Archive for the ‘Brooklyn Realtor’ Category

Is Your Brooklyn Home Not Selling?

Sunday, November 15th, 2020
Price reduced For Sale Sign

Selling your Brooklyn home can be a stressful time in the best of circumstances. But what happens if your home doesn’t sell as quickly as you had hoped? 

My highest recommendation is to maintain an open line of communication with your real estate agent. Ask questions if you have them. Don’t make assumptions and blame without verification. Your real estate agent is on your team.

Many factors affect the sale of a home. Some factors are in your control, some are in the control of others, and some are not in control of anyone involved in the transaction. 

Your responsibilities to consummate a successful sale of your Brooklyn home are items that you most likely can do something about.

Here are some factors in your control:

Price

The pricing of your home is one of the most important steps in the home selling process. It is a common misconception that you can ask for a higher price for your Brooklyn home and negotiate lower. This strategy frequently backfires, and the final sales price will be less than if the home were listed at the appropriate price.  A savvy real estate agent will find the most recent sales in your area for homes that compare to yours and guide you to a price that is substantiated by those comparable homes. A real estate appraiser will be looking at this information when it comes time for the appraisal. If there are negative factors about your home that you can not change, adjusting your price may be the only option.

Condition

As a seller, you will want to be sure that your home is in the best condition you can afford to present it in. If your home is equipped with the best the 70s had to offer, it may take more time to find the right buyer. If you have deferred maintenance that should be completed, do everything you can to get it ready for the market.

Preparation

Any repairs and preparation should occur before entering the home into the MLS. Preparing your Brooklyn home to sparkle and shine during the showings is always important even in a hot market. You may be wondering why. The buyer will form impressions from the moment they walk in the door. If they feel there are too many repairs or the home has not been well maintained, they will move on to the next home. Here is a link to a previous post that will help you prepare your home.

Limited Showing Availability

Preparing a home for showings can become monotonous if your Brooklyn home is on the market for a period of time. It takes a lot of effort to make sure everything is clean and show worthy. Getting the family and pets out the door can also become a chore. I’m sure there are days you just don’t feel like doing it. But, you never know when THE buyer is going to walk through the door. Understandably, there may be a time when it is not possible to allow for showings. You need to be as flexible as you can to allow the buyers access to your home. If they can’t see it, they won’t buy it. If necessary, ask your agent if it would be possible to request a few hours notice to show. That will give you time to prepare but won’t give the buyer too much time to find another house before they look at yours.

Odors

As the commercial says, we often become nose blind to the smells in our own home. There are many causes of odors that can turn off potential buyers. Pets, cooking, dampness, and mildew can all be factors that affect the smells in your Brooklyn home. Bring in a friend or relative who has a more sensitive nose than yours to do a walk through and point out any potential issues. It is important to eliminate the source of the odor and not just mask it with air fresheners.

Cluttered home office

Clutter

Clutter is a big problem and should be addressed in your preparation process. Yes, you still have to live in your home, but you have to give the buyer a feeling that there is enough space in the home. Closets are an area where clutter can turn a buyer off. When your closet is jam-packed full of clothing and accessories, you should remove the excess. Removing your clutter has a psychological effect, allowing the buyer to envision their belongings in the space.

Motivation

Your motivation as the seller will determine the trajectory of the sale. If you are listing your home for sale to “test” the market, you may not be open to any negotiation. This type of seller has a tendency to overprice their home. An unwillingness to cooperate with the buyer will make the completion of the sale very difficult.

Your responsibilities have a great contribution to the timing of your sale. Rely on your real estate agent to guide you through these steps. We sometimes put greater value on our own possessions than a potential buyer will. That is why it is so important to get the opinion of a professional who studies and understands the Brooklyn real estate market.

Let’s take a look at factors that someone other than you can control:

Marketing

Your real estate agent will be responsible for the marketing of your Brooklyn home. When interviewing real estate agents, you want to ask about their marketing plan. One of the least successful marketing plans is the three Ps:

  • Put a sign in the yard
  • Put it in the multi-list
  • Pray it sells

A good marketing plan will cover pricing, promotion, analysis of the competition, tracking, and timing adjustments if needed. Ask your real estate agent for their marketing plan before signing the listing agreement. Check out this blog post on marketing a Brooklyn home.

