On July 30th 2008 The Housing and Economic Recovery Act was passed which includes a new temporary tax credit of up to $7,500 as an incentive for first time home buyers.
Log onto the National Association of Realtors info link below for all the details:
http://www.realtor.org/GAPublic.nsf/files/chart_homebuyer_tax_credit_.pdf/$FILE/chart_homebuyer_tax_credit_.pdf
Saturday, October 4, 2008
Friday, October 3, 2008
How To Spot A Good Buy
Beauty is in the eye of the beholder, particularly when it comes to buying a home. Features that attract one home-buyer may repel another.
However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.
The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?
Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.
Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.
Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.
Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.
Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.
Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern easy-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.
Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.
You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. Your agent can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
However, the one feature of interest to every home-buyer is price. Getting the most home for your money is paramount. The real problem is figuring out whether that fixer-upper on one street is a better buy than the home in next-to-new condition two blocks away. That’s why knowing what to look for before you buy can save you time, energy and money down the line.
The first step is figuring out what kind of house you need. A good buy is only a good buy if it meets your current and future living requirements. Before shopping for a home, decide how much space you and your family require. How many bedrooms, bathrooms? Is a family room necessary? Do you need a layout that will accommodate a lot of entertaining? Do you prefer a spacious or compact work space in the kitchen? If you have small children, can the house easily be childproofed?
Evaluate the front and back yards. Is there enough space to accommodate your children? Do you want a park-like or garden setting? Do you enjoy yard work and gardening, or do you want a low-maintenance yard? Take into consideration the cost of extensive landscaping and upkeep.
Next, determine how much work is required to make the house you are considering livable. Make an honest assessment of your fix-it abilities. How much work are you willing to do or pay someone else to do? Do you have basic decorating, carpentry and plumbing skills? If you plan to learn as you go, make sure you have accurately determined what you are getting into. Ask an experienced friend, family member or your real estate agent for their opinion, and be sure to consider how much remodeling inconvenience the rest of the family can handle.
Unless you are ready and able to tackle a major remodel, look for a house or condominium that needs only cosmetic improvements. These include painting, wallpapering and replacing items like flooring, window treatments, bathroom and kitchen fixtures, light fixtures, cabinet and interior door hardware and appliances. Remember that even these simple changes can be costly if you have to make many of them.
Beware of improvements that seem easy enough at first glance buy may turn into major headaches and require a lot of money once you’ve moved in. Remodeled kitchens and bathrooms, changes to the floor plan, room additions and redesigned landscaping are examples of seemingly minor changes that can easily eat away the money you thought you saved by selecting a so-called “bargain priced” home. Of course, you may be perfectly willing to spend whatever money is needed to customize the house to match your tastes and needs.
Make sure major systems in the house are in good working condition. The furnace, air-conditioning and plumbing should be up to date, since repairs can be costly. Your agent can arrange to have a professional inspector determine whether the electrical wiring and any room additions are to code. Local utilities often offer free or low-cost inspections to tell you if the house is energy-efficient.
Look for a house with universally popular selling points. If you’re impressed, the next buyer down the line is bound to be, too. For example, a roomy, modern easy-to-clean kitchen is the best selling point a home can have. A house with only one bathroom is less desirable than a house with two or more. Many buyers expect at least three bedrooms, with a master bedroom that offers a feeling of privacy. Lots of storage space and closets, especially walk-in closets, will be a real selling point. Family rooms or “great rooms” also are desirable. On closer examination, a house that looks like a bargain may lack some of these key features.
Don’t forget the old adage: location, location, location. Unless you’re looking for a fixer-upper, the house should be in a condition that is comparable to other homes in the neighborhood. Avoid buying the biggest or fanciest home on the block. Consider the amount of traffic or noise. Homes located in a quiet area away from a busy street will command a higher price. Make sure the schools in your district have a reputation for quality education and safety. Nearby supermarkets, gas stations, restaurants and theaters also will make a location more desirable.
