I may be 2 days early, but I want to wish all our Active Rain members and their families and friends a wonderfully Healthy, Happy, and enjoyable Thanksgiving.We don't know what we have to be thankful for until one sees and realizes what chaos is occuring here and around the globe, The Ukraine, Israel and other areas and the unfortunate collateral death and destruction that is happening.Hopefully, one day the human race as a whole will wake up and smell the coffee and learn how to communicate peacefully, respect each other and stop the killing and try to "Live and Let Live." 11/21/2023

I just returned from last week’s NAR Convention and my Global Business and Alliance Committee meetings in Anaheim, CA.  It doesn’t matter how many years you may be involved in the industry, there is always something to learn and absorb as well as refreshing one’s knowledge to clear out the cobwebs and go over information and topics pertinent to your business.With the advancement of new technology and applications, especially with the assistance of AI, this will have a major impact on all facets of life, especially business.  Simplifying one’s daily routine with the use of cutting-edge applications along with old-fashioned service and keeping in contact with clients on a regular basis allows one to do business in a much more streamlined and efficient manner.Participating in NAR Conventio... 11/21/2023

As we grow older, challenges await us that some will prepare for but so many will not.  Staying healthy and active should be tantamount in everyone’s mind to be able to stay in place.But as studies and statistics have shown the U.S. is the most unhealthy, obese, and overweight country on the face of the globe.  Being the wealthiest and most powerful nation, or I say the “Great-EST Society” that there has ever been, somehow doesn’t match up to our current physical condition compared to other European and Asian nations.It’s similar to looking at an individual who may appear to look healthy from the outside, but inside there are major issues that apparently we know about, but unfortunately do nothing to alleviate those conditions.Many would prefer to be independent and stay in their homes.... 11/10/2023

We still have the largest economy on the globe and are still the Promised Land for the immigrants who desire to come here legally, whether for education, jobs or just to relocate permanently.  However, we also have a very serious illegal immigration problem and it is not being addressed in the proper fashion as both parties are at loggerheads in how to resolve and deal with the issues.The people who are able to immigrate here see the vast array of possibilities and opportunities that they cannot obtain sufficiently in their own countries.  Our doors seem to be always open for those who have the money and capabilities to invest in a vast pool of quality real estate, whether they are residential or commercial.The 2023 Profile of International Transactions in U.S. Residential Real Estate w... 11/10/2023

There are a multitude of reasons for moving.  From what my clients tell me and what I have read, it is to downsize and lower the overall cost of living.  Some want to be closer to their children and grandchildren.  Some don’t want to deal with the regular interior and exterior maintenance of owning a house.Others want to reduce their responsibilities and when going on vacation, want to turn the key to their apartment and just leave and not worry about roof leaks, broken pipes, or anything else involved in the upkeep of a home. Dealing with snow that may or may not happen this winter is a factor as well as the high cost of heating bills.Some will absolutely have to move due to health issues, finances, loss of job, or business failures.  In this situation, the possibility of foreclosure m... 11/10/2023

Over the years I have experienced various situations where major and minor problems in which the lack of COs (certificate of occupancy) delayed or even lost deals.  The problem is every time you perform an upgrade or improvement, you need to determine do you need a permit.Some will have done things 10, 20, or even 30 years ago, with or without a permit, but without finalizing the process and not realizing the future ramifications when it comes to selling their home.  Let’s face it. We don’t want to pay any more real estate taxes than we already pay, so adding space or any other item that might increase them without a permit or a final CO is the reason we do it.I can understand and sympathize with everyone who takes that route as we are being over-taxed, especially today.  But it can com... 10/20/2023

Our thoughts and prayers go out to the Israeli people in this most challenging and difficult time facing the deliberate and planned attack by Hamas on their country.Need I say more as to how our market has progressed nine months into 2023?  Unless your head is buried in the sand, don’t read a paper or listen to the news, then you just might not care or are just oblivious to the dramatic changes that have occurred.Mortgage rates have increased 11 times since early 2022 and we could possibly see one more increase by the end of the year.  Employment numbers were up a staggering 336,000 in September when most economists and the Fed were predicting less than 200,000 jobs would be created.  Unemployment was steady at 3.8%.  Our economy is a lot stronger and more resilient than most would have... 10/16/2023

Homes, condos, and coops are still selling due to the market demand.  It all depends on how you are pricing your property.  There are some places where bidding wars are still a common occurrence as the needs and wants of some buyers remain paramount regardless of the interest rates and prices.Cash is still king and some buyers are putting down a large sum of money, so interest rates are not as worrisome for them as it is for others, especially those who have left the fray and decided to wait to save more money or leave the area entirely.The question arises as to when this tumultuous environment will become stable once again, where inventory is normal and interest rates become affordable.  The answer is who knows?  What has to really occur is for prices to come down to earth, inventory h... 10/06/2023

Many of us want a home, whether a large spacious one or an average-size one of 1,800 sq. ft. or a medium size of 2,273 sq. ft. as was the case in 2021, according to Realtor.com  But what was affordable and reasonably priced years ago is now beyond the reach of a majority of purchasers, due to higher interest rates and prices as well as the continued increases in monthly costs.In a June 6th article in Yahoo Finance, there were only four U.S. cities where it was more economical to buy than to rent, which were Detroit, Philadelphia, Cleveland, and Houston.  More than 50% of the homes in those specific markets were more affordable to buy than to rent.  I have said in a previous column that New York State as well as well as other states are losing their young populations and families.  Not m... 10/06/2023

