Should you be marketing to first-time home buyers in order to sell your Brooklyn real estate? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has a wealth of information on first-time home buyers and will help you figure out if you should market to this large and important group of buyers.

Here are the stats (courtesy of AgBeat.com) you need to know about first-time home buyers before selling your Brooklyn real estate:

• Long-term survey averages show that 4 out of 10 buyers are typically first-time buyers. This segment is critical to a housing recovery because they help existing home owners sell and make a trade.
  • The median age of first-time buyers was 31 and the median income was $62,400, up from $59,900 in the 2010 study.
  • The typical first-time buyer purchased a 1,570 square foot home costing $155,000.
  • First-time buyers who financed their purchase used a variety of resources for the down payment: 79 percent tapped into savings; 26 percent received a gift from a friend or relative, typically from their parents; and 7 percent received a loan from a relative or friend. Nine percent sold stocks or bonds and 8 percent tapped into a 401(k) fund.
  • Ninety-four percent of entry-level buyers chose a fixed-rate mortgage. Fifty-four percent of first-time buyers financed with a low down payment FHA mortgage, and 6 percent used the VA loan program which requires no down payment.

What this Information Means to You

If you’re selling an existing, entry-level home, you’ll most likely be selling to a first-time home buyer with a median age of 31 and a median income of $62,400. First-time home buyers are most likely to get a fixed-rate, FHA mortgage. Gear your marketing toward that buyer to have more success.

If you’re ready to sell your Brooklyn real estate, whether it appeals to first-time buyers or other types of buyers, I’ll market it to get it sold quickly and for as much as possible. Give me a call  Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate for more information. at 718/253-9600 ext 206 or email me at [email protected]

As a Brooklyn real estate agent, I spend a lot of time rushing in and out of  Brooklyn homes. It’s easy for me to get caught up in the hustle-bustle of real estate transactions, and I forget to slow down to appreciate the pleasures of owning a home. So today, I want to take a moment to reflect on the home aspect of real estate.

My job (one I love) is to help people just like you find a house that suits their lives.  Once you move in, you make that house into a home.

Holiday Traditions

Your Brooklyn home is where you and your loved ones celebrate holidays and where you create and continue family traditions. Whether you deck the halls with layers of tinsel and wreaths or have the whole family over to spin Hanukkah dreidels, the spirit of the season comes from the energy of the people gathering together in your home.

Season of Family Warmth

While you’re making your famous sugar cookies or spiking your secret-recipe punch with extra holiday cheer, pause for a moment to enjoy the warmth and beauty of your Brooklyn home. My wish for you is that you live every day like it’s a holiday, being thankful and spending time with loved ones.

Happy Holidays!

May your home be filled with the joy of family and friends this holiday season. There’s truly no place like home for the holidays!

Hiring a real estate agent still gives you the best chance of selling your home

Are you Considering Selling Your Brooklyn Home for Sale by Owner ? Should you try to sell your home on your own as a Brooklyn home for sale by owner (FSBO)? The 2011 National Association of REALTORS® Profile of Home Buyers and Sellers has new information about FSBOs here is the Need to Know If  that can help you decide if you should try to sell your home without the help of a real estate professional.

Here are the top 4 facts you need to know if you’re considering selling your Brooklyn home for sale by owner:

1. It’s harder to sell your Brooklyn home for sale by owner in today’s market. FSBO transactions accounted for 10 percent of sales. That’s slightly above the record low of 9 percent in the 2010 study, but well below the record high of 20 percent set in 1987. The share of homes sold without professional representation has trended lower since 1997.
2. If you know someone who wants to buy your home, you’ll be more likely to be able to sell it on your own. Many FSBO properties are not sold on the open market. Factoring out private sales between parties who knew each other in advance, the actual number of homes sold on the open market without professional assistance was 6 percent.
3. If you’re good at attracting buyers, pricing your home and filling out paperwork, selling your  Brooklyn home for sale by owner may be the way to go. The most difficult tasks reported by unrepresented sellers are attracting potential buyers, getting the right price, and understanding and completing paperwork.
4. Hiring a real estate agent still gives you the best chance of selling your home. 89 percent of buyers used real estate agents and brokers. 7 percent bought directly from a builder, and 4 percent purchased a FSBO.

Ready to hire a real estate professional to get your home sold? If you’re thinking about selling your Brooklyn real estate and would like more tips on how to get it ready, please call Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected], for more information and discover how I can help you.

The data from the 2011 National Association of REALTORS® Profile of Home Buyers and Sellers is now available. Here are the significant changes you need to know that will help you market your Brooklyn real estate and get it sold:

1. Most buyers are married: 64 percent of all buyers are married couples (up five percent from 2010), 18 percent are single women, 10 percent single men and 7 percent unmarried couples.
2. Your property is competing against 12 other homes: Buyers searched a median of 12 weeks and visited 12 homes, both unchanged from 2010.
3. Multiple bedrooms and bathrooms are preferred: The typical home had 3 bedrooms and 2 bathrooms.
4. Most buyers want single-family homes: 77 percent of respondents purchased a detached single-family home, 9 percent a condo and 8 percent a townhouse or rowhouse.
5. You need to promote your home to buyer’s agents: 60 percent of buyers working with real estate professionals were represented by a buyer’s agent.
6. Hire a Brooklyn real estate agent to sell your home: 87 percent of home buyers use real estate agents to find their home. 91 percent of buyers who used the Internet to search for a home purchased through a real estate agent.
7. Market your home online, with yard signs and at open houses: When buyers were asked where they first learned about the home they purchased, 40 percent said the Internet; 11 percent said a yard sign or open house.

