Apache is functioning normally

November 15, 2023 by Brett Tams

MOUNT PLEASANT — A large East Cooper home decor store plans to turn out the lights about 16 months after opening in a former farm-to-table food emporium.

Heavens Marketplace is set to close by Dec. 15, darkening a 10,000-square-foot shop at 2521 Highway 17 where the former Boone Hall Farms Market once operated, according to co-owner Sonya Pacera.

Apache is functioning normally

September 8, 2023 by Brett Tams

Fast-growing firm The Real Brokerage is making it easier for their agents to take advantage of the company’s revenue share program.

During the brokerage’s monthly video call on Wednesday, Real president Sharran Srivatsaa announced that any agent who has recruited at least five producing Real agents into their network will be bumped into the second tier of the firm’s revenue share program, as first reported by Real Estate News. This opens opportunities for higher compensations and a more streamlined downline system, the brokerage said.

“What this does is it changes the number of people that unlocked tier 2 by over 250%,” Srivatsaa said on the call. “Just think about that number — I know that is very valuable for all of you. This unlocks immediate network effects for everybody.”

Under the current model, agents must successfully attain 10 referrals before hitting the second tier. The changes go into effect on November 1.

According to Srivatsaa, roughly 15% of the commission from a transaction, which is nearly half of the brokerage’s split, goes back directly into the revenue share pool. He also noted that the revenue share model changes give more agents the ability to access profit sharing, which the firm believes will help with recruiting.

“We’re going to start to see more small and mighty teams because that’s the way we’re seeing people service clients in a much better way,” Srivatsaa said.

On the call, Srivatsaa also announced the launch of an optional “Attraction Accelerator” to help agents achieve more quickly achieve five referrals. Agents will graduate from the accelerator program once they have attained five referrals.

“We’re going to teach you how to attract the right way, how to attract the kind way, how to attract the fair way, and how to attract the supportive way,” Srivatsaa said.

With the changes to the revenue share program, Srivatsaa said Real is looking at rolling out a “sponsor creed” to create a more standardized and formal framework to guide sponsors, as well as to reinforce the responsibility they have to their recruits.

This is the second major change Real has made to its revenue share program this year. In January, the brokerage announced that it would allow two existing Real agents to co-sponsor a recruit.

During the second quarter of 2023, the Tamir Poleg-helmed firm added nearly 1,500 agents, achieving a total headcount of 11,500 agents as of June 30. That was up 105% from the second quarter a year ago. In addition, the company reported a 65% annual increase in revenue for the quarter to $185.3 million and a net loss of $3.97 million, a slight improvement over the $4.2 million loss posted in Q2 2022.

Source: housingwire.com

Apache is functioning normally

August 11, 2023 by Brett Tams

Source: hibandigital.com

Apache is functioning normally

August 7, 2023 by Brett Tams

Credit…Jonathan Carlson

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Feeling Mortgage-Rate Envy? You’re Not Alone.

With interest rates climbing, a new form of one-upmanship is making the rounds: the mortgage-rate humble brag.

Aug. 4, 2023

At a rooftop party on a steamy July night in Philadelphia, the margarita machine was churning, the seafood boil was hearty, and the conversation turned to the default of the upwardly mobile: real estate.

Almost anyone shopping for a home in the 2020s knows the script by now: Someone mentions their recent home purchase, a tale undoubtedly rich with drama, stress and suspense. Guests, well schooled in the volatility of the housing market, lean in for the follow-up: When did you buy?

The response to that key question “is normally followed by an ‘Oooh,’” said Evan Barker, 36, a lawyer who attended the party and has participated in enough of these exchanges to know that the “Oooh” means one of two things: You either got the interest rate of a lifetime, or you squarely did not.

the 30-year mortgage rate bottomed out at 2.65 percent, a few months before Mr. Barker and Ms. Gallagher refinanced, besting the national average with a rate of 2.375 percent.

smug, shocked or hopeless, depending on where you fall on the spectrum.

“There is almost a cross-generational envy,” said Övül Sezer, an assistant professor of management and organizations at Cornell University, who studies humble bragging.

