<figure><img alt="keys and house" src="/assets/blog/blog-mortgage-broker.png" /></figure><input type="hidden" id="image" value="/assets/blog/blog-home-mortgage-broker.png"><input type="hidden" id="imagealt" value="keys and house"><p>A mortgage broker can be useful in the homebuying process to help you sift through mortgage options, pinpoint the best rates and overcome unique borrowing challenges. Although you do have the option of shopping for a mortgage on your own, a mortgage broker can act as a matchmaker hand help you save time and money during your home purchase.</p><h3>What is a Mortgage Broker?</h3><p>A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together but does not use their own funds to originate. Unlike a mortgage banker, which offers only one bank’s products and uses that bank to originate loans, a mortgage broker provides access to loans from a variety of bank and non-bank lenders. Mortgage brokers help borrowers connect with lenders and seek out the best fit in terms of the borrower’s financial situation and goals. Typically, mortgage brokers work alongside real estate agents, underwriters, lenders, title companies and attorneys through the entire purchasing process.</p><h3>What Are the Advantages of Using a Mortgage Broker?</h3><p>A mortgage broker can simplify the homebuying process by connecting you with appropriate loans based on your personal situation, preparing application materials and guiding you through the underwriting and closing process. They can also save you time and money. Here are some of the advantages of using a mortgage broker below:</p><ul><li><b>Access to Expert Advice:</b> Mortgage brokers are experts who can provide access to different lenders, loan types and rates. A mortgage broker may be especially useful for first time home-buyers that might not be aware of how the process works.</li><li><b>A Broker has Better Access:</b> You may not be able to call some lenders directly to get a retail mortgage. Sometimes lenders work with brokers exclusively and rely on them as a gatekeeper to bring in suitable clients. They may be able to use these connections to get special rates due to the volume of business generated that you wouldn’t be able to obtain on your own.</li><li><b>Save You Legwork:</b> A mortgage broker will help review contracts and payment terms to steer you away from unfavorable borrowing terms. They will help you manage critical paperwork while coordinating loan information with relevant parties, which could help you close your loan and home purchase faster.</li><li><b>You Can Change Brokers if Unsatisfied:</b> You are not locked into working with a mortgage broker, and can change brokers if you’re not satisfied at any point in the process.</li><li><b>Lender Generally Covers Fees:</b> While a mortgage broker earns a fee for any closed loans, you are generally not responsible for paying this – it is typically covered by the lender, however, it is important to ask this upfront before agreeing to work together as sometimes the borrower is required to cover fees.</li></ul></p><a href="/"><img alt="banner mortgage save" src="/assets/blog/banner-mortgage.png" /></a><p></p><h3>Tips for Finding a Good Mortgage Broker</h3><p>While looking for a mortgage broker to assist you in the home buying process, shopping around is your best bet. You’ll want to not only find someone that you’re comfortable with, but also a broker who has the right knowledge to support your personal home buying needs.</p><p>We recommend asking the following questions as you evaluate different brokers:</p><h5>#1 – Who are your typical clients? </h5><p>Think about your goals when you are looking for, so they you can choose a broker who has experience working with similar buyers and knows how to help you achieve your goals. Knowing what type of home you want and understanding your financial profile will help you narrow down which brokers could suit your needs best.</p><h5>#2 – Are they licensed?</h5><p>You can easily verify that a broker is licensed through the <a href="https://nationwidelicensingsystem.org/about/Pages/NMLSConsumerAccess.aspx">Nationwide Mortgage Licensing System & Registry (NMLS)<a/> website.You can also contact the Consumer Financial Protection Bureau (CFPB) to find out whether the broker has ever been subject to any kind of disciplinary action.</p><h5>#3 – Will there be any cost associated with working together? </h5><p>Mortgage brokers are <b>most often paid by lenders</b>, sometimes by borrowers, but, by law, never both. That law — the Dodd-Frank Act — also prohibits mortgage brokers from charging hidden fees or basing their compensation on a borrower's interest rate. You should confirm this with them upfront, before agreeing to work together.</p><h5>#4 – How long do you expect the process will take? </h5><p>Are you in a hurry to buy your next home? If so, you need to look for a mortgage broker that is ready to move as fast as you are. If you’re not on a tight timeline, you can focus on finding someone who suits your needs based on knowledge, customer service and personality expectations. It is important to let your broker know your timeline and ask when they will be available to start looking for loans for you and how long they expect for you to get approved. </p><h5>#5 – What is it like to work with you?</h5><p>The home buying process can be emotional, with a lot of ups and downs. You want to choose a broker you are comfortable with, and one you are confident will help walk you through these big decisions. You are placing a lot of trust in a mortgage broker to help you understand the terms of the loan and choose the best loan for your unique situation.</p><a href="/"><img alt="banner hyponia" src="/assets/blog/banner-hyponia.png" /></a><p></p><h3>How Does a Mortgage Broker Differ from a Loan Officer?</h3><p>A loan officer is a representative of a bank, credit union, or other financial institution who assists borrowers in the application process. Typically, they are employees of one lender who are paid set salaries and can only write the types of loans their employer chooses to offer.</p><p>Mortgage brokers, on the other hand, can work within a mortgage brokerage firm or financial institution independently. They work with many lenders to find loans for their clients, giving borrowers access to a broader selection of loan types.</p><h3>Should I Work with a Mortgage Broker?</h3><p>Securing a mortgage is a comprehensive process, including applying for preapproval with differ-ent lenders, multiple rounds of communication with the lender ultimately underwriting the loan and ensuring the transaction stays on track. A mortgage broker can save you time and hassle by overseeing the process for you.</p><p>Buying a home will be one of the largest purchases of your life, and it is important to find the mortgage that best suits your needs and financial situation. Working with a mortgage broker can help potentially save you money too, by helping you find a better rate or terms than you might otherwise.</p><h5>The Bottom Line</h5><p>Mortgage brokers are licensed and regulated financial professionals who do a lot of the legwork for you. They gather documents from you, pull your credit history and verify your income and employment, using the information to help you apply for loans and negotiate terms and helping you save time and money.</p><h3>Connect with NYC Mortgage Brokers on Hyponia Homes</p></h3><p>Hyponia Homes helps buyers navigate the homebuying process from start to finish, including a built-in marketplace that offers one-click access to top-rated mortgage bro-kers and other real estate professionals in NYC. Sign up for free to get started.</p>

