Lereah: Home price correction bringing buyers back to the market
Home sales appear to be bottoming out with lower home prices, attracting buyers in many areas of the country, according to the National Association of REALTORS.
“Many potential home buyers who have been taking a wait-and-see attitude or taking their time and being methodical in the search process are being enticed by lower home prices,” said NAR Chief Economist David Lereah.
Existing-home sales are forecast to be fairly stable in the fourth quarter and sales for all of 2006 are expected to drop 8.9 percent to 6.45 million – still the third strongest year after consecutive records in 2004 and 2005. New-home sales are forecast to fall 17.3 percent this year to 1.06 million, the fourth highest year on record.
With a recent correction in the market, the national median existing-home price is likely to rise 1.6 percent to $223,000 for all of 2006; it’s anticipated prices will remain slightly below year-ago levels before gaining positive traction in the first quarter of 2007.
Tuesday, October 17, 2006
Monday, October 16, 2006
Baby Boomer Study Shows Changing Housing Needs, Uncertain Retirement
Baby Boomer Study Shows Changing Housing Needs, Uncertain Retirement
WASHINGTON, October 16, 2006 -
Baby boomers have a wide variety of housing needs in the future, depending on their retirement plans – or lack thereof – according to a study by the National Association of Realtors®.
Most of the 78 million baby boomers are far from retirement, with diverse plans and timelines, resulting in different housing requirements and significant shifts from patterns established by earlier generations. The comprehensive study is based on a survey of nearly 2,000 American baby boomers born between 1946 and 1964 – the largest generation in U.S. history; the survey was conducted for NAR by Harris Interactive®.
David Lereah, NAR’s chief economist, said baby boomers are living longer and are different from previous generations because they have no set path for retirement and have more varied circumstances in life. “The differences from past generations – and between baby boomers themselves – will have a significant impact on housing needs over the next 10 to 20 years that is very different from the World War II generation, and many boomers simply don’t know how they’ll retire,” he said.
“A significant portion of baby boomers married later in life and had children at a later age, which means many will continue to work beyond the traditional retirement age. Older boomers are thinking about retirement, but one-third expect to go back and forth between periods of work and periods of leisure, and another 35 percent want to work at least part-time or start a business – all of this will have an impact on the kind of homes they buy as well as where they buy them.” The median age at which baby boomers expect to stop working is 70, but 27 percent say they never intend to stop working.
He said most baby boomers are currently in the workforce, a good portion of them have children living at home, and boomers remain a driving force in the housing market. “Just over a quarter of the boomer generation is aged 55 to 60, which is when many people traditionally begin to focus on their retirement plans, but analysis of the survey suggests they are more likely to stay in the workforce longer and will be less likely to downsize than previous generations – the leading edge of the boomer generation is the key to future housing impact.”
“Because they will be in the workforce longer, boomers will postpone purchase of retirement property and won’t be making those moves as early as assumed,” Lereah said.
Forty-two percent of survey respondents would like to retire in the South, 32 percent in the West, 15 percent in the Midwest and 12 percent in the Northeast. “This tells us that the Sunbelt will remain a traditional draw for retirees,” Lereah said.
Most boomers live in two-income households, with a median income in 2005 of $64,700, which is 31 percent higher than the median for all households. This generation makes up 37.5 percent of U.S. households, but receives nearly half of all aggregate household income. “This translates into a lot of purchasing power, and helps to explain why 8 out of 10 boomers are homeowners,” Lereah said.
For baby boomers earning $100,000 or more, the study shows that more than 9 in 10 are homeowners. Among middle-income boomer homeowners, home equity accounts for fully half of their net worth. Even so, 19 percent of respondents are renters, 37 percent say they have just enough to make ends meet and 17 percent say they are having financial difficulty.
A quarter of baby boomers own one or more other kinds of real estate in addition to a primary residence: 13 percent own land, 8 percent own rental property, 7 percent a vacation home or seasonally occupied property, 2 percent commercial real estate and 3 percent some other kind of real estate.
Four out of 10 respondents intend to convert their vacation home into a primary residence in retirement. Analysis by NAR shows baby boomers are proportionately more active in the second home market, owning 57 percent of all vacation/seasonal homes and 58 percent of rental property.
Ten percent of boomers indicate they plan to buy some form of real estate within the next year, which corresponds with U.S. Census Bureau data that shows 3.5 million boomer households moved during the last year. Two-thirds are considering a primary residence, but the rest are thinking about land, second homes or commercial property.
NAR President Thomas M. Stevens from Vienna, Va., said the survey shows most boomers want professional services when they buy real estate. “Baby boomers expect professional service and guidance from real estate agents, and they value those services,” said Stevens, senior vice president of NRT Inc. “When buying a home, they want agents to represent their interests in the complex transaction process, and when selling they want help to establish the right asking price. Regardless of whether they’re buying or selling, boomers want agents to explain all of the complicated contracts, forms and agreements, to manage the closing process from start to finish, and to negotiate on their behalf.”
Most survey respondents were unsure of their financial future, with three-quarters saying they are not financially prepared for retirement and many expressing anxiety about their ability to retire. Some boomers said they might withdraw retirement funds for housing or real estate expenses.
