Tuesday, December 18, 2012

Getting a Mortgage in Pearl River



Have Faith? Pearl River GFEs Do!

Pearl River Good Faith Estimate: It’s Part of the Deal

Understanding the GFE, TIL

           
When you plan on getting a mortgage in Pearl River anytime this winter, you’re fairly certain to run into something known as the GFE. It’s the acronym for ‘Good Faith Estimate’-- and despite the reassuring name, the federal government decided they had better make it mandatory (to me, the opposite of having much faith at all). 
The GFE has a new format dictated by the federal Real Estate Settlement Procedures Act which requires lenders to provide an estimate of the charges and fees due at closing. Lenders have three days to make it available.
The GFE looks like a bill. It features a list of fees and charges denoted by three-digit codes. It is grouped into sections to make it more readable, and although at first glance the resulting grid looks overly complicated, after you scan through it once or twice, it actually makes sense. The reason it is a good idea is because of the number of charges that may or may not be on there. It prevents sudden last-minute cash flow surprises at closing. 
Once you receive your GFE, you'll also receive a Truth in Lending (TIL) disclosure form. This gives you the annual percentage rate for your mortgage, taking into account mortgage insurance, discount points and other assorted fees.
The GFE is exactly what it says - an estimate. This isn’t so that the lender can suddenly raise the prices: there is a built-in variability to the various processes that truly cannot be guaranteed until the last ‘i’ is dotted and the last ‘t’ crossed. The figures quoted in a GFE can rise as much as 10 to 15 percent or more by closing…they can also fall. The GFE comes in quite handy when you’re getting a Pearl River mortgage because you can compare it with the final, see where any differences appear, and be assured that it all makes sense. If getting a mortgage meant waiting until closing to see what surprises appear, the moment would be much less appealing.
 Getting a mortgage is an integral part of becoming a Pearl Rivel homeowner. Understanding the costs at every step of the way is a big part of the decision-making process – it is just one of the services every one of my clients can be sure I will provide. 

Monday, December 17, 2012

New City Holiday Conundrum: To List or Not To List


Listing Your Home During the Winter Months

New City Holiday Conundrum: To List or Not To List
Listing Your Home in December? Pros & Cons

If you are an New City homeowner struggling with the decision about whether listing your home for sale during the winter months is good or bad, there are arguments for either choice.
Let’s start with the “pros”:
One of the best things I like about listing your home for sale in the winter months is that the holidays work to your advantage.  Nothing says “home” better than a house that is well (and tastefully!) decorated for the holidays. By making sure the decorations accent the house rather than overpower it, you still funnel attention where it belongs: on your house!
 Another plus that comes with listing your home in New City during the winter months is the logistical reasons that keep the proportion of non-serious “shoppers” from occupying your time. I find that the majority of those who are looking for homes during the winter months are disproportionally intent on actually buying a home.
On the other hand, some of those same logistical forces serve as counterarguments against listing your home during the winter. They are the same reasons many real estate agents tell their clients to wait until the spring to list. It’s true that there are fewer daylight hours for home viewings…not to mention spates of bad weather, and the greater chance that holiday travel will interfere with both buyer and seller schedules. 
All in all, I think the arguments cancel each other out: I don’t advise you to allow the time of year to prevent you from listing your home in any season. If you are otherwise ready to sell your home this month or next, I say -- make the most of the season! Who knows – it has happened more than once that the right buyer is out there right now. I have marketing plans for New City homes that work every month of the year -- if you are ready to sell, I’d be delighted to help you launch your sale this holiday season! Call me anytime…845 544 4026..Marcella!

Friday, December 14, 2012

Real Estate Lingo

Listing Agent, Buyers' Agent, Sellers' Agent: Who is My Agent?
Knowing Your Local Agent’s Designation Makes a Difference

Selling Agent, Sellers' Agent – What’s the Difference?


        Buyers’ agent, sellers’ agent. In every Pearl River real estate transaction, the differences are easy to understand, right? Not quite. A potential linguistic trapdoor can lie right around the corner.
        For openers, that sellers' agent may also be called the ‘listing agent’ – both mean the same thing. The ‘trapdoor’ is a further complication that comes into play once a contract is in place -- after which the buyer’s agent may also properly be called the ‘selling’ agent!
        The potential confusion between seller’s agent and selling agent doesn’t usually have much practical significance: after all, by then, everyone should know the cast of characters and who represents whom. But it can come into play if buyer or seller are not actually present here in Pearl River to keep the names and duties sorted out -- but that’s rarely the case.
        What is significant is how the duties of each designated local agent differ in their obligation to you the seller (or you the buyer). Briefly, the buyers' agent helps prospective buyers find properties for sale, and the listing agent helps their home owning clients sell area homes at the most favorable price as quickly as possible.
Both agents have a fiduciary duty to represent their clients’ best interests, which can differ markedly. Nonetheless, in transaction broker states, it is also possible for an individual agent to represent both sides, which carries a special designation known as ‘dual agency.’
Personally, I have found that being a listing agent in Pearl River brings me many calls from future buyers who later become clients -- at which point I turn into a buyer’s agent, and after a contract is opened, the “selling agent”! Should you ever become confused (and now you can see how!), just ask your own agent to go over the differences for you. When you pick an agent whose knowledge and integrity are beyond question, he or she will be able to quickly clarify the representation. Or if you like, you can give me a call on 845 544 4026 & I will help you out in any way I can! Happy Holidays!!

