sellers: Going to contract in <7 DAYS!!
- 04/18/24 07:58 AM
174 Berryhill Ct W. Hempstead asking $899,989; several bids & a bidding war ensued from my clients at the 1st OPEN HOUSE Going to Contract in< 7 days! We can do the same 4 yours, why wait, don't miss this incredibly "HOT MARKET" on Long Island, NY 4 your "next place to call home." Search Here: https://WWW.Li-RealEstate.Com Call Phil for a "FREE" 15-minute consultation @ Turn Key Real Estate: 1-888-355-1385 … (5 comments)
sellers: Don't underestimate building rapport and relationships
- 01/18/24 04:36 PM
If you are a seller, investor, purchaser, or even potential tenant, are you being properly advised and educated sufficiently enough, or seeking out someone to consult you about the current challenging market? Do you know enough about how to strategize and position yourself as a seller? If an investor, are you doing your due diligence when looking and finding a quality property and knowing the short and long-term R.O.I.? As a purchaser who has dropped out for a multitude of reasons, have you thought outside the box and your need and desire for creative and cutting-edge ways to keep you in … (2 comments)
sellers: How can one describe real estate in 2023?
- 12/29/23 11:37 AM
It was challenging, impossible, and difficult for buyers and renters. Mortgage rates being as high as they were with 11 increases over 18 months have caused a lot of pain and disruptions to so many looking for their first place to call home. Its severity affected a good portion of purchasers who had less than stellar opportunities whether it was from battling a bidding war environment not seen before; as well as a lack of choices from a historically diminished low inventory. Due to these bidding war situations, prices kept escalating in this artificially created atmosphere with fear of missing out rearing its … (3 comments)
sellers: Interest rates and credit crisis affect housing
- 12/09/23 02:22 PM
Right now for some everything looks rosy. Home prices, although not increasing at the same excessive pace, are still going up on Long Island. But in other locations around the U.S., prices have moderated, especially where much of the new construction has occurred. But for a majority of others, things may look downright challenging and dismal with our national debt at $32 trillion, credit card debt increasing to a stifling level month after month, and student debt of $1.77 trillion owed by 45.3 million borrowers, down from 45.4 million students in the second quarter of 2021. But 0.63% of student loans were … (2 comments)
sellers: Real Estate and borrowing, then and now
- 12/01/23 08:34 AM
I have been practicing and performing real estate for over 42 years. My first purchase was in 1977, a small home of about 1200 sq. ft that we resided in on North Road in the north section of Great Neck. The second property we purchased was a 2-family on Steamboat Road in 1981. Although we sold both properties and moved on to other investments, I can still remember how easy and simple it was back then, to be able to apply for a mortgage. Both were with Emigrant Savings and Loan, which is no longer in business. Our second loan was completed mostly by … (0 comments)
sellers: Will you have to pay capital gains when selling?
- 02/24/23 02:21 PM
In the last few weeks, I have had several inquiries concerning capital gains on the sale of one’s primary residence. There is a multitude of variables that come into play. It would be smart to strategize and determine in advance of selling if there will be any capital gains to be paid. The first step is to check out those homes that have sold recently (in the last three months) in your area that are similar to yours in terms of bedrooms, baths, EIK, interior square footage, lot size, and condition. Then take that price and do a hypothetical calculation. You can use … (2 comments)
sellers: Luck, timing, and being smart
- 01/31/23 02:42 PM
Since 2020, the Pandemic, causing the shutting down of the majority of businesses and coming to a standstill; causing people and families to exit major cities away from the crowds and Covid 19 to work remotely from the supposedly safer less dangerous environment in suburbia. This was one of the stimuli along with the lowest rates on record that propelled the local and domestic U.S. real estate market to excel to heights never experienced in history. This led to a white-hot sizzling period of time in our real estate market to a much quicker transition in the past year to a … (1 comments)
sellers: What effect on the future Fed rate increase or possible pivot will have on housing?
- 01/10/23 03:36 PM
All Things Real Estate By Philip A Raices - January 9, 2023 Over the next 3 months, our real estate market will be impacted further over increased rates. With the proposed 1/2% increase in March by Fed Chair Jerome Powell we could see a further softening in the demand to purchase. It appears that higher rates will be held in place for a while until he sees inflation consistently coming down and is controlled. I do not see that his original 2% inflation target will be reached and most likely 4-5% might be more realistic. As … (1 comments)
sellers: Planning to retire and contemplate moving?
