Author Archives: GioHomes

Property Condition Disclosure Statement

On March 20, 2024, a new law came into effect which significantly modifies the New York Property Condition Disclosure Statement (PCDS) which replaces and modifies a law that has been on the books since 2002.  This law applies to sales of residential real estate, (residential real estate means a 1-4 family dwelling used or intended to be used as a residence; unimproved land, condos, coops and HOA sales are not covered.)

Several new questions related to flooding and mold issues were added to the typical structural and mechanical ones contained in the prior PCDS.

Previously, the PCDS could be exempted or basically ignored by a seller if the seller gave the buyer a credit of $500 in place of completing and delivering a PCDS.  This provision has now been eliminated. That credit was basically a discharge of liability on the part of the seller. The elimination of the $500 credit could have legal implications for a home seller who intentionally deceives or provides false statements in the PCDS since the new law requires its delivery prior to the execution of the contract. The law is clear – A knowingly false or incomplete statement by the seller on this form may subject the seller to claims by the buyer prior to or after the transfer of title-. We can assume that lawyers representing buyers would like the PCDS to be added to the contract of sale. It is uncertain if the requirement can be waived.

It is very important to keep in mind that the PCDS is not a substitute for any professional inspections or tests that buyers should conduct prior to buying a house. It is also not a warranty of any kind by the seller or its agents. The PCDS is mandatory and cannot be avoided except in very limited situations.

We all have questions regarding how this law is going to impact the industry. It is too early to tell. The only suggestion we have for our selling clients is fill out the PCDS to the best of your knowledge. Include evidence of any improvements, repairs or claims pertaining to the property. If you owned and maintained your property with pride, chances are you have nothing to worry about.

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Why is GioHomes willing to list properties for sale for 3% commission instead of the standard 5 – 6%?

On March 19, 2024, we decided to adjust our commission rates. A big reason for such a change has to do with the NAR (National Association of Realtors) settlement of March 15. It also has to do with our culture. We are a local, independent real estate company. We don’t report to big conglomerates of shareholders. We have total liberty to make our own decisions. Those decisions are based on the specific agreement with our clients.

Commissions are not dictated by NAR and are certainly not coordinated among different real estate companies or our local association of realtors. In New York real estate companies are licensed by the Department of State. In Connecticut real estate companies are licensed by the Department of Consumer Protection. Real estate companies can charge any commission they want to their clients. The licensing bodies do not tell companies how to set up their commission structure.

The 5-6% commission became “the norm” because that is what agents charge. We ask ourselves, why? The simple answer is because it works. According to the National Association of Realtors (NAR) The average Real Estate Sales Agent Salary in the United States is $46,014 as of January 26, 2024. It’s hardly what can be considered a luxury salary. The reason for that is because agents only get compensated if they sell a property. An agent can show up at the office every day, 7 days a week and end up working 70 hours a week for the entire year, but if that agent doesn’t close on the sale of a property, that agent won’t earn compensation. Similarly, an agent can list a property for sale, spend time, effort, and advertising for an entire year. If that property doesn’t sell, that agent won’t earn compensation. On the other hand, that agent would accumulate expenses that he/she would have to pay. That is a net financial loss. The 5-6% commission works because the income spread through the year helps even up the financial gains and losses the agent incurs. The 5-6% commission has been used as an incentive to sell a property. When an agent charges 5-6% commission that agent doesn’t keep 100% of the commission. Normally 50% of that commission is paid out to the buyer’s agent. It basically is an incentive to a buyer’s agent for bringing a qualified, willing, and able buyer.

Why is GioHomes offering to list properties for sale for a 3% commission instead of 5-6%? For one simple reason. Because we are confident that we can sell those properties while offering top notch service. We have been delivering exceptional service to our clients since 2006 because we put our client’s best interests first. If you are considering selling your property, give us a call. You will be happy you did!

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GioHomes Real Estate, LLC. Will Start Listing
Properties for Sale for 3% Commission
Instead of the Standard 5 – 6% 

The announcement comes as a result of the NAR's $418 million settlement on Friday, even thought the settlement is subject to a judge's approval.

WHITE PLAINS, NEW YORK, UNITED STATES, March 19, 2024 /EINPresswire.com/ -- The National Association of Realtors (NAR) announced on Friday a settlement with groups of home-sellers agreeing to end a landmark antitrust lawsuit by paying $418 million in damages and eliminating rules on commissions, even though the settlement is subject to a judge’s approval. GioHomes Real Estate recognized the settlement as overdue. In their view, the elimination of rules on commission guidelines represents a decoupling of a commission system that was perceived as unfair by sellers.

