Watch For Red Flags During Your Brooklyn Home Search

April 15th, 2021

Unhappy homeowner doing house repair

When you begin your Brooklyn home search, you are full of excitement. You imagine yourself comfortably settled into your new home. The thrill of knowing you have achieved the American dream of homeownership is exhilarating.

You have found the home with the right number of bedrooms, baths, and a backyard that will be able to host a professional football game. You have mentally placed your furniture in every room of the house. It is understandable that you would be excited.

Purchasing a home is one of the most significant investments you will make. Protect your investment by watching for red flags along the way to ensure you are investing wisely.

It is easy to disregard some issues when your desire to own the home is at its peak level. I often hear buyers say, “that isn’t a big deal. We can take care of it after we move in.”

Before you dismiss a potential red flag, be sure you know what is involved. The issue may seem easy to remedy but have a more costly underlying problem. Unless you are an experienced contractor, it may be more than you can handle on your own. Hiring professionals to handle these large jobs can eat into your savings very quickly.

Red flags may arise in the home, the yard, or the neighborhood. Familiarize yourself with the area to learn what is happening in the community as an essential step in your Brooklyn home search.

Now is not a time to ditch your homework. As concerns arise, be sure to research to get to the bottom of the issue. You may need to have the seller clarify something, check with the local police department for crime statistics, or visit city hall to check on a building permit.

The interior of the home is usually the first place you investigate on your Brooklyn home search. You may find these red flags on your initial visit to the house.
  1. Doors that won’t close can be an indication that the framing has shifted. Sometimes homeowners will trim doors to close correctly but not fix the problem that caused the shifting in the first place. Ask the seller if they ever had a professional evaluate the situation.
  2. You may see or smell mold in areas of the home. All mold isn’t toxic, but it needs remediated. Mold needs moisture to grow. An undetected leak may be creating the issue. Check under sinks, around windows, and basements or crawl spaces for any indications of a leak.
  3. Water stains can also indicate a leak somewhere. Even if the leak hasn’t caused mold to grow, a leak can cause wood to rot over time. 
  4. A do-it-yourself addition may be a potential problem. Many homeowners can handle repairs around the home, but adding a structure is not a job for an unskilled homeowner. Check to see that the homeowner obtained the proper permits and the municipality performed any required inspections during the building process.
  5. Foundation cracks can be normal settling, or they can be a serious foundation issue. Look for cracks that seem to be patched or are wider than a ½ inch. It would be wise to have a foundation contractor or structural engineer look if you have concerns.
  6. Be wary of the strong smell of air fresheners. Is the homeowner trying to camouflage something? Is the carpet smelling of pet urine or cigarette smoke? Are there air fresheners in every room? 
  7. Are the heating and air conditioning systems aging? The average life of a furnace is 15-18 years, and the average life of an A/C unit is 10-12 years. Although the unit may be functioning, it may not have a long useful life and may be less efficient.
  8. Sloping floors could relate to a foundation issue. There may be some normal settling that occurs as the home ages. However, a more serious structural problem could result in a costly repair.
  9. Sagging ceilings can be the result of roof leaks or structural issues. You should investigate the cause of the problem before purchasing the home. 
  10. Fresh paint where it would seem to be out of place. It isn’t unusual for the seller to paint a room to neutralize their bold color choices. If the painting seems localized to one wall or spot on a wall, it should be questioned. For instance, the seller may try to hide a water stain by spot painting that area only.
  11. Active insect infestations can seem harmless and easily remedied with a phone call to your local exterminator. But, some types of wood-boring insects like termites and carpenter bees can do some serious damage to the foundation, walls, or floors of the home.
  12. Incomplete disclosures can be an indication of issues. Disclosures can be lengthy. If there are many questions left unanswered, be sure to get clarification from the sellers.

Your home inspector will catch most of these red flags during the home inspection. If you see something concerning you should ask the inspector to take a closer look. The cost of the home inspection is well worth the peace of mind you will receive. 

You may also uncover some red flags outside of the home.
  1. Lack of attic ventilation can be a severe issue. Intake vents should be visible under the roof eaves, and exhaust vents should be located along the roof’s ridge. An attic needs to be appropriately vented to prevent heat build-up in the summer that can damage the roof decking or shingles.
  2. The condition of the roof shingles can indicate a future replacement which is a major ticket item. If the shingles are curled, missing, or you can see exposed nail heads, the roof may need to be replaced sooner than later.
  3. Improper drainage in the yard can cause standing water. If the water puddles around the foundation, it can cause some issues. There should be a minimum of a 2 percent grade from the house. The puddles in the yard can cause soil erosion, not to mention a real mess if you have pets to let outside.

A home inspector will check the exterior of the home, but if it isn’t a rainy day, they may not see there is an issue with standing water. (I like showing homes on rainy days because you can learn a lot about the yard and foundation when it is raining.)

Some red flags are revealed before you even visit the home through the marketing of the property.
  1. Terms in the property description referring to “as-is condition,” “needs TLC,” or “fixer-upper” can mean the seller knows there are problems and doesn’t want to deal with them. When you purchase a home under these terms, you are assuming the cost for repairs. A home inspection would still be a good idea to determine the extent of the issues and whether or not you should purchase the home.
  2. In our most recent real estate market, if the home has been on the market for an extended time, there may be an issue with the house. It could also be that the seller set their initial asking price too high, and there is nothing physically wrong with the house. Buyers become skeptical when a home doesn’t sell in the average marketing time.
  3. When the house is priced below other homes in the neighborhood, you might have some concern. Ask questions and do your research on a bargain-basement-priced home. Don’t waive inspections on a home that may have some serious issues.
  4. No interior pictures on the property listing can be a red flag. The listing agent can easily take photos with their smartphones instead of professional photos. If a home is on the market for a week or longer without interior photos, I would want to know why.
  5. Buying directly from a For Sale By Owner sounds like it may save you money. Having the proper representation during your Brookly home search can save you money. A real estate transaction can be complex. Having an experienced professional guiding you through the steps is priceless. 
The final place to look for red flags is neighborhood and municipality.
  1. Have a lot of homes recently sold or are for sale in the neighborhood? That could indicate a problem such as rising crime rates, increased commercial spaces, or proposed environmental concerns such as a landfill. 
  2. If the home is advertised in an “up and coming” neighborhood, it may be a good selling point, or it could mean you’d be dealing with the inconvenience of development while living there. Find out precisely what “up and coming” means for this neighborhood.
  3. Economic factors can be a red flag that something is happening in the area. Are taxes increasing? Are businesses moving out of the area? Have there been recent zoning changes that will affect the neighborhood?
  4. The area schools can affect the value of your home. Don’t dismiss the local school’s reputation and statistics if you don’t have children who would be attending. It may affect you if you are going to sell in the future.

Discover.com has an excellent guide to researching a neighborhood before you buy. You can read it here.

Awareness of possible red flags will allow you to begin your Brooklyn home search with confidence. You will also have a team of professionals helping you along the way. Your real estate professional, home inspector, lender, title company, and the closing attorney will work with you to make a wise investment. You can read more about the role of each of these team players in this previous blog post.

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I understand the local market, and can help you with your Brooklyn home search.
In the event our office is shut down, we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].

Charles D'Allesandro

Considerations When Buying A Brooklyn Home

April 2nd, 2021

Couple looking at houses on laptop

Are you considering buying a Brooklyn home this year? There are many considerations you will need to work through before you are ready to purchase.

First, you need to decide whether purchasing a home is the best move for you at this time. Financially, buying a home can be a brilliant decision, but there are times when it doesn’t make sense. 

There are many reasons why you may decide to purchase a home. It may be the right time in your life – both financially and personally – and you may have found a home you love offered at the right price. 

Before you start your home search, you need to work with a lender. The lender will pre-qualify you for a mortgage. Your approval is determined by your collective income, financial assets, and debt. Your credit score and debt to income ratio are crucial elements to obtaining a mortgage. This review will help the lender determine the maximum loan amount they can provide to you.

Once you decide if you can afford to purchase a home, you should consider the area.

  • Is the location easily accessible for your needs? 
  • Which neighborhood would you prefer? 
  • What are the area amenities? 
  • Do you prefer a walkable neighborhood? 
  • Is there access to public transportation?

After determining your location preferences, you will need to select your dream Brooklyn home’s desired features.

