President-elect Donald Trump selects Ben Carson as HUD secretary
Ben Carson as HUD secretary… I’m guessing it’s a title you didn’t expect to hear connected to the former GOP presidential candidate and retired neurosurgeon.
And although it sounds like an outlandish idea to most Americans, there’s a silver lining.
From one of our lending partners - Movement Mortgage's CEO Casey Crawford went head-to-head with Fox Business's Maria Bartiromo this morning to tell the Movement story and why he's optimistic about housing in 2017.
A New York City developer will soon be in the Oval Office.
From his glass perch in Trump Tower, at Fifth Avenue and 56th Street, to other buildings like Trump SoHo on Spring Street and Trump World Tower near the United Nations, President-elect Donald Trump’s signature is stamped across the city skyline.
His son-in-law, Jared Kushner, who is reportedly playing a significant role on his transition team, is also a major developer here, with trendy projects like the Puck Building on Lafayette Street, Williamsburg’s Austin Nichols House at 184 Kent Ave., and Etsy’s new headquarters in DUMBO's former Watchtower building.
It remains to be seen, however, what having New York City developers in positions of national power means for the city’s local housing market.
While many developers based here may be looking forward to big tax cuts promised to the nation’s top earners, other ripple effects that could hamper a market that is already seeing a bit of a slowdown.
“If you’re in real estate development, you don’t believe it’s going to have a negative impact,” said Zach Ehrlich, CEO of Mdrn. Residential. “But the New York market is affected by currency exchange and market fundamentals,” he added, noting that the market here was already starting to slow down before the election and that the dollar had already started to rise, making it harder for foreigners to invest.
“We’re 7 years into an expansion, and the average expansion lasts 7 to 9 years,” Ehrlich believes.
Here’s what people are talking about when it comes to the president-elect:
According to a September report from RealtyTrac, nationwide foreclosure rates have dropped 24% from a year ago. For the first time since the real estate crisis foreclosure timelines have also decreased. Experts suggest the reduction in timelines is the best indication of a full market recovery because it shows states are clearing the backlog of foreclosures
How will the real estate market be impacted by Donald Trump’s victory and Republicans controlling both chambers of Congress? Though Mr. Trump is a real estate man, his policy platform has been largely vague on real estate proposals.
Here are some thoughts on how certain real estate issues may play out under President Trump and of their potential impact to consumers:
In 1989, young accountant Donald C. Wood went to work for Donald Trump as the magnate built the Trump Taj Mahal hotel and casino in Atlantic City.
Things did not go as planned. Wood lasted only a year at the company, and the project, piled with debt, quickly went into bankruptcy. (It closed for good last month.)
More than two decades later, Wood heads a $10 billion shopping center firm and is among top developers who are guessing what his former boss might do to spark a building boom after a campaign in which Trump took sometimes-conflicting positions on taxes, spending and infrastructure.
From a purely economic perspective, this is one of the best times in American history to buy a home. Black Night Financial Services discusses this in their most recent Monthly Mortgage Monitor.
Here are two of the report’s revelations:
Prior to the financial-crisis of 2008, financing a condominium building was relatively simple. Since then, however, U.S. banks are less willing to lend the large sums required and, as such, the tiers of equity and debt needed to get the job done have become all the more complicated.
Source: The Real Deal Magazine
When it comes to selling your home, heed your mother’s advice: Honesty is always the best policy.
Denise Supplee and her husband, Jerry, had been in their new home in Horsham, PA, for just three months when they started to notice something strange in their bathroom. “You could see mold starting to seep through the paint,” says Denise, a co-founder and director of operations of SparkRental.com.
“We had a contractor come in and he told us we were lucky,” she says. “It seemed to be an issue kept to the bathroom and occurred most likely because there was no exhaust fan.”
The problem: The seller had blatantly painted over existing mold without ever disclosing it to the Supplees. Although the seller made good and paid for the mold removal — a $1,500 cost — the Supplees could have taken them to court for not disclosing the problem before the sale.It’s a question that plagues many residential sales: As a seller, what do you — and don’t you — need to tell the buyer about your home?
“My rule of thumb is this: If you’re not sure if you should disclose something, you probably should,” says Sam Pawlitzki, a real estate agent with Beach Cities Real Estate in Los Angeles, CA. “Think of seller disclosures like a Carfax report.” Plus, the harm in not disclosing something can result in some serious legal and financial woes.
Here’s a list of what you legally need to include in your sellers’ disclosure to keep yourself out of hot water.
Housing is already too expensive for the droves of would-be buyers that are shopping in a market with limited inventory.
This so-called 'new housing crisis' may worsen under the administration of President-elect Donald Trump, according to some housing economists.
You've done your research, saved up for a down payment, and found a Realtor you adore. Now comes the fun part: Choosing a house. House hunting isn't without its challenges, though. Heed these tips for a successful expedition.
A look at Morristown, Montclair, Woodbridge and Camden, NJ
The mayors of four diverse towns in New Jersey discussed key drivers of the economic successes that are transforming their communities during NAIOP New Jersey’s “Obstacles into Opportunities” forum.
Held at the Edward J. Bloustein School of Planning & Public Policy on October 19, the program featured Mayors Tim Dougherty of Morristown, Robert Jackson of Montclair, John McCormac of Woodbridge and Dana Redd of Camden, as well as New Jersey Treasurer Ford Scudder.
“In essence, these towns have embraced mixed-use development that suits their unique locations,” said Michael McGuinness, CEO of NAIOP NJ, the 740-member commercial real estate development association. “They have also partnered with local developers and invested significant resources toward their infrastructure.”
If you’ve been on a subway lately, you know that New York City’s infrastructure is already beyond capacity. And guess what — the population is expected to rise from about 8.2 million to 9 million by 2040.
Source: The Real Deal Magazine
High demand and low interest rates drove housing sales in 2016, and 2017 is shaping up to be another good year, albeit with a few minor caveats.
While home prices for starter-to-midrange homes are pushing upward toward pre-recession peaks, especially in secondary markets, they're stabilizing in higher-priced areas.
The ultimate timeline ensures the smoothest of transitions to home ownership.
A real yard. Closets bigger than your average microwave. The freedom to decorate however you darn well please! Making the switch from renting to owning is exhilarating, but many rookie homebuyers find the process trickier to navigate than they expected.
This is why House Logic created its First-Time Home Buyer Checklist. The 12-month timeline will help you sidestep common mistakes, like paying too much interest or getting stuck with the wrong house. (Yep, it happens!)
Tress Realty Group compiles some of the best real estate news, tips, and information for buyers, sellers and investors.