Peter Francese, an independent demographic trends analyst and founder of American Demographics magazine, consulted on the findings. “For the vast majority of baby boomers, retirement is somewhere off in the future,” he said. “Considering that boomers are healthier than their predecessors, and are more likely to work in an office setting, many of them may work five or 10 years beyond the traditional retirement age of 65,” he said.
Half of boomers who live in an urban area would like to retire in a small town or rural area. Their ideal retirement location characteristics include a lower cost of living, being near family, quality health care, better climate and being near a body of water.
More than a third of all baby boomers want to retire in an urban or suburban setting, motivated by quality health care and cultural activities. Half of boomers said they would consider living in an age-restricted community.
Given a longer tenure in the work force baby boomers may choose a larger home than earlier generations, speculates Francese. “Boomers may want or need a somewhat larger dwelling that includes one or two home offices, and a low-maintenance home on a single level would have broad appeal to this group,” Francese said.
Almost one in four boomer households have a high net worth of $500,000 or more, and this ratio is expected to increase in the future as the generation ages. Virtually all high-net-worth households are homeowners (97 percent), and 47 percent are likely to also own other real estate in addition to their primary residence. More than a third expect to help children or grandchildren with a downpayment on a home. Wealthier boomers want amenities where they retire, including cultural activities such as museums and art galleries. As a result, they are more likely to retire in an urban area or city.
Although most boomers are married couples and 27 percent have children under the age of 18, nearly two out of five baby boom households are nontraditional households, most of which are headed by women.
Non-traditional households may have different needs and desires about where they want to live. For boomers with children, neighborhood schools are of obvious concern, but for those without children, security may be a bigger issue.
Twenty percent of boomer households are headed by women, but because women aged 60 to 69 account for a quarter of homeowners in that age group, the number of women boomer homeowners is likely to increase much faster than average as they age.
Francese said there’s little doubt that the vast majority of baby boomers will delay retirement. “Some will put off retirement because they have to, but many because they want to,” he said. “Many will have a larger income stream to purchase possibly two homes, which they may use to move back and forth between their retirement life and their working life.”
“However, some caution should be exercised here regarding retirement preferences,” Francese said. “Surveys of future intentions often include a dose of wishful thinking, and attitudes can be influenced by the media and other outside pressures. For example, many are probably not going to be able to, or even want to, retire in a small rural town far from their current home, even if they may dream about it currently.”
Preliminary study results were released May 18 at NAR’s Midyear Legislative Meetings & Trade Expo, with a focus on the real estate and second-home appetite of boomers. The more extensive analysis released today is also supplemented with context and data from the Census Bureau’s mid-2006 estimates of population characteristics; it offers an abundance of information helpful for planning to Realtors®, builders, mortgage lenders and others connected to the housing industry.
The survey for the 2006 National Association of Realtors® study, BABY BOOMERS AND REAL ESTATE: Today and Tomorrow, was conducted online by Harris Interactive® between March 31 and April 6, 2006, among a nationwide cross section of 1,969 U.S. adults born between 1946 and 1964. Figures for age, sex, race, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. With 95 percent certainty, overall results have a sampling error of plus or minus 2.2 percentage points; the sampling error for various sub-sample results is higher and varies.
The study can be ordered by calling 800/874-6500, or online at: http://www.realtor.org/babyboomerstudy. The cost is $50 for NAR members and $125 for non-members.
WASHINGTON, October 16, 2006 -
Baby boomers have a wide variety of housing needs in the future, depending on their retirement plans – or lack thereof – according to a study by the National Association of Realtors®.
Most of the 78 million baby boomers are far from retirement, with diverse plans and timelines, resulting in different housing requirements and significant shifts from patterns established by earlier generations. The comprehensive study is based on a survey of nearly 2,000 American baby boomers born between 1946 and 1964 – the largest generation in U.S. history; the survey was conducted for NAR by Harris Interactive®.
David Lereah, NAR’s chief economist, said baby boomers are living longer and are different from previous generations because they have no set path for retirement and have more varied circumstances in life. “The differences from past generations – and between baby boomers themselves – will have a significant impact on housing needs over the next 10 to 20 years that is very different from the World War II generation, and many boomers simply don’t know how they’ll retire,” he said.
“A significant portion of baby boomers married later in life and had children at a later age, which means many will continue to work beyond the traditional retirement age. Older boomers are thinking about retirement, but one-third expect to go back and forth between periods of work and periods of leisure, and another 35 percent want to work at least part-time or start a business – all of this will have an impact on the kind of homes they buy as well as where they buy them.” The median age at which baby boomers expect to stop working is 70, but 27 percent say they never intend to stop working.
He said most baby boomers are currently in the workforce, a good portion of them have children living at home, and boomers remain a driving force in the housing market. “Just over a quarter of the boomer generation is aged 55 to 60, which is when many people traditionally begin to focus on their retirement plans, but analysis of the survey suggests they are more likely to stay in the workforce longer and will be less likely to downsize than previous generations – the leading edge of the boomer generation is the key to future housing impact.”
“Because they will be in the workforce longer, boomers will postpone purchase of retirement property and won’t be making those moves as early as assumed,” Lereah said.
Forty-two percent of survey respondents would like to retire in the South, 32 percent in the West, 15 percent in the Midwest and 12 percent in the Northeast. “This tells us that the Sunbelt will remain a traditional draw for retirees,” Lereah said.