  • Do you prefer a single-family home or condo?
  • Would you like a one-story or two-story home?
  • How many bedrooms and bathrooms do you need?
  • What type of parking do you prefer?
  • What size yard would you like?
  • How much living space do you need?

When you are ready to start looking for a Brooklyn home, you will need to find a real estate professional who can guide you through the process. We are experiencing an interesting market right now, and having an experienced professional working on your behalf is a definite advantage.

Before buying your Brooklyn home, interview more than one real estate agent. Some questions you should ask hiring are:

  • How long have they been a real estate agent?
  • Do they work full-time or part-time?
  • What is their track record?
  • Do they work in the areas you would like to purchase?
  • How do you help buyers compete in this market?

Now you can begin your home search. Communicate with your real estate agent your needs and wants for your new Brooklyn home. Be sure to provide your agent with honest feedback after each home you view. This information can help your real estate agent zone in on the right home for you.

When you’re ready to negotiate a price with a seller, work with your real estate agent to understand how to best structure an offer that will be intriguing to the seller. Be sure to review the neighborhood’s current sales prices to determine a fair sales price for the home. 

When buying a Brooklyn home, you’ll want to get the best value for your money, which happens during the negotiation phase with the seller. By conducting your research and consulting the realtor, you can be sure to optimize the money you’re spending.

Some tips for creating a good offer in the current market would include:

  • Include your pre-approval letter from your lender with your offer.
  • You may only have one chance, so present your best offer.
  • Consider an above-average earnest money deposit to show your sincerity in purchasing the home.
  • Shorten inspection periods if possible.
  • Include the seller’s preferred closing date.
  • Don’t ask the seller to pay fees that are outside ordinary seller expenses.
  • Make your offer as clean and uncomplicated as possible.

We have experienced multiple offers on homes, causing the infamous “bidding wars.” Negotiating in a multiple offer situation can be an emotional time for home buyers. Prepare yourself in advance. Before entering into the “bidding war,” you should determine the highest price you are willing to offer on the home. Setting a not-to-exceed number will help you make better decisions in the heat of the moment.

Review the comparable sales in the area to see the sales prices of similar homes.

Be sure you compare apples to apples; similar square footage, condition, bedrooms, baths, etc. Your real estate agent can help you access the most current information.

Take into consideration how long the home has been on the market. If the house has been on the market for some time, offering a lower price may be a reasonable tactic. If the home has just hit the market, an offer below asking may not interest the seller.

Another determination to keep in mind when determining your maximum offer price is the condition of the home.

Updated homes in good repair will receive higher offers than outdated homes. When evaluating the home’s condition, consider the home’s major components like the roof, foundation, plumbing, electrical, and HVAC system. Will any of these high ticket items need to be addressed sooner rather than later?

Home inspections can also be an area to negotiate.

Learn more about home inspections here. As mentioned previously, you may want to shorten the time frames if possible. The availability of inspectors would need to be confirmed. You may also like to express to the seller you are willing to accept any necessary repair costs to a maximum amount. If the inspections unveiled items that exceeded that amount, you would negotiate with the seller for repairs.

Your lender will most likely require an appraisal on the home.

Appraisers use the most current sales to make their determination of value. In some instances, the appraisal has come in lower than the sales price. Because the demand for homes exceeds the existing inventory of homes, this isn’t surprising. However, you will need to decide if you want to move forward with the purchase if the appraisal comes in low. You may need to put additional cash down to be able to close with a lower appraisal. You would need to consult with your lender to decide how to handle this situation if it arises.

One last thought to ponder when buying a Brooklyn home would be the closing date.

If the seller would need additional time to move, would you be willing to allow them the extra time? It may mean you would need to make some temporary housing arrangements for yourself. But will that be worth it to purchase the Brooklyn home of your dreams?

Making these decisions before entering negotiations will help prevent you from getting caught up in the emotions of winning the “bidding war.” Many buyers are surprised by how emotional this process can become. Entering the negotiation phase with a clear plan will allow you to make the right decisions as necessary.

After the seller receives your offer, the seller will make one of these 3 decisions:

  • Accept your offer.
  • Counter your offer.
  • Reject your offer.

Waiting for a response from the seller can put you on edge. Knowing that you have done your homework to draft the best offer you are willing to make for the property should be comforting. 

If the seller counters your offer, you will have the opportunity to negotiate the terms. Being prepared for the negotiations will allow you to make the best decisions.

When your offer is accepted, you will enter the closing phase. Read this blog post to find out more about the closing process.

In these unprecedented times, you need a professional, experienced real estate agent in your corner.

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I understand the local market and have helped many when buying a Brooklyn home.

In the event our office is shut down, we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].

Charles D'Allesandro

Can You Over-Improve Your Brooklyn Home?

March 15th, 2021

Couple doing home improvements

Yes, you can over-improve your Brooklyn home. 

What does it mean to over-improve Brooklyn home? Simply put, you over-improve your Brooklyn home when you make improvements that are not typical for the neighborhood. More money is spent on the improvement than you can recoup when the property sells. A home’s value is determined by the location, square footage, and comparable home sales in a neighborhood. The finishes inside may help the home sell quicker but may not increase the home’s value equal to the cost.

You cannot expect a dollar-for-dollar return on improvements in most areas of the home. However, when you over-improve your Brooklyn home, you will get a small or no return on the improvement.

The return on improvements may vary from region to region also. For example, New York is located in the Mid-Atlantic region. If you were to do a mid-range bathroom update, you should expect a 51% return on your investment. If you were to improve the Pacific region, you could expect a 58% return on your investment. Remodeling Magazine has published a National Cost vs. Value comparison.

You may also expect a different return on investment from one local neighborhood to another.

If you update a kitchen with top-of-the-line cabinetry, appliances, and counters, you may not receive any return on investment if it is in a neighborhood that you would not expect that type of improvement. 

If your updates are too taste-specific, it is unlikely you would be able to recoup any costs. Your updates should appeal to a broad range of buyers to get the most bang for your buck if selling your home.

When you are considering an improvement or update, stop and think things through before you commit.

Is the update something that is needed? If the roof is leaking, you need to replace it. On the other hand, a hot tub may not improve the value and will not appeal to all buyers. Are you making this improvement because it is something you want to enjoy, or are you improving to increase your home’s appeal for potential buyers?

Can you do the work, or will you need to hire a professional to do the job? If you do not have the skill or the time, you should consider hiring a professional. You will be able to save on some of the costs if you can do the work yourself. But, if you cannot do the job well, you may end up losing in the long run.

Where is it wise to spend money on home improvements so as not to over-improve your Brooklyn home? Remember, if you are considering selling soon, the selections you make should appeal to a broad range of potential buyers.

  1. Kitchens – The old real estate adage is that kitchens and baths sell homes. Your kitchen update should be in line with other homes in the neighborhood. You should select the best quality cabinetry, counters, and appliances that will look good and function well for your budget. Changing a kitchen layout may make sense, but you need to account for the additional cost required to move water, sewage, or gas lines. 
  2. Bathrooms – A worn-out, tired bathroom can leave the impression that the home is not well maintained. If you watch any home improvement shows, you will see that the spa-like bathroom is trending.
  3. Flooring – Updating your flooring can be an easy fix compared to other improvements. Replace the worn-out flooring with something new and fresh looking. Whether you are updating carpet, tile, laminate, or wood, you should be able to find some cost-saving choices.
  4. Exterior – Think curb appeal. Flaking or peeling paint does not make a good first impression. If you need to replace siding, that is an investment that will return some costs and save the hassle of maintenance. Don’t neglect to landscape either. Fresh mulch, some new plantings, and a fresh-cut lawn certainly boost the curb appeal. Find out more about improving curb appeal from this previous blog post.
  5. Maintenance – Staying on top of home maintenance items is well worth the investment of time and money. Regular maintenance may extend the life of some high-priced home components and prevent safety issues from cropping up. Ensuring that your home’s structure and major components remain sound should be a priority for every homeowner.
  6. Addition – you may find you need more space but may not want to make a move to a larger home. Be careful not to overbuild for the neighborhood. The type of room you add will affect the value. A bathroom addition is one of the more valuable additions made to a home.
  7. Basement – Adding additional living space utilizing unfinished space in the basement can be a good investment. You may be able to create a man-cave, playroom, guest space, or home office to make good use of the area without the expense of adding an addition.

When taking on any home improvement project, you should consider how long you plan to stay in the home. If you know you will not be staying long-term, you may need to make different decisions on the improvements you make to avoid the chance you will over-improve your Brooklyn home.

