High Mortgage Rates Push Average Buyers Out of New York City
In recent times, the real estate market has observed a notable shift, particularly in Manhattan, where an unprecedented surge in cash transactions for home purchases has been recorded. This trend, accentuated by mortgage rates hovering around the 6 percent mark, showcases a significant barrier for prospective buyers without substantial financial backing. The last quarter of…
Understanding the Importance of Escrow Accounts in Commercial Real Estate Transactions
Escrow accounts play a crucial role in the buying and selling of commercial real estate. They are a mechanism used to hold funds and important documents related to a transaction until all mutually agreed-upon aspects of the sale are completed. In this article, we will delve deeper into the purpose of temporarily holding accounts, how…
The Real Estate Closing Process in New York: A Comprehensive Guide
Understanding the real estate closing process in New York (NY) is pivotal for any prospective homebuyer or seller, whether you’re interested in a house, condo, or commercial property. It’s a multifaceted procedure that involves several key elements: hiring a lawyer, understanding mortgage terms, and acquainting yourself with potential fees and the Property Records of New…
Will You Be Throwing Away Your Money if You Buy a House in 2022-23?
With the current state of the housing market, buying a home may seem like a costly decision. Home prices are soaring, and competition among buyers is fierce. Some argue that buying a home right now is like throwing away money. In many cases, the cost of buying a home, including the down payment, closing costs,…