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February 11, 2019

Roses are Red
Violets are Blue
Sending only 
Happy Thoughts
 to YOU!

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Mark your calendar and make sure to attend!

SIBOR REALTOR DAY  TRADE SHOW
 & 
Top Producer Club Awards Breakfast
Thursday, March 14, 2019
Hilton Garden Inn
For information contact Annmarie@sibor.com.




Technology Demos
Exhibitors
Networking
Giveaways Galore 
Dynamic Speakers  
Workshops


MARKET TRENDS


Staten Island January 2019 Real Estate Stats

Despite a strong U.S. economy, historically low unemployment and steady wage growth, home sales began to slow across the nation late last year. Blame was given to a combination of high prices and a steady stream of interest rate hikes by the Federal Reserve. This month, the Fed responded to the growing affordability conundrum. In a move described as a patient approach to further rate changes, the Fed did not increase rates during January 2019. 


LEGAL UPDATE  - AL FAZIO, ESQ.
Agent Alert: Try to Stay in Your Lane 

It is a scenario that plays out thousands of times around the country by real estate agents and it spreads fear through the hearts of brokers and managers but brings a sense of joy and financial stability to litigation attorneys.  A client retains the services of a real estate brokerage firm and the agent is excited at fulfilling the fiduciary obligations that flow from that agency relationship. As we know those fiduciary obligations include obedience, loyalty, disclosure, confidentiality, accountability and reasonable care.  The agent conceivably understands that the manner by which he or she services the client is an overriding factor for any seller, landlord, purchaser or tenant.

Read more...
HOME BUYER REPORT 
Aspiring Home Buyers Profile
 
The Aspiring Home Buyer Profile is an in depth examination of the consumer preferences of non-homeowners, defined as those that rent and those that live with someone else (such as family or friends) without paying rent. The Aspiring Home Buyer Profile compares and contrasts the perceptions of homeownership, the American Dream, and housing affordability from the perspective of non-homeowners.



WELCOME NEW MEMBERS
welcome

Welcome New SIBOR Members


FINANCIAL NEWS
Anti-Money Laundering Guidelines for RE Agents
 
The crime of money laundering continues to be a growing area of concern in the United States. Therefore, law enforcement agencies and the financial sector devote considerable time and resources to combating these illegal financial activities. However, many non-financial businesses and professions are also vulnerable to potential money laundering schemes. Real estate professionals are a category of the non-financial business sector that may encounter persons engaging in money laundering activities.

Read more...
AGENT TIPS & TOOLS
Format for Writing Agent Bios  

WAV Group has written a lot about agent profiles, and usually with scorn. There is nothing that demonstrates a lack of professionalism than a profile with a grey cut out instead of a professional photo, or an empty bio page. In some small way, I hope that this quick article will stimulate a few more brokers, teams (groups), and agents to rekindle the professional flame and update headshots and bios now.

TAX REGULATIONS
Tax Perks Meant for Mom-and-Pop Owners Will Benefit Major Property Investors
 
Small-time real estate investors are being blocked from a tax break that was originally meant to benefit them. The Treasury Department recently released final rules detailing how owners of businesses including limited liability companies can receive a deduction of up to 20 percent, according to Bloomberg. The law, which was part of 2017 tax reform, lets real estate firms claim the deduction in full, but bars part-time property owners from the benefit.

Buyers Using an LLC Might Get a Tax Break

New Yorkers who buy property under an LLC for security reasons might be eligible for a tax break.The city's Department of Finance restricts condo and co-op buyers who use an LLC from getting a partial tax abatement. But a proposed amendment would let them apply for a waiver if they can prove they used a corporate name for security reasons, the Wall Street Journal reported.

MORTGAGE NEWS
To Reduce Payments Recast Your Mortgage

A recast refers to a borrower who makes an additional principal payment and then asks the bank to re-amortize the loan at the existing interest rate. The result is that while the loan term remains the same, monthly payments are reduced. Wells Fargo, Bank of America, JPMorgan Chase and Quicken Loans o er mortgage recasts on some, though not all, of their loans.

Read more...
REALTOR CONSUMER RESOURCES 
Get Smart With Social Media  

Back At You Media provides REALTORS® with a Social Media Center that's simple to use and customized to your marketing needs. Simply choose your level of automation and Back At You Media does the rest: promoting you and your listings on today's most popular social networks including Facebook, LinkedIn, and more.

GetRealtor Resources

NAR's Get Realtor® campaign makes resources available for members to increase their ability to do business with digitally savvy and hyper-connected consumers. You have access to engaging Social Media content that demonstrates the countless reasons why home buyers, sellers and investors should Get Realtor®.

What's the Difference Between a Real Estate Agent, Realtor and Broker?

The process of choosing a real estate agent should be a careful one. You want to work with a professional who will not only act in your best interest but will effectively guide you every step of the way so you feel confident about your home sale or purchase.
But when you're browsing for potential agents, how do you decipher the difference between a licensed agent, a Realtor and a broker? 

STATEN ISLAND DEVELOPMENTS
Excelsior Grand in New Dorp Sells for 10.2 Million

After nearly a half century as a catering hall, the Excelsior Grand in New Dorp was sold for $10.2 million to a Manhattan restaurateur, according to the Realtors who brokered the deal.
The owner, Gerardo Campitiello, who also formerly owned the Monte Bianco, sold the property at 2380 Hylan Blvd. to Bi Hang Cheng, said James Prendamano, CEO of Casandra Properties, who brokered the deal for the seller, along with Rob Nixon, broker associate.

INDUSTRY NEWS
New Digitized Zoning Code

It's a harrowing task to have a comprehensive understanding of New York City's intricate zoning code, but zoning is crucial to how the five borough's function-dictating where certain buildings are erected, what sorts of uses they can have, and how high those structures can rise.  An understanding of the city's zoning isn't just a tool in the arsenal of an urban planner or an architect but is crucial for locals to have a hand in shaping their communities. 

Technology Hasn't Been Able to Tackle Housing Affordability

Despite the flood of startups entering real estate, technology has been largely unable to tackle a central problem: affordability. Though policymakers say tech can't solve the housing crisis, others argue that more money directed toward the problem could change the market, the New York Times reported.

About Home Ownership in the US.  Take the Quiz.

What is the median age of a first-time home buyer?

What percentage of home buyers purchase their home through a REALTOR?

What is the median Household income of a first-time home buyer?

GLOBAL PERSPECTIVE
Chinese Investors Now Targeting More Mundane US Real Estate
 
The Chinese real estate selling spree continues to break records.
After being net sellers of U.S. real estate in the second quarter of 2018, which was the first time since 2008, Chinese investors have now gone three straight quarters selling more than they have bought, for the first time ever.
In fact, Chinese investors sold more real estate in 2018 than the previous seven years combined, according the Real Capital Analytics data cited by the Wall Street Journal.

Real Estate Practices Around the World
 
Real estate practices vary from country to country. It is important to be educated in the practices in those countries so you can best prepare your clients for the process. As always, when conducting real estate business in another country, make sure you are connected to the association and/or agents in that country to be sure you aren't violating any laws or regulations. Often, a co-marketing or co-brokering relationship is best.

AFFILIATE PARTNERS 
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