Most boomers live in two-income households, with a median income in 2005 of $64,700, which is 31 percent higher than the median for all households. This generation makes up 37.5 percent of U.S. households, but receives nearly half of all aggregate household income. “This translates into a lot of purchasing power, and helps to explain why 8 out of 10 boomers are homeowners,” Lereah said.
For baby boomers earning $100,000 or more, the study shows that more than 9 in 10 are homeowners. Among middle-income boomer homeowners, home equity accounts for fully half of their net worth. Even so, 19 percent of respondents are renters, 37 percent say they have just enough to make ends meet and 17 percent say they are having financial difficulty.
A quarter of baby boomers own one or more other kinds of real estate in addition to a primary residence: 13 percent own land, 8 percent own rental property, 7 percent a vacation home or seasonally occupied property, 2 percent commercial real estate and 3 percent some other kind of real estate.
Four out of 10 respondents intend to convert their vacation home into a primary residence in retirement. Analysis by NAR shows baby boomers are proportionately more active in the second home market, owning 57 percent of all vacation/seasonal homes and 58 percent of rental property.
Ten percent of boomers indicate they plan to buy some form of real estate within the next year, which corresponds with U.S. Census Bureau data that shows 3.5 million boomer households moved during the last year. Two-thirds are considering a primary residence, but the rest are thinking about land, second homes or commercial property.
NAR President Thomas M. Stevens from Vienna, Va., said the survey shows most boomers want professional services when they buy real estate. “Baby boomers expect professional service and guidance from real estate agents, and they value those services,” said Stevens, senior vice president of NRT Inc. “When buying a home, they want agents to represent their interests in the complex transaction process, and when selling they want help to establish the right asking price. Regardless of whether they’re buying or selling, boomers want agents to explain all of the complicated contracts, forms and agreements, to manage the closing process from start to finish, and to negotiate on their behalf.”
Most survey respondents were unsure of their financial future, with three-quarters saying they are not financially prepared for retirement and many expressing anxiety about their ability to retire. Some boomers said they might withdraw retirement funds for housing or real estate expenses.
Peter Francese, an independent demographic trends analyst and founder of American Demographics magazine, consulted on the findings. “For the vast majority of baby boomers, retirement is somewhere off in the future,” he said. “Considering that boomers are healthier than their predecessors, and are more likely to work in an office setting, many of them may work five or 10 years beyond the traditional retirement age of 65,” he said.
Half of boomers who live in an urban area would like to retire in a small town or rural area. Their ideal retirement location characteristics include a lower cost of living, being near family, quality health care, better climate and being near a body of water.
More than a third of all baby boomers want to retire in an urban or suburban setting, motivated by quality health care and cultural activities. Half of boomers said they would consider living in an age-restricted community.
Given a longer tenure in the work force baby boomers may choose a larger home than earlier generations, speculates Francese. “Boomers may want or need a somewhat larger dwelling that includes one or two home offices, and a low-maintenance home on a single level would have broad appeal to this group,” Francese said.
Almost one in four boomer households have a high net worth of $500,000 or more, and this ratio is expected to increase in the future as the generation ages. Virtually all high-net-worth households are homeowners (97 percent), and 47 percent are likely to also own other real estate in addition to their primary residence. More than a third expect to help children or grandchildren with a downpayment on a home. Wealthier boomers want amenities where they retire, including cultural activities such as museums and art galleries. As a result, they are more likely to retire in an urban area or city.
Although most boomers are married couples and 27 percent have children under the age of 18, nearly two out of five baby boom households are nontraditional households, most of which are headed by women.
Non-traditional households may have different needs and desires about where they want to live. For boomers with children, neighborhood schools are of obvious concern, but for those without children, security may be a bigger issue.
Twenty percent of boomer households are headed by women, but because women aged 60 to 69 account for a quarter of homeowners in that age group, the number of women boomer homeowners is likely to increase much faster than average as they age.
Francese said there’s little doubt that the vast majority of baby boomers will delay retirement. “Some will put off retirement because they have to, but many because they want to,” he said. “Many will have a larger income stream to purchase possibly two homes, which they may use to move back and forth between their retirement life and their working life.”
“However, some caution should be exercised here regarding retirement preferences,” Francese said. “Surveys of future intentions often include a dose of wishful thinking, and attitudes can be influenced by the media and other outside pressures. For example, many are probably not going to be able to, or even want to, retire in a small rural town far from their current home, even if they may dream about it currently.”
Preliminary study results were released May 18 at NAR’s Midyear Legislative Meetings & Trade Expo, with a focus on the real estate and second-home appetite of boomers. The more extensive analysis released today is also supplemented with context and data from the Census Bureau’s mid-2006 estimates of population characteristics; it offers an abundance of information helpful for planning to Realtors®, builders, mortgage lenders and others connected to the housing industry.
The survey for the 2006 National Association of Realtors® study, BABY BOOMERS AND REAL ESTATE: Today and Tomorrow, was conducted online by Harris Interactive® between March 31 and April 6, 2006, among a nationwide cross section of 1,969 U.S. adults born between 1946 and 1964. Figures for age, sex, race, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. With 95 percent certainty, overall results have a sampling error of plus or minus 2.2 percentage points; the sampling error for various sub-sample results is higher and varies.
The study can be ordered by calling 800/874-6500, or online at: http://www.realtor.org/babyboomerstudy. The cost is $50 for NAR members and $125 for non-members.
