NYC Homebuyer Insights: MAR 2023

Is Now a Good Time to Buy or Sell a Home? + Mortgage Insurance Premiums on FHA Loans reduced by 30 Basis Points + Guide for First Time Homebuyers in NY

Is Now a Good Time to Buy or Sell a Home? 

If you’ve been thinking about whether or not you should buy a property this year, this article from Property Shark should give you some guidance. In it, the author Eliza Theiss (senior real estate trends writer) gives a really objective take on the pros and cons of buying right now. We like this article because she gives a really good overview of the things working against you, what things are working in your favor, and some suggestions & precautions that you should keep in mind in any market. Some really good and comprehensive info here. 

Mortgage Insurance Premiums on FHA Loans reduced by 30 Basis Points 

If you’ve done any research on FHA loans then you’ve probably heard the term MIP or Mortgage Insurance Premium. This is the monthly fee that homeowners with FHA loans pay to insure their mortgages. This fee is in addition to the monthly principal and interest. In the past, the mortgage insurance premium was 0.85% but under this new plan it will be reduced to 0.55%. First time homebuyers are less likely to have sufficient resources for a sizable down payment so FHA loans are always a good option in making homeownership more attainable. 

By lowering the annual mortgage insurance premium by 0.30% percentage points, FHA’s action will help new homebuyers all over the city achieve homeownership. For example, a family buying a home in NYC with a $800,000 mortgage will save $2,400/yr. The new mortgage premiums took effect on March 20th. For more information check out the White House Fact Sheet

The Guide for First Time Homebuyers in New York

If you’ve thought about buying a property in NYC, then you can probably attest to the fact that buying in NY is not like buying in any other part of the country. There are so many intricacies and variables to consider so any guide that is localized to NY is a good tool to reference. In this article from US News, the author discusses coops vs condos, monthly maintenance fees, the necessity of a real estate attorney, NY closing costs, NYC neighborhoods, and whether or not an agent is necessary when you’re on the house hunt. We would have included a lot of other items, but all in all, it’s a pretty good primer for anyone interested in buying an apartment in NYC. Take a look and let us know if you have any questions that weren’t answered in the guide. 

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