Category Archives: Pound Ridge

NAR likely to cede social media listings policy to MLSs | South Salem NY Real Estate

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The National Association of Realtors is one step closer to adopting a policy that would leave it up to individual multiple listings services whether or not to allow member brokers and agents to display for-sale listings represented by other consenting members on social media sites.

An MLS policy statement approved Saturday by NAR’s Multiple Listing Issues and Policies Committee would, for the most part, let MLSs that choose to allow the display of shared listings on social media sites write their own rules.

But the policy statement — to be voted on Monday by NAR’s board of directors — would prohibit MLSs from requiring that their member brokers and agents allow their listings to be distributed through social media, or other non-traditional  channels such as text messaging.

NAR had considered adopting a blanket policy for the display of shared listings on social media sites that would have applied to all MLSs affiliated with the trade association– in effect, taking away from MLSs the decision on whether to allow the practice or not.

But NAR leaders backed down after a number of MLSs raised objections about the difficulty of policing social media sites for compliance with rules that govern the display of shared Internet data exchange (IDX) listings on websites operated by MLSs, brokers and agents.

Instead of amending its policies governing the display of IDX listings so that those rules also governed the display of IDX listings on social media sites, NAR is creating another avenue for the display of a different set of shared listings, outside the context of IDX policy.

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“We’re taking a different approach here — give the MLSs that want to go down this road the authority to do it,” said Cliff Niersbach, the NAR staff executive who serves as liaison to the committee. “We’re basically saying OK, we want to participate — we’ll identify issues (as they) come up. We tried to be all knowing, and that approach didn’t work.”

It’s an important distinction, because the high rate of participation in IDX allows MLS, broker and agent sites to display all, or nearly all, of the homes for sale in a given market.

Third-party sites like Zillow, Trulia, and Realtor.com cannot display IDX listings — the companies that operate those sites must obtain listings directly from MLSs, listing syndicators, or brokers (thanks to its ties to NAR, Realtor.com receives listings from nearly all of the nation’s 900 MLSs).
Brokers have the option of “opting out” of distributing listings they represent to third-party sites, so listing coverage on those sites can be spotty.

Brokers who want to participate in IDX, however, are either “all in” or “all out.” They can’t choose whether or not to display listings represented by other participating brokers on their own websites, or prevent listings that they contribute to the IDX pool from being displayed on the websites of other participating MLS members.

Broker participation in IDX is nearly universal in many markets. Consumers are drawn to websites that provide access to a nearly comprehensive set of listings, and not offering access to IDX listings in markets where IDX participation is high could put a brokerage at a competitive disadvantage.

If the only option for brokers with strong objections to their listings appearing on social media sites was to withdraw from IDX altogether, the system might begin to fall apart. If IDX participation dropped, MLS, broker and agent websites might no longer be able to offer consumers a comprehensive set of listings, and lose an important advantage they hold over many third-party sites in some markets.

While NAR’s decision to separate the display of shared listings from IDX policy could protect the IDX system from controversy, it also leaves brokers who want to display shared listings on social media channels at the mercy of their MLS.

The policy statement approved by the committee Saturday, and scheduled to be considered by NAR’s board of directors on Monday, reads, in part:

“MLSs may but are not required to give participants the ability to authorize electronic display of their listings by other participants outside the context of the (IDX) policy and the Virtual Office Website (VOW) policy and rules.

“Participants may not be required to consent to display or distribution of their listing through non-IDX and non-VOW channels as a condition of participation in MLS or as a condition of participation in IDX.”

In other words, while MLSs can’t force their members to allow listings they represent to be displayed on social media sites, they can refuse to put a system in place that would facilitate the display of members’ shared listings outside of the approved IDX channels.

Brokers and agents are always free to publicize their own listings on Facebook and other social media sites, but some social media and marketing experts say that’s the wrong way to go about using such sites.

NAR’s former director of social media and online engagement, Todd Carpenter, ran down a long list of companies he said had tried and failed to use Facebook to make sales: Starbucks, Sears, Ikea, Wells Fargo, Delta Airlines.

