In this edition, we chat with Toni Haber, a high-powered real estate broker for Prudential Douglas Elliman in New York.
Toni Haber is a highly sought after real estate broker for Prudential Douglas Elliman in New York City. With nearly 30 years of real estate experience, Haber has seen her fair share of housing booms and busts.
AOL Real Estate: How would you advise consumers to think about the financial status of their homes in the current economy?
Haber: The first and most important thing to remember is that your home is where you live and by default acts as an automatic savings--so enjoy it!
If you have more debt than your home is actually worth, which is the situation for most people who bought a home anytime between 2005 to 2008, it might make more sense to just let it go. This is especially my advice to home owners who have fallen behind on their payments.
On the other hand, if you are up to date on your payments and not planning to relocate for the next five to ten years, enjoy your home and appreciate the long term investment value it holds. Furthermore, with interest rates at an all time low, you could refinance for thirty years and rest easy at night knowing that your mortgage payments will remain at a great rate.
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