Saving money is always a good idea whether you plan to stay in the home or sell it. Some ways to save money include:

  1. Budget – The word budget does not mean cheap. You should establish the amount of money you want to spend on a project. Determine how much you’d like to spend on this project before you start designing and planning. Next, make selections that fit within the money you have allotted. Buy the best quality products in your price range. 
  2. Reuse – You can save money by reusing cabinetry or fixtures and giving them an update. Consider buying items from salvage yards, and stores like Habitat for Humanity Restores to save money where you can.
  3. Estimates – Get estimates from several contractors. Compare the estimates to be sure they include the same things. Be sure to get references and check them before hiring any contractor.
  4. Classics – Choose classic design when possible on the higher-cost items. Trends come and go so quickly. If you select tiles with a bold pattern and color, you may tire of it quickly. The cost of replacing the tile may be a hefty expense down the road. Select a more classic style and add your trendy pieces with more manageable and less costly items to replace.
  5. Sell – If you are replacing items, try to sell the old ones. One man’s trash is another man’s treasure. You may be able to use the cash you generate on your project.

With home improvement projects, you will have some unexpected expenses. Be sure to allocate a contingency in your budget for those unknowns.

Every municipality has its regulations for home improvements. Check to see if you must have a building permit or inspections through your municipality before starting any project.

If you know you will be selling your home in the future, it is essential to understand which improvements could hurt resale:

  1. Covering up period details in older homes.
  2. Sacrificing bedroom space.
  3. Built-in furniture.
  4. High maintenance landscaping.
  5. Converting a garage.
  6. Installing solar panels.
  7. A swimming pool.

Although you may enjoy these items, potential home buyers may not hold the same enthusiasm. 

As a reminder, before you start any home improvement project, you should consider:

  1. How long do you plan to live in the home?
  2. Is the improvement similar to other homes in the neighborhood?
  3. Will the improvement increase the home’s value?

A good idea before undertaking improvements is to talk to friends, neighbors, and professionals for input on your ideas. As your real estate professional, I would be happy to discuss any improvements you are considering.  As a real estate agent, I see many homes and learn firsthand from buyers what they find appealing. Making decisions isn’t always easy. Gathering information and input from others can help you see things more clearly.

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I understand the local market and help you with your home improvement decisions.

In the event our office is shut down, we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].


Is Staging Important Before You List Your Brooklyn Home?

February 28th, 2021

Is Staging Important Before You List Your Brooklyn Home?

If you want to list your Brooklyn home for sale, you have probably heard about home staging as part of the preparation process. What exactly is home staging?

Home staging is not to be confused with interior design or interior decorating. Home staging is a marketing tool used to help a home sell faster and for more money.

By preparing the home to appeal to most buyers, you will have more people looking at the house and possibly receive multiple offers.

According to statistics from the National Association of Realtors, 77% of buyers felt more able to see themselves moving into a staged home. 

What is home staging?

The purpose of home staging goes beyond decluttering and depersonalizing your home. The objective is to make your Brooklyn home more appealing by making the house look bigger, brighter, and inviting.

Home staging will enhance the positive features of the home and downplay any negative characteristics. 

It is setting the stage psychologically for the buyer to picture themselves living in the home. Home staging is essential to set the home apart from other homes on the market.

Here is how the majority of buyers think when viewing a home:
  1. They don’t want to do a lot of work in their new home. They want to move in with as little work as possible.
  2. If the seller can not make an effort to prepare their home for sale, they most likely neglected to do regular maintenance around the house as well. Staging your home for sale suggests that you take excellent care of your home.
  3. They are looking at how they can use the space in a home. Showing them the possibility is essential.
  4. Buyers feel a home that presents well is worth the asking price.
  5. Only 10% of buyers can visualize the potential of a home. The majority of buyers can not see beyond the clutter and un
  6. cleanliness.

How do you stage your home?

It is important to do all the home staging before you list your Brooklyn home. You want the photos of the house online to show the home in its best light.

Your real estate agent may be able to help you or recommend a home staging professional who can stage your home.

The amount of staging needed varies from home to home. If you live in the house, you should use your furnishings for the staging. If your home is vacant, the home stager may rent furniture and accessories for specific rooms.

Rearranging the furniture may be necessary to help with the traffic flow and make the room appear larger.

Cleaning will be necessary to make sure every inch of the home is sparkling.

Sometimes it will be necessary to paint and do some minor repair items. If you have used many bold colors personalized to your style, a fresh coat of paint will go a long way to appeal to a broader range of buyers. This article has some good information on suggested colors to use.

Removing personal items to ⅓ of what you had will help the buyer to visualize themselves and their belongings in the home.

Can You Stage Your Own Home?

The standard answer in real estate is always, “it depends.” If you can objectively look at your home without attachment, you may be able to do it yourself. You will need to commit to completing the work before you list your Brooklyn home. Having a 3rd party who is objective and not emotionally attached to the house may be advisable.

Where Do I Start?

To begin any staging project, you first need to clean and declutter your home. We are not talking about just a spring cleaning. We are talking about cleaning as you have never cleaned before. Ensure the grout is clean, the floors are sparkling, and the silverware drawer is free from those little crumbly things that always seem to end up there. 

As you are cleaning cabinets, pantries, and closets, start to declutter. Organization in these areas will create the appearance of substantial space. 

If your closets are packed with clothes, take out the seasonal items you are not using and pack them away. You need to show space between those hangars, so it feels like there is enough room for everything. The buyer will conclude that there isn’t enough space for their things either when they open a fully packed closet.

Should I Stage All Rooms?

You want to be sure that all rooms are cleaned and decluttered. The rooms to focus on are the Living Room, Kitchen, Master Bedroom, and Bathrooms.

Ideas for a Living Room:
  1. Make sure the natural light is coming through the windows. Be sure blinds are open and any heavy drapery removed. If the view isn’t so great, use a sheer window treatment to camouflage the view but let in light. 
  2. Update any light fixtures and be sure they have bright enough bulbs to illuminate the room properly.
  3. Paint dated or bold walls with a neutral color that will appeal to a broad range of buyers. A warm neutral is usually a good choice.
  4. Arrange the furniture so as not to block the traffic flow. Maximize the space. If you have too many furniture pieces in the room, you may need to remove some pieces to present a more spacious feel.
Ideas for a Kitchen:
  1. Give the cabinets a facelift if they need it. Make sure drawers and doors and in good working order. Clean the faces of the cabinets. Replacing drawer pulls can give the kitchen a more modern feel.
  2. Clear counters and only keep out the minimum things you need. If you have all your small kitchen appliances displayed, the buyers will feel there is not enough storage space to get them off the counters. Again, we want to create the feeling of space and eliminate clutter.
  3. It is vital to keep odors out of the kitchen while showing your Brooklyn home. Be conscious of the smells left behind from something you cooked, and the trash is emptied.
Ideas for Bedrooms:
  1. Keep these spaces gender-neutral whenever possible. 
  2. Make the room feel spacious by eliminating unnecessary furniture. Try keeping it to the bed, nightstands, and maybe a dresser for a good traffic flow. Keep the items on the surfaces to a minimum.
  3. A splash of color is fine with some accessories such as pillows or throws.
Ideas for Bathrooms:
  1. Be sure the sink, tub, and toilet are sparkling clean. Re-grout and replace caulk if necessary. 
  2. Keep all personal items and toiletries stored under the sink or in a linen closet. 
  3. Create a spa-like feel with a scented candle or potted plant. The scents of jasmine and lavender will create a calming feeling.

If you live in the home while it is for sale, you will need to be diligent about keeping the house in show-ready condition. You never know when a buyer is going to want to see the home. You can request a notice of a few hours before a showing, but if you have let things go too far, you may not be able to get it all done in time.

Don’t forget to pay attention to the outdoors.

This previous blog post will help you boost your curb appeal.  The front porch is an important place to stage as it is the first impression of your home. Create an inviting space that welcomes potential buyers. Tidy up the yard and landscaping as well.

Staging does not have to be expensive. A gallon of paint does wonders to make rooms feel fresh and modern. You may need to use more elbow grease than cash to complete your staging.

It may seem inconvenient to pack away so many things in your home. However, it will be worth the effort. You will eventually need to pack your belongings for a move. You can get a head start by decluttering before you list your Brooklyn home and pack away excess and personal items. It is a short-term inconvenience that may reward you greatly.

