Real Estate in New Jersey
Real Estate in New Jersey
is a very valuable commodity.
Whether you are referring to North NJ, Central NJ or South
NJ; real estate in New Jersey has a tremendous amount of
value. This is if you are interested
in selling or buying.
This is from a recent article from
Greek News
New York.- By Apostolos
Zoupaniotis
Lyons Mortgage Services, an active secondary market and portfolio lender
for both residential and commercial real estate transactions, held on May
15th a successful evening networking event, for real estate investors and
professionals. Guest speaker was FannieMae’s Vice President and Chief
Economist David Berson, who spoke on the recent Economic and Mortgage
Market Developments.
David W. Berson reports directly to the senior vice president –
Corporate Strategy and he is responsible for managing the economics
department; forecasting and analyzing the economy, interest rates, housing
and mortgage finance markets, and advising Fannie Mae’s chairman and
senior management team on finance, economic, tax, and housing policy
issues.
He is also a senior participant in the
company’s strategic planning process.
Berson characterized economic data as mixed,
suggesting a slowing from the rapid pace of the first quarter, but still
probably somewhat over trend worth.
Inventories of unsold homes continue to
mount, as sales soften. Long term interest rates continued to rise over the
past month, climbing to almost four-year highs. The FOMC tightened in
March, with financial markets looking for two more moves this year.
Serious delinquency rates jumped in the
fourth quarter-mostly, but not totally, because of problems in the
storm-affected regions of Louisiana, Mississippi and Alabama. Additionally, some home price
gains continue to slow.
Petroleum product prices have risen over the
past month. Still, core inflation appears to be unaffected by this hike.
Strong economic growth in the first half of
the year is expected to slow to slightly below trend rates over the second
half of the year, in response to headwinds, buffeting the economy.
The Fedral Reserve is expected to tighten
two-to-three more times this year, but long-term rates shouldn’t rise
by as much.
Home sales are projected to fall by nearly
10 percent in 2006 in reaction to investor pullbacks and lower
affordability.
Mortgage originations are forecast to
decline by more than 23% to $ 2.21 trillion in 2006. After four years of
double-digits, MDO growth should cool to a still-strong 9.1%.
LYONS SERVICES
Lyons’
CEO, Edith O’ Donnell, welcomed the quests and the speakers and presented
her partners, Chairman of the Board George Sophocleous, and Nicos Tziazas,
President.
Lyons Mortgage Services is a full-service
mortgage banker and a Fannie Mae seller-servicer, lending in New York, New Jersey
and Connecticut.
“We have had a unique relationship
with Fannie Mae over the years and are grateful for the wonderful
opportunities that relationship has afforded us. Fannie Mae truly helps
lenders such as Lyons
open the door to home ownership to meet diverse consumer needs. We have
been fortunate to pilot many products, such as 40-year loans,
interest-first mortgages, expanded cooperative guidelines, as well as
mixed-use property financing, which are designed to help both homebuyers
and investors achieve their goals”.
She said that theme of the evening,
“Trends in Urban Development…Capitalizing on Key
Opportunities,” is pertinent to everyone.
“Whether one is purchasing his first
home or building a ten-story residence, the goals are the same: to obtain
the appropriate financing to achieve ownership of that property. For we
know that it is not just through home purchases that this economy survives;
it is also necessary to help the builders and renovators provide more
affordable housing for all, which is accomplished by providing construction,
rehabilitation, and multi-family lending as well”.
Speaking of Lyons, she explained that they have
developed “a network of “Trusted Advisors,” which
includes accountants, architects, attorneys, builders, developers,
realtors, and financial consultants, with whom we have established a
relationship based on similar long term interests and mutual respect. We
have earned this trust over the years, by providing the service and support
to help our clients. Without relationships such as these, we could not accomplish
our mission. Our commitment is simple, to provide the services necessary to
meet the diverse needs of our business partners and customers, through a
combination of innovative financing and technology, which helps all of us
to be more productive and efficient. We all know that the way we are doing
business today is different from yesterday and that it will be not be the
same tomorrow.
The ultimate objective of all concerned is
to help both the homebuyer and the developer achieve their personal and investment
goals—to reach the American Dream!”
Tip #23
Home Buying Tip, Big Ticket Items:
Before you buy a home
you should avoid buying any big ticket items. When this is found out during the credit
process or reporting it can make mortgage banks nervous.
Even if you will be able to get a loan, you might not be able to get
the best available interest rate.
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Tip #24
Home Selling Tip, Listing Right:
A common mistake when people list their house (especially in a
buyers’ market) is list the house at a high price that they
don’t anticipate to sell it at.
They figure that if they get it then GREAT but if not they can
always lower the price.
This is not a good practice because what mostly happens is it will
stay on the market for a while and make potential home buyers nervous because
it’s been on the market so long.
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