They welcomed the news with an announcement of their own. Starting today, the company will represent home sellers for a 3% commission, instead of the standard 5 or 6% that most real estate agents charge. Since its establishment in 2006, GioHomes Real Estate has been committed to providing exceptional service to its clients at discounted rates. The company has built a strong reputation in the real estate industry for its dedication to customer satisfaction and transparent business practices. With this new change in commission rates, GioHomes Real Estate aims to further enhance its services and make the home selling process more affordable for its clients.

Located at 190 E Post Rd., Suite 101, White Plains, New York 10601, GioHomes Real Estate is a full-service real estate agency that represents buyers and sellers. They provide their services to Westchester County and surrounding vicinity, including Connecticut. The company's team of experienced and knowledgeable agents are dedicated to helping clients achieve their real estate goals. With this new commission rate, GioHomes Real Estate is making it easier for home sellers
to save money while still receiving top-notch service.

"We are thrilled to announce this change in our commission rates for home sellers. We understand that selling a home can be a stressful and expensive process, and we want to make it more affordable for our clients. Our team is committed to providing the same level of quality service while helping our clients save money," said Giovanni Gonzalez, Head Broker of GioHomes Real Estate. He added “Going forward, sellers should pay their commission, and buyers should also pay their commission when utilizing the service of a real estate agent or broker.”

GioHomes Real Estate is excited to offer this new commission rate and looks forward to helping more home sellers achieve their real estate goals. For more information, please visit their website at www.giohomes.com or contact them at (914) 946-1067.

Giovanni Gonzalez
GioHomes Real Estate, LLC.
+1 914-946-1067

This press release can be viewed online at: https://www.einpresswire.com/article/696911645
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Old World Charm Meets Modern Amenities!

Old World Charm
Meets Modern Amenities!

By Michael Turner
Associate Real Estate Broker

Move right into this completely renovated, lovely Tudor home in White Plains!

  • Beautiful old world charm
  • Completely renovated
  • Spectacular high-end amenities
  • Close to all!

The enchanting stone wall and French Normandy flair of this house is only the beginning. Step into the foyer to find the powder room on the left and the main staircase of the residence. The dining room will welcome you on the left and will lead you into the totally updated gourmet kitchen.

Gourmet kitchen offers stainless steel appliances with granite counters tops, Wolf 6-burner stove, all other appliances (including convection oven) are top of the line Electrolux.

Access the deck through a door located between the kitchen and the huge living room. The focal point of the living room is the impressive wood burning fireplace. There is an office and a den off the living room. Completing the main floor is an efficiency 1-bedroom apartment which can be used as an au_pair or guest suite. The second floor offers an amazing master bedroom with spa-like bath and huge walk-in closet. Two comfortable sized family bedrooms and updated hall bath complete the 2nd floor.

The third floor can be used as playroom, family room or bedroom and has a full bath and brand-new A/C system.

This house is located close to schools, restaurants, shops, parks, places of worship, public transportation etc.

There is an existing security system in the house, pre-wired sound system, heated two car garage with a large driveway for all your guests, central vac, 4 zone HVAC, and new boiler. The garage is located in the basement as well as small finished space and laundry room.

There is a huge back yard for your family’s enjoyment.

To see more information please visit:
https://www.giohomes.com/homes-for-sale-results/?listingIdList=4832227
Call me at 914-714-4849 or e-mail me to book an appointment for a private showing,  michael@giohomes.com

 

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Westchester County and the real estate market after Tax Day 2019!

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Giovanni Gonzalez | April 2019

Ever since December 2017 when the Tax Cuts and Jobs Act of 2017 (TCJA) was signed into law, I have been thinking that April 2019 would be a breaking point.

I would venture to say that for most of the Country, Tax Day 2019 brought a mixed bag. Some got a bigger tax refund; some got a smaller tax refund. For a large number of Westchester County residents, the new so-called SALT (State and Local Tax) deduction of $10,000 actually became a net tax increase.

By the end of the first quarter of the year our real estate market has reacted in different ways according to my observation:

  1. For properties listed under the $800,000 number, the market is still a seller’s market. There are plenty of residual buyers out there trying to capitalize on the low interest rate and the inventory is still low. We are still seeing multiple-offer situations in some cases.
  1. For properties listed between $800,000 to $2,000,000 the market is flat. There are buyers for these properties, but they don’t have a sense of urgency. They are being more careful, especially those buyers above the $1,000,000 (these properties are subject to a mansion tax). Of course, these properties are selling but their marketability is now more a function of their real value.
  1. Properties Listed above $2,000,000 are struggling, some sources indicate sales falling 30% to 40%. There are several reasons for this decline but in my mind the impact of the Tax Cuts and Jobs Act of 2017 is the main reason.