Friday, May 26, 2006
Recently Sold - Ithaca Area
Sold from 5/25/2006 to 5/26/2006
SD:5/25/2006
R110514S
List Price: $95,000
GROSS SOLD PRICE: $90,710
CLOSING DATE: 11/10/2005
62 E Tioga St, Spencer
Spencer/Van Etten
Days on Market: 59
SD:5/25/2006
R120184S
List Price: $169,900
GROSS SOLD PRICE: $160,000
CLOSING DATE: 4/19/2006
411 S Titus Ave, Ithaca
Fall Creek
DOM: 187
SD:5/25/2006
R120351S
List Price: $159,900
GROSS SOLD PRICE: $155,000
CLOSING DATE: 5/17/2006
4028 Sheldrake Park Rd, Ovid
South Seneca
DOM: 182
SD:5/25/2006
R120819S
List Price: $198,000
GROSS SOLD PRICE: $197,700
CLOSING DATE: 5/25/2006
594 Firelane #5, King Ferry
Southern Cayuga
DOM: 93
SD:5/25/2006
R120852S
List Price: $99,000
GROSS SOLD PRICE: $85,000
CLOSING DATE: 5/24/2006
4131 Dugue Road, Hector
Odessa Montour/Watkins Glen
DOM: 85
SD:5/25/2006
R121075S
List Price: $235,000
GROSS SOLD PRICE: $227,500
CLOSING DATE: 5/23/2006
418 Winthrop, thaca
Northeast
DOM: 67
SD:5/25/2006
R121154S
List Price: $149,000
GROSS SOLD PRICE: $151,000
CLOSING DATE: 5/25/2006
1937 Slaterville Road, thaca
Caroline
DOM: 63
Thursday, March 02, 2006
The Importance of Your Credit Report
When you apply for a loan, your lender will look at several things:* Down payment amount* How long you have been employed in your current position* Whether you have the funds on deposit for your down payment and closing costs* Your income-to-debt ratio and your credit report
Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.
When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.
Please feel free to call or email me if you have any questions or would like additional information on financing.
Diane McLaffertyAssociate Broker -GRI, eProWarren
Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.
When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.
Please feel free to call or email me if you have any questions or would like additional information on financing.
Diane McLaffertyAssociate Broker -GRI, eProWarren
Real Estate(607) 330-5243
Sunday, February 26, 2006
Recenlty Sold
3351 Gunzen Dr., Cortland (incl Crtlndvl), Cortland, List Price $109,500, Sold Price $109,000 Assessment $90000, 4 bedrooms, 2 baths
Saturday, February 25, 2006
Recently Sold
174 Burns Rd., Caroline, List Price $119,500, Sold Price $115,000, 5 bedrooms, 2 baths
129 Burleigh Dr., Ithaca (Town), Northeast, List Price $349,000, Sold Price $338,000 Assessment $249000, 5 Bedrooms, 3.5 baths
295 Irish Settlement Road, Dryden (Town), Dryden Central, List Price $224,900, Sold Price $220,000, Assessment $179000, 3 bedrooms, 2 baths
129 Burleigh Dr., Ithaca (Town), Northeast, List Price $349,000, Sold Price $338,000 Assessment $249000, 5 Bedrooms, 3.5 baths
295 Irish Settlement Road, Dryden (Town), Dryden Central, List Price $224,900, Sold Price $220,000, Assessment $179000, 3 bedrooms, 2 baths
Thursday, February 23, 2006
Negotiate a Winning Offer
When you are ready to purchase a home, I will negotiate on your behalf to help you get the best house your dollar can buy. I can act as a buffer to minimize the emotional elements so you can enjoy the process.
When you make an offer on a house, the seller can accept it, reject it, or counter it. If the offer is too low, the seller may reject it outright. Or the seller may counter the offer, naming a price or other specifications that are more in line with his or her expectations.
If a property is in strong demand, it may receive several offers. Then the seller may choose to accept the highest one or the one from the most qualified buyer.
Here are some tips to make sure your offer is accepted in any market:
* Be pre-approved by a lender, not just prequalified. This strengthens your position.
* Provide a substantial earnest money deposit. This is “good faith” money that shows the seller you are serious about the property.
* Limit your contingencies to those most important to you, such as financing, inspections, and the sale of your current home if necessary.
I'll be happy to answer any questions you might have about the property, the offer, negotiating, or the buying process. Part of my expertise is negotiating. I will work diligently to help you find and purchase your new home. Call or email me when you are ready.
Diane McLaffertyAssociate Broker -GRI, ePro
Warren Real Estate(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
http://soldonithaca.blogspot.om
When you make an offer on a house, the seller can accept it, reject it, or counter it. If the offer is too low, the seller may reject it outright. Or the seller may counter the offer, naming a price or other specifications that are more in line with his or her expectations.
If a property is in strong demand, it may receive several offers. Then the seller may choose to accept the highest one or the one from the most qualified buyer.
Here are some tips to make sure your offer is accepted in any market:
* Be pre-approved by a lender, not just prequalified. This strengthens your position.
* Provide a substantial earnest money deposit. This is “good faith” money that shows the seller you are serious about the property.
* Limit your contingencies to those most important to you, such as financing, inspections, and the sale of your current home if necessary.
