Tag Archives: Bedford Corners Luxury Homes

Bedford Corners Luxury Homes

Facebook Real Estate Pages: 30 Day Challenge! | Bedford Corners Real Estate

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Too often I see a “Facebook graveyard” – Facebook pages created by real estate agents with the best of intentions but unfortunately they are left to die from lack of attention. Most Facebook business pages that are run by agents have one common problem: lack of consistent content.

Most agents (and brokers) will post sporadically; one article on Monday, nothing for 3 days, a photo on Saturday, nothing for a week, a link to a video on a Monday, nothing for 3 days. And then they wonder why they don’t see the ROI from Facebook.

If you’ve listened to any of my presentations at Agent Reboot or my webinars, you know first-hand how important I think a content strategy is to your social media plan.

So here is the challenge to ALL of you who are reading this who have a Facebook business page.

  1. Go to your business page today. Take note of how many likes, comments and shares you have. Write it down or document it somewhere digitally.
  2. Make a commitment to post one piece of content to your Facebook business page daily for the next 30 days. Every day, Monday through Sunday, post just one piece of content. Remember a piece of “content” could be as simple as a link to an article from Inman News or an Instagram photo of the neighborhood you work in. The key here is consistency – every day for 30 days. The other key is to post during “prime time:”  7-9am or lunch time. In fact, here is one simple way to create 30 days worth of content in just a number of hours.
  3. Set aside $100 and create a Facebook ad to run for four days with a maximum per day spend of $25. Create Sponsored Stories – these are ads that say “so and so liked” (your page). The goal here is to build likes to your Page and thus increase engagement and conversation.
  4. At the end of 30 days reevaluate your likes, comments and shares. Are you getting more interaction?
These are just a few simple things you can do to jump-start your social presence. The key here is to post every day for 30 days. With the Facebook “scheduling” feature for Pages, there is really no excuse for missing a day.
I’d love your feedback – will you take me up on this challenge? Leave me a comment below!
via next.inman.com

The Graying of Homeownership: Tight Credit is Tough on Younger, Single Buyers | Bedford Corners NY Real Estate

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High lending standards that make it virtually impossible for millions of younger, single home buyers to get a mortgage are creating an older, more married and wealthier population of homeowners.

The latest Profile of Home Buyers and Sellers by the National Association of Realtors found that dual income households comprise a greater portion of the housing market and singles are declining.  Sixty-five percent of all buyers are married couples, 16 percent are single women, 9 percent single men, 8 percent unmarried couples and 2 percent other; percentages of single buyers were slightly higher in 2011.

However, just two years ago, 58 percent of buyers were married, 20 percent were single women, 12 percent single men and 7 percent unmarried couples; the overall market share of single buyers declined a total of 7 percentage points over the past two years.  Before 2010, the market shares moved within a very narrow range, generally a percentage point or two.

The study shows the median age of first-time buyers was 31 and the median income was $61,800 in 2011.  The typical first-time buyer purchased a 1,600 square-foot home costing $154,100, while the typical repeat buyer was 51 years old and earned $93,100.  Repeat buyers purchased a median 2,100-square foot home costing $220,000. First-time home buyers had a 39 percent market share in the past.  Long-term survey averages show that four out of 10 buyers are typically first-time buyers, who are critical to a housing recovery because they help existing home owners to sell and make a trade.

Mortgage approvals have improved slightly in recent months but about half the national adult population has a credit score too low to get a loan.  Median scores for adults in the prime first time buyer age groups, 25-34 and 35-44 are far below the median scores of FHA and conventional purchase mortgages being approved today.

The September closing rate for applications for mortgages to purchase a home was 61 percent, the highest approval rate for purchase loans all year.  The median FICO score for all conventional purchase mortgages closed in September was 762 and for FHA purchase mortgages, popular among first-time buyers because of their low down payment requirement and used by 46 percent of first-time buyers in 2011, was 701, according to Ellie Mae, whose software platform processes about 20 percent of all U.S. mortgage originations.

The national median FICO score is 723 today, but median scores for younger adults are considerably lower.  For ages 25-34, the median is 652 and for the 35-44 age group, it’s 659.

Paul Bishop, NAR vice president of research, said the study is painting a clearer picture of the impact of mortgage limitations.  “We’ve known for some time that stringent mortgage credit standards have been holding back home sales, but these findings show single buyers have been hurt the most over the past two years.  Total home sales would be 10 to 15 percent higher without these unnecessary headwinds,” he said.

“The continued growth in married couples as single buyers shrink demonstrates that households with dual incomes are more successful in obtaining a mortgage.  However, given the historically favorable housing affordability conditions, most single-income buyers could also purchase a home and stay well within their means, if lending requirements were more sensible,” Bishop said.

via realestateeconomywatch.com

Going to extremes for defect resolution | Bedford Corners NY Real Estate

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DEAR BARRY: When we bought our house, the home inspector found nothing wrong with the heating system. One month after moving in, we turned on the furnace but got no heat on the second floor. We immediately complained to the inspector. He came back to the house and said that nothing was wrong.

