Hi all, hope you’re doing well! Below is this month’s edition of our Brooklyn Homebuyer Newsletter. In this month’s edition we cover a primer on Treasury Spreads, some information about the lack of housing supply, and some information on the recent NAR settlement regarding real estate agent commissions. A lot of interesting things happening lately so we hope you find it interesting   As always, if you have any questions or need any homebuyer resources, please don’t hesitate to Contact Us.    What to Know about Treasury Spreads  If you’ve ever wondered what the relatio ..read more

In the world of real estate, there’s a phenomenon known as the “lock-in effect,” which occurs when homeowners secure a mortgage at a substantially lower interest rate than the current average. It’s a comforting position to be in, knowing that while market rates fluctuate, your mortgage remains at a lower, fixed rate. However, this advantageous position can pose dilemmas when homeowners contemplate selling their current property to buy another. Let’s delve into the intricacies of the lock-in effect and explore what homeowners should consider when navigating this scenario. Understanding the Lock ..read more

In the world of Brooklyn real estate transactions, negotiations are paramount. Buyers and sellers often engage in a delicate dance to reach an agreement that satisfies both parties. One of the key terms you may encounter during these negotiations is a “concession.” But what exactly does it mean in the realm of real estate? A concession, in the context of real estate, refers to a benefit or incentive provided by one party to another during the course of a property transaction. These concessions can take various forms and are typically offered by either the seller to the buyer or vice versa. Und ..read more

In the realm of Brooklyn real estate, the process of listing a property is a pivotal step for homeowners looking to sell their homes. One of the common questions that arises is whether all owners of a property must sign the listing agreement. The answer to this question lies in various factors that are crucial for sellers and co-owners to comprehend. Understanding Co-Ownership and Listing Agreements When a property has multiple owners, whether it’s joint tenancy, tenancy in common, or other forms of co-ownership, the regulations regarding listing agreements may differ based on state laws and ..read more

Last Updated on January 26, 2024 Brooklyn Real Estate Market Report: Q4 2023, a quarterly report produced by the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us Data Source: https://www.bklynhometeam.com/wp-content/uploads/2024/01/Brooklyn-Real-Estate-Market-Report_Q4-2023.pdf Month’s Supply What is Month’s Supply? Months of supply is the measure of how many months it would take for the current inventory of homes on the market to sell, given the current pace of home sales. For example, if there are 50 homes on the market and 10 homes selling each month, there ..read more

Selling a house in Brooklyn, New York involves various costs that homeowners need to consider. Understanding these expenses is crucial for accurate financial planning and to ensure a smooth and successful property sale. Here’s a breakdown of the costs associated with selling a house in Brooklyn. NYC Transfer Tax The New York City Transfer Tax for residential 1-3 family homes, individual condo units, and individual coop units is 1% if sale price is below $500K and 1.425% if the sale price is above $500K. *In addition to those taxes previously imposed, beginning on July 1, 2019, certain conveyan ..read more

Hi all, as always we’re publishing our latest roundup of articles, content, and information which we believe are specifically relevant to NYC Homeowners. This month includes a forensic study of NYC by the Chairman of Market and Investment Strategy for JP Morgan, a nice primer on Reverse Mortgages from the team at KPP Financial, a press release on NYC’s property tax bills, and a few recent blog posts from our team. Take a look when you have a chance and feel free to Contact Us if you have any questions   A Forensic Study of New York City, Post COVID  We recently heard a podcast call ..read more

A wet basement can be a Queens homeowner’s nightmare, leading to potential damage, mold growth, and compromised structural integrity. Addressing this issue promptly is crucial to prevent further problems and maintain a safe and dry living space. In this blog post, we will explore effective tips for local homeowners to dry up a wet basement and create a healthier environment for their homes. 1. Identify the Source of Moisture Before tackling the issue, it’s essential to identify the source of the moisture. Common culprits include foundation cracks, faulty gutters, poor drainage, or leaks in pl ..read more

Selling a home in Brooklyn can be a stressful and emotional process, especially when potential buyers make low ball offers. A low ball offer is an offer significantly lower than the asking price, which can be frustrating for homeowners who are looking to sell their property at a fair price. However, it is important for homeowners to know how to respond to these offers in a professional and effective manner. In this blog post, we’ll discuss some tips on how a Brooklyn homeowner who is selling their home should respond to low ball offers. 1) Don’t take it personally The first thing to remember w ..read more

In the dynamic realm of Brooklyn and NYC real estate, setting the right price for a property is akin to orchestrating a symphony – it requires precision, finesse, and a deep understanding of the local market. Proper pricing isn’t just about assigning a number; it’s a strategic move that can significantly impact the outcome of a home sale. Let’s delve into the myriad ways in which proper pricing can elevate the selling experience and ensure a lucrative transaction for you as a home seller. 1. More Exposure to the Right Buyers A well-calibrated price attracts genuine interest from potential buye ..read more