For years, housing advocates on Long Island have been pushing for more high-density units to help accommodate the increased need for affordable housing. However, that desire for high-density housing has met great resistance from many Long Islanders, who are concerned about the effect that high-density housing units might have on their communities and property values.
In New York, people seeking new homes have found themselves stymied by a lack of affordable housing. With inventory shortages across the state and demand for housing as high as ever, even lower priced properties find their prices rising.
Nationally, the average mortgage payment has been falling, according to the United States Census Bureau. This has brought the average mortgage payment to around $1500 per month, which is only slightly higher than the average monthly rent payment.
The first week of 2020 brought a resurgence in the housing market, starting the year off strong for mortgage applications. The rise in applications is credited to low interest rates, which have spurred an increase in both home purchases and refinancing by current homeowners. In fact, demand by new homeowners has risen to the highest level it has been since October 2009, according to the Mortgage Bankers’ Association.
Housing prices on Long Island have been on the rise for the past few years, due to a variety of factors. However, among the most significant factors in Long Island’s growing real estate prices is an ongoing inventory shortage in the housing market.
Joe Moshé says that he is relieved that the mortgage interest deduction was retained in President Donald J. Trump’s proposed tax plan, but the deduction for state and local taxes — in particular, Real Estate taxes — is huge for homeowners in highly taxed areas such as Long Island. According to Read more…
Long Island median home prices are up across all three counties. What’s even more notable is that housing inventory is down by 14.9%. When housing inventory is down – that means that homes are selling faster than they were a year ago.
Before you buy a house, it’s important to figure out if you can afford all the costs of a new home. We want you to be prepared, ahead of time – so you’re not shocked when something unexpected pops up. Here’s a handful of costs to be prepared for that you might not have known about.
First impressions count — not just for your friends, relatives, and the UPS guy, but for yourself. Whether it’s on an urban stoop or a Victorian front porch, your front door and the area leading up to it should extend a warm welcome to all comers. Here’s what you can do to make welcoming happen on the cheap.
From mortgage interest to property tax deductions, here are the tax tips you need to get a jump on your returns. Owning a home can pay off at tax time. Take advantage of these home ownership-related tax deductions and strategies to lower your tax bill: