Kristin Schuster Your Real Estate Matchmaker

New Blogger Website

2013-05-19T15:21:00.000-07:00

I am happy to announce we have now streamlined the blog, website, and chat feature !

All New Blogs Will Be Written On:

The Real Estate Matchmaker !

All previously written blogs will remain here until they are all completely transferred,

please be sure bookmark the new website !

Short Sales In Today's Market !

2013-05-13T12:56:00.002-07:00

The market has picked up and more buyers are out looking for homes, my job is to help guide those buyers and homeowners who are selling their homes ! I want to touch base and give everyone a quick refresher on what a short sale is and what the process actually is, there are still quite a few leftover on the market and new ones coming onto the market.

What Kind Of Short Sales Are There On The Market ?

Approved Short Sales: This is where the bank has already set a price that they are willing to take for the home. These kinds tend to move a bit quicker since the "negotiations" have already taken place, unless you plan on submitting an offer below asking price. These can usually close within 90 - 120 days after going to contract.

Un-Approved Short Sales: This is the less predictable short sale because not only has the bank not agreed to a price but more than likely the homeowners are still in the process of submitting all of their paperwork as well. Normally in order to submit your offer to the bank you will need to provide them with contracts, which means you will need to use your down payment to get into contract.

What Is The Process Of Purchasing A Short Sale ?

Meeting with your buyers broker, deciding on your offering price based on the actual market value of the home. Take the time to review how long it has been on the market, and for your own knowledge what the Lis Pendens is on the home.
Presenting the offer to the homeowners, ideally they will accept the offer or counter. You can sometimes ask the homeowners to do fixes or repairs as well, but your agent will advise you to if this will help or hurt your chances.
Once you have an accepted offer from the homeowner, you will than go into contract on the home. Your offer will now be submitted to the bank for their approval this is where the timeline becomes less predictable.
The bank will send out their own appraiser to perform a BPO of the property. This is where they will go look at the condition of the home, and of the surrounding comparable homes. This is why basing your offer on the current market value is key, if they see your offer is considerably less than it chances are they will not accept. Remember the bank does not necessarily have to counter your offer they can simply reject and you will need to re-start the process to change your offer.
Hopefully you will have gotten your offer accepted or successfully negotiated with counters to get the home for the price your comfortable with. Your mortgage broker should have began your process of you obtaining your commitment so that all the attorneys can schedule the closing and get all of the necessary paperwork from the homeowners for their short sale to be complete for you to be able to close !

Truths & Myths Of Short Sales

Myth: The homeowners have defaulted on the house and have not paid there mortgage.
Myth: Anyone can short sale their home if they owe more than it is worth.
Truth: The homeowners must have suffered some circumstance for no longer being able to afford their home, and are unable to make other arrangements with the bank.

Myth: You can offer the bank whatever you want, they would rather sell it than hold onto it!
Truth: The home may not be worth what the remaining mortgage is on the home, but on average the bank wants 96% of the market value of the home regardless of what they are owed.

Myth: You can use any company to list your homes as a short sale!
Truth: You can, but your home will not sell. You need to hire an agent and company that has worked on and with banks on short sales in your area. Only a knowledgeable agent will be able to properly handle a short sale, the reason their is a higher commission rate is because of the extensive additional work we must do.

Myth: Whatever is left in the home the bank will come and clean out before your closing.
Truth: What you see is what you get, literally this unfortunately includes whatever leftover debris is left by the previous owners. In the case where the homeowners are still in possession they will almost always take their belongings and properly dispose of what they are not taking with them.

How Does A Seller Decide Which Offer To Accept ?

2013-04-29T13:37:00.004-07:00

The market has definitely perked up this spring already and we are seeing more multiples offer than before. With multiple offers on homes it has changed the dynamic of how buyers are and should be submitting offers. Not every home with multiple offers will result in a bidding war, so I want to take the time and explain give you a quick overview on what factors of your offer will be taken into consideration by the seller.

Financing:

Cash Deal: This has more than one benefit to the Seller, but normally the offer will be significantly lower than what the list price is because of the simplicity of the deal. First it can close right after the title has cleared because there is no bank involved. Second, it is usually in "Sold As Is" which means no work will be done to it. The buyer is still permitted to do the home inspection but you will be much less likely to have anything repaired or replaced.

Conventional Loan: This refers to the terms, there will be a larger down payment with this loan and the appraisal might be a bit easier. Since there will be no PMI included in the mortgage payment it will increase what the buyer can afford by monthly payment. From a sellers point of view the term itself is better because the buyer is putting down a large amount down of 20%.

FHA Loan: This again refers to the terms, with a smaller down payment this is often where we see buyers asking for a "Sellers Concession". For a buyer with this loan there will be PMI that will need to be accounted for, and the appraisal must be handled carefully so that the loan to value comes in where it is needed to.

VA Loan: This is a tough sell for a Seller because the buyer does not have to put any money down. When I have a buyer who is using a VA Loan I suggest still putting down the same amount as what would be due for an FHA Loan to show the Seller your commitment, and you can receive that money back after closing.

Additional Financing Terms:

Sellers Concessions: The easiest way to explain this term is it just like taking a cash advance from the mortgage to have your closing costs included. There is 2 points of view for a seller with this. First is if the home is going to appraise for $10,000 - $12,000 more why shouldn't they find a buyer willing to pay that. Second is that what if the home does not appraise will their buyer still be able to purchase the home, or will the deal go bust!

Using Gifted Funds: This is something very common with first time buyers, they will count on "gifted funds" from friends or family. Buyers must check the guidelines of the bank in which they are using about what amount of money can be gifted, and what information they will want and need from the "gifter". Many times buyers think it can simply be written as "gifted" and that be it, but each bank works differently you should let your agent speak with your Mortgage Representative to be clear on those terms.

Conditions:

Buyers With Homes To Sell: When a buyer has something they need to sell, it puts the seller at risk. First the funds from the buyers are more than likely coming from proceeds of their sale. This means that not only does the seller need things go smoothly with their home, but they are dependent on an agent who is not working for them to push the other deal through quickly and smoothly. Secondly, timing with this kind of sale is very important because the buyers will only have about a week window after one home closes to get into the other which puts the sellers in a position where the buyers timeline is much more important than theirs.

Buyers With Nothing To Sell: Obviously it is better because the sale is not dependent on any major factors aside from their homes appraisal going smoothly. It also means that the timeline will have less in the way of deadlines aside from the normal mortgage commitment time which is usually between 30-45 days from contract.

Home Inspections: First let me say no matter what the case is, spend the time and money to get a home inspection no matter how many offers are on a property. It is your way of knowing exactly what your getting yourself into, if you want to move quickly and don't want to spend the money ($500 - $750) at least have a licensed contractor check it out. Depending on what repairs or replacement you want done, can change the mind of a seller on which offer to take. If another offer comes in $5000 less they may go with it simply because of what conditions the offer is based on.

The most important piece of advice I can give anyone who is starting their search is to make sure you have an agent who is working for you. If the home is aggressively priced they should know it and be able to point you in a direction that will get you an accepted offer the quickest so that you don't lose out. To see more about how to decide on what to offer, and what the process is look here.

National Open House Weekend !

2013-04-16T13:00:00.001-07:00

This weekend is the National Open House Weekend on Saturday April 20th and Sunday April 21st we are going to see buyers out in mass ! If you only hold one open house this year whether your an agent or a For Sale By Owner this will be the weekend to take get your home out there ! Because there will be a large amount of homes holding these open houses it is very important that your home shows well, and you take the time to make sure it stands out from the crowd !

Timing: You should consider letting your agent hold a longer open house, because there will more than likely be alot of homes on a buyers itinerary for the day you want to make sure they don't miss yours ! Simple adding an extra hour to the open house can make a difference or consider holding one later in the day during times that others are not like 3PM - 5PM !

Be Inviting: Either your or your agent will want to find a way to get the buyers to slow down and really see your home, when there are so many open houses to get to buyers will sometimes go through a home quickly and miss some great features. A simple way to do that is by setting out some refreshments. Make an area where they can help themselves to some ice tea or water it will give them a reason to take a minute to relax and take in what your home offers.

Spruce Up Your Curb Appeal: Putting up some new numbers on your front door, putting out some brightly colored potted plans, add some additional solar lighting, or even a small lounge area on a porch can really change the look of a home from the curb !

Set Up Outdoor Space: I always stress in the spring time for homeowners to play up their outdoor living area, but during this weekends open houses it is the perfect opportunity. Buyers will be happy to be able to spend sometime outside with their agent or yours discussing what your home offers them ! Other plus is anything you invest in outside will usually be things that will be going with you to your new home so it is not an investment you would be leaving behind !

Make It Memorable ! Buyers will be receiving quite a few highlight sheets from all of the open houses. You want to take the time to set yourself apart and give them a reason to keep your homes information separate from all of those others that will more than likely be lost. What I do is actually give them a packet with your homes information, community & school information, and other real estate related articles, and for some homes I include an Virtual Presentation DVD of your home !

