As a Realtor, and as a real estate agent who has her Certified Residential Specialist designation (with less than 3% of Real estate agents having this designation), I work my hardest to promote, sell and market a home. Today, marketing is very important, more so than ever before. Every worthwhile real estate company will advertise their listings on many great web sites (and of course I would like to feel that Julia B. Fee Sotheby's has more to offer in that area!!), but what of the agent?  Some agents will sit back, and let the advertising work on her behalf, and hopefully will then have appointments, bids and acceptable offers. Is that enough? I have written on the selling process , and so now that the home  has been decluttered, painted, prepared in every way, perhaps staged, taxes reduced,  emptied,  professional photography, floor plans all completed, now we market!

I like to introduce my listings to the top local agents (over 1500), and I will send my listings to them as they are introduced to the market via a marketing program my company offers.  This is in addition to sending out  postcards announcing the home to not only the immediate area, but I like to target additional streets where I think it would be advantageous also.  Not every agent does this, but if it will help sell a home - why not? I also like to create a personalized web site for each of my listings too. Some companies will offer a luxury web site for that special home, but I think I go one step further with blogs about the area so if someone is visiting from the city for example,  I can send the website link to them, and they can see at a glance what is happening in that area, on the street..  street fairs, sports programs,  market reports, school information and so much more.

I also like to promote my listings with Broker's open houses (as we all do), but I will also try to make it fun with different kinds of food..  I try to attract as many agents as I can so they will visit and see the home while they are enjoying each other's company. It is a great time in which to share market news, get to know more agents for after all - these will be the people I will be negotiating with in the future. Having a good relationship with as many agents as possible will always help sell a home.  I have had Broker's open houses  with themes such as "Apple Cider tasting and cheese parties',  "Mint Julep and appropriate Southern foods " to coincide with  the Kentucky Derby if that time of year , "Champagne and smoked salmon", and so many more!  I just served a Mexican themed Broker's open house with Margaritas which was fun!

Agents try to be as inventive as possible in their advertising too. Any agent worth his/her salt will probably be advertising on Facebook nowadays. Why not? It is one of the top ranking modes of reaching potential buyers with great viewership. Plus, you can streamline your target audience. You want Brooklyn?  Upper Eastside, Upper Westside? People who are seeking a home on the waterfront? Who like to kayak?  Facebook answers those requirements.

Open Houses are another way to reach buyers. Everyone leads hectic lives, and it can be hard to pinpoint a certain scheduling time with their respective agent, and so having the option to visit an open house at their own leisure answers that problem.  I like to personalize miniature Hershey chocolate bars with labels depicting the home and with my information. All to make the home memorable and why not!

I would also like to feel that in marketing a home, I work with the sellers as a team. Teamwork is always important!  If it cold outside then make the home warm! If it very hot then we need to cool it for when those potential buyers enter a home, and if they see clothing everywhere, a messy kitchen, and it is 90 degrees and it is HOT in the home... then their first impression will not be favorable... An agent can advertise, market and even bring the flowers but if the home is not prepared then that can deter a sale.

At the end of the day, every agent wishes to sell your home. As someone who cares, I am trying to obtain the very best price I can. If you have any real estate needs, call me!

Westchester is GREAT!

 

The Home Buying Process - by Gay Rosen

1) The most important aspect of buying a home is finding out how much you are qualified for! You do not want to look for homes in one price range, only to discover that those student loans are creating a blimp on your credit rating, and lowering your buying ability. SO, the very first thing you should do is to obtain a Pre-approval.

If you are purchasing a home in  very sought after community when multiple bidding is the norm, then it might also behoove you to take the pre-approval one step further, and obtain a Priority Pre-approval Letter or 'Commitment Letter". This process will take a little longer as the mortgage broker will basically obtain all of the necessary paperwork from you, and submit it to the underwriting department for approval, but well worth the effort!  You will be able to bid, knowing you have already been approved for the loan amount. In this scenario, all that would be required to complete the mortgage loan commitment would be Clear Title, an appraisal, and property address!

2)  Location, location, location. Where do you want to live?  Research the different towns, and even interview the various school districts.  For school stats ..

3) Searching for a home may take a day , a week,  or even a year! If you have an agent, he/she  perhaps has been sending you the monthly market updates during the process, or has signed you up for new listings as they enter the market in your desired price range, etc. , so you feel comfortable knowing that you have had the opportunity to view the homes of interest to you.

4) You have found the home you wish to purchase! Yay! 

5) Do you have a real estate attorney? NOW is the time to call one, ask for availability (if the attorney is planning a trip around the world for 3 months, then call another!). Ask the attorney what he/she charges (but remember choosing a good attorney is important, and a few hundred dollars differential should have no bearing here).

6) Your agent has given you comparative sold prices, so you feel comfortable in knowing what the homes have been selling for in that same zip code, elementary school and price range.. Also remember that if a home in New York is priced at One Million or above, then there is a 1% Mansion tax payable at the closing table.

7  What should I bid? When you view the comparative sold prices, and then you factor into the equation those homes you have already viewed, and/or compared the condition of the homes you have viewed with regards to the home you are interested in purchasing,  you will have an idea of what to bid on the home.  You also place a bid on everything you see visually, and know about the home. Your agent will advise you on the range on what to bid, but it is always your money, your comfort level!

It is customary to place down 10% at contract signing.  Speak to your agent and mortgage Broker with regards to your alternatives if required. There are hybrid mortgages, we can structure bids differently. Agents can be creative, speak with your agent , voicing your concerns to see which approach will be best for you.

8) Your agent will negotiate on your behalf with the listing agent for the sellers.  Once an accepted price has been obtained,  an inspection is scheduled.  The listing agent and buyer's agent will also exchange both sellers' and buyers' information, and this information, together with the sales price, terms, and attorney information is sent to all parties. The seller's attorney will draw up the contract, and send it to the buyer's attorney.  Some attorneys will send out the contract once the inspection is completed, and  if the sale is in a much sought after area, then the contract might be sent out the same day as the accepted offer is given.

Some buyers (and sellers)  think that they can carry on the negotiations once their attorney in involved. Just remember that the memo of sale reflects what has been agreed to by all parties. You might lose the bid if you try to change it. 

9) It is important that you schedule the inspection as soon as possible after the accepted offer.  It is the listing agent's responsibility to keep showing the seller's home until the contracts are fully executed (signed) by both buyers and sellers. Why?  It is not uncommon for a buyer to change his/her mind, and so the listing agent must protect the client and continue to show the home. Accordingly, should a higher bid be submitted to the sellers, then their agent must submit that bid also.

No-one wants their client to spend money on an inspection only to lose out to someone bidding higher, and losing the house they wished to purchase.

Why would the seller do that?  The seller wants the most they can get for their home.  However, the listing agent usually affords the opportunity to the buyers to increase their bid to correspond to the higher bid. If the buyers don't increase their bid, then the sellers may/may not go with the new buyers and the higher price.

Sometimes, it isn't even a higher price. It could be better terms. However, in order to avoid any of this, if the buyer moves forward in a quick concise manner after receiving the accepted offer, then there should be no disappointment.  Should a higher bid be submitted by another agent and accepted, then the sellers do not have to reimburse any buyer for their inspection if there has already been one performed. 

10) The inspection - You might wish to have a structural engineer if you have questions about the structure of the home and/or a regular inspector. Home inspectors must be licensed. Once again, calling an experienced, good inspector is very important. Now is not the time to quibble over price.

The inspection process may take as long as 3 hours or more, and it is always a good idea to both be present at the inspection, ask questions as you both think of them and/or perhaps writing them down before you meet.

11) So the inspection has been completed, everything is in order, and any renegotiation has been taken care of. Or, perhaps you will to call a few contractors to obtain prices on repairs to help further the negotiation process. Your agent will assist you in this process.

12) You/your agent will let your attorney know that you are ready to proceed for the signing stage, and your attorney will meet with you to discuss and explain the contract once received. It is at this time, that you give forth your down payment to your attorney. He will then send same to the seller's attorney and the down payment is placed into an escrow account which will remain there until the closing.