Photographing a room

Photos

Photos should be part of the marketing plan, but it is so important I wanted to mention it separately. First impressions of your home will come from the photos that potential buyers look at online. Most buyers start their Brooklyn home search online before they ever contact a real estate agent. Good quality photos make all the difference. These photos do not have to be done by a professional photographer, but they should be done with good equipment to provide clear, wide-angle shots of the rooms. Not having enough pictures is also a problem. There is a limit of photos an agent can add to the multi-list, but the agent should use all available. Some websites outside the MLS will also allow additional photos to be added. 

Unrealistic Buyers

There are always buyers who want to purchase a home in mint condition at bargain prices. Some buyers do not want to move into the home and make repairs, whether large or small. They will make a low-ball offer based on their feeling of what will need to be done in the home to meet their needs. Sometimes after the home inspections, they will ask for unreasonable amounts of repairs or a large credit.

Inspections

Many buyers are not educated that the home inspection aims to uncover any major ticket items or safety issues. These items are not always known by the seller. If the buyer has cold feet, they may decide to terminate their offer at this stage. Having a pre-inspection by a licensed home inspector is a good way to eliminate any surprises.

Appraisal

As mentioned in the Pricing obstacle, the appraiser uses information on homes that have recently sold in the area compared to your home to determine value. It is often hard to counter a low appraisal. If the buyer is financing through an FHA or VA mortgage, that low appraisal could remain with the property for several months.

 Lender

The lender’s approval of the mortgage can also become an obstacle. A pre-approval letter from a reputable lender is usually a confirmation that the buyer will not have any issues. On rare occasions, the buyer may go out and purchase a large ticket item before the approval of their loan that may change the amount they can borrow. A job loss, relocation, or other buyer’s employment changes have occurred, disqualifying the buyer for their mortgage.

Some factors are not within the control of the seller. Hiring an experienced, professional real estate agent can help you work through issues that may arise with the sale of your Brooklyn home. Coming up with innovative ideas to overcome an obstacle comes with experience.

The last category of factors is not within the control of anyone involved in the transaction. They include:

Location

The location of your home is a big factor in getting a home sold. However, short of picking up the house and moving it, you can not change the property’s location. Whether the location is good, bad, or indifferent is usually defined by each buyer based on their ideal. If your location is an issue, you will need to price accordingly.

Timing

Most markets experience busy seasons and less busy seasons of the sale cycle. If you happen to put your home on the market during a slow season, it may take longer to get your Brooklyn home under contract. That isn’t to say it will be impossible to sell. If fewer homes are coming on the market at that time, your competition will be lower. Buyers enter the market at many different times of the year for many different reasons. Selling during a slower sales season may work out well for you.

Market

The economy, the available inventory, and the interest rates all play a part in the local market. If we learned anything in 2020, things can change quickly. Keeping up on trends and predictions is an important part of a real estate agent’s business practice. But even then, the agent may not be able to predict what is going to happen with the market.

There are so many factors that can affect the sale of your Brooklyn home. A top-notch agent will be able to keep all the moving parts working to the same conclusion, a closing. As I mentioned earlier, it is important to interview the real estate agents you work with before signing the listing agreement.

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 manage the moving parts for both buyers and sellers.

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].

It Takes a Village To Buy or Sell in the Brooklyn Real Estate Market!

Friday, October 30th, 2020
Couple Holding keys to their new home

Buying or Selling a home in the Brooklyn Real Estate market can be a complicated process. Truly it takes a village of people for the purpose of completing just one home sale.

Wikipedia explains the phrase “It takes a village to raise a child” as an African proverb. It means an entire community of people must interact with children to experience and grow in a safe and healthy environment.

The phrase “It Takes a Village” has been adapted over the years for other references. In fact, it is a great explanation of what the home buying and selling experience is like in the Brooklyn Real Estate Market.

How many different parties do you think are involved in one real estate transaction? You may find it surprising. Let’s take a look.

SELLER

First, you need to find someone ready to sell their home. We often hear the term “Motivated Seller.” What would make a homeowner a “motivated seller?” Motivation to sell a home can come for many reasons.

When a buyer hears the seller is motivated, it may trigger many thoughts.
  • There is room to negotiate the price.
  • The owner may be open to making concessions to consummate the sale.
  • There are material defects to the home or property that the seller doesn’t want to address.
  • The home is near foreclosure.
  • The seller is ready to take the home off the market and wants to see any offer.
  • The seller is in a financial bind.
  • The owner MUST sell now.