Good community facilities also add appeal; pools, athletic fields, community centers, libraries and hospitals all add to a neighborhood’s value and desirability. Transportation needs also should be considered. Is local public transit available? How long are typical commutes to places of current and potential employment? Are there several alternate route? How close is a major airport? All of these can affect a home’s pricing.
Consider the cost of living in a home. It’s important to consider not only purchase price but the monthly cost of living in a home. Estimate your utility and maintenance costs. For example, will the house need to be painted on a regular basis and will you need to spend money maintaining a swimming pool? Ask your agent about the property tax rate and whether increases are anticipated. Will you have to pay special assessments for a homeowner’s association? Consider the point in the life cycle of major household systems, such as the furnace, air conditioning, roof and kitchen appliances.
You can find a bargain! Your first step should be to seek out a knowledgeable real estate agent with experience in the market areas where you wish to purchase a home. Your agent can help you locate those properties that truly are “bargains” and help find the home that most closely matches your desires and needs.
Plainview House Closings For September 2008
Plainview Closings For September 20081) 5 Amby Ave Cape $390,000
2) 56 Briarwood Ln Split $445,000
3) 10 S Oaks Blvd Split $402,000
4) 48 Stratford Rd Split $468,500
5) 16 Nautilus Ave Split $460,000
6) 103 Farmers Ave Split $430,000
7) 36 Audley Cir Split $490,000
8)108 Grace St Ranch $465,000
9)29 Meryll Pl Split $500,000
10)15 Beaument Dr Ranch $533,000
11)14 Gilbert Ln Split $535,000
12)73 Richfeld St Ranch $550,000
13)10 Dartmouth Dr. Split $584,000
14)16 Netto Ln. Hi Ranch $565,000
15)163 Morton Blvd Colonial $580,000
16)67 Winthrop Rd Split $604,000
17)16 Sunnyside Blvd Colonial $750,000
2) 56 Briarwood Ln Split $445,000
3) 10 S Oaks Blvd Split $402,000
4) 48 Stratford Rd Split $468,500
5) 16 Nautilus Ave Split $460,000
6) 103 Farmers Ave Split $430,000
7) 36 Audley Cir Split $490,000
8)108 Grace St Ranch $465,000
9)29 Meryll Pl Split $500,000
10)15 Beaument Dr Ranch $533,000
11)14 Gilbert Ln Split $535,000
12)73 Richfeld St Ranch $550,000
13)10 Dartmouth Dr. Split $584,000
14)16 Netto Ln. Hi Ranch $565,000
15)163 Morton Blvd Colonial $580,000
16)67 Winthrop Rd Split $604,000
17)16 Sunnyside Blvd Colonial $750,000
Sunday, September 28, 2008
Century 21 Prevete Has Added Two New Locations,
Steve Prevete owner of Century 21 Prevete Real Estate announced that he will soon be opening the doors to a new office in Elmont during the Syosset grand opening celebration this past Friday. When the market gets tough, the strong get stronger and the weak sell or go under. Our aggressive agents, and powerful leadership team are the key to Prevete's success
WE DON'T JUST LIST HOUSES WE SELL THEM!!
WE DON'T JUST LIST HOUSES WE SELL THEM!!
Tuesday, September 16, 2008
Understanding Real Estate Terminology
UNDERSTANDING REAL ESTATE TERMINOLOGY
Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn.
For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.
Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer’s partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.
After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer’s promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.
The buyer pays interest money to the lender exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.
In general, there are two types of conventional loans that a buyer can obtain. A fixed rate loan has the same rate of interest for the life of the loan, usually 14 to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a discounted initial rate, which changes after a set period of time. The rate can’t exceed the interest rate cap or ceiling allowed on such loans for any one adjustment period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and interest payments to the lender through amortization, the systematic payment and retirement of debt over a set period of time.
