January 2010 New York State home sales up from year ago

March 2nd, 2010

This just in from the New York State Association of Realtors.

My summary: NY home sales continue to climb – both in the volume of homes sold and in the median sales price!

Translation: You hear a lot of talk about the real estate recession and poor housing market.  My advice is to take a look in your own back yard instead of listening to national forecasts and experts talk about the slump.   Rochester are real estate is ahead of the game.  What I get from this article?  Optimism and opportunity!

“The New York state housing market posted an improved start to 2010 compared to the beginning of last year with sales increasing by 11 percent compared to January 2009, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price jumped more than 30 percent compared to January 2009.

New York REALTORS sold 4,468 existing single-family homes in New York State in January 2010, an 11-percent increase compared to the January 2009 sales total of 4,024. January sales did lag behind the stronger than usual December 2009 market, when 7,403 homes were sold.

The January 2010 median sales price in New York State of $242,750 represents an increase of 30.5 percent compared to the January 2009 median of $186,085, and is 13-percent above the revised December 2009 median of $213,800.”

Click here to learn more.

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Is Now a Good Time to Sell?

January 6th, 2010

Despite words of doom and gloom on a national front, the Greater Rochester real estate market has fared well and “reflected some positive outcomes” according to the Quarter 3 2009 data.

Transactions increased 3.7% compared to Q3 2008 and median sale price was up 2.5% over Q2 2009, showing some positive activity in the local market.

Typically, the Fourth and First Quarters tend to reflect a slowdown in the real estate market.
Resurgence in sales is usually seen toward the beginning of the Second Quarter, which signals the start of the spring market.

“The reason for the increase in the sale of homes in Third Quarter 2009 compared with Second Quarter 2009, is a result of people wanting to take advantage of the First Time Home Buyers Tax Credit before it ends…” said Chuck Hilbert, GRAR board president. “Additionally, sellers also saw this
as an opportunity to list their home in order to capitalize on the number of individuals who might take advantage of the tax credit, which is what has helped to drive the market.”

My assessment?  Typically winter in Rochester NY is not the most ideal time to list for maximum profit and minimal time on the market.  However, the home buyer’s tax credit has spurred activity in an otherwise sluggish time of year.  Since purchase offers must be submitted by April 30, 2010 in order to qualify for this federal tax credit, I would consider this a good time to get your house spruced up and on the market.  The holidays are over, the new year has begun, and buyers are getting back in the groove of looking at homes.

It is still necessary to pull some creative marketing techniques out of the Mary Poppins bag in order to drive buyers to your home.  In a slow economy, you need experienced professionals with outside-of-the-box strategies to set your home above the competition.

If you are thinking about selling, contact The Du Bois Team to discuss a marketing strategy and for a free, no-hassle comparative market analysis for your home.

Sincerely,

Theresa Du Bois
585.752.9453

“Your Real Estate Power Team”
Theresa & Michael E. Du Bois
Prudential Discover Real Estate
Theresa 585.752.9453 (Residential Buyers & Sellers)
Michael 585.752.9454 (Real Estate Investors & Contractors)
michael.theresa@prudentialdiscover.com

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Thinking of Selling Your Home? 5 Tips Other Agents Won’t Tell You

January 4th, 2010

Here are a few tips for potential home sellers… some of which most other agents will not tell you.  Why?  Because we believe the best way to build a professional reputation of honesty and integrity is by being honest and acting with integrity.  Sounds simple, but it is amazing how hard some people work to find short cuts to this mentality.  We offer our clients (and potential clients) honest, sound advice without an agenda.   If you want to take this advice and use it with a your own Realtor, of course that is your right.  All we ask is that you give us the opportunity to at least meet with you to discuss your real estate needs when the time comes.

TIP #1.  Clean your home as if the pickiest out-of-town relatives are coming to stay BEFORE bringing your Realtor to see your house for the first time. The condition of your home says a lot about your pride in ownership, maintenance, and attitude about your home.  If your home is pristine at the first impression, most Realtors will categorize you as a seller that expects the best and will likely work harder to impress you.  It is called “setting the stage for the remainder of the deal.”  This increases your chances for a higher, quicker sale. (Just a note:  We work hard for ALL of our clients, regardless of your home’s value or condition.  We can also show you how to stage your home for the marketing photos and showings, to result in the highest and quickest sale.)

TIP #2.  As with all major business decisions, I believe it is wise to shop around. That’s right, I am actually encouraging you to bring in three Realtors — us included :) — to get various impressions of your home, suggested selling prices, and a feel for each Realtor’s personality and style of doing business.   This will help you make an informed decision about who is the best fit for you and your home. S

TIP #3.  Don’t share your thoughts about your home’s value until after the agent has given a suggested price. Reason being – If your price opinion is too low, some agents may jump at the low price as an opportunity for a quick sale.  If your opinion is too high, they may feel the need to increase their suggested price to more closely match yours in order to get the listing.  Many times that strategy will land the listing for the Realtor, but then after multiple price drops, too much time on the market, and too many aspirins for your headaches along the way, the home sells for the market value.  (Ask about our staging and advanced marketing strategies to help your home sell for the highest possible price in the least amount of time.) So with this in mind, don’t just go with the agent that gives you the highest price opinion of your home.  Ask for backup data on how they came to their suggested price.  Know that pricing your home right is possibly the most important factor in receiving the maximum price in the least amount of time.

TIP #4.  You have a right to inspect your home’s marketing pieces and discuss any desired changes with your Realtor! Keep in  mind that Realtors are professionals that sell homes for a living, so our decisions are based on experience and knowledge of the market.  That being said, experience and knowledge varies from agent to agent, and no one knows your home better than you.  Feel free to discuss the photos being used and even ask for a retake if you are not happy.  We encourage our clients to compare their listing with other home listings in the area and are open to any feedback and ideas.  We take pride in creating superior listings with professional quality photos, compelling descriptions, and creative advertising to make your home stand out.

TIP #5.  Secret Shop your Agent. Okay, so this is the tip that will have other Realtors calling me to complain, but that’s okay.  The best way to know how effective your agent is in marketing your home is by sending someone you know, and whose opinion you trust, through your open house.  Do they have the visitors sign in for future follow up?  Do they verbally highlight the most important selling points?  Do they leave visitors with a compelling marketing piece to bring home with them?  How well do they answer questions?  I find it easiest to be gutsy when I am upfront about it.  You can let your Realtor know before signing the listing agreement that you plan to occasionally send a friend or two through the open houses to experience the marketing of your home.  If they give you a hard time about it, then don’t be afraid to take a time out.  Everyone is evaluated in their job (it is what keeps them on their toes), so your agent should not be above this technique.  This also gives your friend the opportunity to be honest with you about the condition of your home and whether you need to step up the housekeeping and open house staging. Keep in mind, it is important not to waste your agent’s time when potential buyers are coming through your home, so have your friend(s) be sensitive to traffic flow.  Contact me for more information on the best way to secret shop without impeding the progress of your sale.

Have a specific question?  Feel free to reply to this post, email us, or call anytime (7 days/week, 9 am-9 pm).

Regards,

Theresa Du Bois
585.752.9453

“Your Real Estate Power Team”
Theresa & Michael E. Du Bois
Prudential Discover Real Estate
Theresa 585.752.9453 (Residential Buyers & Sellers)
Michael 585.752.9454 (Real Estate Investors & Contractors)
michael.theresa@prudentialdiscover.com

Become our Fan on Facebook and Follow us on Twitter for the latest real estate news and tips.  Search under “The Du Bois Team”.

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Home Buyers: What Every Home Buyer Should Know Before Seeking a Mortgage

November 17th, 2009

Now that you understand the importance of talking to the bank as early in the home buying process as possible (see my previous post @ http://theduboisteam.com/real-estate-tips/?p=37), I’m going to explain some lingo to prepare you for seeking a mortgage.  I am not using technical or legal definitions.  It is simply put in terms that I often use in conversations with my clients.

