NYC Real Estate News by Fernando Branco, Real Estate Broker, GRI, ABR, CNE - Fernando Branco Realty

  What factors can affect your ability to get a mortgage? One key step in purchasing a home is qualifying for a mortgage, or the loan used to buy property. Although the application process can be overwhelming, it's a lot easier if you know what to expect. If you've ever applied for a loan in the past, you know that certain aspects of your financial history play into your ability to qualify and the rate and term for which you can qualify. A mortgage loan is similar, with certain elements playing a major role in the approval process. Explore what factors can affect getting a mortgage and how to prepare your finances before submitting an application. Credit score One of the first things a lender will look at is your  credit score , which reflects your history of repaying your debts. Various financial factors are included in your credit score, such as student and automotive loans, credit cards, and lines of credit. Some credit histories also include cell phone bills and rental pro...

  A Buyer recently informed me his Seller just offered him a 2-point concession…What does this mean and what are the buyer’s options?   A seller’s concession is a monetary contribution given by a home seller to a potential home buyer to use towards her closing expenses and prepaid items. Lenders allow the seller of a home to “credit” a portion of her proceeds to the home buyer but lenders have limits on the amount of seller’s concession they will permit. Generally, for “conventional” (non-jumbo and sold on the secondary market to Fannie Mae and Freddie Mac, among other investors) loans,  if the buyer’s down payment is less than 10%, the seller can contribute up to 3%. If the down payment is 10 – 25%, the Seller can contribute up to 6%. If the down payment is more than 25%, the Seller can contribute up to 9%. Many mortgage professionals will apply the seller funds to underwriting costs, escrow fees, and loan fees, but some deeper thinkers consider permanentl...

  What’s the Difference Between a Co-op and a Condo? Co-ops are a unique part of the New York City real estate landscape. In fact, when you buy a co-op, you’re not buying real estate in the traditional sense. You’re purchasing shares of a cooperative, or “co-op,” and that co-op owns the building. The bigger your unit, the more shares in the co-op you own. You’ll get what’s called a proprietary lease, which lays out the relationship between the co-op and you, the shareholder.  A condo, on the other hand, is a private residence in which you own the unit itself, making it true real estate. Not only do condo residents own their individual apartments, they also jointly own common areas that make up the rest of the building, like the hallways, elevators, and any other shared spaces. You’ll receive a deed, which is a record of ownership. “You have a little bit more control and a little bit more flexibility as an owner of a condo than when you purchase a co-op. Price points, approva...

2022 Annual Review December 23, 2022 Happy   Holidays!!! Join us as we take look back at the major forces that shaped the market this year with all the talking points you need to know about the Manhattan & Brooklyn Real Estate markets.   Get ahead of the curve and deliver the right message to your clients with our 2022 Annual Review. This week's highlights from  UrbanDigs: Supply trends becoming a driving force of market leverage Pending sales down sharply in both boroughs Resale Condo Price action packing a surprise number for Q4? Watch to see.... A look at the latest Q4 Negotiability trends for both boroughs Manhattan & Brooklyn sentiment pulse check WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!  Fernando & Team Fernando Branco , GRI, ABR, CNE REAL ESTATE BROKER Residential Real Estate Commercial Sales & Leasing  Graduate Realtor Institute (GRI)  Accredited Buyer Representative (ABR)...

 THE LUXURY MARKET REPORT NOVEMBER 21 - 27 2022 -- Report on Contracts Signed - Manhattan Residential Properties $4 Million and Above --- 15 CONTRACTS SIGNED --- During the Thanksgiving week, fifteen contracts were signed last week at $4 million and above, 2 fewer than the previous week The volume more than doubled to $219,070,990.  Condos outsold Co-ops, 13-0, and 2 Townhouses were in the mix.  OLSHAN Realty's Stat Geed Alert: For perspective, the 10-year Thanksgiving week average is 16 signed contracts.   Full report: https://olshan.com/marketreport.php WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!  Fernando Branco , GRI, ABR, CNE REAL ESTATE BROKER Graduate Realtor Institute (GRI)  Accredited Buyer Representative (ABR)  Certified Negotiator Expert (CNE) Fernando Branco Realty 162 Huntington St, Ste 1R, Brooklyn, NY 11231 c: (212) 321-0115 e:  Team@fernandobrancorealty.com Working by refer...

 Mortgage Interest DROP Nicely!  WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!  Fernando Branco , GRI, ABR, CNE REAL ESTATE BROKER Graduate Realtor Institute (GRI)  Accredited Buyer Representative (ABR)  Certified Negotiator Expert (CNE) Fernando Branco Realty 162 Huntington St, Ste 1R, Brooklyn, NY 11231 c: (212) 321-0115 e:  Team@fernandobrancorealty.com Working by referral. Let us help you find a home too!! NYS Housing, Anti-Discrimination & Agency Notice & Disclosures

 THE LUXURY MARKET REPORT NOVEMBER 7 - 13 2022 -- Report on Contracts Signed - Manhattan Residential Properties $4 Million and Above --- 24 CONTRACTS SIGNED --- Twenty-four contracts were signed last week at $4 million and above, 10 more than the previous week The volume more than doubled to $219,070,990.  Condos outsold Co-ops, 14-6, and 4 Townhouses were in the mix.  OLSHAN Realty's Stat Geed Alert: Fueling the robust rebound were 7 properties that cracked $10 million, the largest number of trophy properties to sell since the week of May 9.  Full Report: https://olshan.com/marketreport.php  WOULD YOU LIKE TO KNOW MORE? PLEASE CONTACT US! IT IS OUR PLEASURE TO ASSIST YOU! THANK YOU!  Fernando Branco , GRI, ABR, CNE REAL ESTATE BROKER Graduate Realtor Institute (GRI)  Accredited Buyer Representative (ABR)  Certified Negotiator Expert (CNE) Fernando Branco Realty 162 Huntington St, Ste 1R, Brooklyn, NY 11231 c: (212) 321-0115 e:  Team@fer...