“People use Google to find things,” Carpenter — now Trulia’s senior manager of industry engagement — told members of the Multiple Listing and Issues and Policies Committee. “People go to Facebook or other social media sites to find people.”

There are many successful real estate professionals using Facebook and social media, Carpenter said, “but it’s because they are connecting with people.”

Before voting to approve the MLS policy statement on social media, a few committee members expressed reservations about leaving the matter in the hands of MLSs. Some  doubted that MLSs would be able to solve some of the knotty problems that came up when the committee tried to amend IDX policy to accommodate display of shared listings on social media sites.

But the policy statement passed in a nearly unanimous voice vote.

The proposal does “exactly the right thing, to allow local associations to move forward,” said committee member Bill Lublin, CEO of Century 21 Advantage Gold. “Every time you hear (a problem raised) it drills down to the local level,” he said.

In some respects, NAR is merely putting an official stamp of approval on events that are already transpiring — many MLSs currently allow members to display IDX listings on social media sites.

Real estate app developer N-Play reports that 40 MLSs representing 300,000 Realtors have signed up in the last 90 days to offer members the company’s IDX listings search application for agent and broker Facebook pages.

If approved by the full board on Monday, NAR’s policy statement would guarantee the right of brokers that belong to those MLSs to opt out of having listings they contribute to IDX feeds appear on social media sites, while remaining in the IDX program.

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Updates to Service Restoration in Westchester County | Pound Ridge Real Estate

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POWER

LIGHT AT END OF TUNNEL?

Consolidated Edison reported Saturday afternoon that about 6,250 of its 348,000 customers in the county were still without power. That included more than 500 customers each in the municipalities of Cortlandt, Greenburgh, Mamaroneck, New Castle, New Rochelle, Rye, Yonkers and White Plains. The utility predicted all customers would have power by the end of Sunday. Only three customers of New York State Electric and Gas remained without power on Saturday. “The end of the nightmare is near,” Paul Feiner, the Greenburgh supervisor, told constituents in an e-mail.

TRANSPORTATION

GASOLINE FLOWS

Access to gasoline appears close to normal, county officials said. A Saturday morning drive along Palmer and Mamaroneck Avenues in Mamaroneck revealed that the Mobil, Sunoco and Hess stations were all open and pumping and had no lines, though drivers at the Hess station reported that the pumps were painfully slow, requiring five minutes to pump a single gallon. Donna Greene, a spokeswoman for the county executive, Robert P. Astorino, said that panic buying had been reduced because most Westchester gas stations have power and supplies. All three Metro-North Railroad lines were operating on a standard weekend schedule in Westchester, though the New Canaan branch of the New Haven line in Connecticut had been replaced by buses as a result of extensive wire damage in the hurricane.

SHELTER

FOLDING UP THE COTS

All but four temporary shelters — in Yonkers, Chappaqua, Mount Pleasant and Cortlandt Manor — have been closed, but the county did not provide a census on Saturday of how many people were accommodated overnight. Larchmont joined Scarsdale and the city of Rye in ending their states of emergency. The county’s emergency operations center was open Saturday from 8 a.m. to 4 p.m., and will be closed on Sunday and Monday. The county urged residents who need assistance from the Federal Emergency Management Agency to visit that agency’s disaster recovery center at the County Center in White Plains. Some county parks remain closed, and the county-run Rye Playland suffered severe damage to its Boardwalk and ice-skating casino, the county said.

TELEPHONE, CABLE AND INTERNET

RESTORATION CONTINUES

Cablevision’s Web site said on Saturday that 2,500 customers who have electricity have no telephone, television or Internet service, and an additional 15,000 who have not had power restored also lack the three services provided through its Optimum package. Verizon said FiOS customers without power also have no telephone, Internet and television, but it provided no specific figures.

via nytimes.com

Obama holds onto “revenue” caveat in averting “fiscal cliff” | Pound Ridge Realtor

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Repurposing their respective arguments from Friday’s round of press conferences, President Obama and House Speaker John Boehner, R-Ohio, in this week’s addresses made their cases for and against extending tax cuts for the wealthiest two percent of Americans, with a view to avoid the so-called “fiscal cliff” at year’s end.

