There's an interesting feeling in our residential market these days. And what seems to be the problem? What I've observed is that the product in great shape and location goes almost as quickly as it hits the market. We still have buyers walking in and offering all cash.
And then we just encountered a buyer - HELLO FIRST TIME IN MANHATTAN - saying, "I think the market is going to come down so I will wait." Boy if I had a dollar for every time I've heard that statement since 2002...
But there are some facts to consider.
Our conforming loan limits have raised. But they are only good until the end of the year. The mortgage/loan rates are excellent. If you believe you are in a home too large, I say you should sell and downsize now. If you are in need of a larger home - the same is true. But you need to think about staying where you are for about five years.
Why listen to me? I've only been doing this business for 25 years...but don't just take my word for it. Here's Barbara Corcoran on the topic.
You will find this posted on MSNBC's website. http://www.msnbc.msn.com/id/23726652/
She states:
Waiting for prices to come down.
As smart as you think you are, you cannot sharpshoot the real estate market. You never know when the best time is. Prices ebb and flow, and occasionally, like right now, they go down a lot. Nobody knows when the tide will turn, and based on historic data it always inevitably does. The best you can do is buy within the low and we're definitely in the low right now.
You also need to keep the interest rates in mind. If you wait for prices to come down by 10%, and interest rates go up by a half a point, your monthly payments will be the same. (Emphasis added). Historically speaking this also makes now a good time to buy. The people I would advise not to buy right now are those who don’t plan to stay in their homes for very long. If, however, you are ready to make a long-term commitment, now is as good a time as any to buy a home.
So, here we are moving quickly into April with the chill still in the air. Have a blessed holiday.
Friday, March 21, 2008
Monday, February 25, 2008
YIKES
OK - here's the real question - who has not been hit with the flu? I think that February should just be declared flu month and no one bother traveling in any public transportation. Shoot I just got over a major hit that took me by surprise and knocked me out for an entire week. We are big washers-of-all-surfaces in our office and STILL....be careful out there.
So we have a changing market. This really is the year that if you were thinking of trading up or needing to refinance NOW's the time. The legislative changes only go through December 2008 so it's made to spur the market and everyone should take advantage of the higher loan amounts for conforming loans. Of course that takes in nearly all real estate in Manhattan but it's a great time for people to move either up, down, or refinance.
In case you ever wonder, I always practice what I preach! I'm doing both -- refinancing and purchasing.
I invite you to do the same.
So we have a changing market. This really is the year that if you were thinking of trading up or needing to refinance NOW's the time. The legislative changes only go through December 2008 so it's made to spur the market and everyone should take advantage of the higher loan amounts for conforming loans. Of course that takes in nearly all real estate in Manhattan but it's a great time for people to move either up, down, or refinance.
In case you ever wonder, I always practice what I preach! I'm doing both -- refinancing and purchasing.
I invite you to do the same.
Monday, January 14, 2008
May the Rates Be With You
Yes that is the force these days as we plunge into the beginning of the Spring season. Bank of America is bailing out Countrywide and JP Morgan Chase is riding to the rescue of many a loan faced with refinancing.
Indeed, the Fed will reduce rates - the bond market will rally and our mortgage/loan rates will dip lower. Please if you are looking for financing, do everything you can to get your credit rating as superb as you can. That is the key - always - but especially these days. There is product available.
Indeed, the Fed will reduce rates - the bond market will rally and our mortgage/loan rates will dip lower. Please if you are looking for financing, do everything you can to get your credit rating as superb as you can. That is the key - always - but especially these days. There is product available.
Monday, December 10, 2007
The Crickets are Alive
Yes - there's renewed life in the real estate action here in Manhattan and I LOVE it especially as we enter the traditionally slow holiday time. I was beginning to think that even the crickets had died here in the office....though I spend way too much time here working. I am continually looking for great people to associate themselves with us here.
Sunday, November 25, 2007
Thank you thank you thank you
There's never enough gratitude for all we have -- plain and simple. Thank you everyone for allowing us to do what we love.
