According to date from Freddie Mac, mortgage rates have continued the overall downward trend that has been dominant since last November, apart from a slight rise during February 2023. As of the week ending March 30, the average rate had reached 6.32%. To learn more, you can find the original article from CNN here:
For many New York City homeowners and renters, subdividing apartments with temporary walls can be an easy way to maximize space. Many renters are familiar with “flex” units where a new bedroom is created with space taken from living areas. However, the legal requirements for these walls can be complicated, and homeowners and tenants should […]
Homebuyers in New York City may be presented with the opportunity to purchase a “sponsor unit,” a type of property unique to New York City real estate.[1] At the most basic level, “a sponsor unit is an apartment that has never been sold” before.[2] However, this term can have a different meaning depending on whether […]
CNN recently published an interesting article highlighting the growing prominence of AI programs such as ChatGPT, which generates detailed responses from simple prompts, in the real estate industry. Used largely as a time-saving device, the program has been used for listings and even in some instances the initial drafting of legal documents. As the use […]
As reported by CNN, Mortgage rates are continuing to fall this year, reaching 6.09% at the beginning of February, and down from last year’s peak of 7.08%. Forecasts predict that rates will continue to decrease this year as inflation eases. To read further, please see the original article here.
New York Governor Kathy Hochul has proposed several reforms to the state’s housing system which, if enacted, could dramatically impact NYC’s real estate market.[1] Many of the proposals are intended to spur new development to remediate NYC’s housing crunch.[2] First, the Governor plans to repeal a New York state law that restricts the amount of […]
The New York Times article by Ronda Kaysen, “Is It Worth the Risk to Sublet an Apartment Illegally?,” discusses a possibility that many unit owners in co-ops and condos may have considered: can I get away with subletting my unit without my co-op or condo’s approval?[1] As you may have guessed, the answer is no.[2] […]
What is important to consider (outside of the unit itself) when purchasing real estate in New York City? While some may be okay with walking 15 minutes to the nearest subway station, others may wish to live right next to one or prefer to drive instead. Considering your preferences is crucial, so that you do […]
In today’s digital world, scammers are constantly finding new ways to take advantage of others. One such method is to fraudulently impersonate someone else by “spoofing” and/or “phishing.”[1] Spoofing is a means by which a scammer is able to forge or imitate the identity of someone else.[2] Subsequently, they may use the spoofed identity to […]
As reported by CNN, home sales rose during November 2022 for the second month in a row despite a bleak forecast. This rise runs counter to both continuing high mortgage rates and increasing home prices (which dropped slightly this month), as well as a typical slowdown of sales during the winter holidays. For more information, […]