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LI RE Experts
Market Facts
2.9% Fee
Long Island's Real Estate Experts

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Bringing Buyers and Sellers Together For Over 20 Years


If you are considering selling your home you should know the inventory of homes for sale in our area is very low. As a result buyers are actually paying more for homes due to competition among buyers to purchase a home. Homeowners are building more equity in their homes allowing them to finally make plans they have been putting off for years. Our 2.9% commission plan can also save you thousands!!!

We introduced our 2.9% Commission Plan to give today's home sellers an edge. We provide the same Full Service including MLS placement, strong Internet presence, open houses, brand recognition, advertising in Newsday, full color brochures, yard sign and much more.

We would like to invite you to contact us for a free knowledge-based consultation to learn how our customized marketing plan will get your home sold. Sellers need a combination of printed advertising coupled with web and mobile technologies to reach today’s buyer. We will design a web site specifically for your home so buyers can take a virtual home tour or connect to local school and community information. This unique web site will be used to promote your home on Facebook and other web media such as Trulia, Zillow and Redfin. This is only a sample of the latest promotional tools we use to get buyers to your door.

We pride ourselves on delivering consistent, predicable results - guaranteed. For this reason we have sold hundreds of homes throughout Long Island.We will pre-approve prospective buyers, negotiate terms that are favorable to you and keep you updated on all elements of the transaction. Let us guide you step-by-step through the process of receiving the best price obtainable for your home in the shortest amount of time.

Consumer confidence is back. Buyer demand has never been greater. Interest rates are fluctuating in the 4% range. Get ahead of the pack and make your move. Now is the time to sell your home. We have an extensive list of buyers who are ready to purchase a home today.

Integrity and knowledge gets the job done right.


We have an exclusive team of Mortgage Experts, Real Estate Attorneys, Home Inspectors and Home Insurance Experts to help our clients manage the sale or purchase of their homes.


Real Estate Trends Newsletter -- A weekly news update for mortgage professionals


Chris Gonzalez
Envoy Mortgage
746 Merrick Road
Baldwin, NY 11510
(516) 781-6600
(516) 680-7629

NMLS# 61735


July 14, 2015

Is a Correction Coming?

We are approaching almost three years since the last time the stock market underwent a classic correction, which is generally defined as a pullback of at least 10 percent. According to CNN/Money, a correction happens on the average of about every 18 months. Thus, statistically we are more than due at the present time. Note that we are not talking about the end of the bull market which has lasted over six years. The question is: will this correction come in the second half of the year?

For the first half of this year, the stock market has treaded water. This is in contrast to the rest of the bull market in which gains have averaged close to 15% annually for the previous six years. One could argue that this "breather" is a correction, even though there is not a classic loss in value. Another question follows: Why would stocks be stagnating when the economy is picking up steam? Right now there are two factors holding back stocks -- higher rates and international pressures, most recently the crisis in Greece. It is not surprising that stocks are weak in light of the issues Greece and Europe are facing. Interest rates and oil prices have also fallen as the crisis has unfolded.

As for rates, stocks have long benefited from super low rates. Now that rates may be rising in the long run due to a better economy, that benefit may be reduced. Of course, it is not like rates are high right now, especially from a historical perspective. Just keep in mind that rising rates do not affect only the real estate sector. They can have a profound influence on all markets. Right now rising rates are actually benefiting real estate as consumers rush to purchase homes to beat the rate increases.


The Markets. Rates on home loans fell last week for the first time in nearly a month in response to international events. Freddie Mac announced that for the week ending July 9, 30-year fixed rates fell to 4.04% from 4.08% the previous week. The average for 15-year loans decreased to 3.20%. Adjustables were also lower, with the average for one-year adjustables falling to 2.50% and five-year adjustables decreasing to 2.93%. A year ago, 30-year fixed rates were at 4.15%, close, but still higher than today's levels. Attributed to Sean Becketti, Chief Economist, Freddie Mac --“Yields on Treasury securities declined this week in response to investor concerns about events in Greece and China. Overseas volatility is likely to persist for some time, providing some restraint on potential U.S. rate increases. In addition, the minutes of the June meeting of the Federal Open Market Committee suggest the Federal Reserve will proceed cautiously—monitoring events both overseas and in the U.S. to ascertain the appropriate moment to begin raising short-term interest rates. As a result, rates on home loans may remain in the neighborhood of 4% for a while.” Rates indicated do not include fees and points and are provided for evidence of trends only. They should not be used for comparison purposes.  


Current Indices For Adjustable Rate Mortgages
Updated July 10, 2015 


Daily Value

Monthly Value


July 9


6-month Treasury Security



1-year Treasury Security



3-year Treasury Security



5-year Treasury Security



10-year Treasury Security



12-month LIBOR


 0.770% (June)

12-month MTA


 0.183% (June)

11th District Cost of Funds


 0.687% (May)

