Archive for the ‘Real estate agent’ Category

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].

The Top 5 Reasons You Should Say No To FSBOing

Sunday, May 15th, 2016

FSBOing

Get the most you can possibly get from the sale of your home. Don’t take FSBOing risks.

In today’s buyers market homes are selling quickly and prices keep going up. This could encourage homeowners to try their hand at selling their home themselves without the experience of a great real estate agent. This is called FSBOing (For Sale by Owner) in the real estate industry. As tempting as FSBOing may sound, there are several good reasons why you should say no to FSBOing. Here are the top 5:

  1. You must have negotiating skills

Negotiating is part of the home buying/selling process, and you must negotiate with lots of people. Are you good at it? Do you enjoy negotiating? Do you know how to negotiate? If you decide to FSBO, you must be prepared to negotiate with the people mentioned in this list:

  • The buyer
  • The buyer’s agent
  • The buyer’s attorney
  • The home inspector
  • The appraiser
  1. FSBOing inhibits your home from being seen by prospective buyers

A whopping 89% of buyers search the internet when looking for a home. Only 20% look at print advertising. Most real estate agents have experience using the internet to promote the sale of your home and they do it well. Do you know how to market your home for sale online?

  1. Statistics show how crucial a strong internet strategy is

Buyers find their homes online. Look at these numbers:

  • 44% of buyers found their home on the internet
  • 33% worked with a real estate agent to help them find their home
  • 9% bought their home from a yard sign
  • 1% bought their home from the newspaper

It’s pretty clear that buyers find the home they actually purchased online. The days of putting a sign up and putting it in the paper are over.

  1. FSBOing is more difficult than it used to be

There’s a lot more paperwork involved in selling and buying a home than there used to be. Industry disclosures and regulations have become mandatory. This increase in paperwork is one of the reasons that people don’t choose FSBOing. The statistics have gone from 19% down to 8% since 1981.

  1. You’ll end up with more money from the sale of your home if you use a real estate agent

Homeowners choose to FSBO because they believe they will save the real estate agent’s commission. Guess what? The main reason buyers look at FSBOs is because they believe they will save the real estate agent’s commission. But the seller and buyer cannot both save the 6% commission.

Studies have shown that the typical FSBO sells for $210,000. They also show the typical house sold by a real estate agent sells for $249,000. This doesn’t mean that a real estate agent gets $39,000 more when your home sells. Studies do show that FSBO’ing might not make the best sense.

You may be determined to go it alone and think FSBO’ing is still your best choice. Before skipping to work with a real estate agent, think hard about the time and effort you really want to spend trying to sell your home. It’s possible the process could drag on.

A real estate agent’s job is to help you set the right price and get buyers in the door. They have access to and stay abreast of up-to-date and current information about recent sales of comparable homes and the competing listings in your neighborhood.

Sit down with your Brooklyn real estate professional, Charles D’Alessandro and see what he has to offer. He will market your home aggressively, recommend what it will take to make your home look great and maximize your listing with quality photographs. He will “weed out” the serious prospects from the not-so-serious- prospects so you deal only with those who are serious, too.

And once you’ve found a buyer, he will negotiate, take care of paperwork and walk you through every step of the extensive home processes.

Just say no to the time-consuming drama and headaches of FSBOing. Contact Charles D’Alessandro. With over 30 years of experience marketing Brooklyn homes, Charles has the expert marketing skills needed to sell your home. Call Charles D’Alessandro, your Brooklyn real estate agent with Fillmore Real Estate at (718) 253-9600 ext. 206 or email [email protected] today.

Using Comparables to Sell Your Brooklyn Home Like an Olympic Athlete

Thursday, July 5th, 2012

With the London Olympics kicking off this month, athletes from all over the world are putting their competitive strategies into place to be one step ahead of the competition and go for gold. Channel the world’s champions this summer to establish a game plan, analyze what’s worked in the past and beat out the competition by presenting your Brooklyn home at its best!

Athletes constantly stay informed on the statistics of their biggest competitors, and so should you when it comes to selling your Brooklyn home. Below are the basic components to consider when using comparables to price your real estate:

Make sure the comparable house has sold. Before using a property as a comparable, it needs to have sold so that you know the selling price. Consider the original listing price as compared to the selling price of the home, when developing your winning strategy. Pay close attention to price reductions and how many months the house was on the market. These are essential indicators to pricing your property right the first time.

  • Look to see if it is the same type of home as yours. Find comparable sales that are similar to your home in square footage, style, construction material, number of bathrooms and bedrooms and other amenities.
  • See if it’s in the same location. Real estate pricing is largely based on location, so make sure any houses you consider as comparables are close to your own house or in proximity to the same conveniences.
  • Double-check the research. Just because someone hands you papers that they claim to be comparables doesn’t mean they actually are. You know your house best, so do your own research and read the fine print to make sure that the comparables you’re using to determine your property’s resale value are a good match.