For his part, the president pointed at his reelection victory Tuesday as a message “loud and clear” that Americans “won’t tolerate dysfunction, or politicians who see ‘compromise’ as a dirty word – not when so many of your families are struggling.”

On Friday, Mr. Obama said that while he’s “open to compromise,” he won’t allow a deal to go through that extends the Bush-era tax cuts – set to expire at the end of the year – for the top two percent of high-income families. Both parties are scrambling to arrange a bargain before a series of tax increases and spending cuts go into effect Jan. 1, potentially hurling the United States into another recession.

“At the end of this year, we face a series of deadlines that require us to make major decisions about how to pay down our deficit – decisions that will have a huge impact on the economy and the middle class, now and in the future,” the president said. “Last year, I worked with Democrats and Republicans to cut a trillion dollars’ worth of spending, and I intend to work with both parties to do more.

“But as I said over and over again on the campaign trail… if we’re serious about reducing the deficit, we have to combine spending cuts with revenue – and that means asking the wealthiest Americans to pay a little more in taxes,” he continued. “That’s how we did it when Bill Clinton was president. And that’s the only way we can afford to invest in education and job training and manufacturing – all the ingredients of a strong middle class and a strong economy.”

The same budget battle in 2011 that eventually led to $1 trillion in cuts also brought the government within minutes of shutting down. On Tuesday, voters elected the same legislative makeup – a split Congress and Democratic White House – that has struggled over the president’s term to break free of partisan gridlock and move budget legislation.

While insisting he’s “open to compromise and new ideas,” and said he’s invited leaders of both parties to the White House to discuss solutions next week, the president issued a caveat: “I refuse to accept any approach that isn’t balanced,” he said. “I will not ask students or seniors or middle-class families to pay down the entire deficit while people making over $250,000 aren’t asked to pay a dime more in taxes.

“This was a central question in the election,” he continued, “and on Tuesday, we found out that the majority of Americans agree with my approach – that includes Democrats, Independents, and Republicans.”

But delivering the Republicans’ weekly response, Boehner, too, recycled his gist from Friday’s press conferences, arguing that allowing the top two rates to rise would be letting “our nation’s economy go off part of the fiscal cliff in January.”

Democrats “believe that doing that will generate more revenue for the federal government – but here’s the problem with that,” the House Speaker said. “Raising those rates on January 1 would, according to the independent firm Ernst & Young, destroy 700,000 American jobs. That’s because many of those hit by this tax increase are small business owners – the very people who are the key to job creation in America. I used to be one of them.

“This week, I offered congratulations to President Obama, along with an alternative to sending our economy over any part of the fiscal cliff,” he continued. The pillars of his own framework, Boehner explained, include tax reform “that closes special interest loopholes and lowers tax rates,” entitlement reform, and a rejection of “arbitrary” national defense cuts.

“A stronger economy means more revenue – which is exactly what the president is seeking,” he said, adding that a brief conversation with Mr. Obama this week left him “hopeful that we can continue those talks and forge an agreement that can pass both chambers of Congress.”

via cbsnews.com

Prepare for new Medicare taxes in 2013 | North Salem NY Real Estate

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With President Obama’s victory at the polls, it is now abundantly clear that Obamacare is here to stay. So far, we’ve experienced only the easy parts of the massive health care law, but starting in 2013, the hard parts will begin to take effect. In particular, two additional Medicare taxes will kick in. These tax increases will affect only high-income taxpayers: married couples with adjusted gross incomes over $250,000, and singles with AGIs over $200,000.

This is a tiny percentage of the population — only about 4 percent of all taxpayers earn more than $200,000. However, the one-third of taxpayers who itemize could be affected by the more restrictive limits on deducting medical expenses.

Increased Medicare taxes for high-income workers

Everyone who works — whether a business owner or an employee — is required to pay Social Security and Medicare taxes. Employees pay one-half of these taxes through payroll deductions; the employer must pony up the other half and send the entire payment to the Internal Revenue Service. Business owners must pay all of these taxes themselves. These taxes consist of a 12.4 percent Social Security tax up to an annual income limit, and a 2.9 percent Medicare tax on all wage or net self-employment income.

