Real Estate Blog
Tuesday, April 12 2011
Real Estate Question of the Day:
Sounds a bit counter-intuitive, right? Well, here’s the inside story:
Last week, the Multiple Listing Service of Long Island posted its latest figures, covering the month of March. One of the stats that came to light was that for
Joseph E Mottola, the CEO of the Multiple Listing Service of Long Island put it this way:
“The number of contracted sales this March compared to last March is encouraging because current numbers reflect activity in an unsubsidized market without federal incentives in place.”
Another very telling piece of information from MLS is that for
Finally, as we reported last month, housing affordability--which factors in mortgage rates, housing prices, and income--is still very high. (See the graph below.) This points again to the tremendous buying opportunity that exists right now. There is still plenty of inventory from which to choose, and mortgage rates, although trending up, are still low. In addition, many observers expect that mortgage qualification guidelines are likely to become even more stringent, and that a down payment of 20% could become the norm.
For potential buyers who are still on the fence, or potential sellers who are contemplating moving up, I have only one question:
“If not now, when?”
As always, I am committed to keeping you abreast of market conditions. As a nationally recognized real estate expert with decades of professional experience, I’ll continue to provide updated information. For additional data, visit www.Ardolino.com, where you’ll also find my blog. If you need help understanding how real estate news affects you, call me at 631-941-4300 or e-mail: Michael@Ardolino.com.
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