Starting off on the right foot might help you sell your house faster than an Olympic track star. Dedicate yourself to researching comparables so that you can contribute educated facts when discussing the list price of your Brooklyn home.

If you need help pricing your property or need a real estate agent to help you beat out the competition, 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.

 

 

 

5 Tips for Getting Your Brooklyn Real Estate Ready to Sell

Tuesday, June 12th, 2012

 Most property owners getting ready to sell their Brooklyn real estate understand the importance of cleaning, de-cluttering, updating and staging in order to make a quick sale. However, there are also many other steps you can take to ensure your home appeals to potential buyers, draws them in and seals the deal.

Below are five tips to help you not only get your house in tip-top shape, but also make it extremely marketable:

1.     Find a good Brooklyn real estate agent. While many people think they can sell their home themselves and save money, they’re wrong. Relying on a professional’s expertise and experience has been proven to net you a bigger profit — and definitely reduce your stress and frustration.

  1. 2.      Clean and de-clutter. While this goes without saying, we’re going to reiterate it anyway. Make sure your home is spotless and depersonalized. You also might want to consider hiring a staging professional to make it inviting and memorable.
  2. 3.      Have your home inspected. Many sellers are getting their property pre-inspected so they can head off any potential deal breakers. If an inspector finds a major issue, you might want to hold off putting the home on the market until you get it fixed.
  3. 4.      Offer a home warranty. Especially if you have an older home, you should consider sweetening the deal with this tempting proposition. While you know your water heater works perfectly fine, today’s buyers want everything new and might be wary of used appliances. So, set their minds at ease, even if it’s just for a year.
  4. 5.      Develop a marketing strategy. Utilize your real estate agent and come up with a solid plan for marketing your home. Whether listing just on the web or also in local classifieds, you want to make sure as many eyes as possible see your home.

Don’t jump into the market without doing your homework! Follow these five tips and you’ll be on the way to setting up your Brooklyn real estate for a quick sale.

If you’d like more strategies for getting your home in order before putting it up for sale, 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]..

 

Buying Brooklyn Homes: Up-and-Coming Real Estate Trends

Wednesday, May 23rd, 2012

As a result of the changes in the real estate market and economy over the last few years, several new real estate trends are appearing. Here are four of them you might want to take into consideration when searching for Brooklyn homes to purchase.

Buy a home you can afford. In the past, some buyers bought more home than they could really afford. Today’s trend is to buy within your means (or even below your means). You still want to get pre-approved for a loan so you know the maximum you can spend, but don’t let that be your only guide to determining how much home you can afford. Consider your lifestyle. Do you want to spend your hard-earned income on vacations, hobbies, clothing, charity or your children rather than spending it all on mortgage payments? Do you prefer to live frugally now so you can save for your retirement? Or is your home where you prefer to spend the majority of your earnings?

  1. Consider live-in value as well as resale value: Buy a home that you’ll enjoy living in for the next five to seven years, rather than focusing exclusively on the future resale value of the home.  The rule in the past was that you needed to own a home for about five years in order to break even when you sold it. Now that real estate values are increasing at a slower pace, you may need to stay in your home up to seven years in order to break even or earn a profit when you sell it.
  2. Search for Brooklyn homes based on proximity: With the increasing price of gas, your daily drive to work can be very costly if it’s a long commute from your home. Consider buying a home that’s close to your work place or close to inexpensive mass transit. If you can find a home you enjoy that’s also close to where you shop and play, even better. You’ll save travel time and money.
  3. Compare the benefits of a well-planned smaller home to a rambling McMansion: According to Sarah Susanka, architect and author of Not so Big House, you can comfortably live in one-third less space than you think you can. Buy a home that you find beautiful and functional, and the size won’t matter.

Whether you’re looking at large or small Brooklyn homes, I can help you find and buy the home that fits your needs. Give me a call today  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].

How to Catch a Brooklyn Home Buyer’s Eye

Tuesday, May 15th, 2012

How to Catch a Brooklyn Home Buyer

In this economy, every leg up on other sellers will help your home sell faster and at the price you want.  If you’re not getting the offers you want on your Brooklyn home, here are nine ideas to get things moving in the right direction:

Get an appraisal.  Knowing what a professional appraiser thinks your home is worth gives owners a reality check. It also helps you determine the best price for your home.

