It is always nice to know what is happening the real estate world! Whenever I go out for a walk, friends and neighbors alike will ask me what is current and we have always been taught to say ‘wonderful!”. Ha! However, I am too truthful to say that, and like to post what is happening in our areas.
My January newsletter covers Larchmont and New Rochelle market stats for 2016..
2017 a Year for Change
In reflection, 2017 is looking good for those buyers wishing to buy and for home owners wishing to sell too!
2017 was a tumultuous year in so many ways, and therefore I can only best describe this new year as one of change. The interest rates have gone up slightly, and the Federal Reserve has mentioned they will increase perhaps two or three times more this year perhaps in June (or even sooner). However, having stated that, the rates are still very low! ( Mortgage rates have jumped to 4.1% on a 30-year fixed mortgage from 3.5% a year ago.)
Anyone who purchased a home in the late 1970’s will recall interests rates of 8 and as high as 13% ! You can still write off those mortgage taxes! Per NYSAR (New York State Association of Realtors), it is still cheaper to purchase than to rent , and on 1/9/2017 it was released by the FHA that insurance premiums are going to be reduced from 0.85% to 0.60%. So, all positive.
I hope you enjoy my newsletter below -so many stats but I wanted to inform you all as much as possible with local and pertinent real estate formation.
Westchester is GREAT!