A mortgage broker can be useful in the homebuying process to help you sift through mortgage options, pinpoint the best rates and overcome unique borrowing challenges. Although you do have the option of shopping for a mortgage on your own, a mortgage broker can act as a matchmaker hand help you save time and money during your home purchase.
What is a Mortgage Broker?
A mortgage broker is an intermediary who brings mortgage borrowers and mortgage lenders together but does not use their own funds to originate. Unlike a mortgage banker, which offers only one bank’s products and uses that bank to originate loans, a mortgage broker provides access to loans from a variety of bank and non-bank lenders. Mortgage brokers help borrowers connect with lenders and seek out the best fit in terms of the borrower’s financial situation and goals. Typically, mortgage brokers work alongside real estate agents, underwriters, lenders, title companies and attorneys through the entire purchasing process.
What Are the Advantages of Using a Mortgage Broker?
A mortgage broker can simplify the homebuying process by connecting you with appropriate loans based on your personal situation, preparing application materials and guiding you through the underwriting and closing process. They can also save you time and money. Here are some of the advantages of using a mortgage broker below:

Access to Expert Advice: Mortgage brokers are experts who can provide access to different lenders, loan types and rates. A mortgage broker may be especially useful for first time home-buyers that might not be aware of how the process works.
A Broker has Better Access: You may not be able to call some lenders directly to get a retail mortgage. Sometimes lenders work with brokers exclusively and rely on them as a gatekeeper to bring in suitable clients. They may be able to use these connections to get special rates due to the volume of business generated that you wouldn’t be able to obtain on your own.
Save You Legwork: A mortgage broker will help review contracts and payment terms to steer you away from unfavorable borrowing terms. They will help you manage critical paperwork while coordinating loan information with relevant parties, which could help you close your loan and home purchase faster.
You Can Change Brokers if Unsatisfied: You are not locked into working with a mortgage broker, and can change brokers if you’re not satisfied at any point in the process.
Lender Generally Covers Fees: While a mortgage broker earns a fee for any closed loans, you are generally not responsible for paying this – it is typically covered by the lender, however, it is important to ask this upfront before agreeing to work together as sometimes the borrower is required to cover fees.



Tips for Finding a Good Mortgage Broker
While looking for a mortgage broker to assist you in the home buying process, shopping around is your best bet. You’ll want to not only find someone that you’re comfortable with, but also a broker who has the right knowledge to support your personal home buying needs.
We recommend asking the following questions as you evaluate different brokers:
#1 – Who are your typical clients? 
Think about your goals when you are looking for, so they you can choose a broker who has experience working with similar buyers and knows how to help you achieve your goals. Knowing what type of home you want and understanding your financial profile will help you narrow down which brokers could suit your needs best.
#2 – Are they licensed?
You can easily verify that a broker is licensed through the Nationwide Mortgage Licensing System & Registry (NMLS) website.You can also contact the Consumer Financial Protection Bureau (CFPB) to find out whether the broker has ever been subject to any kind of disciplinary action.
#3 – Will there be any cost associated with working together? 
Mortgage brokers are most often paid by lenders, sometimes by borrowers, but, by law, never both. That law — the Dodd-Frank Act — also prohibits mortgage brokers from charging hidden fees or basing their compensation on a borrower's interest rate. You should confirm this with them upfront, before agreeing to work together.
#4 – How long do you expect the process will take? 
Are you in a hurry to buy your next home? If so, you need to look for a mortgage broker that is ready to move as fast as you are. If you’re not on a tight timeline, you can focus on finding someone who suits your needs based on knowledge, customer service and personality expectations. It is important to let your broker know your timeline and ask when they will be available to start looking for loans for you and how long they expect for you to get approved. 
#5 – What is it like to work with you?
The home buying process can be emotional, with a lot of ups and downs. You want to choose a broker you are comfortable with, and one you are confident will help walk you through these big decisions. You are placing a lot of trust in a mortgage broker to help you understand the terms of the loan and choose the best loan for your unique situation.


