMI against the projected appreciation:
If you decide to wait until you have saved up a 20% down payment, the money you would have saved by avoiding the PMI payment could be surpassed by the additional price you eventually pay for the home. Prices are also expected to continue their increase by more than 3% each of the next five years. Saving will also be more difficult if you are renting, as rents are also projected to increase over the next several years.
Mortgage rates are expected to rise…by almost a full percentage point over the next 12 months. That will also impact your mortgage payment if you wait.
Sit with me, your seasoned real estate consultant. Let us truly understand whether you should buy now or wait until you save the 20%.
Search current inventory of Single-Family Homes for Sale in Eastchester NY
Colonial Home For Sale in Eastchester, NY
16 Knollwood Ave. Eastchester, NY 10709
Premiering August 27th, 2015- (text Charles to be put on notification list)
Call Charles Cinquemani at 917-405-7935 to see if this property is still available and arrange a showing.
You Will Be Impressed With the Details and Renovations. Fall In Love With Every Inch of This Classic Colonial and All It Offers.
Wonderful opportunity to own an impeccable Colonial in the Leewood Hills neighborhood of Eastchester. New exterior includes retaining walls, driveway with apron, bluestone walkways and a 7-zone sprinkler system. The hurricane and ice-proof roof is quite an impressive faux slate with about 34+ years’ of life remaining. Siding, gutters and windows are also updated. Inside must be seen first-hand and includes professional millwork, radiant floor heating, surround sound and Central A/C. This house is also boasts a finished entertainment area in the lower level. The quality of it all will surround you with elegance and warmth with every step you take.
Kitchen Perfect for Entertaining
If entertaining is your forte, there is no better place to do this then from the expansive kitchen in this amazing home. The stainless steel appliances and granite make the kitchen come together. The large space makes bringing friends together so easy. The fridge and dishwasher match the decor. Door leads directly to a bluestone patio with multiple sitting areas making a party FUN and very EASY to host.
Why 16 Knollwood Road in Eastchester, NY
Eastchester is always a place on top of Buyers location choices and Leewood Hills is considered to be one of the most desirable neighborhood pockets in the Town of Eastchester. Homes are generally bigger and have more land. Streets are always well taken care of and lawns are mostly manicured with the utmost of care.
When you Live in Eastchester you are afforded a convenient and safe lifestyle. Convenience comes with the many shopping and dining choices accessible throughout the Town, including high end retailers such as Brooks Brothers, Ann Taylor and Papyrus. Hungry? Pick one of the many available options such as Italian, Mediterranean, Japanese, Indian, French and many more.
The Town also offers residents the Lake Isle Country Club. There are five pools, including kiddie pools, an 18-hole golf course, and 6 tennis courts all within a park-like setting that also boasts its’ own catering hall.
Eastchester has an active arts scene. The Eastchester Arts Council is an organization presenting cultural programs including concerts, exhibits, and after school programs in the Eastchester, Bronxville and Tuckahoe school districts. The town’s recreation department also sponsors a summer theater program for youth, and summer concerts are held at the Eastchester Town Hall.
Eastchester also ran #8 in the Safewise.com survey that ranked the 50 Safest Cities in New York with a population over 15,000. How cool is that!
The Town of Eastchester also has multiple Metro-North stations with an avg ride time into NYC about 34 minutes. Direct access to every major highway and parkway will get you anywhere you need. Put all of this together and you can see why Eastchester is a top buyer destination in Westchester County. Live here and you too will enjoy all this Town gives and gives.
What is a 5-Star Professional Realtor? And why should you even worry about it when buying a home? Invest just 1 min and watch exactly what it means to work with a 5 Star Professional Realtor, then you decide. After all we are talking about a purchase that costs hundreds of thousands of dollars!
Consistency, client service focus and full time experience are the values that create a 5-Star Professional. These are the skills Charles possess and why he has been named a 5-Star Professional for a 6th consecutive year. Buying your property with Charles will be a 5 Star experience. Contact him today.
TODAY’S BONUS– Download my Summer 2015: Buying Guide. Packed with information every buyer needs.
Are you in the market for a 1st time home? How about trading down from big to more manageable? This may just be the one. Scheduled to start showing on July 7th. check out this quick tour OR visit www.1607OldOrchard.com for full info.
