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Monthly Archives: August 2011
Bedford NY Homes | A Message To and From a New Agent : YPN Lounge
Pound Ridege NY Homes | 5 Reasons Why Online Video Is So Persuasive | What Makes Them Click
Chappaqua NY Homes | 10 Reasons Customer Care Has Changed and How To Build a Strategy | Jeremiah Owyang | Social Media, Web Marketing
Bedford Corners NY Homes | The Conversion Optimisation Toolbox
Armonk NY Homes | 6 Ways to Help Your Press Releases Get Found
Pound Ridge NY Real Estate | Is Now a Good Time to Buy Real Estate?
People always ask, “Is it a good time to buy real estate?” The answer is always, “Yes, but it depends.” In order to make that determination for you, we first must understand the three most important words in real estate:
Long-Term Ownership
We buy property, whether a personal residence or for investment, in hopes that we are financially better off down the road than we are today. The chance of that occurring is very low if one does not own real estate for at least five or more years. The reason is that transaction costs, repairs, monthly ownership costs higher than comparable rent, and ownership hassles dictate that it is better to invest your money elsewhere and stay as a renter if you are not sure you will own long term.
Therefore, since you are going to be a long-term holder (the longer the better) you really should not be that concerned with short-term current market price fluctuations because ten years from now the home’s value will be more than it is today.
What you should be concerned about is finding a house that you “love”— one that fits all the right reasons you want to own that particular property for a long time!
That could almost be the end of this article…but there are a few more issues to consider to make sure it is a good time for you to buy property. If you fail any of the below tests, you should think through the issue(s) and whether or not it really is a good time for you personally to buy.
1. You are planning to be a long term holder, 5+ years of course
2. For owner occupants – payments are affordable and you have a steady job
3. It isn’t significantly more expensive to own over renting – this very important.
4. For investors – It makes cash flow sense, 4-5 percent-plus cash on cash. The higher the better but watch out for returns that appear too good to be true.
5. It is the RIGHT property for you for all the right reasons; you “love” it!
6. It is fairly priced relative to the recent comparable market sales in the immediate area for similar properties
7. You plan to own it for a long long long time!
8. Vacancy isn’t too high in the area. This is very important whether an owner occupant or investor. Empty unstable neighborhoods or communities have a higher risk of vandalism and risk downward price spirals.
9. It is in decent shape and doesn’t need much fixing-up. Skip the junkers, the ones with foundation issues, or anything labeled as “needs a little TLC” in the listing, as that means it is a wreck. Leave the fixers for the contractors. And doing it yourself doesn’t usually save you much money.
10. It is not near a big vacant parcel, non-residential zoned parcel, empty or retail/industrial/religious site where you are not 100 percent sure what is going to be built or in use there. A new use of that land could impact your “quiet enjoyment” of your residential unit.
11. You complete the proper due diligence steps to reduce your risk as much as possible. Mind your contract terms and contingencies, pencil out your deal, get a couple of bids on financing and dissect your GFE, review the HOA condition, review the property condition, make sure you have the right type and amount of property insurance in place, make sure you adequately review the title abstract and title policy and everything else you need to do to lower your risk.
12. And you plan to own it a long long time!
Those Three Important Words? I laughed when someone once said “location, location, location” were the three most important words in real estate. Not only is that actually only one word but we pay a handsome premium for “location” and is that premium worth it? It may or may not be, but “long-term ownership” are by far and away the three most important words in real estate.
To summarize: Subject to the above issues, it is always a great time to buy real estate but:
- Not for everyone,
- Not at any price, and
- Not just any property.
Find a house you love or rental property that makes sense, that you will own for a long time, is in decent shape, lock in a long-term mortgage and sleep well.
Leonard Baron, MBA, CPA, is a San Diego State University Lecturer, a Zillow Blogger, the author of several books including “Real Estate Investment – Rental Properties, Foreclosures, Short Sales” and “Buying a House, Condo or Townhome – Guide to Smart Purchasing” and loves kicking the tires of a good piece of dirt! See more at ProfessorBaron.com.
via zillow.com
Bedford Corners NY Real Estate | What’s the First Step in the Buying Process?
While you may have been home shopping for a while— either perusing neighborhoods, looking at real estate web sites or perhaps using a real estate app— before you jump fully into the home buying process there are two important things to do before you choose your agent:
First— Speak to a Lender
Even before you choose your real estate agent, you should touch base with a lender and discuss your mortgage options. You want to ensure that your payments are affordable and that you will feel comfortable with the home-buying process.
