Tuesday, June 9, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems Real Estate.
As we reported last month, the race is on as buyers from NYC and other urban centers scramble to spend at least the summer away from Covid-19, preferably near a lake or swimming pool.
Coincidentally, there is a group of home owners dying to sell them their upstate properties.
Some homeowners have secondary upstate properties they typically rent to summer tourists, either on their own or through companies like Airbnb. But the impact of diminished summer travel due to virus has severely affected their business in this unpresidented time.
A recent report by CNN concluded "Hosts face the possibility of losing thousands of dollars a month in canceled bookings while bills, maintenance costs, and mortgage payments pile up.”
A survey by ValuePenguin agreed:
48% of Americans have already canceled summer travel plans due to the current health crisis.
36% indicated they don’t have vaca ...
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 ...
Monday, January 20, 2020 / by Vanessa Saunders
By Vanessa Saunders, MBA, MIMC , Broker Owner, Global Property Systems
Every year around this time, we take time to reflect and plan for next year. If you are renting your current home but have dreams of home ownership, your plan for the new year may include buying, and you wouldn’t be alone!
According to the Bank of America Homebuyer Insights Report, 74% of renters plan on buying in the next 5 years, with 38% planning to buy in the next 2 years!
When those same renters were asked why they disliked renting, 52% said that rising rental costs were their top reason, and 42% of renters believe that their rent will rise every year. The full results of the survey can be seen below:
It’s no wonder that rising rental costs came in as the top answer! The median asking rent price has risen steadily over the last 30 years, as you can see below!
There is a long-standing rule that a household should not spend more than 28% of its income on housing ...
Thursday, September 12, 2019 / by Vanessa Saunders
The new legislation out of Albany for rent reform mostly impacts what are called market-rate tenants, (renters not protected by current rent controls), and their landlords. Though it isn't the sweeping reform bill many were hoping for, the legislation does contain some interesting new provisions for all tenants, ranging on issues from security deposits to eviction proceedings.
Putting the brakes on shakedowns: security deposits, background and credit report fees, and pet deposits.
Under the newly passed bill, market-rate tenants are required to put down no more than one-month’s rent as security deposit, matching the rule that currently applies to rent-regulated tenants. Landlords are limited to the amount they can charge prospective tenants for credit and background checks, either for the actual cost of the service or $20, whichever is lower.
Pet lovers may like that landlords cannot charge an extra fee for damage done by pets allowed in the apartment. Pets can cause ...
Friday, September 6, 2019 / by Vanessa Saunders
Every three years, the Federal Reserve conducts its Survey of Consumer Finances. Data is collected across all economic and social groups. The latest survey data covers 2013-2016.
The study revealed that the median net worth of a homeowner is $231,400 – a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a Hudson Valley home is a great way to build family wealth.
As we’ve said before, simply put, home ownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your net worth by increasing the equity in your home.
That is why Gallup reported Americans picked real estate as the best long-term investment for the sixth year in a row. According to this year’s results, 35% of Am ...