I'll be happy to answer any questions you might have about the property, the offer, negotiating, or the buying process. Part of my expertise is negotiating. I will work diligently to help you find and purchase your new home. Call or email me when you are ready.
Diane McLaffertyAssociate Broker -GRI, ePro
Warren Real Estate(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
http://soldonithaca.blogspot.om
Wednesday, February 22, 2006
Listings Sold 2/21/06-2/22/06
577 Main St., Enta, 3 Bedrooms, 2 Baths, SqFt. 2409, List Price $139,900, Sold Price $133,000
10 King Rd., Ithaca, 3 Bedrooms, 2 Baths, SqFt. 912, List Price $115,000, Sold Price $100,000
15 Groton Ave., Freeville, 3 Bedrooms, 1.5 Baths, SqFt. 1482, List Price $109,900, Sold Price $108,000
1700 Slaterville Rd., Ithaca, 3 Bedrooms, 1 Baths, SqFt. 1625, List Price $144,900, Sold Price $144,900
10 King Rd., Ithaca, 3 Bedrooms, 2 Baths, SqFt. 912, List Price $115,000, Sold Price $100,000
15 Groton Ave., Freeville, 3 Bedrooms, 1.5 Baths, SqFt. 1482, List Price $109,900, Sold Price $108,000
1700 Slaterville Rd., Ithaca, 3 Bedrooms, 1 Baths, SqFt. 1625, List Price $144,900, Sold Price $144,900
Tuesday, February 21, 2006
STEPS TO A SUCCESSFUL CLOSING
Here are the steps to close the sale once the purchase and sale agreement has been signed by both parties. Please know I will walk you through this step by step to make sure this is a smooth and enjoyable process.
Step 1 - Removing contingencies: The most common contingencies are financing and the sale of your current home. These conditions must be removed or waived before the sale on your new home can close.
Step 2 - Appraising the property: Your lender requires a formal appraisal to confirm the value of the home you’re buying, to be used as collateral to secure the loan.
Step 3 - Preparing closing documents: Most often real estate attorneys prepare documents that confirm the transaction, pro-rate funds, and so on.
Step 4 - Signing closing documents: Even after both parties have signed closing documents and deposited funds, the sale may take a few more days to close.
Step 5 - Recording the deed and disbursing funds.
Step 6 - Welcoming the moving van.
Step 7 - Receiving the keys from the seller.
There are many opportunities for surprises or delays in the transaction. Part of my expertise is troubleshooting problems that may arise. Please email or call me if you have any questions or you would like more information.
Diane McLaffertyAssociate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Step 1 - Removing contingencies: The most common contingencies are financing and the sale of your current home. These conditions must be removed or waived before the sale on your new home can close.
Step 2 - Appraising the property: Your lender requires a formal appraisal to confirm the value of the home you’re buying, to be used as collateral to secure the loan.
Step 3 - Preparing closing documents: Most often real estate attorneys prepare documents that confirm the transaction, pro-rate funds, and so on.
Step 4 - Signing closing documents: Even after both parties have signed closing documents and deposited funds, the sale may take a few more days to close.
Step 5 - Recording the deed and disbursing funds.
Step 6 - Welcoming the moving van.
Step 7 - Receiving the keys from the seller.
There are many opportunities for surprises or delays in the transaction. Part of my expertise is troubleshooting problems that may arise. Please email or call me if you have any questions or you would like more information.
Diane McLaffertyAssociate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Saturday, February 18, 2006
Reports detail pollution on Emerson property
Check out this Ithaca Journal article ...
Reports detail pollution on Emerson property
Neighborhood sewer lines also raise toxin concerns
http://www.theithacajournal.com/apps/pbcs.dll/article?AID=/20060218/NEWS01/602180326/1002
Reports detail pollution on Emerson property
Neighborhood sewer lines also raise toxin concerns
http://www.theithacajournal.com/apps/pbcs.dll/article?AID=/20060218/NEWS01/602180326/1002
Ithaca Area Homes Sold 2-17-06 to 2-18-06
8034 Old Lake Rd., Lodi, NY - List Price $280,000 - Sold Price $250,000 - Assessed Value $151,000 MLS# 110345
436 N. Tioga St., Ithaca, NY - List Price $164,900 - Sold Price $156,500 - Assessed Value $142,000 MLS# 110420
Call me with any questions or if you would like more details on these or any other properties...Diane 330-5243
436 N. Tioga St., Ithaca, NY - List Price $164,900 - Sold Price $156,500 - Assessed Value $142,000 MLS# 110420
Call me with any questions or if you would like more details on these or any other properties...Diane 330-5243
Thursday, February 02, 2006
Maximize Your Profits and Minimize Your Hassles
For many people, selling their home is a stressful experience. When you are ready to sell, my goal is to help you sell your home for top dollar, with the least amount of inconvenience to you. I like to eliminate the worry, so all you have to do is pack!
The way to reach this goal is to price the property accurately for the marketplace and get your property into its best condition. Many buyers nowadays work long hours in their jobs and want a home that is ready to move into without a lot of fix-up.
Please feel free to call or email me if I can provide you with a home price evaluation or even take a moment for a “walk through” of your home to see what you might do to prepare your home for sale.
Proper pricing and a home that is in “show shape” will help you sell your home more quickly, eliminating some of the hassles and maximizing your profits.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
The way to reach this goal is to price the property accurately for the marketplace and get your property into its best condition. Many buyers nowadays work long hours in their jobs and want a home that is ready to move into without a lot of fix-up.