Flaunting wealth and good fortune is nothing new. But Americans, for the most part, avoid sharing specifics about money. Sure, you’ll plaster news about your promotion on Facebook and on the platform formerly known as Twitter, but you’ll probably keep mum about the salary package that comes with it. When it comes to real estate, the attitude is no different. A gleeful homeowner may gloat about vanquishing the competition in a bidding war, but they won’t mention the sale price, or their monthly payments.

Federal Reserve’s continued efforts to wrestle inflation under control. So timing, not skill, dictates the rate — and timing is a byproduct of luck.

The pandemic exacerbated inequalities that existed before 2020. For many wealthier Americans, the pandemic was a financial boon. They kept their jobs, were able to work remotely, enjoyed bonuses and raises, and had cash on hand when interest rates plummeted to keep the economy afloat. They were the ones best positioned to pluck up homes, driving up prices. The people who spent 2020 and 2021 struggling through job losses, illnesses or other financial hardships likely missed out on the moment, and are now the ones enduring the hard consequences of rampant inflation.

The interest rate cut “was this free handout to people who didn’t really need it,” said Daryl Fairweather, the chief economist at Redfin. For everyone else, “that door closed as soon as people started to get back on their feet.”

Or as Sharon Reshef, who last month bought a $400,000 one-bedroom apartment in Washington D.C., put it: “It’s really hard to plan your life around macroeconomics.”

That hasn’t stopped some of her slightly older colleagues in Senator Kirsten Gillibrand’s office from teasing her about her 6.625 percent interest rate.

“It’s just a gentle ribbing,” said Ms. Reshef, 30, the research director for the senator from New York, who now spends half of her take-home pay on her mortgage. “But as long as we’re here, I will say that not a lot of people in my cohort own property, especially as a single person. Regardless of the interest rate, I have that one up on them. I can definitely brag.”

the experience miserable. But buyers today face similar, if not tougher, conditions. Inventory is anemic, partly because homeowners do not want to part with their low interest rates. So far, a scant 1 percent of American homes have traded hands this year, the lowest rate in a decade, according to a July report from Redfin.

Of course, things could be worse. In 1981, mortgage rates peaked at a jaw-dropping 18.53 percent. Still, the average home price in the second quarter of 1981 was $84,300 — even adjusted for inflation, that’s about $287,020, which is far less than the average price of $495,100 in the second quarter of 2023.

But people who remember the days of double-digit interest rates are often quick to remind younger generations that they, too, walked to school uphill both ways in the snow.

“The fate, the gods, determine when you enter that phase of your life and what is happening in the market,” said Allen J. Palmer, 85, who is retired from IBM and bought his house in what is now Silicon Valley, in California, in 1977 for $95,000 (or $480,686 in today’s dollars), with an 8.5 percent mortgage interest rate. The first year he and his wife spent in that house, they couldn’t afford to fly home to Milwaukee for the holidays.

Young buyers “don’t understand that this is the way it is,” he said. “They probably don’t remember that their parents struggled to pay” the mortgage, too.

recent TikTok video, Barbara Corcoran, the 74-year-old real estate mogul, arranged fresh flowers as she chided hesitant buyers for their reluctance to get back into the market — a common refrain among real estate agents, who insist that there is no time like the present to buy a house.

“Pick your poison: high interest rates now, which aren’t so high, or super-high prices once they come down,” Ms. Corcoran said, her hand grazing a fern frond. “Your choice.”

Mr. Decker, in Montclair, knows which choice he thinks buyers should make. Recently, he was standing at the bar of a local barbecue restaurant and overheard another patron who seemed overconfident about a recent lowball offer he had made on a house in town. Mr. Decker had lost enough bidding wars to know how this story would end, and considered schooling him on his grim prospects. Maybe he would lean across the bar, he thought, and say, “Don’t even bother, man, cool your heels somewhere else.” But he hesitated.

“It did make me feel a little good,” he said, “and certainly thankful that I have a place to live and I’m not dealing with that right now.”

Instead of offering unsolicited advice, he ordered a Pabst Blue Ribbon and a shot of Jameson, and walked back to the patio to sit down and enjoy the evening with his family in their new town.

