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When is the best time to buy a home?

by Vanessa Saunders

These days it's almost like saying "How long is a piece of string?" However, there are many reasons for deciding to buy a new home, here are the most common:

1.       You prefer to be an owner rather than a renter.

2.      When you need a tax break. The mortgage interest deduction can make home ownership very appealing.

3.      You are not counting on price appreciation in the short term.

4.      You can afford the monthly payments.

5.      You plan to stay in the house long enough for the appreciation to cover your transaction costs. The costs of buying and selling a home include real estate commissions, lender fees and closing costs that can amount to more than 10 percent of the sales price.

6.      You can handle the maintenance expenses and headaches.

7.      You are not greatly concerned by dips in home values.

 Do you have other reasons to add to this list?  Drop me a line and let me know.

What is a Conforming High Balance Loan?

by John Naclerio, Wells Fargo Home Loans, New City

(Sounds Like an Oxymoron)

A conforming loan is one that is sold to one of the Government Mortgage agencies FHLMC or FNMA (Freddie Mac & Fannie Mae). Each year the agencies set the loan limits in response to changes in housing affordability nationwide. The current conforming limit is $417,000. For 2011 the conforming limit is going to stay the same.

Conforming High Balance loans were introduced as a temporary fix by the government mortgage agencies in response to the illiquidity of the Jumbo loan market which basically vanished during the financial crisis. Under this temporary program, Freddie and Fannie buy loans up to a limit of $729,750 based on the housing costs by county. This is the limit for the down state NY market where housing costs are higher then the national average.

Conforming High Balance loans provide attractive pricing to the home buyer for a loan above the conforming limit of $417,000, typically only 1/8% above the conforming pricing.  

 For 2011 the Conforming High Balance Program will continue through at least September 2011 at the same loan limits as of today

FHA,  the Federal Housing Agency, is currently also offering high balance loans allowing a borrower in high cost markets to obtain a mortgage up to $729,750 with as little as a 3.5% down payment and very attractive pricing.

The FHA has not yet announced whether they will continue the program for 2011 and if they do, we do not know whether they will keep the loan limits the same.

The VA (Veterans Administration) that provides attractive loan programs for Veteran’s also provides a high balance loan program with loan limits in 2010 in high cost areas up to a guaranty maximum of $681,250.

The VA has also not announced whether they will continue the program in 2011 and if so what the loan limits will be.

Stay tuned for the updates and rest assured that attractive financing options are available for loans above the conforming loan limits!!

 

Posted by John Naclerio- 11/29/2010  

What Every Seller Should Know about Today's Market...

by Vanessa Saunders

This is the first time in several years that I've seen so much buyer activity, however our current inventory is so low that I'm practically begging potential sellers to list their homes!

Why? It's a time that historically sellers either withdraw for the holidays, or wait until Spring to put their home on the market. Unfortunately for them as they aren't on the market they have no chance of selling at a time that is really optimum for them to do so.

See my Blog that was recently published on Active Rain (The Realtor's Site).

If you have been thinking of putting your home on the market and are procrastinating, call me to help you make your decision!

845 598 5083

The purpose of a home inspection

by Vanessa Saunders

When a buyer enters into an agreement of sale for the purchase of a home, the agreement should contain a provision which entitles them to a home inspection. The buyer's right to a home inspection is determined by the terms of the parties' agreement of sale. Certainly, purchasing a home is a significant financial transaction. A home inspection can be crucial to the buyer's understanding of the condition of the home, as well as the necessity of any repairs.

What Is A Home Inspection?

A home inspection is an evaluation of the condition of a home. It involves an inspection of the structure of the home itself, as well as the systems within the home. When considering the extent of a home inspection, it is important to keep in mind that a home inspection is a visual inspection. In other words, a home inspector will not look behind walls or under floors.

The inspection of an average-sized home will take at least 2-3 hours. During this short period of time, the inspector will not be able to make an evaluation of every item within the home. It would be impossible for him to do so. Generally speaking, the home inspection is a process designed to assist the buyer in determining the overall condition of the home.

What Factors Should I Consider In Selecting A Home Inspector?