Starting in 2013, the 2.9 percent Medicare tax will go up by 0.9 percent. However, this increase will apply only to married taxpayers with wage or self-employment income of $250,000 and single taxpayers with income of $200,000. Only the amount over these thresholds is subject to the additional 0.9 percent tax.

Thus, for example, a self-employed single person with net self-employment income of $300,000 would pay a 2.9 percent Medicare tax on the first $200,000 and a 3.8 percent tax on the remaining $100,000. If a single employee has wage income of $300,000, the employer would withhold a 1.45 percent Medicare tax up to the $200,000 threshold and 2.35 percent after that.

Employees will have to pay the entire increase out of their own pockets. Thus, employers will continue to pay a 1.45 percent Medicare tax on their employees’ wages. Employees will continue to pay 1.45 percent until their wages reach the $200,000 or $250,000 ceiling. Then they will pay the additional 2.35 percent.

If you’re a high-income taxpayer, you may wish to earn as much money as possible in 2012, rather than in 2013, when it will be taxed at higher rates.

New Medicare tax on investment income

Starting in 2013, high-income taxpayers will be subject to a brand-new Medicare tax on their “unearned income.” A 3.8 percent Medicare contributions tax will be imposed on the lesser of (1) the taxpayer’s net investment income, or (2) any excess of modified adjusted gross income over $200,000 ($250,000 for married taxpayers filing jointly).

Thus, all single taxpayers with MAGI over $200,000 and married taxpayers with MAGI over $250,000 will be subject to this tax. This is a small proportion of the population, but a significant one for the real estate industry.

The tax applies only to investment income. This includes:

  • gross income from interest, dividends, annuities, royalties and rents other than those derived from an active business;
  • the net gain earned from the sale or other disposition of investment and other nonbusiness property; and
  • any other gain from a passive trade or business.

This includes just about any income not derived from an active business or from employee compensation.

Example: Sue and Sam, a married couple filing jointly, have a MAGI of $300,000 in 2013, which includes $100,000 of net investment income. Their MAGI is $50,000 over the $250,000 threshold, thus they must pay the 3.8 percent tax on $50,000 of their investment income. This results in a $1,900 tax.

This new tax applies to rental income, except for rentals owned by real estate professionals. So, starting in 2013, real estate professionals who earn profits from rentals will have a substantial tax advantage over everyone else. For details, see “How the new Medicare tax applies to rentals.”

Reduced personal deduction for medical expenses

All taxpayers are entitled to a personal income tax deduction for medical and dental expenses for themselves and their dependents. Eligible expenses include both health insurance premiums and out-of-pocket expenses not covered by insurance. However, there are two significant limitations on the deduction, which make it virtually useless (unusable) for most taxpayers.

However, to take the personal deduction, you must (1) itemize your deductions on IRS Schedule A, and (2) only deduct the portion of your medical expenses that exceeds an adjusted gross income threshold. For many years, the threshold has been 7.5 percent of AGI. Starting in 2013, the threshold for the itemized medical expense deduction goes up to 10 percent of AGI. However, people 65 or older will be exempt from the increase until 2017.

Example: In 2013, Sue and Sam have an AGI of $100,000 in 2013 and $30,000 in uninsured medical expenses. They may deduct only the portion of their expenses that exceeds 10 percent of their $100,000 AGI: $10,000. Thus, they may deduct only $20,000 of their expenses.

Because of this tax change, it’s advisable to pay as many medical expenses as possible in 2012, rather than waiting until 2013. See “Deducting health expenses will become more difficult in 2013.”

via inman.com

Personal Branding on LinkedIn: 10 Mistakes to Avoid | North Salem Realtor

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LinkedIn is a fantastic online business networking platform for professionals.Personal Branding on LinkedIn 10 Mistakes to Avoid

It has almost become the default global network for all serious business people to connect, engage and share ideas due to its sheer size with over 175 million registered users.

From day one it was set up for the express purpose of  providing an easy to use portal to exchange ideas and network with like minded individuals. Its tone is more formal than Facebook or Twitter which seems to escape some people.

