Long Island Real Estate

Many home sellers, especially when the market was hot, figured they could save money and avoid real estate commissions by selling their own home without the assistance of a licensed real estate professional. Maybe that worked then and some may have benefited, but the majority did not. But at that time they boasted to their friends & neighbors "I saved the commission." but they forgot to tell them, that they received less than the real market value, because they may have priced it incorrectly. They didn't or weren't able (without the help of a Realtor) checked comparable sales. So maybe they didn't make the killing they thought!

Historically, for sale by owners have accepted offers that were approximately, 8% less than market value, based on figures from searching and comparing sales on the Nassau County, New York Website and MLS on Long Island. So did they really save their commission?? The answer is no, in many, many cases. Although this method may appear to be a cost-cutting measure on the surface, those who attempt to sell their home and don't have the training and knowledge that a real estate professional has, may be opening themselves up to more frustration, disappointment and possible legal entanglements than they ever dreamed about. Because of today's complex laws, conducting a home selling transaction can be a legal maze, and if things aren't handled properly, a disgruntled buyer may be able to get his revenge in court. Also, with the million and one problems that most agents work with, getting the sale closed and the buyer through the loan process in a timely fashion will be worth the price of the commission alone.

There are so many items that a Realtor has to do, eg, promotion/advertising, digital photographs, virtual tours, open houses on the weekends, scheduling, the new real estate regulations, discrimination, steering, block busting, do you have a website and will it reach the qualified buyers?, qualifying the buyers credit, income & mortgage capabilities and a multitude of other matters, contracts, closing and the important time factor. How & will you a lot enough time in the current challenging market to pull in serious buyers, who are not "tire kickers", lookers and shoppers. (or nosy neighbors. If you have a full time job or business, the commission spent will be well worth paying the qualified Broker to market and merchandise your home at the correct price that will lead to it being sold. Keep in mind, even when you get an acceptable offer, the tough part is when the bank does the appraisal. They come up with what they believe its value is, based on recent comparable sales. You might be in for a surprise in the current market, that their appraisal is less than what you are offered from the buyer! Then what do you do? Back to negotiating the price? Lose the buyer and go on to the next buyer in a few months?

THIS COULD BE YOUR "Freddy Kruger" Your WORST NIGHTMARE!!!

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

The home buyer credit, extended and expanded over the last 3 years is set to expire today, wed june 30th with Congress still unable to approve the extension as part of HR 4213 (see previous update below). However, recently released data for May 2010 shows worrying trends of sharply declining sales of existing and new homes. Further, inventory data and foreclosure activity have not shown any signs of improvement. All this suggests the expiration of the home buyer credit may have more of an impact than people thought.

This has prompted House members to take more action with the stalling of the HR 4213 bill in Congress (due to other provisions in it). As such a new bill - H.R 5623 - has been introduced and approved by the House (409-5) to extend the $8000/$6500 home buyer credit. It now goes to the Senate, where Senate Majority Leader Harry Reid, D-Nev., has sponsored a similar measure. Here is a summary of the bill:

H.R. 5623 - Homebuyers Assistance and Improvement Act of 2010. Among other items, this bill would extend the homebuyer tax credit of up to $8,000 for the purchase of a principal residence before October 1, 2010. The current benefits apply to cover buyers who enter into contracts before April 30 and close by June 30. This bill extends the closing date to September 30, 2010.

The bill would provide any home buyer who entered into a contract on a home by April 30, 2010, but has been unable to go to closing within the required 60 days, an additional 90 days to close and qualify for the credit. This provision is estimated to cost $140 million

The approval of this bill would be great news for many home buyers who signed a purchase agreement/contract prior to April 30th but are having difficulty closing before June 30th. One thing to clarify - this bill does not extend the deadline for home buyers to sign a contract for a home and hence qualify for the tax credit (still April 30th); rather it extends the deadline for closing the transaction, from June 30 to Sept.30.

The National Association of Realtors estimates that this new extension will help about 180,000 homebuyers who already signed purchase agreements and were likely to miss the Wednesday deadline.

I will continue to monitor the status of this bill%u2032s approval through Congress and will update with new information. I encourage you to subscribe (free) via Email or RSS to get the latest updates.

EMAIL YOUR STATE SENATOR AND IMPLORE HIM/HER TO PASS THE MOST RECENT BILL TO EXTEND THE TAX CREDIT THROUGH SEPT 30TH, 2010. LASTLY, THIS SHOULD AID OUR ECONOMY BY HAVING THOSE WHO WILL POTENTIALLY SPEND MORE MONEY ON THEIR NEW PURCHASE FOR FURNITURE, APPLIANCES, PAINT, CONSTRUCTION, ETC.

