Benefits of an Exclusive Buyer’s Brokers

In today’s wired world, there are countless resources and guides for prospective buyers to refer to. However, nothing can compare to having an experienced professional advising you on the best practices and hidden risks of purchasing a property. Having a professional on your side for a purchase that carries as much financial weight as it does emotional could save you unforeseen time and money. The stakes are high, so let’s first understand the role of brokers. A buyer who contacts a broker to view a listed property is the listing broker’s customer. The listing broker, who has a fiduciary responsibility only to his client – the seller, is obligated to put the seller’s interests above that of all other parties. Your most important investment deserves the same level of professional attention. An exclusive buyer’s broker will not only examine your cost vs. price, identify what you can afford and show you appropriate properties, he will help you weigh the many issues and circumstances that determine the best approach to negotiating the perfect property. This means your broker will fully consider your interests and nothing else. Having this invaluable asset when purchasing is a win-win – requiring little or no investment. Here are just a few reasons why buying with The FARE Group® is the smartest choice when choosing the right broker for you: BEST PRACTICES: Buying a home usually requires inspection reports, mortgage documents, insurance policies, deeds, contracts, etc. Your FARE Agent will help you prepare the best deal, and avoid costly delays or mistakes. INSIGHT & EXPERIENCE: Most people buy only a few homes in a lifetime, usually with quite a few years in between each purchase. And even if you’ve done it before, laws and regulations change. In addition, there are many negotiating factors including price, financing, inclusions, exclusions, etc. We have experience navigating through various types of real estate transactions and having an expert by your side is critical. EXTENSIVE RESOURCES: Sometimes the property you are seeking is available but not actively advertised on the market. The FARE Group® has the resources, know-how and time to find and investigate all available properties that fit your criteria. Additionally, The FARE Group® has access to over 30,000 property listings through its Residential Listing Service (RLS) and Multiple Listing Service (MLS). OBJECTIVITY: A home often symbolizes family, rest, and security. Because of this, the process can be emotional for most people. Having a concerned, but objective, person by your side will help you stay focused on the issues that are most important to you. Our agents play this role while providing objective information about each property. CODE OF ETHICS: The FARE Group® is a member of the Real Estate Board of New York (REBNY) and the Hudson Gateway Association of Realtors® (HGAR). Not all real estate practitioners are members of these prestigious real estate associations whose members subscribe to a strict Code of Ethics, based on professionalism and protection of the public. As a customer of The FARE Group® you can expect honest and ethical treatment in all related matters. Your perfect property is waiting for you! Let a FARE Agent walk you through the process TODAY!  

Home Sales Hit A 2-Year High!

The sales of existing homes hit a 2-year high last month. That, along with an increase in new home sales, reflect signs that the housing market recovery is gaining momentum! According to the National Association of Realtors, existing home sales increased by 7.8% - the fastest rate since the market was stimulated by the homebuyer tax credit in May 2010. In addition, the median price for existing homes rose 9.5%. The sale of new homes, according to a separate report from the Commerce Department, increased by 2.3%. An increase that is expected to rise and contribute to the growth of the economy for the first time since 2005. These signs along with the Federal Reserve’s new program to buy tens of billions of dollars in mortgage-backed securities is expected to keep the market moving in a positive direction – one that will climb well into 2013. While the economy still struggles with unemployment, these improvements are sure to increase consumer confidence and demand. With average interest rates down to 3.72% for a 30-year fixed mortgage, consumers who had postponed buying in the last few years have begun moving into the housing market. This new data will surely continue that trend.

The Renter’s Dilemna: Buy or Rent?

Thinking of returning those gorgeous Louboutin shoes because the rents are going through the roof? Yes, Manhattan renters are being hit with, yet, another decrease in their wallets. Tribeca, Harlem and Soho renters are a few of the worst hit by the rising rental rates. Neighborhoods like Harlem have seen a rising trend in rents for the last couple of months. Some of you have started wondering if it’s time to become a homeowner. Let’s briefly explore that option together.... For some, renting means a simpler life: no mortgage, reduced monthly costs and increase in short-term savings. However, buying can provide you with more rewarding benefits: control over your own home, a fixed* monthly household debt and long term savings. No longer at the whim of your landlord’s demands and ever-increasing rental rates, you’ll enjoy a sense of freedom and stability. Since you’re likely returning those “red bottoms” anyway, why not consider a long term investment in your future. The pride and benefits of owning your own home can provide much greater rewards than those fabulous, yet short-lived shoes anyway! Take a look at this Rent v. Buy scenario:

Rental rate and sales price are reflective of a typical one bedroom in Harlem.