Prime Rate




 Sixty-five percent of recent survey respondents feel home ownership is a dream come true or an accomplishment to be proud of. But when it comes to achieving that dream, many consumers may sit on the sidelines because they’re overestimating what it takes to make it come true. Many consumers have misperceptions about the credit score, down payment, and income requirements needed to qualify for a home loan, according to a survey released by Ipsos Public Affairs of more than 2,000 U.S. adults. A high percentage of home owners are still unaware of recent efforts by lenders and the government to enhance the availability of credit through lower down payment programs. Two-thirds of consumers surveyed believe they need a very good credit score to purchase a home, with 45 percent believing a “good credit score” is over 780 (many lenders consider scores over 660 to be “good”). Consumers also tend to overemphasize credit scores as a single factor that determines whether they’ll be able to buy a home. But a credit score is not the sole criteria. Many lenders will consider a loan applicant’s entire financial picture, including income, assets, debt-to-income ratio, credit history, credit scores, and the amount of the loan compared to the value of the property. Also, the survey found that consumers tend to overestimate the down payment funds needed to qualify for a home loan. Thirty-six percent of respondents said they believe a 20 percent down payment is always required, the survey showed. However, down payment options are available as low as 3 percent or 3.5 percent for some loan programs. Source: BusinessWire  Note: Even zero down for VA and Rural Housing!

Existing-home sales rose in May to their highest pace in nearly six years, largely attributed to a big rise in the number of first-time home buyers, according to the National Association of Realtors®' latest housing report. All major regions saw sales increases in May, with the Northeast seeing the most notable rise. Existing-home sales – measured as completed transactions of single-family homes, townhomes, condos, and co-ops – climbed 5.1 percent to a seasonally adjusted annual rate of 5.35 million in May. Sales are 9.2 percent above last year at this time. The market share of first-time home buyers rose to 32 percent of transactions in May, matching the highest share since September 2012. A year ago, first-time buyers represented 27 percent of all buyers, NAR reports. "The return of first-time buyers in May is an encouraging sign and is the result of multiple factors, including strong job gains among young adults, less expensive mortgage insurance and lenders offering low downpayment programs," says Lawrence Yun, NAR's chief economist. "More first-time buyers are expected to enter the market in coming months, but the overall share climbing higher will depend on how fast rates and prices rise." As the supply of homes remain tight, homes are selling fast and price growth in many markets continues to teeter at or near double-digit appreciation, Yun notes. "Without solid gains in new home construction, prices will likely stay elevated," Yun says. Source:

Townhome construction remains low, but builders remain optimistic that an upswing is on the horizon for the sector. Single-family attached starts totaled 14,000 for the first quarter of this year, mostly unchanged from a year prior, according to an analysis from the National Association of Home Builders of recent U.S. Census data. The market share of new townhomes continues to stand at 11 percent of all single-family starts – compared to 14.6 percent during the peak which was reached in the first quarter of 2008 in townhouse construction in the last two decades. "Despite the drop in market share during the Great Recession, the share for townhouse construction is expected to increase in coming years – with occasional ups and downs," the builder trade group notes on its Eye on Housing blog. "Recent weakness in production has been associated with reduced levels of first-time home buyers. The long-run prospects for townhouse construction are positive given large numbers of home buyers looking for medium density residential neighborhoods, such as urban villages that offer walkable environments and other amenities." Source: National Association of Home Builders 


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What If I Wait Until Next Year to Buy?

Posted: 14 Jul 2015 04:00 AM PDT

What If I Wait Until Next Year to Buy? | Keeping Current MattersFirst-time homebuyers are flocking to the housing market in greater numbers than any time in the last few years. Renters who are ready and willing to buy are now realizing that they are also able to as well. Many first-time buyers are Millennials (born between 1981 – 1997). If you are one of the many in this generation who sees your friends and family diving head first into the real estate market, and wonder if now is the time for you to do the same, keep reading! The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time. Let’s look at an example of what the experts are predicting for the upcoming year, and what that really would mean for you. Let’s say you’re 30 and your dream house costs $250,000 today. Right now mortgage interest rates are at or about 4%.

Your monthly mortgage payment (principal & interest only) would be $1,193.54.

But you’re busy, you like your apartment, and moving is such a hassle. You decide to wait until next year to buy. CoreLogic predicts that home prices will appreciate by 5.1% in the next 12 months; this means that same house you loved now costs, $262,750. Freddie Mac predicts that over this same period of time, interest rates will be a full point higher at 5.0%. Your new payment per month is now $1,410.50.

The difference in payment is $216.96 PER MONTH!

That’s basically like taking $8 and tossing it out the window EVERY DAY! Or you could look at it this way:

  • That’s your morning coffee everyday on the way to work (average $2) with $10 left for lunch!
  • There goes Friday Sushi Night! ($50 x 4)
  • Stressed Out? How about a few deep tissue massages with tip!
  • Need a new car? You could get a brand new car for $217 a month.
Let’s look at that number annually! Over the course of your new mortgage at 5.0%, your annual additional cost would be $2,603.52! Had your eye on a vacation in the Caribbean? How about a 2-week trip through Europe? Or maybe your new house could really use a deck for entertaining. We could come up with 100’s of ways to spend $2,603, and we’re sure you could too! Over the course of your 30 year loan, now at age 61, hopefully you are ready to retire soon, you would have spent an additional $78,105.60, all because when you were 30 you thought moving in 2015 was such a hassle or loved your apartment too much to leave yet. Or maybe there wasn’t an agent out there who educated you on the true cost of waiting a year. Maybe they thought you wouldn’t be ready. But if they showed you that you could save $78,000 you’d at least listen to what they had to say. They say hindsight is 20/20, we’d like to think that 30 years from now when you are 60, looking back, you would say to buy now…