The Marcelle Minute 10/13/2025
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: Escrow
Escrow is a neutral third-party account that holds funds (like your down payment or closing costs) until all conditions of a real estate transaction are met. Think of it as a safety buffer — it ensures that neither buyer nor seller gets left hanging.
Market Breakdown
Mortgage rates in New York are hovering around 5.99% for a 30-year fixed loan.
NYC home prices are staying resilient: the citywide median sale price is around $870,000, up ~6.7% year-over-year.
In Manhattan, prices remain high — though growth is more modest than in outer boroughs.
The possible government shutdown could slow FHA, VA, or USDA loan processing and delay closings — especially for buyers using those programs.
What all that means for you:
Lower rates = more borrowing power
Prices are firm, so you don’t want to wait too long
Watch your financing path closely if you rely on federal programs
Homeownership Tips
Lock a rate early if terms look solid. If a rate meets your budget, securing it may protect you from upward shifts.
Budget for closing costs (3–5% of price). Many first-time buyers underestimate these; they include legal fees, title insurance, taxes, etc.
Use timing to your advantage. Fall often brings more listings and motivated sellers who want to close before year-end.
At the End of the Day...
Buying your first home doesn’t require perfect timing — just the right approach. With proper preparation, informed decisions, and the right team, you can make this journey far smoother than you imagine.
If you’ve been thinking about stepping into homeownership — whether you’re a first-time buyer, a first responder, or you know someone who needs guidance — referrals are always welcome, and I’d love to help. Let’s schedule a consultation and map out your plan. More updates coming next week.
