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Suit Up With Baez
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Suit Up With Baez
Episode 24: Real Estate Buzz: Cold Weather and Hot Markets
Have you noticed how the cold winter months influence not just our daily lives, but also the real estate landscape? In this engaging episode, we navigate through the intricate dynamics of the current market and its fluctuating trends driven by seasonal changes. With temperatures dropping, we discuss strategies that families and buyers are adopting, especially those looking to secure their dream homes before the school year starts. The impact of winter on buyer urgency is tangible, and we explore how it tells a compelling story of hope, anticipation, and strategic decision-making.
We'll dig deep into the renewed interest from first-time homebuyers, reflecting on our own experiences. Discover the emotional highs—alongside the nerves—that accompany purchasing your first home. As we highlight the transformations taking place, we observe key changes in buyer behavior where individuals are getting pre-approved and entering bidding wars once more. Despite high-interest rates, many are willing to embrace the challenges of the market, proving that the desire for homeownership often trumps financial concerns.
Amidst these discussions, we dive into the emerging trends seen in neighborhoods like the Bronx, which are rapidly becoming hotspots for investment as prices soar. We emphasize the importance of positioning oneself strategically in this landscape, whether selling or purchasing, so you can make informed decisions in the heightened competition we see today. Lastly, we shine a light on legislative news that could impact families facing capital gains upon inheriting property—a crucial consideration in these dialogues.
Join us for an enlightening exploration into the real estate world, as we share our knowledge and passion to help empower you on your journey to buy or sell. Don't forget to subscribe and stay connected with us for more insights and guidance!
hello everyone, welcome with pseudo, with bias podcast and I'm here with angela bias and I'm alex bias and I'm excited, angela, it's cold it is really cold.
Speaker 2:Well crap. Thankfully there's no wind, yeah, and that it would feel a lot colder.
Speaker 1:Well, there is. It's like I feel like this I always say new york is bipolar, even the weather yeah right, because the weather goes up and down. I mean this week been extremely cold, I think it was like 18 degrees really yeah, and it's always snowing now, which is crazy, because I hate the snow you hit the snow I like it when it first snows right. It looks real nice and white and then the next day looks nasty oh, the black eye starts forming disgusting and then you gotta shovel your your home right and the business.
Speaker 2:Yeah I remember it's a lot of work. I remember chris um gave us the little shovel, yeah that it worked.
Speaker 1:It was like actually some kids around this neighborhood it was actually shoveling and they came and knocked our door and they showed for ten dollars oh, that was that was a big help yeah, young kids, I mean every. I like when I see kids like trying to hustle and going out there and you know, going out of their ways trying to make money yeah, I saw a lemonade stand one time around here right, uh, around here.
Speaker 2:Yes, yeah, that was crazy. I've never seen those. I've never seen those until recently. I don't think it happens in the city, but more in the suburbs, like once you go to Yonkers when there's a lot of houses and stuff. You'll see that, because in the Bronx you'll never see a lemonade stand like right now.
Speaker 1:So I want to talk about the real estate market. You know, yeah, it's been interesting. So you know, February, I feel like it picks up a lot.
Speaker 2:Yeah.
Speaker 1:Right, and one of the reasons, I think, is because parents want to get a home before school starts in September, right, because they got to find a place, because it happened to me too when I purchased my single family I was actually looking for a place before school started because I had to sign on my son to school, right. So we've been picking up a lot. I mean it's been very busy for us with these buyers and sellers.
Speaker 2:You've been getting a lot of calls.
Speaker 1:I've been getting a lot of calls of clients that want to work with us, that want to buy or sell. One thing I've been noticing is that a lot of clients are listing their homes too. Basically, I have noticed that right now it's been going up business in the sense of buyers and sellers. There's been a new administration that came in right A sellers. There have been a new administration that came in right A new president. I think everyone was expecting for the race to drop drastically. I haven't, unfortunately, and I think people are just starting to accept the reality that rates are at high, six, low, sevens, right, depending on your credit score. Guys, what's?
Speaker 2:considered a good credit score, by the way.
Speaker 1:My understanding is after 730. 730? $740, if I'm not mistaken. I'll ask Heidi about it. My understanding is that that's how it is to mortgage broker.
Speaker 2:Have you ever seen someone with a perfect credit score in $50?
