By Robin Shapiro
We are about to enter the best time of the year in Rockaway real estate. Buyers tend to be more motivated to get into a new home before the summer in order to enjoy our beaches and summer activities. As time goes by, the needs of families for additional space (or less space for those looking to downsize) continue to pressure their living conditions and push them into the market. There has been some softness in Rockaway prices compared to last year. Also, the 10-year hybrid arm mortgage as an alternative to the 30-year fixed rate has become palatable for some people. I know people who recently got 5.375% fixed for ten years on a 30-year amortization schedule for the hybrid arm. A $600k mortgage at 5.375% costs $3,360/month. Purchase is an interesting alternative to renting for people with sufficient savings for the down payment.
The inventory of unsold homes remains low. However, we usually get an influx of new listings as we progress through spring. I expect the new listings to get “gobbled up” if they are priced correctly – “within the framework of the comps.” My advice to sellers is to list your home now. My advice to buyers is to act fast before it is too late. The best listings usually sell quickly. Call me. Love, Robin.