MYTH BUSTERS!
“I loved how Laura took the time to explain all the aspects of selling in a declining market…her advice saved me thousands and will create a great investment for me- which will make hundreds of thousands in the future.” JD
Because of all the fear and negative press, many people are getting the wrong idea about what’s really going on today…read on!
I CAN’T GET A LOAN…
It’s truly amazing how most of the general public believe that banks have stopped lending. With all the negative press, it’s understandable there are fears, and misunderstandings about what ACTUALLY is going on. So…if you have great credit and are looking to invest 10% into the property or more for a home you plan on occupying, yes the banks are lending. Right now the banks prefer 20% down, because there’s a higher risk of foreclosure and a 30 year fixed loan, excellent credit, with 20% down will yield the BEST interest rate. And to further explain…due to uncertain economic times I recommend a conservative, 30 year fixed loan-WHY? Because it hedges a lot of risk and can keep you in your home no matter the circumstances because you will be building equity, have fixed payments and YES, your home is ALWAYS a good investment…if you buy and borrow smart-and don’t panic….lease instead of sell in uncertain times!
I HAVE TO SELL NOW BEFORE THE MARKET DECREASES FURTHER….
My biggest question is WHY? And WHO TOLD YOU THAT? There are some people that are unfortunately in tough shape and are behind in payments and in hard times…and even still if you are savvy and take this tip…it may help a lot- try to negotiate the interest rate or terms to get the property affordable enough to get by….WHY? Because you don’t want to sell under duress and have hungry buyers bid low…on your home! REMEMBER-what goes down will come back up…walking away from possible hundreds of thousands or going to the closing having to pay the difference could be painful. If you’ve owned it several years it may be profitable or enough to break even to lease it out. I have tons of tips if you are concerned about being a landlord than can save a lot of grief and tens of thousands!
I FEEL WE ARE IN A DECLINING MARKET-INSTEAD OF BUYING NOW I FEEL WAITING IS THE BEST…
A few things…if this is going to be your home and it’s the PERFECT one…it may not be waiting when you’re ready. The property may be below market which will certainly stimulate buyers’ interest-and we know what the interest rates are NOW-at historical lows. If you’re lucky and can pay cash, and won’t be affected by any interest rate changes, you may want to wait. So long as you don’t procrastinate your way out of home ownership.
Right now I’m seeing a lot of sellers may not be real or serious and stay at their price(they don’t need to SELL), and what will the interest rates be when you do think the market is at the bottom? All of this is speculation and none of us really KNOW what the future will bring. Many of you though haven’t thought of this…there are many desperate, serious sellers out there NOW that are at the bottom price (or significantly less than market value).
I CAN’T AFFORD A SECOND HOME…
Says who? Regardless of the economy, many people who have alot of equity in their property have opened lines of credit on their primary residences to purchase a second home (providing it was an excellent value)….interest rates are at all time LOWS and the mortgage interest up to 1 million dollars for first and second homes is a write off…..and they can rent out these second homes for several months of the year which may pay for the expenses for the entire year!
For more info about what’s REALLY happening in the market, call me!
When you want to get the best deal when buying, selling or leasing in ANY market-call the LDM Team!
Need a service? Looking to buy/sell/lease outside of Brooklyn
Contact us- We have tons of real estate professional contacts throughout NYC and overseas! Being well established in our business, we have tons of trusted resources that take the guesswork out- for you!
GO TO www.theLDMteam.com- you will hear a live welcome message, and live interview on properties in the MORE section- ENJOY!
Compliments of Laura Denise Milkowski, Christina Prostano and Michael Beam- The LDM Team Real Estate consultant and experts. For more information, email LDM@corcoran.com www.theLDMteam.com
