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J. Rubinstein Team |
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Apartment Prices Are Down. So, What’s the Best Way to Finance… and When? |
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For many buyers out there, the wait is over. Apartment prices are down 10-20% from their big highs in 2017. Inventories are more robust. And mortgage rates have trickled down just a bit – to current 30-year rates closing in on 6%. New York real estate is favoring eager buyers – so this is an ideal time to discuss financing scenarios when all-cash isn’t an option. Are you familiar with a Mortgage Rate Buydown? A Mortgage Rate Buydown isn’t a new money-saving tactic, but it’s not trumpeted as loudly as it should be. In brief: you’re buying points to lower your interest rate. One mortgage point typically costs 1% of your loan amount and permanently lowers your interest rate by about 0.5%. For example, let’s say you’re considering a $2 million mortgage. If you’re willing and able to add an additional 2% ($40,000) to your closing costs, your mortgage rate can dip by as much as 1% - giving you a new rate in the low 5% range (or even the high 4's!)There’s always the option of refinancing. If a Mortgage Rate Buydown isn’t ideal for you - you can always secure a mortgage from y our lender at the lowest current rate and then refinance later when rates go down. Refinancing the mortgage on your house means you’re essentially trading in your current mortgage for a newer one with more favorable terms and lower monthly payments, which can save you tens of thousands of dollars over the long run. You can refi (that’s the lingo) with your current lender or go elsewhere. However, the upfront costs required for refinancing may mean the lower monthly payment isn’t worth your while. That’s why it’s important to understand the refinancing process and all of its monetary details. Waiting for the time that’s right for you. Buying a new home is a major undertaking, and every one of my clients approaches it at a different pace and with a full spectrum of emotions. This is not a time for hasty decisions. You want to feel truly happy about your new apartment. Patience can be a virtue. But you don’t want to miss out on a listing that earns most of your positive checkmarks. My clients count on me to carefully guide them through the many scenarios of home buying and financing. I look forward to sharing years of real estate expertise with you! |
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Shifting rates and herd mentality: How NYC traded a slow spring for a hot summer |
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Contracts jumped YoY as rates ticked down, triggering bidding wars and inventory concerns |
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My Newest Listings |
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New Development of the Month |
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96 North 1st Street |
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Focus on Design |
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New York planning officials are soliciting landscape architects to reimagine Park Avenue |
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“We’re putting the ‘park’ back in Park Avenue!” This is how New York City Department of Transportation (DOT) commissioner Ydanis Rodriguez is framing an improvement plan for eleven blocks in Manhattan |
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Recently Closed Deals |
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358 Douglass Street, 1 2BR Condo in Park Slope Status - Closed 216 Lincoln Road 4BR Townhouse in Prospect Lefferts Gardens Status - Closed 368 Third Avenue, 24B
New Development Condo with City Views Status - In Contract 11 Riverside Drive, 14ME Sunny Upper West Side 2BR Status - In Contract 148 West 23rd Street, 2HJ 2BR Chelsea Co-op Status - In Contract Spacious 2BR in Fort Greene Status - In Contract 28 Perry Street, 4W Pre-War Condo in the West Village Status - In Contract |
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This Month's Mortgage Rate Snapshot |
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*The rates below are based on a $3,000,000 Condominium Purchase with a 20% down payment |
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10-Year Adjustable Rate: 6.125% 30-Year Fixed Rate: 6.375%Data provided by Aaron Ritter of Citizens Bank |
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Q2 2024 Market Reports |
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Recorded Sales: |
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Justin Rubinstein is a 19-year veteran of the real estate marketplace, who quickly gained attention from industry veterans and clients alike as a motivated and knowledgeable professional whose focus is on providing the best customer service possible while negotiating and protecting his clients with dogged tenacity. This tenacity and hard work ethic has proven fruitful as he has successfully negotiated over $1B in real estate transactions to date. Justin has enjoyed representing buyers and sellers of trophy properties such as the Time Warner Center, 56 Leonard, The Apthorp, One Madison, landmarked West Village townhouses, and new development penthouses. In each instance, his clients come away from the experience with a strong appreciation for his dedication and expertise... read more |
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