Determination, not desperation, may be what motivates a seller.

There are many reasons a seller would want to sell a property that is not related to the desperation thinking above.
  • Job relocation
  • Downsizing
  • Upsizing
  • Retiring to a new location
  • Divorce
  • Settle an estate

Knowing the seller’s motivation would be an advantage in negotiations. However, you may or may not understand the seller’s reason for selling when you place your offer. 

BUYER

Next, you need someone qualified and ready to purchase a new home. Obtaining a pre-approval from a reputable lending institution makes you a qualified buyer. They also have proven they have the necessary funds and qualifications to buy a home in the Brooklyn Real Estate Market. The reasons someone may be interested in purchasing a home vary as much as the reasons a seller would want to sell.

Some reasons to purchase may be:
  • Achievement of “The American Dream”
  • Sound investment
  • Build equity
  • Potential tax benefits

The buyer’s motivation is as important as the seller’s motivation. An apathetic buyer can take a home off the market for some time and then decide to terminate the sale. Your real estate agent can help you vet the buyer’s motivation. Unfortunately, you would need to have a crystal ball to definitely know what will happen.

LENDER

In hopes of financing the home, the buyer will choose a financial institution for their mortgage. Surprisingly, the lowest interest rate is not always the best option. You may want to compare several lenders.

Obtaining an estimate of the lender’s fees can be eye-opening. Some things you will want to compare are:

  • Interest rates
  • Lender fees
  • Cash required to bring to closing

By all means, it is essential to find a reputable lender who is knowledgeable in lending in your area. Out of state or internet mortgage companies may not know the intricacies of a home purchase in the Brooklyn Real Estate market.

The lender should do a thorough analysis of the buyer’s financial situation to determine if they qualify for a mortgage. The buyer should offer evidence of their qualifications when they make an offer on the property.

There is a difference between a pre-qualification and a pre-approval. A pre-qualification provides the buyer with a general estimate of what they can afford. A pre-approval is more valuable because the buyer’s credit has been checked, and documentation has been verified to approve the buyer for a specific loan amount. A pre-approval can be valid for 60-90 days and should be re-verified to confirm no buyer’s status changes.

REAL ESTATE AGENTS

Typically you will find two real estate agents involved in any Brooklyn Real Estate sale. The first agent works on behalf of the seller, helping them prepare their home and price it competitively. The second agent represents the buyer and helps evaluate an offering price and terms once the right home has been found.

The real estate agents work together, bringing the buyer and seller to an agreement on the best terms possible.

You will want to find a trustworthy agent to represent you in either a sale or purchase.

What are the qualities of a trustworthy agent?
  • Local Market Expert
  • Proactive
  • Knowledgeable
  • Good Communicator
  • Educated

Your real estate agent should hold the designation of Realtor®, which means they belong to the National Association of Realtors® and their local Board of Realtors®. Notably, a member of these associations must follow guidelines to ensure they are fair and ethical in their business practices.

Home Inspection Checkmark

HOME INSPECTORS

A critical component of the buying process is the home inspection. The purpose of the home inspection is to determine if there are any major ticket items or safety issues affecting the home. In reality, these are items that the seller may not have been aware of. Nitpicking the seller for trivial issues or updates that were visible upon your visit to the home is not the purpose of a home inspection.

The home inspector will usually look at the following areas of the home:
  • Exterior structure
  • Roof
  • HVAC System
  • Hot Water Heater
  • Electric Panel
  • Outlets
  • Windows
  • Plumbing in kitchen and baths
  • Attic

Be sure to check the credentials of the home inspector you choose. There are certifications required for home inspectors in the Brooklyn Real Estate market.

The home inspector will highlight areas of concern. You will also learn from the inspector the home components that may need to be replaced in the future. With this information in hand, you can make an informed decision about whether this is the right investment for you.

LAWYER

You will most likely need to hire an attorney to represent you either as a buyer or a seller when purchasing in the Brooklyn Real Estate market.

What is the lawyer’s role in a real estate transaction?
  • Write and negotiate the sales agreement.
  • Represent their client’s best interest.
  • Review closing documents.
  • Attend the closing to ensure a smooth transition.

For more information on the importance of real estate lawyers, see this previous blog post that explains it all in detail.

TITLE COMPANY

The title company researches the history of homeownership to determine the buyer receives a clean title to the property when they take possession of the home. In the event that they find any issues on the chain of title, they will resolve them before closing.