How Does a Mortgage Broker Differ from a Loan Officer?
A loan officer is a representative of a bank, credit union, or other financial institution who assists borrowers in the application process. Typically, they are employees of one lender who are paid set salaries and can only write the types of loans their employer chooses to offer.
Mortgage brokers, on the other hand, can work within a mortgage brokerage firm or financial institution independently. They work with many lenders to find loans for their clients, giving borrowers access to a broader selection of loan types.
Should I Work with a Mortgage Broker?
Securing a mortgage is a comprehensive process, including applying for preapproval with differ-ent lenders, multiple rounds of communication with the lender ultimately underwriting the loan and ensuring the transaction stays on track. A mortgage broker can save you time and hassle by overseeing the process for you.
Buying a home will be one of the largest purchases of your life, and it is important to find the mortgage that best suits your needs and financial situation. Working with a mortgage broker can help potentially save you money too, by helping you find a better rate or terms than you might otherwise.
The Bottom Line
Mortgage brokers are licensed and regulated financial professionals who do a lot of the legwork for you. They gather documents from you, pull your credit history and verify your income and employment, using the information to help you apply for loans and negotiate terms and helping you save time and money.
Connect with NYC Mortgage Brokers on Hyponia Homes

Hyponia Homes helps buyers navigate the homebuying process from start to finish, including a built-in marketplace that offers one-click access to top-rated mortgage bro-kers and other real estate professionals in NYC. Sign up for free to get started.

How a Mortgage Broker Can Save You Time and Money

<figure><img alt="NYC buildings" src="/assets/blog/blog-trends.png" /></figure><input type="hidden" id="image" value="/assets/blog/blog-home-trends.png"><input type="hidden" id="imagealt" value="NYC buildings"><p>New York City is among the most expensive and competitive housing markets in the world. It has also been one of the most impacted cities by COVID-19. As businesses were forced to shut down and offices implemented work from home mandates, many New York City residents fled to the suburbs. Although rents for apartments have fallen in the city due to high vacancy rates, this trend is beginning to slow and normal pre-COVID rental prices are starting to surface again. In addition to rental prices recovering, new lease signings are beginning to increase month-over-month as well.</p><h3>Key Statistics: New York State</h3><p>Below are some key statistics for the first quarter of 2021 in New York State:</p><ul><li>Pending Sales in New York State were up 31.9% to 35,855.</li><li>Closed Sales increased 27.5% to 32,534.</li><li>Inventory shrunk 30.1% to 36,739 units.</li><li>Sellers eceived, on average, 98.8% of their original list price at sale, a year-over-year improvement of 2.0 percent.</li><li>Housing Affordability Index dropped by -15.6% to 103. (A higher number means greater 1.affordability.)</li></ul><p>In the second quarter of 2021, the New York real estate market continued to heat up:</p><ul><li>Pending Sales in New York State were up 65.6 percent to 46,954.</li><li>Closed Sales increased 51.8 percent to 34,967.</li><li>Inventory shrunk 21.0 percent to 42,598 units.</li><li>Median Sales Price was up 32.1 percent to $369,900.</li><li>Average Sales Price was up 26.5 percent to $483,262.</li><li>Days on Market decreased 18.2 percent to 63 days.</li><li>Months Supply of Inventory was down 43.4 percent to 3.0 months.</li></ul><p><i>*Data from the New York State Association of Realtors and Norada Real Estate Investments</i></p><a href="/"><img alt="banner step by step" src="/assets/blog/banner-sbs.png" /></a><p></p><h3>5 Real Estate Trends To Watch In New York City</h3><h5>#1 – Rent Is Starting to Rise Again in Manhattan</h5><p>The mass exodus from New York City during the pandemic was driving rental prices down. However, data is starting to show that these low discounts are attracting new renters, therefore, driving the price of rentals closer to pre-pandemic levels. In April of 2021, median asking rent in Manhattan was $2,799 – up by $14 from March. Pre-pandemic levels in April of 2019 had a median rent of $3,400. Although still below 2019 levels, we can expect that the increase in demand due to lifted restrictions will result in the continued rise of median rent. </p><h5>#2 – Real Estate Prices Reached an All-Time High</h5><p>Manhattan real estate prices reached an all-time high in the second quarter of 2021, as buyers are returning to the city with increased demand for large and expensive apartments, according to new reports. The median resale price for Manhattan apartments hit $999,000 in the second quarter of 2021, which is the highest on record according to a report from Douglas Elliman and Miller Samuel. Average sale prices also rose 12%, topping $1.9million. The market seems to be rebounding much quicker than most participants expected.</p><h5>#3 – Inventory is Shrinking in Manhattan</h5><p>The Manhattan real estate rebound is continuing to gain momentum as prices rise and inventory declines. Many NYC residents are looking to take advantage of the lower prices and lower interest rates on mortgages caused by the pandemic. There were 3,417 sales in the second quarter of 2021, a 150% gain from last year when many New York City residents decided to leave the city due to the pandemic. The second quarter of 2021 was the strongest second quarter recorded since 2007.</p><h5>#4 – The Strongest Growth Is at the Top</h5><p>The NYC real estate market has seen the most growth at the top of the market. There have been more than 220 penthouses sold in Manhattan in 2021. That marks a 35% increase from the 164 penthouse contracts sighed in 2019. “As the city continues to reopen, penthouses have proven to have the perfect formula of generous square footage and private outdoor space, plus the all the luxury amenities that can only be found in a full-service building," said Pamela Liebman, president and CEO of Corcoran. "For high net worth individuals, the prospect of making their home in a 'mansion in the sky' has never been more irresistible."</p><h5>#5 – The Market May Rebound Faster Than Expected</h5><p>Increased demand can be attributed to the sooner-than-expected retune to a real-time normality for New York City residents. The magic of NYC has begun to take full swing again, as theaters, museums, restraints, bars, comedy clubs, and shops begin to reopen. So far, this recovery has not looked like previous recoveries. Typically, distressed assets start to sell before better-performing investment opportunities due to the lower prices and less expensive debt, however, that has not been the case during the current recovery. Investors are acting decisively across the board.</p><h5>The Bottom Line</h5><p>The continued recovery and stability of the economy should gradually warm up the real estate market in NYC, making it a good time to consider buying real estate. Despite the challenges over the past year due to the pandemic, the market has made a rebound faster than expected. However, there are still numerous opportunities for great deals to be had across the buying and renting sectors in NYC.</p><a href="/"><img alt="banner hyponia" src="/assets/blog/banner-hyponia.png" /></a><p></p><h3>Hyponia Homes is Helping NYC Homebuyers </h3><p>Are you looking to buy a home in NYC now or in the future? Hyponia Homes equips homebuyers with the information they need to navigate the real estate transaction process and make smart purchasing decisions – no matter how much experience they have. Create a free profile today. </p>

