Beginning January 1, 2011, New York State Real Property Law will bring changes that increase the transparency of the real estate process and offer increased protections for consumers and real estate brokers.
These amendments will impact real estate brokers by requiring that agency disclosure forms be completed for all residential transactions and permitting consumers to give their advance consent to dual agency representation.
Prior to the amendment, verbal consent for agency disclosure was accepted for multifamily buildings over four units. The new law specifies that a written agency disclosure form must be used for all residential transactions. In addition, the amendments have created a section on the agency disclosure form where consumers can give their advanced consent to being represented by two agents from the same real estate broker in the same transaction.
By law all parties must sign these forms. For more information please visit http://www.dos.state.ny.us/ for the revised forms, the text of the revised statute and the Frequently Asked Questions section.
For more information or a consultation feel free to email me at Halstead Property
Showing posts with label Buyers. Show all posts
Showing posts with label Buyers. Show all posts
Sunday, December 19, 2010
Sunday, July 26, 2009
Manhattan Home Buyers - It's Your Market! Understand Your Buying Power!
It's THE market for Manhattan home buyers. So it's important to understand your buying power.
Your buying power means you can negotiate a good deal. It is also important to understand that while this is a buyer's market, there are no fire sales - meaning you won't get a $1M property for $500,000.
Be realistic. Manhattan sellers are not in the position of those in Florida, California or Nevada.
Additionally, just because it is a buyer's market, it doesn't mean that the down payments of the "bubble" days will be the same.
In the bubble days you could put down 10% on a condo in Manhattan and anywhere from 15% and higher on a coop.
Today, your down payment is generally higher due to mortgage rates and the economy and will determine whether you can purchase a condo or coop. Some buildings require that you put 30% - 50% down and could even insist that you pay all cash.
Also important - where is your down payment coming from? Is the money all of your income and assets, are your parents or someone else helping you with the down payment, is it a gift or inheritance? Some buildings do not allow co-purchasers, gifting or guarantors. And what is your debt to income ratio?
So, it's critical that you know and understand your complete financial profile. Just because you have money, does not necessarily mean you will satisfy the rules of a coop.
Discuss your finances with your broker/agent before you go apartment hunting. This will help your broker to determine what types of homes you should be seeing and for what price. At the end of the day you will be happier. Your agent won't waste your time and you won't be frustrated about the type of property you cannot afford.
Once you've determined what you can afford to spend, it's time to think about where you will get your mortgage from. Mortgage Broker or Bank?
Working with a Mortgage Broker gives you more options. They have various financial institutions they work with and can research the best products which you will qualify for. Mortgage Bankers have relationships with various banks. So by working with a good Mortgage Broker, they can find creative ways to satisfy the bank's requirements if there are a few areas where you don't necessarily qualify.
When working with a Bank, your only option is the loan officer who cannot offer you a variety of products. And - they can change the requirements on your mortgage commitment at anytime. That could mean a new bank offers new rates which might not be a good fit for you.
In today's economy it is imperative to work with someone who has experience. Whoever you choose to work with, be sure it's someone who explains everything to you and who can meet your needs and goals.
Your buying power means you can negotiate a good deal. It is also important to understand that while this is a buyer's market, there are no fire sales - meaning you won't get a $1M property for $500,000.
Be realistic. Manhattan sellers are not in the position of those in Florida, California or Nevada.
Additionally, just because it is a buyer's market, it doesn't mean that the down payments of the "bubble" days will be the same.
In the bubble days you could put down 10% on a condo in Manhattan and anywhere from 15% and higher on a coop.
Today, your down payment is generally higher due to mortgage rates and the economy and will determine whether you can purchase a condo or coop. Some buildings require that you put 30% - 50% down and could even insist that you pay all cash.
Also important - where is your down payment coming from? Is the money all of your income and assets, are your parents or someone else helping you with the down payment, is it a gift or inheritance? Some buildings do not allow co-purchasers, gifting or guarantors. And what is your debt to income ratio?
So, it's critical that you know and understand your complete financial profile. Just because you have money, does not necessarily mean you will satisfy the rules of a coop.
Discuss your finances with your broker/agent before you go apartment hunting. This will help your broker to determine what types of homes you should be seeing and for what price. At the end of the day you will be happier. Your agent won't waste your time and you won't be frustrated about the type of property you cannot afford.
Once you've determined what you can afford to spend, it's time to think about where you will get your mortgage from. Mortgage Broker or Bank?
Working with a Mortgage Broker gives you more options. They have various financial institutions they work with and can research the best products which you will qualify for. Mortgage Bankers have relationships with various banks. So by working with a good Mortgage Broker, they can find creative ways to satisfy the bank's requirements if there are a few areas where you don't necessarily qualify.
When working with a Bank, your only option is the loan officer who cannot offer you a variety of products. And - they can change the requirements on your mortgage commitment at anytime. That could mean a new bank offers new rates which might not be a good fit for you.
In today's economy it is imperative to work with someone who has experience. Whoever you choose to work with, be sure it's someone who explains everything to you and who can meet your needs and goals.
Saturday, June 14, 2008
Working With Your Real Estate Agent
Finding the right home in Manhattan can take time and a lot of work. At times it can be overwhelming ...after all it's the most important decision you will make.
A licensed and professional Real Estate Agent can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.
Using the right Agent can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.
Look for an Agent, not a property since you'll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.