They will also research any judgments, liens, outstanding mortgages, or unpaid taxes on the property.

The title company will then prepare a report (abstract of title), revealing all the research findings. This document will validate the title of the property.

Title insurance is issued to protect the lender and new owner against any lawsuits or claims undetected on the original title search. The lender will require a title insurance policy.

If you are a cash buyer, it would be your decision to purchase title insurance. Although, if you are purchasing a home with cash it is highly recommended that you purchase the title insurance policy.

APPRAISER

An appraiser will visit the home to prepare an opinion of value for the lender. Do not confuse the appraisal with a home inspection but, the appraiser may note any safety issues that are apparent to them. Requirements for an appraiser and a home inspector are different. An appraisal is not a substitute for a home inspection.

An appraiser will prepare a report called an appraisal that will provide their opinion of value based on several factors.
  • Location
  • Structural Construction
  • Age
  • Bedrooms
  • Bathrooms
  • Condition
  • Square Footage
  • Recent Neighborhood Home Sales

Providing a fair and unbiased assessment of the property can be accomplished by randomly assigning appraiser through a third party.

The cost of the appraisal is an expense the buyer will pay. This is a requirement of the buyer’s lender.

In the event that the home does not appraise for the amount of the sales price, it can trigger a negotiation between the buyer and the seller. If both parties come to an agreement acceptable to the lender, the sale will be completed.

UNDERWRITER

The underwriter works for the lender. Their role is to review the buyer’s information and the appraiser’s opinion of value to determine if the mortgage can be issued for the purchase price agreed upon. The underwriter will evaluate that granting the mortgage to the buyer is a sound investment for the lender.

An underwriter will look at several different areas to determine any risk of the buyer defaulting.
  • Credit and payment history
  • Income and assets of the buyer
  • Downpayment
  • Appraised home value

The underwriter may need to request additional information to clarify any uncertainties that arise to be sure lending the money to the buyer is a solid investment for the bank/lender.

The last hurdle in the process of buying or selling a home is clearing underwriting. The type of loan, buyer’s financial situation, title issues, survey issues, and missing paperwork will all affect the time the underwriter will need to complete the process.

Once they have completed their review, the Underwriter will issue the loan a “Clear to Close” status!

TEAMWORK

Real Estate Team

Buying or selling a home in the Brooklyn Real Estate market involves many parties and this doesn’t include assistants and others within these companies who help. It really does take a village to pull all the pieces of buying or selling a home together.

That is why it is so important to hire the right Realtor® to work for you, whether you are buying or selling a home. Coordinating all these parties takes a thorough understanding of the sale process and experience in the local market.

Charles D'Alessandro

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 both buyers and sellers coordinate all the details.

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: A Successful Real Estate Agent with Heart

Monday, May 15th, 2017

Real estate agent

A drive for excellence sets Charles D’Alessandro apart from the rest. He’s a real estate agent with heart.

“People don’t care what you know until they know that you care.”

Charles D’Alessandro is not as different from the rest of us as you may think. He’s just a regular guy, born and raised in Brooklyn, who loves a great a slice of New York pizza. He loves football, New York Yankee baseball, and his job as a real estate agent at Fillmore Real Estate in Brooklyn, New York. But there is a difference. He has heart. He has passion. And he puts it into everything he does. This sets him apart from other real estate agents and people in general, for that matter.

A Passionate, Motivated, Excellent Real Estate Agent

Charles is a spirited individual. His passion for excellence and having fun with whatever he does motivates him to succeed. Whether it’s his family or his business, he exceeds expectations. And that desire for excellence has brought him success as a leading Brooklyn real estate professional.

For over 30 years, he’s been helping people achieve their dreams of owning Brooklyn homes, condos and co-ops. His credentials are numerous and varied:

Real estate agentReal Estate Agents Serving Brooklyn with Fillmore’s Best

Charles always has his finger on the pulse of Brooklyn, East Flatbush, and Marine Park real estate. He is Vice President Division Manager for Fillmore and is also the office manager of Fillmore’s 2926 Avenue J office. His sales staff consists of 35 Realtors all living in and serving the Brooklyn community the ‘Fillmore way.’ Charles considers them to be “Fillmore’s Best.”

