Home prices are expected to drop by roughly 4% in 2023 the first drop since 2012, though not surprisingly, homes will be less affordable than they were before the pandemic homebuying boom. “Taking next year’s projected prices and mortgage rates into account, the typical homebuyer’s monthly payment will be about 63% higher in 2023 than it was in 2019, just before the pandemic began,” says Taylor Marr, deputy chief economist for Redfin.
Real estate still tops the list of Americans’ preferred way to invest money not needed for 10 or more years, coming out on top for the third time in the past 4 years, according to a mid-year survey from Bankrate.com. “Despite a housing market that is coming off the boil, preference for real estate remains high”, especially among Millenials, says Greg McBride, CFA, Chief Financial Analyst for Bankrate.
Lawrence Yun, NAR chief economist and senior vp of research, weighed in, forecasting the median home price in 2023 will reach $385,800 – encouragingly an increase of just 0.3% from 2022 ($384,500). He does however expect rent prices to rise 5% in 2023, following a 7% increase in 2022.
It looks like the ride isn't quite over for us yet. Adversity builds character. Through it all, we've seen encouraging examples of individuals and businesses overcoming adversity, adapting, defying the odds, and going on to inspire the rest of us. We're looking forward to hearing more of those tales in the coming year.
David P. Lisi, RMC Real Estate Marketing Consultant 315-865-5845 • Davidplisi7@gmail.com
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CAPITAL REGION, NY EDITION
Corporate Office Lisi Merchant Solutions, Inc. PO BOX 18 HOLLAND PATENT, NY 13354 315-865-5845 www.LifeandHomes.com
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February 2023 Issue January 13, 2023
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If you're planning to begin your foray into buying investment properties or intend to add to your existing portfolio of rental units in 2023, you'll want to know about expected trends. People invest in rental properties for many reasons such as rental income, property valuation appreciation, inflation hedge, tax benefits, and investment diversification. According to one report, investors purchased a quarter of the residences sold in the U.S. in 2021.
Check out these three real estate investment trends expected for 2023.
1. More Fractional Rental Property Investing Expect nn increase in fractional rental property investing. When investing in stocks, fractional buying can be helpful if you want to buy a relatively expensive stock but don't have the financial flexibility to buy it outright. Fractional buying in the stock market is about purchasing portions.
Fractional rental property investing works under the same principle. It may be the answer if you can't afford to take out a loan for hundreds of thousands of dollars to purchase a rental property. Various crowdfunding platforms allow investors to buy fractions of rental properties. It can open up opportunities for you if you want to invest in real estate but can't buy a home outright. Because of the increasing popularity of crowdfunding tech, expect to see more and more people taking advantage of fractional rental property investing in the year to come.
Technology is helping to level the playing field for real estate investors across different socioeconomic categories. You can use technology at various phases of the property-buying process. For instance, you can use technology to buy rental properties, rent out properties, or to find property management firms to manage the day-to-day affairs of rental properties
If you live in an expensive part of town or if your state's real estate prices are higher than
average, you can focus on properties in other areas. Using technology will open up more investment opportunities to take advantage of.
Do you remember the work-from-home orders in place not long ago to help slow down the spread of coronavirus? Many people, working from home and no longer commuting, decided to relocate to rural areas.
You can expect to see greater demand for rural properties in 2023. If you're a new real estate investor, you can often find better deals if you're willing to buy in rural regions of the country. But prices have gone up in some rural areas because of the increasing demand. Depending on the rural areas you're focusing on, you can find some reasonable prices for rental properties.
These are just a few trends to be on the lookout for in 2023. If you're interested in buying investment properties, you'll want to look at a proverbial crystal ball to see what's up next. It'll make you a more informed investment property seeker in the year ahead. (worldpropertyjournal)
Think your space is ready for a new look in the new year, but don't know where to start? "There are so many beautiful products on the market; homeowners should seek products that not only are beautiful, but also impactful," says Maris Park Borris, Delta Faucet industrial designer. "Design should evoke emotion. Homeowners want to create new experiences in their spaces and are encouraged to do so now more than ever."
The top five home design trends for 2023 are leaning into the innovative, personal, unique, and lasting. The country is no longer stuck at home, but we still see home as an extension of ourselves that represents who we are as people.
To create your own new experiences in the home, here are five trend predictions for 2023 to start incorporating in your own space.