Please feel free to call or email me if I can provide you with a home price evaluation or even take a moment for a “walk through” of your home to see what you might do to prepare your home for sale.
Proper pricing and a home that is in “show shape” will help you sell your home more quickly, eliminating some of the hassles and maximizing your profits.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Monday, January 30, 2006
Make Your Move a Happy One
Moving is an adjustment, whether you are moving across town or relocating across the country.
Moving across town or to a new neighborhood may mean learning new routes to work, selecting a new dentist, and finding a new grocery store. It may also mean a change in schools if you have young children.
Moving across the country can be much more challenging. Relocation is rarely easy. But being prepared can help you make good decisions and ease the transition.
Here are some of the most common concerns:
* Spouse or significant other: Many relocating couples are concerned about finding work for the trailing spouse. Some companies offer career counseling and job placement.
* Children: Often children resent a move. Researching activities and getting the kids involved in the new community will help them make the adjustment. Some experts recommend moving mid–school year rather than waiting until summer. This may enable children to make friends faster.
* Costs: The cost of housing can be a shock to a transferee. Many companies have relocation packages that help with the closing costs and the cost of moving. This may be something to negotiate with your employer.
* Community: When relocating to a new city, people often try to replace what they left behind. Communities may have many amenities, but they may not be the same as you were used to.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Moving across town or to a new neighborhood may mean learning new routes to work, selecting a new dentist, and finding a new grocery store. It may also mean a change in schools if you have young children.
Moving across the country can be much more challenging. Relocation is rarely easy. But being prepared can help you make good decisions and ease the transition.
Here are some of the most common concerns:
* Spouse or significant other: Many relocating couples are concerned about finding work for the trailing spouse. Some companies offer career counseling and job placement.
* Children: Often children resent a move. Researching activities and getting the kids involved in the new community will help them make the adjustment. Some experts recommend moving mid–school year rather than waiting until summer. This may enable children to make friends faster.
* Costs: The cost of housing can be a shock to a transferee. Many companies have relocation packages that help with the closing costs and the cost of moving. This may be something to negotiate with your employer.
* Community: When relocating to a new city, people often try to replace what they left behind. Communities may have many amenities, but they may not be the same as you were used to.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Sweat Equity, New Construction or Instant Charm
Some buyers love the idea of developing instant equity by fixing up a home and doing much of the work themselves. Others wouldn't dream of it and want new construction only. Your decision on the type of home to buy should be based on what your housing goals are, and if you have the time and money to put into fixing up a home.
Here are some things to consider:
* New construction usually costs more per square foot than existing homes.
* New construction usually features built-in appliances, larger closets, low-maintenance siding, and more energy efficiency.
* Resale homes are usually located in established neighborhoods so they may offer a greater sense of community.
* Fixer-uppers allow you to make an overall change for a more personalized property. If the neighborhood will support the cost of fixing up the house, it may even allow a good return on your investment.
I'll be happy to discuss your options and provide you with information to help you make an informed decision. Don't hesitate to call if I can answer any questions.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Here are some things to consider:
* New construction usually costs more per square foot than existing homes.
* New construction usually features built-in appliances, larger closets, low-maintenance siding, and more energy efficiency.
* Resale homes are usually located in established neighborhoods so they may offer a greater sense of community.
* Fixer-uppers allow you to make an overall change for a more personalized property. If the neighborhood will support the cost of fixing up the house, it may even allow a good return on your investment.
I'll be happy to discuss your options and provide you with information to help you make an informed decision. Don't hesitate to call if I can answer any questions.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Once an Offer Is Accepted
When you make an offer on a new home and it is accepted, one of two things usually happens:
1) Buyer's Remorse: You've made an offer. It was accepted. You've almost bought your dream home. Then, later that night, or the next day, you start worrying. Did I make a good decision? Can I afford it? What if this happens? What if that happens? Anxiety and stress set in.
This is a very normal reaction. It is called buyer's remorse.
The best way to handle buyer's remorse is to take out a sheet of paper and draw a line down the center. On one side, list all the positive things about buying this home. On the other side, list all of the negatives. You will come to realize that buying this home is a really good decision. I will be with you step by step to help answer any questions and concerns.
2) Shopping Spree: Buyers are frequently so excited about the new home that they go out and order new furniture, appliances, window treatments, and sometimes even a new car! This can create havoc with your credit and debt ratios that lenders look at to approve your loan. Sometimes excessive purchases can cause the lender to reduce the amount of your loan, placing your home purchase at risk. Your best strategy is to postpone additional shopping until after closing. Once you have moved in and are settled, you can start thinking about all the amenities and extras to make the new house your home.
When you are ready to purchase a new home, I welcome the opportunity to help you. Please feel free to call or email me if you have any questions.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
1) Buyer's Remorse: You've made an offer. It was accepted. You've almost bought your dream home. Then, later that night, or the next day, you start worrying. Did I make a good decision? Can I afford it? What if this happens? What if that happens? Anxiety and stress set in.
This is a very normal reaction. It is called buyer's remorse.
The best way to handle buyer's remorse is to take out a sheet of paper and draw a line down the center. On one side, list all the positive things about buying this home. On the other side, list all of the negatives. You will come to realize that buying this home is a really good decision. I will be with you step by step to help answer any questions and concerns.