Sunday, September 30, 2007
As Fall Begins
Have you seen the new real estate section of the New York Daily News? I have to tell you I like it very much. None of the chi-chi-I'm-so-cool-it's-ridiculous type writing...it's actually insightful and enjoyable - ah a concept.
Of course they have Barbara Corcoran as their new columnist on Fridays but as far as her words of wisdom that I have read so far, I've heard it and read it all before. It's hard to be always new but this colume is in need of it. The show - where she communicates with a doll is not exactly thrilling to me either but maybe to others....you tell me.
What I wish to learn more about is how she came to be the marketing maven she is, and how to position your company to sell it. That's what she did well - better than anyone.
So have you seen REBNY's listing portal - minus most of the listings? That's all I can muster about that one.
Of course they have Barbara Corcoran as their new columnist on Fridays but as far as her words of wisdom that I have read so far, I've heard it and read it all before. It's hard to be always new but this colume is in need of it. The show - where she communicates with a doll is not exactly thrilling to me either but maybe to others....you tell me.
What I wish to learn more about is how she came to be the marketing maven she is, and how to position your company to sell it. That's what she did well - better than anyone.
So have you seen REBNY's listing portal - minus most of the listings? That's all I can muster about that one.
Sunday, August 26, 2007
Winding down summer
Ah the thrill of it all - in one week how can we go from wearing coats to guard against the cold to wanting to rip our clothes off in the heat?
If you're a buyer - hit your offers by tomorrow! The last two weeks of summer are always a great time to put in an offer - that is, if the seller doesn't pull their listing off the market and decide to relist after labor day. It's been alittle lonely around the City these past days - I've been hearing the crickets in my office.
Meanwhile, I do have a few agents still running around and doing the best they can because nothing can replace just simple "drive".
Enjoy these last days of August, I am sure September is going to be full speed ahead and that is always enjoyable.
If you're a buyer - hit your offers by tomorrow! The last two weeks of summer are always a great time to put in an offer - that is, if the seller doesn't pull their listing off the market and decide to relist after labor day. It's been alittle lonely around the City these past days - I've been hearing the crickets in my office.
Meanwhile, I do have a few agents still running around and doing the best they can because nothing can replace just simple "drive".
Enjoy these last days of August, I am sure September is going to be full speed ahead and that is always enjoyable.
Saturday, August 18, 2007
Ah the foresight
Three weeks ago I spoke here about the credit crunch and The New York Post got around to interviewing me about it this past week. They - like the Wall Street Journal - failed to quote me. Gee, I wonder why?
Maybe it's just my chirpy optimisim that always gets in the way? Perhaps and most likely so. At least that's my story (and I'm sticking with it.) Fault me but I just don't see the death knell ringing...yet.
We're a small firm - yep, that's obvious - our average sale is between 1M and 2M and reflective of the average in Manhattan overall. Maybe because I stress with my agents the importance of pre-qualifying buyers that we don't have many surprises. We aren't experiencing any radical changes in buying behavior either based on tightening lender scrutiny. We're just continuing to do business as we always have. Unqualified buyers (hopefully I state this because there may be things happening I'm just not told about) just wander elsewhere.
There always seems to be a plethora of real estate agents who fail to qualify buyers and prefer being "show-ers" of properties. I don't get it. I've been surprised by how many agents in Manhattan really don't need to work for living. Unfortunately (or fortunately)I never found myself among those ranks.
Meanwhile we're spinning down towards the end of the summer. This Saturday with the pristine air and cloudless sky brings a lack of humidity sniffing of fall more than Manhattan's usual summer fare. I'm honestly considering taking a break from Manhattan for a few days before the onslaught of the fall season beginning in September.
I look forward to learning what offers come forth from this weekend's open houses. I would imagine there will be low ball offers coming in on properties from buyers hoping to capitalize on all the press about the jumbo rates escalating. I can equally picture sellers saying "no" and holding their ground waiting for the customary school semester beginning and the next round of interested buyers returning from the sandy or wooded acres of their summer haunts.
There's still so much money floating around looking for a place to park in real estate. It's just so interesting.
