Real Estate Update

There is often conflicting information in the news regarding real estate. As always it is necessary to take a closer look and determine what is really going on in your local market. Standard & Poor’s Case Schiller Index in their most recent report showed sales down for November. Keep in mind that these closed sales for November reflect contracts put in place in July-August when the economy definitely felt some extreme volatility. The good news is thatthe number of contracts signed for homes purchased in Queens and Long Island were up 5.2% in December 2011 over December 2010 numbers(per Multiple Listing Service of Long Island)..The affordability index has increased in Queens 3.3% over the past year again because of the combination of adjusting home prices and decades-low interest rates. This signals that purchasing a home or apartment is more affordable than in the past.

It was reported on a recent Today Show segment with Money Magazine that prices will soon reach bottom and then increase 2% over the next year, 3% the next and then 4%in the following year. Buyers who feel confident in their job situation and with their “financial house” in order will want to take advantage of this terrific time to buy. Be sure to check out your credit scores atwww.annualcreditreport.com to see sites where you can check for free. Those with credit scores at 760 or above will be able to take advantage of the best interest rates offered.