I wish the best of luck to all homeowners who are hoping to find their buyer this weekend, and for all those buyers happy house hunting ! If your interested in seeing a full list of what homes will be holding open houses in the Babylon Village area please look under the Real Estate Round-Up which I publish every Friday on the Babylon Patch !

The Top 5 Tips For First Time Homebuyers !

2013-04-01T21:11:00.000-07:00

I decided to spend a moment and focus on buyers for a moment. I have a lot of information for my sellers, but when it comes to working with buyers I would have to say first-time home buyers are my favorite. Perhaps I like the "challenge" but it is a different kind of reward when you hand someone the keys to their very FIRST new home !

Get Your Finances In Order

Before you start working with a buyer broker, getting a mortgage pre-approval is a must. I have seen too many homebuyers starting looking before they find out what they can afford. The result is disappointment that you may have looked at some wonderful homes that turns out does not fit into your budget. Most licensed brokers will have reliable, and attentive mortgage brokers they work with that they will be able to refer you to.

Know The Language

Know the terminology of real estate, you want to understand what brokers are talking about. Short sales vs Foreclosure, there is a very big difference. You want to be sure even when you are looking without an agent you have a good understanding of what everything is. You need to understand the difference between Listing Agents, Buyers Brokers, and disclosure. Listing agents obviously list the house, and work for the sellers. Every first time home buyer should work with a Buyer Broker, they will provide you with information about the homes in the neighborhood your looking for, make sure everything the seller is representing is true !

Find A Good Buyers Agent

This is the most important part for a first time home-buyer, you are going to be depending on this person to help you make a life changing purchase. You need someone who is okay with having to “hold your hand” so to speak during the process, not because you need it but it is a resource that is available to you. I once stayed in a closing with my first time buyers for 5 hours, it was a short sale and the bank was having its own issue with paperwork which held us up. Before leaving the attorney, pulled me aside to thank me for staying and explaining what was going on to his clients.

Decide What You “Must Have” And What You Would “Like To Have”

I had a home buyer once tell me that she would never purchase a ranch they would never give her the space she needed. For the most part she was right, almost every single home that was a ranch would not meet what she needed to have. Before we began looking I asked her to make me a list of her “must have”, and “like to have list”. Must haves are the number of bedrooms, a school district, or a price range. These are things that if they did not have them it would be impossible to move to that home. Fireplaces, pools, central air, these are all things that you would like to have but, you could live without. These lists are different for everyone, in this clients case the home she purchased ended up being a ranch. If we had limited the search she would have missed out on her “perfect home”.

Should I Spend The Money To Have A Home Inspection?

Absolutely. The $200 to $500 that a professional home inspection costs could be the best money you ever spend on your house. Not only does the home inspection seek out any defects (and gives you some peace of mind), the home inspector will often give you tips on maintaining and repairing your house. See the section on Home Inspections for tips on what to look for and how to choose a home inspector.

For more information on Buyer Brokerage Take a look at my virtual presentation !

Staging For The Spring

2013-03-25T14:31:00.001-07:00

It's Spring ! It may not feel like spring just yet, but mother nature will be getting with the program in the next few days bringing us some warmer weather! All those homeowners who have their homes on the market, and those who are getting ready to make their debut here are a few tips to get your home ready for the spring rush of buyers !

Update Your Pictures - If your home was listed in the winter you will want to update the pictures this way it showcases your homes spring look ! This is not only important to keep your listing from looking outdated, but if your anything like me I love my outdoor space and buyers should get the opportunity to see it too !

Create Your Outdoor Space - Having an inviting outdoor space whether it is a inviting front porch, or a great entertaining space in your backyard can really set you apart from your competition. Here are a few quick tips for creating that space !

Decks/Porches/Railings always look a bit nicer with a fresh coat of paint or a good power washing !
Inexpensive solar lighting to help light walk-ways not only make things safer, but also gives you great curb appeal !
Brightly colored potted plants add to your curb appeal, and the best part is even someone without a green thumb can maintain these with very little work !
Update your outdoor furniture, if your moving into your new home and were going to upgrade this furniture this season take the time and do it now. Since it will be going with you to your new home it will help showoff what that space offer to your buyers !

Lighten Things Up - Many people enjoy switching out their winter attire when the spring arrives you should do the same for your home ! Many people overlook the fact that we tend to use darker heavier fabric on things like our bedding and curtains so giving your home a new "wardrobe" for the spring is a great idea !

Sheer curtains will allow the extra day-light to stream into your home, which tends to also make your room look larger and more inviting. Sheer curtains are also a great alternative for those who have large sliding doors, it allows you to keep your privacy but let the buyers see the outdoor space combined with indoor space !
Removing your darker colored linens (ex:bedding, throw pillows, blankets) also work wonders for changing the feeling or the atmosphere of a room, and again these items are coming with you to your new home !

Give Your Home A Spring Cleaning - This is the perfect time of year to make any of those minor repairs or changes to your home, if your anything like me the last thing you want to do in the winter is pull out the paint, or spend hours cleaning when you can't open up the windows. Any home can show a bit better with only a days worth of work !

Touch up your paint - white moldings often change color a bit a fresh coat of white high gloss paint give the room a fresh/clean feel !
Letting the air in is of course important so your home doesn't feel stuff, but don't forget cleaning those windows can really showcase a picture or bay window !
The best part of spring is obviously the fresh air and flowers, but you want to be careful because of allergies during this time of year. Burning a light scented candle before your home is shown is always a nice idea especially if you have pets !
A fresh coat of paint on your front door, new house numbers, or replacing broken window screens is another great way to increase your curb appeal.

If your unsure what you should be doing to stage your home for the (hopefully) nearing spring season, take the time to call your Realtor. Many times we will see things that could be improved simply with a bit of re-arranging or much simpler fixes than you may think !

What To Do When Your Homes NOT Selling !

2013-03-19T20:39:00.000-07:00

Now you might be thinking, here is another real estate agent trying to get a price break but I am actually going to give your some other insight onto why your home might not be selling ! Price is just one aspect but condition and availability are just as important !

So let's begin with the "Condition" this does not only apply to what your home looks like when it is seen in person, but also about how your listing presents itself to those looking online !

Pictures

Prepare For The Photos: You want your home to show well so before your photos speak to your Realtor about some staging. This doesn't mean you need to hire a professional or rent furniture many times simply re-arranging your existing furniture and a bit of de-cluttering can go a long way.

Professional Photos: I am a firm believer in spending the time and having a professional photographer come and take pictures of your home. They are able to showcase your homes attributes with angles, and staging that can make a huge difference.

Updated Photos: - Keep your photos up to date with the changes in season, this is very important for those homes listed in the winter because spring gives you the opportunity to show off your "outdoor living space"!

Take a look at some before and after pictures of one of my personal listings before and after photos !

Keep in mind the only thing we did for this home was paint in the living room, and virtual

staging which was included in the price of the photography !

Now "Availability" this covers much more than just "How easy it to show your home", so let's take a look at some of the other aspects you as the homeowner may not think of.

Internet Presence

Where Does Your Home Place? This is a very simple thing to check and correct, go on as a buyer and search for homes that share the same basic characteristics (style, bedrooms, baths). If your home does not show up within the first 10-15 houses than you should consider finding a way to get your home up to the top. You should do this with your agent so they can rule out homes that may come up before you, but are not the "competition" you may think.

Where Is Your Home Listed? The most common place you ask about your home being listed is Multiple Listing but where else are they being promoted ? Many buyers from the city & the boroughs look at publications like New York Times and Redfin. Others will utilitize quick apps while they are around town viewing other properties or open houses on websites like Trulia or Zillow. You should also be tracking how many views your home is getting on at least the top 6 or 7 sites that are used which also include Optimum Homes, Realtor.Com, and Yahoo Homes to name a few.

Coldwell Banker decided to keep a close eye on our listings and partnered up with these top sites to be able to track your homes views on a weekly basis ! Here is a example !

How Quickly Do Buyers Receive Information: Buyers who make online inquiries expect a timely response. Statistics show that buyers who do not receive a response within an hour of placing the inquiry will likely not return the call of your agent. Your agent simply calling them immediately to at least acknowledge the inquiry and than setting up a time to speak with them more about the home can be the difference ! You will want to find out what set-up they have to receive these leads do they receive it via email, voicemail, or does the office handle the inquiries.

Who Receives The Inquiries On Your Home? This is often a big problem for most homeowners and they don't even realize it. No matter what site your home is on with the exception of MLS SELLS the ad space surrounding your listing ! If your agent has not purchased this space they will not be the contact person for inquiries !

How Often Do You Invite The Buyers? How do you invite the buyers your asking, its very simple you hold an advertised open house. Often times buyers will spend their weekends visiting open houses so why not take the opportunity and the chance to let them see yours !

If your home has been on the market for over 6 months and did not receive any offers, than unfortunately the only remaining factor is the price. There are very rare exceptions where this is not the case, but you should take the time and speak with your Realtor for their professional opinion.

