Not all agents are the same, some may be better than others particularly because of their knowledge of the demographics and there are some who just have the right priorities. Let's talk about what you should look for in an agent before deciding to hire them.
One great example of an agent who is in your corner and is always looking out for your best interests is one of the main characters on ABC's Modern Family, Phil Dunphy.
For those who aren't familiar with the character, Phil is a REALTOR with a huge heart who always strives to do his best for his family and his clients.
In one episode, he even shared an oath that he created and holds himself accountable to:
"On my honor, I promise to aid in man's quest for shelter, to recognize I'm not just in the business of houses -- I'm in the business of dreams in the shape of houses. To disclose all illegal additions, shoddy construction, murders, and ghosts. And to put my clients' needs before my own."
While this might seem silly, as it was definitely written with humor in mind, the themes of helping someone achieve the American Dream and putting a client's needs above his own are not to be taken lightly.
When you make the decision to enter the housing market, as either a buyer or a seller, make sure you look for an agent who exemplifies these values and will help you through every step of the process.
Don't miss the opportunity to witness the beauty of this home. Open House tomorrow, July 29th at 1PM-3PM located at 9 Woodland Road Bedford, NY 10506.
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In the ever competitive world of real estate, the measure of the effectiveness of a marketing strategy is an average of different things. For instance, the cost of your marketing material, how long does it take for you to actually sell your inventory, the amount of effort you have to put in and a few more that I would like to discuss with you in detail on our future posts. The term "the end justifies the means" does not apply at all in this industry anymore. With this in mind, I like to introduce you to Customer-centric Marketing Strategy.
Focus on What the Customer Wants, Instead of What You Want.
Traditionally, if you wanted a customer to purchase a home from your client, you would advertise that specific home in the newspaper. You might target postcards featuring the listing to the demographic you are trying to reach. And you'd probably fill your Facebook page with information about the home and the open house you have scheduled next Saturday. You want someone to buy that house. So naturally, you focus your attention on selling that house. And maybe that works for you sometimes. But focusing your marketing efforts exclusively on the product you're trying to sell is a short-sighted strategy that takes a lot of energy and money. It ultimately doesn't do anything to build your brand as the sharp and helpful real estate professional you are. It's all about you and what you want right now. But what about the customer?
What's in It for Me?
People who are thinking about buying or selling a home typically have a lot of questions. As a licensed real estate professional, you are uniquely positioned to answer those questions from a perspective of expertise. In fact, you could probably give them answers to questions they haven't even thought of yet. Your knowledge is the kind of thing potential clients value, and the kind of thing they really need. There are a million different ways you could share that knowledge with them, from social media and blogging to live information sessions and webinars. You could even try to partner with your local newspaper to answer these questions in a weekly column. It would be a much better use of the money you're spending on newspaper ads.
The "how" of your marketing is important, but it isn't nearly as important as the "who," "what," and "why." If you dedicate yourself to becoming a resource for real estate buyers and sellers, you have the opportunity to build a relationship with them that has nothing to do with buying and selling. It has everything to do with you providing valuable support to them when they need it. And when that person is in a position to buy or sell a home, who do you think they're going to call?
A Customer Focus Allows You to Take Control of Your Lead Generation
Lead generation is something many real estate professionals struggle with. First of all, it's difficult getting people to give you their contact information and grant you permission to market to them. So, you probably take a sign-in sheet to all of your open houses. You probably add every potential lead you speak with to a database. The other difficult part about lead generation is that you have no idea how qualified your leads are, or specifically what they're interested in. So, you probably market to all of them with the exact same message.
Focusing your marketing on the customer you serve will allow you to better qualify your leads, and communicate to them with a message they're more willing to hear. For instance, what if you conducted a free Q&A session on things to consider when shopping for your first home? You would simply field questions on the process of purchasing a home and help them become more comfortable with the big step they're about to take. You could follow up that event with a series of emails that provide additional tips to consider when purchasing a first home. Itâs a targeted message, it provides value to the customer, and it keeps you top of mind when they're ready to begin the buying process.
Make Your Marketing Budget Work for You
You don't have an unlimited marketing budget. Why not spend at least some of it saying something people actually want to hear? As consumers today, we are bombarded by messages to buy. It's all around us, but we've naturally been trained to ignore it. This is your opportunity to build a long-term marketing strategy that breaks through the clutter, fills your lead pipeline, and keeps your business running for years to come. Compared to all of the other activities you're probably already investing in, this is a low-cost alternative that relies primarily on your willingness and ability to demonstrate your expertise. Helping people, even when there's not an immediate financial reward for you, will ultimately be to your benefit.
Traditional real estate marketing tactics will likely always be a part of your mix. It's important to make sure people are aware of the listings you have at any given time. But if you focus the bulk of your marketing efforts on meeting the needs of your clients, you'll have a more attentive audience when you solicit new clients and market the homes you're trying to sell.
Congratulations, Tiffany West! Another home sold! We would like to express our gratitude to our sellers for trusting our service. Keep the sales coming!
If you're thinking about selling. Don't hesitate to get in touch with us.
Many can't help but worry that we may be on the verge of another housing bubble. Believe it or not, despite what statistics may seem, experts say that we shouldn't be too concerned about an impending housing bust.
Here are four key metrics that will explain why:
There is no doubt that home prices have reached 2006 levels in many markets across the country. However, after more than a decade, home prices should be much higher based on inflation alone.
Last week, CoreLogic reported that,
"The inflation-adjusted U.S. median sale price in June 2006 was $247,110 (or $199,899 in 2006 dollars), compared with $213,400 in March 2018." (This is the latest data available.)
2. MORTGAGE STANDARDS
Many are concerned that lending institutions are again easing standards to a level that helped create the last housing bubble. However, there is proof that today's standards are nowhere near as lenient as they were leading up to the crash.
The Urban Institute's Housing Finance Policy Center issues a monthly index which,"â¦measures the percentage of home purchase loans that are likely to default--that is, go unpaid for more than 90 days past their due date. A lower HCAI indicates that lenders are unwilling to tolerate defaults and are imposing tighter lending standards, making it harder to get a loan. A higher HCAI indicates that lenders are willing to tolerate defaults and are taking more risks, making it easier to get a loan."
Their July Housing Credit Availability Index revealed:
"Significant space remains to safely expand the credit box. If the current default risk was doubled across all channels, risk would still be well within the pre-crisis standard of 12.5 percent from 2001 to 2003 for the whole mortgage market."
3. FORECLOSURE RATES
A major cause of the housing crash last decade was the number of foreclosures that hit the market. They not only increased the supply of homes for sale but were also being sold at 20-50% discounts. Foreclosures helped drive down all home values. Today, foreclosure numbers are lower than they were before the housing boom.
Here are the number of consumers with new foreclosures according to the Federal Reserve's most recent Household Debt and Credit Report:
4. HOUSING AFFORDABILITY
Contrary to many headlines, home affordability is better now than it was prior to the last housing boom. In the same article referenced in #1, CoreLogic revealed that in the vast majority of markets, "the inflation-adjusted, principal-and-interest mortgage payments that homebuyers have committed to this year remain much lower than their pre-crisis peaks."
They went on to explain:
"The main reason the typical mortgage payment remains well below record levels in most of the country is that the average mortgage rate back in June 2006, when the U.S. typical mortgage payment peaked, was about 6.7 percent, compared with an average mortgage rate of about 4.4 percent in March 2018."
The "price" of a home may be higher, but the "cost" is still below historic norms.
After using these four key housing metrics to compare today to last decade, we can see that the current market is not anything like that bubble market.
Lifestyle changes are dramatic during retirement, so is the change in finances. The question is, "will your home be still a good fit for you after retirement?". There are a lot of factors to consider in order to determine if your current home will still be sustainable after you retire.
According to the National Association of Exclusive Buyers Agents (NAEBA), there are 7 factors that you should consider when choosing your retirement home.