A year has gone by, and the problem has not been solved, so we hired another home inspector. He found many defects that were overlooked by the first inspector, including a disconnected heat duct to the second floor. The first inspection was warranted for one year only. Now that the year has passed, what can we do? –Corey

DEAR COREY: You complained to your home inspector one month after buying the property. That was well within the one-year limit. The fact that the inspector did not acknowledge the problem at that time is irrelevant. Your claim was made within the first year, so the inspector is not relieved of liability.

If the inspector is unwilling to admit his mistake, you can file a complaint in small claims court. When the judge sees the second home inspector’s report, your position will be strong

But before taking that step, get some advice from an attorney regarding the best way to approach this. A letter from the attorney to the inspector may be sufficient to resolve the entire matter. You should also find out if the home inspector has insurance for errors and omissions.

DEAR BARRY: Our home inspector reported a leaking seal at the base of the toilet. After moving in, we hired a plumber to fix the leak. When he lifted the toilet, the wood beneath it was wet and rotted. Shouldn’t our inspector have disclosed this damage, as well as the leak? And is he liable for the cost of the additional repairs? –Maggie

DEAR MAGGIE: If a home inspector discovers a leaking toilet seal, the repair should be done before you close escrow. That way, moisture damage under the toilet can be discovered before you take possession of the property. Waiting to do the repair at a later date was not a good idea.

If your home inspector was on the ball, he would have recommended that the repair be done prior to close of escrow. However, he cannot be held liable for a defect that was in a concealed location.

DEAR BARRY: Do double-pane windows have to be inspected for broken seals when you sell a home? –Debbie

DEAR DEBBIE: Sellers should disclose all defects of which they are aware, including evidence of leaking dual-pane windows. However, sellers are not obligated to perform an inspection for this type of defect.

Home inspectors, if they are good at what they do, typically check for fogging or dry stains between dual-pane windows. In many cases, this evidence is very faint and difficult to see. It takes a well-trained eye to spot the tell-tale traces of leaking dual-pane windows.

via inman.com

5 Smart Moves a First-Time Buyer Should Consider | Bedford Corners NY Real Estate

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As a first-time real estate buyer, you probably have no idea how the overall purchasing process works or how to make sure you’re making a smart decision to purchase. And you’ll probably be very surprised to learn how much work it really is just to buy a home. To get you started in the right direction, and this is just a start, here are a few tips that you should consider.

Get lender-qualified and find a good real estate agent

To start off, you should get qualified by a lender to see what price range you can realistically afford and interview some real estate agents to find the right person to represent you in your transaction.

Once you’re qualified and have your price range estimate in hand, you’ll be able to spend your time shopping in neighborhoods that you can afford. But remember: Just because the bank says you can qualify for a certain amount, that doesn’t mean you should spend that amount. Make sure you can actually afford the monthly payment, along with all your other bills.

For real estate sales professionals, you should get referrals for a full-time agent or broker who sells at least five or more properties per year and is well-educated on the process and location where you plan to live. You should call references, check that the agent’s state sales license is up to date and interview them to make sure you’ll be comfortable working with them.

Make sure you plan to be a long-term owner

Once you know your price range and have looked at some properties, it’s time to make sure that you believe you can find a property that you will own for a minimum of five years. If your price range doesn’t match where you want to live, you’d be better off staying a renter and saving some additional money until you can afford where you want to live. This is because an owner really doesn’t earn any equity, on average, in a property for at least five years. That’s the general breakeven point, and you really need to shoot for longer than that as an ownership strategy. The truth is, long-term real estate ownership can be a great way to earn wealth, but short-term ownership usually will diminish your wealth.

Educate yourself

Buying property is probably the most complex, riskiest and expensive thing you will ever do. Do your homework: Talk to real estate owners, go to first-time buyer seminars, check out online material and read some books to learn what to avoid in the buying process. The more you educate yourself, the better the chances that when things go wrong — and they will go wrong — they will only be minor issues, not major headaches.

Find a nice affordable property

The real gems in real estate are the nice, decent shape, moderately priced, boring houses, town homes and condominiums that are within your budget. Most buyers stretch to purchase the most expensive property they can afford. What if you lose your job? How about saving some of your money for retirement? You want your home to be an asset you can afford, not a liability that leaves you with no additional funds over the cost of homeownership. Also, skip the fixers, prize properties or anything that sounds too good to be true: Those always end up having issues, and owners realize, after the fact, that the deal they thought they were getting really was just too good to be true!

Take your time

Realistically it should take you six months or longer to buy a nice quality property that will add to your long-term wealth. Make sure you have a full understanding of what the marketplace has to offer in your price range and that you know what you’re doing.

Those are a few tips to get you started in the right direction. Real estate is buyer beware, so try to make sure you’re one of the buyers who is “aware” of how to make quality wealth-building real estate decisions. Down the road you’ll pat yourself on the back when things work out well.

via zillow.com

Housing prices picked up in August | Bedford Corners NY Real Estate

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Housing prices rose in August as inventory continued to shrink across the nation, anther sign that the sector’s recovery is gathering steam.

