Wantagh NY real estate listings and homes for sale, home buying, home selling information – Century 21 American Homes

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The Importance of home staging

August 3rd, 2008 3:55 AM

I know it a a hot topic but most people will think , well my home is fine for me, why shouldn't it be good enough for a buyer. Well the problem is that not all people share the same taste and what is perfect for you may be over done or cluttered to a buyer.

They want to visualize their possesions in your home and if you home is overwhelming with personal items, they may not bond as easily. You do not need to go over the top, but think about renting a storage space for a short time and remove excess furniture and personal items like pictures. After all when you do finally sell the home, these items will have to be packed then, so why not give yourself a head start? Do your children really use all those toys they have? Start thinking like a buyer, more open spaces make rooms look bigger.

Consult your agent on this, many have taken addition training in home staging and can easily assist you in what things to rearrange or store away.

Posted by Barbara Tretola on August 3rd, 2008 3:55 AMPost a Comment (0)

Sure you want to sell your house, BUT DO YOU REALLY?

August 30th, 2008 5:40 PM

Do you understand that the asking price is the ultimate determination of not only whether your home will sell , but when and for how much. The sooner you adjust your expectations into reality thesooner it will sell . The competition in todays market is fierce. Not only are buyers more informed. But they are now using buyer's agent who will provide comps and their personal expertise to provide even the most uniformed buyer with information so that they don't make a bad decision and overpay for a property. When people search for homes online they also search by price ranges and if yours fall above that range they will not even take a look at it when there are other that are similar and are selling for less. Even if you have a backyard that is heaven no one will care unless you can get them to come and see your home.

Homes that are priced properly stand a better change is selling quickly and amy even illicit multiple offers.

No matter how well known your agent is, how good your marketing plan is or how many open houses you hold, it comes down to price.

If you agent suggest a price you do not agree wuth, there is a real reason. They and their colleagues work with buyers every day and know what the buyers are will to pay for a home like yours,. Please listen to them, they willl show you the comps and data (CMA). Review this information carefully and be objective with yourself and the situation. Once you do that and then list your property at a price that reflects today's fair market value and market conditions, you will actually sell it.

If you are under the dilliusion that holding out for a certain price is going to work, be aware buyers also track how long a home has been on the market anf will bypass one that has gone stale.

And after all of this and you still want to hold onto your price, ask yourself do you really want to sell?

Posted by Barbara Tretola on August 30th, 2008 5:40 PMPost a Comment (0)

Just Listed! 3016 Home Street Wantagh, NY 11793

August 15th, 2008 7:10 PM

$629,000.00
3016 Home Street

Wantagh, NY 11793

Beds: 4.0	Rooms: 4
Baths: 2.00	Sq. Ft.: 7676.00
Garage: 1.0	Built: 1970

This is a new listing that
I thought you might be
interested in. Visit this
listing online to see more
photos of the property,
Google Earth satellite
images, and much more.

If you have any questions
about this property or
require more information,
please feel free to call.

Barbara Tretola
Century 21 American Homes
5168264600 Ext 1029
www.wantaghrealtorbarbaratretola.com

Visit this listing at Here

Posted by Barbara Tretola on August 15th, 2008 7:10 PMPost a Comment (0)

Consumer Help for Mortgages

August 14th, 2008 5:21 PM

The Housing and Economic Recovery Act of 2008 contains provisions that will transform major aspects of the mortgage industry. But it also creates opportunities that you and your clients can capitalize on right now… if you know what to do! This is the most thorough, yet easy-to-understand information of the new Housing and Economic Recovery Act that is available today! Here is a summary of the key points: FHA Changes: To use Seller Funded Down Payment Assistant (DPA, Nehemiah), final underwriting must be completed by September 30, 2008. This type of DPA will not be available after September 30. Two out of every three FHA loans are currently using Seller Funded DPA so it is important to act now! FHA minimum cash investment requirements are increasing to 3.5%, from 3%. MIP will increase after October 1, 2008. HR 3221 increased the cap on MIP from 2.25% to 3%. Per FHA policy, FHA has filed the amount they want the cap to be with the Office of Management and Budget (reported to be between 2.25% and 3%, but closer to 3%). This is another reason to act now! Visit www.Hud.gov for FHA loan amounts in your area. Tax Credits: First-time buyers and people who have not owned a home in the past three years will get a $7,500 tax credit if they purchased a home on or after April 9, 2008 or if they purchase one before July 1, 2009. Income limitations are: § Married couples with incomes less than $150,000 qualify for the entire tax credit. The tax credit phases out for married couples with incomes between $150,000 and $170,000. Couples with incomes exceeding $170,000 do not qualify for the tax credit. § Singles with an income less than $75,000 qualify for the entire tax credit. The tax credit phases out for singles with incomes between $75,000 and $95,000. Singles with incomes exceeding $95,000 do not qualify for the tax credit. The tax credit is really an interest-free loan from the government that must be paid back over fifteen years, in increments of $500 a year. § If you die, your heirs do not have to pay back the remaining balance. § If you sell your home before fifteen years have passed and your home’s appreciation is less than the amount you have to pay back, the loan is forgiven.

If you turn your home into a rental or investment property, you must pay back the balance due.

Conforming Jumbo Loan Limits:

The floor for Jumbo Loans will remain at $417,000, despite the depreciation in home prices.

The ceiling for Jumbo Loans will decrease from $729,750 to $625,500 as of January 1, 2009.

Hope for Homeowners:

The bill helps homeowners who are currently upside down on their homes and owe more than their homes are now worth.

Mortgages must have been originated prior to January 1, 2008.

Borrowers must:

1. Certify that they did not default intentionally (there is penalty of jail if they are found to lie here).

2. Have had a DTI ratio over 31% as of March 2008.

The lien holder will work with the borrower to write down the mortgage to no more than 90% of the appraised value. For example, if a borrower owes $300,000 but the home is worth $250,000, the borrower will receive a new loan for 90% of $250,000, which equals $225,000. The $75,000 difference is forgiven.

The lender shares equity in the property going forward, on a sliding scale:

1. If the home is sold within one year, the lender receives 90% of the appreciation and the home owner receives 10%.

2. If the home is sold within two years, the lender receives 80% of the appreciation and the home owner receives 20%.

3. If the home is sold within three years, the lender receives 70% of the appreciation and the home owner receives 30%.

4. If the home is sold within four years, the lender receives 60% of the appreciation and the home owner receives 40%.

5. If the home is sold after five years, the lender receives 50% of the appreciation and the home owner receives 50%.

Licensing:

SAFE Mortgage Licensing Act was created to “encourage” a nationwide licensing and registry system. In the next few years, individual states will :

1. Establish a minimum net worth for recovery fund requirements.

2. Require originators to register with the National Registry and obtain a unique identifier number. This will help regulators track individuals and prevent originators who receive complaints in one state from starting a new origination practice in another state.

3. Develop a state license program.

4. Require pre-licensure education.

5. Require eight hours of continuing education every year.

Posted by Barbara Tretola on August 14th, 2008 5:21 PMPost a Comment (0)