13) The buyers are usually given 30-45 days in which to obtain their mortgage commitment. SO, once again, always a great idea to have all of your financial information ready to be sent to the mortgage broker.

While the mortgage  process is under way, and your mortgage Broker has received a fully executed copy of the contract, then an appraiser will be requested by the mortgage broker, and sent to the property to assess the value of same.

The buyer's agent will meet the appraiser, offer forth 'comps' for the property. The appraisal process might take a few days or a week. Once completed, the appraiser will send the report back to the bank, and you should also be receiving notification of the appraised amount. It is customary for the bank to estimate the value to the sales price nowadays as opposed to appraising it for a much higher price.

14) While you are in contract, now is a good time to go and measure, bring in prospective contractors if you wish (with the seller's permission). The contract usually states how many times you can be allowed into the house or there is a reference to same perhaps stating 'with seller's permission at mutually agreed upon times'.

15) Interview moving companies in advance also. Moving companies book in advance. End of June closings are popular so this could be a particularly harder time in which to find an available moving company. Your agent will have a list of companies so always ask your agent!

16) Once you have your mortgage commitment, the paperwork/letter is sent to you, your attorney who then sends it to the seller's attorney. It is very customary to receive the mortgage commitment with 'conditions attached.'  What are they? It could be that you still must send in a few missing documents/updated financial information. It is common, and don't let it bother you!  A requested essay/letter explaining your job/monetary situation  is also quite common!!!! 

17) One of the final conditions will be for you to obtain home insurance! You are practically there!

18), Once the bank has given you the 'clear to close'  then your attorney will reach out to the other attorney, and arrange a closing date.

19)  Once you have a closing date,  you will arrange with your agent a walk-through at the home, to make sure that it is in the same condition as when you had the inspection. Some buyers choose to ask their inspector back (at a reduced fee) to inspect the home once again.

This is a good idea if repairs were made after the inspection, and you chose not to have a credit for those repairs offered.

20) Congratulations! 

Enjoy Your New Home~

 

Selling Your Home!

 

SO it's time to sell your home! How do you prepare? How can you obtain the highest price possible for your home? When should you sell? Which season? With whom? Isn't the summer time the best time when everything is in bloom? Your  house is THE best home on the block so shouldn't  you  list it at the very highest price?

These are natural thoughts that sellers have during the home selling process. Calling a Realtor while you are still contemplating the process is perhaps a good idea. What can a Realtor do on your behalf?

When I am called in advance, I might suggest some repairs, perhaps suggest a pre-selling inspection so the home owner knows beforehand  the items to address within the home before it enters the market.

Are all of your renovations legal? An agent can visit the village, town or city's building department and look to see if there are any open permits. Perhaps you had your electrical service updated, plumbing work performed but  was that work closed out and reflected accordingly  in the building department?  Did you build a deck, and your contractor told you that you didn't need a permit?  I see many times a home owner stating that one light or another doesn't work, and that 'is the way it is.'  Well, if an agent cannot turn on a light, or a light switch does not work, then that aspect  of the home is devalued in a buyer's eyes. Fix those little things.

Accordingly, when it becomes time to lit your home, be truthful. For instance, do not state the windows are 2 years old and they are 10! Potential buyers might ask for those receipts, and then if they find out you mis-quoted on one renovation, they will mistrust you for everything else.

Landscaping. Your yard will be the first thing a buyer sees upon driving up to your home. Plant those pretty flowers,  plants, clean the yard of leaves, branches, prune the trees. Power wash the walkway, front steps, home. It will make a big difference. Wash the windows, clean out the basement. If you do not care about it, the  buyers won't either and will perhaps not be interested in your home. When a home is spotless, it shows you care, and the buyers see that and it will be reflected in a bid.

Are your taxes high? Too high?  How would you know? If, for example,  the homes are selling  within a certain price range in your area, and your home is assessed at a much higher price point, then it is always a good idea to have those taxes reduced the year before you are thinking of selling your home if possible. No one likes high property taxes.

