Everyone knows you need money to buy a house, and that usually comes in the form of Suffolk County NY mortgages to finance those homes. But not everyone is clear on how Suffolk County NY mortgages actually work.
Here's a quick look at the financial processes behind Suffolk County NY mortgages…
We’ll keep you updated right here on Suffolk County NY mortgages and the trends that either cause the market to make it easier, or more difficult, to get those mortgages in the future. In the meantime, check out our other articles and news affecting Suffolk County NY mortgages by clicking on the Suffolk County NY Mortgage Info link to your right under Suffolk County NY Real Estate Categories.
It's always amazing to look back and see how things used to be, but what about looking ahead 10 years from now and thinking about what the Suffolk County NY real estate market may be like?
There should be millions of new households nationwide which will help boost starter home and rental markets. Half of these new households will be minorities, and it all depends on their access to mortgage lending as to whether they rent or buy.
What About Suffolk County NY Real Estate in 10 Years?
Figuring out the Suffolk County NY real estate market in the future may be a challenge. Ten years from now it's expected the number of households in their 30s nationwide will increase by 2.7 million, and many of these younger households will be minorities. By the time we reach 2025 minorities are expected to account for 36% of all households in the US, and 46% of households aged between 25 and 34.This means they will account for nearly half of first-time buyers.
Baby boomers will boost the number of households age 65 and over by 10.7 million. It's expected a large number of these households will make modifications and improvements to their current homes to cope with the process of aging. However others will seek out new types of housing specially geared towards seniors.
Currently, minority households tend to have lower incomes than white households, and their demand for owner occupied housing will largely depend on the availability of mortgages designed to accommodate more limited resources.
It is believed that unless the mortgage market can accommodate this new generation of households it's possible that fewer people will be able to own their own home 10 years from now. This could mean the current mortgage industry would end up with a much smaller pool of potential borrowers unless it adapts.
Rentals are booming at the moment. Since homeownership reached a peak in 2005, there have been 1 million new renters annually which is double the average rate seen at any time since the 60s.
Although homeownership rates dropped again in 2013, which means they have fallen for nearly a decade, it anticipated the growing economy will eventually lead to increased household incomes. This is a key driver in housing demand, and even though interest rates and home prices have increased recently the numbers still favor those looking to buy in the Suffolk County NY real estate market.
Parents who are going to be sending their kids to college should consider some of the ways buying Suffolk County NY real estate could actually end up saving them money on those college costs.
Tuition plus room and board runs into the tens of thousands of dollars each year. Imagine what it will cost 5 or 10 years from now. Why not consider cutting down on that "room" portion you're going to be paying anyway by looking at Suffolk County NY real estate as an investment?
Most students choose to live on campus for their first year or two, but after that they're pretty much on their own when it comes to housing. Many college students today end up going to school for 5 or more years. Many students look to get a house together to save on housing costs.
Suffolk County NY Real Estate as an Investment
Think about the great investment opportunity as parents to buy a condo or small house in the Suffolk County NY and rent it out to your student and some of his or her friends.
Most students are very picky about who they want to live with. They live with many people their first year or two in the dorms so they get a sense of how clean they are, how organized they are and things like that. They basically get a sneak preview of what it would be like to live with them without having to do any tenant screening. As a parent/investor, you would be able to leave the entire tenant screening process up to your student.
Nearly every student these days has guaranteed income in the form of their parents income or the federal government. When renting to students you know they will almost never lose their source of income. Just to be safe, you can always have their parents co-sign the lease too.
Even though students are only in school 9 months out of the year, most students understand they will need to sign a lease for 12 months. The only time you might have some trouble with turnover is in the summer months but during the school year you know you will get guaranteed income for 9 straight months every single year on your Suffolk County NY real estate investment.
Buying a second property or an investment property is always a risk. But when you have to pay up to $10,000 a year or more for your child's housing costs anyway, why not put that money to good use? Students don't expect much when it comes to amenities and repairs so you could save yourself a lot of the headache and heartache in that department as well.
Talk to your financial advisor or CPA about the benefits of offsetting college living expenses for your student before investing in Suffolk County NY real estate. Remember, your Suffolk County NY real estate will still be there working for you even after your student graduates.
For more on Suffolk County NY real estate trends and news, visit our Suffolk County NY Real Estate section of articles under our Suffolk County NY Real Estate Categories to the right.
Many potential homebuyers have it all wrong when it comes to the order of shopping for a home. Suffolk County NY mortgage shopping needs to start long before the home shopping process begins.
If you follow the five golden rules of Suffolk County NY mortgage shopping, life is a lot easier when it's time to start looking for that perfect home.
We have lots of tips and advice for Suffolk County NY mortgage shopping here at our website. You can easily find those other articles and news affecting Suffolk County NY mortgages by clicking on the Suffolk County NY Mortgage Info link to your right under Suffolk County NY Real Estate Categories.
If you can't find what you're looking for when it comes to Suffolk County NY area mortgage shopping, along with the right tips and advice for your individual situation, just call us and we'll direct you to a mortgage expert who can answer all of your questions for you.
When selling your Suffolk County NY home, there are a lot of things to think about and do, especially if it's your primary residence. Aside from all the normal things that go with moving, like packing, finding a mover, notifying everyone, etc., there are a lot of other details you need to devote your attention to.
Things to Consider Before Selling Your Suffolk County NY Home
Fixing Things – Before putting your house on the market or contacting an agent, you need to make sure your Suffolk County NY home is ready to sell. Repainting the house, fixing anything that's broken and replacing damaged fixtures inside and outside. Clean up and clear out clutter. Keep in mind that presentation is everything, so you need to get as much work and clearing out of clutter done before placing the property on the market.
Find an Agent – Make sure you hire a professional real estate agent to help you in selling your Suffolk County NY home. Someone who knows a lot when it comes to the delicate processes and legalities of selling your property. Whoever that person might be, make sure they have a proven track record. Since you will hire a professional for the job, expect there to be a lot of money involved. Real estate agents get a percentage of the selling price. That amount will be out of your pocket as soon as the process starts. Also, remember you will pay any sales taxes on the commission. Of course, you can always decide not to hire an agent to sell your property, but you need to prepare yourself to do all the legal work; and that could be very tricky if you don't know what you're doing.
Detach Yourself – It's easy to become emotionally involved in selling your Suffolk County NY home. This may even be at the top of the biggest challenges home sellers will face once they decide to sell. Once you make up your mind, know that it already becomes a commodity. People will be going in and out to check the property and you cannot get too emotional if they start criticizing your home. People may appreciate it or not, so be ready for those comments and take them constructively. You may or may not decide to make the improvements from those observations but don't let them get to you.
Consider Market Conditions – Don't be in a rush about selling your Suffolk County NY home. You need to study the market condition and see what options are available. Get someone who can give you an appraisal that's realistic and well documented according to market conditions. If you think your price is too high, you may want to consider selling at a lower price or offer. Whatever that price may be, make sure it's coming from a professional who's not ripping you off.
These are just a few of the things you need to consider when selling your Suffolk County NY home. For more tips on selling your Suffolk County NY home, check out our other articles and information at the Suffolk County NY Home Selling Tips link to your right under Suffolk County NY Real Estate Categories.