Share all requested information. Letting your agent know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.
When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good agent will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your agent, they will get to know how they can best assist you.
Be Open. Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your agent is there to help you and the more they know, the better off you are.
Pick one agent to assist you. In Manhattan, every agent has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.
Whether you're a buyer or seller, pick the agent who is right for you and work exclusively with them. Your agent works for you and if you choose the right agent for your needs, you'll find that the process of buying or selling a home is not nearly as daunting as you think -- because your agent will do all of the work. A good real estate agent is worth their weight in gold!
A licensed and professional Real Estate Agent can help navigate the process from beginning to end --- and even after your closing --- applying their expertise to your search to get you the results you deserve.
Using the right Agent can make all the difference between finding the home you have always wanted and frustration. Find an agent who can open the right doors for you. Find an agent who listens.
Look for an Agent, not a property since you'll be spending much of your time with this person, read agent biographies, request recommendations, even call to interview them. Communication is 80% of the process, so make sure you and your agent connect.
Share all requested information. Letting your agent know what you want is the first step to successful communication. Many factors play a part in the selection of properties for you to view and there are a wide variety of properties in New York City. Give your agent a complete picture of you and your needs to avoid wasting time looking at properties that does not suit your lifestyle. Make a wish list. You may not get everything on your list, but a good agent will work to get you as much of your wish list as possible.
When looking at properties, give your agent a piece of your mind.While looking at properties, let your agent know what resonates with you for each property. A good agent will consider all of the input you have given throughout the relationship when selecting properties to see, not just your initial requirements. Perhaps your reaction to a property will bring to mind another option they would have otherwise struck from the list. As you see more properties with your agent, they will get to know how they can best assist you.
Be Open. Never feel that you have to hold back in your assessment of a property, your assessment of a contract, or your feelings on a situation. Your agent is there to help you and the more they know, the better off you are.
Pick one agent to assist you. In Manhattan, every agent has access to the same group of listings through RLS (REBNY Listing Exchange Service) which acts similarly to the MLS. Working with multiple agents will just make more work for you, in that you will have to manage a team of people, field many phone calls and emails, learn of duplicate properties and make the search for your home all that more overwhelming.
Whether you're a buyer or seller, pick the agent who is right for you and work exclusively with them. Your agent works for you and if you choose the right agent for your needs, you'll find that the process of buying or selling a home is not nearly as daunting as you think -- because your agent will do all of the work. A good real estate agent is worth their weight in gold!
Saturday, May 10, 2008
Manhattan Real Estate Slower, But Still Not In A Slump - It’s A Good time For Buyers
Foreclosures across the country are increasing in numbers, but not in Manhattan.
The reason is partly due to closings at 15 Central Park West and The Plaza, and partly because of the increase of foreign buyers. Additionally there has been activity from domestic buyers with new Manhattan developments.
The median sales price of Manhattan condo, co-op and cond-op apartments dropped in January from the month prior to $850,000 from $928,378 — a 9.2 percent change.
According to Wells Fargo Economics, the April 2008 economic data showed a fair amount of economic stabilization, suggesting the slump hasn't gained much momentum. Economists have responded by scaling back their worst-case scenarios of deep recession, and risk aversion has ebbed in the fixed income and stock markets.
As of April 2008, New York City Added 48,100 Jobs during Past 12 Months:
• This represents a 1.3% increase for the twelve months ending April 2007.
• Sharp gains in the financial and services sectors helped offset the continued loss of manufacturing jobs in the City.
• The national economy added 1.866 million jobs over the past 12 months, a 1.4 % increase.
New York City Inflation below the Nation’s
• For the first time since March of 2006, the annual change in CPI for the New York area was below that of the nation.
• Prices grew at an annual pace of 2.5% in the New York area during April, led by higher energy prices.
The reason is partly due to closings at 15 Central Park West and The Plaza, and partly because of the increase of foreign buyers. Additionally there has been activity from domestic buyers with new Manhattan developments.
The median sales price of Manhattan condo, co-op and cond-op apartments dropped in January from the month prior to $850,000 from $928,378 — a 9.2 percent change.
According to Wells Fargo Economics, the April 2008 economic data showed a fair amount of economic stabilization, suggesting the slump hasn't gained much momentum. Economists have responded by scaling back their worst-case scenarios of deep recession, and risk aversion has ebbed in the fixed income and stock markets.
As of April 2008, New York City Added 48,100 Jobs during Past 12 Months:
• This represents a 1.3% increase for the twelve months ending April 2007.
• Sharp gains in the financial and services sectors helped offset the continued loss of manufacturing jobs in the City.
• The national economy added 1.866 million jobs over the past 12 months, a 1.4 % increase.
New York City Inflation below the Nation’s
• For the first time since March of 2006, the annual change in CPI for the New York area was below that of the nation.
• Prices grew at an annual pace of 2.5% in the New York area during April, led by higher energy prices.
While financing is definitely more difficult to obtain, interest rates are lower and it's a favorable time to buy in New York City.
Buyers may not get the deal of the century in Manhattan, but there is definitely room for negotiation.
Any domestic buyer who is hesitant to purchase in Manhattan may want to rethink and buy now. And for foreign buyers, there is now more inventory than in months before.
Buyers who are ready to purchase - domestic or foreign should consult a professional real estate agent who knows the New York market and who can negotiate on their behalf.
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