Longtime Real Estate Industry Expert Says Homebuyers Should Be Ready to Make Larger Down Payments

Rising Home Prices, Caused by Low Inventory, Higher Mortgage Rates and Supply Chain Issues Will Make This an Even More Competitive Buyer’s Market

PLAINVIEW, NEW YORK — In the past, a typical down payment for a house was 20%. However, in today’s competitive housing market, that is no longer the case. Home prices are continuing to go up as a result of varying issues — shrinking inventory, mortgage rate hikes and a scarcity of building materials. Joe Moshé, Broker/Owner, Charles Rutenberg Realty Inc., says prospective homebuyers should save up as much money as possible for a larger down payment.

 

In January 2022, the median home sales price in Nassau County was $650,000, which is a mere 0.8% higher than it was in December 2021 at $645,000 and 8.2% the previous January at $600,500, according to OneKey® MLS. Suffolk’s median home sales price this January was $520,000, which was approximately 1% less than the previous month, when it was $525,000, but a 10.3% increase over January 2021, when it was $471,301.

 

Sales are beginning to drop off due to the lack of available inventory, based on OneKey MLS data. In Nassau, 1,172 homes were sold in January, down 11.7% from 1,309 the previous month and a 7.3% decrease from 1,264 in January 2021. Nassau also had 2,164 homes available for sale back in January, a slight decrease of 0.4% from 2,172 in December 2021 and 50% less than in January 2021 with 3,257.

 

In Suffolk, 1,342 homes were sold the first month of the year, according to OneKey MLS. That is a 32.9% drop-off from December 2021, when 1,783 closings took place, and a 16.6% decline from the 1,610 houses sold in January 2021. In addition, there were only 2,260 homes available in January 2022; that is 11.9% fewer homes than in December 2021 (2,291) and a 38.5% decline from January 2021’s figure of 3,131.

 

“Since inventory has diminished, buyers are now settling for properties that need more work than they ever expected,” Mr. Moshé says. “Holding back down payments for expenses is a good idea if you are not in a competitive bidding war.”

 

Mr. Moshé says another reason to lay out a larger down payment is higher mortgage rates. According to the Freddie Mac’s weekly Primary Mortgage Market Survey, the 30-year fixed-rate mortgage (FRM) rate has gone up since the beginning of the year from 3.22% to 3.76%, as did the 15-year FRM rate (from 2.43% to 3.01%) and the 5/1 adjustable-rate mortgage (from 2.41% to 2.91%).

 

“Because of the increase in the mortgage rates, it will cost you more money to pay off the house,” Mr. Moshé says. “If you want the house and can hold off on renovations, you should put the money down to show the seller you are interested in buying the house.”

 

Another factor in higher home prices is the supply chain issue, with imported lumber and building materials backlogged at major ports. That — combined with the rising cost of labor, utilities and taxes — has made it more expensive to build and own a house, Mr. Moshé says. “It has become more expensive to hire plumbers, electricians and carpenters,” he says. “Home heating oil, gas and electricity prices have gone up for homeowners. Real Estate taxes may increase as home prices keep going higher or renovations take place.”

 

With the housing market getting tighter and more competitive, Mr. Moshé says now is not the time to wait for a “deal” or a “steal.” “With most listings selling at or above the asking price, buyers who pay in cash or put larger down payments on the table will win the bidding war,” he says. “Often, the one who leaves the most money down wins.”

 

For more information, visit www.crrli.com

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About Charles Rutenberg Realty

Founded in 2006, by Joe and Pamela Moshé, Charles Rutenberg Realty, Inc. is one of the nation’s fastest-growing, most progressive Real Estate Agencies, with 1,000 associated Real Estate Professionals. Charles Rutenberg Realty, Inc. specializes in residential and commercial transactions in Long Island and Queens, Brooklyn, Bronx, Westchester, Putnam, Rockland and Orange Counties. Among the 1,950 Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty, Inc. has among the highest in market share for transactions closed, available inventory and listings taken for the last ten years. They are consistently among the largest firms within the Long Island Board of Realtors. Charles Rutenberg Realty, Inc. is headquartered in Plainview, New York and maintains branch offices in Queens, Bronx, Westchester, Nassau and Suffolk Counties. Other Charles Rutenberg offices are located in New York City; Clearwater, Orlando, and Fort Lauderdale, Florida; and Chicago, Illinois. For more information, visit www.crrli.com

Longtime Real Estate Industry Expert Says Millennials Should Do More of Their “Homework” Before Buying a House

Charles Rutenberg Realty Broker/Owner Says Millennials Don’t Understand Options Available in Purchasing Their Home, Including Using Their Financing to Pay off Debts

PLAINVIEW, NEW YORK — With fewer houses available for sale, many Millennials are quickly scooping up those which are still on the market, but the problem for them, says Joe Moshé, Broker/Owner, Charles Rutenberg Realty Inc., is that they are not fully educated on the full benefits of homeownership, such as using their home’s value to pay off debt.

