Do not let the allure of a beautiful home distract you from considering all the variables when purchasing property. While It can be difficult to step back and look at the exogenous conditions in the marketplace when consumed with site visits, price comparisons, and eager salesmen, it could prove to be disastrious if you do not do your due dilligence.
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"A home is only worth what someone will pay for it"
When determining the value of a house -- or any property for that matter -- knowing the price that a recently closed, almost indentical property sold for is crucial.
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While some may find it surprising to learn that the borough now has neighborhoods with average rents well above a number of areas in notoriously expensive Manhattan.
According to a report done by MNS, the average rent in Manhattan last month was $3,836 -- this is comfortably below Brooklyn's Dumbo neighborhood, which ended December 2014 at $4,237.
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All good things must come to an end.
Low interest rates have made real estate a buyer's market for some time now, but this window of opportunity may be closing sooner than anticipated.
Let's discuss why interest rates were so low in the first place, as well as why we can expect them to change in the near future.
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