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15 Most Coveted NYC Neighborhoods + Housing Market Predictions for 2023 + Top 10 Buyer’s Market Neighborhoods + Should you get a 40 Year Mortgage?

This month we came across 4 pieces of content which we believe you may find helpful or informative. The first one is an article by NBC New York in which they outline the 15 most coveted neighborhoods in NYC. The second one is an article from bankrate.com where they give housing market predictions for 2023. The third one is an article from Streeteasy where they list 10 neighborhoods where homebuyers have the upper hand. And the fourth one is an article from Cross Country Mortgage where they discuss the option of a 40 year mortgage. Pretty interesting stuff, I hope you find it helpful.   

As always, if there’s anything we can do to help you with your home buying goals, please don’t hesitate to reach out.

15 Most Coveted NYC Neighborhoods Revealed

Streeteasy recently released a report where they used search data for 3 boroughs (Manhattan, Brooklyn, and Queens) in order to find out which neighborhoods have had the most search volume so far in 2022. It also looked at the most searched neighborhoods from 2017 – 2022 in order to see if there are any trends to look out for.

https://www.nbcnewyork.com/news/local/15-most-coveted-nyc-neighborhoods-revealed/3903790/

Housing Market Predictions for 2023

With 2022 coming to an end, we’re starting to see articles and reports come out regarding housing market predictions for 2023. We recently came across a write-up from bankrate.com in which they asked several industry experts for their forecasts and projections on mortgage rates, home prices, housing supply, etc. They give a good breakdown on the 3 scenarios for mortgage rates next year, and the experts pretty much all agree that home sales will decline, days on market will rise, and prices will be flat or modestly down, mainly due to continuing low inventory levels.

https://www.bankrate.com/real-estate/housing-market-predictions-2023/

10 NYC Neighborhoods where Buyers have the Upper Hand

Are you still in the market to buy? If so, you may be wondering which neighborhoods have been most hit this year by the rising mortgage rates. Well, in this recent write-up from Streeteasy, they dive into the data to see which NYC neighborhoods are currently the most favorable for homebuyers. What they did was look at the neighborhoods where there have been the most price drops and where days on market are highest. Take a look and let us know what you think. If you’ve been active in the market, we’d love to know what neighborhoods you are noticing with the most price drops and/or days on market as well. 

https://streeteasy.com/blog/top-10-buyers-market-neighborhoods-in-nyc/

Should you get a 40 Year Mortgage 

As you can imagine, when rates go up significantly, buyers, loan officers, and agents have to get creative in order to find mortgage products that can help homebuyers achieve their goals. We recently told you about the 3-2-1 buydown strategy as well as the 2-1 buydown strategy and those are definitely good options, but another one to consider during these times is a 40 year mortgage. Have you ever heard of it? Neither have we 🙂 This is the first we’re hearing about homebuyers utilizing this product but it is definitely another option to consider. The main thing you need to know are the pros and cons of a 40 year mortgage. We recently received an article from our friends at Cross Country Mortgage and in it, they do a good job of explaining how it works, the advantages, disadvantages, etc.  

https://crosscountrymortgage.com/should-i-get-a-40-year-mortgage/

And lastly, have you checked out our podcast recently? If not, check out one of our recent episodes. We’ve been covering some topics related specifically to NYC homebuyers so you may find it interesting 🙂 

https://link.chtbl.com/realtalkwithqht

Need Help? Contact Us.

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