For weekly email updates on residential real estate news, sign up here.

Ronda Kaysen is a real estate reporter, based in New York. She is the co-author of “The New York Times Right at Home: How to Buy, Decorate, Organize and Maintain Your Space.” More about Ronda Kaysen

A version of this article appears in print on , Section RE, Page 8 of the New York edition with the headline: Mortgage-Rate Envy? You’re Not Alone.. Order Reprints | Today’s Paper | Subscribe

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Source: nytimes.com

Apache is functioning normally

July 28, 2023 by Brett Tams

Last April, we shared our optimistic opinions regarding American housing markets. Now, nearly five months later, real estate expert Kelly Skeval joins us as we ask once again: bubble or boom? Listen in and learn where we stand now and whether or not we’re still investing in real estate. We also offer recommendations for real estate agents and investors as we close in on the fourth quarter of 2021. And as always, we cover recent real estate news, including updates on the ongoing legal battle between the NAR and the DOJ, the possibility of another nationwide eviction moratorium, and more.

Listen to today’s show and learn:

What’s new with New York real estate [1:40]
The problem with hardship-declaration forms [2:53]
Lessons learned as a landlord in 2021 [4:02]
Elizabeth Warren’s bill to enact another nationwide eviction moratorium [8:12]
Real estate boom or bubble? [11:37]
Buyer clients’ biggest reasons for purchasing homes right now [15:48]
The typical credit score of 2021’s borrowers [16:51]
Supply issues plaguing today’s homebuilders [21:30]
Amazon lobbies to legalize marijuana [25:19]
Mortgage demand surges as inventory increases [26:47]
NAR vs. the DOJ [31:43]
The fight for public access to the MLS [35:18]
The mega mansion that no one wants [36:59]
Kelly’s meet ups for prospective real estate investors [38:18]
Boom or bubble? We want your feedback! [43:35]

Related Links and Resources:

Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
-Aaron Amuchastegui

Source: hibandigital.com

Apache is functioning normally

June 12, 2023 by Brett Tams

Updates continue to trickle in on the Miami-area condo collapse, but we’re still waiting for more answers. On today’s podcast, Aaron covers what we do know and what all agents should take away from this tragedy. He also shares his thoughts on yet another extension to the foreclosure moratorium and offers predictions regarding its inevitable end. Tune in for that plus coverage of other recent real estate news, including reports of iBuyers expanding to markets in the Northeast.

Listen to today’s show and learn:

Updates on the Miami-area condo collapse [1:25]
Minimum-wage workers struggle amid rising inflation [3:05]
Why it’s so hard to hire right now [3:52]
Dave Ramsey removes eXp agents from referral program [7:19]
Investors continue to buy real estate despite rising prices [10:12]
Only 2 out of 10 people return to work [15:12]
iBuyers enter markets in the Northeast [16:40]
Industries expected to see significant wage growth [21:06]

Related Links and Resources:

Thank You Rockstars!
It might go without saying, but I’m going to say it anyway: We really value listeners like you. We’re constantly working to improve the show, so why not leave us a review? If you love the content and can’t stand the thought of missing the nuggets our Rockstar guests share every week, please subscribe; it’ll get you instant access to our latest episodes and is the best way to support your favorite real estate podcast. Have questions? Suggestions? Want to say hi? Shoot me a message via Twitter, Instagram, Facebook, or Email.
-Aaron Amuchastegui

Source: hibandigital.com

Apache is functioning normally

May 27, 2023 by Brett Tams

It’s no news that New York City’s luxury real estate wasn’t skyrocketing in 2018. In fact, 2018 was not all that kind to any sector of the residential market; condo sales plummeted and home transaction values were sliding, registering a steady decline in prices not seen since 2009.

But the slowdown was a normal turn for the market, industry experts say. After years of unparalleled growth, the market is “normalizing” or, as REBNY president John Banks said, it’s going into “a natural cooling off interval after a very hot stretch.”