2) Shopping Spree: Buyers are frequently so excited about the new home that they go out and order new furniture, appliances, window treatments, and sometimes even a new car! This can create havoc with your credit and debt ratios that lenders look at to approve your loan. Sometimes excessive purchases can cause the lender to reduce the amount of your loan, placing your home purchase at risk. Your best strategy is to postpone additional shopping until after closing. Once you have moved in and are settled, you can start thinking about all the amenities and extras to make the new house your home.
When you are ready to purchase a new home, I welcome the opportunity to help you. Please feel free to call or email me if you have any questions.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
The Importance of Your Credit Report
When you apply for a loan, your lender will look at several things:
* Down payment amount
* How long you have been employed in your current position
* Whether you have the funds on deposit for your down payment and closing costs
* Your income-to-debt ratio and your credit report
Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.
When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.
Please feel free to call or email me if you have any questions or would like additional information on financing.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
* Down payment amount
* How long you have been employed in your current position
* Whether you have the funds on deposit for your down payment and closing costs
* Your income-to-debt ratio and your credit report
Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.
When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.
Please feel free to call or email me if you have any questions or would like additional information on financing.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Steps to a Successful Closing
Here are the steps to close the sale once the purchase and sale agreement has been signed by both parties. Please know I will walk you through this step by step to make sure this is a smooth and enjoyable process.
Step 1 - Removing contingencies: The most common contingencies are financing and the sale of your current home. These conditions must be removed or waived before the sale on your new home can close.
Step 2 - Appraising the property: Your lender requires a formal appraisal to confirm the value of the home you’re buying, to be used as collateral to secure the loan.
Step 3 - Preparing closing documents: Most often real estate attorneys prepare documents that confirm the transaction, pro-rate funds, and so on.
Step 4 - Signing closing documents: Even after both parties have signed closing documents and deposited funds, the sale may take a few more days to close.
Step 5 - Recording the deed and disbursing funds.
Step 6 - Welcoming the moving van.
Step 7 - Receiving the keys from the seller.
There are many opportunities for surprises or delays in the transaction. Part of my expertise is troubleshooting problems that may arise. Please email or call me if you have any questions or you would like more information.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Step 1 - Removing contingencies: The most common contingencies are financing and the sale of your current home. These conditions must be removed or waived before the sale on your new home can close.
Step 2 - Appraising the property: Your lender requires a formal appraisal to confirm the value of the home you’re buying, to be used as collateral to secure the loan.
Step 3 - Preparing closing documents: Most often real estate attorneys prepare documents that confirm the transaction, pro-rate funds, and so on.
Step 4 - Signing closing documents: Even after both parties have signed closing documents and deposited funds, the sale may take a few more days to close.
Step 5 - Recording the deed and disbursing funds.
Step 6 - Welcoming the moving van.
Step 7 - Receiving the keys from the seller.
There are many opportunities for surprises or delays in the transaction. Part of my expertise is troubleshooting problems that may arise. Please email or call me if you have any questions or you would like more information.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Minimize Stress
Did you know that for most people, moving ranks near the top of the list of stressful events? Here are some things you can do to minimize stress when you are ready to make a move:
* Choose a real estate agent who communicates clearly and frequently, keeping you up to speed on every step of the process.
* Consider how long it will take from the time you make an offer on a property until the transaction closes. Once an offer is received and accepted, it may take from 30 to 45 days to obtain financing. Being preapproved for a loan can shorten that time frame considerably.
* Decide whether you want to move yourself or have professional movers handle the job. If you hire a moving company, be sure to book well in advance.
* Think about cleaning services. After everything is packed and moved is a great time to have someone come in and clean.
* Arrange at least two weeks in advance to have utilities and phone service disconnected at your old house and reconnected in your new home on move-in day.
Please let me know if I can answer any questions or provide additional information. When you are ready to purchase a home, I welcome the opportunity to help you.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
* Choose a real estate agent who communicates clearly and frequently, keeping you up to speed on every step of the process.
* Consider how long it will take from the time you make an offer on a property until the transaction closes. Once an offer is received and accepted, it may take from 30 to 45 days to obtain financing. Being preapproved for a loan can shorten that time frame considerably.
* Decide whether you want to move yourself or have professional movers handle the job. If you hire a moving company, be sure to book well in advance.
* Think about cleaning services. After everything is packed and moved is a great time to have someone come in and clean.
* Arrange at least two weeks in advance to have utilities and phone service disconnected at your old house and reconnected in your new home on move-in day.
Please let me know if I can answer any questions or provide additional information. When you are ready to purchase a home, I welcome the opportunity to help you.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Sunday, January 22, 2006
Negotiating a Winning Offer
When you are ready to purchase a home, I will negotiate on your behalf to help you get the best house your dollar can buy. I can act as a buffer to minimize the emotional elements so you can enjoy the process.
When you make an offer on a house, the seller can accept it, reject it, or counter it. If the offer is too low, the seller may reject it outright. Or the seller may counter the offer, naming a price or other specifications that are more in line with his or her expectations.
If a property is in strong demand, it may receive several offers. Then the seller may choose to accept the highest one or the one from the most qualified buyer.
Here are some tips to make sure your offer is accepted in any market:
* Be pre-approved by a lender, not just prequalified. This strengthens your position.