The selection of a home inspector is an extremely important decision. Ask for referrals from friends, family members, or business associates. If necessary, consult the telephone directory or local referral associations. The key is to find a home inspector you trust. 

Some factors to consider are

  • Is the inspector licensed in his state?
  • What is the cost of the home inspection?
  • What does the home inspection cover?
  • Does the home inspector charge an additional fee for water testing, radon testing, lead testing, asbestos testing, or other types of tests?
  • What certifications does the home inspector possess?
  • What is the home inspector's experience?
  • Does the home inspector seem comfortable discussing his or her knowledge and experience?
  • Has the home inspector ever had any complaints and/or law suits filed against him or her?
  • Will you receive a written report detailing the home inspector's findings? How quickly will you receive the report following the inspection?
  • Is the home inspector willing to provide references from other home buyers?
  • Does the contract for the home inspection limit the home inspector's liability for any errors? For example, does the contract limit the home inspector's liability to the cost of the home inspection itself?
  • Does the home inspector carry errors and omissions insurance and general liability insurance?
  • If you have any type of dispute with the home inspector as a result of the home inspection, how will be it resolved? Does the contract for the home inspection contain an arbitration clause?

Where Can I Find Additional Information?

The laws regarding the licensing of home inspectors vary from state to state. For more information, contact the Office of the Attorney General or the Better Business Bureau for your area.

Lastly, while it is not necessary for a home buyer to attend a home inspection, a home inspection provides an excellent opportunity for the home buyer to learn about the home. Attend the home inspection and ask questions

For a list of local home inspectors contact Vanessa or go to the buyer information links on our main website.

What the Heck is a Purchase CEMA?

by John Naclerio of Wells Fargo Home Mortgage

No it is not a new drug to cure arthritis or a pill to help you lose weight. If you are in the market to Purchase or Sell a home in the New York area, it is a powerful tool to help lower your closing costs as a buyer and reduce the transfer tax for the seller.

You see in NY we pay a tax to buy and sell our homes called the New York State Mortgage Tax (to buy) and (transfer tax ) to sell. It varies from county to county, for example the cost is 1.30% in Westchester and Rockland and as high as 2.80% in the 5 boroughs of NYC. One quarter percent of the mortgage tax is paid by the bank and the rest is paid by the buyer. The transfer tax in varies from County to County as well and is $4 per $1000 in Westchester and Rockland County.

When gathering facts about the home you want to purchase make sure you put “Is there a mortgage on the current home, if so what is the amount and finally who is the mortgage with”, on the top of your list of questions.

A Purchase Cema saves the Buyer on the mortgage tax they will have to pay and it saves the Seller from having to pay the transfer tax up to the current balance of  the existing mortgage. Yes a strategy that has a benefit to the buyer and the seller.

Lets look at a quick example of a home located in Rockland or Westchester County:

Selling Price of the home        $500,000

Current Mortgage                   $300,000

New Mortgage                        $300,000

 

Savings to buyer            $3,120

Savings to the seller        $1,200

 

Not every bank allows a Purchase Cema  and it works best when the bank who holds the mortgage today is the same bank that is executing the new mortgage. You also need an informed mortgage professional and a competent attorney and of course a “best in class” Realtor to quarterback this strategy.

Thanks to John Naclerio of Wells Fargo Home Mortgage, New City for this great explanation of CEMA.

Have questions? Contact John Direct.

 

Football at Westpoint Military Acadamy

by Vanessa Saunders

Even a Brit can enjoy Football in the wonderful surroundings of the Westpoint campus. Since moving to Piermont in 1997 my family has made a yearly outing every fall to take in far more than just a college football game.

The day begins with a parade of the cadets followed by helicopters and parachutists dropping onto the parade field. Then the crowd goes back to the lower field on the edge of the Hudson to take in the marvelous fall colors with the backdrop of Storm King Mountain to take part in a tailgate lunch like no other.

Walk or bus through the wonderful buildings and playing fields past the lake to what has to be the most picturesque football field in the USA. Then enjoy the dualling bands, uniformed cadets and the spectacular views. One time there was even a fly by of jets! Awesome stuff, and certainly a memorable day out even if you don't understand the game!

