sellingacoop: How Fair Housing laws work
- 12/15/22 02:23 PM
By Philip A Raices - December 15, 2022 0 In the United States everyone is entitled to purchase a home who is gainfully employed and has adequate income, credit, and debt-to-income ratios to qualify under the Fair Housing Act. However, discrimination and ownership disparity still occurs and exists between white and black households as per an article by The National Association of Realtors back on March 3. Here is a link to the article, which explains in greater depth the housing disparity among white and minority groups: https://www.nar.realtor/blogs/economists-outlook/racial-disparities-in-homeownership-rates According to the article, Black homeownership has increased to 43.3% but is still lower … (2 comments)
sellingacoop: 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)
sellingacoop: Our market is far from the crash of 2008
- 11/18/22 01:09 PM
There is no doubt that the increases in mortgage rates have slowed down the housing market over the last six months, but it’s not even close to what occurred in 2008. The inventory accumulation back then was 10.4 months (MLS stats) whereas currently, it is 3.2 months. So bubbles in inventories generally cause prices to go down as supply becomes greater than demand (the typical supply/demand economics) and competition among sellers becomes heightened, which leads to lower prices. Currently, we have much higher prices and interest rates so the prospect of becoming a homeowner has faded for so many. The lines at … (2 comments)
sellingacoop: 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)
sellingacoop: 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)
sellingacoop: 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)
sellingacoop: 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)
sellingacoop: 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)
sellingacoop: 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)
sellingacoop: 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)
sellingacoop: Why is this current market so radically different than in 2008?
- 03/17/21 10:29 AM
When comparing today’s real estate environment to that of the market leading up to the implosion of 2008, there are marked differences that still make this market an excellent time to purchase. Back then it was a piece of cake securing financing because the regulations were so lax and if you had a pulse, the majority of lending institutions made it very easy to provide you a no documentation mortgage. Today it is much different in qualifying for a mortgage. The Urban Institute, and I quote, “released their latest Housing Credit Availability Index which “measures the percentage of owner-occupied home purchase loans that … (0 comments)
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By Philip A Raices - December 15, 2022 0 In the United States everyone is entitled to purchase a home who is gainfully employed and has adequate income, credit, and debt-to-income ratios to qualify under the Fair Housing Act. However, discrimination and ownership disparity still occurs and exists between white and black households as per an article by The National Association of Realtors back on March 3. Here is a link to the article, which explains in greater depth the housing disparity among white and minority groups: https://www.nar.realtor/blogs/economists-outlook/racial-disparities-in-homeownership-rates
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