When buying or selling your Brooklyn  home, there are many long-term conditions you should take into consideration for future planning. Will you look back years from now and wish you had not sold? Will your new home be something that you’ll love long term?

In today’s chaotic Brooklyn New York real estate market, jumping from one home to another every few years may no longer be a financially viable option. When purchasing a home for the long term, here are a few questions you should ask yourself:

Questions for long-term Brooklyn new York real estate planning:

• Death in the family – If you’re a couple, what would happen if one of you passed away? Would the home you currently live in still work? That property may not look as attractive, if you’re going to be the only one caring for it.
• The option of renting – If you want to move, but you can’t get the money you need out of your house to justify a sale, will it make a good rental property? Renting your home may be a great way to maintain some cash flow while still downsizing your living space during your retirement years.
• Location – If you’ve envisioned an activity-filled retirement, will your location allow you to fulfill that dream? Is there a college nearby to pursue that master’s degree you’ve always wanted … can you go to cooking school … what about volunteering at a community center?
• Flexibility of home – Have you considered how your home will be able to adapt to your changing needs? Maybe an upstairs master bedroom was attractive when you had children, but if you happen to face limited mobility, those stairs might put a kink in your lifestyle. Before purchasing, use a floor-planning tool to determine the types of spaces that are important to you.

Don’t put yourself in a situation where you’re forced to sell your home because it doesn’t fit your future lifestyle. Make sure you invest in a Brooklyn New York home where you can create life-long memories.

If you need help with your long-term Brooklyn New York real estate planning, please call me Charles D’Alessandro your Brooklyn Realtor® of Fillmore Real Estate at (718)253-9600 ext.206 or email me at [email protected] ,or your Brooklyn real estate search can start HERE and NOW, with www.CharlesTheRealtor.com

The ongoing debate as to whether selling your Brooklyn New York real estate is better as a FSBO or with the help of a REALTOR® just got some new ammunition.  The new survey supports past findings that using a REALTOR® is more beneficial to Brooklyn New York real estate sellers.

The survey, conducted by HomeGain.com, a leading online real estate resource that connects home buyers and sellers with real estate professionals, surveyed over 1,000 homeowners.   Here’s what HomeGain’s survey found:

• 83% of homeowners surveyed said they used a REALTOR® to sell their home and 17% said they tried to sell their home on their own.
• 59% of homeowners that used a REALTOR® to sell their homes were successful vs. 39% of FSBO’s, reflecting a 50% higher closing rate for those home sellers using a REALTOR®.
• 81% percent of homeowners that used a REALTOR® to try and sell their homes said they would use a REALTOR® again for their real estate needs.
• 88% of homeowners who sold their homes using a REALTOR® said they would use a REALTOR® again.
• 71% of FSBOs who managed to sell their Brooklyn homes on their own said they would try and sell their Brooklyn homes on their own again.
• 24% of FSBOs eventually enlisted the aid of a REALTOR® to help sell their homes.

If you’re ready to use the method most likely to get your Brooklyn New York real estate sold, give Charles D’Alessandro Your Brooklyn Realtor® with Fillmore Real Estate a call today at (718) 253-9600 ext 206 or email me at [email protected]

Do you know how closing costs actually work? Or, how you’d use CMAs (comparative market analysis) to evaluate Brooklyn New York real estate? And, can you decipher all of the abbreviations and acronyms, such as FDR, lo dues and MLS.

Purchasing a home is frustrating enough without having to go through the frustration of decoding all the complicated speak and legalese. If you brush up with a real estate dictionary before your home-buying search, you’ll gain valuable knowledge and save yourself a lot of time and headaches in the long run.

Basic lingo every Brooklyn New York real estate buyer or seller should know …

• ARM – This stands for Adjustable-Rate Mortgage, which is a type of mortgage where the interest rate periodically adjusts.
• Closing costs – These are miscellaneous expenses buyers and sellers pay upon closing; they usually include brokerage commission, escrow taxes, recording fees, etc.
• CMA – This stands for Comparable Market Analysis, which is a report of recently sold, comparable homes in the same market as the home you’re selling.
• ERV – Estimated Rental Value
• FDR – Formal Dining Room
• Fixture – Anything that is permanently attached to the home, such as door knobs, carpeting, light fixtures and landscaping
• FP – Fireplace
• HDW – Hard Wood Floors
• Lo dues – Dues paid to the homeowners association
• MLS – Multiple Listing Service, which is an organization that compiles multiple listings into one report and distributes it to all of their realty members.
• PSF – Per Square Foot
• Sale price – The actual price at which the property sells.

Don’t let the hectic housing market overwhelm you.  If you understand Brooklyn New York real estate lingo, you’ll be more knowledgeable and able to easily achieve your real estate goals.

If you have questions about any of these terms or want help achieving your real estate goals, call me Charles D’Alessandro of Fillmore Real Estate, your Brooklyn New York Realtor® at (718) 253-9600 ext 206 or email me at [email protected] for more information.

Reverse Mortgage ! Is it Right for you?

Reverse mortgages are a popular option for homeowners who are 62 years of age and older and need additional income.  Credit scores and income are not part of the qualification process for a reverse mortgage, so they’re fairly easy to get.

But is a reverse mortgage right for you, your parents or grandparents?  Here are some pros and cons to consider before making your decision:

Pros of getting a reverse mortgage on your Brooklyn New York real estate

When you get a reverse mortgage, you can:

• Use the money to supplement social security, pay for home improvements or meet unexpected medical bills.
• Choose the payment method you prefer:  monthly payment, line of credit or lump sum.
• Make no payments on the loan (monthly or otherwise) unless you die, move or sell the home.  If any of those events occur, the loan is due in full, plus interest and fees.

Cons of getting a reverse mortgage on your Brooklyn New York real estate

Unfortunately, there are several disadvantages to taking out a reverse mortgage:

• You pay origination fees that are almost twice as much as origination fees on conventional mortgages.
• There are a wide variety of reverse mortgages available from a lot of different sources.  This makes an already complex loan even more confusing.   Shop around, compare and attend an information session with an approved HUD counselor before deciding on a reverse mortgage.
• It may impact your eligibility for Medicaid and other state or federal programs.  For example, if you currently receive any “need based” benefits such as Medicaid or Supplemental Social Security Income (SSI), reverse mortgage payments will have to be structured so that monthly payments will be spent within the month they are received. If not, such payments will be considered income, and may make you ineligible for public benefits. Contact your benefits provider to ask about how a reverse mortgage may affect your eligibility.

If getting a reverse mortgage on your Brooklyn New York real estate, or the home of your parents or grandparents, is the right thing to do, you might want to consider FHA’s reverse mortgage program called The Home Equity Conversion Mortgage (HECM). According to HUD, the HECM is a safe plan that can give older Americans greater financial security.

You can receive additional free information about reverse mortgages by contacting the National Council on Aging at (800) 510-0301.  I’m also available to help you with this difficult decision.  Give me a call today Charles D’Alessandro your Brooklyn Realtor with Fillmore Real Estate at (718) 253-9600 ext.206 or email [email protected].