New York City is among the most expensive and competitive housing markets in the world. It has also been one of the most impacted cities by COVID-19. As businesses were forced to shut down and offices implemented work from home mandates, many New York City residents fled to the suburbs. Although rents for apartments have fallen in the city due to high vacancy rates, this trend is beginning to slow and normal pre-COVID rental prices are starting to surface again. In addition to rental prices recovering, new lease signings are beginning to increase month-over-month as well.
Key Statistics: New York State
Below are some key statistics for the first quarter of 2021 in New York State:

Pending Sales in New York State were up 31.9% to 35,855.
Closed Sales increased 27.5% to 32,534.
Inventory shrunk 30.1% to 36,739 units.
Sellers eceived, on average, 98.8% of their original list price at sale, a year-over-year improvement of 2.0 percent.
Housing Affordability Index dropped by -15.6% to 103. (A higher number means greater 1.affordability.)

In the second quarter of 2021, the New York real estate market continued to heat up:

Pending Sales in New York State were up 65.6 percent to 46,954.
Closed Sales increased 51.8 percent to 34,967.
Inventory shrunk 21.0 percent to 42,598 units.
Median Sales Price was up 32.1 percent to $369,900.
Average Sales Price was up 26.5 percent to $483,262.
Days on Market decreased 18.2 percent to 63 days.
Months Supply of Inventory was down 43.4 percent to 3.0 months.

*Data from the New York State Association of Realtors and Norada Real Estate Investments


5 Real Estate Trends To Watch In New York City
#1 – Rent Is Starting to Rise Again in Manhattan
The mass exodus from New York City during the pandemic was driving rental prices down. However, data is starting to show that these low discounts are attracting new renters, therefore, driving the price of rentals closer to pre-pandemic levels. In April of 2021, median asking rent in Manhattan was $2,799 – up by $14 from March. Pre-pandemic levels in April of 2019 had a median rent of $3,400. Although still below 2019 levels, we can expect that the increase in demand due to lifted restrictions will result in the continued rise of median rent. 
#2 – Real Estate Prices Reached an All-Time High
Manhattan real estate prices reached an all-time high in the second quarter of 2021, as buyers are returning to the city with increased demand for large and expensive apartments, according to new reports. The median resale price for Manhattan apartments hit $999,000 in the second quarter of 2021, which is the highest on record according to a report from Douglas Elliman and Miller Samuel. Average sale prices also rose 12%, topping $1.9million. The market seems to be rebounding much quicker than most participants expected.
#3 – Inventory is Shrinking in Manhattan
The Manhattan real estate rebound is continuing to gain momentum as prices rise and inventory declines. Many NYC residents are looking to take advantage of the lower prices and lower interest rates on mortgages caused by the pandemic. There were 3,417 sales in the second quarter of 2021, a 150% gain from last year when many New York City residents decided to leave the city due to the pandemic. The second quarter of 2021 was the strongest second quarter recorded since 2007.
#4 – The Strongest Growth Is at the Top
The NYC real estate market has seen the most growth at the top of the market. There have been more than 220 penthouses sold in Manhattan in 2021. That marks a 35% increase from the 164 penthouse contracts sighed in 2019. “As the city continues to reopen, penthouses have proven to have the perfect formula of generous square footage and private outdoor space, plus the all the luxury amenities that can only be found in a full-service building," said Pamela Liebman, president and CEO of Corcoran. "For high net worth individuals, the prospect of making their home in a 'mansion in the sky' has never been more irresistible."
#5 – The Market May Rebound Faster Than Expected
Increased demand can be attributed to the sooner-than-expected retune to a real-time normality for New York City residents. The magic of NYC has begun to take full swing again, as theaters, museums, restraints, bars, comedy clubs, and shops begin to reopen. So far, this recovery has not looked like previous recoveries. Typically, distressed assets start to sell before better-performing investment opportunities due to the lower prices and less expensive debt, however, that has not been the case during the current recovery. Investors are acting decisively across the board.
The Bottom Line
The continued recovery and stability of the economy should gradually warm up the real estate market in NYC, making it a good time to consider buying real estate. Despite the challenges over the past year due to the pandemic, the market has made a rebound faster than expected. However, there are still numerous opportunities for great deals to be had across the buying and renting sectors in NYC.


