selling: A survey on what’s happening in the Long Island market - 11/09/22 02:24 PM
  0   I am devoting a portion of this week’s column to ascertaining what purchasers, sellers, and investors’ concerns are in our local Long Island market.
The following are choices in determining how you would rate your concerns about the current real estate market and where you might place your money whether you choose to stay put where you are, go into a rental, or consider moving out of the area to a lower priced location or state or lastly to buy an investment property for cash flow. Choose the top 4 in the order of most to least in importance to … (0 comments)

selling: 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)

selling: 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)

selling: All Things Real Estate: Pricing a home right is crucial in this market - 08/22/22 10:16 AM
With the increase in mortgage interest rates over the last eight months, properties are not necessarily selling as quickly as they were in the past. Rates have been down the last four weeks and just last week slipped again from 5.59% to 5.55% as of August 3rd. Rates are usually pegged to the 10-year Treasury, but the markets generally are the true determiner of rates.
They are still considerably higher than the historically lowest rate of 2.5% late in 2021 for a 30-year fixed mortgage. With the current doubling of rates the price of homes has become unaffordable for a vast majority … (2 comments)

selling: Homeowners must be more realistic about listing price - 07/26/22 07:13 AM
All Things Real Estate:  By Philip A Raices - July 25, 2022 0 After all these years in the real estate business, I have come to many conclusions, one being that “buyers are sometimes liars, sellers are sometimes yellers and lawyers are also sometimes destroyers.”
Buyers, sellers and lawyers, please don’t be offended by this real estate slogan (I heard it more than 35 years ago and had my doubts about its truth) as it isn’t meant to insult anyone. It is to bring up a very valid and pertinent point in this column, that people change their minds and say one thing and … (3 comments)

selling: 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)

selling: FREDDIE MAC AND FANNIE Mae and FHA crucial to lending - 06/22/22 07:25 PM
Interest rates have doubled over the last eight months, closing the door on our lowest interest rates in history and hitting bottom during the Covid-19 pandemic between 2020-2021. It was meant to be a temporary stopgap measure to salvage our ailing economy that was literally shut down due to the pandemic. However, rates actually dropped much lower than I and many economists anticipated and at their lowest point averaged 2.65%. If you had applied for a $200,000 mortgage, the monthly cost would have been $806, which would have been $662, or $7,900 savings per year, compared to the overall normal long-term … (0 comments)

selling: Tough choice to sell or stay? - 02/07/22 05:12 PM
I am currently working with several clients who are still trying to decide whether they want to stay put in their homes for the long term or possibly considerputting their places on the market. One couple is in generally good health and enjoys their current surroundings and the other client is in somewhat fair condition.
The first couple complains about the expenses of owning as their income, although fairly good, is being reduced yearly s inflation has been ramping up lately. Real Estate taxes, heating costs, snow removal, repairs, landscaping, and upkeep are starting to wear on them financially and mentally. The … (3 comments)

selling: 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)

selling: 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)

selling: 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)

selling: 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)

selling: Outlook for housing market uncertain - 12/01/21 07:51 AM
  By Philip A Raices - November 29, 2021  Are you still renting? If so ask yourself why. Is it because you want to be as flexible as possible and not beholden to a mortgage? Is it because you want to be able to move in a short period of time without having to sell anything? Have you invested the difference between your current rent and a mortgage and all the expenses inherent in ownership into another asset to increase your wealth or is it in cash (which is truly “trash” as per Ray Dalio founder/CEO hedge fund of Bridgewater Associates, decreasing your … (0 comments)

selling: The process of a sale from start to finish - 12/01/21 07:36 AM
By The Island Now - November 22, 2021 0   There are a number of professionals who we have to work with to coordinate our sales, from the attorneys, home inspectors, contractors mortgage brokers, and sometimes managements and co-op boards as well as our sellers and purchasers.
Every once in a blue moon a structural engineer to check out the integrity of walls and foundations in a home. The coordination between the parties is tantamount and crucial, especially during the current times, to make sure the transaction heads in the right direction in an efficient and expeditious fashion so the end result will be … (0 comments)

selling: All Things Real Estate: Still time to sell and buy despite slowdown? - 09/14/21 10:41 AM
Why are homeowners who are thinking about selling as well as purchasers who were contemplating buying pulling back and slowing down their decision-making by holding off?
My professional and personal opinion is that they are going through a phase I call F.E.A.R., which means Fanaticized, Expectations, Appearing, Real! However, what really affects changes and slows markets is the psychological aspect from the statistics and information that the U.S. government and other gurus come out with that can be both somewhat accurate and inaccurate while influencing the mindset of the selling and buying public.
This is especially true for those who should be selling … (0 comments)

selling: Brokers and Salespeople should build long term relationships - 07/28/21 05:11 AM
The real estate industry is made up of over 2 million agents around the U.S., but only approximately 1.4 million are considered realtors, who belong to one of the thousands of professional multiple listing services across the country.
A percentage of those 600,000 who are not part of an MLS are divided up between commercial real estate and the others, probably independent one-person broker/investors.
The balance probably don’t necessarily have the money or wherewithal to belong to an office but somehow keep their licenses active by just having the broker keep their licenses active w/o paying fees as they should and as the … (0 comments)

selling: All Things Real Estate: Owning property not a universal right - 06/10/21 03:55 PM
I had been thinking about this past Memorial Day weekend and how all of us are free to purchase whatever we want and to do so in a manner and environment that allows us to decide independently how, when, and where we can do it. I believe to some degree we take for granted and forget how easy life is to excel, prosper and do and be whatever we want to be without any interference.
Buying real estate is one thing that comes to mind since in some other countries one has no right to possess their own home or investment property. … (0 comments)

selling: Will there ever be a Bubble? - 05/18/21 01:26 PM
If you have noticed, there have been sporadic reports of a bubble in real estate and then other reports that there is no bubble in real estate. How would one determine the future of real estate? Did you read the real estate column in the Sunday, May 16, Newsday? It talked about bidding wars, lack of adequate inventory, and the intense and passionate fervor of purchasers who are all in on competing for their next place to call home.
Prices have increased by over 16 percent year over year throughout the U.S. Looking at my crystal ball and pinpointing and coming up … (3 comments)

selling: How to hold a safe open house - 04/22/21 11:55 AM
Agents are always attending open houses with their clients as a more efficient way of being able to show properties, especially on Saturdays and Sundays. Since the market has sprung back in the last two quarters of 2020, I have noticed the droves of purchasers out there visiting open houses.
I always wonder how many of them are true buyers who are qualified, serious, and ready to “pull the trigger” if they come upon the right place and how many (neighbors included) are just out there kicking tires and just making a day of perusing open houses? How about those who may … (2 comments)

selling: How to handle rising home equity - 04/19/21 08:08 AM
As the market has rebounded over the last 10 years, negative equity for many who were able to remain in their homes has turned positive with over 50 percent of homeowners have gained equity in their homes as per Core Logic through 2020.
According to Census Bureau data as of the last quarter of 2020, households aged: 45-54 had $70,860 in home equity totaling 64 percent of their net worth; 55-64 had $103,400 in home equity totaling 61 percent of their net worth; 65-69 had $136,670 in home equity totaling 61 percent of their net worth. About 38 percent of homeowners had … (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

More about me…

Turn Key Real Estate

Address: 3 Grace Ave Suite suite 180, Great Neck, New York, 11021-2415

Office: (516) 829-2205

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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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