There are many more sports at Westpoint than football to enjoy, take a look at their fall schedule and hopefully you'll get a chance to visit soon.

Thanksgiving giving...

by Vanessa Saunders

Thinking of giving something for Thanksgiving to benefit others but don't know where to start?

Try running or walking to benefit these two organizations.

http://www.active.com/running/congers-ny/meals-on-wheels-programs-and-services-of-rockland-5k-thanksgiving-walk-2010

 

 

 

 

 

 

If you don't feel so energetic but still wish to help out Rockland's People to People have a really easy way for you to do so...

http://peopletopeopleinc.org/images/Talk%20Turkey%202010.pdf

America's Recycling Day! 11/15/2010

by Vanessa Saunders

 America Recycles Day - November 15th

 Recommit to recycling for the health of the planet

 Everyday Americans recycle their trash because they know it's an important activity that can have a positive impact on the environment. 

 But once a year the U.S. Environmental Protection Agency sets aside November 15 to remind everyone that recycling plays a dramatic role in reducing pollution. It's a great day to recommit to recycling, and to consider adding some additional recycling activities to our daily routines.

 The average American discards about 4.5 pounds of trash, also known as solid waste, every day.  This trash goes mostly to landfills, where it is compacted and buried. Thirty-three  percent of solid waste, or 83 million tons, is recovered and recycled or composted; and 54 percent, or 135 million tons, is disposed of in landfills.

 But within your trash are many valuable resources which can be recycled and reused, such as glass bottles and jars, plastic detergent jugs, aluminum cans, paper containers and packaging, yard clippings and even food scraps. As the population grows and the amount of trash continues to grow, so will pressure on our landfills, our resources and our environment.

There is nothing new under the sun, according to the National Recycling Coalition.  "Before the 1920s, 70 percent of U.S. cities ran programs to recycle certain materials. During World War II, industry recycled and reused about 25 percent of the waste stream."  

 America Recycles Day helps to raise awareness of the importance of recycling today.  The nation's composting and recycling rate rose from 7.7 percent of the waste stream in 1960 to 17 percent in 1990 and is currently hovering around 33 percent.

 Your contribution matters.  In 2008 -- the latest recycling statistics available -- recycling and composting 83 million tons of waste saved the equivalent of more than 10.2 billion gallons of gasoline.

 To bring the idea of what can be saved closer to home, think about this: By tossing one aluminum soda into the recycling bin, you've just saved enough energy to run your TV for two hours.

 It all comes back to our individual efforts. Reduce, reuse, and recycle!

 For more information on recycling go to:  http://www.epa.gov/reg3wcmd/solidwasterecycling.htm

 For more information on America Recycles Day go to: 

http://www.nrc-recycle.org/americarecycles.aspx

Home Truths

by Vanessa Saunders

Looking to sell your home in Rockland – and get top dollar into the bargain? Here’s how to give your house a head start in the race to seal the deal

You’ve finally made the decision to sell; you’ve rung the Realtors, got your valuations and put your house on the market, eagerly anticipating the thunder of footsteps as desperate buyers beat a path to your door. But getting a quick sale isn’t always as easy as you might think, and with the continued flattened property market you’ll need a whole arsenal of tricks to make your home stand out. So what’s the secret to getting a buyer from a considered ‘I’ll think about it’ to an enthusiastic ‘I’ll take it’?

First Impressions

One thing REALTORS know about is ‘curb appeal’ – making a good first impression. While you may be used to the worn window frames, the creeping ivy and the window boxes full of exotic weeds, a potential buyer will run for the hills.

Get out there and pressure-wash the front of your house and the path so that they gleam. Get rid of any tired window boxes or buy seasonal already-in-bloom shrubs and plant them. Have your windows cleaned and, better still, re-paint the frames. Clear the path, hide the trash cans (unless it’s pick up day!) and perhaps invest in a pair of matching trees in handsome pots for the porch. As for the creeping ivy, that will have to go. Curb appeal, ultimately, is key: you want your buyer to think that they will be buying into something special the minute they walk up your path.