It is important to note that the real estate market in NYC has been faltering for the last 18 months. Westchester is suffering the consequences of the softening of the NYC market because we feed from those buyers. Those NYC residents that had hopes to move to suburbia looking for more space to raise their families are not going to be able to do so until their properties go into contract. Meanwhile their properties sit on the market and their values go down as NYC also assimilates the changes of the new tax law. Some of them now will have to worry about another law. You guessed it, the NYS Transfer and Mansion Tax.

At some point the effect of the SALT cap will be assimilated into the pricing, in the mean time we can only wait and hope for the best.

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What We Stand For

During the holidays we all get invited to parties and appreciation events. We normally end up meeting people we have dealt with in the past, new faces, and hanging out with our favorite groups. Sometimes we accidentally eavesdrop in conversations. It is all fun! It’s the holidays.

Well, this time we didn’t need to eavesdrop. The conversation took place right in front of us as we were sipping cocktails. This overly animated agent was describing how working for this top notch Real Estate company has made her so successful. She can hardly find enough time to breath. She gestures and gasps for air as she disparages that her buyers all come from “the city”. They don’t know anything about the market but they, desperately need to get in a particular school district. She then describes how she refers out all the business outside of her little community because she just can’t be bothered. She goes on saying that her co-league goes around town knocking on doors asking home owners to list their properties with him…and they do, she adds! In the euphoria of the conversation the guy next to me jumps in and states that he does the same thing and he just managed to land a listing in the millions, that he will probably have to refer out because he has a busy life. He adds: “I tell all my clients upfront that I am a family man, I have kids and elderly relatives, I don’t work Saturday or Sunday”. He is not done, “If my buyers don’t purchase a house after I show them 6 properties I fire them”! Me and my associate look at each other and walk away. We heard enough!

Photo taken from the HuffPost: How To Become A Real Estate Agent

Here is where I have to include our mantra. GioHomes Real Estate is a local real estate company founded in 2006  based on a philosophy of customer satisfaction. We believe that success in real estate only comes from understanding the client’s needs and satisfying them. We abandoned the corporate premise of quantity and embraced the concept of quality.

Long gone are the days when the information was in the hands of few. The internet and social media now opens the door to the endless possibilities for buyers and sellers. It has empowered small businesses like GioHomes to step out of the old structure and create a more transparent and efficient market.

Yes, we believe that our clients are well informed buyers and our job is to help them achieve their goals of home ownership. And, our sellers are smart competent home owners with busy lives that require the assistance of a real estate professional to handle the sale of their houses.

Now, you probably have a better understanding of why we are a boutique real estate company. We are always here for you!

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Westchester Real Estate and the New Tax Law

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The real estate market in Westchester County, home to one of the country’s largest property-tax
burden, has been on a roll. The approval of the tax reform will more likely have an impact on the market since it punishes
residents with even higher costs. The big question is: can the market continue thriving?

Cracks are already forming. The number of closed sales dropped, the second straight quarter. Purchase contracts are down as well. Those might be the first signs that buyers are wavering,
and that prices may need to adjust to reflect the now-higher
costs of owning a home in the well-to-do suburbs.

Right now everyone’s calling their accountant….. yes, we did it too. We found no answers because the IRS has not been able to create the guidelines to implement the new law.  The situation gets more complicated when we include the Co-op corporations since they have very large underlying mortgages, and nobody seems to know how those will be treated when it comes to taxes and the pass-through effect that will end up affecting the home owner’s pockets.

We would be surprised if this doesn’t apply some downward pressure on the higher side of the
market. We could see a period of indecision on both the sellers and buyer’s side. Buyers will be looking for a formula that allows them to afford their home.

 

In real estate one amenity is king….. LOCATION.  Those of us who love this wonderful county of ours, those who enjoy the proximity to NYC and all the wonderful amenities Westchester County has to offer are going to need to grab our calculators and make sure we run our numbers properly. At the end of the day a change in the tax code is not likely to discourage people from making decisions that are basically lifestyle decisions. People need to live somewhere and more likely we are going to live close to our jobs  and send our children to the wonderful school districts we have. There are going to be adjustments in the market but we don’t know the real impact yet.

At GioHomes we are here to help. To us what really matter is what our client’s needs. How can we maximize their earnings and/minimize their loss? How can we help them transition in a seamless manner.

