Articles on First-time Home Buyers

The New 'Good Faith Estimates,' Mortgages and NYC Condos: What You Need To Know

Good Faith Estimates and New York City CondosBuying an apartment or condo is a big decision, wherever said apartment or condo is located. But when we're talking about NYC condos, both the level of investment on your part and the competition on the lender's part are amped up considerably. The New York City real estate market can be a tough place, of course, but choosing to work with a trustworthy real estate agent and educating yourself on the rules of the mortgage game are good ways to make buying a Manhattan apartment that much simpler. The New Construction Manhattan Broker Network is a good way to ensure that you'll find a knowledgeable agent, of course; reading Ken Harney's piece at The Real Deal on the importance of the government-mandated "Good Faith Estimate" (or GFE) is a good way to get started on the educating-yourself thing.

Your August NYC Real Estate Good News Roundup

august

  • Is the Worst Behind Us? from NREI: "Retail was the best performing sector over the past quarter, benefitting from relatively strong income growth and a smaller capital decline than other sectors."
  • Survey: Recession seen ending in third quarter from MSNBC: "The Blue Chip Economic Indicators survey of private economists released on Monday showed about 90 percent of the respondents surveyed believe the economic downturn will be declared to have ended this quarter."

In the Mood for Some Good News about Manhattan Real Estate?

Good news about Manhattan real estateWell, why not start off with just plain all-around good news. According to Bloomberg:

Consumer spending in the U.S. probably rose in May for the first time in three months and home sales increased as Americans became more confident the recession will end this year.

So that's the feeling in the air across the country. What about our part of the world? Yep, it gets better. In fact, CNBC says Northeastern U.S. home sales rose almost 4 percent in May. Huge!

Finding NY Real Estate: For more and more buyers, it means looking for apartments online...

Looking for new york luxury apartments online... in other words, you've come to the right place. According to the 2008 NAR Profile of Home Buyers and Sellers, the percentage of people who find new homes by looking online grows every year. Only ten scant years ago, just 4% of buyers found buys via the web. Twice as many found places by using a search tool called "newspapers," whatever those are. In the near future, searching online will become the most common way to find real estate. How could anything ever beat word-of-mouth?

First-time Home Buyer's Tax Credit = Your New Down Payment?

How does the first time home buyers tax credit work in New York?We've written before about the first-time home buyer's tax credit. It's been a great opportunity all along. Now here's an interesting development... As the FHA reports, the tax credit can now function as a kind of mortgage down payment. Technically, a buyer can use it as kind of interim financing known as a bridge loan or even an $8,000 cash advance.

Thinking of Buying an NYC Apartment without New Construction's Help? Uh-oh..

New Construction Manhattan If you're on the prowl for a new apartment in Manhattan, it's ok to be excited. There are tons of good deals out here! But some NYC apartment buyers are so excited about this buyer's market that they're overlooking some things. Pretty important things. Like, oh, how much the whole place is gonna cost. No matter how fantastic a deal is, there are still plenty of small costs that you just have to factor in. So when we hear of new homeowners getting a case of sticker shock, it can be a good lesson for all of us: be prepared. I'll tell you one thing...

The First-time Home Buyers Tax Credit Makes Apartment Buying a Little Sweeter

homeHere are some important changes to the Home Buyers Tax Credit Bill which could benefit those of you who are considering buying a New York apartment in the coming months. How will it effect Manhattan Real Estate? The modified Home Buyers Tax Credit states that first time buyers and those who have not owned a home for the last 3 years will be eligible for up to an $8000 tax credit;