Maybe it's just my chirpy optimisim that always gets in the way? Perhaps and most likely so. At least that's my story (and I'm sticking with it.) Fault me but I just don't see the death knell ringing...yet.
We're a small firm - yep, that's obvious - our average sale is between 1M and 2M and reflective of the average in Manhattan overall. Maybe because I stress with my agents the importance of pre-qualifying buyers that we don't have many surprises. We aren't experiencing any radical changes in buying behavior either based on tightening lender scrutiny. We're just continuing to do business as we always have. Unqualified buyers (hopefully I state this because there may be things happening I'm just not told about) just wander elsewhere.
There always seems to be a plethora of real estate agents who fail to qualify buyers and prefer being "show-ers" of properties. I don't get it. I've been surprised by how many agents in Manhattan really don't need to work for living. Unfortunately (or fortunately)I never found myself among those ranks.
Meanwhile we're spinning down towards the end of the summer. This Saturday with the pristine air and cloudless sky brings a lack of humidity sniffing of fall more than Manhattan's usual summer fare. I'm honestly considering taking a break from Manhattan for a few days before the onslaught of the fall season beginning in September.
I look forward to learning what offers come forth from this weekend's open houses. I would imagine there will be low ball offers coming in on properties from buyers hoping to capitalize on all the press about the jumbo rates escalating. I can equally picture sellers saying "no" and holding their ground waiting for the customary school semester beginning and the next round of interested buyers returning from the sandy or wooded acres of their summer haunts.
There's still so much money floating around looking for a place to park in real estate. It's just so interesting.
Thursday, August 9, 2007
Dog Days
Yes, we did survive the Con Edison steam pipe explosion which was across from our building...Wednesday's torrential rain (you haven't truly experienced Manhattan until you see water pouring down the central escalators of Grand Central and the subways all stop running) - and TORNADOES - in New York City! Gads. 20 years ago I remember commenting that soon we would see palm trees growing on 42nd Street, and my goodness we still have wacky weather. Doesn't that bring us to the question - when isn't it wacky?
So enough about the weather - on about real estate. Still our luxury market is strong, we can't get enough of great product in GREAT locations. Resales are strong IF the sellers have renovated and renovated well. If you can not tell the difference between Home Depot and hand crafted cabinets - well, on some people it can be lost, but on those who know -- the properties are being snatched as quickly as they come on the market.
This has been a very busy summer for us even with the many fluctuations in temperature and weather. The fall season is going to be very interesting.
What I will find will take some study is what is occurring with jumbo rate loans (417K and higher). That does affect our Manhattan market where most of the loans are jumbo simply because of the initial high cost of property. This week the rates jumped up - banks are tightening (to some of us - we believe it's about time) the requirements qualifying buyers. Most of our high end customers will continue to be unaffected by these changes; however, first time buyers will be affected.
My contact at Trachtman & Bach, Inc., the very capable Janine Baron, alerted me to the hold on home equity loans that has just squashed their products. Buyers need to scrutinize their credit reports - clean up any delinquencies - so they can be at the forefront of receiving a preferred loan rate.
So enough about the weather - on about real estate. Still our luxury market is strong, we can't get enough of great product in GREAT locations. Resales are strong IF the sellers have renovated and renovated well. If you can not tell the difference between Home Depot and hand crafted cabinets - well, on some people it can be lost, but on those who know -- the properties are being snatched as quickly as they come on the market.
This has been a very busy summer for us even with the many fluctuations in temperature and weather. The fall season is going to be very interesting.
What I will find will take some study is what is occurring with jumbo rate loans (417K and higher). That does affect our Manhattan market where most of the loans are jumbo simply because of the initial high cost of property. This week the rates jumped up - banks are tightening (to some of us - we believe it's about time) the requirements qualifying buyers. Most of our high end customers will continue to be unaffected by these changes; however, first time buyers will be affected.
My contact at Trachtman & Bach, Inc., the very capable Janine Baron, alerted me to the hold on home equity loans that has just squashed their products. Buyers need to scrutinize their credit reports - clean up any delinquencies - so they can be at the forefront of receiving a preferred loan rate.