A mortgage banker is a mortgage consultant that works directly for the bank.  They can provide you with loan programs that their specific bank offers.  The advantage can be choosing a bank that you already have a relationship with, the ability to pay at local branches and keep it in the same bank as your other accounts, and dealing directly with the lender can eliminate a communication point (avoiding possible delays or miscommunication).

A mortgage broker works for a company that has access to loan programs from multiple banks.  Their value is in their mortgage experience, giving them the knowledge to offer you broader advice and shop for you, finding the best deal that fits your specific needs.  This opens you up to more mortgage program opportunities, which can result in a lower interest rate and loan programs that fit non-standard situations.

A pre-qualification (pre-qual) is a quick, easy, usually free method of finding out how much you qualify for, including purchase price, property tax amount, and interest rate.  Based on information your provide verbally and your credit report, a pre-qual is simple and can usually be done within 15 minutes over the phone.  You will typically need to provide  your address and how long you have lived there, income, social security number, permission for them to pull your credit, and how much money you have for a down payment and closing costs.  They will send your real estate agent a pre-qual letter, stating at least the purchase price approval and interest rate.  Whenever possible, I  include at minimum a pre-qualification letter with the purchase offer for my buyers.  It shows the seller that you have at least talked to a bank and do not have any glaring issues to stop you from being able to secure a loan.  When up against a competing offer that does not have a pre-qual letter, you will look like the stronger option.

A pre-approval is a step further than the pre-qual.  Here the bank verifies your verbal information with written documentation, such as your paycheck stubs, W-2s, bank statements, and more, depending on your situation and loan program.  This may result in a fee, which varies, depending on the bank or brokerage.  The pre-approval is the more preferred method to use when shopping for a home, because it carries more weight than a pre-qualification.  A mortgage pre-approval tells the seller that you are a serious buyer.  Not only did you talk to a bank already, you possibly paid a fee (depending on the bank/brokerage), and — here’s the important part — supported your verbal information with written documentation. When it comes down to competing against another offer, you have your best foot forward and can possibly beat out another buyer based on this merit alone.

First thing’s first. Now that you can see the benefits of getting pre-approved before submitting your offer, please don’t just just run out and get pre-approved by the first place you talk to.  If you are still in the “thinking” phase but aren’t ready to go out and look at houses yet, then a pre-qualification is a good, free way to go for now.  It does not commit you to a certain mortgage provider, but gets your feet wet and gives you an idea of what you have to work with.  If you are ready to start shopping houses, then the time is right to get more serious about a pre-approval.

Stay tuned for my next post on Who to Call?, What to Ask?, and When to Commit?.  I’d love to help you through the purchase process (ask why you don’t have to pay a cent in commissions).  If you need immediate consultation, call me, email, or reply to this post.

Cheers,

Theresa Du Bois
585.752.9453

“Your Real Estate Power Team”
Theresa & Michael E. Du Bois
Prudential Discover Real Estate
Theresa 585.752.9453 (Residential Buyers & Sellers)
Michael 585.752.9454 (Real Estate Investors & Contractors)
michael.theresa@prudentialdiscover.com

Become our Fan on Facebook and Follow us on Twitter for the latest real estate news and tips.  Search under “The Du Bois Team”.

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Rochester Real Estate: Q3 2009 Report

November 16th, 2009

The 3rd quarter housing report is out from the National Association of Realtors… Rochester real estate average price is up 6.9%. Congrats Westside! Brockport +10.23%, Spencerport +2.57%, Hilton +8.55%, Gates 14606 +23.35%, and Churchville +17.47%.  Here is a link to the full report for Monroe County.  If you are interested in learning about additional counties, or have a question on this report, feel free to respond to this post, or contact me at 585.752.9453 or michael.theresa@prudentialdiscover.com.

http://www.theduboisteam.com/real-estate-tips/docs/rochester-real-estate-Q3-2009.pdf

Regards,
Theresa Du Bois
585.752.9453
michael.theresa@prudentialdiscover.com

Become our Fan on Facebook and Follow us on Twitter for the latest real estate news and tips.  Search under “The Du Bois Team”.