Prices were up 0.7 percent on a seasonally adjusted basis in August, while the 0.2 percent July increase was revised downward to 0.1 percent, the Federal Housing Finance Agency reported Tuesday night, accidentally sent out ahead of Wednesday’s scheduled release.

Prices are up 4.7 percent in the past year. The index is 15.9 percent below its April 2007 peak and is about the same as the June 2004 level.

For the nine census divisions, monthly price changes in August ranged from a drop of 0.5 percent in the East South Central division to an increase of 3 percent in the Pacific.

The housing sector is on the mend and there is greater confidence that after years of struggles, the market has turned the corner.

Despite the housing sector’s primary role in the financial crisis and its drag on the recovery, neither President Obama nor Republican hopeful Mitt Romney has seized on the issue.

Obama hit on the topic a couple of times in the past week, calling on Congress to pass a bill that would provide homeowners who are under water on their mortgages an easier path to refinancing into lower-rate mortgages.

The Senate is scheduled to take up a bill when Congress returns after the election.

Rising prices, improved consumer and builder confidence, a four-year high in housing construction and historically low mortgage rates are bolstering the market’s gradual recovery.

However, the market still faces significant hurdles from continued fiscal uncertainties, lack of credit for builders and potential homebuyers, inaccurate appraisals and the number of seriously delinquent mortgages still in the system.

via thehill.com

How to Use Instagram Without Being Obnoxious or Dull | Bedford Corners NY Real Estate

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Since its launch in 2010, Instagram has been on an impressive upward trajectory. The site announced last month that over over 5 billion photos have been shared. Its number of daily mobile users has jumped to 7.3 million, surpassing Twitter’s 6.9 million, according to data from comScore.

instagram logo 150x150 How to Use Instagram Without Being Obnoxious or Dull [Video]

New York filmmaker Casey Neistat is pretty opinionated about social networks and how they should be used. His favorite social media platform is Instagram, but his message to many of its users is that they’re doing it wrong. The video below is his humorous guide to using Instagram and what users should and shouldn’t do.

“If Facebook is Lucky Charms, Instagram is just the marshmallows.”

Neistat argues that Instagram isn’t about the photos, but about sharing. Sharing enables millions of people to gaze into the lives of others and imagine experiencing what they did. Most of the points he makes about why the service is so great are right on, especially about the the storytelling aspect: Mold your feed into a story and give it personality.

As examples, Neistat points to the Instagram accounts of singer Justin Bieber and rapper Rick Ross. He likes both artists, but he says Ross is the one who’s doing it right — he regularly posts photos showing a lifestyle that you don’t usually see. Bieber’s stream, on the other hand, is filled with photos of his face.

Neistat’s other helpful suggestions: Don’t overuse hashtags, don’t bleed the feed, easy with the tilt shift, and make sure your crop works.

via pamorama.net

Why Prize Investment Properties Are No Prize | Bedford Corners NY Real Estate

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Here’s a little real estate investing secret that few rental property investors know: The fancier and more prize location of a property, the worse the cash flow. In fact, most “prize” properties are going to have negative cash flows. And that’s not a smart way to invest your hard earned cash equity dollars.

Consider the options

Let’s look at an example. You want to buy about $500,000 worth of real estate, and with a 25 percent down payment plus costs, you’ll need about $150,000 in cash to close the deal. You have two choices:

  1. A swanky downtown San Diego condominium for $500,000, or
  2. Three nice moderately priced boring suburban $165,000 condominiums.

Now most people would think location, location, location and want to buy the prize downtown. That’s because their only investment criteria is that they want to buy real estate in hopes that it will go up in value. And the problem with that strategy is that they are totally missing the most important piece of rental property investing — the cash flows the property can produce.

Immediate cash flow

In reality, moderately priced cash flow positive condominiums are the best location, location, location, and here’s why.

A $500,000 downtown San Diego condo would probably generate negative cash flows of about $1,000 per month. That’s $12,000 per year — ouch — on a $150,000 cash investment or negative 8 percent return on the investment.

A moderately priced $165,000 suburban San Diego condo would probably generate positive cash flows of about positive $250 per month. Multiplied by three condominiums — so apples to apples on the $500,000 investment — is positive $750 per month. That’s positive $9,000 per year on a $150,000 cash investment, or positive 6 percent return on the investment.

See the difference? You can allocate your hard-earned $150,000 of equity into either a fancy prize property with negative cash flows of $12,000 per year, or into moderately priced properties with positive cash flows of $9,000 per year. That’s a difference of $21,000 per year on $150,000 equity investment into $500,000 of real estate.

Building wealth

If you’re hoping appreciation in value will make up the difference on your negative cash flow property, good luck with that. To be fair, over long periods of time, most real estate should appreciate in value about the same percentage each year. But as you can see, cash flows can be very different, and that’s where you earn your wealth!

You might assume that because rents increase and mortgages stay constant, the fancy prize property would turn positive one day. This is true, but it would take about 40 years until the fancy prize condominium owner really got their first dime of positive cash flow.

Think that through and pencil out your real estate deal before you take the plunge. Some properties are just much better wealth-building investments than others, primarily due to the cash flows.

via zillow.com