Making an entrance

For many of us, the front hall is akin to a dumping ground. Sounds familiar? Start by tackling the closets: if summer jackets are no longer needed, move them into your wardrobe or better still start packing and use large plastic tubs to clearly identify each seasons clothing and store in the attic or basement ready for the move. Leave only what you need hanging up and tidy the jumble of shoes lying beneath. Clear the hall table of keys, candy and cinema tickets – the usual debris of everyday life. It’s a nice touch to create a display with a vase of flowers or a tasteful pair of candlesticks, but don’t overdo it. Forget the smell of baking or ground coffee, which reeks of trying too hard. Instead, try aromatherapy oil burners to create a welcoming ambience. Lemongrass is always a fresh-smelling winner, or geranium and orange are nice, too. Don’t forget to vacuum thoroughly and treat any carpet stains well before your first viewing.

Tip: If you’ve got a dark or dingy hall, hang a few mirrors on the walls, placed so that they bounce the available light around. Not only will your hall look lighter, it will also appear larger

Kitchen clever

Kitchens can be a real deal-maker or breaker. This room will probably be one of your biggest selling points, so clean it thoroughly and clear all the clutter from the work surfaces. Get rid of any sign of pets, including food bowls or litter trays. Never leave dishes in the sink or on the draining board – it’ll make the place feel like student digs. If your kitchen units have seen better days, paint them and replace wobbly handles for a cheap facelift. Don’t allow your floor to let you down, either. If it’s scuffed or stained, consider re-laying it. If if you are pushed for cash use a stylish but keenly priced vinyl.

Tip: While you’re having house viewings, don’t cook food with lingering odors. Even if you think the smell is gone, buyers with sensitive noses might still detect a whiff of that grilled fish or spicy supper!

Lighten up

It’s a fact that light-filled homes sell faster than dark, moody ones. So what do you do if yours is less than sun-blessed? Achieving a light and easy-does-it feel can be challenging in chilly, north-facing houses. Start by ditching any dark interior wall colors. People love a neutral scheme as they can imagine what their own furniture will look like in situ. And these days, with so many lovely shades of cream, linen and buff around, magnolia really is a thing of the past. Perk up woodwork with quick drying gloss and make the most of your windows, too – pull heavy curtains right back or ditch them in favor of voile or muslin. Roller blinds are great because they can be raised and shut up tight, allowing the maximum amount of light into the room. This is one area where a bit of investment goes a long way.

TIP: Got an evening viewing? Rather than have the overhead light on in living rooms, place either a table or standard lamp in each corner of the room to create a warmer, more welcoming atmosphere.

Blitz the bathroom

Give your bathroom a fighting chance by de-cluttering ruthlessly and putting away the selection of shampoo bottles, kids’ toys and threadbare mats or dingy towels. Scrub all surfaces until they sparkle and put our clean, preferable new, towels when showing. This may be stating the obvious, but it’s a point worth underlining: a clean bathroom creates a good impression and makes buyers feel more favorable inclined towards the property.

Tip: Want to see your home as others do? Ask a friend or neighbor to come over and comment honestly on what needs tackling. Failing that, take pictures of each room and critique them with a dispassionate eye – the camera doesn’t lie…

 

 

And so to the bedroom...

While the bedroom isn’t the real clincher that the bathroom or kitchen are, your future buyer is still going to spend a large proportion of their life in it. So clear all clutter, including windowsill displays, and put away as many of your personal items as possible. Buy some new white bed linen – it doesn’t have to be expensive – and iron it before putting it on the bed. Add a few cushions for a luxurious and appealing touch. Aim for a streamlined yet comfortable feel.

Patch up your patch

If you’re putting your house up for sale over the winder chances are that your patch of green might be struggling to meet its job description.

To give it a fighting chance, go on a massive tidying spree: tie up unruly bushes and prune and rake all winter debris. Staining fences gives them a new lease of life – There many great ranges of colored paints for garden woodwork these days. Deep-clean patios with a pressure hose and don’t forget to hide that rusty barbecue – or cover it, at least.