And for job seekers, it’s a brilliant place to showcase yourself and your personal brand. But, if you’re doing the following, you’re NOT doing your “Brand You” any favours:

#2. Don’t lie.

All your connections can view your profile and if you lie, you will be found out. It will be very embarrassing too. Look what happened to former Yahoo CEO, Scott Thompson.

#4. Don’t use the “Friend” option

Only do this when you are a friend of theirs. Comments 0It’s a major pet peeve for many professionals on LinkedIn and they won’t want to connect with you.

#6. Don’t leave your LinkedIn profile incomplete

This is important if you want to be found. LinkedIn has a “wizard” which guides you through completing your profile and tells you when it is 100% complete. Most important is your Summary, your Experience, your Skills & Expertise and your Headline. Make sure that they are “keyword rich”. Did you know that all these sections, and more, are searchable? So if you want to be found, make the effort to optimize your profile.

#8. Don’t use LinkedIn groups purely for getting “linkbacks” to your website or blog

This will see you labelled as a spammer. A well managed LinkedIn group is tightly monitored and most will only allow discussions, questions and commentary. Many will allow you to link to other people’s blog posts, but not your own. A bit strange if you ask me. Even if your post is totally relevant to the discussion; it is perceived as self-promotion.

#10. Don’t ask people who DON’T know you to write recommendations for you.

It’s awkward for them and you won’t get a recommendation that you’ll want to publish anyway. Remember, it’s not about the quantity of the recommendations, it’s about the quality of them. And for the record, tit for tat, reciprocal recommendations look dodgy.

What About You?

How is your LinkedIn etiquette. Is it enhancing your personal brand or could it do with some polishing?

How effective is your LinkedIn profile? Could you take some of these tips today and make some improvements?

Is there anything I should have added to this list?  Please add your thoughts to the comments below.

Guest Author: Carolyn Hyams is the Global Marketing Director for award-winning digital recruitment specialist, Firebrand Talent Search, Carolyn is responsible for Firebrand’s entire brand strategy and execution in the UK, Europe and Asia-Pacific regions. She brings a wealth of local and international experience to the Firebrand team, including expertise in brand development and strategy, digital and traditional marketing strategy and execution, and is particularly passionate about social media marketing. Follow Carolyn on Twitter:  or connect with her on LinkedIn:

Want to Learn How to Market Your Personal Brand on Social Media?

My book – Blogging the Smart Way “How to Create and Market a Killer Blog with Social Media” – will show you how.

It is now available to download. I show you how to create and build a blog that rocks and grow tribes, fans and followers on social networks such as Twitter and Facebook. It also includes dozens of tips to create contagious content that begs to be shared and tempts people to link to your website and blog.

I also reveal the tactics I used to grow my Twitter followers to over 115,000.

You can download and read it now.

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3 Steps When the Appraisal Comes in Low | Pound Ridge NY Real Estate

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Whether you are buying or selling, waiting for an appraisal to come back can be a nerve-racking process, especially in an economy where home values are not what they used to be, despite the perceived value of a home. Because there are great deals out there and prices are increasing, buyers and sellers need to make quick decisions when the appraisal doesn’t make the cut, and it’s important to be prepared in advance for this scenario.

With this in mind, here are the three main steps to take when the appraisal comes in low:

Read the report for accuracy

Appraisal reports can be long, complicated documents, but they can be very revealing if you take the time to read them thoroughly. Make a note of anything that looks off, and verify that the information is correct, not only for the property itself but also for the comparables. Confirm that ALL comps are accounted for — some may not be listed on the MLS, and your real estate agent will have to research. Your agent will work with the buyer’s mortgage professional to ensure the information is relayed to the appraiser.

While there is no guarantee that the report will change, it certainly helps to clarify any errors and understand why an appraisal came in low. Appraisals also point out if there are any secrets lurking within the property’s walls, such as unpermitted additions that add square footage but cannot contribute toward the property’s value. For this reason it’s important that sellers are honest and upfront from the beginning and that buyers do their research before making an offer.