"It may be easy enough to afford your home today but think long-term about your monthly costs. Account for property taxes, insurance, HOA fees, utilities - all the things that will be due whether or not you have a mortgage on the property"
Would moving to a complex with homeowner association (HOA) fees actually be cheaper than having to hire all the contractors you would need to maintain your home, lawn, etc.? Would your taxes go down significantly if you relocated? What is your monthly income going to be like in retirement?
"If you have equity in your current home, you may be able to apply it to the purchase of your next home. Maintaining a healthy amount of home equity gives you a source of emergency funds to tap, via a home equity loan or reverse mortgage."
The equity you have in your current home may be enough to purchase your retirement home with little to no mortgage. Homeowners in the US gained an average of over $16,300 in equity last year.
"As we age, our tolerance for cleaning gutters, raking leaves and shoveling snow can go right out the window. A condominium with low-maintenance needs can be a literal lifesaver, if your health or physical abilities decline."
As we mentioned earlier, would a condo with an HOA fee be worth the added peace of mind in knowing that you do not have to do the maintenance work yourself?
"Elderly homeowners can be targets for scams or break-ins. Living in a home with security features, such as a manned gate house, resident-only access and a security system can bring peace of mind."
As scary as that thought may be, any additional security and an extra set of eyes looking out for you always adds to peace of mind.
"Renting won't do if the dog can't come too! The companionship of pets can provide emotional and physical benefits."
Evaluate all of your options when it comes to bringing your 'furever' friend with you to a new home. Will there be necessary additional deposits if you are renting or moving in to a condo? Is the backyard fenced in? How far are you from your favorite veterinarian?
"No one wants to picture themselves in a wheelchair or a walker, but the home layout must be able to accommodate limited mobility."
Sixty is the new 40, right? People are living longer and are more active in retirement, but that doesn't mean that down the road you won't need your home to be more accessible. Having to install handrails and make sure that your hallways and doorways are wide enough may be a good reason to look for a home that was built to accommodate these needs.
"Is the new home close to the golf course, or to shopping and dining? Do you have amenities within easy walking distance? This can add to home value!"
How close are you to your children and grandchildren? Would relocating to a new area make visits with family easier or more frequent? Beyond being close to your favorite stores and restaurants, there are a lot of factors to consider.
When it comes to your forever home, evaluating your current house for its ability to adapt with you as you age can be the first step to guaranteeing your comfort in retirement. If after considering all these factors you find yourself curious about your options, contact a local real estate professional who can evaluate your ability to sell your house in today's market and get you into your dream retirement home!
Sometimes to be able to get the best out of things, we must act against our gut will. This applies to what we are about to discuss with you today. Selling your home may sound to be simple enough, but not when you what to get the best price for your home's value at the time. Here are two sure way to sell your home for the best value.
1. Price it a Little Low
This may seem counterintuitive, but let's take a look at this concept for a moment. Many homeowners think that pricing their homes a little OVER market value will leave them with room for negotiation when, in actuality, it just dramatically lessens the demand for their houses (see chart below).
Instead of the seller trying to 'win' the negotiation with one buyer, they should price their house so that demand for the home is maximized. By doing so, the seller will not be fighting with a buyer over the price but will instead have multiple buyers fighting with each other over the house.
Realtor.com gives this advice:
"Aim to price your property at or just slightly below the going rate. Today's buyers are highly informed, so if they sense they're getting a deal, they're likely to bid up a property that's slightly underpriced, especially in areas with low inventory."
2. Use a Real Estate Professional
This, too, may seem counterintuitive as the seller may think that he or she will make more money by avoiding a real estate commission. With this being said, studies have shown that homes typically sell for more money when handled by real estate professionals.
A study by Collateral Analytics, reveals that FSBOs don't actually save any money, and in some cases may be costing themselves more, by not listing with an agent. The data showed that:
"FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate."
The results of the study showed that the differential in selling prices for FSBOs, when compared to MLS sales of similar properties, is about 5.5%. Sales in 2017 suggest the average sales price was near 6% lower for FSBO sales of similar properties.
Price your house at or slightly below the current market value and hire a professional. This will guarantee that you maximize the price you get for your house.
