Diana's Neighborhood

Real Estate in New York & Connecticut – Won't you be my neighbor?

Holiday Lights

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

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December 1, 2011 Posted by | Christmas, Home, Real Estate, Uncategorized | , , , , | Leave a comment

Estimate Your Expenses Before Buying a Home

Estimate Your Expenses Before Buying a Home….

CLICK Here to Read Article in the New York Times

November 9, 2011 Posted by | Home, Real Estate, Uncategorized | , , | Leave a comment

Personal Letter Lands a Home Sale

Personal Letter Lands a Home Sale ~ www.RealEstate.AOL.com

                         ~~~~~~~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~~~~~~~~

                                                        Delwin Steven Campbell – Flickr.com

October 23, 2011 Posted by | Home, Real Estate, Uncategorized | , , | Leave a comment

64 Cunningham Lane Pawling NY

Beautiful Colonial For Sale in Pawling NY

                                                64 Cunningham Lane ~ Pawling NY

                                    Click Here to View Listing Sheet with Additional Photos!

October 11, 2011 Posted by | Home, Pawling, Real Estate, Uncategorized | , , , , | Leave a comment

Buying a Short Sale

Another great video from http://www.AOLRealEstate.com 

                               ““““““““CLICK Here to View  “““““““““ 

October 11, 2011 Posted by | Home, Real Estate, Uncategorized | , , , | Leave a comment

Details Home Staging

Looking for someone to help you organize your home or office? To stage you sell your home – or staging for youself – contact Details Home Staging!

October 9, 2011 Posted by | Home, Real Estate, Uncategorized | , , , | 3 Comments

PMI Insurance is Tax Deductable

As you probably know, “piggy back” loans to avoid mortgage insurance are non existent and therefore homebuyers have no choice but to pay mortgage insurance when the down payment is less than 20%.  What you may not know is that PMI IS tax deductable (see article below) which makes it more palatable.  

 

   

  Carey Lance Hollander
Retail Sales Manager
Guaranteed Home Mortgage Company
Phone: 914.424.5962
License: 74044
chollander@ghmc.com
www.ghmc.com
 

 

     
 
       

 

 

Congress Makes PMI Tax Deductible
Millions of Borrowers Will Benefit

The federal government’s Private Mortgage Insurance legislation is great news for the real estate industry! Enacted on January 1st, 2007, the bill makes Private Mortgage Insurance (PMI) tax deductible for borrowers whose personal adjusted gross income is $100,000 or less. For millions of home buyers, the bill creates an amazing opportunity to finance a more expensive home or potentially obtain a lower payment for the same-priced home, while reducing annual income taxes by hundreds of dollars.

What is PMI?
Designed to protect lenders from defaults and foreclosures, Private Mortgage Insurance is required for loans exceeding 80% of the property’s value or sale price. Prior to the legislation, PMI was generally viewed with contempt by home buyers because of its perceived high cost and the fact that it was not tax deductible. For many borrowers, PMI was the only means available for financing their mortgage.

It wasn’t until the 1990s, when lenders began allowing “piggyback” financing, that homeowners and home buyers had an opportunity to finance a home without PMI. Under this scenario, buyers would take out two loans to cover the total amount borrowed. The first mortgage accounted for 80% or less of the purchase price or appraised value of the home; and the second mortgage, or “piggyback”, covered the remaining amount required to fund the transaction.

Reconsidering PMI
Now, thanks to Congress, potential borrowers may want to reconsider their aversion to PMI. After all, PMI makes it easier for some borrowers to qualify for a loan. Consumers should be aware that when the primary loan is accompanied by a Home Equity Line of Credit (HELOC), the approval of the first loan is contingent upon the approval of the second. In most cases, the approval requirements for the second loan are more stringent than those for the first. Alleviating this obstacle may enable buyers to consider a more expensive home or the purchase of preferred upgrades today rather than years from now.

It’s also important to remember that PMI doesn’t last forever. If a home appreciates at a rate of 4% annually, borrowers will be in a position to remove PMI within four years, resulting in an automatic reduction in the mortgage payment.

What to Do Now
Whether consumers are considering purchasing a new home or restructuring their finances, the first thing they should do is call a mortgage professional. There is a wide variety of options to consider, beyond those that have been presented here, and a mortgage professional will help them to determine which scenario best fits their needs.