Tips For Showing Your Home

2013-02-25T18:02:00.001-08:00

So I often get asked by my homeowners what should or shouldn't they do while their home is being shown when I am not able to be present for the showing. There are some general rules that you should always follow because their will be 2 kinds of agents that will be showing your home and that is a Brokers Agent or Buyers Agent, keep in mind a Brokers Agent is working for you - a Buyers Agent is working for the buyers. The rules for where and what you should be doing when your home is being shown is generally the same for both, but I will also touch on some rules for your general safety as well.

All Buyers Must Be Accompanied By An Agent - Never allow a buyer into your home without an agent present, you will from time to time have someone see the home and decide they are going to "pop in". You can speak with them but don't let them into your home, this is not about your agent trying to "control" a possible sale but about your safety !

Put Away Your Valuables - This doesn't mean to bolt down your flat screen TV, but simply put things away. Don't leave jewelry, or money laying out. Agents will always accompany their buyers and it is rare that anyone is left in a room unattended but sometimes children will pick up what they see and parents may not notice.

Let The Agents Do Their Job - If your going to be home during a showing stay out of the way, their agent will review the listing with the clients. Often times buyers will feel rushed if they are being followed around by the homeowner, if your concerned about them getting all of the information about your home take the agent aside and let them relay the information that you feel they should know. Also stay in the front of the house, you will always want to be aware of who is coming in or out of the home during a showing.

Check Your Doors - Sometimes homeowners will opt to have a lock-box put onto the home, and leave for showings. When your coming back home you will want to just check that all your doors sometimes a agent can leave a back door unlocked by mistake. For my listings even if the home is vacant I take the keys out of the lock-box after a showing is complete, this is a good option for those homeowners who are hesitant to have a lock-box on their home.

Clear The Way - Although we will be getting a bit more sunshine now it is still important that you make sure that your pathways and the number on your home is well lit and visible from the street. Clearing the walkway does not end at the front door, if you have small tables or an abundance of small items (shoes,jackets,laundry baskets) in your halls take the time and tuck them away this way the buyers can walk thru without obstacles.

Be Inviting To The Buyers - While you don't want to follow the buyer and the agent around the home, you can still make them feel comfortable. If you have a fireplace, have it lit it is a great time to show off that kind of feature ! Put out some bottles of water, or candies sometimes that is enough to get them to stay a bit longer in your house and notice something they really like about it.

These are just some of the things you should be doing when your home is shown, personally I like to be at my listings during the showings but it is not always possible for your agent to make it to every showing. If you want to make sure the buyers are receiving all the information that you think they need, talk to your agent about creating a buyers packet to give to buyers that come to your home. That is a great way for you to know they received all the information without making the buyers feel pressured !

Value VS Features In Real Estate

2013-02-18T15:20:00.000-08:00

As promised from last week it is time to explain what are things that you can add an actual value to your home verse others in your area, and what items are more of a feature that doesn't necessarily add "value" to your home. Keep in mind when I refer to the word "value" in this blog it is strictly about the price of your home or the ability to have a higher price because of the "valued" item.

Let me start by giving you a quick overview of what things add "Value" to your home:

Renovations Or New Construction
Legal Add-Ons (EX: Basement, Extensions, Dormers)
Bulkhead/Private Beach/Docking Rights
Property Size
Number Of Rooms (EX:Bedrooms, Baths)
Heating System Upgrades Or Conversions

Now let's talk about features, you might be surprised even if you are a buyer what some are:

Pools, Heated Pools, Sauna's, Hot Tubs
3 Car or more garage
In Ground Sprinklers, Brick Pavers, Lighting, Elaborate Fencing & Gardens
Fireplaces, Hi-End Appliances, Wood Floors, Imported Flooring

There are of course some exceptions where the rules will change slightly, it is not always as simple as adding and subtracting based on this "value", "feature" criteria because each homes value is based on the comparable homes in the area.

Here are some examples:

When comparing homes in a specific area if a home has bulkhead or docking rights, you can not add an additional value above those in the same homes in the area. If the surrounding homes have bulkhead, and yours only has water view you can not take the added value of those that have bulkhead there will be a slight difference in the "value".
There is also an interesting twist with bulkhead, you can add value for someone who has recently upgraded the docking space, this is a big question for homeowners who are trying to decide to repair or leave bulkhead as is after the devastation of Hurricane Sandy.
If your comparing homes in an area that the majority do not have basements/garage you can not reduce the value of a home because it also does not although you still can add value for it. This is common in certain areas of the village of Babylon where basements are not common South of Montauk.
Renovated and new construction homes are homes where the all the items are truly new and never been used. New construction will rarely ever be comparable to a home that was updated 10 years ago, you must add value to the new construction build but you can not penalize an updated home for not being new construction if the majority of the homes in the area were built or updated in earlier years.

When it comes to updating your home many homeowners wonder how far should they go with the renovations so they don't "lose" money when they decide to sell. The best rule of thumb is to keep the kitchen and bathrooms up to date by using common items not necessarily renovating every time a new appliance or building material comes onto the market.

It is always good idea keep an eye on your market and your neighbors even when your not selling. Even reading the sold section of your local online paper this will give you a good idea of the condition and upgrades that homes in your area have done, and you can invest wisely in upgrades for your home!

Setting The Price Of Your Home To Sell

2013-02-11T13:13:00.004-08:00

I think it is that time again to write about the topic of what you should be using to determine the price of your home, and what kind of pricing options you have !! This is extremely important because the more homes that go onto the market, the more competition you will have, you want to make sure your listing stands out and gets sold before we have another sudden rush of new inventory !

How Real Estate Agents Determine The Value Of Your Home

All real estate agents should be bringing a Comparative Market Analysis of your home when they come to meet with you to list your home. Real Estate Agents use a similar system to what the banks will be using to determine your value these are the main characteristics in importance order that you will want to be using.

Homes within 1-2 miles of your home that recently sold within the past 90-120 days.
Homes of the same style (EX: Ranch, Hi Ranch, Cape, Expanded Cape) or similar square footage if there is a lack of comparable style homes. You can not compare your home to one of an opposite style just because you think your home is just as good, the bank won't allow it.
Rarely will you see homes with the exact same amount of bedrooms, baths, or even property size this is where you need to adjust the comps accordingly.
Take a look at what homes are currently on the market, and compare how your home stacks up to theirs, these homes are your competition.

In my opinion, if you meet with an agent and they do not bring with them a Comparative Market Analysis than they are not putting in very much effort to help you sell your home since determining the price of your home is really the very first step before listing it. I always say my job is not to list your home, but to get your home sold !

The 3 Styles Of Pricing Your Home

Overpriced Home - This type of pricing is not only a waste of your agents time but yours as well. You are putting yourself behind and unnecessary roadblock, and guaranteeing you will be having the dreaded price adjustment talk sooner than later. Many homeowners will say "But I am flexible, just bring me an offer!" - There is only one problem with that, and it is that we can not relay that to all of those buyers who aren't a- looking at homes $20,000 above their budget or b- tell those buyers who are in that range that you are flexible. Remember most buyers find their home online, so presentation including price is a very important factor and we can not write on your listings that you are willing to hear all offers !

Market Priced Home - This is an educated homeowner who has taken the time, and hopefully the advice of their real estate agent and is priced in the same area of those comparable of the recently sold homes. This kind of pricing will get you showings, and hopefully an offer within 6 months of being listed. As other homes sell their might be a need to adjust the price of your home to stay in line with what homes went from contract to sold once you were listed.

Action Priced Home - Before I explain, let me say this action price does NOT mean pricing the home as if you were giving it away. When you use this style of pricing you first base it on the comparable homes in the area that sold, but your focus is shifted to those homes that are currently on the market (those that are priced at market value, not of those that are overpriced). You look at your direct competition and price it anywhere from $8000 - $10,000 below that of your best competition. Normally on a market priced home once you have received an offer that $8000 - $10,000 is the wiggle room of where you would accept an offer. What you do by pricing it that bit lower is your drive much more traffic and increase your chance of multiple offers, almost every home that is "action priced" will sell for either the listed price of the home, or possibly more because you have increased the buyers perception of value !

There are a few things you will also want to keep in mind when you are thinking about where you want to price your home. The most important questions you should be thinking of when determining the list price of your home are

How much will you need to be able to walk away from your home after the mortgage payoff, brokerage fees, attorneys fees, title transfer fees. If after you total these things up if what you would need to list it for is significantly higher than what your home is worth it is always better to leave it off the market until your in a position to sell rather than have it listed and sit on the market making buyers wonder once wrong with it. The exception to this is when you are avoiding foreclosure by doing a short sale.
How quickly do you need or want to move ? If you want to move quickly than your best option is to really have your home priced at the "action priced" point so that you can move things along without any delay and a guaranteed end in sight !
How many times has your home been listed, if your home did not sell chances are it was overpriced which means at the very least you must get in-line with the current market value of your home. Re-listing it at the inflated price again is working against yourself and buyers will begin to disregard your home because "there must be something wrong with it", and not even the best agent can overcome that !