"A new home is a haven for love, memories, and happiness." Congratulations to our clients and thank you for trusting our service in finding your dream home. Great job to Kavita for another closing!
If you are looking for a property or want to sell your home give us a call at 914.920.2299 or check our website www.nyreex.com
Be in the know. Here's the Yonkers' update for this week, read all about it.
In 1849, John T. Waring founded the Waring Hat Manufacturing Company in the City of Yonkers. It was one of three hat manufacturers in Yonkers at the time. However, by the end of the 19th century, the company produced more hats per day than any other hat company in the world!
Everyone is bound to retire at some point, and everyone wants to spend their retirement days comfortably and securely. What most don't know is that investing a portion of one's retirement fund to real estate will provide more yield and let one get the most out of the fruit of their life's work.
Ultimately, the goal of most individuals when they retire is to live a comfortable lifestyle while drawing from their retirement accounts. This is where the self-directed retirement account comes into play. This retirement vehicle allows accountholders the ability to own investment real estate within their retirement account. Instead of selecting bonds or annuities, which have long been the traditional investment of choice by most retirees, investment real estate often provides a higher annual yield and more flexibility for the accountholder.
For example, let's suppose you are 60, ready to retire, and your retirement account is worth around $500,000. Let's also assume your self-directed retirement account purchases three investment rental properties totaling $450,000. The rental income minus expenses equals $31,500 (a 7% return) each year. Keep in mind, this is the net cash flow back into the retirement account and does not include any property appreciation. So, in this scenario, you have $50,000 in cash within your retirement account for easy liquidity should a personal need arise, $450,000 worth of real estate, and $31,500 of rental income being generated each year.
Under this scenario, provided the properties remained occupied with no major property expenses, you could draw $31,500 per year from the account in perpetuity without reducing the value of your retirement account. Down the line, you may want to liquidate an investment property to give you the ability to take more money out per year, which will then begin to actually deplete the value of the account.
Owning real estate within your self-directed retirement account allows you to preserve your retirement income, and gives you the flexibility to control how you retire.
Everyone is invited to our BACK TO BACK OPEN HOUSE this Saturday, July 21, 2018.
Check the details below:
93 Radford Pl Yonkers, NY 10701: https://bit.ly/2MwOZUj
776 Brook Ave 33b Bronx, NY 10451: https://bit.ly/2NdgAJB
Call us at 914.920.2299 for more information.
With experts forecasting the next recession in the horizons, how will the real estate industry be affected? The good news is, it will not fall victim to the next economic storm at all.
Here are the opinions of several experts on the subject:
Despite the forecasts of mortgage rate rise, demand for homes has continuously outnumbered its supply. Let's find out why.
According to the National Association of Realtors (NAR), the inventory of homes for sale "has fallen year-over-year for 36 consecutive months," and now stands at a 4.1-month supply. A 6-month supply of inventory is necessary for a balanced market and has not been seen since August of 2012.
NARs Chief Economist Lawrence Yun had this to say,
Is There Any Relief Coming?
According to the CoreLogic's 2018 Consumer Housing Sentiment Study, four times as many renters are considering buying homes in the next 12 months than homeowners who are planning to sell, "which is the crux of the available housing-supply imbalance."
As more and more renters realize the benefits of homeownership, the demand for housing will continue to rise.
Do homeowners realize demand is so high? With home prices rising across the country, homeowners gained over a trillion dollars in equity over the last 12 months, with the average homeowner gaining over $16,000!
The map below shows the breakdown by state:
Many homeowners who have not thought about listing their homes may not even realize how much equity they have gained, or the opportunity available to them in today's market!
If you are one of the many homeowners across the country who hasn't quite found their forever home, now may be a great time to list your house for sale and find your dream home!
We work hard, we get a good job, we start a family, we buy a house and then, when we're done with that house, we buy a bigger one. We accumulate wealth in our home and then pass that wealth on to our children, who will be better off than us. That's the American dream. Now let's take a closer look at some more personal reasons why we buy homes.
1. Owning your home offers you the stability to start and raise a family
Between the best neighborhoods and the best school districts, even buyers without children at the time of purchase may have these things in mind as major reasons for choosing the locations of the homes that they purchase.