If you would like to discuss how your clients can take advantage of the benefits of PMI, please call me! I would welcome the opportunity to speak with you.

October 9, 2011 Posted by | Mortgage, Real Estate, Uncategorized | , , , | Leave a comment

Keep Cool With Summer Home Energy Tips

Keep Cool With Summer Home Energy Tips from WholeLiving.com & MarthaStewart.com

                               ~~~~~~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~~~~~~

July 13, 2011 Posted by | Home, Martha Stewart, Summer | , , , , , | Leave a comment

Spring Breathes Life Into Prices

Spring Breathes Life Into Prices – a Video from RISMedia.com

                                   ~~~~~~~~~~~  CLICK Here to View VIDEO  ~~~~~~~~~~~

June 9, 2011 Posted by | Home, Real Estate, Spring | , , , | Leave a comment

Dress Up Your Deck

Dress Up Your Deck ~ From HouseLogic.com

                                         ~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~

                                                                 gemteck1 ~ Flickr.com

May 17, 2011 Posted by | Home | , , , | Leave a comment

Do’s & Don’ts During the Process of Your Home Loan

Here is an e-mail with information of Do’s and Don’ts During the Process of Your Home Loan

 

Dear Diana,

 

Do you want a hassle free loan process?  Here’s some Do’s and Don’ts to share with your homebuyers.

 

During the process of your loan request, we encourage you to follow these suggestions until all loan proceeds have been disbursed by the Lender.  The Loan is officially completed once all monies have been disbursed.  

 

MAKE SURE YOU DO…

Keep paying your bills on time including any mortgage, car, credit

cards, etc.

 

Inform us in advance of any employment or income change.

 

Keep copies of all paychecks/stubs and bank statements you receive.

 

Call us anytime if you are unclear or have a question about your loan.

 

 

MAKE SURE YOU DON’T…

Change your employment status without notifying us first.

Apply for new credit or access credit lines

Start significant home improvements on your home (if refinancing)

Co-Sign any loans until finished with this transaction.

Make large purchases such as real estate, cars, or furniture

 

 

The above information is provided for informational purposes only. Nothing contained herein should be construed as legal advice. Should you have any questions regarding your legal obligations during the loan process, please consult legal counsel.

 

Carey Lance Hollander, NMLS #74044

108 Corporate Park Dr., Ste 301, White Plains, NY 10604

914-696-3400 Office, 914.424.5962 Cell

Equal Housing Lender/Licensed Mortgage Banker, NMLS# 1615/NYS Banking Dept.

 

May 7, 2011 Posted by | Home, Mortgage | , , | Leave a comment

Repair Hardwood Floors

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April 14, 2011 Posted by | Home, Uncategorized | , , , | Leave a comment

Home Improvements on the Rise

                                                            http://bcove.me/bi6683jh

April 11, 2011 Posted by | Home, Uncategorized | , , | Leave a comment

Tax Refunds in Your Home

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April 7, 2011 Posted by | Home, Uncategorized | , , | Leave a comment

Home Selling on a Budget

                                                  Home Selling on a Budget from About.com

                                           ~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~

April 6, 2011 Posted by | Home, Real Estate, Sellers, Uncategorized | , , , | Leave a comment

Pre-Sale Renovations

                                                               vlgorman – Flickr.com

Pre-Sale Renovation: Home Seller Do’s and Don’ts | RISMedia

March 26, 2011 Posted by | Sellers, Uncategorized | , , , | Leave a comment

Home Inspection Checklist

Home Inspection Checklist from About.com

                          ~~~~~~~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~~~~~~

                                                                   S. Diddy ~ Flickr.com

March 15, 2011 Posted by | Buyers, Home, Real Estate, Uncategorized | , , , | Leave a comment

Improve Your Credit

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

February 24, 2011 Posted by | Buyers, Credit, Home, Real Estate, Uncategorized | , , , , | Leave a comment

Home Buying Guide

Home Buying Guide from About.com

                                           ~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~

                                                                 Chefranden – Flickr.com

February 15, 2011 Posted by | Buyers, Home, Real Estate, Uncategorized | , , | Leave a comment

Better Home Showings

Simple Tips for Better Home Showings

Realtor.org – Realtor Magazine

                                                            Flickr.com – granite-charlotte

1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.