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I can help you list your Brooklyn home utilizing my expertise to your advantage.

In the event our office is shut down, we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected]

Charles D'Alessandro

What To Expect In The Brooklyn Home Closing Process

February 15th, 2021

It is important to be familiar with the Brooklyn home closing process, whether you are a buyer or a seller.

Uncertainty of the next steps can be anxiety-provoking for both buyers and sellers.

Although your agent will walk you through step by step, there is some comfort in having an overview of the Brooklyn home closing process. Take the time to familiarize yourself now before you begin the buying or selling journey.

Your real estate agent should begin with a consultation, whether you are a buyer or a seller. Each role in the process has preliminary work to do before negotiating a contract. You will learn what you need to do to prepare as you enter the real estate market, whether you are looking to buy or sell.

Buyers need to have their finances in order, Identify the neighborhoods of interest, and create a list of needs & wants in their new home. After completing these tasks, you can begin visiting available homes for sale.

Sellers need to prepare and stage their home, set a realistic asking price, and determine their new living arrangements for after the sale. Here is a link to a recent blog post on how to price your home correctly, one of the essential preparation steps for a seller.

Once a buyer and seller have negotiated a contract, the Brookly home closing process will begin.

A lot of activity happens at the beginning of this process for the buyer and seller. Other parties are also working in the background to meet all the legal requirements to close. Here is a link to a previous blog post that explains the roles in the real estate sales process.

A buyer submits their offer to the home seller.  What happens next?

Negotiations

The seller and their real estate agent will review and evaluate the offer. If the seller is not satisfied with the terms, they may counter the buyer with terms they find more acceptable. Negotiations may go back and forth between the buyer and the seller a few times before both parties agree. The final sales agreement will be drafted with any changes, and all parties will sign.

Inspections

If the buyer has elected to have any inspections, they will have a specific time to complete all inspections. The seller will allow the buyer’s inspectors access to the home and have all utilities available. The home inspector will prepare a report of their findings. The buyer will respond to the seller with a request for any repairs or acceptance of the property in its current condition within the time allotted. The seller will be responsible for any agreed-upon repairs before closing and providing all receipts for the work completed to the buyer.

Loan Application

The buyer must make a formal mortgage application with their lender. There is a stipulated time period for this to be completed that will run parallel to the inspection period. The lender may have collected most of the information they need in the pre-approval process. The lender will need a copy of the sales agreement once all parties sign it. 

Attorney

In the State of New York, most buyers and sellers hire an attorney to facilitate the home closing process. Once a sales agreement has been negotiated and accepted, you will want to select your attorney. The attorney will be the overseer for their client, whether buyer or seller, to ensure that their client’s interest is protected.

Board Approval

If you are purchasing a condo or coop, you will need to complete the board’s package and submit it for approval. The board will accept or deny the purchase. It is important to note that some boards will not decide without a commitment letter from your lender. This may make the closing process a little longer and should be considered when establishing a projected closing date.

Title Work

An investigation into the home title will start to ensure that there are no liens or encumbrances on the property as a vital step in the Brooklyn home closing process. Any issues found will need to be cleared before the buyer assumes ownership. The title work research will ensure the buyer obtains a free and clear title to the property.

Mortgage Processing

The mortgage company will be processing the buyer’s loan application. They will need to verify the buyer’s information provided. The lender needs to confirm the buyer is capable of making the monthly payments. The mortgage underwriter will review the findings. The underwriter’s job is to reduce the risk of the investment to the bank. The underwriter may ask for some additional information or clarification during their review to clarify any questions.

Appraisal

Most likely, the buyer will need to have an appraisal on the home to meet the mortgage lender requirements. The appraiser will visit the property and establish a determination of value based on the comparable homes that have recently sold in the area. They will create a written report, which is the appraisal. All the factors used to determine the price of the home are detailed in the appraiser’s report. If the appraiser observes any repairs to be corrected, they will note them in the report also. The appraiser may need to visit the property to approve any repairs on the appraisal report.

Clear To Close

The lender will complete their processing, confirm the buyer’s ability to purchase and the property’s acceptable value. At this point, they will issue a clear to close. This is the green light needed to schedule the closing.

Set Closing Date

Now, you can schedule a closing date with the closing attorney, title company, real estate agents, buyer, and seller. All parties will need to agree upon the date and time if they plan to attend the closing.

Seller Move-out

 The seller will need to make arrangements to move out of the property before closing. The buyer will need to do a final walkthrough before closing after the seller completes their move.

Utility Transfer

The buyer will transfer all utility accounts into their name by the final closing date. The seller will also need to contact the utility companies to provide a forwarding address for their final billings.

Closing Disclosure

The lender is required to provide the buyer with a closing disclosure three business days before the closing. This disclosure provides the buyer with details of all costs, their final figures for cash needed to close, and monthly payments. The buyer must sign and return this promptly to ensure the closing occurs on time.

Final Walkthrough

The buyer completes a final walkthrough of the property confirming any negotiated repairs were completed correctly. They will also check that any items negotiated to remain in the home are still there. Finally, they will check that no damages have occurred to the property since their initial viewing.

Closing

Each party will meet to review and sign all documents required to finalize the sale. The buyer will receive the keys and ownership of the property. The seller will receive their proceeds. 

Congratulations! You either bought or sold a home. You made it through the Brookly home closing process. Now you can unpack and relax.

One of the overlooked steps in the moving process is to file a change of address form through the Post Office. You can find the change of address form here

It is customary in the State of New York to have a real estate agent and an attorney representing your best interests in the Brooklyn home closing process. This is true for both buyers and sellers. Each has a distinctive role in the process. Your real estate professional will be with you from the initial phases of the home buying or selling process to the closing. The real estate attorney will prepare the final sales agreement and review all the legal documents. The attorney will attend the closing with their client.

Become familiar with the Brooklyn home closing process now. Communication with your real estate professional is key to experiencing a smooth transaction. Although we can’t guarantee it will be stress-free, we strive to make your experience as stressless as possible. 

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I can help Brooklyn home buyers, and home sellers navigate the real estate process.

In the event our office is shut down, we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].

Charles D'Allesandro

Avoid These 10 Mistakes Brooklyn Homebuyers Make

January 30th, 2021

Frustrated homebuyer

When buying a home, you want to avoid these ten mistakes that Brooklyn homebuyers make. The home buying process can be confusing if you do not have a real estate agent with the experience to guide you. 

You need to understand that the home buying process should start well before you are ready to go out and look at homes. Saving money and monitoring your credit score will set you up for a smoother experience. 

Like you would build a home on a solid foundation, you need to plan your home purchase with a solid foundation.

As a Brooklyn homebuyer, you can hire an agent to work on your behalf. This is called a buyer’s agency. The buyer’s agency provides the buyer with an advocate representing their interests in a real estate transaction.

Working in the Brooklyn real estate market for over 30 years, I have helped Brooklyn homebuyers avoid these ten buying mistakes.

1. Ignoring their credit rating.

Your credit rating is one of the primary considerations that a lender will use to determine whether you qualify for a home mortgage. It may also affect the amount of mortgage you can obtain. Therefore, it is important to look at your credit report periodically to review your credit score even before starting the homebuying process. In addition to your credit score, be sure there isn’t something on your credit report that doesn’t belong to you. If your credit rating is low, you will need to work on improving your score. You should consult with a financial professional to find out how to improve your score and how long it should take. You can learn more about understanding your credit score here.

2. Skipping the pre-qualification step.

A pre-qualification from a reputable lender is a crucial step for Brooklyn homebuyers. A lender will determine the amount of a mortgage you could qualify to borrow. They will look at your credit score, your income, and your current debts. Most loan programs establish an acceptable debt to income ratio. 28% of your monthly income is a good rule of thumb for housing expenses, including principal, interest, taxes, and insurance. When adding your additional debt payments, a lender generally likes to see the total not exceed 36% of your gross income. Each loan program has established its debt to income ratios, so it is essential to speak with a lender. Your mortgage payment in addition to principal and interest, but also taxes and insurance. Looking at homes in the wrong price range will waste your time if you can not afford to purchase at that price point.

3. Insufficient Savings Accounts.

Brooklyn homebuyers will need to have some cash saved to purchase a home. Even no money down advertisements doesn’t necessarily mean you won’t have to spend money in the homebuying process. We will talk about closing costs below, but you will also have the expense of inspections, moving, and purchasing necessary items for the new house. If you can increase your down payment, you may be able to save on your monthly mortgage payments. It is also important to have adequate savings available to cover any unexpected repairs or replacement of major components of the home.

