Thursday, July 30, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Tomorrow, July 31st, is the deadline for the Federal Pandemic Unemployment Compensation (FPUC) program to end, unless congress decides to do something to extend or re-structure it. If not, upwards of about 30 million unemployed Americans who are receiving benefits will lose $600 per week. What does this mean?
For one, a lot more people renting a place to live will be screwed.
The percentage of renter households facing a severe housing burden will increase from about 3 percent of renter households to 41 percent. (Severely housing burdened means they are paying more than 50 percent of their income toward rent.)
Add to this the fact that the federally mandated evictions moratorium on is also set to expire soon. The combination of these two events bodes ill for millions of Americans who are already under significant stress. Expect a sharp spike in evictions in the next few months ...
Friday, May 1, 2020 / by Vanessa Saunders
From Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
Electronic deposits of the stimulus package under the Coronavirus Aid, Relief and Economic Security (CARES) Act are showing up in people’s bank accounts daily. The U.S. government has started paying every tax paying citizen $1,200 as part of their plan to jump-start the American economy. No doubt a lot of people will put this money toward rent or mortgage payments. But how far will $1,200 go?
Surprisingly, pretty far. Over 75 percent of U.S. renters and almost 50 percent of homeowners could pay one month of housing expenses with $1,200. A recent study reported by Inman News selected the 50 largest metropolitan areas in the United States and ranked them by the percentage of homeowners who could pay all or most of their housing one-month mortgage payment plus utility costs with $1,200 or $2,400 (assuming some would be couples). They made rankings for renters in the same 50 cities.
According t ...
Friday, February 28, 2020 / by Vanessa Saunders
This sun-filled top floor apartment on North Broadway in Yonkers has JUST SOLD, and the new owners are really going to love the NYC views and Hudson River sunsets in this conveniently located home.
If you're considering buying or selling a property locally or globally, or need more information, CLICK HERE.
Tuesday, February 11, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Michelle, one of our admin staff, was overjoyed last week. A single mom, she'd just rented a lovely house that was close to work, big enough for her family, and in a great location overlooking a scenic park. The rent was affordable once she got through paying all the up front rental fees. On Wednesday, she was delighted to hear that her new landlord would be responsible for paying his own broker's fee. The state had just released a guidance statement on February 4 clarifying a new law, which was passed in last year's landmark rent regulations by the New York State Assembly.
The fee is usually one month's rent, to be split by the tenant's and landlord's agents. It is a substantial payment typically paid by tenants before they can move in, and it goes on top of a security deposit, and often first and last month's rent which must also be paid up front. The department’s ruling, however, flipped that relati ...
Thursday, February 6, 2020 / by Vanessa Saunders
Because of new rental restrictions in New York, landlords must pay the fees of their brokers instead of requiring tenants to pay up front. At first, this sounds like good news for tenants, but critics say landlords will skirt the law simply by raising rents to compensate for the added expense of a broker.
Tenants hiring a broker to find rental properties for them will still be responsible for the broker's commission.
For more information, click HERE to view the CBS2 New York news segment aired on the eleven o'clock news, Wednesday, February 5, 2020.
If you're considering renting, buying or selling a property locally or globally, or need more information, CLICK HERE.