For those who purchased their home recently or years ago repairs have to be addressed, but the cost of doing them has increased drastically, especially over the last few years.Not everyone has the money to be able to accomplish these things.  Trying to take on  tasks, like a leaky faucet, changing a lock, or electrical issues may be simple for some, but for others hiring a professional may be the only course one can pursue.Leaning how to do small tasks, however, may be as simple as just going on YouTube.com and searching for topics about exactly what has to be done.  There are a multitude of instructive videos that will walk you through the simplest repairs to those that require much more knowledge and skill to undertake to master the job.Most homeowners who are employed full-time do no... 09/21/2023

 I have been reading all the comments by the political pundits and the public about accepting and not accepting or agreeing with Gov. KathyHochul’s proposal for 800,000 new units of housing that needs to be constructed over the next 10 years.  I believe in my professional opinion that the concept is exactly what is absolutely needed to keep our consumers, especially Millennials, GenZs, and all others from exiting New York State.However, the proposal was way too authoritarian to exact an executive order to usurp all local zoning rules, regulations, and laws, which I believe is absolutely the wrong method and solution to pursue in solving our lack of housing.We have been losing population for the last 10 years (180,000-plus just in 2022) even though former Gov. Cuomo’s idea of trying to a... 04/27/2023

We have been extremely lucky this past winter, with the least amount of snow falling locally as well as the longest wait (Feb 1st) for snowfall in 150 years, which barely measured 0.4 inches according to The Weather Channel.  On the other hand, California and other areas out west had the 2nd highest record snowfalls in the Sierra Nevada Mountains of 56.4 feet, the 6th snowiest on record dating back to 1869.  It has completely eliminated the severe drought that has plagued California and other surrounding states and locations.  The surprising thing was that I saw crocuses and other small flowers blooming in February which I had never experienced in the past.  This led me to think about the exterior of my own home and plan what I would be planting this spring.  Out on Long Island, the gro... 04/22/2023

  0      It sure does appear that our market is still moving expeditiously along, although in some areas it’s a bit slower depending on the listing price, type of property, location and school district as well as the negotiability of the sellers today.   There are still some buyers who qualify for a mortgage and are putting down 20% to 30% with 700 credit scores or better and low debt/income ratios, making it easier to qualify for their financing. Then again, there are others purchasing for cash and buying outright without any financing.  This appears to be relevant in the states and locations where a majority of purchasers have moved from higher-priced states.   The top 10 states that have had losses in population in 2022 and 2023 (and some over the last 10 years) are New York, Illinoi... 04/13/2023

     I am not sure which is more neglected these days, the upkeep of your home or one’s yearly physical.  I am fairly sure that it would be a tie as many homes’ interior and exterior need anywhere from some basic fixes to major repairs and upgrades.  I also know from conversing with many people, that there are those that also neglect their yearly checkups, colonoscopies (after age 50), or even going to the dentist on a regularly scheduled basis. It doesn’t always matter what the income may be, people procrastinate and put off personal things and agendas because they may not have the budget, don’t care or just plain don’t worry about anything, until an issue or emergency arises. If and when you are ready to sell, it is important to have your home prepared before your buyer’s inspection.... 03/07/2023

All Things Real Estate:       With all the buzz lately about AI, I have been pondering this weekend as to what the future will look like with the technology that has been and will be created going forward.  Take ChatGPT, a product of OpenAI, which Microsoft recently funded with $10 billion. Microsoft had previously provided startup capital for the company back in 2019 and 2020. How will this application potentially affect property, investors, and our real estate industry locally, nationally and globally?  I truly believe we are already in Web 3.0, a new era for the worldwide web, and evolving along at hyper-speed with artificial intelligence as well as the blockchain technology that will provide the power for decentralization, free digital identities with crypto wallets, and open digita... 02/24/2023

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 the following as an example:∙Comparable sale:                        $975,000∙Your original purchase price:       -$∙All capital improvements:           -$∙Married:                                   -$500,000∙Or single:     ... 02/24/2023

Homeowners sometimes forget one of the most important life-saving preventative maintenance and a simple chore to do in their home or apartment is to replace the batteries in the fire and smoke alarm.  This must be done on a yearly basis or as needed; when a red light flashes or you hear a slight beeping sound.  If you are hardwired via your electrical current for your detectors then you are in the most advantageous position for safety. According to an article in February 2021, by the National Fire Association with its 50,000 members, the following was found in a report that they published about home fires:1.) Smoke alarms were present in three-quarters (74 percent) of reported home fires in 2014–2018.2.) Almost three out of five home fire deaths were caused by fires in properties with n... 02/06/2023

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 more frigid and chilled climate with the doubling of rates. This has occurred more so in the locations where builders and fix and flippers out west have completed and pending construction sitting idle for the last 6+... 01/31/2023

  By Philip A Raices - January 16, 2023 0   Unfortunately, we are again approaching our debt limit. Since 1960, Congress has acted 78 times to consider either temporarily extending or permanently increasing the debt limit or revising the meaning of the debt limit; 49 times under Republican presidents and 29 under Democratic presidents. Janet Yellen the secretary of the Treasury, sent a letter to Congress on Jan. 13 that our current U.S. debt limit was raised to $31.381 trillion on Dec. 16, 2021, and will be reached on Jan. 19, 2023, which will be 138% of GDP. In 2013 it was 100% of the GDP.The pandemic caused a liquidity crunch with the excessive (virtually created) $8 trillion infused into the market (but not printed). I have read recently that increasing the money supply doesn’t cause... 01/17/2023

  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 than it was 10 years ago. Moreover, Hispanic and Asian households have increased their h... 12/15/2022