To put things into context, New York brokerage PropertyClub looked at the past 15 years of sales in the $1 million+ category, to signal out trends in terms of both closed transaction and sales volume, and give us a comprehensive view of how the market performed compared to the years that came before it:

Looking at the sales trend for the past 15 years confirms what REBNY president John Banks was saying; New York City’s real estate market saw a meteoric rise in the past years — with prices and sales of properties seeming unstoppable after the 2008 financial crisis.

A closer look at the market’s performance shows that, in the early 2000s, $1 million+ property sales were fairly rare, with only 1,753 sales being recorded in 2003 across New York City. By 2017 that number rose to 6,881.

In terms of sales volume, while early 2000s saw less than $3.7 billion generated by transactions in the $1 million+ segment, 2017 shattered all previous records with slightly over $20 billion in transactions.

But 2018 stepped in to break the pattern of uninterrupted growth, and ushered in the first slowdown in luxury sales since the 2008 financial crisis. Overall sales volumes for this segment dropped by approximately 12.5% to $17.8 billion.

What does this mean for New York City’s luxury home market?

That it’s time to take a breath.

According to Jonathan J. Miller, who runs the Miller Samuel appraisal firm in Manhattan, “The past year was more of a ‘normalization of the market’, after record activity in recent years.”

In a year-end report by the New York Times, referencing home sales across the city, Mr. Miller said that, comparatively speaking, “sales are not low — they are just not unusually high. It’s like we came off the autobahn: It feels very slow relative to the last three to four years, but historically it’s not.”

Pamela Liebman, chief executive of the Corcoran Group, shared the sentiment: “Since 2009, the market has gone on a very aggressive ride, and I think it’s normal that we see a bit of a slowdown.”

More NYC real estate news:

$238 Million Sale of NYC Penthouse Shatters All Previous Records, Becomes the Most Expensive Sale in U.S. History
Massive Home in the Sky Above MoMa Asks $46.7 MillionLuxurious Greenwich Lane Condo Hits the Market, Seeks $18 Million
Here’s How Many People Became Millionaires by Selling their Homes in the Hottest Real Estate Markets

Source: fancypantshomes.com

Apache is functioning normally

May 25, 2023 by Brett Tams

As one of Atlanta’s top luxury agents, Debra continues to surpass client expectations as demonstrated in her sales volume performance for over 17 years. Debra uniquely differentiates herself as a leader by utilizing her proprietary, cutting-edge marketing strategy to provide her listings mass exposure through a distinctive and unique complementary blend of press marketing, search engine optimization, and technology coupled with superb video production and photography.

The result is maximum exposure for her client’s homes, featuring them on high-authority channels like Yahoo Finance, Reuters, Bloomberg, FOX, ABC, NBC, and more. Debra is also an exclusive partner with The Pinnacle List and the exclusive Atlanta agent for Haute Residence Magazine. These partnerships result in her clients’ properties being regularly showcased in both selective print and online features. She is known as a Luxury Agent social media influencer through her YouTube channel with viral luxury real estate videos that engage with millions.

Her genuine enthusiasm for real estate, professionalism, and confidentiality as well as providing top customer service set her apart. Debra delivers uncompromising professionalism and ultimately a positive experience for her clients as Buyers and Sellers in the Atlanta luxury real estate market. With a record 2021 sales volume of over $70 million, she continues to surpass the luxury real estate competition in Atlanta while delivering exceptional service each and every time.

To find out more about the opportunity to own Atlanta’s premier luxury properties, please view Debra Johnston’s profile: https://www.hauteresidence.com/member/debra-johnston-3/

About Haute Residence:
Designed as a partnership-driven luxury real estate portal, Haute Residence connects its affluent readers with top real estate professionals, while offering the latest in real estate news, showcasing the world’s most extraordinary residences on the market and sharing expert advice from its knowledgeable and experienced real estate partners.

The invitation-only luxury real estate network, which partners with just one agent in every market, unites a distinguished collective of leading real estate agents and brokers and highlights the most extravagant properties in leading markets around the globe for affluent buyers, sellers, and real estate enthusiasts.

HauteResidence.com has grown to be the number-one news source for million-dollar listings, high-end residential developments, celebrity real estate, and more.

