The Marcelle Minute 9.27.25
The Marcelle Minute
A short, weekly update created for first-time homebuyers and current homeowners. It’s designed to give you the most important housing market news in just a few minutes—without the confusing jargon or overwhelming charts.
Current market trends in NYC and the tri-state area (rates, rents, sales).
Actionable tips for buying, owning, or refinancing a home.
Practical homeowner know-how—from budgeting to maintenance hacks.
A quick “Word of the Week” so you learn real estate terms step by step.
Keyword of the Day: Appraisal
Appraisal – An appraisal is when a licensed professional comes to check the home you’re buying and gives their expert opinion on what it’s worth. Lenders require this because they want to make sure the home is worth at least the amount of money they’re lending you. Think of it as a “value check” to protect both you and the bank.
Market Breakdown
The New York City housing market is still moving fast. Even though mortgage rates have dropped a little (hovering around 6.5%), homes are selling quickly if they’re priced fairly. For new buyers, this means:
You’ll want to get your finances in order now, because properties don’t sit on the market long.
Pre-approval (a letter from a lender saying how much you’re qualified to borrow) is almost like your “ticket” to shop seriously. Sellers often won’t even consider an offer without one.
Lower rates can mean a slightly smaller monthly payment, but prices in NYC are still high—so balancing affordability is key.
Homeownership Tips
Budget for closing costs. These are extra expenses (lawyer fees, title insurance, taxes) that usually add up to 3–5% of the purchase price.
Organize your paperwork. Banks will ask for pay stubs, W-2s, bank statements, and tax returns—having these ready speeds things up.
Look into first-time buyer programs. New York has special grants and down payment assistance programs that can help you lower the amount of cash you need upfront.
At the End of the Day...
Buying your first home in NYC or the tri-state area can feel overwhelming—but when you cut through the noise, the message is clear: opportunities are here. Rates are down from their peak, refinancing is showing buyers they have flexibility, and even programs like the VA loan reform are expanding protections.
If you’ve been thinking about stepping into homeownership, now is the time to talk it through. Referrals are always welcome, and if you’re ready to explore your options, let’s schedule a consultation call today. Stay tuned—more updates are coming your way every week.
