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SUNDAY NEWS - AUGUST 20 2023

What’s going on in the Real Estate world this week?




THIS WEEK ON STATEN ISLAND AND BEYOND



 

Landlords now face hefty fines if they rent to illegal smoke shops.

Authorities now have the power to fine landlords who knowingly rent commercial space to illegal smoke shops, according to new legislation that has just gone into effect.

Landlords will be notified in writing if they are renting space to an illegal cannabis business that is busted by authorities. Landlords who make no attempt to kick the tenant out are then susceptible to being hit with hefty fines if the illegal cannabis business reoffends.



There’s a good chance you’ll overpay for your next one, according to a study.

For every dollar of equity gain that sellers receive, they overpay by 7.9 cents on the next home purchase, according to recent research. A study on housing wealth and overpayment found that on a $400,000 home purchase, buyers with equity from the sale of their previous home tended to overpay on average by about $8,000, or 2%. For every dollar of equity gain that a seller receives, he or she overpays by 7.9 cents on the next home purchase



With cash deals accounting for more than a quarter of the real estate market, these tips can make your client’s offer more compelling.

Cash buyers are a formidable force competing with your clients for homes on the market. Making up 26% of the marketplace, there’s a greater share of cash buyers—mostly investors and second-home purchasers—today than before the pandemic, according to data from the National Association of REALTORS®.

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