Renegotiate

Just because the appraisal is low doesn’t mean the sale will not close. However, in a low-inventory market, sellers may not want to conduct a second appraisal, which means that buyers and sellers have to decide if they want to work together to seal the deal — whether the seller adjusts the price to the appraised value or the buyer and seller renegotiate a new price. You’ve worked together this far, and it may have taken you both some time to get to this point. Keep in mind that you both have something to lose by not moving forward after investing time and money in the purchase. If a compromise can be made, it most likely will be. On the flip side, if the property is in demand, the seller may opt out of negotiating down as they may want to take a chance on someone else paying the difference or having a cash buyer.

Show them the money

While adjusting the price up or down may not feel good for the buyer or the seller, it may be the smart move, depending on your situation. For buyers, if the long-term value is there and the home is the “love of your life,” it will truly benefit you in the end. For sellers, if you need to make the sale and are running out of time, a compromise may be essential. Buyers may also have to spend even more because a decrease in equity could cause you to fall below the lender’s required down-payment threshold, requiring the purchase of private mortgage insurance.

The main question to ask yourself … is it really worth it?

via zillow.com

3 things to consider before starting a remodel | Pound Ridge Realtor

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Q: I am contemplating remodeling my kitchen and was thinking of perhaps including the formal dining room space by opening a wall between the kitchen and dining room. Have you done any research or know of any completed on the significance of doing away with formal dining rooms and its effect on resale value?

I know that a lot of newer homes are being built without formal living rooms, as these are not being used as a part of the new family/social dynamics.

A: I think you’re smart to consider the issue of resale value as you embark on a home remodeling journey, especially one that might impact the floor plan in the way your envisioned kitchen open-up will.

Remodeling ROI is tough to prove

In terms of the data, studies shows that there aren’t many remodeling projects that truly create major return on investment (ROI) for homeowners, in terms of actually generating a “profit,” so to speak. That said, it’s tough to account for the value of some home upgrades.

For instance, if your kitchen is very out of date and the nearby homes have new kitchens, your home might sell at a discount — or not at all — compared to neighboring listings unless you have remodeled it prior to listing it for sale.

Further, the kitchen and bathroom remodels that buyers love can be pricey to pull off, also making it difficult to show a financial upside to them in hard numbers. I can tell you from my experience that losing a formal dining room, if done in trade for an upgraded, open kitchen with an island and space for a large, holiday dinner-style table, does not have the same impact of depreciating a home that, say, knocking down a wall between two small bedrooms might have.

Talk to your agent about what local buyers prefer

Just because you can’t prove that you’ll make your money back and make some on top of that doesn’t mean a remodeling project won’t make your home more attractive to buyers when the time comes to sell it. Truth is, opening up a kitchen wall to make a wide-open, eat-in-kitchen-dining-room combo is one of the most frequent changes house hunters say they’d like to make to the homes they are viewing!

But buyers are different everywhere — if I were you, I’d shoot an email over to the broker or agent who sold me the place, and chat with him for a few minutes about what he thinks buyers in your neck of the woods would prefer, by and large: a formal dining room or an open, eat-in kitchen. If you’re thinking about any other options, like upgrading the kitchen, but keeping the wall in place, run that past him, too.

Financial impacts are only one piece of the story

All that said, there’s one major consideration you should factor into your remodeling decision-making that neither looking at the data on remodeling ROI nor talking to your agent can capture: the use and enjoyment you and your family will get out of the opened-up kitchen in the years before you sell the place.

When I sold my first home, I put off doing a much-needed kitchen remodel the entire time I lived in the home; only after I’d already moved out and was preparing to put the place on the market did I have the whole kitchen gutted and upgraded.

And the moment I saw the finished product, I kicked myself for not having done it sooner — so we could have enjoyed it!

Your home is your largest financial asset, but it is not purely an asset — it’s primarily the place where you live and conduct the most intimate moments of your family’s life. If you’re planning to be in the home for a number of years and opening the kitchen wall is going to make you and your family happier and you can afford it, go for it — even if the numbers suggest otherwise. (And if you’re not planning to be in the home long, I’d advise against expecting to recoup all that you’ve invested in a kitchen remodel when you resell. Rather, you might just want to do a basic upgrade instead of a full remodel if you don’t plan to be in the home for long.)

via inman.com