Turning a "no" into a "yes"

House still not selling? There could still be bits to do that you haven’t thought of. Run through this checklist of things guaranteed to put of buyers – and fix them!

Turn TV’s off! Period, no arguing about this point. Do you really want the buyers sitting on the sofa watching the game or looking at the house? By all means create an aural atmosphere with quiet “elevator style music” playing in the background.

Animals however docile or small when showing are a no no. Some people are not dog lovers and may be frightened of Bonzo’s friendly overtures. Dog lovers don’t like to see caged animals and will stop looking at the house to comfort the pet. Take them with you when you leave, if you are at work and can’t take them, make arrangements with a dog walking service to have them out or ask a friendly neighbor to “sit for an hour”, but don’t forget to compensate them or it’ll be a one time deal…

Owners at a showing are a no no. Why? When you feel that only you are the only one able to answer buyers questions and point out EVERYTHING you become that annoying salesperson you hate when looking for clothes in a clothes store.  GET OUT and AWAY from the property and don’t come back if you see people are still there. Buyers want to make up their own minds about your home, without you hanging off their elbow, pointing out each and every last cherished feature. Leave the chat to their REALTORr. Don’t worry there will be plenty of time for you to show the smallest nuances of the home to those that wish to know more and move forward with an offer.  The first showing and sometimes even the second or third are for the buyer to “see” themselves in this space. They frankly don’t care about the bookcase you built yourself or the switch under the sink at this stage. This goes for your REALTOR too unless she is also working with the buyers.  The buyers’ REALTOR will thank you for taking this stance as they need as much time in the home as possible without interruptions to enable their client to feel comfortable. They will compile a list of questions their clients have and address them with your REALTOR later.

A house that feels like either a sauna or an icebox. Aim for a moderately heated home in winter The National Association of Realtors recommends 72 degrees Fahrenheit. Whenever possible it’s great to open a few windows when the weather allows – assuming you’re not on a main road where the traffic noise is off-puttingly  loud.

Depersonalize. You want people to imagine their things in your home, so stash away personal items and photos. In every home I’ve ever showed that has personal photos the buyers have stopped dead to discuss the current occupants, their family weddings, grandchildren etc. They completely forget what they are in the home to do…time clicks by and then they are rushed to go to the next property. At the end of the day when we discuss the homes we viewed, they can’t even remember being in the ones with the photos!

And finally...

Remember that with so many homes currently on the market yours has only one chance to make the buyers list. That will decision will be based on two factors. Price and Condition.  Whereas it used to be Location, location, location, Price is now the leading motivator for buyers followed closely by condition. The way your home is viewed in photographs is the second most important factor when selling to get the buyers to your door. After that, it’s how your home compares to all of the others that are on the market in your price range.

A really great way to discover what your competition offers the buyer is to go and view them with your REALTOR. Make notes and come back and look at your home objectively from the buyer’s point of view.

Keep Rockland Beautiful Annual Awards Dinner

by Vanessa Saunders

Keep Rockland Beautiful will host its Annual Awards Gala at the historic Bath House in Nyack Beach State Park"This magical event takes place in the historic Bath House at Nyack Beach State Park, and is preceded by a day of en plein aire painting by members of the group Artists in the Parks. The evening Gala features healthy food, live music, locally brewed beer, and a gallery of paintings by local artists available for sale. All proceeds benefit Keep Rockland Beautiful's programs as well as the restoration of the Bath House building as a community facility."For more information, call 845-623-1534 or email: info@keeprocklandbeautiful.org

Displaying blog entries 121-130 of 338

Contact Information

Photo of Vanessa Saunders & The V-Team Real Estate
Vanessa Saunders & The V-Team
Global Property Systems Real Estate LLC
680 Piermont Avenue
Piermont NY 10968
(845) 598 5083 | (845) 848 2218 | (845) 680 6207
Fax: (845) 613-7223

  

 

Global Property Systems Real Estate LLC | 680 Piermont Avenue | Piermont  NY 10968 | USA

Contact Us

Buyers/Renters:   845 848 2218  | Sales: 845 680 6207 | Commercial Services:  845 480 4355 | Fax:  845 613 7223
 

Email: info@wesellny.com