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How renovation errors wind up costing homeowners

If you are looking at buying or selling a house in the current market, you know that a large part of the home's price is in the quality of its interior and the status of its décor. That means floors that are in great shape, appliances that are in great repair, and details like energy-efficient windows. When you are looking to sell, it is important to get into the mindset of the buyer, but it is also important not to let yourself make mistakes that could cost you money.

Should all time high home prices discourage buyers?

In a prior post, we noted the optimism that was felt regarding New York City’s residential real estate market near the end of 2016. Now there is hard data to support that notion as we complete the first month of 2017.

According to a recent article on globest.com, all-time highs for single family home prices were reached in each of the last three months. The finding is based on numbers found through the S&P CoreLogic Case-Shiller US National Home Price NSA Index. It covers nine census divisions, and has been used as a predictor of future home price gains based on past performance involving sales.  

Are you ready for a trillion dollar skyline?

It may be hard to fathom, but the next time you take a look at the Manhattan skyline and wonder how much property is really worth, you can think with reasonable certainty that it is collectively worth a trillion dollars.

That estimate will not be completely out of reason after a recent therealdeal.com article highlighted New York City’s property tax assessments for 2018. This is based on the total market value for all assessed properties, which hit $1.16 trillion. This amount is a nearly nine percent increase from 2016’s total, which crossed the trillion dollar line for the first time in the city’s history. 

How will uncertainty affect the real estate market?

If there is one constant within the real estate market in New York City, it is that uncertainty breeds hesitation. If buyers are not confident or sure about upgrading or expanding their real estate portfolio, they will not do so.

With a new President about to take office and interest rates poised to be raised once again in 2017, chances are that the variables of uncertainty will affect home-buying. There is an argument that a normalizing interest rates after years of historical lows was inevitable. After all, the potential for another crash may be tempered by keeping the market exclusive to a certain degree.

Elements of success in mixed use developments

Like the residential real estate market in New York City, the commercial real estate industry has shown signs of optimism going into 2017. It may be seen both in the purchase of old facilities to make new ones, and in the reconditioning of such buildings to make room for office, retail and residential spaces.

With this in mind, it would seem that just about any new mixed use project is primed to be a money maker, but the reality is that some projects may fail despite the promise and work that goes into them. Because of this, developers and investors must consider a number of factors before embarking on a proposed development.

Raise your credit rating before hitting the real estate market

First-time homebuyers have a lot to contend with. Buying property is one of the biggest investments most people make in their lifetimes, and it comes with a broad range of responsibilities and obligations that can be difficult to learn, especially since most people have to learn about them as they go. This is why it's important to have the right resources, like a qualified realtor, legal advice about the market and responsibilities you are about to take on, and the kind of mortgage application that will get you the best rates.

Will the luxury apartment market rebound in 2017?

As we noted in our prior post, there are a number of factors that will define the 2017 real estate market in New York City. It remains to be seen how the market will play out given the recent interest rate hike, but one thing is certain; the luxury real estate market has slowed down considerably.

According to a recent therealdeal.com article, luxury apartments took on average two more months to sell in 2016 compared to 2015. While it may be a sign of the times from a financial standpoint, it may also be a consequence of all of the competitive building that took place between 2013 and 2015. 

Predictions for the 2017 Manhattan real estate market

The end of 2016 comes with great optimism for 2017. With that, renters and potential homebuyers want to know what the market will be like next year. Of course, there are many predictions. This post will highlight a few.

Interest rates will rise – The Federal Reserve raised interest rates for the first time in 2016 last week. This suggests that another rate hike will be in store in 2017. This may mean that sellers will adjust their prices to avoid being caught in a receding sales market.

New law may spell trouble for Aribnb in New York City

Since 2010, it is has been illegal for private homeowners to rent out their homes and apartments for less than 30 days. However, since the advent of Airbnb, New York residents have ignored this law and have continued to offer their homes for rent for as little as a few hundred dollars per night to thousands of dollars for an entire week.

New York legislators are keen to these schemes and have suggested a new law that would prevent homeowners from posting their properties for rent on Airbnb. Violators could be fined up to $7,500 according to a nytimes.com report. Proponents of the law believe that it is essential to stop (or at least control) the growth of Airbnb because of the lack of affordable housing in New York City that further could be lost. 

Why stage your home? Here are some answers

When you are getting your house ready to sell, you want to make sure that you get the best possible price. This is especially important in a seller's market like the current one, where an asking price is only the beginning, because how far your property's price escalates is directly related to your ability to attract buyers who can see the value in it. Staging is one of the best ways to do that.

Take the first step.

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