mortgagerates: Analyzing the cost of renting over purchasing - 11/26/22 03:23 PM
I have been observing the current market and reading the 137 responses that I received from my previous column on Nov. 7. Although my survey isn’t comparable to any national survey via the Labor Dept. or any other government entity, it’s a small microcosm of the feelings of our local Long Island purchasing community who subscribe to my column.
It appears approximately 62% of my respondents think renting or staying in place is more advantageous than purchasing right now. It is based mainly on our current interest rates. which are causing the increase in their monthly payments. However, the readers also thought … (5 comments)

mortgagerates: Guiding buyers to their sweet spot - 09/22/22 02:26 PM
    It’s obvious that our real estate market has changed with the increase in our mortgage rates. It has become either unaffordable for many or psychologically difficult because fear has set in to keep you on the sidelines. However, you now have to decide what to do.
Is renting really a more prudent path to pursue? One must determine whether paying all that rent and waiting to purchase in a year or two, when hopefully rates might settle back down and prices soften, is truly better than being a homeowner today. Also, renting reduces your wealth monthly.
It’s a good … (3 comments)

mortgagerates: The recession and housing price stability - 09/17/22 12:04 PM
Some still downplay and believe that we aren’t yet in a recession. But as history has shown us two-quarters of negative GDP, which we experienced in the first half of this year, indicates that we are technically in one right now and it’s getting worse.
Will it deepen into a situation that is far more serious and worse for our economy?
There are a number of layoffs occurring across many industries—tech (28,000 since the beginning of 2022) and retail shopping (100,000 from Amazon alone in the second quarter), according to Unlike the last two years, the slowing of business growth combined with … (3 comments)

mortgagerates: How will inflation affect values? - 09/07/22 11:42 AM
Inflation is here and probably will be staying with us much longer than we expect or want. The excessive printing of money from 2020-2022 was greater than all the money printed in the past 200-plus years.
The unrestrained availability of money in the market with the historically low-interest rates combined with over-the-top demand created a buying frenzy that diminished housing inventory as well as the limited availability of consumer goods and services. According to, the Case-Shiller U.S. National Home Price Index has risen 18.6% over the past 12 months the largest increase since the inception of the index.
Rental prices have now … (2 comments)

mortgagerates: A look inside my rentals, purchases and gambles - 07/23/22 08:31 AM
We were living in Little Neck, NY from 1975 (when we got married) through 1977.  Our first rental was a two-bedroom, one bath on the first floor for $225. After one year we moved up to the second floor to a three-bedroom and one bath with a terrace and a garage that we paid $275 per month for. We were ecstatic to gain such excellent space and a terrace, too.
Our utilities were all-electric (heat and hot water), however, and were in addition to our monthly rent. Our Con Edison electric bill back then was around $125 per month. Those same rentals … (1 comments)

mortgagerates: Fixed or A.R.M. vs. Rent? - 06/14/22 06:01 AM
Now that our interest rates have pretty much doubled in the last 8 months, inflation hasn't yet been controlled, supply shortages with infant formula and other necessities, the question is how should I finance my housing purchase?  Well, if you look at the current rates, you will find the 7/1 year A.R.M. (adjustable rate mortgage) is lower than the 15 or 30 year fixed and just maybe more beneficial in lowering your monthly cost.  Also, generally the penalties in breaking a fixed (could be upwards of $10,000 during the first 3 years) vs. a variable can be considerably less as it … (0 comments)

mortgagerates: All Things Real Estate: Is the American Dream of homeownership fleeting? - 03/04/22 05:07 PM
Now that the moratorium and forbearance programs on foreclosures, short sales, and rentals are over, what will the market look like this year? Currently, there are over 14,000 foreclosures on Long Island. No one can determine how many will be able to stay in their homes, which have built up excellent equity compared with the 2008 market when most were underwater on their mortgages. Today when selling one has a greater opportunity with the huge buyer demand and still low-interest rates to walk away with money and keep their credit in good standing. But will the market continue or slow down? … (3 comments)

mortgagerates: Inflation, foreclosures and the dollar devaluation - 12/20/21 05:47 PM
It’s obvious to everyone that prices for consumer goods, food, gas (up $1.20 since 2020) and heating fuel, among almost everything else, have increased substantially. Wood products and components for constructing homes have risen sharply,  adding $36,000 to the price tag of an average home. Supposedly, supply chain issues have been the cause due to the lack of labor, truck drivers, even the glue for plywood and the tiny pine beetle that had caused the demise of 15 years of log supplies in British Columbia, Canada, which was enough wood to build 9 million homes. They are continuing to chew their … (0 comments)

mortgagerates: Has the heated real estate market left you behind? - 12/01/21 08:19 AM
 The obviously insane increases observed in real estate prices and values lately from 17.4 percent on average across the U.S. in 2021 led the Case-Shiller Report to calculate a year-over-year rise of 19.7% in July, while CoreLogic showed 18 percent and FHFA 19.2 percent. The major reason has been a total lack of sufficient inventory. This is basic high school education of supply vs. demand economics. Low supply, higher than normal demand and historically low interest rates are allowing so many more buyers to enter the market, causing these major increases in home prices. Most important is the lack of sufficient … (1 comments)

mortgagerates: Making plans to downsize or upgrade - 02/24/21 06:18 AM
Over the years I have met many homeowners who were contemplating downsizing and the work involved in the process that goes along with it. It can boggle many minds due to what has to be accomplished from deciding who to hire to sell the home, de-cluttering and the preparation as well as any repairs that may have to be considered to optimize the property’s  functionality and appearance to future buyers.
Questions will arise as to when to sell, where to move and what will be needed to feel comfortable within a certain defined budget. There are so many more questions to be … (0 comments)

mortgagerates: Are you listening and caring about your clients concerns? - 07/30/20 08:09 AM

In our current working environment, it becomes imperative and critically important to pay attention to as many details as possible when catering to your sellers, investors, purchasers, and even renters!
In order for you to follow through within our new norm of doing business, listening, paying close attention, and truly understanding what everyone really needs and wants becomes a number one priority!
Asking probing questions, providing the necessary and required new COVID-19 forms to be completed are the initial steps, to begin with even before showing the property as required by the Department of State agents should be emailing or faxing those forms … (0 comments)

Philip A. Raices, 1 of the Most Knowledgeable Brokers on the Net! (Turn Key Real Estate)

Philip A. Raices

1 of the Most Knowledgeable Brokers on the Net!

Great Neck, NY

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Turn Key Real Estate

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A source of a multitude of Articles on Real Estate that helps sellers, buyers, investors and renters, leasing of Residential and Commercial Properties in Great Neck and the surrounding areas of Manhasset, Port Washington, Glen Head, Sea Cliff, Glen Cove, Brookville, Upper Brookville, Old Westbury, Roslyn, Albertson, Carke Place, Garden City, Mineola, Searingtown, New Hyde Park, Manhasset Hills, Little Neck, Douglaston, Bayside, Fresh Meadows, Whitestone, Jamaica Estates, Bellerose, Hollis, Hollis Hills, Jamaica Estates, St. Albans, Laurelton, Kew Gardens, Kew Garden Hills, Forest Hills, Flushing, Nassau County, Queens County and New York City. Ask about our Free/No Obligation Relocation Services; we will relocate you for free anywhere on the Globe!!!




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