Brooklyn Real Estate Market Report: Q1 2024

Last Updated on April 24, 2024 Brooklyn Real Estate Market Report: Q1 2024, 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/2024/04/Brooklyn-Real-Estate-Market-Report_Q1-2024.pdf Month’s Supply What is Month’s Supply? Months of supply is the measure of how many months it would take for […]

Brooklyn Homebuyer Newsletter: MAR 2024

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 […]

What is a Concession in Brooklyn Real Estate?

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 […]

What happens when a Brooklyn Condo Board won’t Let you Close?

By Daniel Akerman, Listing Specialist with the Queens Home Team at Keller Williams Realty Landmark II.  Many people are familiar with the fact that in New York City many properties that are purchased are in co-ops, and they are aware of the unique powers that a co-op board has in approving or denying a purchase […]

Brooklyn real Estate Market Report: Q3 2023

Brooklyn Real Estate Market Report; Q3 2023, courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us *Please Note: These numbers are based on figures reported by the OneKey MLS. Brooklyn real estate sales are conducted on multiple MLSs so unfortunately this will not provide the comprehensive picture of […]

Common Contingencies in a Brooklyn NY Real Estate Contract

Contingency clauses that outline additional conditions that must be met before a sales contract is enforceable are often part of a sales contract. Both buyers and sellers can add contingencies to a contract. A contingency clause must include three pieces of information, including: The actions necessary to satisfy the contingency The time frame for addressing it […]

What is a Deed, Title, and Title Insurance?

What is a Deed? The deed is a legal document used to establish proof of ownership. It provides some assurance to the buyer that the seller has the right to sell the property. Usually a third party is hired to conduct a title search in an effort to uncover evidence that the title can be […]

Client, Customer, or Prospect, which one Are You?

In the world of Brooklyn and New York City real estate, there are specific terms used to categorize individuals involved in the buying or selling process: client, customer, and prospect. These terms may seem interchangeable at first glance, but they hold distinct meanings and implications within the industry. In this blog post, we will delve […]

What is an Escalation Clause (AKA Escalator Offer) and How does it Work?

In case you don’t know what this is, here’s the skinny: A buyer, hoping to beat out all other offers, will include an escalation clause in the offer that reads something like, “Buyer to beat all competing offers by $1,000 up to a price of $700,000. Seller to provide copies of competing offer to buyer […]

Brooklyn Real Estate Market Report: Q1 2023

Brooklyn Real Estate Market Report: Q1 2023, courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark II. Need Help? Contact Us Data Source: https://www.bklynhometeam.com/wp-content/uploads/2023/05/Brooklyn-Real-Estate-Market_Q1-2023.pdf *Please note that this report is based on data collected from the OneKey MLS. Unfortunately Brooklyn real estate sales are conducted across multiple different MLS’s so it is not […]

NYC Homebuyer Insights: MAR 2023

Is Now a Good Time to Buy or Sell a Home? + Mortgage Insurance Premiums on FHA Loans reduced by 30 Basis Points + Guide for First Time Homebuyers in NY Is Now a Good Time to Buy or Sell a Home?  If you’ve been thinking about whether or not you should buy a property […]

Bank Troubles, What happened this Week and How it affects the Real Estate Market

Courtesy of: Rafael Reyes, Originating Branch Manager at Cross Country Mortgage. Troubles in the banking sector in the US and Europe completely overwhelmed the economic reports in driving financial markets this week. Investors shifted to safer assets, and mortgage rates moved lower. The impacts of the largest bank failure in the US since the financial […]

2023 Conforming Loan Limits for Brooklyn NY

It’s that time of year again – the time when the Federal Housing Finance Agency (FHFA) announces the new loan limits for conforming mortgages. This year, the FHFA has announced that the maximum loan limits for conforming mortgages will increase in 2023, due to rising home prices across the country. For those who may not […]

Common Real Estate Documents in Brooklyn NY

If you’re in the market to buy or sell in Brooklyn, then you may be wondering what documents you will need to fill out throughout the process, and what each document is actually used for. Below is a quick summary of common real estate documents in Brooklyn and although it doesn’t cover every single document […]

Understanding Co-Op Flip Tax in NYC

By Daniel Akerman, Listing Specialist with Keller Williams Realty Landmark II. One of the many closing costs that sellers and buyers may come across in the sale or purchase of a New York City co-op apartment is something called the “flip tax.” In this article we’ll take a quick look at what the co-op flip […]

Mortgage Market Update: 12/2/22

Courtesy of Rafael Reyes, Originating Branch Manager with Cross Country Mortgage, LLC Mixed News It was a packed week for major economic events. The comments from Fed officials and the inflation data were favorable for mortgage markets, while the labor market report was not, and mortgage rates ended the week a little lower. In a […]

How Buyers and Sellers in NYC can BOTH save on Closing Costs

By Daniel Akerman, Realtor and Listing Specialist with Keller Williams Realty Landmark II. The Best Kept Secret in NYC Real Estate Did you know there’s a way that both the buyer AND seller of a property in NYC can save on closing costs without costing each other a dime? If you didn’t, don’t worry. Most […]

What is a Cap Rate?