If you are interested in having a Comparative Market Analysis done on your home, please contact me directly. I will be writing another blog that goes into the specifics between things that will add value to your home verse things that are more features of your home, which can affect the overall listing price of your home in an upcoming blog !

Home Sweet Home Improvement

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If your thinking about putting your home on the market, and you want to get top dollar from your home the saying you need to spend money to make money is often the last thing you want to hear. There are plenty of inexpensive ways to help improve your homes chance of selling, you don't necessarily need to spend thousands of dollars by doing a complete overhaul but certain key changes can really change the overall appearance of a room !

Kitchen makeover. The kitchen is the most popular room in the house to remodel. Most in the industry will tell you money spent upgrading a kitchen produces the highest return on investment. One of the best things you can do in a kitchen is replace the countertops, sink, and appliances. Depending on the size of your kitchen you can get remnant pieces of granite, or another great option is butcher block counters they always give a kitchen a great clean look !

Bathroom fixer-upper. Upgrading a bathroom is another sound choice and will often provide a significant return on investment, as large bathrooms typically top the list for those seeking a new home. A quick change of a vanity, toilet, lighting, and fresh paint can cost under $500 and give your bathroom a great facelift ! These are simple things that can really give a buyer a fresh look at your space !

Flooring updates. Many homes on Long Island have hardwood floors if they were built in the 60's or 70's whats amazing is the builders than covered them with carpeting ! If you have hardwood floors pull up that carpeting and show them off ! If you have bright colored carpet trade it out for more neutral colors this can help the buyer visually picture their furniture instead of thinking about what exactly would match your carpet !

Create Outdoor Living Space. This is another great trick, and the best part is normally you will get to take your upgrades with you. If you have a nice patio you can buy some new furniture, solar lighting, and a few potted plants can show the buyer the potential in even the smallest yard plus that new patio set will come with you to your next home ! Solar lighting and bright colored plants are also a great option for your front yard to help your curb appeal !

Whether or not you choose to update your home there are some things you should do and I can not stress this enough but de-clutter your home. Pack up what your not going to be using (seasonal clothes, holiday decorations ect.) and put them into your attic or storage facility ! I can't tell you how many times homeowners de-clutter the home but put it all into their closets and than we have an avalanche when the buyers open them up ! You want the buyers to have the space in your home to see what it will look like with their furniture and their family living there ! Almost every buyer whom I have had buy a home, always took the time to figure out where there things would fit before making the final decision !

What Happens After Your Offer Is Accepted

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You have successfully gotten an accepted offer it may have been a quick simple negotiation or it may have been a bit of back and forth, but either way you have officially gotten passed one of the biggest parts of the home buying process ! This blog is specifically what will happen with a straight sale, there is a much different process for short sales & foreclosures, I will be writing another blog specifically about those in an upcoming blog.

The next 2 weeks are going to be a very busy time for you, because although your offer is accepted the homeowners will still show it to other potential buyers and place an offer on your dream home !! Lower offers or offers with less desirable conditions will be held as "back up" offers, but their is always a chance someone will outbid you and their offer may have terms that the owner may prefer. That is the reason why time is of the essence so your going to want to get things done as quickly as you possibly can !!

Before Your Offers Accepted - Call Your Mortgage Broker
Your realtor should have already developed a relationship with your mortgage broker, if they have not spoken to them they shouldn't wait any longer to get that relationship going.

Sometimes the seller will want you to get a 2nd mortgage pre-approval, this is not unusual in my business, because I work for a company who has their own mortgage company. A seller can not however tell you who to get a mortgage with, they can only request a pre-approval thru a specific company.

Step 1 - Sales Agreement & Attorney Review
This is a very standard form and is very important to your purchase, this is really sometimes the first step, but if you have had to negotiate and make changes to your original offer you will want to fill out a new updated one to send over to the attorneys. The buyer and the seller will fill this out independently and receive a copy. You attorney will review this document normally without any changes, because the contract will have the specifics credits or add-ons.

Step 2 - Home Inspection
Many companies will have a preferred list of home inspectors, if you already have someone. You want to have the home inspection as soon as possible, even with a first accepted offer. A home inspector should check for of course the obvious red flags: mold, mildew, termite damage, but you also want them to check to make sure of some other things you may not think of. Most will check to make sure that the hot water, actually gets hot, in older home this will take a bit longer but these are things that once you move in can become important. They will also check things in the attics, basements and crawlspaces.

Homes that are remodeled it usually only takes about an hour for a full inspection, and others usually take about 2 hours. You will get a full copy of the report, and they will talk to you about it before they leave the property.

Step 3 - Sign The Contracts
Now depending on how your home inspection went sometimes you will be just going in to sign contracts with no changes, but sometimes there will have been more changes because of things that came up during your home inspection. Remember your offer is still accepted, but now you are going to be changing the terms.

I can appreciate a seller does not want to have to do work to the home but remember no matter who the buyer is there will be a home inspection and if it is a significant problem it will come up again. That being said sometimes buyers should be reasonable also don't let fear of losing the house force you to overlook a major problem but don't let a little problem cause you to loose your dream home either.

Now that you have completed those 3 steps you can finally take a deep breathe and celebrate a bit about the purchase of your new home. There are of course a few more steps that will happen between going to contract and your closing, I will write another blog giving you the timeline and what you can expect to be doing next !

Buyer Broker VS Brokers Agent !

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As many buyers are beginning their spring search, I want to take a moment and explain a specific piece of paperwork that you should be seeing quite a bit of, and that is the New York State Disclosure. This paper specifies what kind of relationship you have with the agent that you are in communication with. You should always remember that even if you are working with an agent as a buyer there are still 2 different kinds of available agency with some very important differences !

Brokers Agent

This Agent Is Only Working With You

The seller’s information is 100% confidential including but not limited to reason for moving, health, or flexibility in price.
Can send you listings but are not allowed to disclose any information about previous listings, or owner motivation due to disclosure laws.
Set appointments on any listings that are being advertised or marketed with the Multiple Listing Service, this excludes any homes with Exclusive Listings & Unrepresented Sellers.
Will attend showings of homes with you but is unable to give any sort of advice or council on any particular area of the home from price, to functionality for prospective buyer.
You will not be exempt from being contacted by other real estate agents regarding their listings that you have viewed, the brokers agent & listing agent with this kind of agency are representing the seller.
Offers can be placed with a Brokers Agent, comparable homes can be provided to support the seller’s price. Offer will be placed with the listing agent, who will pass it along to the homeowner.

Buyers Agent

This Agent Is Working For You !

Your information is 100% confidential including but not limited to how much you can afford,you reasons for the purchase.
The seller’s information is no longer confidential if they share why they are moving, or price flexibility you are now entitled to know.
I will do the “homework” on all the properties that you want additional information on (EX: How long & how many times the home has been on the market).
I can give you advice and council regarding a home that you are interested in (EX: What home of 3 is a good value in my opinion).
I am able to bring you into homes of Unrepresented Sellers while reducing your risk if/when you choose to purchase.
Facilitating you being able to view and place offers on “Exclusive Listings” that are not available to the general public or other real estate agents from non-affiliated brokerages.
I can be the “liaison” for not only those involved in the transaction once you find a home but for other agents during the search (Agents You Meet At Open Houses).
Beginning with placing an offer pulling 3 comparable homes to help you to get the home for the lowest price possible.
Presenting the offer in person to the homeowner giving them all information you would like disclosed making sure the terms are clear and understood. As well I have the right as a Buyer Broker to keep the name of my client anonymous from the homeowner and still place the offer.

Deciding Whether To Buy Or Rent, What You Need To Know !

2013-01-14T15:04:00.001-08:00

It's that time of year again where we see renters deciding whether or not they will continue renting, or will consider being a new homeowner ! This blog is to help all those considering purchasing answer that most common question "Should I Buy Or Should I Rent?"

Why Should I Buy A Home Instead Of Rent ?

It's a fact that in most markets, buying a home is significantly cheaper than renting. Renting is money you will never get back, but buying a home is an investment in your future. In most areas, if you can afford to rent, you can afford to buy! For more information on this topic you can refer to my blog, here it will give you both the pros and cons for both buying and renting, as well as offer you alternative options.

How Do I Know I'm Ready To Buy A Home?
The best way to know if you're ready to purchase a home is to look at your current situation. You don't need to be employed with the same place for 2 years, you just need to have had a steady income in one field for the past 2-3 years. You will want to run your credit and take a good look and make sure everything that is on the report is correct, if not you will want to have it corrected! You will also want to make sure you have money saved up for a down payment, in some cases you can withdraw from an IRA penalty free for a first time home purchase. For more information on this topic you can refer to my article, here.

How Much Money Will I Have To Pay Upfront To Buy A Home?
This is not an easy answer, because there are two factors depending on what kind of loan you take and the amount of the loan is what will decide your down payment. For an FHA Loan you will need to put down 3.5% where a Conventional Loan you will need to put down atleast 20%. The average cost of a home in Suffolk County is about $325,000 which would require a FHA down payment of $11,375.