2. There's no place like home
Owning your own home offers you not only safety and security, but also a comfortable place that allows you to relax after a long day!
3. You have more space for you and your family
Whether your family is expanding, an older family member is moving in, or you need to have a large backyard for your pets, you can take this all into consideration when buying your dream home!
4. You have control over renovations, updates, and style
Looking to actually try one of those complicated wall treatments that you saw on Pinterest? Tired of paying an additional pet deposit in your apartment building? Or maybe you want to finally adopt that puppy or kitten you've seen online 100 times? Who's to say that you can't do just that in your own home?
Whether you are a first-time homebuyer or a move-up buyer who wants to start a new chapter in your life, now is a great time to reflect on the intangible factors that make a house a home.
New listing alert!
Commercial space for lease located at 477 BOSTON POST RD A ORANGE, CT 06477.
Hurry! Get it before it;s gone!
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Love it or hate it, social media platforms have invaded and taken over the past time of the majority of the world today, and it does not show any sign of stopping or slowing down in any foreseeable future. To be on the top of your game, you need to adapt and utilize the social media to your advantage. Here's how you can do just that.
The key is targeting the best social media options--those proven to attract real estate leads--and building a marketing plan tailored to getting the most out of these accounts.
There is no denying Facebook is huge. Odds are, almost everyone you know has an account. But when it comes to real estate marketing, Facebook has a huge benefit over nearly every other social network: demographics. Facebook reaches everyone. Regardless of age group, income level, or location, almost everyone is on Facebook, and you should be too.
Here's how to pull it off:
Instagram has amassed a huge, loyal user base. Don't let the photo-based sharing deter you. Smart Insights found when it comes to interaction, Instagram blows other social media sites out of the water with a whopping 70 interactions per 1,000 followers. Getting started on Instagram is easy.
Here's how to pull it off:
Pinterest is often overlooked by agents, but it shouldn't be. The site has a huge fan base and many dedicated followers actively 'pinning' every day. Building up your Pinterest 'boards' (collections of clickable photos) will take dedication, but the payoff will be worth it.
Here's how to pull it off:
Twitter shouldn't be the only social media you use, but the fast--paced feeds can help you generate leads (and crossover followers to other social media sites) if you do it right.
Here's how to pull it off:
There's no denying that social media can help boost your real estate leads. With that said, it doesn't mean you need to be on every social media platform. Your audience may just be on one platform or may be on all platforms. Some platforms may perform better than others. So it's important to come up with a social media strategy that will work best for you. If some social media sites perform better for you than others, then focus your attention on those that will give a better return. Overall, a social media strategy and some hard work can help boost your real estate leads to where you want them to be.
Another commercial property sold by NYREEX. Great job team!
We are grateful to all our clients for their trust and support. We promise to deliver exceptional service.
If you have any homes or properties to sell give us a call at 914.920.2299 and check our website www.nyreex.com
Check our newest listing!
This 3 bedroom condominium is located at 776 Brook Ave 33b Bronx, NY 10451. It features a spacious living room, dining area, kitchen with marble tile floors and so many more! Don't miss our OPEN HOUSE this Saturday, July 14 from 12pm-2pm.
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It is given that purchasing power is always desired. But with all the current trends in the real estate industry, how true is it that many believe that house-buying power is near historic levels?
We keep hearing that home affordability is approaching crisis levels. While this may be true in a few metros across the country, housing affordability is not a challenge in the clear majority of the country. In their most recent Real House Price Index, First American reported that consumer "house-buying power" is at "near-historic levels."
Their index is based on three components:
Combining these three crucial pieces of the home purchasing process, First American created an index delineating the actual home-buying power that consumers have had dating back to 1991.
Here is a graph comparing First American's consumer house-buying power (blue area) to the actual median home price that year from the National Association of Realtors (yellow line).
Consumer house-buyer power has been greater than the actual price of a home since 1991. And, the spread is larger over the last decade.