Information provided by Claddagh Capital LLC What is a Cap Rate and why its important? A Capitalization Rate or cap rate is a metric used in commercial real estate to assess the return and risk of a property, purchased on an all-cash basis or unleveled (no mortgage). The cap rate is used on an unleveled […]

Brooklyn Real Estate Market Report: Q2 2022

Brooklyn Real Estate Market Report 2022. Courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark ll in Brooklyn NY. Need Help? Contact Us anytime. Last updated on 7/26/2022. Market Snapshot Happy Summer from BHT! Hopefully you’ve been enjoying the warm weather and sun filled activities. Here at BHT we’ve been enjoying the Summer […]

What is an Off Market Listing?

Answer provided by Neil B. Garfinkel REBNY Broker Counsel Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Answer: “Off-market” commonly indicates that the property is not listed for sale or has not been listed on a multiple listing service. REBNY and most MLS’s expressly forbid the promotion of exclusive listings […]

15 or 30-Year Fixed Rate Mortgage, which one is right for you?

Answer provided by Rafael Reyes, Originating Branch Manager at Cross Country Mortgage LLC. Do you want lower monthly payments now or do you want to pay off your home faster? That’s one of the primary questions to answer when deciding between a 30-year fixed mortgage or a 15-year fixed mortgage. 15-Year Mortgage You have 15 […]

What to know about Assistance Animals in Buildings with Pet Restrictions

Information provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Many residential buildings in NYC have pet restrictions and policies such as “no pets,” “no dogs,” “cats only,” etc. While pets are not a protected class under the Fair Housing Act (“FHA”), a […]

6 Common Transaction Issues from Contract-to-Close

There are six major issues in getting from contract to close in Brooklyn NY. These are the “moments of truth that put transactions at the greatest risk. Knowing these is critical, but also knowing the certain ways in which they can go wrong is equally critical. Above all others, your agent and your real estate […]

A Guide to FHA Home Repairs in Brooklyn NY

FHA is a popular loan option for many Brooklyn home buyers, however, it is important that the home meets their guidelines. HUD is looking to cover three main points in their inspections: 1. Safety Protect the health and safety of the occupants. 2. Livability Adequate floor plan, bath, kitchen facilities, etc. 3. Soundness Correct physical […]

Brooklyn Real Estate Market Report: Q1 2022

Brooklyn Real Estate Market Report Q1 2022. Courtesy of the Brooklyn Home Team at Keller Williams Realty Landmark ll in Brooklyn NY. Need Help? Contact Us anytime. Last updated on 4/25/2022. Market Snapshot Happy Spring from BHT! Hopefully you’ve been enjoying the weather as it begins to warm up ? Here at BHT headquarters we’ve […]

Rent Stabilization De-Regulation in a 421a Building

Answer provided by Neil B. GarfinkelREBNY Broker CounselPartner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Question: It is my understanding that the Housing Stability and Tenant Protection Act (“HSTPA”) generally prohibits deregulation of rent stabilized apartments (meaning that a rent stabilized apartment will never become a free-market rate apartment). Does that […]

5 Tips for Multi Family Investing in Brooklyn

Brooklyn Investors continue to choose multi family homes, and it is no surprise considering the many benefits that come with them. Everything from their higher income potential to their ease of financing mean that investing in these properties is a smart move. If you are considering purchasing a multifamily property for the first time, you […]

What is a Title Company and what do they Do in Brooklyn NYC? 

We meet with home buyers and sellers every day, and one of the things that many people don’t understand clearly are title companies, title insurance, and how they affect them during the sale/purchase of a property. So, here is a quick primer on Title Companies, what they are, and what they do. If you have […]

FAQs regarding Buyer Representation in Brooklyn & NYC

Answers provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP FAQs: Q: Is a buyer always entitled to be represented in a transaction?A: Yes, the New York State Department of State (“DOS”) has consistently stated that a buyer always has a right to be represented in […]

What should I know about Buying a Coop in a Land Lease Building?

Answer provided by Neil B. Garfinkel, REBNY Broker Counsel, Partner-in-charge of real estate and banking practices at Abrams Garfinkel Margolis Bergson, LLP Answer: If a co-op building has a Ground Lease (also known as a Land Lease), it means that the co-op corporation does not own the land under the building. Rather, the co-op corporation leases […]

New Construction Pros and Cons

New Construction Pros and Cons You may be considering a new house or condo, but aren’t sure you’re totally willing to wait for one to be finished. If only there were a place you could get an overview of the pros and cons of buying new. Wait, there’s a list below! Pros of New Construction: […]

Your Guide to Buying an Older Home in Brooklyn NY

For a lot of home buyers, buying their dream home means choosing an older structure that has passed the test of time. These grand places have an undeniable charm about them, with classic styling that can be adapted to nearly any taste. Older homes can be incredible places to live and love, but no home […]

Step by Step guide to Mortgage Pre-Approval in Brooklyn NY

Step by step guide to a mortgage pre-approval in Brooklyn NY. Have questions? Need help obtaining a pre-approval? Feel free to Contact Us anytime.  If you find yourself sitting in a strange hallway, waiting for a stranger in a suit to size you up and decide if you’re worthy as your palms sweat and your […]

Understanding the Loan Estimate Form

Shopping for a house can be stressful, but choosing a loan has the potential to be just as bad. There’s a lot to know, a small window in which to figure it all out and a 30 year commitment to a loan product that might just not be right for you for to worry about. […]