Hyponia Homes is Helping NYC Homebuyers 
Are you looking to buy a home in NYC now or in the future? Hyponia Homes equips homebuyers with the information they need to navigate the real estate transaction process and make smart purchasing decisions – no matter how much experience they have. Create a free profile today.

5 Real Estate Trends In New York City

<figure><img alt="NYC buildings" src="/assets/blog/blog-pandemic.png" /></figure><input type="hidden" id="image" value="/assets/blog/blog-home-pandemic.png"><input type="hidden" id="imagealt" value="NYC buildings"><p>The COVID-19 pandemic had a considerable impact on residential real estate in New York City. Studies show that New York City has undergone a shift with more people opting for homes in the suburbs and leaving apartments and homes in NYC empty. With so much uncertainty surrounding the pandemic, the real estate market in NYC has been somewhat of a gamble for the past year and a half.</p><h3>How The Pandemic Impacted the Real Estate Market New York City</h3><p>The full lockdown in New York began in March 2020. By March 27, New York City had become the worst-affected area in the country. The state gradually reopened in four phases during 2020 and 2021, with most restrictions lifted on June 15, 2021 – more than a year after the initial lockdown was put in place.</p><h4>Transaction Count Declined</h4><p>These lockdowns had a significant impact on the residential real estate market in New York City. During lockdown, only “virtual showings” were allowed, which meant home shoppers only had access to walkthrough videos or a series of photos before putting down six or even seven figures for their purchase. The inability to physically see and walk through available properties directly impacted the transaction count in NYC, which declined drastically during the initial months of the pandemic. Typically, Manhattan would see about 1,000 contracts signed in April and May. In 2020, the average for these months was less than 200.</p><h4>Demand for Housing Shifted to the Suburbs</h4><p>According to a Zillow study, there were 19% fewer homes available in the greater New York City metro area during 2020 than there were in 2019. But the opposite was seen in the city itself, where there were about 7% more homes available in 2020 compared to the year before. The increased demand for housing in the suburbs has been attributed to the shift to remote working and fact that lockdowns were stricter in city versus the suburbs. Rentals in New York City were also impacted, with some of the most expensive neighborhoods experiencing a steep decline during the pandemic. Many renters were not willing to pay a premium to live near amenities they were not able to use or an office they were no longer required to be in.</p><h4>Prices Decrease in the City, Increase in the Suburbs</h4><p>During lockdown, purchase prices were down 2-5% in the city due to the large number of vacancies as people fled the city to the suburbs. At the same time, the prices of homes in the suburbs increased in response to the sudden influx in demand and bidding wars were at an all-time high.</p><h3>NYC Real Estate is Starting to Rebound</h3><p>As of June 15, 2021, nearly all COVID-19 restrictions have been lifted in the state of New York as the vaccination effort has accelerated. Normal life has begun to resurface, and the real estate market in New York City is rebounding. Although summer is not typically the busiest season for purchasing real estate in NYC, the pent-up demand likely means this year could be different. Plus, external factors such as employment rate will play a role in the future of the real estate market in New York City. “If you look at the job growth rate, unemployment is going down faster in metro New York City than in much of the United States,” says architect Victor F. Body-Lawson of Body Lawson Associates.</p><h3>What to Expect in NYC Real Estate After the Pandemic</h3><p>As vaccination levels continue to rise, restrictions are lifted and businesses reopen, residential real estate is beginning to bounce back to where it was before COVID-19. In Manhattan this spring, apartment sales nearly doubled compared to spring of last year, according to several market reports that  released in May. The surge in closed sales is even strong compared to historical records, which show that not since 2015, a time of major boom, has there been three-month period with comparable activity.</p><p>Inventory in NYC is continuing to shrink while prices are reaching all-time highs. Recent reports indicate that real estate prices reached an all-time high in the second quarter of 2021, as people return to the city and demand continues to rise. Many NYC residents are also now looking to take advantage of the lower prices and lower mortgage interest rates caused by the pandemic.</p><p>Although no one can predict with certainty the future of NYC real estate, the continued recovery and stability of the economy should continue to warm up the market even further, making it a good time to consider buying in NYC at a potentially discounted rate. Even with prices now rising, there are still many great deals to be had across the city during a time of historically low mortgage rates. In fact, 2021 was the lowest 30-year mortgage rate ever. By July 2020, the 30-year fixed rate fell below 3% for the first time — and it kept falling to a new record low (in January 2021) of 2.65% for a 30-year fixed-rate mortgage. Due to the Federal Reserve’s promise of low interest rates post-COVID, mortgage rates are expected to stay low for years. But as we’ve seen in the past, predictions about mortgage rates are often wrong. That’s why when rates are good, experts recommend locking one in instead of waiting for potentially lower rates in weeks or months.</p><p>Another thing most experts can agree on is that the virtual home tour is here to stay. It has proved to be a convenient measure for buyers who aren’t local to narrow down their search initially before taking the time to go out to various properties.</p><h4>The Bottom Line:</h4><p>The COVID-19 crisis has significantly impacted the residential real estate market over the past year, with a particularly pronounced impact on New York City. As strict lockdowns were enforced and office workers learned they would be working remotely for at least a year or more, buyers and renters alike fled NYC in hopes of finding more for their money in the suburbs. This led to a record number of vacancies and discounts in New York City. As normalcy has started to return and restrictions have been lifted, the real estate market in New York City has warmed up quicker than expected. There are attractive opportunities across the city for buyers looking for residential real estate today, but as inventory continues to shrink and prices continue to rise, serious buyers may want to consider making a move sooner rather than later.</p><h3>Hyponia Homes is Helping Buyers Navigate the NYC Real Estate Market</h3><p>Buying a home can be a stressful process full of ups and downs. Hyponia Homes offers homebuyers with everything they need for a successful real estate purchase. This includes a customized step by step guide, visual reports and tips, and connections to top-rated real estate professionals – from mortgage brokers to movers Get started today for free</p><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=e4d8a40036ad" width="1" height="1" alt="">