Speaker 1:I sold. The highest I've seen is $837. $837? That's the highest I've seen. Gotcha, yeah, the person is old. $837 is the highest I've seen. So I've been noticing that a lot of people are listing their homes right, this is actually a good time to list their homes because, honestly, for sellers, there's a lot of buyers looking to buy right now and I've been noticing a lot of buyers are picking up to get pre-approved and it's starting to set reality that rates are high. Rates are high six low, sevens right, and people are just buying At. Rates are high six low, sevens right, and people are just buying at the.
Speaker 1:At the end of the day, it's if you need a home, you're gonna buy, regardless what rates it is today and, like I always say, rates go down. Just refinance, right. But of course, guys, I'm with everyone with the podcast, myself too, right, I would love to buy a house with the lowest rate as possible. I'm with everyone. But the reality is that, andrew, right, we got no control of what the banks and the feds deal with the rates. But the reality is that, angel, right, we got no control what the banks and the feds deal with the rates. But the reality is that you need to buy a home. Guys go buy a home. I did notice that that right now it's picking up and I've been noticing also, angel, there's been bidding wars now on these properties.
Speaker 2:Again it's picking up and buyers are going bidding wars again yeah, like you said, a lot, of, a lot of buyers are coming into the market. Like we've done a couple open houses, and you see a lot of new first-time homebuyers coming in there like right off the bat, like so many new ones. We've had previous open houses, but now lately you've been seeing a lot of first-time homebuyers into the market once again. Yeah, and that's just been another trend that we've seen.
Speaker 1:Like people are just getting adjusted to those rates and they're coming into the market knowing that it is what it is. I love to help buyers, but I specifically love working with first time buyers because I was there and I know their emotions. I know how excited they are Something you cannot believe that you're purchasing a property and it's such a great feeling. And whenever I see those buyers, it just reminds me of when I bought my first property.
Speaker 1:And it kind of humbles me and reminds me like you had that same emotion, you was in the same position and you know God bless us. But the reality is that it's exciting to see these buyers when they're buying and their emotions. Of course, when you work with the investors or second, third-time buyers, their emotions aren't so excited Like the first one is they want to invite their friends, their family. Excited like the first one. Like the first one is they want to invite their friends, their family. They're like so excited because it's something like like. For me it was like I couldn't believe when I bought my first one.
Speaker 1:It was something like I couldn't even believe it. When it happened I was like first god, thank you. But that excitement is like. Every time I see that excitement, it's like I will never forget that excitement because I was just like that no, I get you.
Speaker 2:I mean, and it gets you excited, right, and you're like, you're so passionate about real estate so, like, when they come to you and they share like that enthusiasm, like you're, you're eager to tell them about your knowledge and all of that, you're like, don't worry, I got you one thing about us like, especially me.
Speaker 1:I'm so passionate. Like angela said, I would literally give all them so much tips, so much insights and what are they going to expect for the first time buying? I try to give them so much information. I think I give them too much information.
Speaker 2:Yeah, we got to chill out.
Speaker 1:sometimes I give them too much information because I want these buyers to really know every detail about it. Because what happens to a lot of buyers that they purchase with other realtors? They don't really give them all the right information or give them so much information, and when a client's in it, they're like well, I didn't expect this, I didn't expect that and I try my best to give them as much information as possible. Because, you know, when I first bought my property, I did have the experience because before I bought my property I had sold a few homes. I knew what I was expecting. But most of these buyers is, you know, first time buying especially. They don't know what to expect. They don't.
Speaker 2:It's like you really don't understand until you experience it okay, you gotta throw yourself in there, like you always say you gotta throw.
Speaker 1:It's like when you're a first-time buyer. Like, for instance, a lot of first-time buyers do this. They go call friends, family and then calling a friend, family, that's all is also not a first-time buyer. And they come and tell him all these negative things but he doesn't know what's experienced. I'm being a homeowner right, everyone is a homeowner. I've never heard a homeowner say this is the worst decision I made, right, every homeowner I speak to like my god, that's how much my property is worth now. My god, so much value, so much benefit, so much you know profit in this property.
