Long Island Summer 2013 Market Update

Hi, everyone. I wanted to welcome you to the Miller Realty Group video blog. Our goal is to bring you updates and relevant information on today’s market to help you with your real estate needs!

What’s happening in our current market compared to where the market was this time last year?

Our market last year was slower than now. Although there were a huge amount of short sales and foreclosures, our Long Island market has decelerated. Most of the foreclosed homes have come off the market.

What many people have been talking about is the recent increase in interest rates and the ability to get a mortgage. Banks are still lending good money to those who are well qualified. The requirements are stricter, but if you have good credit and a reasonable down payment, lenders will work with you. We have seen buyers with a credit score of 650 and above getting a very reasonable rate on a 30-year-fixed mortgage.

Thank you for watching. If you have any questions, I along with anyone else at Miller Realty Group would be more than happy to help!