Today, the main thing on everyone’s mind is the state of the economy as well as the state of the real estate market. Well, statistics are showing thar in September alone there was an 8% reduction in prices of homes on the market. So what does that mean to home sellers and to buyers?

It means that sellers have to be ready to accept today’s reality. You can’t expect to sell your home for what was top dollar 6 months ago, a year ago, or two years ago. Prices have changed. And the buyer pool has no confidence in the market. So to get buyers to your house, now more than ever, you must price your house right!

When you are ready to price your house make sure your broker checks the comparables of houses currently on the market. Don’t look at sale prices unless they are absolutely current. Price your home a bit lower than the lowest current listing price. And if you don’t get showings or if buyers don’t come back or make offers, you know you are priced too high. Lower your price until you get offers.

Buyers, now is the time to buy! Prices are good and interest rates are at an all time low. On a 30 year fixed rate conforming loan the rate is 5._  which you can buy down with points to 4.78%.

And if anyone out there needs cash, now is an excellent time to refinance at these low rates. We can also help you with loan modifications and short sales.

Now here’s a question for you. Do you think that the low interest rates will help jumpstart the market? Will this be good for the economy in general?

Looking forward to hearing from you.

Chanita and Akiva Teitz

Astor Brokerage and Astor Funding

718-263-4500

During the first week of January, in the NYC area, tax assessments are mailed to homeowners. This is the city’s assessment of the value of your home and the city uses this assessment to determine your real estate tax for the year.

In order to arrive at an assessed value, the assessor’s office studies comparables of houses sold similar to yours and in your vicinity going back one or two years. In an “up”

market, where values keep rising, the assessment usually is less than the current market value of your home. But in a “down” market like we have now, these comps may be overpriced compared to today’s actual sale prices.

So when you get your assessment, check it for accuracy. Make sure your property size and building size are correct. Make sure your zoning is correct. Then check the value. Based on sales in the area are you being over-assessed? Check with your neighbors. Are they being assessed for the same amount?

If you think you are being over-assessed call me. I can help you get the forms you will  need to contest the assessment and possibly lower your real estate tax.

Remember to call me at Astor Brokerage, 718-263-4500 and visit our website at www.astorbrokerage.com  for information on our listings as well as other helpful information and links.

Until next time,

Chanita Teitz