How You Can Protect and Maintain the Value of Your Home

The Weekly Recap

Good Morning and hope everyone had a great short week and an even better long weekend. Covid-Era homebuyers are going to begin to see a big rate jump in their mortgage soon, a new app gives you the exact location of the NYC subway and outdoor dining in NYC is set to shift come August. More banking and financial services firms are dictating back to office days. OpenAI just got a huge enterprise account and banks saw an almost 80% surge in profits in the first quarter while US GDP was revised down for Q1.

And, if you missed last weeks newsletter on How Has NYC Residential Real Estate Handled Inflation, you can click on through for some helpful insight.

How You Can Protect and Maintain the Value of Your Home

Data shows that well maintained homes often sell for more and have fewer problems. Consistently performing routine home maintenance tasks will do wonders for your home’s value and when it’s time for your next endeavor, you’ll reap the rewards. And while you may need an interpreter to understand your homeowners insurance policy, be on the lookout for key policy details that could be costly and impact the value of your home. Here are some tips for staying on top of both:

HVAC Systems: You can extend the life of your system by servicing it twice a year and by changing filters. As a way to save your sanity, schedule monthly deliveries for filter replacements so their arrival is your reminder to change them.

Water Damage: Nothing impacts the value of your home more than water damage. Look at your ceilings for any signs of cracks that might be related to leaking pipes or a careless upstairs neighbor. If you find yourself living in an older building, talk to your board about the age of the pipes in the building and if replacing them is worth a conversation.

Flood Insurance: Speaking of water damage, flood insurance is entirely separate from your homeowners insurance. It is typically an inexpensive way to protect your home from flooding.

Know the Difference Between Your Building’s Responsibility and Your Own Liability: As a homeowner, its important to know what is your duty to maintain and protect as well as what the buildings responsibility is. Normally the rule is “anything inside the four walls of the apartment” is the owner’s responsibility while common areas belong to the building. A great way to protect your aset is to join your buildings board, vote for improvements to common areas and take a deeper role in the buildings community. A buildings lobby and common areas are as close to curb appeal as you can get living in NYC.

An old adage about your insurance policy is that it is “an explanation written in a way only easily understood by the author.” Review your policies and make sure you are protected for all worse case scenarios. If you would like to be connected to a home insurance expert, feel free to reach out to me and I would be happy to put you in touch with one!

Market Performance

Here are how some other indexes and asset classes have performed as of this mornings opening bell.

NYC Market Update

Here is a view of new inventory that has come onto the NYC market over the past week as well as newly signed contracts in Manhattan.

Mortgage Rate Update

Mortgage rates changed course this week after experiencing several weeks of decline. Tepid demand for longer dated Treasury auctions caused market yields to rise across the board as markets continue to dial back expectations of interest rate cuts.

News You Can Use

• Covid-Era Homebuyers Face Huge Rate Jump Bloomberg

• Fed’s Bostic Says Many Inflation Measures Moving to Target Range Bloomberg

• Fed’s Williams Says Inflation is Too High But Will Start to Come Down CNBC

• US Bank Profits Jump 79.5% As Large Firms Shake Off Failed Bank Costs Yahoo Finance

• Janet Yellen Says Many Americans Still Struggling with Inflation Financial Times

• US Economy Q1 Growth Revised Down Yahoo Finance

• Mester Says Fed Can Better Explain Officials Economic Views Bloomberg

• This Summer Is the End of Outdoor Dining in NYC As We Know It Gothamist

• App Gives Real-Time New York City Subway Train Locations PIX

• US Consumer Confidence Rises for First Time in Four Months Bloomberg

• PwC Set to Become OpenAI’s Largest ChatGPT Enterprise Customer Wall Street Journal

• Elon Musk’s xAI Valued at $24B After Fresh Funding Reuters

• Trump Weighs Possible Advisory Role for Elon Musk Axios

• Harvard Plans to Stay Silent on Controversial Issues After Furor Bloomberg

• HSBC’s New York Attendance Jumps to 80% At New Office Yahoo Finance

The Deep Insight

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Feel free to reach out to discuss more in-depth about your real estate goals, share your thoughts about my newsletter, or to share what you're experiencing in this market. Looking forward to hearing from you!