Speaker 1:Right, you're like, wow it's like I should have done this a long time. Every buyer we is. The only thing I regret is one thing I wish I would have bought a house before yeah that's all you hear. So buying a home guy is so beneficial, especially now that we're in tax season. All these buyers are gonna uh, homeowners are gonna take advantage of this tax season.
Speaker 2:You know you put them on your taxes yeah, we've had some buyers I mean some sellers as well that have waited until the tax season is over for their you know, for their house to be sold, so they can just like go on to the next, uh, the next um year without having to pay the capital gains tax on like selling it on december and stuff.
Speaker 1:That's something big for a lot of sellers, the capital game, but it all depends on your position yeah, let's go ahead, angel, you got anything for?
Speaker 2:us. Yeah, I mean, I've heard in the news that trump trump's been in the news for a lot of things, but specifically in relating to New York congestion tax.
Speaker 1:Now that we mentioned Trump, do you want to know something crazy? What Yesterday Trump made a move being a president? Let me ask you a question how much stuff had Trump done within 30 days being in the White House?
Speaker 2:A lot of stuff. Him and Elon Musk. Those two have been in the news. He's the vice president.
Speaker 1:I mean, I'm a huge tesla fan, so yeah but you know I'm a huge fan of elon musk because unbelievable, you know he's the richest, number one richest man on this earth, and he just continues working yeah he continued growing, he continued coming up with great ideas. He continued hustling and I love to see the hustle, because there's not a lot of people. I feel like everyone just complains and looks at the bad of everything, but they don't really put the work in that they need to put.
Speaker 2:Yeah, right, look at all the companies that he's starting right Unbelievable. Like so many different companies, it doesn't stop. It doesn't stop. It's always trying to innovate and stuff. You got to respect people like that. Yeah, there's things that you might hate and you might love, but you always got to respect people who are not wanting to give up. They just want to keep doing more and more and more stuff. You know it's just like it never ends yeah, yes, yeah.
Speaker 1:What is trump trying to do now?
Speaker 2:for I think, in regards to the congestion tax, trump is trying to basically lift the congestion tolls, yes, but Governor Kathy Hochul and the MTA are basically saying we're not going to get rid of it, so now they're getting into it.
Speaker 1:Well, before anything, I'm a New Yorker and I think every New Yorker out there want to get rid of that congestion price. One thing I did notice I used to go good thing is I live pretty close to the city. I used to go to Manhattan and I went recently, about a week ago, and I'll tell you something you don't see almost anyone there Like the amount of cars you used to see, the amount of people you would see. Of course you see people walking a lot right, that's the norm because everybody's in trains but the amount of cars, I'll tell you, you really don't see so much cars.
Speaker 2:So it's working.
Speaker 1:It's actually working in a sense for their interest right to control it, but it's probably hurting a lot of business. Small business, and I think it's going to hurt the real estate down there soon, because that $9 is it's a lot. That does the congestion price inside the city, which no one has ever done, and so New York is doing it.
Speaker 2:Is it in the whole US?
Speaker 1:The whole US.
Speaker 2:Yeah.
Speaker 1:That's the reason Trump is so against. And of course, trump is from New York, he's from New York City, he has business over here, right. So, I'm pretty sure it's probably affecting the business too and he's so against it, and I think a lot of New Yorkers are against it.
Speaker 2:I know, you said you saw a survey that said how many people Six out of ten people actually agree with congestion tax Now whoever agrees on the congestion price please comment here, because it's probably the people living in New York, like in those apartment buildings and stuff that don't drive. That's a good point. Yeah, because everyone who has a car will be against it right, going into commuting there.
Speaker 1:But people who are living in the city, who really don't have a need for a car because public transportation, they're probably the ones they're probably excited because they're living there and if they gotta take a cab to take a cabin, they will get to places faster inside the city, because I actually used to be an uber driver before I became a real estate agent and that was probably 10 years ago. In reality reality when you was in the city to go from east to west, you're going to take 45 minutes and rush out 45 minutes to an hour. So just go on that street from 14th Street from the east to west 45 minutes to an hour, now probably 15 minutes.
Speaker 2:No, but no shade to you and anyone else who was a cab driver. You guys drive insane Like you don't care for it.
Speaker 1:So we were Uber, so I'm with you with the yellow cab.
Speaker 2:Yeah, the yellow cab Sorry.