Access all of this information and more by visiting: http://www.hauteresidence.com

Find topics in marketing, technology, and social media for realtors, and housing market resources for homeowners. Be sure to subscribe to Digital Age of Real Estate.

Latest posts by RealtyBiz News (see all)

Source: realtybiznews.com

Apache is functioning normally

May 23, 2023 by Brett Tams

kate_sept2004/Getty Images

An investment property is real estate purchased with the intention of earning returns through rental income or profit at resale. Just over 70 percent of single-family rental properties are owned by individual investors, according to the latest Census data. If you’re looking to take the plunge and buy an investment property, here are some initial considerations to make.

Considerations when investing in rental property

Here are a few considerations to think through before you get serious about an investment or rental property.

Location matters

Remember, it’s easier to look in on a property across town rather than one that’s two or more hours away. True, you can always hire a local property manager to keep the home in tip-top shape, but that’ll eat into the passive income you hope to gain.

It’s also important to consider the location with an investor’s eye for what’ll net you the most return. When evaluating locations, it’s often best to avoid areas with lots of vacancies and instead look to neighborhoods close to amenities such as parks and shopping, as well as transit, says Trent Ellingford, an investor and co-founder of the Real Estate Knowledge Institute.

After researching promising neighborhoods, connect with a real estate agent experienced in the local rental property market.

“Don’t use just a real estate agent,” says Kathy Fettke, CEO of Real Wealth Network, host of “The Real Wealth Show” and “Real Estate News for Investors” podcasts and author of “Retire Rich with Rentals.” “It’s best to look for an agent who specializes in real estate investments. Ideally, look for someone who owns them nearby. Oftentimes, property managers have brokers in-office to help.”

Types of rental properties

The kind of property you buy is equally important. The three main types are:

Single-family homes: These are one-unit properties, typically for either long-term tenants or on a short-term basis through platforms like Airbnb or VRBO. If it appreciates in value, you might be able to make additional profit down the line when you sell. With a single-family home, your cash return will be lower than if you had purchased a rental property that can house multiple tenants. Compared to a condo, you’ll also be responsible for all the maintenance.
Condos: Condos are generally more affordable upfront than single-family homes, and you could be spared many maintenance hassles thanks to the presence of an HOA. Keep in mind, however, some condo associations significantly restrict what you can do with the property, including renting it out, and mortgage lenders will factor in the monthly HOA fee when determining what size loan to extend to you.
Multifamily homes: Multifamily homes include duplexes (two units), triplexes (three units) and properties with four units or more. These allow you to rent to more tenants, generating more income, but also cost more than a single-family home or condo. You might have many more responsibilities as far as being a landlord, as well.

“Single-family homes are the most popular,” says Bruce Ailion, an attorney and Realtor with RE/MAX Town and Country in Georgia. “Some areas have a tradition of two- to four-family homes, while others do not. Multifamily properties of less than 100 units tend to be owned by individual owners or owner groups. Apartments over 100 units tend to be owned by institutions and professional real estate investors, and retail office and warehouse spaces tend to attract higher-income and more sophisticated investors.”

Consider the full financial commitment

How much money do you have on hand to make a down payment, or potentially pay for the home in full? Calculate your approximate return on investment (ROI) before you purchase a property. Estimate how much income you’ll get from the property and what your expenses will be. Subtract your expenses from your income to find your net operating income. A rental property’s expenses generally include:

Rental property insurance: Varies based on location; about 25 percent higher than standard homeowners insurance
Rental property taxes: Varies based on location; the average nationally for a single-family home was $3,785 in 2021, according to ATTOM
Utilities: Includes electric, gas, heating and water, some of which tenants might pay, but you’ll be on the hook for during vacant periods
Home maintenance and repairs: Varies; the average nationally was $3,018 for maintenance and $2,321 for “emergency spending” in 2021, according to Angi
Advertising costs: Includes real estate agent commission, typically 5 percent to 6 percent of the property’s purchase price; or vacation rental site service fees, typically 3 percent to 5 percent based on rent amount
Property management and other fees: Includes property management setup, management and maintenance fees, as well as tenant screening, eviction or other expenses; property managers typically charge between 6 percent and 10 percent of the rent for ongoing service, says Ailion
HOA fees (if applicable): Averages several hundred dollars
Rental income taxes: “Income taxes must be paid for all money made on the property,” says Ellingford. “Of course, everyone thinks of the monthly rent; however, income also includes any other money you collect, such as late fees, pet fees or even work by the tenant in lieu of rent.”