* Provide a substantial earnest money deposit. This is “good faith” money that shows the seller you are serious about the property.
* Limit your contingencies to those most important to you, such as financing, inspections, and the sale of your current home if necessary.
I'll be happy to answer any questions you might have about the property, the offer, negotiating, or the buying process. Part of my expertise is negotiating. I will work diligently to help you find and purchase your new home. Call or email me when you are ready.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
When you make an offer on a house, the seller can accept it, reject it, or counter it. If the offer is too low, the seller may reject it outright. Or the seller may counter the offer, naming a price or other specifications that are more in line with his or her expectations.
If a property is in strong demand, it may receive several offers. Then the seller may choose to accept the highest one or the one from the most qualified buyer.
Here are some tips to make sure your offer is accepted in any market:
* Be pre-approved by a lender, not just prequalified. This strengthens your position.
* Provide a substantial earnest money deposit. This is “good faith” money that shows the seller you are serious about the property.
* Limit your contingencies to those most important to you, such as financing, inspections, and the sale of your current home if necessary.
I'll be happy to answer any questions you might have about the property, the offer, negotiating, or the buying process. Part of my expertise is negotiating. I will work diligently to help you find and purchase your new home. Call or email me when you are ready.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
Saturday, January 21, 2006
Buying a Home: Practical Considerations
Buying a home is an important decision that can make an enormous difference in your lifestyle. It is also the biggest financial transaction you may make. There are some specific things to consider about a home to buy.
* Be realistic: There are no perfect homes. Decide what is important to you, and make sure you find a home that has the features you require. Be prepared to compromise on some of the items on your wish list.
* Decide on a price: Get pre-approved for a loan, not just prequalified. Consider not only the amount of the loan the lender will allow, but also what you feel comfortable spending every month. Take an honest look at your budget.
* Choose carefully: Buying a home is much more permanent than renting. Purchase a home that you are prepared to keep for a while. Select a home that will be reasonable to maintain, in both utilities and/or repairs.
* Build up to your dream home: Most people nowadays buy more than one home in their lifetime. The average turnaround time is seven years. Buy a home you can afford today. Start to build equity, and then you can trade up or even build your dream home.
Please don’t hesitate to call or email me if I can help you.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
www.soldonithaca.com
diane@warrenhomes.com
* Be realistic: There are no perfect homes. Decide what is important to you, and make sure you find a home that has the features you require. Be prepared to compromise on some of the items on your wish list.
* Decide on a price: Get pre-approved for a loan, not just prequalified. Consider not only the amount of the loan the lender will allow, but also what you feel comfortable spending every month. Take an honest look at your budget.
* Choose carefully: Buying a home is much more permanent than renting. Purchase a home that you are prepared to keep for a while. Select a home that will be reasonable to maintain, in both utilities and/or repairs.
* Build up to your dream home: Most people nowadays buy more than one home in their lifetime. The average turnaround time is seven years. Buy a home you can afford today. Start to build equity, and then you can trade up or even build your dream home.
Please don’t hesitate to call or email me if I can help you.
Diane McLafferty
Associate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
www.soldonithaca.com
diane@warrenhomes.com
Thursday, January 19, 2006
Green Building
If you need resources for green building in the Ithaca area, visit the builders link under the resources tab at http://www.soldonithaca.com or reply to this post.
Wednesday, January 18, 2006
Home Buyer’s Wish List
What type of home are you looking for? There are so many choices that it is important to have an idea of what you want and need before you begin looking. Consider making a checklist of amenities that are essential and those you would like to have in your new home.
The list below may help you clarify your thinking on what is important to you when you are ready to purchase.
* What neighborhood(s) would you like to live in?
* What price range do you have in mind?
* What type of home interests you? (one-story, two-story, split-entry, townhouse, condo, duplex)
* What style appeals to you? (contemporary, traditional, no preference)
* Are schools a factor?
* Do you need to be close to public transportation?
* How many bedrooms and bathrooms do you need? How many do you want?
* What other interior features are important to you? (separate family room, formal dining room, home office, etc.)
* What about exterior features? Have you considered a garage, yard size, patio/deck, hot tub, view, or waterfront?
* Are there any special features you are looking for in a home?
When you are ready to start your search, I will be happy to help you find a home that suits your lifestyle. My goal is to make this a fun and enjoyable experience.
Please feel free to call or email me when you are ready to start looking. I welcome the opportunity to help you.
The list below may help you clarify your thinking on what is important to you when you are ready to purchase.
* What neighborhood(s) would you like to live in?
* What price range do you have in mind?
* What type of home interests you? (one-story, two-story, split-entry, townhouse, condo, duplex)
* What style appeals to you? (contemporary, traditional, no preference)
* Are schools a factor?
* Do you need to be close to public transportation?
* How many bedrooms and bathrooms do you need? How many do you want?
* What other interior features are important to you? (separate family room, formal dining room, home office, etc.)
* What about exterior features? Have you considered a garage, yard size, patio/deck, hot tub, view, or waterfront?
* Are there any special features you are looking for in a home?
When you are ready to start your search, I will be happy to help you find a home that suits your lifestyle. My goal is to make this a fun and enjoyable experience.
Please feel free to call or email me when you are ready to start looking. I welcome the opportunity to help you.
Subscribe to:
Posts (Atom)