Once the contract has been signed and a mortgage note obtained, the buyer and seller must legally close the real estate transaction. The closing is a meeting where the buyer, seller and their attorneys review, sign and exchange the final documents. At the closing, the buyer receives the appraisal report, an estimate of the property’s value with the appraiser’s signature, certification and sporting documents. The buyer also receives the title and the deed. The title shows evidence of the buyer’s ownership of the property while the deed legally transfers the title from the seller to the buyer. The final document the buyer receives at closing is a title insurance policy, insurance against the loss of the title if it’s found to be imperfect.
Buyers should plan on a least four to twelve weeks for a typical real estate transaction. The process is difficult and at times, intimidating. A general understanding of real estate terminology and chronology of the transaction, however, will help any real estate novice to confidently buy his or her first home.
Purchasing a home can be a complicated and confusing process, especially for first-time buyers. Throughout the process, first-time home buyers will encounter a variety of unfamiliar real state terms. There are several key terms associates with purchasing real estate that are helpful to learn.
For example, many buyers confuse the terms broker and salesperson. A broker is a properly licensed individual, or corporation, who serves as a special agent in the purchase and sale of real estate, a salesperson is an individual employed or associated by written agreement by the broker as an independent contractor. The salesperson facilitates the purchase or sale of real estate.
Once you decide to purchase, a salesperson will prepare a sales contract to present to the seller along with your earnest money deposit. The sales contract is the document through which the seller agrees to give possession and title of property to the buyer upon full payment of the purchase price and performance of agreed-upon conditions. The earnest money is a buyer’s partial payment, as a show of good faith, to make the contract binding. Often, the earnest money is held in an escrow account. Escrow is the process by which money is held by a disinterested party until the terms of the escrow instructions are fulfilled.
After the buyer and seller have signed the contract, the buyer must obtain a mortgage note by presenting the contract to a mortgage lender. The note is the buyer’s promise to pay the purchase price of the real estate in addition to a stated interest rate over a specified period of time. A mortgage lender places a lien on the property, or mortgage, and this secures the mortgage note.
The buyer pays interest money to the lender exchange for the use of money borrowed. Interest is usually referred to as APR or annual percentage rate. Interest is paid on the principle, the capital sum the buyer owes. Interest payments may be disguised in the form of points. Points are an up-front cost which may be paid by either the buyer or seller or both in conventional loans.
In general, there are two types of conventional loans that a buyer can obtain. A fixed rate loan has the same rate of interest for the life of the loan, usually 14 to 30 years. An adjustable rate loan or adjustable rate mortgage (ARM) provides a discounted initial rate, which changes after a set period of time. The rate can’t exceed the interest rate cap or ceiling allowed on such loans for any one adjustment period. Some ARMs have a lifetime cap on interest. The buyer makes the loan and interest payments to the lender through amortization, the systematic payment and retirement of debt over a set period of time.
Once the contract has been signed and a mortgage note obtained, the buyer and seller must legally close the real estate transaction. The closing is a meeting where the buyer, seller and their attorneys review, sign and exchange the final documents. At the closing, the buyer receives the appraisal report, an estimate of the property’s value with the appraiser’s signature, certification and sporting documents. The buyer also receives the title and the deed. The title shows evidence of the buyer’s ownership of the property while the deed legally transfers the title from the seller to the buyer. The final document the buyer receives at closing is a title insurance policy, insurance against the loss of the title if it’s found to be imperfect.
Buyers should plan on a least four to twelve weeks for a typical real estate transaction. The process is difficult and at times, intimidating. A general understanding of real estate terminology and chronology of the transaction, however, will help any real estate novice to confidently buy his or her first home.