4. Making a large purchase before closing.

I have seen homebuyers go out and purchase furniture for their new home on credit before closing. Another significant ding to your credit is buying a car right before you close on your home. You should wait until after you have completed your home purchase because the lender will do a last-minute credit check to make sure there were no significant changes to your credit score. A major purchase on credit could change your debt to income ratio that we spoke about earlier. If your debt to income ratio would change significantly, it could disqualify you for your mortgage.

5. Misunderstanding closing costs.

Closing costs cover a lot of different fees that are required to purchase a home. Average closing costs can run between 3% and 6% of the loan amount. The types of closing costs you will pay include lender fees, attorney fees, municipal and state fees, homeowner association fees, and inspection fees. There are loan types that allow the seller to pay a portion of the buyer’s closing costs, but there may be a limit to the amount the seller can cover, which may not cover all costs. Asking the seller to provide a closing cost credit would be part of your negotiations, and you should consult with your lender to be sure it will be acceptable. Many of the closing fees are set on a flat fee or a percentage of the sales price. Bargaining a lower price for the closing costs isn’t possible on most of these expenses.

6. Overlooking repair items.

The excitement of finding your dream home may cloud your judgment on the actual cost to repair things that come up in a home inspection. If there are items in the inspection that you agree to take care of after closing, be sure to get an estimate on what that type of repair will cost you. Sometimes the buyer will think it is an inexpensive item to fix, but once the contractor starts work, the problem is more extensive and more costly than previously thought. 

7. Buying a house you can’t afford.

Just because a lender will loan you the money doesn’t mean it is wise to borrow the maximum amount. Consider your lifestyle when you decide how much you want to spend on your home. If you enjoy taking vacations, owning a car, or going out to eat, you may want to spend less on your monthly mortgage payment so that you do not have to sacrifice the other things you love.

8. Ignoring hidden costs of homeownership.

There are other expenses related to owning a home that you may not have considered. One is higher utility bills. If you rent or own a smaller house than you are purchasing, you may be paying less for utilities than the new larger home will cost you. You may also have to pay for additional utilities you are not currently paying, such as trash removal or recycling. Costs related to your mortgage also need to be considered. Your mortgage company may or may not collect amounts for taxes and homeowner insurance. If they do not, you will need to reserve these amounts to pay when they become due. Some other costs to consider are outside maintenance, inside maintenance, and the tools required to accomplish the job. And lastly, don’t forget the cost of furniture to fill your space and updates you want to make.

9. Not researching the neighborhood.

Although your real estate agent will share with you what they know about the area, it makes good sense for you to do your research. Is there any development being planned that might affect the neighborhood? What is the community like at different times of the day? I usually recommend that my Brooklyn homebuyers visit the area at various times to get a feel for what goes on throughout the day.

10. Believing that working with the Listing agent will save you money.

The listing agent’s fiduciary responsibility is to the seller. They have signed a contract with the seller to represent their best interest. Essentially, working with the listing agent does not give you an advocate. As I mentioned earlier in this post, the buyer’s agency agreement creates a fiduciary relationship with a homebuyer and the agent. The agent representing the buyer is bound to work in the buyer’s best interest. Wouldn’t it be great if you could have that kind of representation when you made other significant purchases?

As you can see, these mistakes could affect your ability to own a home or cost you considerably after you have purchased the home. Learn from someone else’s mistakes and avoid repeating any of these. You should have a much better buying experience.

Hiring the right agent to work on your behalf is an essential step in the home buying process you don’t want to skip. Check out this past blog post that explains the buying process for you.

As the quote by Stephen Keague states, “ Proper preparation prevents poor performance.” The home buying offer process can be very competitive. When Brooklyn homebuyers spend the time to prepare correctly, they make their dream of homeownership come true!

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I can help Brooklyn homebuyers navigate the homebuying process.

Charles D'Allesandro

In the event our office is shut down; we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].


How To Price Your Brooklyn Home To Sell Quickly

January 15th, 2021

Home price correctly sells for more

It is so important to price your Brooklyn home correctly when you first offer it for sale. It is essential to take advantage of your home’s initial phases of entering the market because this is the time you will see the most activity. 

Some homeowners believe that they will set the home’s price higher than the market value to have some bargaining room. That is an inferior strategy because you create a situation where you are listing your home for more than it might be worth.

Proper pricing will attract the right buyers. 

Overpricing your home by only $5,000 could eliminate the right buyers from seeing your home. When buyers search for a home, they usually look in increments of $5,000 and will not look at houses above the maximum amount they want or can spend. In the recent seller’s market we have been experiencing, buyers feel there is little room for negotiation on the sales price. Multiple offers and sales prices over the asking price deter buyers from looking above their price range.

It is safe to assume that all Brooklyn Home Sellers want to achieve a quick sale on their home. It is stressful to keep your home presentable, leave for showings, and wait for an offer. This pandemic adds another stress level to the risk of having visitors in your home. You have to understand how to price your home because setting a price can determine your home’s length of time on the market. 

Extended time on the market can be a detriment to your sale.

Any home that stays on the market for a long time can raise red flags with buyers. It can also lead to a situation where the longer your home is on the market, the more you’ll end up being forced to lower the price to an amount that is lower than you anticipated. Statistically, a seller who overprices their home because they can “negotiate” a lower price ends up selling their home for less than if they had started with the correct price.

You need to know the actual market value of your home. Hiring a real estate professional with a proven track record of selling homes in your neighborhood is extremely important. The intricate differences from one community to another can make a difference in your price.

Let’s take a closer look at the right way to price your Brooklyn home to sell quickly and fairly. 

These are the components that go into pricing a home:

Comparable home sales

It is essential to carefully select the homes used to value property as an appraiser will. The appraisal can make or break a home sale. An appraiser must select homes within a ½ mile radius of the subject property sold within the last six months. If there are no comparables that meet these criteria, they can then expand the search. Review the homes currently under agreement to understand the price range of homes that have now gone under contract. You also want to know what your current competition will be by looking at the homes that are currently for sale.

Neighborhood

Factors like the school district’s quality, comparable homes, and crime rates impact a home’s desirability. Also, the proximity of attractions, entertainment, shopping, and parks are important.

Market

A buyer’s market and a seller’s market are two different situations that affect home value. In a buyer’s market, the supply of houses outweighs the demand making it favorable for a buyer to obtain a good deal on a home. A seller’s market is just the opposite. There is not enough supply to meet the demand.  Other factors that affect the market are interest rates, the local economy, and the national economy.

Size and Style

The size and style of the home certainly have an impact on price. Square footage and the number of bedrooms are a consideration for all buyers. Your home should offer the same or greater square footage and bedrooms than other houses in the price range. The style of home should also be conducive for the neighborhood. If your area is predominately contemporary homes, a log cabin may not appeal to local buyers.

Condition

A homeowner may want to raise the home price beyond what it’s worth because they did some remodeling. You’ll have to be careful here because while some upgrades can boost the home value, not all of them do. A buyer is less willing to pay the additional price for an over-improved home. Here is a link to an article that shows you the cost of a home improvement versus its value. When you make home improvements, you should consider the return on investment if you know you will be selling soon. You don’t always receive dollar for dollar back on improvements to your home.

I have found there are three factors that will contribute to a quick sale when establishing a price for your Brooklyn home:

  • Condition
  • Location
  • Price

You can control two of these factors, and one you cannot. You cannot change your home’s location unless you physically pick it up and move it to a more desirable location. 

The two factors you can control are the condition and the price. Making the necessary updates and keeping up the routine maintenance on your home makes a big difference when selling. If you have done all you can to improve your home’s condition and it still does not sell, the only thing you can adjust at this point is the price. 

Check out this blog post for a checklist to prepare your home to sell. 

What may not be a factor when you price your Brooklyn home? 

  1. The price you paid for the home. 
  2. The amount of your Zestimate.
  3. The amount you owe on the home.
  4. What your neighbor or friends say.
  5. The cost to rebuild today.

Sellers will set the price of their home, but buyers will set the value. They will be comparing your home to other properties that have recently sold in the area. Often, a seller will reject an initial offer because they feel it is too low to find out it was the best offer they receive on their house.

As the seller, you need to determine what you are willing to accept. 

