Welcome all to the Real Estate Nurse Blog. I am Bob Ritchie your author. I am a Registered Professional Nurse and a Licensed Real Estate Salesperson with Exit Realty Central in New York City.
The Blog is to demonstrate the affordability of housing in New York City and the surrounding area after the Housing Bubble burst. Housing affordability, Home ownership and Real Estate investment for the Health Care worker is more real now and in time to come. Being a RN I work in the Health Care Industry.
During the Housing Boom the median home price in NYC and the surrounding area soared to 12-14 times a Nursing Assistants salary, 7-10 times a Registered Nurse's salary and in between were the Respiratory Therapist, X-ray Technicians, Physical Therapist, Nutritionist and Social Worker's. Don't forget the Ward Clerk's, EEG Techs, EKG Techs and all the other important and necessary position's that maintain the foundation of a Health Care facility or system. Most of these salaries were uncomfortably out of the affordability of home ownership unless you were willing to take on the unmanageable debt, sacrifice most of your earnings to pay for your housing cost and live paycheck to paycheck day to day.
With easy access to mortgage's with no down payment and closing cost wrapped into your loan. It was easy to purchase real estate during the housing boom. Fortunately those day are gone. Now you must have some cash, a job, credit score and the value of the asset must coincide with the purchase. And, And you must prove it. Yes folk's the days of just smiling at the banker are gone but not forgotten. Just look where the economic world is today.
Four years after the housing bubble popped. The U.S. continues to slump and crawl along in its stagnation of a housing recovery. Good news and Bad news. Why the good news? Home affordability is being restored.That's what the Blogs is about. Since my Blogs focus is on the health care worker, the door to home ownership is now more open than ever for these workers. Why the bad news? A lot of people are hurting during these economic times and that is not what this Blog is about.
Let's talk about affordability.
Mortgage rates have dived to record lows. 30 year fixed rate today is 4.54% as I write. Lowest level in 39 years that Freddie Mac have been monitoring rates. That's a great rate to finance your housing cost.
Home prices in the New York metro area are off 20-40% from there peak values in 2006. No sign of a rebound yet?
Supply and Demand. Foreclosures and Short Sales, that's the buzz. Shadow Inventory coming on the market. Everybody is talking that it is going to take a while to clear all these properties. Pricing pressure from distressed properties will lower the median sale price of homes. More affordable. The picture is getting clearer that you won't have to spend a high percentage of your earnings on your housing cost. Now you can go on vacation or erase something from your Bucket List.
Affordability rewards the home owner with equity building in your loan payment, tax deductions, mortgage interest deductions and a sign that says Home Sweet Home. It is not always that simple, but at lease it is getting more affordable for the people in the health care industry who are employed and have a salary.
Question? Is it a great time to purchase a home? Only you can answer that question.
Till next time