2. Wash your windows and screens. This will help get more light into the interior of the home.

3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.

4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help.

5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements. Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.

6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.

7. Tidy your yard. Cut the grass, rake the leaves, add new mulch, trim the bushes, edge the walkways, and clean the gutters. For added curb appeal, place a pot of bright flowers near the entryway.

8. Patch holes. Repair any holes in your driveway and reapply sealant, if applicable.

9. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.

10. Buy a flowering plant and put it near a window you pass by frequently.

11. Make centerpieces for your tables. Use brightly colored fruit or flowers.

12. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.

13. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.

14. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.

15. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.

16. Send your pets to a neighbor or take them outside. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.

17. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.

18. Leave the home. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.

January 31, 2011 Posted by | Home, Real Estate, Sellers | , , , | 2 Comments

Insulating Your Home

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Copyright 2011 NATIONAL ASSOCIATION OF REALTORS®

January 13, 2011 Posted by | Home, Uncategorized, Winter | , , , | Leave a comment

Tips for Selling Your Home from RISMEDIA

5 Tips for Selling Your Home Quickly in Today’s Market

By Dan StewardPrint Article Print Article

RISMEDIA, November 22, 2010—It’s one thing when someone says “Things are looking up,” but quite another when the numbers actually bear that out. Happily, the latter is the case, evidenced by the latest statistics that show that home prices may be stabilizing. Namely, national home prices jumped an impressive 3.6% in the past year, according to the S&P/Case-Shiller Home Price Index released in late August. Prices also climbed 4.4% in the second quarter, which contrasts with a 2.8% decrease in the first quarter.

This uptick in prices leads to a simple conclusion: Sell now if you can. And you certainly can. A fast sale, taking advantage of these numbers, is entirely possible, and can result in a lot of profit and a very happy client. But telling your client to “sell quickly,” without backing it up, can inspire fear and even ire. Instead, give them these methodical, easy tips to selling fast and successfully, taking advantage of a market uptick, without inducing panic or stomach aches.

1. Don’t raise the price. The uptick in home prices doesn’t mean that you should get all excited and raise the price. The trick is to leave your price the same as it was—that will encourage a bidding war. Hearing news about home prices going up, and raising your price immediately as a response to that, is typically not the way to go; the home will likely sell for more as a result of two buyers fighting over your reasonable price, rather than walking away due to a price that’s too high. Remember, the goal is ultimately to get more money, not to have a higher list price.

2. Remain flexible. Selling quickly means making some concessions—and we’re not talking price. It’s those little extras that may inspire a buyer to sign on the dotted line. Obviously, no one has the right to get your vintage grand piano in the deal. But if a buyer wants your stainless-steel fridge with ice-maker, give it up. There’s more ice waiting in your new home.

3. De-clutter. For a quick sale, you may not have time to fully “stage” your home down to the accent pillows and entirely new living room furniture. But you do have time to clear out the clutter. If we saw a home we’d like, we’d look past the clutter, but most buyers won’t. So, before you worry about making your home pretty, focus on making it neat. In a better market, neat is often all you need.

4. Schedule more open houses—and don’t attend your own. When you have a longer time frame for selling, you can schedule open houses at your leisure, but if you want to sell fast, try for as many open houses as you can—and do not attend them, as a homeowner at their own open house often makes a potential buyer too nervous to comfortably look around.

5. Go big—and go local. If you haven’t listed in MLS (multiple-listing service), it’s a good idea, especially if you want to sell fast. The math is simple—more eyes on your listing equals more potential bites. But a lot of people who use the MLS forget that local advertising is important as well. Advertising in local and regional publications—as well as simply putting the word out with friends and family—are often skipped, expecting that the Internet will get the job done on its own.

Dan Steward is president of Pillar To Post Professional Home Inspections.

For more information, visit www.pillartopost.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

Have you heard about RISMedia’s Real Estate Information Network® (RREIN)? RREIN is an elite network of leading real estate companies dedicated to providing consumers and their agents with leading real estate information, and committed to the belief that Information Share Equals Market Share. Having only launched this past June 2010, the RREIN network is already comprised of 40 leading brokerages, which make up 575 offices, 30,000 agents, 167,000 closings and represents over $41 billion in transactions. How can RREIN help your recruiting efforts and differentiate your company today? For more information, email rrein@rismedia.com.