• Embrace natural tones and materials
Natural and organic materials bring an airiness to a room while also being timeless and longlasting. Rather than bold, bright colors, natural warm tones will be popping up more and more in the kitchen and bathroom.
"Natural materials are acting as showcase materials - from concrete to stones, woods, porcelain, tile and crystal," says Park Borris. "We are finding a lot of these natural materials are timeless in influencing mood and design."
• Create beautiful, gallery-like spaces
You love your things, so why not display them?
2023 will ring in luxe, gallery-like spaces. Think of a standalone tub as a statement piece or open shelving in a kitchen as a way to display your favorite items that normally would be hidden away.
"And allow luxury to go beyond aesthetics and create comfort for all your senses," says Park Borris. "In 2023, free yourself to make rooms experiential, not just functional."
• Make a statement (wall)
A statement wall can completely shift the design of a room quite easily. A floral wall in the bathroom or a tropical print behind the sink can bring life and personality to the space. Anything with patterns, either vintage-looking or modern, can shift design intent and complete a room. Mural wallpapers have become popular - they can be quite transformative and can really seal a design.
• Make your space work harder
You may not be in a position to upgrade to a larger space, but 2023 trends will bring more options to utilize what you have. Don't see a kitchen as just a kitchen; maybe adding a small desk in an unused corner makes it a work-fromhome kitchen.
"A lot of people are not looking for more space, per se, but looking for better-organized spaces that work harder with split functionality," says Park Borris. "We've expected so much of our homes recently and that thought is not going away."
• Be authentic and break the rules
It's your space - it should be a reflection of you. Throw design rules out the window and create a truly authentic space you love.
"I believe people will continue to make their spaces their own," says Park Borris. "There aren't as many rules of design as there used to be. I believe the things that evoke personal emotion will always be in style and our spaces will evolve as our styles do."
2023 will bring in many trends in home design. Whether it's natural materials or a pop of pattern with a statement wall, authenticity will be key. (BPT)
The City of Schenectady is partnering with Catholic Charities to provide meals and programs in Bellevue, Goose Hill, and Hamilton Hill neighborhoods
Mayor Gary McCarthy announced the Schenectady Social Club, a new partnership between the City of Schenectady and Catholic Charities of Schenectady Senior & Caregiver Support Services. The program will provide meals and activities for seniors at sites in the Bellevue, Goose Hill, and Hamilton Hill neighborhoods.
The Schenectady Social Club program will run on Mondays, Wednesdays, and Fridays, to complement the existing senior meal program at the Ancient Order of Hibernians in the Woodlawn Neighborhood – which runs on Tuesdays and Thursdays. Schenectady’s seniors will now have access to meals and social interaction five days a week.
“We are proud to partner with Catholic Charities of Schenectady to launch this exciting new program for Schenectady’s seniors,” Mayor Gary McCarthy said. “In addition to the benefits of providing access to low-cost meals, these programs provide important opportunities for seniors to socialize, which has been
shown to have significant lasting benefits for long term health and wellness.”
“At Catholic Charities, we see first-hand just how valuable social connection is to the older adults we serve, said Marlene Hildenbrandt, Catholic Charities of Schenectady Senior & Caregiver Support Services. “A sense of community and belonging can make all the difference for someone who lives alone. They see better health outcomes long-term and experience an overall better quality of life. I am confident that through the Schenectady Social Club we will better the lives of older adults in Schenectady, and I am grateful to Mayor McCarthy and the City of Schenectady for prioritizing the health of older adults in this way.”
The program which is open to all city residents ages 55 or older, includes a prepared lunch or brunch, with a cost of $5 per participant. The program is also supported through $45,000 in funding, which was included in the city’s 2022 and 2023 operating budgets for three new neighborhood senior centers.
To participate in the Schenectady Social Club, please call 518382-5007 to make a reservation.
This past Thanksgiving, I was honored to join our Governor Kathy Hochul by volunteering and providing meals to the community at the Schenectady City Mission. I encourage everyone to consider ways they can give back to the community and support those in need throughout the new year.
Thank you to the City Mission staff and Executive Director Mike Saccocio for opening your doors and the work you do supporting our community each and every day. - Mayor Gary McCarthy
New York State Department of Environmental Conservation (DEC) Commissioner Basil Seggos announced the award of $30,000 to the City of Schenectady for the purchase of four zeroemission fleet vehicles through DEC’s Municipal Zero-Emission Vehicle (ZEV) Rebate Program.
