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December 9, 2022
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December 9, 2022
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High Rates? More and More People are Seeking “Creative Solutions”

Many buyers now want to pay cash to get around the high interest rates

Riccardo RavasinibyRiccardo Ravasini
Quando sarà finita, Covid-19 avrà cambiato parecchie cose

Manhattan skyscrapers seen from one building on Park Avenue, New York - Photo: Terry W. Sanders

Time: 1 min read

Spiking interest rates on home mortgages (that in September topped 6 percent for the first time in nearly 15 years) have led a growing number of recent homebuyers to find creative ways to pay for their new homes with cash.

An Example? You can use personal savings, take out a loan using stock as collateral, and receive an adjustable rate based on the federal-funds rate plus a 2.25 percent margin. Some other alternatives to finding cash to pay for a home include taking out loans against other assets, seller financing or borrowing money from families and friends.

But alternative financing doesn’t come without downsides – such as the loss of mortgage interest deductions — for buyers. Anyone considering alternative financing techniques is encouraged to first seek the help of financial advisers.

Residential sales fall 30% across South Florida

The residential market in South Florida continued to take a beating in October.

Residential closings fell nearly 30 percent, year-over-year, across Miami-Dade, Broward and Palm Beach counties to 6,216 sales, according to the Miami Association of Realtors, which only tracks sales recorded on the Multiple Listing Service. That follows a 20 percent drop in August and a 25 percent drop in September as the Federal Reserve continues to hike interest rates in its attempt to tamp historic inflation.

Closed dollar volume fell 20 percent to $4 billion in October across the tri-county region, compared to the $5 billion recorded in October of last year.

(source: http:/therealdeal.com)

 

 

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Riccardo Ravasini

Riccardo Ravasini

Riccardo Ravasini è cresciuto in Italia, dove si è laureato in economia all’Università Bocconi di Milano. Dopo il trasferimento a New York, si è subito fatto affascinare dal settore immobiliare. La passione per il Real Estate unita all’esperienza e alla professionalità acquisita negli anni ha fatto sì che Riccardo sia diventato un punto di riferimento per i suoi clienti sia italiani che americani. Affiliato al network Compass Riccardo oltre che a New York è attivo anche nel mercato immobiliare di Miami. Riccardo Ravasini is a residential real estate agent based in New York City. Since 2008 he has led and managed an array of transactions and consulted a diversity of clients – from young professionals and families to individual investors, estates, corporations and more. In 2013, Riccardo became an active realtor in South Florida; his team offers investment properties in the Miami and Ft. Lauderdale markets to clients from all over the U.S. and the world. Riccardo is a graduate of Bocconi University.

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