Copyright© 2010 RISMedia, The Leader in Real Estate Information Systems and Real Estate News. All Rights Reserved. This material may not be republished without permission from RISMedia.

January 11, 2011 Posted by | Home, Real Estate, Sellers | , , , | Leave a comment

Home Style Guide

Home Style Guide from About.com – What style are you?

                               ~~~~~~~~~~~~~~~  CLICK to View  ~~~~~~~~~~~~~~~

                                                              Lynette 1962- Flickr.com

January 4, 2011 Posted by | Home, Uncategorized | , , | Leave a comment

12 Days of Christmas for Home Sellers

Here’s a different take on 12 Days of Christmas from a Realtor for Home Sellers…

                                     ~~~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~~~~

                                                                     Chris_J – Flickr.com

December 1, 2010 Posted by | Christmas, Sellers, Uncategorized | , , , | Leave a comment

Buying Foreclosures

Buying Foreclosures – Tips for Foreclosure Profits  –  From About.com

                                      ~~~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~~~

                                                                      emdot – Flickr.com

November 18, 2010 Posted by | Buyers, Home, Uncategorized | , , , | Leave a comment

How Long Does it Take to Sell a House?

How Long Does it Take to Sell a House?  Information from About.com

                     ~~~~~~~~~~~~  CLICK Here to View  ~~~~~~~~~~~~

November 1, 2010 Posted by | Home, Real Estate, Sellers, Uncategorized | , , , | Leave a comment

7 Reasons To Own Your Home

Sharing this post from Realtor Magazine – Realtor.org

7 Reasons to Own Your Home

1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.

3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator at www.GinnieMae.gov.

 

October 25, 2010 Posted by | Buyers, Home, Uncategorized | , , , | Leave a comment

Fielding a Lowball Purchase Offer on Your Home

Brought to you by the National Association of Realtors®

Fielding a Lowball Purchase Offer on Your Home

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  • By: Marcie Geffner

    Published 2010-06-10 09:53:36

    Consider before you ignore or outright refuse a very low purchase offer for your home. A counteroffer and negotiation could turn that low purchase offer into a sale.

    Couple signing counterofferWhen you receive a low offer on your house, the best response is to counter with a price you’re willing to accept. Image: Keith Brofsky/Photodisc/Getty Images

    You just received a purchase offer from someone who wants to buy your home. You’re excited and relieved, until you realize the purchase offer is much lower than your asking price. How should you respond? Set aside your emotions, focus on the facts, and prepare a counteroffer that keeps the buyers involved in the deal.

    Check your emotions

    A purchase offer, even a very low one, means someone wants to purchase your home. Unless the offer is laughably low, it deserves a cordial response, whether that’s a counteroffer or an outright rejection. Remain calm and discuss with your real estate agent the many ways you can respond to a lowball purchase offer.

    Counter the purchase offer

    Unless you’ve received multiple purchase offers, the best response is to counter the low offer with a price and terms you’re willing to accept. Some buyers make a low offer because they think that’s customary, they’re afraid they’ll overpay, or they want to test your limits.

    A counteroffer signals that you’re willing to negotiate. One strategy for your counteroffer is to lower your price, but remove any concessions such as seller assistance with closing costs, or features such as kitchen appliances that you’d like to take with you.

    Consider the terms

    Price is paramount for most buyers and sellers, but it’s not the only deal point. A low purchase offer might make sense if the contingencies are reasonable, the closing date meets your needs, and the buyer is preapproved for a mortgage. Consider what terms you might change in a counteroffer to make the deal work.

    Review your comps

    Ask your REALTOR® whether any homes that are comparable to yours (known as “comps”) have been sold or put on the market since your home was listed for sale. If those new comps are at lower prices, you might have to lower your price to match them if you want to sell.

    Consider the buyer’s comps

    Buyers sometimes attach comps to a low offer to try to convince the seller to accept a lower purchase offer. Take a look at those comps. Are the homes similar to yours? If so, your asking price might be unrealistic. If not, you might want to include in your counteroffer information about those homes and your own comps that justify your asking price.