You will also need to factor in closing costs, but you can also ask for a sellers concession or have the money "gifted" to you from a friend or family member. This ranges again by the loan amount, and any mortgage broker is required by law to give you a good faith estimate of closing costs, this is why you should always choose a reputable bank Of course, Coldwell Banker Mortgage is more than happy to help and you will always be given all of your loan options.

Once you have decided that you are in a financial position that you would like to go ahead and begin searching for your new home there are a few things you should look into. You will want to learn the difference between what kind of homes are on the market, who you should have working for you, and what happens once you have found that "perfect home". Because each of these topics are best explained in detail I will list each topic below with a direct link to blogs to help you get informed !

What Your Should Ask Before You List Your Home

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Many of my listings happen to come from expired listings, because of that I meet a lot of homeowners that are hoping a new Realtor will get their home sold. Let me first off by pointing out that I am going to list the questions you should be asking in order and the most important !

1. What Kind Of Company Do They Work For ?
The very first question I hear from a homeowner is "What Is Your Commission" ? This should actually be your LAST question, it does not matter what a Realtors commission rate is if they don't do what needs to be done to sell your home.

Is the company individually owned, or is it owned by a company ? In most cases bigger is always better because they are affiliated with other companies that can help get your home sold. You can't just assume that because they have the named Century 21, Coldwell Banker, or Prudential does not mean owned by a company because these are franchises. Coldwell Banker Residential Brokerage is company owned, that is why and how we are able to offer so many options like in-house mortgages, home warranties, insurance, and a title agency.

2. What Is Their Internet Presence, and How Do They Create Your Listing ?

What do they do for online advertising ? Everyone puts their listings onto MLS, what you want to know is how many other sites will your home be on, and who will be the point of contact on each of those websites ! Many homeowners don't realize but the ad space around all listings need to be purchased by your agent otherwise the point of contact is not your agent, but rather the agent who did purchase it. Another important part of Internet presence is do you know if your listing is actually coming up in a search and being viewed, you should find a company that can track at least the number of views your getting or how many times your home came up in someones search.

What do they do to create your listing ? The first impression your house gives is by it's listing does the agent stage your home or professional photos, buyers are very visual so you want to be sure that you catch their attention right away ! Another often overlooked aspect is what your listing will actually have written on it ? You want to make sure that it has a detailed description and directions many buyers look to the directions to figure out the area that it is in. The best way to gauge all of these things is to ask to see the agents other listings and see how they present !

3. How Available Would Your Agent Be ?

How available are they to you ? This is another question that homeowners often forget to ask, you want to know how often your realtor will be following up with you to give you updates on your home, feedback from Realtors, and most importantly what is going on with other homes that are selling and coming onto the market while your on the market ! You want a realtor who has a system to keep you up to date on all of those things going on in the market around you, this way you know how and when you will hear from them.

How available are they to buyers ? This is a very important question to ask because how quickly they respond to inquiries will decide how many buyers stay interested in your home. Statistics show that 60 minutes after an inquiry is sent, the chance of reaching that potential buyer decreases to less than 50% ! The best way to find this out is after your appointment place an inquiry with them about one of their listings and see how long it takes for them to get in touch with you ! You will also want to see if they will attend showings that are being done by other brokers. Granted the other brokers will be the ones talking to the buyers you want any questions they have, or any pertinent information about your home to be answered accurately and the only way they can be sure that happens is if your agent is there. Now, this is my disclaimer, even the best agent will not be able to attend all showings but you should make sure they have a follow up plan in place for the ones they won't be able to attend.

4. What Technology Do They Use To Help Their Listings ?

This question is more of a general question, you want an agent who uses all the tools that are available out there to help get your home sold. You also want someone who understands the basic technology that is being used in today's market such as the social marketing, virtual presentations, online newspapers and forums ! These are the tools that bring buyers to your home, the more places your home and your agent are the more chance the right buyer for your home will come across it. I happen to offer some additional tools for buyers who look at my listings like that ability to chat with me online, or giving them the ability to actually schedule an appointment anytime at their convenience!

5. What Is Your Home Worth ?

I am sure your wondering why this at the bottom of the list, the reason why is because as long as the agent has provided you with a Comparative Market Analysis than the price of your home should not vary by very much. If the agent has not performed an actual CMA and presented it to you, than that should make your decision for you ! The one part of this you do want to make note of is what kind of pricing style they would suggest for your home and area Market Priced or Action Priced !

These are the most important questions you should be getting the answers too, and the very last question should be that of "What Is Your Commission", don't discount a company or agent because of this answer decide who you think will do the best job and get your home sold ! If you hire an agent that your not sure can actually sell your home to save 1% on commission you will only end up spending more time and money living and maintaining it rather than moving onto your next home !

Easy Energy Saving Costs

2013-01-02T19:16:00.001-08:00

It is official Winter is upon us, after having a moderately mild fall other than our visit from Hurricane Sandy mother nature has reminded us that we are very much into winter. In today's economy we are all trying to find ways to save a little where we can so I decided to write a blog about some simple tips to save some money on your heating bills. These are all low or no cost ways so it is great for those who are not looking to invest in a whole new heating system because they are selling the home or perhaps just renting !

Give Your Room A New Look

Many people switch curtains come the winter time to a heavier fabric, which is obviously a good idea you should also take advantage of the daylight sun still being able to provide some heat. I will give you a quick example, I have very large windows and doors in my home specifically from my dining room into my living room. Instead of putting 4 heavy panels on each I use 2 on each end, and leave sheers on the middle which allows the heat from the sun to get into these rooms during the daytime.

Another easy way is to move around your furniture, instead of just pulling the furniture a few inches away from the radiators or vents spend the time and rearrange the space. Actually moving the large furniture like sofas or beds that are nearby allow the heat to radiate freely and remember this is only temporary so it may not work all year round but this is temporary !

If your home has bare floors like wood or tile, invest in a few throw rugs to put down they can add a bit of style and they help make things a little bit cozier if you decide to keep your thermostat at a lower temperature !

Light a fire ! Well if you don't have an actual fireplace that can be a bit hard to do but there are some great inexpensive faux fireplaces that take up little space, but can produce a great amount of heat if one room just gets a bit chilly ! The other great thing is that they don't require a complicated installation and you can take them with you onto your next home. There are a variety of kinds from ones that look similar to a flat screen TV complete with crackling wood sounds & remote to large wooden ones with mantles !

Give Your Heating System A Once Over

One of the most overlooked parts of your heating system is often the air filter, it is a good thing to change periodically and if your in a rental most landlords will be happy to either allow you to change it or do it themselves. You should also take a look around and make sure there are no leaks where the joints are meeting this is something that is very important for those who have forced hot air/CAC units that run through attics and basements.

Change out your thermostat to a programmable one or even a simple upgrade to a digital can help you be aware of how high your heat actually is. I am very guilty of getting a bit chilly and turning up my thermostat and going just a little bit farther than I thought because I have the older "dial" thermostat. The newer digital thermostats can also be programmable so the heat will go up once it is closer to the time when you will actually be using it.

Check what temperature your hot water heater, often times we don't even realize what this is set at but 120 degrees is the best place for it to be.

Look at the average temperature you keep your thermostat on, if you lower it 1 degree it can save you between 1% - 3% less fuel, as well as heating costs. Another way is to actually leave your heat on one temperature lowering your heat drastically when your not home and than hiking it back up can often times cost more because of how high you raise it to "get rid of the chill"

These are just a few of the easy ways to save a few bucks and keep a bit warmer on these chilly nights !

What Is It Really Worth ?

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WHAT DO YOU OFFER FOR THAT HOUSE!

Let me start off by saying it is YOUR choice what you offer, but you want to put in a strong offer, it requires research and analysis by your Realtor. This is why you must always work with a buyers broker, this is where you believing in there abilities and trust is important.

A home is not always worth what it is listed for, but on the other hand if the listing Realtor is a reputable agent than the list price will normally be accurate to what the neighborhood and the home is worth. A low offer is not always the way to go, make sure your offer is fair!

When pulling these comps your agent will try to get it as close to a match as possible but you will still need to tweak these comps accordingly. Here are some key points to remember when your agent is going over these with you.

NEW VS UPDATED

NEW appliances have never been used, this means normally you will have the paperwork for the warranties, and they have been put in within 6 months of the home being listed.

UPDATED appliances have been used by the current homeowner or tenant, these updates have been done usually within 5 - 8 years of the home being put on the market. So that updated kitchen could already be 5 years old.

For a home that is able to boast that it has been completely remodeled, with everything new can add value of anywhere from 8% - 10% compared to other homes that are simply updated.

MAIN RD VS BUSY RESIDENTIAL NEIGHBORHOOD

This is normally quite the debate, I could name many roads that I would consider main roads in a town but when a bank appraiser comes in will not agree, and therefore they will make no price adjustment. This is a time when trusting your Realtor and seeing the comparison is very important, especially if you are not from that specific area.

Let me also say this, if a location does not work for you for any reason you should never feel pressured to still buy it from your Realtor, they should offer to show you homes in the same area away from your objection area. Some examples of this can be homes that have busier traffic patterns, sumps, or simply the privacy aspect to your neighbors.