The Schenectady Police Department recently added four 2022 Chevrolet Bolt’s to the city’s municipal fleet. These vehicles will help New York achieve the greenhouse gas emission reduction directives of the State’s climate law, the Climate Leadership and Community Protection Act (Climate Act).
“From replacing city streetlights to advanced LEDs, to building municipal solar arrays, to expanding our EV charging infrastructure, and growing our municipal EV fleet – I am proud to continue the Electric City’s innovative legacy by leading the way on climate,” said Mayor Gary McCarthy. “On behalf of the City of Schenectady, I would like to thank Governor Hochul and DEC Commissioner Seggos for their climate leadership and for supporting Schenectady’s efforts to ‘green’ our fleet and reduce greenhouse gas emissions.”
“New York is leading the nation in reducing emissions and aggressively investing in clean transportation and infrastructure to help reach our climate goals,” said New York State Department of Environmental Conservation Commissioner Basil Seggos. “Communities like the city of Schenectady are helping New York State advance our bold climate agenda with
commitments to increase their electric vehicle fleet and pursue clean energy alternatives to reduce costs and the emissions fueling climate change. We are proud to support municipalities through the ZEV Rebate Program in their efforts to transition municipal fleets to clean alternatives and ensure a brighter, healthier future for New Yorkers.”
The 2022 round of the Municipal ZEV Rebate Program made 12 awards to 10 municipalities, supporting 76 fully electric fleet vehicles. The funding was provided through the State’s Environmental Protection Fund (EPF). The EPF supports climate change mitigation and adaptation efforts, improves agricultural resources to promote sustainable agriculture, protects water sources, advances conservation efforts, and provides recreational opportunities for New Yorkers.
The City of Schenectady has previously received Climate Smart Community certification through DEC and Clean Energy Community designation through NYSERDA. Under the leadership of Mayor McCarthy, the city has added 22 hybrid and electric vehicles to the city’s municipal fleet in recent years. The City of Schenectady’s Code Enforcement Bureau has eight 2017 Chevrolet Volt’s – and in addition to four 2022 Chevrolet Bolt’s – the Schenectady Police Department also has ten 2022 Ford Police Interceptor Hybrid Utility Vehicles.
More information about the DEC Municipal ZEV Rebate Program is available at: https://www. dec.ny.gov/energy/109181.html#ZEV.
Cost segregation is a way for commercial property owners to accelerate their tax deductions.
Through this method, a real estate owner is able to depreciate the individual components that make up their property in the shortest amount of time possible.
Cost segregation is the method of re-classifying components of your commercial building from real property to personal property.
This process allows the assets to be depreciated on a 5-, 7-, or 15-year schedule instead of the traditional 27.5- or 39-year depreciation schedule of real property.
The Owners current taxable income will be greatly reduced, and there cash flow could increase by 5% – 8% of your building’s cost.
Commercial building and income property owners have used cost segregation studies for years. These studies have resulted in advantageous depreciation deductions for taxpayers and have become a common method of depreciation.
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If you dream of homeownership, having your mortgage application denied can be devastating. If this does happen to you, it’s important to remember that you’re not alone. Thirteen percent of all purchase mortgage applications -- a total of nearly 650,000 -- were denied in 2020, according to federal government data.
Before quickly reapplying for a loan, it’s important to first understand the reasons your loan was denied. The lender is required to disclose that information to you within 30 days of its decision. You can also call your lender for further explanation. Having this knowledge will help you work toward building your eligibility for a mortgage.
In some instances, the situation involves a quick fix, such as providing missing or incomplete documentation. However, if the reasons cited for your application denial involve down payment cost, a low credit score, an adverse credit history or a high debt-to-income ratio, here are six steps you can take toward recovery:
1. Consult a Housing Counselor. Consider speaking to a community-based credit counselor or a HUD-certified housing counselor. They can help you create a plan to increase your savings, decrease your debt, improve your credit, access down payment assistance or take advantage of first-time homebuyer programs.
2. Improve Your Credit. In a 2022 Freddie Mac survey of consumers denied a mortgage application in the past four years, three in five cited debt or credit issues as reasons given for their initial denial. If this describes you, take time to improve your credit profile before applying for another loan. Good credit demonstrates responsible money management and gives you more purchasing power, opening doors to better loan terms and products. Visit creditsmart. freddiemac.com to access Freddie Mac’s CreditSmart suite of free financial education resources that can help you understand the fundamentals of credit and prepare you for homeownership.
