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Hudson Valley House | From 'Urb to 'Burb Blog

Friday, January 24, 2020   /   by Vanessa Saunders

Is a tiny home right for you?

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
If you’re planning a transition into a smaller home, or even a tiny one, the twin trends of low mortgage rates and rising home equity can kick-start or boost your plans, especially if you’re anticipating retirement soon or just want to live in a smaller home that’s easier to maintain.
Home values have been increasing for 93 consecutive months, according to the National Association of Realtors. If you’re a homeowner, particularly one looking to downsize your living space, that’s great news, as you’ve likely built significant equity in your home.
Here’s some more good news: mortgage rates are expected to remain low throughout 2020 at an average of 3.8% for a 30-year fixed-rate loan.
The combination of leveraging your growing equity and capitalizing on low rates could make a big difference in your housing plans this year.
How to Use Your Home Equity
For move-up buyers ...

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Wednesday, January 22, 2020   /   by Vanessa Saunders

How Low Can It Go? Is now a smart time to re-finance your mortgage?

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems

Interest rates are at a near record low. A lot of home owners, 63% to be accurate, are considering re-financing to lower their rates. Look at the numbers to determine if this a good time for you to do a re-fi.

According to Freddie Mac, the Mortgage Bankers Association has the current average 30 year fixed rate at 3.65%, a full point below January last year. But before you go scampering down to find a friendly lender to fork over some cash, look at the costs you'll be paying and decide if it makes sense.

How much does it cost to re-finance your home loan?
The cost to refinance is between 2-5% of loan amount. That means, if you're currently borrowing $200,000, it will cost $4,000 to $10,000 to get the mortgage refinanced. You should figure out how much the new rate will save you and how long before you've break even with the added cost of the re-fi and decide if it is reasonable to make that change. (There ...

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Wednesday, January 22, 2020   /   by Vanessa Saunders

The threat of foreclosure needn't ruin your happiness.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems

Even though unemployment is down for now, loss of income is still affecting millions of American families. But foreclosure doesn't mean a home owner's situation is hopeless. Finding a foreclosure attorney and going through the steps of foreclosure together can ease the strain in this troubling time. Critical to fighting a foreclosure is to get started as soon as possible, to set the process in motion. Knowing the steps in the foreclosure process will help borrowers understand how it works, and how they can protect their right and options.

Step One: The owner stops making payments.
After three or four (or more depending on the lender), the lender will begin mortgage foreclosure procedures. Although foreclosure procedures differ from state to state, those in New York are substantially the same as elsewhere.

Step Two:
The Bank Issues an Acceleration Letter
The lender will sell the borrower notice called ...

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Monday, January 20, 2020   /   by Vanessa Saunders

Why you can't afford to fall into the rental trap.

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems

Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of home ownership, your plan for the new year may include buying, and you wouldn’t be alone!

According to the Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!

When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:






It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!







There is a long-standing rule that a household should not spend more than 28% of its income on housing ...

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Friday, January 17, 2020   /   by Vanessa Saunders

Who stole all the homes for sale in the Hudson Valley market? Pirates?

By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems


It wasn't pirates, but it might as well have been. The market is currently at the lowest it's been since 2017 for homes available for sale, and it doesn't look like 2020 will be much better. 



One good thing is that mortgage rates remain at historic lows also. But the big challenge to the housing industry is the lack of homes available for sale. Last week, move.com released a report which stated:


“Last month saw the largest year-over-year decline of housing inventory in almost three years with a dramatic 12 percent decline, pushing the number of homes for sale in the U.S. to the lowest level since January 2018.”
The report also revealed that the decline in inventory stretches across all price points, as shown in the following graph:George Ratiu, Senior Economist at realtor.com, explains how this drop in available homes for sale comes at a time when more buyers are expected to enter ...

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Global Property Systems
Vanessa Saunders MBA MIMC CIPS - NYS RE Principal Broker
56 Lafayette Avenue Suite 320
White Plains, NY 10603
914-290-5258

image001.png The data relating to real estate for sale or lease on this web site comes in part from HGMLS. Real estate listings held by brokerage firms other than are marked with the HGMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker.

The information appearing herein has not been verified by the Hudson Gateway Multiple Listing Service, Inc. or the Hudson Gateway Association of Realtors, Inc. or by any individual(s) who may be affiliated with said entities, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose.

©2020 Hudson Gateway Multiple Listing Service, Inc. All rights reserved.

The data relating to real estate for sale or lease on this web site comes in part from MHMLS. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the MHMLS logo or an abbreviated logo and detailed information about them includes the name of the listing broker. The information appearing herein has not been verified by the Mid-Hudson Multiple Listing Service, Inc. or by any individual(s) who may be affiliated with said entity, all of whom hereby collectively and severally disclaim any and all responsibility for the accuracy of the information appearing at this web site, at any time or from time to time. All such information should be independently verified by the recipient of such data. This data is not warranted for any purpose. ©2020 Mid-Hudson Multiple Listing Service, Inc. All rights reserved.
The data relating to real estate on this website comes, in part, through the IDX of the Multiple Listing Service of Ulster County, Inc. Real estate listings held by brokerage firms other than Vanessa Saunders - Global Property Systems are marked with the IDX logo and detailed information about them includes the name of the listing broker.