WHAT YOU CAN DO TO KEEP YOUR DREAM OF HOMEOWNERSHIP MOVING FORWARD

Even though NYC is on pause, we all know we well be back in action before we know it.

In the interim, many New Yorkers may be reviewing their finances and in need of guidance on HOW they can find opportunities in this environment and purchase a home. There are 3 main factors motivating buyers to want to buy in the spiring and diversify their investments though being a homeowner:

1) Your Purchasing Power is SO strong right now.

Since Freddie Mac’s Primary Mortgage Market Survey indicates interest rates for a 30-year fixed rate mortgage are forecasted to remain low throughout the rest of 2020, this could create a great opportunity for you to buy a home this year. That’s because the mortgage interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but it also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget.

2) The Rental Market will continue to rise.

With the unemployment rate rising due to COVID-19 this year, I’m projecting the rental market to rise as tenants find comfort in the flexibility of renting versus. If you’re early in your career, just starting to invest, or perhaps still saving for a downpayment, renting can offer a 12-24 month stable plan for you to live and plan for the future. If you’re currently an owner of a condo or a property with sublet potential, reviewing your options to make supplemental income on renting our your property can be a smart move.

3) Residential Real Estate is Secure Asset

The market will always have its waves of change, however owning a tangible asset such as Real Estate is something that is more secure than a stock portfolio. You have to be invested in the long term, and be prepared to ride the waves of supply and demand in order to acquire appreciation on the space, the view, and a home in one of the world’s most iconic city - New York City. If you’re future financial planning allows for you to be invested in our NYC Community for at least 7-10 years, I’m optimistic that entering into the real estate market NOW as there is uncertainty and low interest will lead to greater appreciation and value.