    If the buyers don’t include comps to justify their low purchase offer, have your real estate agent ask the buyers’ agent for those comps.

    Get the agents together

    If the purchase offer is too low to counter, but you don’t have a better option, ask your real estate agent to call the buyer’s agent and try to narrow the price gap so that a counteroffer would make sense. Also, ask your real estate agent whether the buyer (or buyer’s agent) has a reputation for lowball purchase offers. If that’s the case, you might feel freer to reject the offer.

    Don’t signal desperation

    Buyers are sensitive to signs that a seller may be receptive to a low purchase offer. If your home is vacant or your home’s listing describes you as a “motivated” seller, you’re signaling you’re open to a low offer.

    If you can remedy the situation, maybe by renting furniture or asking your agent not to mention in your home listing that you’re motivated, the next purchase offer you get might be more to your liking.

    More from HouseLogic

    6 Tips for Choosing the Best Purchase Offer for Your Home

    6 Reasons to Reduce Your Home Price

    Marcie Geffner is a freelance reporter who has been writing about real estate, homeownership and mortgages for 20 years. She owns a ranch-style house built in 1941 and updated in the 1990s, in Los Angeles.

    More From HouseLogic

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    Read more: http://buyandsell.houselogic.com/articles/fielding-lowball-purchase-offer-your-home/#ixzz12BTQOMTR

    October 20, 2010 Posted by | Buyers, Home, Real Estate | , , , | Leave a comment

    Selling Your Home in Today’s Market

    Home Sellers Must Look Beyond Price Cuts in Today’s Market

    By Kathleen LynnPrint Article Print Article

    RISMEDIA, October 15, 2010—(MCT)—Ken and Linda Bolsch put their five-bedroom, five-year-old Mahwah, N.J., colonial on the market in January, sure that buyers would appreciate its low taxes, wooded lot, and impeccable decor and landscaping. But after nine months—and a price cut from $925,000 to $749,000—the house is still on the market, with the couple looking at a substantial loss at that price. “We fell in love with the house from the moment we saw it, and we don’t know why other people aren’t doing the same,” Ken Bolsch said.  “We’re so confused and confounded about the whole thing.”

    These are tough days for sellers. Sales have plunged at least 20% from last year’s numbers, following the expiration of a federal tax credit for home buyers, and the real estate market is headed into a traditionally slow season. Small wonder that sellers feel discouraged and disappointed.

    Bob Sandusky of Weichert, the Bolsches’ agent, sums up sellers’ feelings in one word: “frustration.”

    “They’re angry. They’re bitter. They’re in a bad place; they’re in a sad place,” said Attilio Adamo of Prudential Adamo Realty in Harrington Park, N.J.

    The usual prescription for a house that won’t sell is simple: Cut the price. “If the seller allows you to price it right, it goes,” said Roslyn Breitstein of Prudential Adamo.

    But many sellers can’t stomach that thought. If they bought within the past few years, they may have mortgages bigger than the amount they could get for the house.

    “They can’t believe that their house could be worth 30 percent less than what their neighbor got a few years ago,” said Barbara Liati of Prominent Properties Sotheby’s International Realty in Tenafly, N.J. In fact, there’s one sentence that real estate agents hear over and over: “I’m not giving my house away.”

    “It seems no matter what a person bought their home for, they do not feel in this economy they are getting the real value for their home,” said Ellen Weiner, a Weichert agent in Clifton, N.J.

    And sellers have to deal with buyers who feel they have the upper hand. Buyers ask for lower prices, even if the price has already been cut. After a home is inspected, buyers will push sellers to correct even minor problems, agents say.

    Moreover, buyers are in no rush to make an offer. “They’re worried about their jobs,” said Dick O’Connor, a Dumont, N.J., broker. “People are looking at houses, but they won’t buy.”

    “Buyers keep thinking there’s going to be a better deal around the corner,” Adamo said.

    “The buyer population out there wants it for nothing, and they want all the bling,” said Elizabeth Sarkozi, a corporate tax manager who put her four-bedroom, 52-year-old Englewood Cliffs, N.J., split-level on the market last February, asking $925,000.