Want to work with a Brooklyn real estate agent who knows how to market your home to get it sold? Let me show you my proven marketing plan. Schedule an appointment with me today by calling me at (718) 253-9600 ext 206 or emailing me at [email protected].

Reasonsons to invest in short sales

Now is a fabulous time to take advantage of today’s real estate market and boost your investment portfolio with Brooklyn short sales. Here are the top ten reasons why investing in short sales might be beneficial for you:

Short sales benefit buyers, sellers and investors. You get to help a lender and homeowner out of a tough financial situation.

1. You can make a nice profit because Brooklyn short sales are priced at or below market.
2. Banks are closing them faster than ever before and, from start to finish, it’s not as painful as it used to be.
3. There is a huge inventory of short sales from which to choose.
4. The competition is low because there aren’t enough investors to gobble them all up.
5. It doesn’t take a ton of time. You’ll spend even less time when you work with a real estate agent who specializes in short sales.
6. Short sales are generally in better condition than foreclosures.
7. You can work with luxury home short sales. Luxury short sales require the same amount of time and work as short sales on less expensive homes, but the profit margins are much higher.
8. In some cases, the banks will pay closing costs and Home Owner Association transfer fees.

10.  You can work real estate short sales in all markets: urban, suburban and rural areas.

If you’d like more information on investing in Brooklyn short sales, give me a call today at (718) 253-9600 ext 206 or email me at [email protected]

Within the walls of your house, you’ve probably raised a family, made future plans and created years of memories. Take time this month to be thankful for everything your Brooklyn home has given you if you just Show Your Brooklyn Home Some TLC this Thanksgiving .

With Christmas right around the corner, I know it’s hard to justify spending a lot of money on your Brooklyn home. Below are a few easy and affordable green projects for you to do this Thanksgiving holiday — and they’ll start paying off immediately!

Buy compact florescent light bulbs. You don’t have to do this all at once. As your light bulbs burn out, replace them with these energy savers for around $3 a piece. They last about ten times longer than incandescent light bulbs and can save you close to $40 over their lifetime.

• Use faucet aerators. These only cost about $10 and are incredibly easy to install. Just unscrew your faucet nozzle or showerhead and slip the aerator in. It can cut your water bill in half by making the water squeeze through tiny holes, which makes it feel like there is more pressure. You’ll also reduce water heating bills because the less hot water you use, the less you’ll have to heat.
• Put in ceiling fans. If you don’t have these in your house, then you’re missing out on a huge energy-saver. Starting around $50, ceiling fans push hot air down and help equalize each room’s temperature — just switch the blade rotation for summer and pull cool air up.
• Replace your old toilet. Older toilets can dispense almost 3.5 gallons per flush, while modern low-flow toilets dispense as little as 1 gallon. If you’re in for more of a handyman challenge, you can purchase these for as low as $150. The more people you have in your house, the more savings you’ll see.

Not only will your Brooklyn home and finances thank you for the green upgrades, but the environment will too.

If you’d like more green ideas you can implement this Thanksgiving break, please call me at (718) 253-9600 ext 206 or email me at [email protected].

Does Your Brooklyn Home Have Curb Appeal?

As a seller preparing to sell your Brooklyn home, you may be busily emptying closets and painting walls, but don’t forget about the outside of your house. Home buying is emotional and, like many emotional reactions, it can be heavily impacted by first impressions.

Here are some suggestions on how to encourage love at first sight by increasing the curb appeal of your Brooklyn home:

Tidy up – You may be so used to seeing the crumbling stack of firewood by the garbage cans and the old paint cans by the shed that they fade into the landscape, but potential homeowners see the mess.  As you look at the outside of your house, think about what you can throw away or put out of sight. The broken swing on the tree actually takes away from the grandeur of that old oak.  An extra hint: Not everyone will enjoy the garden gnome collection as much as you do.

• Trim Everything – If the hedges under the front windows of your Brooklyn home are so unruly that they cover the windows, it’s past time to find the clippers.
• Repair the Front Walk – If you have crumbling cement or stepping stones that slide deeper into the mud with every raindrop, check into updating the front walk so that it is inviting, safe, and weed-free.
• Power-wash decks so they look fresh.
• Clean the gutters – Tiny maple trees in your gutters scream “Water damage!” to potential buyers.
• Paint – If the paint is peeling on the outside of your house, potential buyers go in wondering what the upkeep is like inside. Spend money before you put your home on the market to get a better sale price and quicker purchase. If you absolutely can’t afford to paint the whole house, consider painting the shutters and front door for a fresher look.
• Make Friends with Mulch – If your green thumb is actually brown, and your garden sports a post-apocalyptic motif, consider the wonders of mulch.  It covers up that patch under the oak where the grass won’t grow. Buy a few simple plants and mulch around them to achieve a calm canvas on which gardeners can imagine more complex plantings, while those with challenged gardening skills can envision easy maintenance.