A recent survey from Hometap, a provider of home equity investments, found that 83% of Millennials who own a home carry some form of debt, compared to 77% of all respondents and 72% of Baby Boomers. In its findings, Hometap said that Millennials spend more of their monthly income on homeownership costs and, of all generational groups, they are the least knowledgeable on how much equity they have in their homes.

According to CoreLogic, homeowners with mortgages collectively amassed $3.2 trillion in home equity in the third quarter of 2021, an increase of 31.1% over the third quarter of 2020. That means each homeowner gained $56,700 of equity on average.

“With mortgages, utility payments and student loans, younger homeowners are finding themselves in debt,” Mr. Moshé says. “They further their debt by constantly making improvements. In a rush to buy a home, they don’t know about home equity, and they don’t understand how to take advantage of the value of their home.”

Mr. Moshé also tells Millennials that their home is a major investment and, therefore, they should obtain the services of a knowledgeable Real Estate Professional who can guide them through the many aspects of homebuying, including how to shop for a mortgage and which down payment assistance programs are available.

“They should also locate the services of a qualified, experienced, Real Estate attorney and shop for title insurance, as you would for financing, to protect their homes,” he says. “One available resource is Revolution Abstract (www.revolutionabstract.com), which can help them find title insurance at cost.”

For more information, visit www.crrli.com.

Charles Rutenberg Realty, Inc.’s “The Vanderbilt Team” Raises $7,500 for the Brotherhood for the Fallen Suffolk County Chapter

Pictured (left to right): Kent Markgraf, Esq., Leader, and Robert Lorenzo II, Member, Charles Rutenberg Realty’s “The Vanderbilt Team”; Joe Moshé Owner, and Ruth Pfeffer, Office Manager/Associate Broker, Charles Rutenberg Realty, Inc.; Charles Giardella, John Chiquitucto and Charles Ebert, Members, Board of Trustees, and Francis Collins, Vice President, Brotherhood for the Fallen Suffolk County Chapter; Teresa Feehan, Loan Officer, TFCU; and Kevin Foley, Travel Secretary, Brotherhood for the Fallen Suffolk County Chapter.

Charles Rutenberg Realty, Inc.’s “The Vanderbilt Team” joined Teachers Federal Credit Union (TFCU) in sponsoring the Brotherhood for the Fallen Charity Event, which was held at Timber Point Country Club in Great River on September 14. The event helped raise $7,500 for the organization, which will be used to provide financial assistance to families of police officers who were killed in the line of duty.

The event holds a special meaning to Charles Rutenberg Realty’s “The Vanderbilt Team.” Kent Markgraf, Esq., Team Leader, and five Agents on his team also serve as members of the Suffolk County Police Department.

Formed in August 2016, the Brotherhood for the Fallen Suffolk County chapter has more than 800 members with full support from the upper echelon of the Suffolk County Police Department, the Suffolk County Police Benevolent Association and other law enforcement unions and fraternal organizations.

“As the owner of Charles Rutenberg Realty, I am so proud of our Agents who give back to the communities they serve, and I am pleased that, as a company, we were able to support this organization and the work they do to support the families of fallen police officers,” said Joe Moshé, Owner, Charles Rutenberg Realty, Inc.

For more information, visit www.crrli.com.

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About Charles Rutenberg Realty

Founded in 2006, by Joe and Pamela Moshé, Charles Rutenberg Realty, Inc. is one of the nation’s fastest-growing, most progressive Real Estate Agencies, with 1,000 associated Real Estate Professionals. Charles Rutenberg Realty, Inc. specializes in residential and commercial transactions in Long Island and Queens, Brooklyn, Bronx, Westchester, Putnam, Rockland and Orange Counties. Among the 1,950 Real Estate offices represented by Multiple Listing Services (MLS), Charles Rutenberg Realty, Inc. has among the highest in market share for transactions closed, available inventory and listings taken for the last ten years. They are consistently among the largest firms within the Long Island Board of Realtors. Charles Rutenberg Realty, Inc. is headquartered in Plainview, New York and maintains branch offices in Queens, Bronx, Westchester, Nassau and Suffolk Counties. Other Charles Rutenberg offices are located in New York City; Clearwater, Orlando, and Fort Lauderdale, Florida; and Chicago, Illinois. For more information, visit www.crrli.com.