3. Pay Down Debt. In the application process, lenders will look at your recurring monthly debts, such as car payments, student loans and credit card loans. By lowering or paying down monthly debts, you can build a positive credit history and lower your debt-to-income ratio. Not sure where to start? Tackle your debt with the highest interest rate first.
4. Obtain Gift Funds. If you’re short on money for your down payment, you may be able to use gift funds from a family member to decrease the amount you need to borrow.
5. Find a Co-Signer. A co-signer applies for the loan with you, agreeing to take responsibility for the loan should you default. The co-signer’s credit, income and debts will be evaluated to make sure they can assume payments if necessary. In addition to ensuring your co-signer has good credit, you should make sure they are aware of this responsibility and have sufficient income to cover the payment.
6. Look for a Lower-Cost Home. Remember, you should only borrow an amount you feel comfortable repaying. You may need to look for a lower-cost home than you’re financially prepared to purchase and maintain.
For more information and additional resources, visit myhome.freddiemac.com. (StatePoint)
Introducing... The Gansevoort. This 2-story floor plan features open-concept living & dining, and a beautifully appointed kitchen with stunning quartz countertops, shaker-style cabinetry & stainless appliances. Also on the main level, you will find a Master Suite complete with a dual sink vanity, ample shower & a spacious walk-in closet. A private office, half bath & laundry room round out the first floor. Upstairs, you have 2 more bedrooms & another full bath. The full basement is equipped with an egress window, should you decide to add more living space. (*Units sold unfurnished. Interior furnished photos are for concept only.)
Woodhaven offers a very UNIQUE opportunity with thousands of dollars in TAX SAVINGS over the course of the PILOT PROGRAM. How amazing would it be to save on gas by shortening your commute to Griffiss, while taking advantage of HUGE SAVINGS on property taxes thereby reducing your overall mortgage payment?!
Introducing... The Woodstock. One level living in a highly energy efficient package. Open-concept living & dining with a beautifully appointed kitchen featuring quartz countertops, shakerstyle cabinetry & stainless appliances. The open staircase entry to the basement is finished and the full basement is equipped with an egress window & roughed in plumbing for future finishing. The master suite boasts a spacious shower, dual sink vanity & a roomy walk-in closet. Rounding out this beautifully functional floor plan is a 2nd bedroom, another full bathroom, and an amplesized laundry room. (*Units sold unfurnished. Interior furnished photos are for concept only.)
Woodhaven offers a very UNIQUE opportunity with thousands of dollars in TAX SAVINGS over the course of the PILOT PROGRAM. How amazing would it be to save on gas by shortening your commute to Griffiss, while taking advantage of HUGE SAVINGS on property taxes thereby reducing your overall mortgage payment?!
Things will look a little different next year as Lanzi’s will be closed for renovations but the best parts remain the same- fishing, fun, hourly cash prizes, and big UTV and ATV raffle.
Cash prizes and recreational vehicles will be announced at 4:00pm day of contest AT SPORT ISLAND PUB, 108 RIVERSIDE DRIVE NORTHVILLE.
Door prizes will be awarded throughout the day at the NORTHVILLE/SPORT ISLAND PUB Weigh Station.
At the NORTHVILLE/SPORT ISLAND PUB Weigh Station, there will be a whiteboard that will list all of the numbers of the winners throughout the day (corresponding to tags).
Entry fee is $50 with pre-registration required. Payment and registration is due NO LATER THAN DECEMBER 31, 2022 with NO EXCEPTIONS. Registration is on a first-come, first-served basis.
Please like and Follow Fulton Montgomery Regional Chamber of Commerce Facebook and Instagram pages for updates on Walleye Challenge.
Take a moment to read the rules posted on our Fulton County Tourism Website: https://www.44lakes.com/ category/fishing/
It is a privilege to continue this premier event in Fulton County and we are looking forward to seeing familiar and new faces at the tournament. See you in 2023 and good luck! Any questions please call 518-725-0641 or email tourism@fultonmontgomeryny.org
STERLING HOMES, INC.
518-688-2211
Specializing in resale homes, condos, townhomes, new construction, commercia, land development. Over 20 years of experience. SterlingHomesRealEstate.com
AMBER WATER PROS
315-484-5959
Water systems. Well drilling: new, cleaning, repair, low yield hydrofracking. Pump service: repair, pressure tank replacement. Water conditioning: softeners, filters, UV disinfection, storage systems. AmberWaterPros.com