Staging - or home presentation.  A Realtor can bring in her home stager, who can advise on paint colors, and how to best present your home when the time is right for you to sell. Realtors can recommend floor specialists, handymen, painters, roofers, electricians,  carpenters, etc. if you do not have easy access to same. We are here to help.

Real Estate attorneys? Do you have one?  Realtors have so many good attorney names at their fingertips and who they can recommend to you. It is important to select your attorney in advance also. Ask him what he charges of course, but is he planning that trip around the world in the next 6 months? Will he be around for all aspects of your selling process once you need to reach the contract stage? Is he in court 4 out of the 5 days of the week so hard to reach, or does he deal in mostly real estate transactions?

Pricing your home. Many times I am called in to a home, and asked to offer forth a pricing. I try to emphasize that the pricing I give  that week only reflects the current market prices. The market is always changing, and so the pricing of a home can change also. If homes are selling for 20%  less in the fall, and 10% higher the following spring, then a home price will reflect that change, or it could be a lower price too!

I have also suggested to various clients to have an appraisal to best further their sale. If an area has a vast array of different homes, with prices at all levels perhaps based on condition of those homes, it is always a good idea to get an idea of what your home is worth beforehand, so you can best price your home too.

SO, you have made some repairs, and de-cluttered your home.. Very important. If you will not be taking everything with you, now is the time to get rid of unwanted items. Your home will present far better if it is devoid of unnecessary clutter.

Photography. If I am suggesting to my clients to market their home in the spring, then I always suggest to have photos taken when everything is in full bloom the summer before.  Photography is the Realtor's cost, and I have yet to meet a potential client say 'no!"

When to sell?

Traditional the spring market is always the best. Homes usually sell for higher prices, the buyer pool is the largest, and while the market is also more competitive, as long as you do not over price your home, your stand the better chance of obtaining a great price for same.

Many home owners believe that the summer months are the best. This is usually one of the slower periods in which to sell a home. People (and agents) are vacationing, many buyers have already purchased their home and readying it for their families  before school starts in the fall,  and those home sellers who priced their homes too high in the spring  are now starting to be more realistic, and lower their prices, so you will be in competition with a slightly flatter market. The fall market traditionally picks up a little after Labor day, but it is a shorter market, with a smaller buyer pool.

There will always be sellers needing to sell for relocation purposes, divorce, etc. as there will always be buyers seeking to purchase, so you shouldn't NOT list your home in the summer/fall/winter, but if you have time on your side and choices, then I would always suggest the spring. By spring, I mean end of January through to April. By May, the market starts to slow down a tad.

On Choosing a Professional

You want someone who knows your market, who will market your home as opposed to just 'listing it' and sitting back, and someone who listens, and works with you. Professional photography? Definitely. personalized web sites? If you want one. Definitely.   Marketing your home to all of the broker's in the area? Definitely. My goal  is to reach out to as many agents as I can, and to ask them to show your home and then sell it. Agents are my best friends! Marketing is important. SEO (Social Engine Optimization) is also important and part of that marketing process.  When buyers are looking on Facebook, and your agent isnt advertising there...well what can I say!

Selling your home should not be a traumatic experience. Choosing the right agent should help the process go smoothly. All companies will advertise somewhere. Some more than others. My company, Julia B. Fee Sotheby's International Real Estate is the largest Sotheby's affiliate in the world, selling over 25 Billion last year alone. With 5 offices in New York City/Brooklyn, it is an easy transition to refer to top agents throughout the company, and to best market our homes.  First choose your agent, or narrow your search down to several agents, and then select.

As a Westchester resident for over 37 years, and having obtained the Top Five Star Professional Award in customer satisfaction every year since it was initiated (2010 to-date) I am here for all of your real estate requirements. I was also privileged to be awarded the Certified Residential Specialist of the Year Award in 2013, and I was also the New York State Public Relations and Marketing Chair Person from 2013-2015.

A s a local top blogger, I have received been featured in many articles, and have had my articles published extensively also.

Westchester is GREAT!