Even though home prices are increasing rapidly and are now close to the values last seen a decade ago, the actual affordability of a home is much better now. As Chief Economist Mark Fleming explains in the report:
Some may just be a fad or a short-term trend, others may be permanent changes like technological advancements. Needless to say, here are some of 2018's top real estate influencing phenomenon.
1. Technology Advancements
The advancement of technological innovation in the real estate industry has been changing rapidly and all agents should adapt to this to maximize exposure for their listings. Companies like Redfin, Zillow, Trulia and Homesnap have been changing the way sellers and buyers perceive the market and it is crucial for agents to quickly adapt to this new reality. - Alex Chieng, A & L Real Estate Team
Not to belabor the already highly-trending topic of blockchain changing the world, but this is the reality of our industry. Blockchain-based applications are changing the way buyers, sellers and investors interact with each other and the properties they have interests in. Welcome to an new world of unleashed liquidity, transparency and disintermediation. The real estate world is rapidly changing and we must do so too, or we will fall by the wayside. - Garratt Hasenstab, The Mountain Life Companies
3. Return Of The Co-Ops
For the past several years in Manhattan, we've seen the downtown new development condo market take a big bite out of the co-op resale market. Now that there are so many new (and more expensive) projects, we're seeing buyers actually return uptown to purchase co-ops because the prices are more moderate in comparison. What hasn't changed is that some of the boards remain difficult to pass. - Elizabeth Ann Stribling-Kivlan, stribling.com
4. Home Prices Still Rising
The NYC real estate market indicates that home prices might rise more slowly in the months ahead. During the years 2012-2015, we saw 12%-15% growth. We didn't have any surprises this year. Average home price growth over the last few decades is somewhere between 5% and 10% per year. So, perhaps what we are seeing here is a normalization within the Manhattan real estate market. - Elliot Bogod, Broadway Realty
5. Millennials Buying Homes
I've seen article after article saying millennials do not want to buy a home or cannot afford it, yet homeownership for this age group is on the rise. Fortunately, this age group is still a significant portion of the luxury rental market, and the baby boomers who just sold their houses are an increasing renter base. - Susan Tjarksen, KIG CRE LLC
6. Steady Stream Of New Construction
The top trend I've seen so far has been a steady stream of new construction, which is keeping rent prices mostly in check for 2018. A stable pipeline of new buildings means we'll see the impact of lower rent growth but still above long-term averages when it comes to rent across the U.S. - Nathaniel Kunes, AppFolio Inc.
7. Low Available Inventory
The drought of available inventory has been the most surprising trend, by far. Whether the underlying reasons are demographic, economic, regulatory (i.e., zoning) or a combination thereof, we just aren't seeing as many homes hit the market as we should. Agents have to do a better job in prompting inventory and explaining the current seller's market to homeowners. - Ari Afshar, Compass
8. Visual Marketing Trends Soaring
We are seeing a huge uptick in agents recognizing the value in using professionals for all their visual marketing needs -- virtual staging, drone video and photography, virtual tours, interactive floor plans and more. Hiring the pros to help will continue to be less of a "nice to have" and more of a "must have" for agents, homeowners and home seekers alike. - Brian Balduf, VHT Studios
We have to be aware and prepared, we have to be able to adapt to these trends to stay on top of our game.
Nowadays, people buy insurance for all sorts of things they hold dear. Jewelry, pets, computer equipment and believe it or not, even body parts. It gives one peace of mind and a sense of security to know their possessions are safe. All the more reason why your home should be insured with the best insurance provider you can find. Here a few things you need to know about home insurance and the top providers of 2018.
The first thing you need to know about homeowners insurance is what it covers. One well-known aspect of homeowners insurance is that it covers your dwelling and its contents if there's a fire or other event that causes damage -- or if your stuff is stolen or vandalized. Policies typically cover certain kinds of weather or extreme events like hail, lightning, or damage from wind, but not others. Floods and earthquakes, for example, are often excluded from most base plans. You have to buy additional coverage if you want to protect yourself in case of those events.
