Author: barthorowitz

Makes Great Financial Sense To Buy A Home Today

There is more and more research coming out showing that it makes great financial sense to purchase a home today . Whether it be rent vs. buy ratios, income-to-price ratios or income-to-mortgage payment ratios, purchasing a home right now is a bargain compared to historic norms. Now we want to look at the COST of a home today compared to pre-peak prices. According to the most recent S&P Case Shiller price index, residential real estate values have returned to 2003 1Q PRICEs. That, in itself, says something. However, when you factor in mortgage rates, the case for buying a home today becomes even more compelling. In 2003, 30 year mortgage rates stood at 5.88%. Today, they are 4%. How does that impact the actual COST of a home? On a home purchased for $250,000, here is the difference in monthly cost: That means you save $285.30 a month, $3,423.60 a year and $102,708 over the life of a 30 year mortgage! You buy the home for the same PRICE but the COST is over $100,000 less. Bottom Line This is why so many financial advisors are saying that this may be one of the greatest times in history to purchase a home. — Reposted with permission of Keeeping Current Matters   About The Staten Island Board of REALTORS® (SIBOR) The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in...

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Staten Island Board of Realtors (SIBOR) Wishes Everyone a Happy and Healthy Thanksgiving

  About The Staten Island Board of REALTORS® (SIBOR) The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y. SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property. Comprised of over 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas. SIBOR is the provider of the Staten Island Multiple Listing Service (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year. All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR). SIBOR may be reached at 718-928-3220 and visited online at http://siborrealtors.com/. Media Contact: Barton Horowitz Relevant Public Relations, LLC Headquarters: 718‑682‑1509 Mobile: 917‑715‑8761 Email:...

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Staten Island Board of Realtors: Shop Wisely When Seeking A Mortgage

STATEN ISLAND, N.Y. — Comparison shopping  for a home loan or mortgage will help you to get the best financing deal. The Staten Island Board of Realtors (SIBOR) suggests  consumers remember that a mortgage is a product. From the perspective of The Federal Reserve Board, shopping for a mortgage — whether it’s a home purchase, a refinancing, or a home equity loan– is no different than buying a car, so the price and terms may be negotiable. You’ll want to compare all the costs involved in obtaining a mortgage. Shopping, comparing, and negotiating may save you thousands of dollars. When shopping for a mortgage, the Federal Reserve recommends consumers do the following: Obtain information from several lenders Obtain all important cost information Obtain the best deal that you can Remember: Shop, compare, negotiate For additional information on mortgage shopping, log  onto http://www.federalreserve.gov/pubs/mortgage/mortb_1.htm. About The Staten Island Board of REALTORS® (SIBOR) The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y. SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property. Comprised of over 1,800 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas. SIBOR is the provider of the Staten Island Multiple Listing Service...

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Staten Island Home Sales Leap Nearly 14 Percent In 3 Month Year-to-Year Comparison

FOR IMMEDIATE RELEASE: MONDAY, NOV. 21, 2011 Staten Island Home Sales Leap Nearly 14 Percent  In 3 Month Year-to-Year Comparison     Home sales under contract for the same period rise a whopping 21.2 percent STATEN ISLAND, N.Y.  – On Thursday, hundreds of Staten Islanders can celebrate Thanksgiving in their new homes for the first time. According to the latest report from the Staten Island Board of Realtors (SIBOR), home sales on Staten Island soared 13.8 percent over the combined months of August, September and October, as compared to the same period one year ago.  “I see this as a very promising sign for the local market, particularly with continuing appraisal and lending guideline issues that have made the lead time to complete a transaction longer than we have ever seen them,” said Sandy Krueger, SIBOR CEO. In addition, home sales under contract for the same period have risen a whopping 21.2 percent, signaling optimism for continued growth within the Island’s real estate marketplace.  “This is the most promising number in this month’s report and it is consistent across all residential property types,” Krueger said. Viewing the whole of the Northeast, the National Association of Realtors (NAR) reported a 6.8 percent rise for the region in September, as compared to the same month in 2010.  Nationally, existing-home sales were down in September on the heels of a strong gain in August,...

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The Truth About Staten Island: Deal Is Closed On Borough’s Home Port

STATEN ISLAND, N.Y. —  Ironstate Development Co. of Hoboken, N.J., will redevelop the approximately seven acres of the Homeport in Stapleton, Staten Island. The Staten Island Advance ans SILive reported yesterday that Borough President James Molinaro  has “confirmed …  the $11 million sale and transfer of ownership has taken place. Ironstate has pursued the acquisition since 2009.” According to the Ironstate Development Co. Web site, the plan calls for a transformation of the decommissioned U.S. Naval Base site into a green development with approximately 800 residential housing units, new stores and a public plaza, creating more than 1,100 construction jobs and 150 permanent jobs. New York City was to invest $33 million in this first phase of development of the Homeport site for infrastructure improvements and a new waterfront esplanade that will provide community access to the waterfront. Ironstate Development’s plan called for the buildinging of two residential buildings up to six stories tall each designed to complement the character of the community. The complex will feature ground-floor retail accompanied by wide sidewalks and a public plaza for outdoor dining and to encourage pedestrian activity and public gatherings. Ironstate intends to capitalize on the Homeport’s tremendous transportation links and unique waterfront location to create an extraordinary new asset for the citizens of Staten Island. — Staten Island Board of Realtors About The Staten Island Board of REALTORS® (SIBOR) The Staten Island Board of...

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