Tuesday, December 11, 2012

Pearl River Housing Picture Not Quite Complete


Pearl River Housing Picture Not Quite Complete
2012 Housing Picture: Break Out the Bubbly?

Housing Momentum on Course to Continue


It may be a little early to start putting the champagne on ice, but looking over last week’s releases of housing reports gives us a fairly good idea of how our Pearl River housing picture for the year 2012 is likely to end up.
“The housing recovery that started earlier in 2012 continues to gain momentum,” according to CoreLogic’s Chief Economist. The monthly data report covered final national numbers for October (a year-over-year rise of 6.3%) as well as a probable 7.1% increase for the month just ended.
CoreLogic was also “seeing an ongoing strengthening of the residential housing market” as well as “improving buyer demand.” Pearl River housing watchers might have assumed that the aftermath of Superstorm Sandy would have put a big dent in the national outlook, but apparently that effect may be less than anticipated.
If CoreLogic’s take was not quite definitive enough to trigger an early break for the bubbly, there was additional news from the financial soothsayers. Seekingalpha.com stayed with its months-long view that “there are immediate long-term opportunities for homebuyers,” while Barron’s quoted RDQ Economics’ John Ryding’s pronouncement on the housing market: “the recovery is running ahead of our expectations…”
Meantime, the Wall Street Journal was blogging about the ‘Five Reasons Home Prices Have Been Rising’ – including favorable affordability, lowered levels of distressed sales, and rising rent levels. They also pointed to plunging inventories that “see more buyers chasing after fewer properties.”
Of course, the complete Pearl River housing picture for the full year won’t be known until December is in the books. But considering how the year has treated us so far, it might not be too soon to stash a bottle or two of the good stuff in the fridge after all!
Call me for a chat…845 544 4026
Marcella

Wednesday, December 5, 2012

Pearl River Virtual Tours Captivate Today’s Home Buyers



Pearl River Virtual Tours Captivate Today’s Home Buyers 
       
Last month, 181 million people watched more than 39 billion online videos, according to industry scorekeeper Score.com The skyrocketing popularity of YouTube, Vimeo and their competitors has been increasing ever since our home computers started becoming agile enough to turn those original jerky, often-freezing “pretend” movies into today’s TV-quality (or better!) online videos.
No wonder, then, that for homeowners in Pearl River, virtual tours have become such a powerful marketing tool. Videos take time to watch, and search engines reward web destinations when they hold prospects’ attention. That’s why presenting a virtual tour can markedly increase a property’s online visibility.
There’s more:
Virtual tours convince a wider audience. Out-of-towners give more credibility to listings that are backed up by virtual tours. When people who are relocating come to Pearl River for home viewings, their time is short. Virtual tours help determine in advance if a home is worth viewing.
Virtual tours even give us a chance to control the weather! If conditions don’t cooperate during an in-the-flesh visit, a terrific property will suffer – something more likely to happen as we head into the winter months.  Creating a Pearl River virtual tour on a gloriously sunny day can help solve that one.
The more interested a buyer, the more questions they will have: yet they can’t repeat home visits every time they think of a new question (or struggle to remember features they hurried past). Potential buyers love the opportunity to re-visit at will. A virtual tour is a superb way to present a home over and over – and always in its best light.
 I make it a point to put together competitive, compelling marketing plans created to capture today’s buyer.  If you would like to see all that includes, do contact me to schedule an in-home evaluation -- I’d love to show what I can do for you this holiday season! Call me anytime, if even just for a chat! 845 544 4026 or email me at riggsmarcella@gmail.com

Tuesday, December 4, 2012

The Right Contractor & Pearl River Home Values


The Right Contractor & Pearl River Home Values 

Pearl River Remodel Projects Take Solid Interviewing  

Right Answers for Avoiding Wrong Contractors

 

  Lately, as national home values have continued to rise, area homeowners have had reason to feel a lot more comfortable with the part of their portfolio that Pearl River home values represent. You didn't have to be thinking of buying or selling to welcome the turnaround.
Of course, homeowners don’t need to feel like helpless prisoners of overall trends when it comes to their own home values. Home improvement projects can significantly raise those values. Yet the opposite is possible -- although it rarely happens, in the worst cases, projects gone wrong can actually damage underlying home values!
Here are some important areas to bear in mind when you are evaluating potential contractors. If you make them a part of your interviewing process, the candidates will know you have your eye on the bottom line:
·         Ask how long the contractor has been in business, and verify the answer.
·         Ask what accreditation he or she has, and what insurance policies are in force.  This can be important to prevent your being responsible for worker’s compensation costs.
·         Find out who is actually going to be at your house managing the project.  If the person you are speaking with is not the one, arrange a follow-up interview with that person, too.
·         Discuss how many other projects are going on during your project’s timeline. If you sense a less than solid answer about how the manpower needed for yours will be available, take note! 
·         Experienced re-modelers will be candid in telling you it is possible to spend more than the initial estimate.  One good closing question is to ask how many of the last ten projects have actually come in on or under the initial budget. 
Due diligence in finding the right contractor can pay off when it comes to building Pearl River home values. If you would like professional industry feedback on potential improvements to your property, contact me anytime for a complimentary confidential evaluation or for some reputable contractors! I'm here for you all the time at 845 544 4026!