    She expected it to sell quickly because of the town’s relatively low taxes and location near New York City’s George Washington Bridge. But although she has dropped the price to $899,000, she has not found a buyer.

    Sarkozi has not updated her house with all the extras some buyers seem to expect—whirlpool tubs in the bathroom, granite countertops in the kitchen. But she thinks they wouldn’t be happy anyway: “I’m convinced that even if I had granite countertops, they’d say, ‘You have gray—I wanted brown.’”

    She has seen nearby properties go for $200,000 or more off their listing price. She figures those sellers may be under pressure to sell because of job losses or trouble paying the mortgage. She is not in that position, but the distressed sales are hurting the value of her property, she said.

    “I have a sense that people are holding back to see how much lower things will go,” Sarkozi said. “It’s a waiting game. Your property is really worth what someone is willing to pay for it, but I’m not going to give it away. I’ve done everything I can and when it’s still not working, what am I supposed to do? Manufacture a buyer?

    “It’s a very frustrating market right now, and I’m really not hopeful until I see an uptick in employment,” she continued. “I don’t expect to sell the house anytime soon. It may be spring before I sell it.”

    Agents often remind sellers that the lower price they get when they sell will be offset by the lower price they will pay on the next property.

    That’s the attitude of Samantha and John Karageorge, who have signed a contract to sell their 20-year-old Demarest, N.J., contemporary. They’re selling for less than what they’ve spent on the house, including the 2006 purchase price and the cost of extensive renovations.

    An interior designer with S and S Designs, Samantha said she is looking for another house to improve. In the current market, she expects to find some attractive deals.

    “This market is going to work to our benefit on the buy side this time,” she said.

    But many sellers find it tough to keep that in mind when a buyer is low-balling them.

    Some sellers face unusual challenges beyond the market climate. In Pompton Lakes, N.J., banker Keith Orotosky put his expanded Cape Cod on the market last May. The meticulously updated and landscaped house is on a dead-end street just a few blocks from the lake. But Orotosky has had no offers, despite lowering the price to $379,900.

    The house is in the so-called plume area, where hazardous chemicals from a nearby defunct DuPont munitions factory have been seeping under houses. Orotosky accepted DuPont’s offer to install a venting system to draw the dangerous vapors out of the basement.

    “But people look at Pompton Lakes, and say, ‘I don’t want it,’” Orotosky said. He added, half-seriously, “There’s only two sections—plume or flood.”

    When Orotosky’s parents moved from Paterson, N.J., and bought the house in 1950, they weren’t concerned about the DuPont plant. “Who knew?” Orotosky said.

    He said the closest thing he’s gotten to an offer was a prospective buyer who asked his agent if Orotosky would take $175,000—more than half off his asking price.

    The Bolsches think their location, on Mahwah’s Stag Hill, is also working against them. Though they are only about two miles from Route 17 and Route 287, some prospective buyers find the area too rural; they say they want more of a “neighborhood” feel, with other kids nearby for their children to play with. Others say they are intimidated by the twisting road through the woods up the hill, although the Bolsches and their agent assure them that Mahwah keeps it clear during snowy weather.

    Ken Bolsch, a former restaurateur and caterer, said he “felt like I was in Vermont” when he first saw the house. He and his wife bought it from the builder in February 2005, paying $812,000. The 4,000-square-foot house has granite countertops and other upscale touches, and is on a sloping lot studded with boulders and landscaped with stone walls. Its taxes are only $5,900—low for North Jersey.

    In January, after deciding to move to Florida to help their son start a power-washing business, the couple put the house on the market for $925,000. “I knew that was kind of pie-in-the-sky, but I thought, ‘Let’s see what happens,’” Bolsch, recalled. “I thought we’d be out before Memorial Day.” But it’s still on the market, now at $749,000.

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    October 17, 2010 Posted by | Home, Real Estate, Sellers, Uncategorized | , , , | Leave a comment

    Home Inspection for Sellers

    Home Inspection for Sellers…

    Here is another great video from RealEstate.aol.com

                                 ~~~~~~~~~~~~~  CLICK Here to View VIDEO  ~~~~~~~~~~~~~

                                                         Joanne Maley – Lincoln Maly Marketing

    October 16, 2010 Posted by | Home, Sellers, Uncategorized | , , , | Leave a comment