Central New York Housing News

10 Reasons to Buy a Home

Now is a great time to buy! And, what's more, tomorrow will be a great time to own, because the fundamental strength of homeownership hasn't changed.

Why is now a great time to buy? Here are 10 reasons:

SONYMA Mortgage Rates Reduced to Lowest Level in 40 Years

Affordable Rates Will Help Encourage Sustainable Homeownership as Part of New York State's Housing Recovery

The State of New York Mortgage Agency (SONYMA) is now providing the lowest interest rates ever offered for its two primary programs in the agency's 40-year history. SONYMA's core program, the Low Interest Rate Program is now being offered at a rate of 4 percent and it's Achieving the Dream Program, for low-income first-time homebuyers, is being offered at 3.5 percent.

Pending Homes Sales Rise

Following a sharp drop in the months immediately after expiration of the home buyer tax credit, pending home sales have modestly risen, according to the National Association of Realtors®.

The Pending Home Sales Index,* a forward-looking indicator, rose 5.2 percent to 79.4 based on contracts signed in July from a downwardly revised 75.5 in June, but remains 19.1 percent below July 2009 when it was 98.1. The data reflects contracts and not closings, which normally occur with a lag time of one or two months.

5 Reasons Homeownership Trumps Renting

The seemingly endless run of bad housing news is discouraging some potential home buyers from considering a purchase. But the truth is that the advantages of homeownership have very little to do with investment gains. The best things about owning a home have a lot more to do with personal comfort and satisfaction.

Here are five of them:

Housing Market Update & 2011 Forecast from National Association of REALTORS

Lawrence Yun, National Association of Realtors, Chief Economist & Senior Vice President gives housing market update and forecast for 2011 on C-SPAN

Click here to watch the C-SPAN video

Homeownership and Stable Communities Go Hand-in-Hand

Homeowners are more active in their communities, benefit from improved education opportunities, and report higher levels of self-esteem and happiness when compared to renters, according to leading research. A new report from the National Association of Realtors®, Social Benefits of Homeownership and Stable Housing, explores the impact of stable housing and the positive social outcomes resulting from homeownership.

5-year Adjustable Rate Sets Record Low

McLean, VA - Freddie Mac (OTC: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), and again, the fixed-rate mortgages reaching, along with the 5-year adjustable rate, set record lows for this survey. (The 30-year fixed-rate survey began in 1971, the 15-year began in 1991, and the 5-year adjustable in 2005.)

Rebirth of a City

Rick Destito knew exactly what he was getting into when he bought a rundown, three-story Victorian house in one of the poorest neighborhoods of Syracuse. Built in the 1890s but left abandoned for years, the place was in serious disrepair: graffiti and mold stained the exterior, the windows were gone and the roof needed to be replaced. But under an innovative local housing program, he paid only a dollar for the place - plus another $60,000, and his own skilled labor, to make it suitable for his family, including a one-year old girl and a baby on the way.

20-Year Mortgages Cut Interest Significantly

Buyers with the ability to stretch a little might consider a 20-year fixed-rate mortgage instead of the traditional 30-year, suggests CBS Money Matters' financial adviser Ray Martin.

Martin points out that a $200,000 mortgage with a 30-year term and an interest rate of 4.75 would have a monthly payment of $1,043 and the total interest over the life of the loan would be $175,600.

The same mortgage with a 20-year term at 4.5 percent would have a monthly payment of $1,265 with total interest over the life of the mortgage of $103,670.