Wednesday, July 11, 2007
One of the things about a blog - you've got to post to it....so here we are in the midst of the annual humidity festival a/k/a New York City and I'm finally getting around to writing.
So first I have a newspaper observation:
Is anyone paying attention to what is happening over at the New York Daily News? They seem to be shaking up the teams over at the New York Times and pulling their best people over. I'm thrilled to see it take place and excited by their enthusiasm and dedication to changing their real estate section. I look forward to seeing what develops.
On a more national media note:
With Manhattan's real estate market being very strong - about the only gloom and doom media writers can whip up seems to be about the sub-prime market. Where was everyone when Washington Mutual whisked into Manhattan offering their 100% financing products? I always have been against 100% financing and today's stories merely give substance to the argument.
I remember a discussion I had with one of our developers in the City - oh about 4 years ago now. He was instrumental in several larger projects Uptown. In a discussion about what financing should they allow for a new housing project - he initially proposed 100% financing. He looked at me and said, "If someone doesn't get 100% financing, something is wrong with them." My response, "You believe that?" His response was yes and in fact on his Florida home he had done just that. His thought process was --- if you don't acquire 100% financing, then perhaps you shouldn't be buying because you don't believe in the strength of your investment. I thought that was an interesting analysis - I didn't agree. I guess that makes me just a wee bit more risk adverse, but I've been in the business for over 20 years.
Why am I babbling here about sub-prime loans? The Wall Street Journal interviewed me a while back about the subject. It was never printed. Perhaps because I could not agree with a conclusive remark that we were witnessing the "collapse" of our Manhattan real estate market. Thank goodness 75% of the housing in Manhattan is cooperative ownership (whatever your opinion may be - good or bad) with the Boards who have not forgotten what happened in the late 1980's -- and well, they should not.
I attended a legal continuing ed class two weeks ago about foreclosures today in real property. An interesting statistic was given. Of all the loans that have been processedin New York State, only 13% qualify as sub-prime. My goodness. I guess with that fact in mind - it leads me to think we should continue discussing whether we should be in Iraq.
So first I have a newspaper observation:
Is anyone paying attention to what is happening over at the New York Daily News? They seem to be shaking up the teams over at the New York Times and pulling their best people over. I'm thrilled to see it take place and excited by their enthusiasm and dedication to changing their real estate section. I look forward to seeing what develops.
On a more national media note:
With Manhattan's real estate market being very strong - about the only gloom and doom media writers can whip up seems to be about the sub-prime market. Where was everyone when Washington Mutual whisked into Manhattan offering their 100% financing products? I always have been against 100% financing and today's stories merely give substance to the argument.
I remember a discussion I had with one of our developers in the City - oh about 4 years ago now. He was instrumental in several larger projects Uptown. In a discussion about what financing should they allow for a new housing project - he initially proposed 100% financing. He looked at me and said, "If someone doesn't get 100% financing, something is wrong with them." My response, "You believe that?" His response was yes and in fact on his Florida home he had done just that. His thought process was --- if you don't acquire 100% financing, then perhaps you shouldn't be buying because you don't believe in the strength of your investment. I thought that was an interesting analysis - I didn't agree. I guess that makes me just a wee bit more risk adverse, but I've been in the business for over 20 years.
Why am I babbling here about sub-prime loans? The Wall Street Journal interviewed me a while back about the subject. It was never printed. Perhaps because I could not agree with a conclusive remark that we were witnessing the "collapse" of our Manhattan real estate market. Thank goodness 75% of the housing in Manhattan is cooperative ownership (whatever your opinion may be - good or bad) with the Boards who have not forgotten what happened in the late 1980's -- and well, they should not.
I attended a legal continuing ed class two weeks ago about foreclosures today in real property. An interesting statistic was given. Of all the loans that have been processedin New York State, only 13% qualify as sub-prime. My goodness. I guess with that fact in mind - it leads me to think we should continue discussing whether we should be in Iraq.
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