March was a record-breaking month for the housing market, with the worsening imbalance between supply and demand pushing median home prices and buyer offers to new highs. The national median home price rose 17 percent year over year to $353,000 — a new high according to Redfin’s latest market analysis published on Thursday.   Despite skyrocketing home price growth and dangerously low inventory levels (-25 percent y-o-y), homebuyers were out in full force. The average listing sold within 25 days, and nearly half of those listings sold above the asking price (42 percent). No home sold below the asking price, with Redfin’s average list-to-sale ratio surpassing 100 percent forRead More →

First time home buyer FAQs - queens real estate

  Mortgage credit availability increased in March, opening the mortgage market up to more borrowers. This was driven by an improving economy and job market recovery.The mortgage market is opening up and mortgage credit availability increased due to the recovering job market and economy. The Mortgage Bankers Association’s Mortgage Credit Availability Index increased by 0.6 percent to 125.4 in March. A decline in the MCAI indicates that lending standards are tightening, while increases in the index are indicative of loosening credit. The index was benchmarked to 100 in March 2012. Broken down by loan type, the Conventional MCAI increased 0.8 percent, while the Government MCAI increased byRead More →

While some Easter egg hunts and photos with the Easter Bunny have been cancelled (again) because of Covid-19, some are happening! Manhattan NYC Virtual Easter Parade The city’s festive annual Easter Parade will be virtual for the second year in a row to keep things Covid-19 safe.  But you can still claim glory by posting your best Easter bonnet and finery to Instagram. Tag it with #EasterOnFifth by 5 p.m. on Easter Sunday, April 4. Winners will be announced at 6 p.m. The prize? A one-night stay in a deluxe room at the Pierre Hotel on Fifth Avenue, plus a continental breakfast for two. ForRead More →

A new report shows that New York City is getting a head start on the spring home shopping season. According to StreetEasy.com, the number of homes going into contract in February in New York City reached near record highs in all of the boroughs analyzed. This year, home prices fell dramatically compared to what they were in 2020 before the pandemic. “We’re now a year into the pandemic, and for many buyers, it’s been a year of window shopping and waiting for the right time to make a move on a home,” said StreetEasy Economist Nancy Wu. “With prices coming down, an abundance of homesRead More →

U.S. mortgage rates rose again slightly this week, according to Freddie Mac. The 30-year fixed mortgage rate averaged 3.05% for the week ending March 11 — up from 3.02% last week. Over a month ago, mortgage rates hit 2.65%, which was the lowest since tracking began in 1971. A year ago, mortgage rates stood at 3.36%. Low mortgage rates help propel U.S. home sales and the refinance market. “As the economy improves given labor market optimism, continued vaccination roll-out and additional stimulus pending, mortgage interest rates increased this week,” said Sam Khater, Freddie Mac’s chief economist. “But even as rates rise modestly, the housing market remainsRead More →