The theme of all these tips is to create an image of your home as a place of order, calm and cleanliness; a place where prospective home buyers feel comfortable and cozy.

Whether you’re ready to sell or need more information before taking the plunge, I can help. Give Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate a call at 718/253-9600 ext 206 or email me at [email protected]

Second mortgages on Brooklyn homes are used by people who need to access the equity on their homes. Here’s some information to help you decide if a second mortgage is right for you.

What is a Second Mortgage?

A second mortgage is taking out a second loan on top of the existing mortgage on your home. The collateral for the second mortgage is your home. The loan process is similar to getting a primary mortgage, including the need to pay for appraisals and closing costs.

The maximum amount of the second mortgage is determined by the equity in your home. The equity is the difference between what you owe on the home and the current fair market value of your home.

Why Get a Second Mortgage?

People take out second mortgages on their Brooklyn homes to:

• Finance home improvements
• Consolidate other debt for a lower monthly payment
• Pay for college tuition
• Invest in a business
• Pay medical bills
• Avoid paying for Private Mortgage Insurance

What Should I Consider Before Getting a Second Mortgage?

Taking out a second mortgage is a big risk because your home is your collateral on the loan. Second mortgages on Brooklyn homes are riskier for the lender, so they usually have a much higher interest rate than your first mortgage.

According to an article in the Wall Street Journal, almost 40% of homeowners who took out second mortgages are underwater on their loans. This is more than twice the rate of owners who didn’t take out second mortgages.

Make sure that you can afford the monthly payments as well as the costs associated with getting a second mortgage including the appraisal fee, closing costs, etc. Before signing on the dotted line, investigate financially safer alternatives such as refinancing, selling or renting out.

If you’re considering getting a second mortgage, please think it through very carefully and weigh all your options before making a final decision.

If you’d like help determining if refinancing, selling or renting out your home is the best option for you, give me a call Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

If you get a mortgage for more than 80% of your Brooklyn real estate’s fair market value, your lender will require that you pay Private Mortgage Insurance (PMI). PMI payments are expensive at about 0.5% to 1% of the entire loan amount on an annual basis.

Obviously, it would be a good thing if you didn’t have to pay PMI. To help you achieve that goal, here are several tips to avoid paying PMI on your Brooklyn  real estate:

Save for a big down payment: The easiest way to avoid PMI is to have a down payment of at least 20% of the value of the home you want to purchase.

• Borrow to get 20% down: Check with friends and family for down payment assistance. You can offer repayment with interest and still never pay as much as you would have to for PMI.
• Get a Second Mortgage: Getting a second mortgage to cover the difference between your down payment on your first mortgage and the 20% threshold for your PMI can make a substantial difference in your monthly payments. Talk to a qualified mortgage professional to discuss your options.
• Pay More Interest: Some lenders will waive PMI if you agree to a higher interest rate. Again, discuss your options with a mortgage professional.
• Consider a Less Expensive Home: This goes back to being able to hit that 20% threshold. As we’ve all seen in this tough economy, stretching beyond your means can have dire consequences if your circumstances change. Consider if you really need that extra bedroom and extra expense. If you haven’t saved enough to afford an expensive home, downsize your expectations and buy within your means.

If you’d like a referral to an outstanding mortgage professional or need help finding Brooklyn real estate that fits your budget, give Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],

If you are on the verge of buying Brooklyn real estate, you’ve probably heard the term Private Mortgage Insurance (PMI). Mortgage professionals talk about it a great deal, but you may be asking, “What is it exactly? And why should I care?”

Private Mortgage Insurance Defined

PMI is required by lenders if the down payment of a purchase is less than 20 percent of the home’s value. It protects the lender if the borrower defaults on the loan. It also makes the lender more apt to loan, even if the down payment is as low as 3%, because in the long run, the lender’s investment is protected.

You Pay For It

Unlike other types of insurance which you pay to protect your interest in an asset, you pay Private Mortgage Insurance to the mortgage company to protect its interest in your new Brooklyn real estate. (Note that PMI is not usually tax deductible. Check with a tax professional for details. )

Make It Go Away: PMI Can Be Terminated Once You’ve Paid Down Your Loan

Once you pay down your mortgage to the point where it hits the magical 80% of the original purchase price or appraised value, whichever is less, you can request cancellation of PMI. The Homeowners Protection Act requires that loans made after 1999 include notifications to the borrower when you arrive at this point in your payments.

Your PMI payments must be automatically canceled once you pay down your loan to 78%. At closing, and on a yearly basis, you should receive information from your lender about when you can request cancellation.

Whether you’re ready to buy Brooklyn real estate or need more information before taking the plunge, I can help. Give me a call today Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate at 718/253-9600 ext 206 or email me at [email protected],