What You’ve Got to Know About Buying a Home in 2015

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Buying a home on Long Island isn’t not as difficult as it was a few years ago. The dynamics of the real estate market have changed over the course of the past 5 years, making it a good time to buy.

If you’re a first-time buyer or you’re in the market to buy a home, 2015 is as good a year as ever. Home prices on Long Island have stablized and you can find some good deals out there.

Here’s 4 viable reason as to why 2015 is a good year to buy:

  1. Looser Mortgage Credit. After years of hyper-cautious lending, more mortgage lenders are starting to relax credit and underwriting requirements, which are also known as “overlays.”
  2. Lower Down Payments. Fannie and Freddie Mac are lending with just 3% down. That lower benchmark, coupled with loosening credit standards, will likely help more first-time buyers enter the market. Buyers will need at least a 620 FICO score and be on the hook for private mortgage insurance. There are certain requirements so be sure to speak with your lender.
  3. Home Prices Remain Stable. According to the Multiple Listing Service of Long Island, the closed median home price for April 2015 is $375,000 which is a 5.6% increase over last year.
  4. Rates are Low. The average rate on a 30-year fixed mortgage is around 4%, which is still far below historical averages.

 

Joe Moshe
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Joe Moshe

Joe Moshe is the Broker/Owner of Charles Rutenberg Realty Long Island, offering 100% commission to Agents. With over 1000 agents, it's one of the fastest growing, most progressive real estate brokerages on Long Island.
Joe Moshe
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