Real Estate News Update-October 19, 2019
By Jim Turano, Broker of Diverse Real Estate
Apartments- Average 3 room one bedroom renting at $1,500-$1,600
Average two bedroom apartment renting between $1800-$2,000
Average three bedroom apartment renting around $2,500
Houses-Currently the market is flooded with homes and many are way overpriced at this time. You need an accurate appraisal of your home and price it right from the beginning.
Commercial buildings-Mixed Use, 6 families, 12 families, Tax payer properties. Buyers have been paying all year long at no more than 12x’s your yearly rental income. The average buyer must put between 30-40% down if attaining a mortgage.
Store Rentals-vary area to area. You must price the store correctly from the beginning or not collect rent for 6 months to a year in some cases.