In the industry, we have found that the longer your home sits available on the market, the lower the sales price.

When you price your Brooklyn home correctly, the most interest will be when it initially hits the market. You will have the largest number of showings during this initial period if you price at a realistic market value.

If you price your home too high and drop the price later, you miss the initial excitement, and you will not have as much interest in the property. 

Don’t believe the misconception that you can negotiate a lower price. 

f a home sits on the market for too long, buyers begin to think there’s something wrong with the property in the current market climate.

Before you price your Brooklyn home, it is imperative that you consult with an experienced and knowledgeable real estate agent who has a track record of pricing homes correctly. Don’t be afraid to ask the agent for references along with their track record. 

Ask the agent for the following information:

  1. What is the number of homes they sell per year?
  2. What is their list to sales price ratio?
  3. What are the days on the market for the homes they listed for sale?

Other factors to consider when interviewing a real estate agent should include:

  1. How long have they been an active real estate agent?
  2. Are they a full-time or part-time real estate agent?
  3. What is their marketing plan for your home?

But first and foremost, your real estate agent should understand the local market and your needs.

Unfortunately, unskilled real estate agents are willing to list a home at whatever the seller would like regardless of what the numbers show. 

Once you have found the real estate professional you feel is right for you, take heed of their advice on your home’s sale. Many people who do not practice real estate as their profession will want to give you advice.

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I understand the local market and know how to price a home to sell quickly and fairly.

In the event our office is shut down; we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].

Charles D'Allesandro

Do You Want To Buy A House In Brooklyn In The New Year?

December 30th, 2020
Woman buys a house in Brooklyn

Out with the old and in with the new! Are you ready for something new? Is it your time to buy a house in Brooklyn in 2021? 

In light of the pandemic, I think we are all ready for something new. It has been a challenging year. 

You have decided you want to purchase a home, what do you do now? Let’s take a look at the steps you need to take to buy a house in Brooklyn in 2021.

Obtain a Pre-Approval

To begin with, you will want to meet with a mortgage lender and obtain a pre-approval for a mortgage loan. The lender will look at your credit report to determine the amount of a mortgage you qualify to borrow. If there are any credit issues, the lender can direct you to a credit repair agency that can help you boost your credit score to be ready to buy a house within a few months.

Having a pre-approval letter before you start looking will help you in several different ways:
  • You will know the price range you are most comfortable with and target your monthly payments.
  • The seller will require a pre-approval letter to be submitted with your offer so that they know you are qualified to purchase their home before they agree to accept your offer.
  • You will not delay submitting your offer by having to obtain your pre-approval after you find the perfect home.

What information do you need to have when contacting a lender for a preapproval?

  • Income verification. How you get paid will determine what information you will need to provide the lender. 
    • W-2 employee – You will need copies of your W-2 forms and your two most recent payroll stubs. 
    • Self-employed – You will need a year-to-date profit and loss statement and two years of tax records, including 1099s you used to report income. Self-employed includes sole proprietors, partnerships, and S-corporations.
  • Assets. You will need to provide bank statements, retirement, and investment account statements.
  • Debts. You will need a list of all your monthly payments for student loans, auto loans, personal loans, mortgages, and credit cards.
  • Other information. It may be necessary to show any rental income you receive, a divorce decree which would address child support and/or alimony along with property settlements, and down payment gift letters if you will be obtaining your down payment from a parent or family member.

The lender will ask for verification of any other items they may need throughout the process. You must have a paper trail of all sources for the down payment and closing costs. The lender will ask you to provide information on any large deposits found in your bank statements.  Above all, if there are any changes in your financial position you will need to discuss those with your lender.

Here is a previous blog post that will answer some of your mortgage questions.

You do not want to delay your offer because you did not have your pre-approval letter. Other buyers will be prepared with their pre-approval letter and submit an offer before you can submit yours. You wouldn’t want to miss out on the perfect home, would you?

Find a Good Real Estate Agent

When you are ready to buy a house in Brooklyn, you need to find the right agent to guide you through the buying process, whether you are a first-time homebuyer, a move-up buyer, or a downsizing buyer. 

Interview several agents if you do not know one with a good track record and local reputation.

Questions you may want to ask an agent during an interview include:

  • How long have you been an active real estate agent?
  • Do you work full-time in your real estate business?
  • How many homes do you sell per year?
  • How do you stay current on the local real estate market and trends?
  • Do you have references available?
  • Do I have to sign a contract, and can I cancel if I am not satisfied?
  • How do you communicate with your clients and set realistic expectations?

The local real estate market changes frequently, and you need someone in your corner who is knowledgeable and can help you negotiate the best deal possible. You also want a real estate agent who is realistic about the market. Hiring a Buyer’s Agent does not typically cost the buyer, as the seller pays the commission. 

A buyer’s agent is responsible for:

  • Assessing your needs. The buyer’s agent will ask you for your needs and wants in your new home. Example – you need 3 bedrooms, but you want 4 bedrooms. This specific information will help your agent research properties that will best suit your desires.
  • Explaining the buying process. The buying process is complicated. Every home sale is different. An experienced buyer’s agent will be able to handle unique situations to help you buy your Brooklyn home. 
  • Showing you properties. Your agent will find the properties, make appointments, and walk you through the homes. This is where an experienced local agent is most valuable to help point out the positive features and any potential issues they may see.
  • Writing up and submitting your offer. Your buyer’s agent can advise you on pricing and how to structure an appealing offer. They will then submit the offer and communicate with the seller’s agent to begin negotiations.
  • Monitoring the closing process. After your offer is accepted, your agent will coordinate with all parties involved until the closing is completed.

Your buyer agent is your advocate. They will answer your questions and guide you through the entire process to help you buy a house in Brooklyn.

A common misconception is that working with the seller’s agent will get you a better deal. The Seller’s agent will be working on the seller’s behalf and is contractually obligated to do so. Do yourself a favor and find the right buyer’s agent.

Narrow Your Search Criteria

You most likely have an idea of where you would like to buy a house in Brooklyn. Maybe you are looking for a particular school or proximity to work. Focus on your top area first, and then move out from there if you can not find the right home.

Make a list of the items that you must have in your new home, and be sure to discuss those items with your real estate agent. Think of the things that would be a “deal-breaker” for you and discuss that with your real estate agent also. The more your agent knows about your needs, the better they can zoom in on the right homes for you. A resourceful real estate agent will be able to guide you to the properties that meet your criteria. 

Equally important, you should try to get some input from others who live in the areas you are considering for the pros and cons they can offer. If you don’t know anyone living in the neighborhood, check out some online forums that may be able to provide you insight.

I think it is a good idea to visit the community at different times of the day to get a feel for what is going on in the neighborhood.

Conduct Inspections

Unless you have a thorough knowledge of house construction and components, I do not recommend that you waive the inspections when you buy a house in Brooklyn. Inspections are an important part of the home buying process. 

It is important to note that a home inspector is required to be licensed in the State of New York. You can find answers to frequently asked questions about New York licensing for inspectors here.

The seller will disclose what they know about the property. Be that as it may, it isn’t uncommon that the home inspector will find things in the home that the seller didn’t know.

The home inspector will check the major components of the home starting on the outside. They will look at the foundation and the roof for any defects. The inspector then will start their interior inspection in the basement of the home. They will check the electrical, heating, air conditioning, and plumbing systems. The inspector also checks windows, doors, and flooring.

Ask the inspector what they will and will not check before scheduling your inspection with them. Ask the home inspector to take a closer look during the inspection if there is something you noticed during your tour of the home.

You will also want to have a pest inspection to ensure there are no wood-boring insects such as termites that would be causing damage to the home. Some types of financing will require a clear pest inspection report.

When you initially look at a home, you are looking more from an emotional point of view. You are picturing yourself and your family and friends in the spaces. You may not be looking at the home with a critical eye. Having a third party examine the property is valuable to learn if there are any safety or major ticket items that will need to be addressed.

Loan Application

After you have an accepted offer on a home, you will need to make a formal mortgage application. If you are using the same lender who provided you the preapproval, they may have all your information. Notify them when you have an accepted offer on a home and find out what additional information they require.

The process of buying a house in Brooklyn can seem daunting, not to mention confusing. The key to a successful home search and negotiation is to have the right team in your corner. There are many people involved in the purchase of a home. Check out this blog post to learn more about each party.

When you decide you are ready to buy a house in Brooklyn, you will be full of excitement as well as questions. As a Brooklyn real estate agent with over 30 years of experience, I can guide you through the entire journey.

