Buying the Money Pit Buying the money pit is easy when you’re too emotional about a home purchase. Home buyers can do this because no one buys a house they hate. You find a home you love and go after it. Notice the language I just used. It is very telling. You look at houses but… Read more »
Real estate is changing. It’s been happening for a while but most people haven’t noticed it. We are in the very early stages of a transition and that’s good. The housing market is cyclical. There are times when prices go up and times when prices go down. The long term trajectory is always up but… Read more »
There are many homes for sale with steep discounts because they are a short sale and you may find a house that is a better “fit” for you in a short sale than trying to buy a home that you really don’t love just because of the tax credit.
Fannie Mae and Freddie Mac buy mortgages which means that they guarantee them. Without the backing of Fannie and Freddie, mortgage lenders have to find other investors to sell their mortgage loans to and those investors charge more so interest rates are higher. Fannie and Freddie backed mortgages are called conforming; the others are called… Read more »
What Can We Expect in 2009 and for Tenafly real estate in particular? I can answer this with one word – improvement. I had projected 10% depreciation but that was before the stunning sub prime mess was revealed. While we have “Monday Morning Quarterbacks,” the truth is virtually no one knew of this growing menace…. Read more »
The New Jersey Association of Realtors publishes a report every year on the characteristics of people who buy and sell homes in New Jersey. The National Association of Realtors has it’s own buyer and seller profile but naturally that’s on a national scale. I prefer to use the New Jersey Home Buyer Profile report because it focuses… Read more »