Speaker 1:I actually was an Uber driver. I had a ride, probably three incidents. I was actually in a red light and I had the yellow cab come literally crashed my door and I was parked Like those yellow cabs yeah, the yellow cabs.
Speaker 2:Every time I'm I'm in the city and I see one, I try to avoid them because they really don't, they don't, they go from from left right.
Speaker 1:And one if they see someone's have their hand out from left to right, they don't even signal, they just go straight across.
Speaker 2:It's like really yeah, they're just a hazard. We didn't happen yes yep. And in other news for new york, and specifically the bronze, the yankees did you hear?
Speaker 1:and they can finally have beards after 49 years of george steiner's definitely pissed off from having because he was so against that the beers. I'm actually excited because I'm a huge beer thing, right, I always got my beer. I love my beer.
Speaker 2:I think our whole team has beards.
Speaker 1:So now, unfortunately, everyone does have beers, but one thing is that that beer that's going to be something interesting. Let's see. They're probably going to have, I think, and I believe that the players I'm probably going to see who can let it grow the longest, because this is a celebration. It's actually 49 years they had this on policy with the Yankees.
Speaker 2:I never even knew that I don't really I'm not into baseball. That much.
Speaker 1:I'm a huge Yankee.
Speaker 2:Yeah, I know you and Chris are. I'm not the biggest, I don't know about Chris, but I am.
Speaker 1:But, man, I'll tell you something that's going to be big. You know why? Because you know a lot of players don't sign up with the Yankees because of the beer. Really, now, this is going to be. This is huge now.
Speaker 2:Do you have anything about the hair?
Speaker 1:They only mentioned about the beer, but also the hair cannot be so. One thing about the policy of the Yankees was like you couldn't have long hair. There's an amount of inches of. It's kind of like the army.
Speaker 2:Yeah, at.
Speaker 1:At one point they basically were at the arm, so the good thing is that now they're going to let the beers grow in, but I'm pretty sure I'm not sure about the hair, because usually another thing is the hair. You cannot have it such a long length. You got to be always like For them. It's like you got to be always professional at Yankee Stadium.
Speaker 2:Got you, but they're not professional. The people at Yankee Stadium are the worst the fans are.
Speaker 1:I'm a fan. They're nuts, I mean. They throw beers everywhere. They're so vicious. New York right, I'm from the Bronx too, so you know. You said you went to a Mets game.
Speaker 2:It was a lot more peaceful.
Speaker 1:I went to a Mets playoff game. It was so chill and laid back. Yankees is not like that. I went to a playoff probably two, three years ago of Yankee Stadium. I mean, when I got home I was soaked in beer.
Speaker 2:Like everyone was just throwing the beer.
Speaker 1:I'm like dude, just drink your beer.
Speaker 2:Like why are you guys throwing beers at everyone here? Your?
Speaker 1:brand new shirt and everything. I had a brand new shirt, my sneakers, everything I walked in. My wife was like oh my God, alex, you stink. I was like what happened? She was like you smell like so much beer. Like just go straight to the hour and I had to. It was bad. I mean, they soaked us and beer, me and chris were your eyes burning? I mean, I was closing my eyes because it's like you see, you just see a bunch of cups and beers flying all across.
Speaker 2:It's just crazy but you know, like the after soak, like since you're so like there's still some water coming on, even when you're like putting it was cold that day too.
Speaker 1:It's in the playoff, so yeah I'll tell you something. I think we finished watching the game. We actually won the game, but I mean it was just too much. Did you leave early? No, we waited till the last out, but it was just too much beer every day. I mean I feel bad for those people that need to clean the stadium because they really work hard. Oh yeah, because these New York these.
Speaker 1:But I mean, I don't throw my beer at all, I want to enjoy it. They throw everything. They throw popcorn, hot dogs, they throw everything they have in their hand.
Speaker 2:Damn. When you're able to afford one of these tickets. I think the food doesn't really matter to you, because you already spent a lot of money.
Speaker 1:Actually, I can't wait for this game the Yankees versus Mets. I think it's May 16th, May 15th. I saw You're going to that game. I think I am. Yeah, Juan Soto, I gotta go boo Juan Soto.
Speaker 2:man he did us wrong. Man he used us.
Speaker 1:He used us man.
Speaker 2:Oh man.