Wednesday, September 3, 2008
Who Said Houses Aren't Selling?? Plainview Real Estate Closings For August 2008
Mark Schreier Licensed Sales Personwww.TopPlainviewRealtor.com
1 ) 60 Nassau Ave $368,000 Cape
2) 14 Nautilus Ave $400,000 Split
3) 25 Washington Ave $415,000 Split
4) 11 Gates Ave $450,000 Split
5) 6 Cranford Rd $473,000 Colonial
6) 27 Myron Rd $460,000 Split
7) 54 Mitchell Ave $510,000 Split
8) 82 Virginia Ave $490,000 Cape
9) 35 Sylvia Ln $495,000 Split
10) 11 Sunrise St $500,000 Colonial
11) 9 Bayberry Dr $500,000 Split
12) 39 Acorn Ln $480,000 Hi Ranch
13)27 Steven St $518,000 Farm Ranch
14) 12 Linda Ln $560,000 Split
15) 14 Pleasant Ave $525,000 Split
16) 34 Wensley Rd $550,000 Exp Ranch
17) 11 Theodore Dr $538,500 Split
18) 33 Hollywood Dr $563,000 Split
19) 9 Rosalie Dr $618,000 Colonial
20) 2Roxbury Ave $642,000 Split
21) 12 N Irene Ln $622,500 Split
22) 21 Donna Dr $635,000 Ranch
23) 36 Glenwood Rd $632,500 Split
24) 16 Peter Ln $650,000 Colonial
25 ) 6 Lillian Ln $850,000 Colonial
26) 6 Colgate Dr $886,000 Colonial
27 ) 19 Mitchell Ave $910,000 Colonial
*info supplied by stratus
2) 14 Nautilus Ave $400,000 Split
3) 25 Washington Ave $415,000 Split
4) 11 Gates Ave $450,000 Split
5) 6 Cranford Rd $473,000 Colonial
6) 27 Myron Rd $460,000 Split
7) 54 Mitchell Ave $510,000 Split
8) 82 Virginia Ave $490,000 Cape
9) 35 Sylvia Ln $495,000 Split
10) 11 Sunrise St $500,000 Colonial
11) 9 Bayberry Dr $500,000 Split
12) 39 Acorn Ln $480,000 Hi Ranch
13)27 Steven St $518,000 Farm Ranch
14) 12 Linda Ln $560,000 Split
15) 14 Pleasant Ave $525,000 Split
16) 34 Wensley Rd $550,000 Exp Ranch
17) 11 Theodore Dr $538,500 Split
18) 33 Hollywood Dr $563,000 Split
19) 9 Rosalie Dr $618,000 Colonial
20) 2Roxbury Ave $642,000 Split
21) 12 N Irene Ln $622,500 Split
22) 21 Donna Dr $635,000 Ranch
23) 36 Glenwood Rd $632,500 Split
24) 16 Peter Ln $650,000 Colonial
25 ) 6 Lillian Ln $850,000 Colonial
26) 6 Colgate Dr $886,000 Colonial
27 ) 19 Mitchell Ave $910,000 Colonial
*info supplied by stratus
Saturday, August 23, 2008
As a Realtor In this town I have been asked many real estate related questions. The most common being , Are our houses selling? My response is that any house marketed properly will sell. When I meet with a client for the first time I explain how the real estate market works. I believe every homeowner needs to know how to secure the most value for their house. Most people have a basic idea of what their house is worth and for the most part, they are not to far off the mark. They need an understanding of how to get the most value out of their home in the current market. Selling your house is more than listing it on the Long Island Multiple Listing Service (MLSLI) and placing an ad in Newsday.
- We are in a buyers market.
- There are currently 159 houses on the market in Plainview.
Ask yourself this question. Why should someone buy your home? - You must maximize your homes exposure from the start. This process involves marketing at what I call a Full Spectrum Approach.
- Not marketing your home properly is short changing yourself.
- You deserve the most value your home can bring you in the current market.
- Contact Me Today To Get The Most Value From Your Home!
Mark Schreier
(516)263-9094 - http://www.topplainviewrealtor.com/
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