In the event our office is shut down; we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected].

Charles D'Allesandro helps you buy a house in Brooklyn

Why Was My Offer On A Brooklyn Home Rejected?

December 15th, 2020

Rejected stamp on a contract

You finally found it and you are ready to submit an offer on a Brooklyn home. You have a vision of the perfect home in mind. Knowing what you want and don’t want are the keys to finding your ideal home. Over my years of selling homes in Brooklyn, I can tell by the buyer’s reaction before they say anything when we have found the right home for them.

The signs I see from buyer’s include:

  • They are anxious to get inside.
  • Their excitement level increases as we walk through the home.
  • They start placing their furniture.
  • The buyer will downplay any imperfections that I point out.
  • They want to stop looking at other homes.

Now that you have found the right home, you need to make an offer on the property. What should you consider when making an offer?

  • Price is the most obvious factor to consider when making an offer on a home.
  • The neighborhood sales trends.
  • The type of financing you choose. 
  • The amount of earnest money you put down.
  • The inspections and timeframes you choose.
  • The type of concessions you ask the seller to cover.
  • The closing date.

Submitting an offer on a Brooklyn home is an exciting time! You take the time to consider what you want to pay for the property and most likely have consulted with your real estate professional, friends, and family. 

You present an offer to the seller that you feel is a great starting point. And then you find out the seller of your ideal home has rejected your offer. What went wrong?

There are several reasons a seller may reject your offer on their Brooklyn home. These reasons will vary from seller to seller and offer to offer. 

Let’s take a look at some of the reasons a seller may reject your offer.

The seller received a higher offer.

You may or may not know that the seller has other offers. I feel that an excellent real estate agent working with their seller’s best interest at heart will notify all interested parties that there are other offers expected on this Brooklyn home. That doesn’t always happen. Telling all buyers will allow the seller to receive the highest and best price for their home. In the hot real estate market we have been experiencing, it isn’t unusual for a seller to receive offers over the asking price.

Your offer may be too high.

When you prepare your offer on a Brooklyn home, you walk a fine line when offering a price over the asking amount. If you have an appraisal, the property must appraise for the sales price for many types of financing. An appraiser will look at the most recent sales in the neighborhood that have sold. If the seller and their agent feel that there are not sales that substantiate the higher price, the seller may reject your offer to avoid a problem down the road with your financing related to the appraisal.

The type of financing you chose.

Some sellers do not want to deal with the additional requirements of certain types of financing. For example, they may feel that FHA’s guidelines for health and safety items are more than they want to address. FHA does have guidelines for the appraiser to follow, but some agents make this a bigger deal than it really is. My advice is to obtain the mortgage that works best for you and make an offer to purchase based on your needs.

You asked for too many concessions.

The seller will always look at their bottom line. If they are asked to pay for unusual expenses, buyer closing costs, or leave items such as not included appliances, they may reject the offer to purchase if it doesn’t meet their expectations. Your agent will help you put together an offer that is beneficial to you and the seller. 

Your offer was too low.

Assuming the seller’s asking price was reasonable, your low bid can be rejected by the seller. If the home has not been on the market for the average number of days it takes to sell a home in their Brooklyn area, they may feel that other qualified buyers will be willing to pay the market value. Other sellers may be insulted and reject your offer based on their emotions. Although it is best to keep your emotions in check as a home seller or home buyer, it is difficult for some people.

You did not offer enough earnest money.

An earnest money deposit is the amount of money you put down at the signing of the offer on a Brooklyn home to show the seller you are serious about buying the home. The seller takes a risk when they accept an offer because once the property becomes contingent or under contract in the MLS, the number of buyers who will look at the home may decrease, reducing the chance the seller will receive potential back-up offers. They want to see that the buyer is serious or “earnest” about purchasing their home.

You don’t have a pre-approval letter.

Most buyer’s agents will not show homes to a buyer until they have gone through the pre-approval process with a lender. There are several reasons, but as far as the seller is concerned, they will not want to take their home off the market until they know the buyer will qualify for a mortgage. A pre-approval letter should be incorporated into your offer to purchase. As a buyer, you will want that pre-approval letter to know that you are looking in a price range that will provide you with a comfortable mortgage payment for your Brooklyn home.

The seller has unreasonable expectations.

The seller sets the price with the guidance of their real estate agent. Sometimes the seller feels their home is worth more than the comparable homes in the neighborhood. They may have a high mortgage balance, and they think they must sell at a higher price. Most sellers are realistic about market conditions and listen to the guidance of their real estate agent. Your buyer’s agent will be able to help you determine if the seller’s asking price is unrealistic.

The closing date doesn’t work for the seller.

The seller may want to close on the home quickly, or they may need extra time to make a move. People decide to sell their homes for many different reasons. If the seller is moving to a retirement community, they may have to wait for an apartment or room to become available. The seller may want to close quickly. If they are testing the market, they may need time to find their replacement home.

The seller had a change of heart.

Although it is rare, I have seen circumstances where a seller just decides they are not ready to sell. They may have received offers much faster than they thought would happen, and it was just too much for them to handle. Selling a home can be a very emotional time. If the seller isn’t emotionally prepared, it is better they back out at this point than wait until you have invested time and money on inspections before they decide to terminate the transaction.

What happens after an offer is rejected? Well, that would depend on why the seller has rejected your offer. 

If the seller has accepted another offer, there is little you can do about losing your bid on the home. Finding out why they accepted another offer over yours will be valuable when you are ready to put in an offer on another home. You can watch the property to see if it does close. If the buyer terminates the offer or is declined for financing, you may have another opportunity to make an offer.

The seller may counter your offer by presenting different terms to you. At this point, you can either accept what the seller is proposing or counter the seller’s counteroffer. This negotiation can go back and forth as often as it takes to reach a mutual agreement.

The seller can reject your offer without countering terms with you. When the seller feels your offer is too far from what they desire, they are likely to reject your bid without making a counteroffer. If the seller has not accepted another offer, you may have an opportunity to restructure and present a new proposal.

When presenting an offer on a Brooklyn home, you need to be careful about submitting an offer that is too low. Each situation will need evaluation. Can you justify your low price? Be prepared that the seller may exclude those areas from your home inspection requests if you site reasons to lower the amount. Because you are dealing with people who may have emotional ties to their home, you may run the risk of offending them to the point they do not want to deal with you. 

When you are re-evaluating your offer to counter the seller, you need to take into consideration the following:

  • How long has the home been on the market?
  • Can you find comparable sales in the neighborhood?
  • What is the condition of the home?
  • Is it in a desirable area?
  • Are there other offers on the home?

The biggest question to ask yourself when crafting an offer on a Brooklyn home is: “If I were to lose this home, how would I feel?”

If you would be devastated, you need to go in with your best offer. If you would be sad but could find another home, you may go in with a lower offer. Check out this blog post to see if you have found the perfect home for you.

There are a lot of factors involved in preparing an offer on a home. There are a lot of emotions involved also. Finding a balance between the financial decision and the emotional decision is one of the values of working with a real estate agent when looking to purchase your Brooklyn home. Your real estate agent is working on your behalf and can help you separate your offer’s emotional and rational sides. 

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I have successfully brought hundreds of buyers and sellers together.

In the event our office is shut down, we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected]

Charles D'Allesandro

Charles D’Alessandro
Your Brooklyn Real Estate Agent
718-253-9600 ext. 1901


Selling Your Brooklyn Home During The Winter

December 1st, 2020
Brooklyn Bridge in winter.

Some people may advise you that selling your Brooklyn home during the winter is a bad idea. Sometimes you just need to get the house on the market for various reasons regardless of the season. There isn’t a wrong time to sell a home if you do all the necessary steps to prepare for the sale. 

Houses sell at all times of the year. If you are considering putting your home on the market, I will encourage you to do so. You may be surprised to hear me say that. Let me explain why I would encourage you to consider selling your Brooklyn home during the winter.

