Hi all, hope you’re doing well! We just wanted to share some information that we thought you might find helpful. We’ve been monitoring the market closely and discussing several topics that affect NYC homeowners so if you are a Brooklyn homeowner, you may find this data insightful.
First thing we wanted to share is a blog post we wrote which is a simple guide to FHA home repairs. If you’re thinking of selling your property, now or in the future, knowing about common FHA repairs is a good place to start. If you know your property has one (or some) of these issues, you can work on taking care of them now. Otherwise, at least you’ll have a heads up of things that a bank may require to be addressed. If you need any recommendations for home pros to address issues, feel free to reach out.
The second thing we wanted to share was an article that speaks about home affordability and the fact that it has recently neared an all time low due to the rising home prices and rising mortgage rates. It’s a pretty interesting read, especially considering that the percentage of median income required to make monthly mortgage payments (principal & interest) is now at 32.5%. That’s within 1.6 percentage points of the all time high 34.1% payment-to-income ratio seen in July 2006.
The third thing we wanted to share was a podcast/audio file which we recently came across. It’s actually a podcast series created by the Department of Housing, Preservation, and Development (HPD) and in it, they talk about housing code violations and what homeowners must do in order to resolve them. It’s pretty insightful, especially if you currently have open HPD violations. Take a listen and let us know if you have any questions.
Well, that’s it for this month. Thanks for reading and for staying connected. As always, if you have any questions, need any advice, or could use some recommendations, please don’t hesitate to Contact Us!