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At GioHomes we make your goal our goal

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GioHomes’ Team Celebrating the Holidays

GioHomes Real Estate is a local real estate company founded in 2006 based on a philosophy of customer satisfaction. We believe that success in real estate only comes from understanding the client’s needs and satisfying them. We abandoned the corporate premise of quantity and embraced the concept of quality.

Long gone are the days when the information was in the hands of few. The internet and social media now opens the door to the endless possibilities for buyers and sellers. It has empowered small businesses like GioHomes to step out of the old structure and create a more transparent and efficient market.

Years of experience, training, and ongoing education give us the tools to offer prospective buyers and sellers an alternative in a market that was once dominated by large corporations. GioHomes offers opportunities where buyers and sellers are no longer a number in the chaos of politics and paperwork but rather a voice that demands to be serviced.

Please let us know how we can help you.

GioHomes Real Estate LLC.

914-946-1067 – info@giohomes.com – www.giohomes.com

In the picture Lloyd Mascarenhas, Michael Turner, Annette Zito, Phyllis Marcus (legal counsel), Giovanni Gonzalez and Vivian Chen.

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Fun Things to do in Scarsdale for the Whole Family

Boulder Brook Equestrian Center.

Boulder Brook Equestrian Center.

Although Scarsdale is just a short 30-minute train ride from New York City, there is no need to venture out town to go on an outing with the whole family. Consider this as your bucket list of fun things to do with your whole family in Scarsdale. The young and the young-at-heart will definitely have a good time.

  1. Enjoy a well-made pizza pie at Buon Amici Deli. This pizza place in the heart of Scarsdale is a well-loved institution among Scarsdale locals. For sure, the whole family will have a treat biting into delicious Italian take-out.

  2. Make Spanish your first (or your second) language. Adapt a foreign language as your own. In this day and age of globalization, you’ll never know when and where your Spanish skills will come in handy. Little Linguists offers an array of fun Spanish classes for children, so sign them and start them early.

  3. Take a dip at the Scarsdale Municipal Pool Complex. Cool off during the summertime and take a relaxing dip with the whole family at the Scarsdale Municipal Pool Complex. The facility is complete with a snack bar in case you get hungry, and a playground where all the children can romp and socialize.

  4. Get competitive and play sports at Crossway Park. Crossway Park’s open fields are the perfect arena for nice game of tennis and more. After a tiring game, head over to the covered picnic area and enjoy a delectable picnic.

  5. Drop by the Scarsdale High School Carnival. Every year, Scarsdale High School organizes a carnival that’s open to everyone. Invite your family and even friends for a fun day out. Both kids and adult will definitely have a blast trying out all the rides, skill games, and other carnival features.

  6. Take horseback riding lessons at Boulder Brook Equestrian Center. It’s never too late for a person to take horseback riding lessons. For little kids, Boulder Brook offers pony rides that are both safe and fun. You’ll never know – the next great equestrian might be somebody you know.

 
Scarsdale is full of wonderful opportunities for the whole family. Check out our community profile for more information.

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Smart features that will take your home to the cutting edge of living

CUTTING EDGE OF LIVINGSeveral years ago, “smart features” for home were considered somewhat of a fad. However, in a survey conducted by Coldwell Banker Real Estate, almost two-thirds of the company’s agents discovered that today’s home buyers are showing more interest in homes equipped with smart features, compared to two to five years ago.

Due to the increasing demand for smart homes, it’s also essential for buyers to figure out which smart features will really give them their money’s worth. Want to know what smart features most buyers are looking for today? Take a look at our list below:

Lutron Caseta Wireless

Designed by Pennsylvania-based Lutron Electronics, the Caseta Wireless is an automated lighting system that controls your home’s lighting, including shade position and temperature. The system can be controlled using an app downloadable on tablets, smartphones, and smartwatches.

Sengled Pulse Smart Bulb

Created by Chinese company Sengled, the Pulse Smart Bulb is both a functional lighting system and an entertainment device rolled into one. Each bulb also functions as a wireless speaker, allowing users to stream music from their smart devices into the bulb.

iSmart Alarms

The iSmart Alarm system allows homeowners to check on their homes just by using a smart device. The system comes with door and window sensors, motion detectors, and cameras connected wirelessly. The app used to control the system also gives users control over the home’s thermostat, lighting, and smoke detectors.

Kwikset Kevo Smart Lock

With the Kevo Smart Lock, there’s no longer a need for a set of keys – you can unlock every door in your house just by using your smartphone. With this system, homeowners can grant access to certain people (like neighbors or house cleaners) for a certain period of time, without the need to hand them an actual key.

For more helpful home tips, visit this page.

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