Labor Day, Upcoming Stuff & Hybrid Mortgages
By Robin Shapiro
“Official” summer ends early this year. This coming Monday, September 2 is Labor Day, which marks the end of our summer season, and the beginning of the back-to-school frenzy. The first day of school for NYC public schools is next Thursday, September 5. Labor Day typically marks the return of many people from assorted vacations and consequently the end of the summer doldrums in the real estate market. The Jewish holidays fall during October this year (the “High Holy Days” ) which is a change from last year. Also, September 30 is the magic date for open houses in Rockaway. When the summer parking restrictions are lifted on that date, it will become much easier to have visitors view our listings.
As a result of the current high interest rate environment, I have had some people ask me about hybrid mortgages. They are merely 30-year mortgages whereby the rate is fixed for the initial period (3,5, 7, or 10 years) and then converts to an adjustable-rate mortgage. The adjustable rate will change periodically according to some published index (usually annually) and has caps and floors on it (limits to how much it can change periodically over the life of the mortgage). This mortgage works well for people with shorter time horizons because the initial rate is low. Call me. Love, Robin..