- 12/22/22 10:01 AM
0 Winter is here and you may begin staying inside for a longer period of time, especially with the advent and ramping up of increased COVID, RSV, and flu breakouts occurring locally and nationally. You have more time to think about retiring and getting out of the cold and snowy weather to a warmer destination. There is quite a lot to think about when and if you are going to retire. How much time do you provide your employer? If self-employed, will you be selling your business or having one of your children take over? Will you need to take … (3 comments)
sellers: Name your lifestyle-Condo or Co-op?
- 12/05/22 01:19 PM
When it comes to affordability, financial profile, and lifestyle, whether an initial purchase or downsizing, everyone has different needs and wants. Some who have the finances will choose a condo or townhome for the luxury, doorman, and amenities, such as a pool, tennis, and security. However, others will choose based on the affordability that a co-op provides. Prices will obviously depend on the building and its infrastructure, financial strength, and whether one, two, or three-plus bedrooms and accompanying bathrooms suit the buyer. Co-ops can be upwards of $100,000 less, minus most of the amenities provided by a condo or townhome. Sales applications … (1 comments)
sellers: 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)
sellers: 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 insiderintellegence.com. Unlike the last two years, the slowing of business growth combined with … (3 comments)
sellers: 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 https://whitehouse.gov, 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)
sellers: How to attract buyers in today’s housing market
- 08/22/22 10:25 AM
Creating a viable and successful open house today requires some changes and pivoting to attract slowly changing buyer demand. It is becoming a bit more challenging to find that elusive and motivated purchaser with cash offers or who is qualified with a pre-approval from their lender. The feedback that I am receiving lately is that a portion of cash buyers are thinking twice about putting their money into real estate for the time being and are stepping back and sitting on the sidelines. I believe this is occurring due to their thinking that either prices must come down to make it more … (2 comments)
sellers: 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)
sellers: 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)
sellers: All Things Real Estate: Middle-class faces challenging housing market
- 01/31/22 03:36 PM
By Philip A Raices - January 23, 2022 0 Over the last number of years since the bottoming out of housing prices in 2011 and the impact of the Covid-19 pandemic coming onshore in the U.S., things have looked up in the market. Prior to the pandemic, the market seemed to be cooling a bit and then the outlook changed quite rapidly overnight as people migrated away from large city populations and demand for housing totally outstripped available inventory. More important, the vast majority of builders didn’t want to get caught again in another potential downturn, so construction decreased severely from 2008 … (0 comments)
sellers: 2 out of 3 are homeowners in the U.S.
- 01/17/22 07:03 PM
The percentage of historical homeownership rates has risen from 47.80 percent back in 1890 to 65.4 percent by 7/1/21, according to statistics found in a digitized Census Bureau report from the 1970s from The University of Minnesota as well as the Census Bureau at the St. Louis Fed’s economic indicator database. During and after World War II, the U.S. economy was on fire and with all the new jobs being created many more were able to enter the market to purchase a home. This continued through the Sixties as we were the major dominant car, equipment and goods manufacturer of the world. … (1 comments)
sellers: High-flying market likely to slow down
- 01/03/22 06:55 PM
By Philip A Raices - January 3, 2022 0 Healthy and Happy New Year to all my readers! Unless you haven’t read a paper or watched the news, we all know that real estate went ballistic between the third quarter of 2020 right through 2021. Anyone owning a home saw their appreciation excel by 19.7 percent (13.61 percent inflation-adjusted) through July 2021 as per the S&P/Case-Shiller seasonally adjusted national home price in index and in some areas even higher. This was the largest year-over-ear annual growth ever recorded. Of the 20 major cities, according to Standard & Poor’s, Phoenix had posted the … (1 comments)
sellers: Do your homework when hiring a broker
- 12/16/21 12:34 PM
People many times become enamored with the size of a company as a prerequisite to hiring an agent. Then others will check the reviews and testimonials. Then there are times when one will hire a friend to sell the most valuable asset they own. Knowledge, the number of years in the business, and experience should be the most critical and overriding factors instead of the size of a company as a determining factor. Even when checking reviews and testimonials, look for words that are used to describe their experience with the broker, such as their expertise, knowledge, the accuracy of the information, … (0 comments)
A source of a multitude of Articles, thoughts, and ideas on Real Estate that help Sellers, Investors, Purchasers, Renters and Lessees 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, Carle 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 advise and guide you and your family to relocate for free anywhere in the Globe!!! I am a C.I.P.S. (Certified International Property Specialist)
174 Berryhill Ct W. Hempstead asking $899,989; several bids & a bidding war ensued from my clients at the 1st OPEN HOUSE Going to Contract in< 7 days! We can do the same 4 yours, why wait, don't miss this incredibly "HOT MARKET" on Long Island, NY 4 your "next place to call home." Search Here: https://WWW.Li-RealEstate.Com
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