The Marcelle Minute

Buying your first home isn’t just about numbers on a page—it’s about turning your rent check into the keys for your own front door. Here’s what’s happening right now in the market and what it means for you:

Rates and Refinances

Mortgage rates have dipped back down to the mid-6s, the lowest we’ve seen in months. And here’s a huge opportunity: refinances are up 66% compared to early 2024. Homeowners are locking in better terms and saving thousands. The same window that makes refis attractive also makes this a good moment to buy—because you’re not stuck with today’s rate forever. You can refinance later when rates drop again.

Rents vs. Owning

Manhattan rents are still around $4,400 a month. That’s money you’ll never see again. If your rent is anywhere near that, you could already be building equity in a place of your own. Instead of funding your landlord’s investment, you’d be funding yours.

Competition & Timing

Sales are up across NYC and the surrounding areas. Buyers are coming back into the market as rates ease, and homes are moving quickly—especially in Queens and Long Island. Being pre-approved and ready to go makes all the difference.

3 Simple Tips for New Homeowners

Build a repair fund now. Set aside about 1% of your home’s value each year for maintenance. Future-you will be thankful.

Make a seasonal checklist. Gutters in the fall, A/C in the spring—keep your home happy year-round.

Document your big systems. Snap photos of your furnace, appliances, and serial numbers, and store them in your phone or cloud drive. If something breaks, you’ll have the info handy.

Bottom Line

This market is moving, but the opportunity is real. If you’ve been on the fence, now’s the time to take that next step—before prices climb higher and before the best deals disappear.