Keep in mind, while you’ll need to report all of your rental income to the IRS, you can typically deduct most or all of your expenses, along with depreciation and mortgage interest. Review IRS Publication 527 or consult with a trusted tax professional for more specifics pertaining to your rental property situation.

Understand differences between investment properties and second homes

A second or vacation home is different in many ways from an investment or rental property, and not just because of how it’s used. For one, your mortgage interest rate will likely be higher for a rental property because it’s not your primary residence, meaning the lender is taking on more risk. With mortgage rates going up, it’ll cost even more than it would have say last year.

Know the laws

Do you know what to do when your tenants won’t pay up? For example, certain states require a grace period when your tenant is behind on rent. In other words, you can’t evict a tenant until the grace period is over, but you can still charge late fees. Know the laws in your state before you rent out your property, including what constitutes a compliant lease agreement (including security deposit requirements), discriminatory practices and tenants’ right to privacy.

Determine your vacancy plan

You’re not always going to be able to rent out your property. You might have trouble finding renters, have to rip up carpet and patch drywall or provide a rent-free place for a family member to temporarily stay. There could be any number of reasons why income from your rental property might dry up. How will that impact your financial situation, and how will you cope?

Financing your rental property

A mortgage for a rental property isn’t the same as a home loan for a primary residence, or even a second or vacation home. Keep the following in mind:

Make a sizable down payment: You’ll typically need to put down at least 20 percent for a rental property, but if you want to look more attractive to a mortgage lender, you might want to put down more than that.
Be a strong borrower: You’ll also need a credit score of at least 640 and a debt-to-income (DTI) ratio of no more than 45 percent, based on Fannie Mae standards. The DTI ratio is your monthly debt payments divided by gross monthly income. (Need to improve your credit score? Learn some tips.)
Go outside of big banks: Big banks might not readily loan to you compared to a small bank, or offer you as desirable of loan terms. Compare options from both big and small banks, including community lenders, to find the best combination of rate, fees and customer service. It might help if you already have a relationship with the bank or lender.
Ask for owner financing: Owner financing means that the seller agrees to accept payments directly from you instead of requiring you to get a mortgage. This can benefit both you and the seller, but there are risks involved, so tread carefully; this arrangement isn’t for everyone.

Bottom line

A rental property could be a sound investment, particularly if the rent you collect offers you some extra income. Weigh all the aspects of purchasing a rental home, including financial implications, taxes you’ll have to pay, laws involved and how much extra time you have on your hands.

Source: thesimpledollar.com

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The Refined Mortgage Lending Company & Home Loan Lenders

Real Estate News

Mount Pleasant home decor store closing after 16 months in operation

By the numbers

Mount Pleasant shopping center sold for $46.75M

Apache is functioning normally

Apache is functioning normally

Apache is functioning normally

Feeling Mortgage-Rate Envy? You’re Not Alone.

Apache is functioning normally

Apache is functioning normally

Apache is functioning normally

What does this mean for New York City’s luxury home market?

More NYC real estate news:

Apache is functioning normally

Considerations when investing in rental property

Location matters

Types of rental properties

Consider the full financial commitment

Understand differences between investment properties and second homes

Know the laws

Determine your vacancy plan

Financing your rental property

Bottom line

Dorchester County plantation encompasses 1,644 acres near Edisto River

Mount Pleasant home decor store closing after 16 months in operation

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By the numbers

Mount Pleasant shopping center sold for $46.75M

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Sign up for our business newsletter.

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What does this mean for New York City’s luxury home market?

More NYC real estate news:

Considerations when investing in rental property

Location matters

Types of rental properties

Consider the full financial commitment

Understand differences between investment properties and second homes

Know the laws

Determine your vacancy plan

Financing your rental property

Bottom line