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:
- 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.”
- 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.
- 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.
- Rates are Low. The average rate on a 30-year fixed mortgage is around 4%, which is still far below historical averages.
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