This will be your home and you will be the one living there for the next 15 years not your Realtor.

WHAT IS THE BASEMENT REALLY WORTH ?

Let's say someone has a fully finished basement, with no CO, well unfortunately it is worth nothing, because it is not legal. For an average size home, with a finished basement with proper permits, the value is surprisingly low they may only raise the value by $5000.

If your looking in an area that does not have basements you can not reduce the price of the home because of it lacking a basement, because all of the comps do not have them either. This is often a surprise to those who are looking to live closer to the water, most homes will only have crawl-spaces not basements, and there is no reduction that would be considered reasonable.

THE MAN THAT WAS GIVEN A HOUSE NOT JUST A ROOM

The garage typically you will have atleast 1 in some cases 2, and in the rare occasions 3 or more.

When this happens I call it "The man that was given a house", and I unfortunately have to break the news to them that yes I personally appreciate their 5 car garage, painted floors, and custom shelving, but that means nothing to the bank or a buyer it doesn't add anymore value than a nicely maintained 2 car garage.

WHAT IS A FEATURE WORTH ?

Unfortunately I wish I could put a value on what a feature is worth, but it is practically impossible. Every feature will have its pros and cons to an individual buyer. Some features will be worth alot to a buyer, and others will be a drawback.

My best advice to home-owners is keep in line with your neighborhood when it comes to features. Do not go overboard because you can not guarantee you can re-coup the investment you made adding features, but you can be sure that your home has similar characteristics as your competition does, so that buyers will be comparing apples to apples so to speak.

For many home-owners their features are not added initially to keep up with the neighborhood, but because they were personal wants and needs for the individual. If you choose to upgrade your home extensively more so than your neighborhood calls for, I advise you to stay as conservative as possible because it could be helpful or hurtful in a home that has been updated, and is not able to be categorized as new.

Steps To Getting That Home Under Contract !

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I wrote a blog about a year ago, about what to offer for a home when your using comparable homes to base your price on, but I am finding more and more buyers wanting to base their offer on strictly their opinion of what they think the home is worth. Because of this I decided that it was time to write a blog explaining HOW you go about deciding on what your first initial offer on a home should be from the very first step !

Now, again if your buying the home through the listing agent unfortunately they may or may not go thru the trouble of doing this with you. This is again another reason to use a buyers broker, this way you have your own agent to educate you on what a home is really worth ! If the home is overpriced the comps will show you that, and if it is action priced your agent will be able to clue you in so you don't lose the house because of a low offer that is quickly outbid.

Step 1

Once you have gone and viewed them home and decide you like it, take the time and go back a 2nd time - look through the house thoroughly to see if there are any items you have questions about, if there are 2 refrigerators than make sure it says there will be 2 in the listing, these are things that if overlooked can cause you stress and anxiety later on in the process. You will get the chance to have a home inspection after you have gotten an accept offer prior to going to contract to look for any issues with the foundation, electrical, plumbing ect.

Step 2

Make sure that you have your pre-approval in order and your agent has a copy of it, make sure you also have the funds available that will be needed. Check with your mortgage broker and review what your closing costs will approximately be. The reason why is because IF you are going to need a seller concession (cash advance on your mortgage), you must let that be known to the seller upfront. All of this paperwork will need to be sent out when you present your offer so have it ready for your agent prior to submitting your first offer !

Those first 2 steps should take you only 1-2 days to complete, this is something that is really

very simple but I am seeing more and more buyers who are doing these things after

they submit an offer and than have to scramble to figure it all out !

Step 3

Go and meet with your Buyers Agent, in their office - yes I said in the office, Why ? Because you can't review comparable homes if your leaning on the trunk of a car ! Hopefully you and your agent have been discussing the value of homes in the area, so that you will at least have an idea of what the value is worth.

IF a home is priced at its fair market value than you can safely offer 7% less than what the listing price is, most homeowners & Realtor will want to not or recommend going less than 3% - 5%.

IF a home is priced above fair market value than you will want to start around 5% less of what the fair market value is NOT what the listing price is - these homeowner can take sometime to get an accepted offer and sometimes you may have to walk away for a week or 2 and let them sit with no offers in sight and than go back to them.
IF a home is priced below fair market value than you will not want to put in an offer quickly, and around 3% less than the listing price if you are really not comfortable paying the list price. These homes are priced to sell which means they will more than likely get numerous offers if you go in extremely low it will be easy for another offer to be a better deal for the homeowner.

Notice that all three categories refer back to FAIR MARKET VALUE, you must look

at the comparable homes that have sold in detail to figure this out since very rarely will

you find a home that is an exact match to the home your looking at !

Step 4

Hopefully the process of getting an accepted offer went smoothly, the moment you get a accepted offer you will want to get a home inspector into the home within a day or two of your accepted offer. You should let your attorney know so they are expecting the contracts, can review them and have them in case the home inspection turns up items that need to be addressed & than properly put into the contracts if need be.

Step 5

Your offer is accepted, home inspection is complete, and the only thing left to do is sign your name on the dotted line ! Don't leave much time between these things happening remember a homeowner can go with another offer even if yours is accepted, until you sign your name on the dotted line the house is not yours !

Steps 4 & 5 should be completed within about a week, the longer it
takes for you to complete these items you are leaving a window for the
homeowner to receive a better offer !

Next weeks blog will be specifically about what things in a home are worth when you are determining the fair market value of a home that is on the market.

Open House 101

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Lets take a minute and talk about some Open House etiquette for those homeowners and buyers !! I am an agent who believes it is better to hold an Open House and have only 1 or 2 people attend than not have one at all and possibly miss out on a prospective buyer for my client. Every agent has their own opinion and way of running their business if you want your agent to have open houses on your behalf you must discuss it prior to listing your home with them. If they don't agree with your opinion simply move onto an agent does !!

Homeowners
Lets take a minute and discuss where a homeowner should be during an open house and their is only 1 correct answer and that is OUT ! You should trust your agent to protect your home and its belongings during an open house, if you don't have that comfort level I would suggest re-thinking why your trusting them to sell it at all. Buyers will always feel like they are intruding on a homeowner when they are present during an open house, it's human nature to feel a bit awkward judging someone's home with them sitting in the living room ! I won't try and say that some buyers aren't a bit nosey during open houses they will open up a fridge or medicine cabinet, but you never know what parts of a home are going to be important-if your agent sees them going a bit extreme with being nosey we of course put an end to it.

I am always amazed by the difference between what one homeowner will do to prep their home verses what others will do. I want to take a minute and set up some general guidelines of what you should do to help your home present well !

Vacuum & Light Dusting - Don't go crazy with the cleaning products and waxes many times the smell of those cleaning products can be overwhelming and the sticky waxes can make surfaces feel dirty to the touch. Swiffer Dust Pads are really the best thing to use for a bit of light dusting they don't leave any marks or and it's quick and easy !

Empty The Appliances - Sounds silly but the most common thing a buyer will look inside of is washing machines & dishwashers, run them thru a cleaning cycle before your open house it doesn't need to be sparkling as if its a brand new appliance just clean.

Laundry - Always the enemy and impossible for it to ever all be clean I know this because I think in my entire life all my laundry was clean once in 30 years. Just make sure none of it is sitting in the washer or dryer, put the hampers in the closet or invest in some that have covers so they aren't so visible, simple fix but you'd be amazed how awkward a conversation can feel in a laundry room surrounded by strangers dirty clothes !

Bedrooms - I sometimes feel like a mean mom when I arrive at an open house, your bedroom does not need to look like its not being lived in BUT you do still need to make your bed and clear the debris off of the floor !

Garbage - Put it out in cans that have covers !! There is nothing like a funky smelling garbage pail to turn a buyer away from a otherwise gorgeous kitchen, or showing off your perfectly kept backyard while trying to combat the flies that are circling your garbage.

Just as important as what the house looks like is what your buyers will receive when they come to your open house. Ask your agent to show you what they will be setting up in your home to give to prospective buyers, make sure all the information about your home is on the hi-lite sheet. I also give out town information for those buyers who are not from the area. You want to make sure your home is memorable for every buyer that comes to view it ! I also have Virtual Tour DVD's this way the buyers can share it with their friends and family as if they were walking them thru it in person !

Buyers

Many buyers feel a bit overwhelmed by the agent who is hosting the open house, this is why I recommend that you work with a Buyer Broker !! When you have your own Broker you still can attend open houses but your agent should give you a large stack of their cards to hand out to the agents of the homes you see. You will no longer need to sign in other than your name, your broker becomes your middle man to deal with the listing agent! Now, as a courtesy to both your agent and the listing agent if your working with you own Broker don't wait to tell us that until your leaving ! We won't treat you any differently but during busy open houses we need to know so we can focus on those people who have no one working to keep them fully informed.