“Your Real Estate Power Team”

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Home Buyers: Why You Should Talk to the Bank Before You’re Ready to Buy

November 14th, 2009

Rochester, NY – Home Buyers Tips – 11/14/09

Talking to the bank is something that many home buyers want to put off until they find the right home.  Don’t make this mistake!  It’s never too soon to start talking to the bank.  I always advise my buyers to talk to the bank before starting the shopping process.  If you wait until you find the right home for you, you could be in the position of competing against other offers.  Having that pre-qualification, or better yet, pre-approval letter from the bank could give you the edge.  Put yourself in the sellers shoes.  They receive multiple offers for a similar price.  Buyer 1 (Johnny Smith) is already pre-approved with the bank for the price of his offer, and the other buyer (Sally Schmoe) hasn’t gotten around to finding out yet.  To the seller, this means that Johnny Smith is more serious about buying a house and is a lower risk because he is already at least pre-qualified.  Sally Schmoe could have recently went through a bankruptcy, job loss, or other situation that could render her unable to buy. Without that letter from the bank, who knows?  Which buyer do you think they will more likely accept an offer from?

Another reason to contact a bank as early in the home buying thought process as possible, is because the bank can advise you on any potential issues with your credit, debt-to-income ratio, what you will need to provide documentation for income, and so on.  Don’t feel that you need to hold off contacting the bank until you think you are in a good position to buy.  The mortgage bankers and brokers are paid on getting your mortgage to come through.  So they will help you greatly.  Mortgage approval goes through a underwriting process that involves different people at the bank.  The factors for approval are pretty black and white, so allowing the mortgage consultant to understand your situation can ultimately enable them to put a strong mortgage loan request package together for the other bank members to review.

Lastly, the bank can tell you in advance exactly how much you would qualify for, including purchase price and property taxes.  This way you can start your home shopping process educated with an accurate price range in mind, only looking at the homes that you can truly afford.  You will also know about how much you would need for closing, if you need the seller’s assistance with closing costs, and when you will need to provide payments for the appraisal, and any other upfront fees.

For more information on the mortgage process, tips for contacting the bank, and questions about the home buying process in general, feel free to contact us for a free consultation anytime, including weekends.

Sincerely,

Theresa Du Bois
Prudential Discover Real Estate
Cell  585.752.9453
michael.theresa@prudentialdiscover.com

The Du Bois Team works hard for you!  Ask about our No Commissions Buyer’s Program.

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Tax Credits Approved! Repeat Buyers and First-time Home Buyers Can Qualify

November 10th, 2009

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. It also authorized a tax credit of up to $6,500 for qualified repeat home buyers.

The deadline for an accepted purchase offer is 4/30/10, and accepted offers at that time have an additional 60 days to close (closing deadline 6/30/10).  Updates are available at:

http://www.federalhousingtaxcredit.com/

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To Stage is all the Rage – Home Staging Doesn’t Have to Cost a Penny

October 30th, 2009

“Is my house REALLY not going to sell because of this marred furniture piece?”  or… “Is my house really NEVER going to sell because of the COLOR of my LIVING ROOM?”  Maybe, yes.

I consider it part of my job as a realtor to advise home sellers on the best way to stage their homes to MAXIMIZE profits and MINIMIZE selling time.  It is obvious by the pictures I see of homes listed that not all agents are providing this service and/or many home sellers aren’t convinced of the value. 

What is home staging? The way I like to describe it to my home sellers is basically taking the home as you have lived in it and presenting it in the best possible light, as if a magazine was coming to take pictures to feature your home.  A second comparison I use is giving it that high-end hotel feel.  Who doesn’t like staying in a nice hotel (aside from the extravagant food prices)?  The high-end hotels, restaurants, and magazines all have one thing in common:  modern, neutral, uncluttered decor that creates a unified mood or ambiance.  Translating that to home sales…. remember, your best scenario is for a home buyer to come in, imagine the space as their own, picture the possibilities for their own taste, and then once they start talking furniture you are well on your way to receiving an offer.  A great way to accomplish this is by neutralizing your home.

