All Forum Posts by: James Lucenti

Thanks Stephanie. I appreciate your insight and experience.

The Department of Veteran Affairs announced that it has temporally lifted its ban on buyers paying for real estate agent representation. With the recent changes from the National Association of Realtors there is a lot of consumer confusion out there. 

Average 30 year mortgage rates just hit their lowest in 2024. That's right—we haven't seen rates like this in over a YEAR.And here’s more great news for buyers...the market has more properties available than this time last year, leading to a slight drop in median prices.Now is the time to make moves. Lock in your rate before the market shifts to save on interest and then find the rockin' deal you've been waiting for.Let's get going! Lets get you connected with a local lender. 

Fannie Mae and Freddie Mac have both confirmed that buyers whose agents are compensated by the seller will continued to have access to financing through the agencies. Understand all your options resulting from the recently National Associate of Realtors Settlement Agreement by talking with a local Realtor who is familiar with the changes.

Compensation has always been fully negotiable, but that has not always been transparent to the consumer. The new changes from the National Association of Realtors focus on transparency and consumer choice. Sellers are still able to offer compensation to the Buyer's real estate agent, but this compensation can no longer be advertised in the MLS. Agents now must enter into a written agreement with all buyers prior to touring a home. There may be some instances where the buyer pays the commission to the real estate agent representing them. All if this is subject to negotiation. It is more important now more than ever to have a transparent working relationship with a real estate agent who can listen to your wants and needs, adjust accordingly and negotiate effectively on your behalf. 

While buyers and their agents have always had the option to enter into a written agreement, it is now mandated that this happen prior to touring a home. This applies to all real estate agents and buyers. The agreement must stipulate the amount of compensation your agent will receive for their work. The compensation amount must be written in an object format (i.e. percentage of purchase price or flat fee) and not be open-ended. It must be communicated to both buyers and sellers that commissions are not pre-determined by law and are fully negotiable. Determining commission amounts and who will pay them has a direct impact on the sales transaction whether you are buying or selling your home. Real estate consumers in our area are fortunate to have access to a large pool of talented and knowledgeable professionals who are backed by a strong association. 

Micron Technology's decision to build a massive 1,400-acre semiconductor manufacturing plant in Clay, NY, a suburb of Syracuse, is poised to have a transformative effect on the local housing market. This project, known as the Megafab factory, is expected to create over 50,000 job opportunities and contribute nearly $10 billion to New York’s real GDP over its first 31 years. With 9,000 of these positions offering salaries exceeding $100,000 annually, the influx of employees and their families is projected to drive up demand for housing significantly. Currently, Syracuse multi-family properties are yielding a 10 cap rate, indicating a strong investment opportunity, while in Binghamton, large multi-family listings average at or below a 7 cap rate. The anticipated surge in population in Onondaga County, expected to grow by 25% over the next two decades, will likely escalate property values and rental prices. The construction of 12,300 new housing units, including 5,300 by the end of 2024, highlights the growing demand, with a notable focus on multi-family units. Syracuse is leading in this trend, with 6,000 multi-family units under construction. Meanwhile, Clay is set to see 1,350 new single-family homes, reinforcing its role in meeting the rising demand. The overall real estate market in Onondaga County appears robust, with increasing property values and a preference for multi-family housing. Additionally, the expansion of supporting industries, such as retail and hospitality, further bolsters the region's real estate prospects. 

Investment Info:

Small multi-family (2-4 units) other investment in Endicott.

Purchase price: $105,000
Cash invested: $15,000
Sale price: $105,000

This is an investment property that I purchased. I have listed and sold multiple residential and commercial properties.

What made you interested in investing in this type of deal?

Diversify my investment portfolio.

How did you find this deal and how did you negotiate it?

Open market. I represented myself.

How did you finance this deal?

Conventional Loan

How did you add value to the deal?

Increased the rents, decreased expenses.

What was the outcome?

Increased GOI

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represented myself. I am a licensed real estate salesperson.

Investment Info:

Small multi-family (2-4 units) other investment.

Purchase price: $105,000
Cash invested: $15,000
Sale price: $105,000

This is an investment property that I purchased. I have listed and sold multiple residential properties and three commercial

What made you interested in investing in this type of deal?

Passive Income

How did you find this deal and how did you negotiate it?

Listing

How did you finance this deal?

Mortgage

How did you add value to the deal?

Repairs/updates

What was the outcome?

Fully rented

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I represented myself