Speaker 1:I hope his team loses this year.
Speaker 2:But wasn't he the whole reason why the Yankees were even still in like a little bit well against the Dodgers? He definitely did.
Speaker 1:I feel like in that series of the Dodgers and Yankees which I don't want to talk about, I think everyone did so bad throughout the whole series.
Speaker 2:We got a lot of comments in that video. Yeah, I hate Dodgers. I hate Boston.
Speaker 1:Especially Red Sox. But Dodgers, man, they had lucky games, man.
Speaker 2:All these fans out there. Now they got even better. They sent that young kid from Japan like a prodigy. I'll tell you something.
Speaker 1:The Dodgers are becoming like Golden State man. They're just picking up everybody right now. Everybody wants to play in their team just to get a ring. I'm praying to God. I prefer the Mets to eliminate them, right, but let's see what happens. It's going to be an interesting year. I think it's going to be an interesting year. We're going to the World Series again, though.
Speaker 2:There you go.
Speaker 1:We've got to get that run again with the Dodgers.
Speaker 2:You heard it here first.
Speaker 1:Yeah, yankees versus Dodgers again.
Speaker 2:Oh man. Now another thing that weott haven is becoming the next williamsburg. What do you think about that?
Speaker 1:I've been saying it. So when I started real estate, that's when my hand was like, little by little, like the sales were like picking up lots for selling really high. Now my haven is gorgeous.
Speaker 2:It does remind me of williamsburg, to be honest to you, and certain parts they're still like yeah, as you're closer to the water, I would say it looks a lot like Williamsburg, but the reality is this I think my haven.
Speaker 1:They also got luxury condos, luxury rentals there. And it's beautiful, those buildings, that you can't even see Manhattan anymore, because there's all these buildings on the way.
Speaker 2:There's also hotels popping up.
Speaker 1:Really.
Speaker 2:Yeah, like the one that really started off in the hub where I live is the opera hotel by my block.
Speaker 1:That was the first, are you consider my Haven, where you're at?
Speaker 2:I'm right on the borderline of my Haven.
Speaker 1:Okay, yeah.
Speaker 2:I'm right in, right in the last block of my Haven it feels good because I'm from Maros, right Right near Yankee stadium.
Speaker 1:So seeing that my Haven is growing and everyone is expanding, so much Like right now, I sold two family houses in my haven for almost a million dollars.
Speaker 2:Yeah.
Speaker 1:Unbelievable Two family at a million dollars. I sold another three family at 1.4. It's unbelievable in my haven right now. And the development sites. I mean they're selling really high the square footage right now, development sites.
Speaker 2:Right.
Speaker 1:I think my haven is definitely going to be be the next on williamsburg.
Speaker 2:To be honest, I'm with it oh yeah, 100, especially in bruckner by bruckner, all those stores that are like really fancy. Now they're doing nice restaurants, yeah they're doing nice ice cream shops.
Speaker 2:I saw um, I saw some tea spots there a choco bar yes like the puerto rican place, whatever that thing is yeah, they're making a lot of restaurants I saw. Definitely it's exciting a lot of investment and it's crazy because you never thought of it back in the day. But now it just looks completely different, that south part, like completely different gotcha yeah, let's go my haven, let's go the bronx.
Speaker 1:That's where I'm from.
Speaker 2:So, yeah, there's gonna look a lot of bronx yeah, people, there's just not enough space in Manhattan, so people have to branch out, you know.
Speaker 1:Yeah, manhattan is just too much.
Speaker 2:Yeah, so now Bronx is looking a little bit better.
Speaker 1:I think that's the next borough Because you know Queens and Brooklyn is already, you know, top notch. But now I think Bronx is next and I think everyone is starting to buy into Bronx. Bronx because it's basically the prices of homes are just increasing tremendously right now.
Speaker 2:Yeah, I think you were looking at condos in the Bronx when you were first.
Speaker 1:My first property I bought was a condo in the Bronx.
Speaker 2:Yeah, but weren't you looking at something else as well? I went to one in my haven of a luxury condominium. Yeah.
Speaker 1:I mean it was a little too high. When I went to see it was about five years ago. Yeah, went to see it was about five years ago. Yeah, they did a building. Uh, I think it was like about 40 units and the condos they were selling for 800 000 on 138 in my haven. How many bedrooms? It was honestly two bedrooms two bedrooms for 800 and amenities. Didn't really have much, to be honest, just a doorman receiving your packages. Oh, that's it. Wow, no gym. No, no gym.