 

Charles Rutenberg Realty, Inc. Welcomes Five New Real Estate Professionals

Four Join Plainview Office, One Joins Bronx Office

[Plainview, New York] — Five seasoned licensed Real Estate Professionals have joined Charles Rutenberg Realty, Inc., citing the company’s successful business model, excellent training and expert guidance as some of their reasons for choosing the firm.

Those joining the Agency’s Plainview Office are the following Licensed Real Estate Salespeople: Robert Mostacci of Levittown, formerly with Realty Connect in Hauppauge, Leslie Vasquez of Middletown, previously with Empire Home in Hauppauge; Kelly Gonzalez-Benavides of Brentwood, who came from Power Team Realty Corp. in Bay Shore; and Alice LaiYee Chan of Brooklyn, formerly with New Horizon Real Estate in El Cerrito, California.

Dionne Harris-Jackman of the Bronx, formerly with Keller Williams Realty in the Bronx, will join the Agency’s Bronx office.

Alice LaiYee Chan
Dionne Harris-Jackman
Kelly Gonzalez-Benavides
Leslie Vasquez

For more information, visit www.crrli.com.

Charles Rutenberg Realty, Inc. Welcomes Five New Real Estate Professionals

[Plainview, New York] — Five seasoned licensed Real Estate Professionals have joined Charles Rutenberg Realty, Inc., citing the company’s successful business model, excellent training and expert guidance as some of their reasons for choosing the firm.

Those joining the Agency’s Plainview Office are the following Licensed Real Estate Salespeople: Miledy Garcia and Jose “David” Garcia, both of Centereach and formerly with Empire Home Realty of Long Island, Inc. in Hauppauge; Mashood Syed of Manhasset Hills, formerly with EXIT Realty Prime in Jamaica; Heather Hofmann of Nesconset, formerly with Basil N Aposte Realty in Astoria; and Sun Hea Kim of Roslyn, formerly with Douglas Elliman in Manhasset.

Heather Hofmann
Mashood Syed
Miledy Garcia
Sun Hea Kim

For more information, visit www.crrli.com.

Charles Rutenberg Realty, Inc. Welcomes Five New Real Estate Professionals

[Plainview, New York] — Five seasoned licensed Real Estate Professionals have joined Charles Rutenberg Realty, Inc., citing the company’s successful business model, excellent training and expert guidance as some of their reasons for choosing the firm.

Those joining the Agency’s Plainview Office are the following Licensed Real Estate Salespeople: Cristina Soberano of Holbrook, formerly with Keller Williams Realty Group in Scarsdale; Tommy Mouscardy of Queens Village, formerly with South Shore Realty Concepts in Valley Stream; Francis Agyin of Freeport, formerly with Keller Williams in Bayside; Steven Dianat of Great Neck, formerly with Great Success Realty in Jamaica. Mei-Chau Kwok of Brooklyn is dually licensed with Charles Rutenberg Realty and with The Level Group in Manhattan.

For more information, visit www.crrli.com.

Charles Rutenberg Realty, Inc. Welcomes Nine New Real Estate Professionals

[Plainview, New York] — Six seasoned licensed Real Estate Professionals and three newly licensed Real Estate Professionals have joined Charles Rutenberg Realty, Inc., citing the company’s successful business model, excellent training and expert guidance as some of their reasons for choosing the firm.

Those joining the Agency’s Plainview Office are the following Licensed Real Estate Salespeople: Luis Galvez of Bay Shore, formerly with Elegante Realty Corp. in Westbury; Janet Shields Scott of Atlanta, Georgia, who previously worked for Realty Direct NY Inc. in North Babylon; Alejandra Rodriguez of Commack, formerly with Premium Group Realty in Rockville Centre; Gesel Santiago-Malave of Central Islip, previously with EXIT Realty Island Elite in Port Jefferson; Karen Johnson-Betty of Valley Stream, who previously worked with C21 American Homes in Franklin Square; and Nikki Sourelos of College Point, formerly with Keller Williams Landmark Realty in Flushing.

Alejandra Rodriguez
Gesel Santiago-Malave
Janet Shields Scott
Karen Johnson-Betty
Luis Galvez

The three industry newcomers who will be starting their Real Estate careers at Charles Rutenberg Realty, Inc. are Alice O’Brien of Kings Park, who attended American Real Estate School in Hauppauge; Jonathan Kim of East Northport, who received his training online from American Real Estate School, and Nicole Pasquale of Dix Hills, who attended LIBOR in Babylon.

Alice O’Brien
Jonathan Kim
Nicole Pasquale

For more information, visit www.crrli.com.