The COVID-19 pandemic had a considerable impact on residential real estate in New York City. Studies show that New York City has undergone a shift with more people opting for homes in the suburbs and leaving apartments and homes in NYC empty. With so much uncertainty surrounding the pandemic, the real estate market in NYC has been somewhat of a gamble for the past year and a half.
How The Pandemic Impacted the Real Estate Market New York City
The full lockdown in New York began in March 2020. By March 27, New York City had become the worst-affected area in the country. The state gradually reopened in four phases during 2020 and 2021, with most restrictions lifted on June 15, 2021 – more than a year after the initial lockdown was put in place.
Transaction Count Declined
These lockdowns had a significant impact on the residential real estate market in New York City. During lockdown, only “virtual showings” were allowed, which meant home shoppers only had access to walkthrough videos or a series of photos before putting down six or even seven figures for their purchase. The inability to physically see and walk through available properties directly impacted the transaction count in NYC, which declined drastically during the initial months of the pandemic. Typically, Manhattan would see about 1,000 contracts signed in April and May. In 2020, the average for these months was less than 200.
Demand for Housing Shifted to the Suburbs
According to a Zillow study, there were 19% fewer homes available in the greater New York City metro area during 2020 than there were in 2019. But the opposite was seen in the city itself, where there were about 7% more homes available in 2020 compared to the year before. The increased demand for housing in the suburbs has been attributed to the shift to remote working and fact that lockdowns were stricter in city versus the suburbs. Rentals in New York City were also impacted, with some of the most expensive neighborhoods experiencing a steep decline during the pandemic. Many renters were not willing to pay a premium to live near amenities they were not able to use or an office they were no longer required to be in.
Prices Decrease in the City, Increase in the Suburbs
During lockdown, purchase prices were down 2-5% in the city due to the large number of vacancies as people fled the city to the suburbs. At the same time, the prices of homes in the suburbs increased in response to the sudden influx in demand and bidding wars were at an all-time high.
NYC Real Estate is Starting to Rebound
As of June 15, 2021, nearly all COVID-19 restrictions have been lifted in the state of New York as the vaccination effort has accelerated. Normal life has begun to resurface, and the real estate market in New York City is rebounding. Although summer is not typically the busiest season for purchasing real estate in NYC, the pent-up demand likely means this year could be different. Plus, external factors such as employment rate will play a role in the future of the real estate market in New York City. “If you look at the job growth rate, unemployment is going down faster in metro New York City than in much of the United States,” says architect Victor F. Body-Lawson of Body Lawson Associates.
What to Expect in NYC Real Estate After the Pandemic
As vaccination levels continue to rise, restrictions are lifted and businesses reopen, residential real estate is beginning to bounce back to where it was before COVID-19. In Manhattan this spring, apartment sales nearly doubled compared to spring of last year, according to several market reports that  released in May. The surge in closed sales is even strong compared to historical records, which show that not since 2015, a time of major boom, has there been three-month period with comparable activity.
Inventory in NYC is continuing to shrink while prices are reaching all-time highs. Recent reports indicate that real estate prices reached an all-time high in the second quarter of 2021, as people return to the city and demand continues to rise. Many NYC residents are also now looking to take advantage of the lower prices and lower mortgage interest rates caused by the pandemic.
Although no one can predict with certainty the future of NYC real estate, the continued recovery and stability of the economy should continue to warm up the market even further, making it a good time to consider buying in NYC at a potentially discounted rate. Even with prices now rising, there are still many great deals to be had across the city during a time of historically low mortgage rates. In fact, 2021 was the lowest 30-year mortgage rate ever. By July 2020, the 30-year fixed rate fell below 3% for the first time — and it kept falling to a new record low (in January 2021) of 2.65% for a 30-year fixed-rate mortgage. Due to the Federal Reserve’s promise of low interest rates post-COVID, mortgage rates are expected to stay low for years. But as we’ve seen in the past, predictions about mortgage rates are often wrong. That’s why when rates are good, experts recommend locking one in instead of waiting for potentially lower rates in weeks or months.
Another thing most experts can agree on is that the virtual home tour is here to stay. It has proved to be a convenient measure for buyers who aren’t local to narrow down their search initially before taking the time to go out to various properties.
The Bottom Line:
The COVID-19 crisis has significantly impacted the residential real estate market over the past year, with a particularly pronounced impact on New York City. As strict lockdowns were enforced and office workers learned they would be working remotely for at least a year or more, buyers and renters alike fled NYC in hopes of finding more for their money in the suburbs. This led to a record number of vacancies and discounts in New York City. As normalcy has started to return and restrictions have been lifted, the real estate market in New York City has warmed up quicker than expected. There are attractive opportunities across the city for buyers looking for residential real estate today, but as inventory continues to shrink and prices continue to rise, serious buyers may want to consider making a move sooner rather than later.
Hyponia Homes is Helping Buyers Navigate the NYC Real Estate Market
Buying a home can be a stressful process full of ups and downs. Hyponia Homes offers homebuyers with everything they need for a successful real estate purchase. This includes a customized step by step guide, visual reports and tips, and connections to top-rated real estate professionals – from mortgage brokers to movers Get started today for free