Buyers also need to take somethings into consideration when your attending an open house, I don't care if you come by yourself or bring your entire family the more the better ! But, when you bring your children please keep an eye on them ! This is mainly for their safety, but also for the homeowners belongings that may be interesting to a child to want to pick up and play with. My job as the listing agent is to show you the house, not watch your children while you mosey around the house. If you are bringing your child I always recommend having yourself and another adult with you so that someone is able to keep a close eye on them. I am a mom a very rambunctious 4 year old and I understand that they will touch things, and open and close cabinet doors because they are curious but you still must keep an eye on them.

You will also want to come up with a plan of how to remember the open houses you have attended, I usually recommend that my buyers shoot me a text or an email so I can track them for them. If your opting to not use a buyers broker than you should have a folder or some place to organize all of the hi lights sheets and information your going to receive. Remember we are limited on the amount of space we are given on websites so sometimes there will be important information on those Hi Light sheets that aren't listed on the Multiple Listing Service. It will also give you a place to keep the information you find out about the towns your looking, such as school information this way you can find it all in 1 place !

Hurricane Sandy Devastates Town Of Babylon

2012-10-30T13:45:00.001-07:00

I hope everyone made it safely thru Hurricane Sandy, my son and I were lucky enough to still have power & only downed trees. We decided to head out today and see what the damage to our community was, I hope everyone is saying safe after this horrible storm. I would also like to say that come this evening if you do not HAVE to be out, please stay safe inside your homes !

Garage Sales Made Easy !

2012-10-25T22:51:00.000-07:00

Real estate agents often talk to homeowners about clearing out some of their belongings from their home before putting it on the market, and many people will decide to try the yard sale route. This sometimes works great, but alot of people who decide to go that route are often disappointed by the outcome selling things for $1 or $2 after spending the better part of their day pulling things out than having to put it back into their house. Some homeowners, including myself don't even get to that point I've been planning my garage sale for the past 5 years !

Trust me I can understand why it is such a daunting task, and because of some much needed renovations to my home and a "suggestion" from my contractor I was put in a position that either A. this garage sale I'd been planning needed to happen or B. My garbage men and neighbors were about to hit the jackpot!

I still couldn't see myself spending a week pulling everything I didn't want out to get prepared for the garage sale, and than spend an entire day trying to sell it with my son underfoot. I looked into the Ebay store route but it still involved packing it all up in my car and taking it to the store for them to sell it. Even doing normal Ebay, than I would be going out and having to ship and weigh everything and than pay for it to be advertised on the site whether it sold or not.

After a bit of brainstorming, I realized that I could have a "Virtual Garage Sale" with a little bit of help of Facebook, Craigslist, & EBay. It would be a garage sale everyday for as long as I wanted, plus it would cost me minimal time and effort plus I would sell alot more in 3 months than doing a 1 day garage sale.

Here are the steps to making your "Virtual Garage Sale" successful !

The first step is of course deciding where your storage area for your items will be. If your like me there is not 1 area of the house to put everything you don't want or need anymore and be able to navigate thru it on a daily basis, I unfortunately do not have a basement. If you are lucky enough to have one than that will usually make your life a bit easier. I borrowed some fold out tables from friends and families and decided to set shop up in my garage lining the garage walls with the tables.

The next step is deciding what you are going to sell in order to make the most of your time, you don't necessarily want to put 50 different items online because maintaining the ad can become time consuming and you will stop keeping up with it because it will become tiresome. Instead you will want to consider starting with something like 10 ads with 3 or 4 different categories, or think about grouping them so they cross advertise one another. If your selling things like DVD's your best bet will be to sell them in bulk, putting up the full list of what you have available and sell them in lots of 5 letting the buyers choose which 5.

You will want to decide what the best kind of site you want to advertise on. An Online Ebay Store was a bit much for me to undertake, so I opted for the Craigslist route. When you use Ebay you will need to decide if you want someone to be able bid or buy immediately with their Buy It Now feature, you will also need to set up a PayPal Account in order to receive payment. Ebay also allow you to re-list without having to redo the entire ad week after week, but they do charge you to advertise on their website whether the items sells or not.

Another option is Craigslist, which is the route which I chose because I was more comfortable not having to be responsibility of making sure the items got delivered. The upside to Craigslist is the fact that you are not charged per ad, but the downside is you will get quite a few bogus buyers who have no intention of buying. This site also allows you to simple renew your ad with one simple click, bringing you back up to the top of the list.

You will want to share what your selling, you never know who knows someone looking for items for cheap. I created an entire facebook album where I have what I am selling, and I have sold a few things to friends of friends because of it.

Once you have your area set up, and your ads are running you simply sit back and collect your profits ! Because your only running a handful of ads, after you have items sold simply put up whatever you would like to sell next.

Now, there is some safety & privacy precautions you will want to take if your using Craigslist, which is usually best for large or heavy items.

Never believe anyone who offers you a money order because they are "out of the country" or "buying for a relative", they are scams !

Never allow someone to go into your home when they come to pick up the item unless it is absolutely necessary .

Always have someone in the house with you, or offer to meet them in an area that you know during the daytime!

Do not put your actual home address in the "location" area, just put the town, and never give them your home phone number always use your cell !

I've been doing my Virtual Garage Sale, via CraigsList for about 2 weeks and I've sold about $200 worth of items with less than 3 hours worth of work to get it done, and the only reason it took that long was because I had alot of small items I need to sort and group before posting my ads. I've sold things from an old microwave for $10 to $75 for a old video game system ! Happy Selling !

Pets Etiquette 101

2012-10-15T21:59:00.000-07:00

This blog is to educate both homeowners and buyers with a little bit of "pet etiquette" when it comes to their homes and homes that you may be viewing. Now as a disclaimer let me say this before I go any further, I am a pet owner I have 5 dogs and 2 cats so I understand that the dogs shed, and the cats litter will never smell like a bouquet of roses! As a buyer you will want to be courteous because these animals are very much part of the homeowners family - as a homeowner you will want to be courteous that not everyone is a animal person!

Let's begin with some etiquette for the buyers and some tips to keep potential problems at bay!

If you are severely allergic to any specific animal, you should really share this information with your Realtor. More than likely we still going to take you to those homes unless it is severe, your agent will explain the special circumstances to the listing agent. The homeowners can do a bit more of cleaning, and we will know in advance what we may be walking into.

Hopefully the homeowner has cleaned up but if you happen to walk into a home, and there is let's say the smell of a cat or dog do not say anything about it to the homeowner it is rude, mention it to your agent, let them communicate to their agent. If it is an ongoing issue their agent will be aware of it, and will be able to approach it in their own way to their client.

Recently I have been coming across people with extreme fears of dogs, but this goes for any animal. Although the animal will not be coming with the house their is nothing worse than not being comfortable while your viewing potential homes. You don't ever want to have to rush through a home, your agent will make a specific call to make sure you will be able to view the home animal free!

Now before I go any further I would like to give you an example of why "pet etiquette" is so important for not only the people who are viewing your home, but for your pet as well!

I recently went to a rental listing where the owners had a very large pit bull, he was quite surprised to see me in what was clearly his part of the yard! My client is petrified of dogs, so although he was only protecting his turf this gave her quite a scare. If she had mentioned this fear I would have never shown her a listing where she would have to live along side not only a dog but an extremely large dog. The listing Realtor should have also written clear showing instructions on where access to the apartment, the dog would not have been to blame if he attempted to protect his turf.

Now let's talk about some tips for homeowners and their pets !

If you have pets sometimes it is best to ask for advance notice before your home is to be shown, nothing extreme but if you need 3 or 4 hours to make arrangements that is reasonable. If your animal is small enough to be crated it is a good option, especially if you have a small animal who could easily get past a buyer who may hold a door open for too long or not notice an escapee!

Vacuum and invest in some air fresheners ! Vacuum a bit more to prevent any accumulation of dander or hair in case of buyers with sensitive allergies. Put in some of the automatic air fresheners discreetly around your home, although you may not smell your animal potential buyers can be turned off by animal smells.

Clean up after your pet! You will want to clean up any toys, or "presents" your pet has left you in a timely manner. If you have a cat try and clean the litter box up daily, same thing with a dog buyers don't want to dodge landmines when they are walking around your backyard! If you have any puppy pads you will also want to pick them up before your buyers come to look!

Crate any smaller animals that you may have, place a post it on them asking buyers not to touch the cages. This prevents your pet from getting locked in any small spaces they may wander into, and any incidents can be avoided. I once had a Realtor tell me about her own cat cornering buyers in an upstairs bedroom and growling needless to say they stayed in that corner until the agent came to their rescue!

The best thing you can do when you have pets is to find yourself a pet friendly realtor! We can help you with the process of making sure your pets are not only well taken care of but protected when your home is being shown!

An example of where your animal would need to be protected is something I came across just the other day and I give credit to not only the homeowner but to the agent! I arrived at a listing where the homeowner was not present for the showing, and on the door there was a note from the Realtor it said "Please be careful there is a small kitten in the home, when you open any closets please be aware of where she is so she does not get locked in closets or boiler room, if you are not able to get her out of any area please call me immediately do not try and grab her!" The kitten did indeed great us immediately at the door, and would have scooted right out if we hadn't been aware prior to going in that she would be there!