Charles Rutenberg Realty, Inc. Welcomes Eleven New Real Estate Professionals

[Plainview, New York] — Eight seasoned licensed Real Estate Professionals and two newly licensed Real Estate Professionals have joined Charles Rutenberg Realty, Inc., citing the company’s successful business model, excellent training and expert guidance as some of their reasons for choosing the firm. Another licensed Real Estate Professional has returned to Charles Rutenberg Realty.

Those joining the Agency’s Plainview Office are the following Licensed Real Estate Salespeople: Ibraham Osman of East Meadow, formerly with RE/MAX Central Property in East Meadow; Angel Abreu of Bay Shore, formerly with Elegante Realty Corp. in Westbury; Maureen Akerberg of St. James, formerly with Henrietta Homes and Properties in St. James; Joseph Medina of Brooklyn, formerly with StarRock Association in New York City; Harvey Silver of Brooklyn, formerly with All Kings Realty, Inc. in Brooklyn; Tomer Sinai of Queens Village, formerly with Cordial Realty in Queens; Tony Tronto of New Hyde Park, formerly with Keller Williams in Manhasset; and Howard Rosenthal of Farmingdale, formerly with Vylla Homes in East Meadow.

Angel Abreu
Harvey Silver
Howard Rosenthal
Ibrahim Osman
Maureen Akerberg
Tomer Sinai
Tony Tronto

The two industry newcomers who will be starting their Real Estate careers at Charles Rutenberg Realty, Inc. are Thomas Kennelly of Port Jefferson Station, who received his training online from Real Estate U., and Vishal Kundra of Bethpage, who attended American Real Estate School in Hauppauge.

Thomas Kennelly
Vishal Kundra

Missah Uddin Mahmood of Jamaica Estates is returning to Charles Rutenberg Realty, Inc.

For more information, visit www.crrli.com.

Charles Rutenberg Realty, Inc. Welcomes Twelve New Real Estate Professionals

[Plainview, New York] — Twelve seasoned licensed Real Estate Professionals have joined Charles Rutenberg Realty, Inc., citing the company’s successful business model, excellent training and expert guidance as some of their reasons for choosing the firm.

Those joining the Agency’s Plainview Office are the following Licensed Real Estate Salespeople:

Andrew Kagan of Great Neck, formerly with E Realty Advisors USA in White Plains; Benedetto (Ben) Oliva of Mineola, formerly with Keller Williams in Garden City; Charles Peterson of South Ozone Park, formerly with Keystone Realty of East Northport; David Kook Ko of Douglaston, formerly with DKS Right Choice Realty in Douglaston; Deborah Berman of Glendale, formerly with EXIT Kingdom Realty in Forest Hills; Ignacio Alvares of Bay Shore, formerly with Empire Home Realty in Hauppauge; Keith Drucker of Lindenhurst, formerly with RE/MAX Best in Babylon; Eunice Hysons of Baldwin, formerly with Prevete Real Estate in Hempstead; Michael Maietta of Port Jefferson Station, formerly with EXIT Realty Achieve in Smithtown; Nicholas Adams of Lake Worth, Florida, formerly with Weichert Quality Homes in Baldwin; Priya Kalra of Jericho, formerly with Douglas Elliman of East Norwich; and Safraz Baksh of Holliswood, formerly with EXIT First Choice in Queens.

Benedetto Oliva
Charles Peterson
David Kook Ko
Deborah Berman
Eunice Hysons
Ignacio Alvares
Keith Drucker
Michael Maietta
Nicholas Adams
Priya Kalra
Safraz Baksh

For more information, visit www.crrli.com.

Charles Rutenberg Realty, Inc. Welcomes Six New Real Estate Professionals

[Plainview, New York] — Four seasoned and two recently licensed Real Estate Professionals have joined Charles Rutenberg Realty, Inc., citing the company’s successful business model, excellent training and expert guidance as some of their reasons for choosing the firm.

Those joining the Agency’s Plainview Office are the following Licensed Real Estate Salespeople: the mother-and-daughter team of Ashira Silver and Sarita Silver, both of Brooklyn, formerly with All Kings Realty Inc. in Brooklyn; and Ingrid Smith-Thomas of Freeport and Jason Wright of Elmont, both of whom came from Keller Williams Realty of Greater Nassau in Garden City.

Ashira Silver
Sarita Silver
Ingrid Smith-Thomas
Jason Wright

The two industry newcomers who will be starting their Real Estate careers at Charles Rutenberg Realty, Inc. are Mohit Kalia of Farmingdale, who attended American Real Estate School in Hauppauge, and Jaleel Mussington of Little Neck, who received his training from the New York Real Estate Institute in New York City.

Jaleel Mussington
Mohit Kalia

For more information, visit www.crrli.com.

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