What will post-pandemic real estate look like in New York City

<figure><img alt="pile of cash" src="/assets/blog/blog-savings.png" /></figure><input type="hidden" id="image" value="/assets/blog/blog-savings.png"><input type="hidden" id="imagealt" value="pile of cash"><p>In most regions in the U.S., renting is far more expensive than buying a house, even after you factor in upkeep and other annual costs. Plus, owning a home is also a smart long-term investment that’s much less volatile than the stock market. In reality, continuing to rent year after year can set you back more than $70,000 annually. Here are four ways you can grow your wealth each year by choosing to own rather than rent.</p><h3>Real Estate Values Grow Quickly</h3><p>One of the most powerful tools that comes with owning real estate is how quickly property values increase. The annual growth rate varies from region to region, but in some areas you’ll find increases as much as 10% each year, on average. With a $500,000 apartment, for example, you could miss out on $50,000 in home equity annually. The average length of home ownership is 13 years, so over that period of time, you could potentially gain up to $650,000 in equity. When you go to sell, you could cash in that amount, plus however much you’ve paid down your original mortgage.</p><p>That’s a lot of money to leave on the table in favor of monthly rent payments that don’t help you build your net worth. Even if you can’t afford your dream home today, you’ll get a lot closer to it by purchasing a home that you can afford and cashing in when the time is right. You could even rent out that first piece of real estate to bolster your savings, then sell it for a profit when you’re ready to buy that perfect place to call home.</p><p>Another option is to buy a multi-unit property, like a duplex or small apartment building with just a couple of units. You can live in one of the apartments and have the other rentals pay for the mortgage, your rent, and potentially some passive income to line your pockets as well. Both of these options are smart ways to gain exposure to the real estate market and begin building a portfolio that helps you achieve your own home ownership dreams.</p><h3>Avoid Rent Hikes</h3><p>Housing laws on rent hikes vary depending on where you live. But across the U.S., the average annual increase is between 3% and 5% of your current monthly payment. Say you spend $2,000 a month on rent. You could end up paying as much as $1,200 more the next year in this common scenario. That extra cost continues to compound year after year. And if you move after a few years, the rent prices for comparable places will likely be much higher. There typically aren’t caps on how much a landlord can increase rents between tenants.</p><p>Most homeowners opt for a fixed rate mortgage, which means your interest rate never changes so your principal and interest payments stay exactly the same for the entire loan. Instead of wasting more money on higher rent each year, you could instead invest that extra $100 per month.</p><p>In fact, <a href="https://www.marketwatch.com/story/save-1000-a-year-retire-with-millions-2018-03-26">MarketWatch estimates</a> based on historical data that investing $100 a month for 30 years could result in an account worth nearly $700,000 (with just $36,000 in total contributions). Pair that with your home equity and you can see how ditching your rental can change your financial outlook in a major way.</p><h3>Increase Your Tax Deductions</h3><p>Home ownership comes with another financial perk you won’t receive when renting: a tax deduction on your mortgage interest. The savings apply to the first $750,000 of your mortgage balance as long as you itemize your deductions. So if you bought that $500,000 apartment, you would likely spend close to $20,000 on your interest payment for the first year (that amount goes down each year). Itemizing your interest as a deduction could easily save you a lot on your tax bill and potentially even drop you into a lower tax bracket if you’re close to the edge.</p><p>The deduction actually applies to several types of properties, including a house, condo, co-op, mobile home, boat, or RV. You can also use it for a second home, even if you don’t spend much time there.</p><h3>Access Low-Cost Financing Options with Your Equity</h3><p>When you rent an apartment, you earn no equity in the place in which you live. If you ever need to borrow money for something else, like a major life event, you’ll need to rely on high-interest financing products like credit cards and personal loans.</p><p>But when you own a home, you can tap into your equity for financing products that come with some of the lowest rates available. Three common options include a home equity loan, a home equity line of credit (HELOC), and a cash out refinance. All of them provide you with a sum of money that can be used without restrictions, although your home will be used as collateral.</p><p>Some of the most common uses include debt consolidation, home improvements, and tuition.</p><p>Interest rates on these home equity products are some of the lowest among other financing options, saving you money and giving you a greater ability to build your wealth.</p><h3>Bottom Line</h3><p>Buying a house doesn’t have to be hard — or expensive. With the right team behind you, you’ll easily navigate your way through each step of the process and finally be done with renting.</p><p>Using an online tool like <a href="https://www.hyponia.com/">Hyponia</a> makes buying a home simple as their software is geared towards simplifying the process, giving control to the buyer and removing inefficiencies . It also offers a convenient way to find the right real estate experts in your area at a deep discount. The network is full of vetted professionals who are ready to bid for your business, saving you both time and money.</p><p><a href="https://www.hyponia.com/">Sign up for Hyponia</a> today. It’s completely free!</p><img src="https://medium.com/_/stat?event=post.clientViewed&referrerSource=full_rss&postId=408bf3403ce7" width="1" height="1" alt="">