Staging doesn’t have to cost a penny. Staging your home doesn’t have to mean renting furniture and bringing in fake props.  Here are some tips to stage your home effectively, ranging from free to minimal investment to all out.  I can help guide you through which level best fits your financial goals and your asking price.  In a 2007 Home Gain Survey of over 2000 Realtors, it was discovered that sellers who spent typically $500 on staging services for their home recovered over 343% of the cost in the sale of their home. (Credit to Park37 Staging & Design)

Free staging techniques:
* Rearrange your furniture. Sometimes the setup that best suits your family’s needs isn’t the same as the one that best showcases the floor plan.  The modern trend is maximized space and an open floor plan.
* Eliminate unnecessary furniture. It may serve a purpose for you, but if it isn’t crucial to the dynamics of the room then see if you can store it in a friend’s basement.  Staging a room with only the necessary furniture opens up the floor plan and enlarges the space.
* Minimize personal photos. Remember the magazine and high-end hotel concept?  As much as you love your loved ones, it is not a testament to your love to keep them proudly on display when your home is up for sale (do they even want themselves and their children on display for all to see)??  The first step to doing this is to remove your personal photos and belongings.  It’s probably best to store them in a box for safe keepings anyway.
* Clean, clean, clean. When someone goes through your home for the first time, they notice the details more than you will.  If your home is spotless, you will be perceived as an immaculate home caretaker.  In my experience, buyers will also be less likely to give you a low-ball offer, because you are showing pride your home.
* Market great photos. I’ve seen Realtors take anywhere from terrible to amazing photos of homes they have for sale.  I never understand marketing poor photos.  Even a foreclosure should have the cupboard doors shut and garbage picked up from the floor??  I always take extra time to work with my sellers towards a clean, open, living space before taking any photos.  With a graphic design and marketing background, this is probably one my biggest pet peeves.   Make sure your Realtor is taking their time to capture the best photos possible for your home.  Feel free to offer your own photos if you think they market the property better.  But remember, if your Realtor is experienced and has a good sales record, then they should know what sells.

Why stage your home? Only 10% of home buyers can visualize the potential of a home. This is why staging a home is critical! The longer your listing is on the market, the lower the price will be. So stage first!  According to a National Association of Realtors survey, homes that sold after four weeks on the market sold for 6% less than ones within the first four weeks! (Credit to Park37 Staging & Design)

Moving past defensiveness. My own experience is that home sellers (no offense!) find it hard to be objective when it comes to their own home.   And maybe a little defensive?  Quite understandably.  Your personal domain is up on display for public criticism.  And with all of the memories and blessings or hard times that you have gone through in your home, it can’t possibly be worth as much to someone else as it is to you.

Dollars and Cents. If you are committed to selling your home then the black and white of it is that your home is going to sell, you are going to sign the papers, and you are going to move to a new home and make new memories.  So throughout the home selling process it really comes down to dollars and cents and the terms of the deal.  You need to push the personal attachment aside and treat your well-loved home as an investment.  Now, that being said, I completely understand the personal attachment and emotions that go along with it.  In the beginning of my parent’s marriage they lived off Clifford Avenue in the late 1960’s.  My dad worked nights at Kodak, while my mom heard gun shots home alone, no car or phone, with their first baby.  Through answered prayers they found land out in the country through a program they could afford and built a safe, solid home with their bare hands over the course of 2.5 years, with minimal help.  I grew up with 5 other siblings in that home, my two parents, and my grandmother.  It was a place I called home and a place I thought I would be visiting with my own children for many years to come.  A week into my first pregnancy, I visited that home for the last time before they closed on the sale.  So believe me when I say, I understand.

Back to my quotes in the beginning…. my advice is that instead of finding any loop hole possible to avoid good staging advice, embrace the concept and BECOME THE EXPERT at the best way to present your home, so it is magazine ready and conveys a warm ambiance.

Contact me with any questions or advice needed on staging your home to sell!