Reasons to sell your Brooklyn home during the winter:

  • Competition – The competition from other sellers during the winter is lower because so many believe it is hard to sell a house in the cold winter months.
  • Searches Increase – internet searches are known to increase during the winter. Most home buyers start their searches online.
  • Transient Society – Our society has become more mobile with people continually moving for many reasons.
  • Relocations – Many people who are relocating for their job do not always have a lot of time deciding and getting their family moved. They do not get to select the time of year they make that move either. 
  • Year-End Bonuses – Many people find themselves working from home and now feel their home is just too small. Before 2020, many people invested their year-end bonus in a larger home. This year we may see significant interest in using that year-end bonus to gain the desired space they have found necessary.
  • Serious Buyers – Looking for a home in the colder weather is not for the faint of heart. Although we have seen many serious buyers during the warmer months, we still see some who aren’t quite sure if they want to purchase a home. Buyers who are willing to come out to view a home during the winter are serious about buying.

Preparing your home for sale is essential despite the time of year you choose to list your home. Check out this previous blog post for tips on preparing your home for sale.

Additional suggestions for selling your Brooklyn home during the winter:

  • Curb Appeal – Do not forget about the exterior of your home in the winter. If you have not attended to your landscaping after summer, be sure to take some time now to spruce things up. Pay particular attention to the area that the buyers will be entering the home. While the agent is opening the lockbox, the buyers will be looking and notice any apparent defects.
  • Clear Snow And Ice – Whether you are selling your home or not, it is essential to keep your sidewalks and steps clear of snow and ice for your safety and the safety of others. When selling your home, it is necessary to pay as much attention to the backyard as the front yard. Buyers will want to check out the backyard also.
  • Create A Cozy Atmosphere – When it is cold outside, having the home as cozy and warm as possible will create a welcoming feeling the buyers will remember. Keep the home toasty and play some soft music. Taking the extra effort to make your buyers feel at home may create a good return on your dollar when that awaited offer comes in.
  • Hire a Reputable Agent – You must find the right agent to work for you when selling your Brooklyn home during the holiday and winter months. Any agent can sell a house when the demand is high. It takes an experienced, well-versed agent to guide you when the market is slower.

There is no reason to postpone putting your home on the market due to the holidays if you need to get your home sold quickly. As mentioned above, buyers who look in the winter are more serious about purchasing. That also applies to buyers who are looking throughout the holidays. The buyers may be taking some vacation time during the holidays and decide to do some home searching during their time off.

Tips for selling your home during the holidays:

  • Decorating – You may wonder if you should put up your decorations when selling your Brooklyn home during the holidays. Homes do look beautiful during the holiday season. You will still want to celebrate with your family. You can decorate for the holidays while selling your home. Just don’t go overboard. A tastefully decorated home will appeal to everyone. Some outdoor decorating can make up for the lack of curb appeal due to winter weather.
  • Eliminate Stress – That is a tall order during the uncertainty we find ourselves in this year. Try to give yourself a break and simplify your holiday celebrations while also trying to sell your home.
  • Be Flexible – It isn’t always possible, but try to keep your schedule as open as you can. You do not want to turn away buyers who wish to see your home. Remember that buyers who want to look this time of year are usually more serious about purchasing. If they are out of town, relocating buyers, it may be the only time they can look at your home.

Facing challenges to selling your home can happen at any time of the year. Knowing the market status in your area when you list your home will prevent you from frustration. Your real estate agent will be able to give you an idea of what to expect, so you are not surprised. Having an agent who studies the trends, knows the local market, and updates you will be the most valuable tool you have. 

Some challenges to selling your home during the winter:

  • More Negotiation – During the winter, we see fewer multiple offer situations. If the buyer is not competing with another offer for your property, they may feel they have some room to negotiate. A misguided buyer may think that you are desperate to sell your home because you have it on the market in the winter months and come in with a lowball offer. Try not to be offended if you receive a low offer. Remember they are showing interest in your home. Engage in negotiation with them.
  • Financing And Closing Delays – If a company is closing for a period during the holidays or closings due to inclement weather occurrences, there could be a delay in processing the mortgage or preparing the closing documentation.
  • Curb Appeal – There is no doubt that the spring and summer create a beautiful curb appeal for your home. In the winter, beautiful flowers and lush shrubbery can not be seen. If you have pictures of your home in its prime summer glory, make them available to your agent and potential buyers.
  • Lighting – Not only does the darkness set in earlier than in the summer, but winter days can also be dreary. Check the lighting throughout your home. Take care and effort to be sure each room is illuminated appropriately. Turn on all the lights inside and out (depending on the time of day of the showing) before leaving home for a showing.
  • Snow Boots – Tracking in the snow is a problem during winter showings. Create a spot that will make it easy for the buyers and their agents to remove the snowy or wet shoes before touring your home. If possible, provide a space to sit that will make it a bit more comfortable.

You can achieve an appealing atmosphere with the right staging efforts. Spend some time creating a welcoming environment when buyers are touring your home during the winter.

Ways to set the stage:

  • Scents – The scent of fresh-baked cookies is hard to beat. You can get some slice and bake cookies from the grocery store to bake right before showings. Due to the current Covid status, it is not recommended that you leave treats out for the buyers. But, you can certainly enjoy those fresh-baked treats when you get home.
  • Comfort – What is better than coming home to a warm fire? Although I do not advise leaving a wood-burning fireplace unattended, if you have a self-contained gas fireplace, you may want to set the scene by turning on the fireplace for your visitors. Cozy throw blankets strategically placed will create an inviting setting. Turn the thermostat up, so all areas of the home are warm.
  • Lights – As mentioned, turning on the lights before you leave will not only help make your interior look its best; it will also create a welcoming appearance from the exterior.
  • Gutters – Before putting your home on the market, take the time to clean your gutters. A clogged gutter can cause a water or ice issue that may cause uncertainty for some buyers.

Winter 2020 – 2021 brings some new guidelines to the real estate industry due to Covid-19. Please be aware of the protocols when selling your Brooklyn home. Be sure to discuss this important topic with your real estate agent. The state and board of Realtors® have set guidelines to protect all parties.  Real estate agents, homeowners, and potential buyers have a responsibility to adhere to these guidelines.

Showing guidelines during Covid:

  • Homeowners or occupants of a property can not be present during a showing.
  • All showings should be scheduled in advance by appointment only and allow space between to disinfect.
  • All parties are required to wear face coverings.
  • Maintain a 6-foot distance between individuals.
  • Buyers should only touch necessary surfaces such as handrails. 
  • Showing agents should disinfect high-touch surfaces as they leave each room.
  • Real estate brokers or homeowners should limit showings to one party at a time. 
  • Buyers are encouraged not to bring children or additional people to look at the home.
  • Remote walkthroughs are encouraged whenever possible.
  • Real estate agents should open windows during a showing to improve air circulation.
Number 1 on brick wall

The Number One Tip

Following the above advice is essential when selling your Brooklyn home during the winter. The most crucial, not to be overlooked advice I can provide is to price your home correctly

Helping you establish the right price for your home is where an experienced agent is most valuable. Many considerations go into pricing a home for the current market. 

Although the change of seasons may mean you have fewer buyers, it does not necessarily mean you will get a lower price. 

Your agent should be providing you with comparable sales for the neighborhood to determine the asking price. Pay attention to these comparables. The buyer will be looking at these numbers as well.

Factors that can affect the price of your home are:

  • Previous sales – Real estate agents, home buyers, and appraisers all look at past sales to establish a home’s price.
  • Neighborhood – The neighborhood location of the home will affect the sales price of the house. School systems, crime rates, and previous sales all factor into the desirability of the neighborhood.
  • Market – Being in a buyer’s market or a seller’s market also affects a home’s pricing. Knowing when the shift is occurring is tricky.
  • Condition – The condition of your home is a factor in the pricing. Preparing the house for sale and making the necessary repairs will improve the home’s condition before listing.
  • Size – The size of your home can also affect price and desirability. 

Don’t make the mistake of overpricing to test the market. Statistically, a seller who overprices their home on the initial listing ends up selling the property for less than if they would have listed it at the right price for the current market.

There are pros and cons to selling your Brooklyn home in the winter. It is possible to list and sell your home during these colder months successfully. I know because I have helped many sellers over the years do just that!

Contact me, Charles D’Alessandro, your Brooklyn Real Estate Agent with Fillmore Real Estate. As a Brooklyn real estate agent with over 30 years of experience, I can help you maneuver the winter real estate market successfully.

In the event our office is shut down, we are always committed to your safety during the COVID-19 health crisis in compliance with the State of New York public health policies. I can be reached by phone at (718) 253-9500 ext. 1901 or by email at [email protected]

Charles D'Alessandro

Charles D’Alessandro
Your Brooklyn Real Estate Agent
718-253-9600 ext. 1901