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With the extension and expansion of the tax credit for first-time and move-up home buyers*, there truly may not be a time like now in which to make your move into a new home. While buying a home is one of life's most important investments and exciting adventures, there's much more to it than picking out the perfect floor plan. Even experienced buyers can find the process a bit complex and overwhelming. That's why the time you spend preparing yourself before you start your search can be the best investment you make in your new home.

Westchester's municipalities collect property taxes, about 16 percent of which goes to directly to finance county government.

The county has more than 25 assessing jurisdictions that impose additional property taxes. In almost every municipality in Westchester, the property tax levy is based on a house's valuation assessment. In order to distribute the county tax burden equally by community, state law requires New York State's Office of Real Property Services (ORPS) to set an equalization rate, which seeks to measure the relationship of locally assessed values to an ever-changing real estate market.

 

Is Buying a Foreclosure Really a Bargain?

In today's tumultuous economy, it's no surprise that there are foreclosure properties to be found in just about every community across America-even ours in Westchester. While a terrible hardship for homeowners to endure, foreclosures can present a unique opportunity for first-time home buyers and investors looking to purchase a "bargain-priced home" with the potential for building instant equity.

1. Get - and stay - clear on what "bargain" actually means. Learn the difference between the asking price and the fair market value of a home. Many buyers think a bargain is any sale price below the asking price. But a home's asking price is an indicator of the seller's intention, and can be roughly the same as, greater than or less than the actual market value of the home. In fact, a bargain is a home that you buy at a discount from the fair market value, or one you get with some other perks. If the list price is set high, a below-asking sale price could still be above-market, and if it's set low, you could pay more than the asking price and still get a great deal!

 

RISMEDIA, August 2, 2010-The lending landscape has changed quite drastically over the past several years. Practices, approvals and standards that were once widely accepted have either vanished or transformed beyond the point of recognition. Many banks, which were once extremely careless with their loan underwriting techniques and approvals, have dug themselves into a significant hole that will take many years to climb out of. Promotions such as "100% Financing" and "No Doc Loans" were both major contributors to the financial crisis banks and consumers are facing today.

Finding your dream home can be difficult without preplanning. Have a look at our free, downloadable form here:

icon downloadHome Buyer's Wish List

 

Residential Real Estate Sales

Westchester County, NY

 
Westchester Top 5 Real Estate

2009-2010 Top 5

Top Real Estate Agent Award

Westchester Magazine Top Realtor

2010-2011 Westchester Top Realtor

Westchester Magazine Top Realtor Award

For more information about fair housing practices, please visit the HUD website.


Bonnie Koff  |  Licensed Associate Real Estate Broker  |  William Raveis Legends Realty Group  | Tarrytown Office 
914-332-6300  |  37 Main Street, Tarrytown, New York 10591  |  Email