Up, Up, and Away!!!

By Buddy Kane

 

 

It’s a bird… It’s a plane… It’s another inflating real estate bubble!!! Hello sports fans. Its BK with another public service announcement on what we’re seeing on the ground. Today we’re going to talk about cash buyers, fierce competition, and a small measure of professional etiquette. Once a rare breed, cash buyers are now much more commonplace, armed with the liquid resources to prevail in current bidding wars for what little inventory remains. In the current market, if you’re not bringing cash, good luck. Within the most affordable price ranges, it used to be that first time home buyers were in direct competition for starter homes with --- well, other first time home buyers. This is no longer the…

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KNOCK KNOCK….

By Buddy Kane


 

 Who’s there?

Buyers. Lots of ‘em. More than there are Sellers, by a long shot. This isn’t news, but it’s gotten to the point that many agents are revisiting age old door knocking techniques used in the past to bring in new business. The agents I’ve spoken with are having a fair amount of success using this approach. To me, the idea of knocking on some one’s front door in the Covid era congers images of Carl Hanratty played by Tom Hanks in the movie Catch Me If You Can, responding with an abrupt “Go F@#$! Yaself”, slamming the door in my face.  

My experience in drumming up new listings has been on the phone. The idea of cold calling expired, and cancelled listings usually made other agent’s cringe.…

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Thinking of selling your non-primary residence or vacation home? You are most likely going to pay capital gains tax unless you do the following.

10 East Neck

One way to avoid capital gains tax on a vacation or investment property is a 1031 exchange. This involves using the profits of the sale to purchase another investment property, thus putting the proceeds back into real estate instead of your bank account. New Construction may be a good way to go but you must meet the 1031 timelines and guidelines. 


You must follow strict identification and timeline rules for a 1031 exchange to the letter:

  •          You must identify the exchange properties in writing within 45 calendar days of the closure for the relinquished property in accordance with one of the…

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1. Too 'Hungry'

Agents need to tell their clients the truth, even when that truth is difficult to hear. Failure to do that is not representing clients at the highest level of integrity. If they are too “hungry” that they will sell you anything, they are not looking out for the client's needs. 

2. Rushed

I would avoid the agent who is always in a hurry and doesn't have time to focus on your needs. A person who is only focused on landing the sale may not be good for a long-term relationship and creating value for the customer. It’s best to know your priorities and choose a broker who matches them.

3. Overly Pushy

As real estate professionals, we are entrusted with the honor of guiding our clients through one of the most significant…

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 1. Peer Pressure

“Everyone else is doing it” does not mean that it is a good reason to buy.

2. Short Term

If you know that you will be moving in less than five years then renting may make more sense.

3. Low Inventory

This pushes prices higher than maybe in the summer when there is more inventory.

4. Job Loss

If there is any chance that you will be laid off for an extended period of time, then now may not be the time to buy.

5. Market Swings

If there is any chance that you will be laid off for an extended period of time, then now may not be the time to buy.

Reach out to one of our agents to see if it's a good idea for you to buy or rent. 

 

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PLAYING FOR FREE

The Lost Art of Losing 

 

 

 

I find it difficult to pass up the occasional viewing of Major League when its on TV. Bob Uecker on the calls, Jack Daniels infused candor. Classic. On this note, I just checked the box scores from the NHL and the NFL. Both my teams in their respective leagues are dead last in the standings. In a strange way I’m ok with it. Makes me love ‘em more. Especially when they’re in the tank. There’s something to be said for having nothing to lose. Freedom to swing for the cheap seats without a rational care in the world.

Any sports fan would love to see their team in first place all the time but obviously this isn’t realistic, even for franchises with payrolls large enough to fund a small…

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THE PRICE IS RIGHT

The Cloud of Ownership Bias

 

 

BREAKING NEWS!!!! Sellers think their property is worth more than it really is. Call it false hope, money already spent, or just plain gorilla math but make no mistake, it lives and breathes. Not exactly a revelation in Real Estate but it does present obvious challenges. What’s more, for every owner out there asking too much, there is a line of agents looking to spin the wheel and gamble on their behalf. In real estate brokerage, this is typically the upheld norm that is needed to make a living. Can’t win if you don’t play. Especially if you’re playing with someone else’s money. For agents, this is normally a fool’s errand and a fast track to making eight dollars an hour, once the…

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