When it comes to dwelling and property coverage there are two types. The first is cash value coverage, which only will pay you the amount that your property is currently worth or the depreciated value of the property. The second kind is replacement value coverage, which will give you as much as you need to replace an item at its current market value. Certain types of property or property with values that are over a certain dollar amount can't be insured in some circumstances. For that reason, you might also need a special insurance rider or include these items in a schedule.
But homeowners insurance doesn't just help you repair or replace your things, it also provides liability coverage. This covers you against liability if anyone is injured on your property or if you damage their property. It also often covers you in case someone is injured because of your dog. Usually these liability coverage policies have low coverage amounts and offer just $100,000 in total coverage.
After that, different home insurance companies offer different types of additional coverages in their base policies. Some include things like medical payments coverage in the event someone gets injured on your property. It can offer a certain dollar amount to cover medical bills without having to go to court or reach a settlement. There are also home insurance companies that offer things like "loss of use" coverage, which pays for a hotel and food if you can't return to your home, identity fraud coverage, additional liability coverage, and other types of special riders.
Are you wondering what type of coverage is best for you and what company you should buy it from?
We look at the best homeowners insurance companies to help you decide.
Here are LendEDU's best homeowners insurance companies (click a company to read their full review):
Best Homeowners Insurance Comparison
There are a lot of home insurance providers out there, you have the freedom to pick one that you find can cater to all your needs.
Discover our newest listing!
This colonial style home located at 9 Woodland Road Bedford, NY 10506 is truly majestic. It's luxurious details and amenities galore will leave you speechless.
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So you decided to take a leap and join the real estate industry. You have an idea of what it's about but want to know more about the day to day activities and routine of a real estate agent. Let's dig in a little deeper find out more.
Many successful real estate agents have an assistant or office manager to assist with the day-to-day activities, allowing the salesperson or broker to focus on more direct revenue-generating activities.
You're Not Just Selling Homes, You're Selling Yourself
Attracting clients is crucial to a real estate agent's success. Below are some tips to attracting new clients:
Real estate agents typically work in an office with other agents and brokers and have many opportunities to discuss new listings, get updates on listings, and discuss buyer's and seller's needs. Another option that agents utilize to narrow down a search for a buyer or to perform research on the competition for sellers is the MLS tour. This allows agents and brokers to quickly gather first-hand knowledge on a number of available properties in the local market.
Developing Your Skills
Although continuing education is a requirement to maintain a real estate license, it is also an opportunity to develop the skills that will keep an agent at the top of their game or open a door to new real estate opportunities within the regional or local market. Continual development is crucial to long-term success of real estate agents and brokers. Continuing education not only widens their scope of expertise, but it also improves their proficiency, knowledge, and marketability as a real estate professional.
Overall price, initial cash out, monthly amortization etc. are the things we look out for in buying a home. A lot of these may seem higher than it used to last year, but what most do not know is that it is lower compared to how it used to way back.
However, it is not just the price of a home that determines its affordability. The monthly cost of a home is determined by the price and the interest rate on the mortgage used to purchase it.
Today, mortgage interest rates stand at about 4.5%. The average annual mortgage interest rate from 1985 to 2000 was almost double that number, at 8.92%. When comparing affordability of homeownership over the decades, we must also realize that incomes have increased.
This is why most indexes use the percentage of median income required to make monthly mortgage payments on a typical home as the point of comparison.
Zillow recently released a report comparing home affordability over the decades using this formula. The report revealed that, though homes are less affordable this year than last year, they are more affordable today (17.1%) than they were between 1985-2000 (21%). Additionally, homes are more affordable now than at the peak of the housing bubble in 2006 (25.4%).
Here is a chart of these findings:
What will happen when mortgage interest rates rise?
Most experts think that the mortgage interest rate will increase to about 5% by year's end. How will that impact affordability? Zillow also covered this in their report:
Rates would need to approach 6% before homes became less affordable than they had been historically.
Though homes are less affordable today than they were last year, they are still a great purchase while interest rates are below the 6% mark. Making a decision today may save you money.
Stylish coop for sale for only $235k! Located at 1910 Pelham Parkway Unit #4C Bronx, NY 10461.
1st-floor master bedroom
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