Additionally, most agents, if not all, want their clients to speak to a lender to verify the price range they can afford. This makes it so agents can focus their time showing their clients homes that actually fit within their price range.
Get pre-approved
When you speak to a lender, ask to get pre-approved. Getting pre-approved is important so you can demonstrate to real estate agents and sellers that you are a credible buyer. It means you are:
- Credit-worthy
- Closer to locking a mortgage rate
- Able to act fast when you find the home you want to buy!
And when you do find a home, you’ll often need a pre-approval letter from your lender to submit with your offer so it’s a good idea to get pre-approved in advance so that you’re prepared with your letter when you decide to submit an offer.
Overall, the more you learn from your lender early on – about what you can afford, and what to expect from mortgage application process, the less anxiety you will feel regarding the overall home-buying process.
Then Choose an Agent
Once you’ve spoken with a lender, learned about your financing options, and have been pre-approved, you’ll be more prepared to shop for homes with you agent. A real estate agent not only will be able to provide information about a specific home that interests you, but can also arrange home tours as necessary and assist in the final negotiation process.
Doing these three things in order will make the home-buying process easier for you and your agent. Once you have these things checked off, then you can enjoy searching for your dream home.
via zillow.com
Chappaqua NY Real Estate | Rental of the Week: 1920s Schoolhouse
Welcome to Zillow’s Rental of the Week. Our site is filled with information on homes for sale and apartments for rent, plus we have data on more than 100 million homes in the U.S., so lots of homes catch our eye.
Forget freshly sharpened pencils and polished red apples, the best ode to autumn is this home for rent: a remodeled 1920s school house in Suffield, CT.
This week’s rental: Restored schoolhouse
For rent: $3,500/month
Location: Suffield, CT
Details: 3 bedrooms, 2.5 bathrooms, 2,823 square feet
Once upon a time, the South Street Schoolhouse was a local school but today it’s a single-family residence Suffield rental.
Besides a metal plaque hanging outside the home, there’s little evidence that the home was once a school. A cook’s kitchen features built-in appliances, granite counter tops and an open floor plan. The home itself boasts lots of character; little details like hardwood floors, a curved entrance in the master bedroom, and chair rail detailing in the bathroom. Huge double-story windows keep the home bright and sunny. Exposed brick and a balcony upstairs add additional charm.
This rental listing is held by Victoria Clark of CT Commericial Realty.
Have a suggestion for a Zillow House or Rental of the Week? Send a message to @zillow on Twitter or send us an email at celebrity@zillow.com.
via zillow.com
Armonk NY Real Estate | Former NBC Sports Chief Lists Telluride Estate
Source: The Hollywood Reporter
Longtime NBC sports executive Dick Ebersol made his career shaping the coverage of the Olympics, recently resigning from his position in May 2011. Ebersol’s Telluride home just hit the high-end Mountain Village real estate market for $13 million, according to the Hollywood Reporter.
Ebersol was named Chairman of NBC Sports & Olympics in 1989 then secured the rights for the ’96 Olympics, 2000, 2002, 2006, 2010 and 2012 Olympics. During the 1995-96 season, for the only time in history, the World Series, Super Bowl, NBA Finals and Summer Olympics were all telecast by one network—NBC.
Although his name may not have the same household status as Derek Jeter or Michael Phelps, Ebersol was, for several years, one of the most powerful men in sports and sports coverage.
Ebersol and his wife Susan St. James purchased the impressive 12,962-square-foot home in 2004 for $10.4 million. Built in 2001, the stone estate sits on a 1.7-acre lot surrounded by lush greenery, evergreen trees and picturesque views of the surrounding mountains.
Ebersol’s home features reclaimed wood flooring, artisan-crafted chandeliers and stone fireplaces. The estate’s alpine-style is emphasized by thick wool rugs, lodge-like peaked ceilings and rustic furniture.
Sitting at the end of a cul-de-sac, the home is private yet only minutes from the Mountain Village center and downtown Telluride.
While most celebrity real estate pockets are in California or New York, the Telluride area also attracts the rich and famous. Oprah Winfrey, Tom Cruise and Katie Holmes are among the celebrities that have homes here. Currently Jerry Seinfeld and his wife Jessica have their Telluride mansion on the market.
via zillow.com