Accessory dwelling units (ADUs), more commonly known as secondary suites, in-law suites, granny flats, or carriage houses, are a popular solution for homeowners who want to:
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Increase property value
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Add a new source of regular income
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Create more living space
Before your client breaks ground, let’s talk about all the ins and outs of financing ADUs.
Weekly Market Update
Mortgage rates rose this week, with the shortened week having light economic data. U.S. stocks at are at all-time highs, and if they continue to move higher, it could help push rates higher. It is possible the reverse happens as well, if stocks move lower then rates move lower as well. With the Fed data dependent for the time being, it makes sense to look at the next levels on the 10-year. Levels to watch for on the U.S. 10-year Treasury are 4.34%, then 4.40%, and 4.50% on the higher side. On the lower side, watch for 4.25% and then 4.12%. Next week, we have more important economic data, which should help give a better idea of where rates are headed. The market is no longer as aggressive in pricing in rate cuts, which is right for how the data has come in so far for this year. The data in January could just be a one-off and that as we see February data, we get a better idea of where the economy is heading, specifically inflation and the labor market. With the January data, rate cuts have been pushed. If we continue to see stronger data in February, we could see the market beginning to fear that rate hikes might be back on the table which could take rates even higher. The market is still very data dependent for the time being.
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U.S 10-year Treasury on Thursday afternoon is at 4.32%
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Existing Home Sales came in higher than analysts’ expectations (4.00mm vs expectations of 3.97mm).
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Initial Jobless Claims came in lower than analysts’ expectations (201k claims vs expectations of 216k claims).
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Mortgage Applications fell by 10.6% this week
In this issue:
January, The Perfect Time to Review Your Estate Plan
New Federal Requirement and New York State Law Now in Effect for Companies
What is an Insurance Examination Under Oath?
Managing Partner Named to Power 50 Law List
January, The Perfect Time to Review Your Estate Plan
A new year is the perfect time to review your estate plan. An up-to-date plan will give you peace of mind and ensure your wishes are met when the time comes. For more information about estate planning click here. Don’t have a will? Click here to learn of 5 reasons you need a Will.
New Federal Requirement and New York State Law Now in Effect for Companies
If you are a business owner, please be advised that as of January 1, 2024, there are new requirements pertaining to reporting beneficial owners of limited liability companies (LLCs). For more information, including deadlines for this reporting, please click here.
What is an Insurance Examination Under Oath?
If an insurance company disputes your claim, you may be asked to participate in an Examination Under Oath (EUO). The EUO is a formal process used by insurance companies to gather more information before approving or denying the claim. For more information about the EUO, click here.
Peter T. Rodgers, Managing Partner Named to The Daily Record Power 50 Law List
The Daily Record has been providing essential Western New York legal news to its readers for over a century. In 2022 The Daily Record launched a series of Power Law lists. The Power 50 Law list is released yearly contains a number of lawyers who are running a law firm or the Rochester office of a law firm, but it also includes judges, civil legal services leaders, and more.
The people on this list help make sure the legal needs of Rochester’s companies and residents are met, and they have helped the local legal community adapt to the changes the COVID-19 pandemic caused. They are working to push the Rochester legal community forward during a time of uncertainty and adaptation.
For the second year in a row, Peter has named to the Power 50 Law list. Congratulations, Peter, for receiving this much-deserved recognition!
Can We Serve You in One of These Practice Areas?
As a general practice law firm, Lacy Katzen LLP is able to provide counsel during all seasons of your life. From buying a home to creating a will to Medicaid planning, and more, we use a team-based approach to develop individualized strategies for each client. For more information about our services, we invite you to visit lacykatzen.com or call 585.454.5650.
We would be happy to meet with you in a location that is the most convenient for you. We have offices in Rochester, Bergen, Canandaigua, Charlotte, Greece, Pittsford, and Ontario.
You can see a complete listing of addresses and phone numbers here.
At Lacy Katzen, our mission is to serve our clients with excellence each day.
*See the Best Law Firms website for more details on selection methodology. Prior results do not guarantee a similar outcome.
This communication makes use of licensed stock photography. All licensed stock photography is for illustrative purposes only and all persons depicted are models and are not actual clients of, nor are they affiliated with, the law firm of Lacy Katzen LLP.