Speaker 2:Wow.
Speaker 1:No.
Speaker 2:And then, in contrast, we have something similar here the Ridge Hill. Ridge Hill has like everything.
Speaker 1:Ridge Hill. I mean, I love Ridge Hill, yonkers. Those condominiums are beautiful. We actually put a buyer right now in contract. He's excited that that condominium complex has gym, it has pool on sauna, it has a court. It has it all, yeah, parking indoor doorman you can name it any amenity you you have in mind to have it and you're right next to all the shopping.
Speaker 2:Right there, whole foods is right there too. The gym is. If you don't want to go to the gym there, you got la fitness right there.
Speaker 1:It's just crazy it's a condominium that literally has it all yeah, and and the and.
Speaker 2:The price isn't too bad either compared to like something in the bronze in manhattan. You're not gonna get all of that for that price no, never, yeah, not at all not, not even.
Speaker 2:Yeah, it's running to the highway too. Another thing we should talk about is um, there was a representative, uh, randy fenstra, from iowa. He basically introduced a bill called the death tax repeal act, uh, which aims to abolish the us estate tax. What does that mean? That means that they're basically trying to get rid of, like when a family member dies and passes away and their children are trying to sell the property and stuff. Essentially, from what I'm picking up here is that they're trying to sell the property and stuff. Essentially from what I'm picking up here is that they're trying to essentially eliminate the tax that you would pay for the capital gains based on that criteria. Like a family member dies, you're trying to sell the home because maybe you don't live there, whatever, and you want to take care of it, then, um, you don't have to pay the tax on that, or they're trying to reduce it from someone.
Speaker 1:On the taxes.
Speaker 2:Correct.
Speaker 1:Okay, I mean, no one is a fan of paying capital gain, right? So I think it would be, nice, for you know, they're already going through something so tough, you know having a family member die, you know, and then coming to pay taxes on capital gain. It must be tough, to be honest. So it's. It'll be nice for them to to to definitely work something out with that.
Speaker 2:Yeah, no, absolutely, because capital gains is depending on the price point. It's a lot of money that you're happening.
Speaker 1:Everyone that sells their house. Definitely speak to your accountant about your capital gain right.
Speaker 2:Yeah.
Speaker 1:I always tell my clients like cause? They always come to me oh, how much am I going to pay in capital? I know my position. I'm not an accountant. I recommend you to all those sellers to speak to your accountant before selling your house.
Speaker 2:Correct.
Speaker 1:Speak to an accountant to see how much will be your capital gain, because everyone's situation is different and only your accountant will know your situation. They got different um deductions. They got all types of deduction. If you're married um, that matters a lot. So it's important for you to speak to an accountant prior to you selling your house. You see how much capital gain, all right. Unfortunately, we all have to pay capital again when you sell a house.
Speaker 2:So yeah, because it's important too, because if you're trying to move into another place right like, let's say, you're renting, you had a family member pass away, that's selling a house, and then you want to purchase a home right after selling that one, you have to know how much you're netting, because that's the price point that you're going to be looking at. Yeah, because if you sell it for a million dollars, you're not going to get a million dollars. You're going to get less than that, a lot less I'm with you on it.
Speaker 2:Yeah, for sure yeah, so it's important, and I think that about wraps it up for today. Nice so, guys.
Speaker 1:So, guys, I just want to tell you guys we're here for all your real estate needs. Any question that's out there, guys, don't be scared One thing about us. Any questions that come out from the public, we answer all of them for free. We also share our contacts and we try our best to guide our buyers and sellers the correct way and give you guys the best guidance, the best tips, the best thing that the real estate can offer. We're here for you guys. We have a great source of team and our team. Also, if you guys need to get pre-approved, heidi's here as well. We're from Morrisbrook, which is my wife, heidi. She could definitely answer any questions if you're looking to get pre-approved, and I just want to let everyone know. Thank you for watching us, thank you for tuning in and please like subscribe and we're here, guys.
Speaker 1:So, don't wait, by his podcast. Thank you so much, guys.
Speaker 2:Bye guys.