From 1999 to today, our Brooklyn Fillmore real estate office has broken sales records and won awards. It remains one of Brooklyn’s top real estate agencies. “We’re proudest of the extraordinary level of personalized service we bring to our clients. Our goal is and always will be to amaze our clients and customers with the quality of our services. They have my personal guarantee that they will not find a more complete and satisfying real estate service anywhere,” Charles says.

Born and raised in the Gravesend neighborhood of Brooklyn, Charles is a Brooklynite through and through who speaks “Brooklynese”! He attended Our Lady of Grace Elementary School, Abraham Lincoln High School, and Kingsborough Community College. Today, he is married to the love of his life and lives in the Marine Park area where he raised his two sons.

Charles’ firsthand knowledge of the Brooklyn real estate market and its neighborhoods is valuable when you’re looking to buy or sell your Brooklyn home. His 30+ years of experience as a Brooklyn real estate agent allows him to offer indispensable knowledge, integrity, and ability to you as a buyer or seller. He speaks your language. He works for home buyers and sellers and tries to advise and consult them in the best way he knows how. At the end of every day, no matter how things may have turned out, he feels great, because he always does his best for his clients and customers.

What Others Have to Say

Find out what others who have worked with Charles have to say about him here on his Testimonial Tree and visit his About Page.

Brooklyn’s Best Real Estate Agent is on Your Side

If you’re buying or selling Brooklyn real estate, you want a real estate agent who is on your side. You want someone who cares about this important decision as much as you do. You won’t find anyone who cares more than Charles D’Alessandro. Call your Brooklyn real estate professional today at 718-253-9600 ext 206 or email him at [email protected]

Remember, you and your family deserve the best in Brooklyn, Queens, and Staten Island!

Your Brooklyn Realtor, Multiple Offers and You

Sunday, November 30th, 2014

Brooklyn Realtor

List With Charles D’Alessandro, Your Brooklyn Realtor

When you list your home and the housing market is fierce, it is not uncommon for more than one offer to be given on your home. Multiple offers are a great problem to have! Plan for them.  Talk with your Brooklyn Realtor about all options available to you. Discuss with him about what to expect and how to handle situations that may come up with multiple offers. Sellers and agent work together. Collaborate with your Brooklyn Realtor and set up a standard policy to handle multiple offers before they start coming in. Knowledge is power, and your agent will work in your behalf. He will keep you informed throughout the entire process from beginning to end so that you can make a good decision.  Working with your Brooklyn Realtor is like a marriage – come together and make the sale of your home happen!

Your Brooklyn Realtor is your representative. He does everything on your behalf. He presents each contract to you and provides his advice on each one. He will work together with you to get the greatest amount of money from the sale of your home with the least amount of stress.

Every offer should be in writing. Proof the buyers have the money for the sale and proper financing to support the offer should accompany their offer. Remember, your Brooklyn Realtor is your representative who works in your behalf, and therefore, all offers should be discussed with him. He will help you understand each offer as they come in, and you will be able to make an educated decision based on clear understanding of what to do with each offer on your home. For instance, an offer of $400,000 cash is a strong offer and could be better than a $405,000 offer with 5% down. Your Brooklyn Realtor is here to help you understand why, and he will explain everything.

What if you’ve accepted an offer when another that seems better is received? What if you accept a first offer but it has not yet been delivered to the purchaser? In either of these situations, talk with your Brooklyn Realtor. He is knowledgeable and easy to talk to.  He will help you know what to do.

Ultimately, you must decide what is best for you and your situation. The option to accept an offer and close it is in your hands, but you and your Brooklyn Realtor must work together to obtain the best offer for the sale of your home with minimal stress.

Ask your Brooklyn Realtor about how the selling process should happen and make sure you are on the same page. Don’t forget that he works for you. You are in a partnership with him. Trust him. He has your best interest at heart to obtain the ultimate goal – the best price for the sale of your home – with as little stress as possible

Selling or buying a home does not have to be stressful. Click on the link provided for more information on selling and buying a house:

https://www.brooklynrealestateblog.com/buying-or-selling-your-brooklyn-real-estate-does-not-have-to-be-stressful/

I have been collaborating with and helping clients purchase or sell their Brooklyn homes for over 27 years. I am knowledgeable and will represent you well to get you the best possible price on your home. Hire your Brooklyn Realtor, Charles D’Alessandro Your Brooklyn real estate agent with Fillmore Real Estate, Call  (718) 253-9600 ext 206 or email [email protected] today.