In most regions in the U.S., renting is far more expensive than buying a house, even after you factor in upkeep and other annual costs. Plus, owning a home is also a smart long-term investment that’s much less volatile than the stock market. In reality, continuing to rent year after year can set you back more than $70,000 annually. Here are four ways you can grow your wealth each year by choosing to own rather than rent.
Real Estate Values Grow Quickly
One of the most powerful tools that comes with owning real estate is how quickly property values increase. The annual growth rate varies from region to region, but in some areas you’ll find increases as much as 10% each year, on average. With a $500,000 apartment, for example, you could miss out on $50,000 in home equity annually. The average length of home ownership is 13 years, so over that period of time, you could potentially gain up to $650,000 in equity. When you go to sell, you could cash in that amount, plus however much you’ve paid down your original mortgage.
That’s a lot of money to leave on the table in favor of monthly rent payments that don’t help you build your net worth. Even if you can’t afford your dream home today, you’ll get a lot closer to it by purchasing a home that you can afford and cashing in when the time is right. You could even rent out that first piece of real estate to bolster your savings, then sell it for a profit when you’re ready to buy that perfect place to call home.
Another option is to buy a multi-unit property, like a duplex or small apartment building with just a couple of units. You can live in one of the apartments and have the other rentals pay for the mortgage, your rent, and potentially some passive income to line your pockets as well. Both of these options are smart ways to gain exposure to the real estate market and begin building a portfolio that helps you achieve your own home ownership dreams.
Avoid Rent Hikes
Housing laws on rent hikes vary depending on where you live. But across the U.S., the average annual increase is between 3% and 5% of your current monthly payment. Say you spend $2,000 a month on rent. You could end up paying as much as $1,200 more the next year in this common scenario. That extra cost continues to compound year after year. And if you move after a few years, the rent prices for comparable places will likely be much higher. There typically aren’t caps on how much a landlord can increase rents between tenants.
Most homeowners opt for a fixed rate mortgage, which means your interest rate never changes so your principal and interest payments stay exactly the same for the entire loan. Instead of wasting more money on higher rent each year, you could instead invest that extra $100 per month.
In fact, MarketWatch estimates based on historical data that investing $100 a month for 30 years could result in an account worth nearly $700,000 (with just $36,000 in total contributions). Pair that with your home equity and you can see how ditching your rental can change your financial outlook in a major way.
Increase Your Tax Deductions
Home ownership comes with another financial perk you won’t receive when renting: a tax deduction on your mortgage interest. The savings apply to the first $750,000 of your mortgage balance as long as you itemize your deductions. So if you bought that $500,000 apartment, you would likely spend close to $20,000 on your interest payment for the first year (that amount goes down each year). Itemizing your interest as a deduction could easily save you a lot on your tax bill and potentially even drop you into a lower tax bracket if you’re close to the edge.
The deduction actually applies to several types of properties, including a house, condo, co-op, mobile home, boat, or RV. You can also use it for a second home, even if you don’t spend much time there.
Access Low-Cost Financing Options with Your Equity
When you rent an apartment, you earn no equity in the place in which you live. If you ever need to borrow money for something else, like a major life event, you’ll need to rely on high-interest financing products like credit cards and personal loans.
But when you own a home, you can tap into your equity for financing products that come with some of the lowest rates available. Three common options include a home equity loan, a home equity line of credit (HELOC), and a cash out refinance. All of them provide you with a sum of money that can be used without restrictions, although your home will be used as collateral.
Some of the most common uses include debt consolidation, home improvements, and tuition.
Interest rates on these home equity products are some of the lowest among other financing options, saving you money and giving you a greater ability to build your wealth.
Bottom Line
Buying a house doesn’t have to be hard — or expensive. With the right team behind you, you’ll easily navigate your way through each step of the process and finally be done with renting.
Using an online tool like Hyponia makes buying a home simple as their software is geared towards simplifying the process, giving control to the buyer and removing inefficiencies . It also offers a convenient way to find the right real estate experts in your area at a deep discount. The network is full of vetted professionals who are ready to bid for your business, saving you both time and money.
Sign up for Hyponia today. It’s completely free!

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5 Real Estate Trends In New York City

What will post-pandemic real estate look like in New York City

Why Renting Instead of Buying is Costing You Over $70K Per Year

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