Here, we compare the financial implications of both renting and buying a one bedroom in Harlem. With annual rent increases, the debt obligation for renting is virtually the same as owning over the course of 5 years. However, buying alone allows you to benefit from the property's appreciation in value. With property values and mortgage rates at record lows, now is the perfect time to buy! If you’re ready to make an investment in your future and to take advantage of the sweet freedom that comes along with it, contact a FARE Agent today to explore your options.   We look forward to helping you find the perfect home! * Assumes a fixed-rate mortgage. 2 Mortgage debt only. Assumes 5% down payment and 4.5% mortgage interest rate.  Does not include Home Owner Association (HOA) fees, if any. 3 Rent payments over 5 years.  Assumes a rent increase of 5% each year. 4 Mortgage payments over 5 years.  Includes $18,750 representing the assumed 5% down payment. 5 Assumes a 4% rate of appreciation. 6 Profit after down payment, buyer’s closing costs upon the purchase and seller’s closing costs upon the sale of said property after 5 years. PLEASE NOTE: These are only estimates offered to help provide a general sense of costs. Please confirm actual costs for specific transactions with your mortgage, tax and/or legal professional.

What You Can Buy Under $285K!

A Glimpse of New York Real Estate... Upper East Side - Manhattan East 70's - Studio/1BA | $275K Great, move-in studio apartment with a full length wall unit which contains lots of drawers, closet space and Queen-sized Murphy bed.  Building amenities include common roof deck, courtyard garden, on-site garage, bike room, laundry room and common storage.  Appoximately 450 SF. West Harlem - Manhattan Riverside Dr - 3BR/1BA | $278K Pre-war 2 bedroom apartment with a dining room that can be converted into a 3rd bedroom.  High ceilings, hardwood floors and original details throughout.  Partial renovation is needed.  Blocks from 1 train. Approximately 1196 SF. New Rochelle - Westchester Inwood Pl - Single Family/ 2BR/1BA | $250K Charming 2 bedroom, detached house with driveway. Close to the Pelham border and down the street from Glenwood Lake. Appoximately 1040 SF. Mount Vernon - Westchester Lorraine Terr - 3BR/2BA | $234.9K Totally renovated 3 bedroom, 2 bath Condo. New Kitchen, new baths, new hardwood floors, large open living and dining rooms. Approximately 1296 SF. Riverdale - NW Bronx Broadway - 2BR/1BA | $265K A beautiful, fully renovated 2 bedroom, 1 bath Coop with No Board Approval! Huge living room, open kitchen with stainless steel appliances & marble countertops, hardwood floors and walk-in closets. Close to shops and restaurants. Approximately 1000 SF. Wakefield - NE Bronx Kingsland Ave - Single Fam/ 3BR/1BA | $249K Lovely, completely Renovated 1 Family Home with Large Backyard and Basement.  Approximately 1190 SF. These properties are  not the "Exclusive" listings of The FARE Group.  The FARE Group has access to these properties through our VOW & IDX. All information is deemed reliable but not guaranteed.

Purchasing a Condo in a New Development

If you are on the market for a Condo and are seriously considering purchasing in a new development, please read this article as it explains some of the pitfalls and additional costs associated with it.  Further, use our closing cost calculator to help you determine the additional costs in doing so. Please feel free to contact a FARE Agent for more information on this or any other questions you may have on the process!  We look forward to hearing from you! Enjoy....

Mortgage Rates Fall Below 4% – Lowest on Record

The average 30-year mortgage dropped to 3.94% last week according to Freddie Mac’s weekly rate survey released on Thursday. Freddie Mac says the rates are the lowest since its survey began in 1971 when rates for 30-year mortgages were as low as 4%, but not lower. This can result in considerable savings for buyers. Take advantage of the opportunity and contact a FARE Agent to get started!