Happy House Hunting.
New Rochelle Real Estate will see a classic, age old beauty of a home come on the market for the first time in 47 years. Aside from being the Listing Agent for the sale, I’m certain this home will enchant a few of the many buyers in the market today with its style and warm feeling. Best of all, it’s priced under $450,000. Click the image to visit the exclusive property site. Happy house hunting.
What is a SONYMA loan?
Well it just may be the most perfect program for Gen-X and Millennial home buyers today. SONYMA is a NYS state sponsored program that allows a buyer to;
- Purchase with 3% down
- Earn up to $144,000 annual household income
- Cash back equal to 3% of loan or $15,000 , whichever is less
- Interest rate of 3.875% (as of March 27, 2015)
If you are set on buying a Co-op, you would be required to have more down payment since all Co-ops require at least 10% down payment. If your desire is to own a house you would need to get approved which would give you a target purchase price.
For my Buyer clients, the perfect property choice for SONYMA loan is a Condo. It allows singles or couples to enter the market with amazing affordability. Check out my current real life exampleˆ.
My friend has a steady job and earns in the 80-90K range. We are looking to buy a Condo in the $260,000 price range. He would need about $8K for down payment and his PITI along with property taxes and Condo charges will be somewhere around $2,000-$2,200 a month. And, with the 3% back he will essentially cover his closing costs.
There are many opportunities like this that make it possible to get off the fence and get into your own place. Stop paying your landlord’s mortgage and pay yours! I have been providing full-time real estate services for 13 years. Let’s get started together. Spring is already here.
For all the latest properties for sale visit www.RealEstateCharlie.com
Looking to be in White Plains, visit my local www.WhitePlainsHomeSearch.com
ˆactual numbers will vary slightly based on price, taxes and common charges
White Plains is where the governing body of Westchester County is seated. It is also the main mecca of activities and entertainment (not taking away from any other Town or Village). So what is happening in White Plains every 30 Hours since Jan 1, 2015 ?
Westchester County is a fun place to live and given sales trends, lots of people are realizing this and want in. With so many noisy Real Estate search sites available, which is best for just finding your next White Plains home?
Searching For Homes in White Plains Just Got Easier. Every available home only a few simple clicks away.
Buying Winter 2015.
This ready to go Winter 2015 Buying Guide is available to share right now. My Buyer Guide will simply and effectively explain the current market opportunities to all potential buyers. Housing inventory, Pending sales, Rate projections, 2015 Sales forecasts and more. This is the information today’s buyers must have. Get a total picture of how each has a relationship with the other. Visit my Market and Reports site or click simply click image.
P.S. Be sure to visit the Customized Market Report tab. Sign up for the latest market data right around your own home or neighborhood. Stay on the market even if you are not in the market.
December 2014 Newsletter Housing Trends eNewsletter
Enjoy my current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
Please click here to view the December 2014 Newsletter Housing Trends eNewsletter.
If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.
Strong Projections Keep Coming for The Housing Market.
2012 saw Recovery… 2013 Growth … 2014 Normalcy returning …
And now, projections say the number of home sales will be greater over the next 2 years.
News from the mortgage front, a few changes are in progress to enhance ability to buy. Lower down payment requirements AND continued historically low interest rates. (..which should be on the rise in 2015..)
P.S. The Moral of The Story…you owe it to yourself to explore all possibilities to get into your OWN HOME. After all, you are paying a mortgage anyway, either it’s yours OR the landlords.
Buyer Mistakes You Should Not Make. Never! The Holidays are upon us now BUT remember there is great opportunity to buy this year. I am offering an easy download of my custom report “Top 10 First-Time Buyer Mistakes”. It has provided all of my past buyer clients with excellent advice. Click on the Cover image now and take advantage of my Preferred Buyer Program for those considering buying in the next 0-6 months.
What About The Neighborhood Where I’m Buying?
As an experienced Realtor® in Westchester County, I hear this so frequently from every buyer of all walks of life. Humans naturally want to be part of a community so just being informed makes the Home Buying process less stressful.
As I strive to offer invaluable Real Estate insights to my current and future clients, I present another one of my premiere services to you. Submit the form located below and get Community and School data for any location you choose. And of course you will get up to minute market data for a location or even a single address.