  1. Get a home inspection before listing your home.  Find out the hidden problems with your Brooklyn home and correct them in advance. If you get your home inspected and find problems but elect not to repair them, be sure to include the problems on the property condition disclosure form.
  2. Consider offering a home warranty.  Everyone likes a security blanket and a home warranty gives buyers an assurance that if something goes wrong with major appliances, plumbing or electrical systems, they will not have to spend a lot of money to get it fixed.
  3. Pay for lawn care through the summer.  This lets the buyer know you’ve thought of everything, and it’s one less worry for them when moving.  Taking care of the pool cleaning tab is another incentive you may want to consider including.
  4. Pay the HOA dues. If you’re in a homeowner’s association (HOA), pay the new buyer’s fees for the first year.
  5. Pay all or part of the buyer’s closing costs. This can be deducted at closing from the proceeds of the sale.
  6. Pay the buyer’s property taxes for a year. You may already have paid a portion or all of it anyway.
  7. Offer to leave furnishings. If you have a couch that perfectly fits an unusually shaped living space, offer to include it in the sale of the home.
  8. Have some flexibility on the price.  Being willing to negotiate on the price shows a buyer you are willing to work with them.

If you’re looking for a real estate agent who can get your Brooklyn home sold at a good price, give me a call today 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].

Brooklyn Real Estate Sales Deal Of the Day!

Thursday, April 19th, 2012

Brooklyn Real Estate For Sale

Click on Picture for more information

Brick One Family For Sale Located in Brooklyn's Madison Community

Detached brick home on prime Brooklyn Street for sale, bright and sunny rooms, excellent condition with driveway and garage. Present all offers, with bank qualification. For more information, 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]

Deal Of The Day Queens Village Home For Sale

Thursday, April 12th, 2012

Click on Picture Below for Details

Brooklyn Real Estate Sales Offers Queens Village

Queens Village, NY 11427
Type: Residential
Bedrooms: 4
Baths: 2.5
Living Area: 20 x 30 Square Ft.
Lot Size: 32 x 100 Square Ft.
Just Listed – Queens Village Detached 1 Family
Offered at $465,000
MLS Number 368354

Call Charles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected] today. to schedule an appointment.

Banish Bad Luck During the Sale of Your Brooklyn Home

Tuesday, April 10th, 2012

There are many ominous superstitions associated with Friday the 13th. From black cats to broken mirrors, bad luck can stem from almost anywhere and many sellers like to blame it for their Brooklyn home sitting on the market for too many months.

Without casting a single spell, you can banish bad luck this month and sell your Brooklyn home fast by ensuring you’ve fixed all the pesky problems that home inspectors focus on. Below is a list of problems to address to help you turn your bad luck to good.

Electric shock – Faulty wiring, which is especially common in older houses, might spook some inspectors into suggesting that the entire electrical system needs to be replaced. Have your wiring checked and update what you can before putting your house on the market.

  • Structural damage – While damage can be minor and not of immediate concern, you can be sure the inspector will point out potential long-term issues. Repair problems early, so that prospective buyers will feel at ease knowing you’ve taken the necessary precautions.
  • Water and air infiltration – This is probably the easiest and most inexpensive way to avoid scaring off a buyer. Just replace the caulking around windows and doors.
  • Hazards to health – If you live in an older house that contains asbestos or lead-based paint, before you put your house on the market, determine if these are a direct health hazard. If so, check with your insurance provider to see if any of the renovation costs will be covered.

Be proactive and banish bad sales luck this Friday the 13th. Fix the little issues that spook property inspectors. You’ll sell your Brooklyn  house quickly and take good luck with you to your new  home.

If you could use more information on problems inspectors love to hate, please call Charles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected].

Seven Signs Brooklyn Real Estate and Real Estate Nationwide are Improving

Friday, March 9th, 2012

Recently released figures indicate real estate nationwide and Brooklyn real estate are continuing to steadily improve. Here are seven signs that demonstrate the upturn:

Housing affordability has risen dramatically. This is due to a combination of reduced real estate prices and record-low mortgage rates.

  1. Housing starts are increasing, driven mostly by multifamily starts.
  2. Existing home sales increased in January. That means we’ve now had three months of gains out of the past four months.
  3. Total housing inventory fell to a 6.1 month supply at the end of January. This means that on average it now takes just over 6 months to sell a home, which is an improvement. According to Lawrence Yun, NAR chief economist, “The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers.”
  4. There are plenty of home buyers and investors competing for foreclosure sales in almost all markets.
  5. Purchases of homes are on the rise by all types of buyers, from seasoned investors to first-time home buyers.
  6. Most economists agree that the market is improving. Frank Nothaft, Freddie Mac vice president and chief economist says, “Our outlook anticipates gradual, but steady, improvement in the economy and the housing market, supported by low interest rates and brightening job market prospects.”

This is excellent news for the spring and summer Brooklyn real estate season that’s just around the corner. If you’ve been considering buying or selling a home, now’s the time to start that process so you’re ready for the hottest season we’ve seen in years.

Thinking about buying or selling Brooklyn real estate? Please contact Call Charles D’Alessandro of Fillmore Real Estate at (718) 253-9600 ext 206 or email me at [email protected] . I can help you achieve your goals.