Regards,

Theresa Du Bois
585.752.9453

“Your Real Estate Power Team”
Theresa & Michael E. Du Bois
Prudential Discover Real Estate
Theresa 585.752.9453 (Residential Buyers & Sellers)
Michael 585.752.9454 (Real Estate Investors & Contractors)
michael.theresa@prudentialdiscover.com

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Update: First-time Home Buyers $8,000 Tax Credit

October 13th, 2009

Reminder:  First-time home buyers’ deadline to close on the home is 11/30/09  in order to qualify for the $8,000 tax credit.  Although there has been talk of the government extending this credit, at this point nothing has been confirmed.

Video explaining the program: 
http://www.youtube.com/watch?v=xRZiziAWOq0&feature=channel_page

If you have questions about the program, your tax return submittal, or are looking for the latest up-to-the-minute information about the tax credit:
http://twitter.com/FTHBtaxcredit

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The importance of building equity in your home

October 9th, 2009

The importance of building equity in your home

Going along with our blog post earlier this week called “Home Buyer Tips for Building Equity”, we wanted to go into depth a little bit on the importance of building equity in your home.

If you are investment-minded like we are, then you will agree with what we tell our Greater Rochester area real estate clients:

“Your home can be your largest investment… choose wisely.”

About that for a minute….

We have heard, “but I don’t ever want to sell, so who cares about equity?” If you are one of those people, we urge you to read this paragraph. Not to scare you or be negative, but life is unpredictable. You may think you will never want to move again, but sometimes circumstances arise that can put you into a situation you never considered, such as: health complications, loss of job, divorce, better job offer (relocate), death or failing health of a family member, to name a few.

Let’s say you don’t have to move… There still may be times in your life you need to use the equity in your home for a short-term loan to float you through difficult times (Home Equity Loan or Home Equity Line of Credit – also referred to as HELOC). This can be a saving grace. They are much lower interest rates than a credit card or unsecured loan, making it a wise choice when you do need to borrow.

So hopefully by now you are at least considering that it may be wise to build equity in your home.

Now let’s remember, when you buy a home and obtain a mortgage, the bank actually owns your house until you have fully paid off the mortgage. Which means if you want to sell your house before it is paid off, you need to get enough from the sale to pay off the bank, pay closing costs to sell, pay closing costs to buy a new home, and in most cases put a down payment on the home you are buying.

Now do you see why building equity in your home can really pay off?

Imagine for a moment that you have owned a home for a while and maintained it as needed.  If you choose a home in a good or up and coming location, then your home could still have increased enough in value so that you can afford to sell.

(Live in Greater Rochester NY area and need to know for sure? Contact Theresa Du Bois at 585.752.9453 for a free, no hassle comparative market analysis report.) 

Here is an example:

Sally and Jim bought their home in an up and coming neighborhood on the west side of Rochester 15 years ago for $100,000. Over the course of 15 years, they needed to replace their roof and furnace, and they decided to update the kitchen floor and countertops, and the bathroom floor and shower surround. Sally’s mother has experienced some health problems and now needs some assistance with trips to the grocery store, running errands, cleaning the house, and so on. She lives in Webster on the east side of Rochester, much closer to Jim’s work, and Sally has been visiting her several times per week. They decided to move closer to her mother and Jim’s work. Because they chose a smart location when buying their current home, they were able to sell for $125,000 within 3 weeks of placing it on the market. They had enough money to pay off their remaining mortgage and closing costs, and to put a nice down payment on the home they purchased (with some cash in the bank to boot!).

This is a great example of how to make your home work for you as a smart investment. For more real estate tips, check back on our blog frequently or email us at Michael.Theresa@PrudentialDiscover.com with topic requests/suggestions.

Also, if you need to sell but are afraid you don’t have enough to cover the expense, let us know and we will see if some creative options will work for you.

Regards,

Michael & Theresa Du Bois
Agents, Prudential Discover Real Estate
Owners, Turn Key Headquarters

Michael: 585.752.9454 (investors, contractors)
Theresa: 585.752.9453 (buyers and sellers)

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