Here is another example, my homeowners who will more than likely see this blog (hi guys!) happen to have a average sized dog. Any showings that I do during the day I go a bit earlier than the buyers are expected and I take Bella outside into the backyard. When they are ready to view the backyard I simply walk her onto the sidewalk, and than back into the house! The homeowners leave me her leash out on their kitchen table for showings during the week, and during open houses Bella visits families members for a bit!

Never assume that a Realtor will do these things for you, not everyone is comfortable with other peoples pets! You will want to talk with whomever your choose to list your home about what arrangements you should make for your pets and what they are comfortable doing to help!

How To Handle Offers On An Overpriced Home !

2012-10-09T18:50:00.002-07:00

Finding the right house for a buyer can be tough, not only on the clients but on the realtor as well. When you opt to use a Buyer Broker it can be a bit easier but sometimes the only thing standing between your and your new home can be a seller.

When you choose to use a Buyer Broker they may show you homes that are priced above your price range, and you may wonder why, isn't that a tease since you can't afford the price. Remember just because a home is listed at a certain price it does NOT mean it is worth what the homeowner may want for it! Sometimes an agent will not take the time to educate a homeowner about the current market prior to listing the home or they may opt to go with their gut on price, this makes it much harder on all involved but it does happen.

When it comes to a home that is over priced in any area the negotiations can go a few different directions but will always require patience and strategy when it comes to putting in an offer. You will of course want to review the comps in the area carefully with your Buyer Broker, because you will want to be confident in your price being fair. Putting in a offer below the market value will make negotiations much harder, because your leaving a bigger gap between what you want to buy it for and what they believe the home is worth. When your agent presents the initial offer that is when you will normally find out why the home has been priced higher than fair market value.

Once your agent has put in your initial offer that is when you will begin to be to strategize what kind of negotiation style you will use when it comes to how you will counter.

If the homeowner comes down to a significantly lower price point it is a sign that their agent is educating them about what their home is actually worth in the current market. You will want to do the same with your counter in order to show them that you are a serious buyer! If your only around $10,000 apart in price sometimes offering to split the difference between is fair and will sometimes get you an accepted offer ! Remember whether the home is over-priced or fair value your best way to get an accepted offer is to put yourself in the sellers shoes!

If the homeowners barely budges off their price, either their agent has attempted to educate them with no success or they simply think the home is worth more as well. The conversation between your Broker and the Listing agent will clear up which one is the case.

This is where things can require quite a bit of patience, sometimes your best bet is to back off of a seller and give them time to sit on the market, and see for themselves that no one will buy their home for that price. It is a risk when you do this, and you should only do this if you have tried presenting at least 2 reasonable offers and your still significantly far apart on price. By far apart I mean over $20,000 and if the seller has not given reasonable counter offers !!

You will also want to be sure your agent keeps in contact with the listing agent, you don't want to wait to see a price reduction on MLS because than you may find yourself in a bidding war because of other buyers looking at the new price ! You shouldn't stop looking at houses either while you are waiting out a seller. Many times I have buyers who look at quite a few other homes in the interim and it helps puts in perspective what their money can buy. You may decide that your willing to pay a bit more than you originally decided for a home, or you may find a better home !

Once the homeowner has had sometime sitting on the market you will than see if they really want to sell their home, or if they were just putting it out their to see what would happen.

Before you place another offer on the house schedule another showing with your broker to go and see it again, ideally when you know the homeowner is going to be home. You want them to know your still interested in their home in case there agent doesn't remind them of your previous offers !!

Make sure when you present your next offer don't skimp out make sure that your agent reminds them of all the details of your offer. You may still need to do a bit of negotiating but again patience is key ! If the homeowner is still not being reasonable you may have to continue to wait it out, you may end up finding a better home but I'm always certain for every buyer is the perfect home !

Most people think the number one reason to use a Buyers Broker is so that you don't over pay for a house, but that is not actually the most important. It's not always about making sure you don't overpay but also about making sure you don't miss out on a home because of trying to under value someone's home. The best reason to find yourself a Buyer Broker that you trust is actually to make sure you don't miss out on a home that would be a great fit for you period.

The Truth About What Your Home Is Worth !

2012-10-02T16:06:00.000-07:00

Now almost every homeowner that has seen one the "Online Home Values" that are now being offered by Trulia, or Zillow call and express to me that their home is not only worth more than what it is/was listed for but it is even higher than that!

Let me just say this in the most simplest terms, they are WRONG! Yes I said it, and I am sure in some parts of the country perhaps their pricing is correct, but not here on the South Shore of Long Island. Experts have done research and their values are actually off by around 20% and in some cases up to 50%! Now most people will than ask how can they do that, it is simple they put a disclaimer on their page and that's it.

If you really want to know what your home is worth you need to make sure the information that the value it is being based on is accurate, and up to date! On many of these sites the value of your home is based upon the closed sales, under contract sales but they don't often reflect current sales. Now here are the biggest problem with these sites.   Problem #1 if your neighbor or someone across town from you decides to over price their home that doesn't raise your value obviously, but according to these sites it does. Problem #2, just because a house has the same number of bedrooms or baths it does not mean they are worth the same. This is where style of home does come into play, a Colonial style home is going to have much more square footage, than a Cape style home even if it does have the same amount of bedrooms. Problem #3, we have no idea which of these formulas they are using when they calculated the value of YOUR home! Problem #4, they could never receive information as quickly as a Realtor can, computers are a wonderful tool in today's market but that will never replace hard work, and research by an actual person!

So how do you figure out what the value of your home actually is, well that is simple. Call a Realtor!

They should be able to provide you with at least 3 comps for homes that sold within the last 180 days - with similar characteristics to your home (ex-square footage, rooms, bedrooms, baths, taxes).   This will be crucial information, prior sales are what the bank will be looking for. When you are looking at these comps your should be sure to see how many days this home was on the market as well.

They will also show your homes that went under contract with all the same characteristics that I previously mentioned. This will show you about what price bracket you should be in when you price your home to get an offer. This will be a great way to see how long homes in your area are for sale before they get an accepted offer!I personally believeit it is better to be at the top of a buyers price range, than at the lower end.

Lastly they will show you homes that are on the market, again all the same characteristics and this is where you have the chance to judge your home from a buyers prospective. From their prospective you want to make sure that your home shows value for that price range. I do not mean price it below market value, just simply look from a buyers prospective and if your home is all original, and other homes on the market are updated you should make sure you adjust your price accordingly.

This is the ONLY information that will give you the real value of your home, so take the time and speak with your Realtor regularly about your neighborhoods current market!

Preparing Your Home For The Fall Selling Season

2012-09-12T17:31:00.005-07:00

Someone at some point started a myth that selling your home during the fall and winter months is a bad idea. Now I have written a blog dedicated to this, so take a look at this blog for some reasons why you should keep your home on the market during the next few weeks HERE.

This blog is dedicated to some of the things you should do in and around your home to really make it stand out for the upcoming fall season.

Outdoor Tips

Keep Up Your Curb Appeal - Keep making sure your lawn and shrubs are being well maintained, if your like me most of your summer flowers are no longer looking so perky. Either replace them with some fall perenials or simply take out the dead flowers, and store away the planter.
Outside Living Area - The outdoor area is still a great place to make your home stand-out, because many people are still very interested in taking a good look at it you should play it up. Of course, if you are like me your pool will be closed pretty soon so be sure you just try to keep the area around the pool clean and tidy. Leave the patio area still accessible and set up as if you would be entertaining because many people are visual if they don't see it they can't picture it!
Keep The Lights On - With our days becoming shorter you will want to make sure that all your outdoor lights are working properly. If you have a patio area or gardens investing in some small solar powered lighting is a great idea. You can generally find these in 4 packs for under $30 at your local Lowes or Home Depot, this is a great way of highlighting those areas you may not otherwise take notice of!

Indoor Tips

Switch Out Your Accent Pieces - With the fall months try bringing in some darker tone accent pieces, if you have guilts considering hanging them or simply switch out those light summer prints for some others. This is great because you will be able to take them with you to your new home and you can find it these at your local discount store.
Add Candles & Bring In Fall Smells - This is a great idea because most people like the typical smells of the fall: Apple Pie and Pumpkin are my particular favorite. It also adds to the lighting aspect and gives it a bit of ambiance !
Prep Your Fireplace - If your fireplace works now is the time to have it cleaned and ready for use. I don't recommend ever leaving a fire burning for buyers to see but it should be ready in case they ask you if it works. I have a son so therefore even though my fireplace works I have a 4 year old so it is not the safest to use, try putting some candles or arrange come pumpkins by it to spruce it up a little bit!
Change The Linens - Change over some of those light colored throws and pillows to darker colors, or hang your heavier drapes. You can also set up your dining room table with some dark, rich linens with a nice accent piece to warm up your table.
Bring Out The Welcome Mat - The fall brings us some rain and cold weather so you will want to have mats for the buyers to feel okay with wiping their feet on. You can offer them a place to hang their jackets while they walk around your home, you don't want them distracted you want them to take it all in!