ATTENTION: THE HOMEBUYER TAX CREDIT OF $8000 (NEW BUYER) OR $6500 (PREVIOUS OWNER) HAS BEEN EXTENDED AND MUST CLOSE BY SEPT 30, 2010 TO BE ELIGIBLE; AS LONG AS YOU HAD BEEN IN CONTRACT BY APRIL 30TH 2010

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

It now appears that the Deep Water Horizon Gulf oil spill has been contained, for now! I am not convinced that anyone really knows the long term affects of what has happened. However, if you google "Ten worst oil spills in the world" you will see this one was not the worst. To my surprise the environment had remarkably recovered in most instances; so I am more positive today, that the Gulf will recover too! Not sure how fast the jobs and real estate will%u2026 Real estate around the Gulf, especially on the coasts has been affected, on top of the economy, foreclosures, overbuilding of areas etc. But I believe, it all will come back, hopefully sooner and not later. There is that pent up demand for more housing now and over the next decade, so we will move forward%u2026

We do need to push harder for alternative fuels like solar, wind, geo-thermal,natural gas-(exploration is necessary with its inherent risks), bio-fuel and yes, even oil exploration (with stricter regulation, with safety valves that work and even backup systems too, so blowouts of the wells do not occur.) The extra cost of the safety features on our wells far outway the cost and loss of the environment, jobs and money. I am not sure why BP doesn't yet get it! This is not the first time they have had their problems! Don't we usually learn from our past mistakes or is that just a cliche that we all use. This is our country and our water and our resources; OUR GOVERNMENT SHOULD MAKE SURE THE RIGHT METHODS AND EQUIPMENT IS USED FROM NOW ON TO PROTECT ALL OF US!

On the east coast we use an abundant amout of energy, oil, gas etc. to heat our homes in the winter and is one of our largest expenses. Alternatives would help reduce the costs of maintaining our homes, but at the same time, increase their values. Big Oil could help, but I am not sure they are really ready. Oil is so profitable for them, why should they switch to alternatives? Money makes the world go round and that is what it is all about! Unfortunately, people and their needs and wants come last! We can fight back and reduce our imports drastically, by changing our driving habits (smaller less energy consuming cars and riding bicycles and walking more-we are the most obese country-(65% are overweight) on the planet, time to get in shape), lowering our thermostats a few degrees (1 degree per week, til you get use to it), leaving the thermostate down to 55 degrees, when not home, (putting on an extra shirt & sweater on when home will do keep you warm for free!) will make a noticeable change in the amount of energy we use. Also, our rail system needs a huge upgrade to a highspeed system. China, is now numer one in the world in highspeed rail and is constructing at a feverish rate, but Brazil, Russia, and others are building their highspeed rails are are ahead of the U.S.; we are dead last in the industrialized and developing countries. We do have construction proceeding in California, Florida and other states and grants will be given out to 31 states to move our rail system into the 21st century.

This will surely help our economy get back on track. But really, for the immediate future, we need to create jobs (businesses are sitting on 1.8 Trillion dollars and are afraid to hire), right now, which would enable people to be able to at least purchase a a coop, condo, townhouse or HOA type property(home owner association) This would greatly help our anemic real estate market. However, if you are builder and are constructing rental type developments, you should do very well in vaious areas of the country where the need is; where people cannot buy right now, because of lack of downpayment, credit, foreclosures, short sales,or if you are an older individual, you might feel more comfortable not owning at this stage, etc. Rentals will be strong for the foreseeable future, until our economic future becomes more predictable and stable. We have to live somewhere, although the homeless population has been increasing and according to the U.S. Dept of Housing & Urban Development, an estimated 12 million renter and homeowner households now pay more then 50 percent of their annual incomes for housing, and a family with one full-time worker earning the minimum wage cannot afford the local fair-market rent for a two-bedroom apartment anywhere in the United States. The lack of affordable housing is a significant hardship for low-income households preventing them from meeting their other basic needs, such as nutrition and healthcare, or saving for their future and that of their families. No jobs & no money= significantly less buyers. Less buyers means less purchasing of primary residences and less purchasing of refrigerators, stoves, dishwashers, washers & dryers, etc. you get the picture??? The major part of our ecomony is consumer driven and when we hurt the economy hurts!! Will it take 3 yrs, 5 yrs or maybe even 8 yrs to get us back on track, we shall see. We all have the potential to help get us back on track. I would like to share a blog I read on activerain.Com (largest realtor to realtor blog site), that I read today, by Richard Barbee, Broker from Knoxville, Tn that I thought was quite poignant for today.

4 Temptations to Avoid During This Slow Economy

"When times are lean, it is very easy to grow dark, bitter, fearful, and/or discouraged. We must find an effective way to stay sharp, positive, and productive. King David wrote a Psalm about the notion of remaining steadfast when even "a thousand fall on the right of me and ten thousand fall on the left of me." Here are four internal choices to avoid:

1. The choice to envy: The ability to celebrate others' successes (that are achieved honestly and ethically) or the result of pure luck, is an internal decision. We must refuse to grow jealous, think critically out of envy, and assume the worst of others that do achieve. When another person achieves something great during these hard times, it is a fantastic opportunity to congratulate, buy them lunch, pick their brain, and repeat what they did. Instead of a chance to envy, we overcome the negative temptation by learning and working.

2. The choice to quit: When we are doing all the right things, and have already redoubled our efforts, and have already networked out the wazooo, refuse the temptation to give up. Instead of quitting, begin quizzing your actions, habits, circumstances, and attitude. Take new looks at yourself. Ask others for feedback. Be willing to try something new. Work harder. Never, ever give up. Never quit. Change tactics? Yes. Improve attitude? Yes. Learn new techniques? Absolutely. Refuse to cheat yourself and guarantee a ZERO return on your investment.

3. The choice to grow cynical and negative: Attitudes and personalities develop over time. They can also change in difficult circumstances. A once bright and productive person can be dark and slow. Tough times, traumas, major letdowns, poor results, betrayal, and more can lead us to negativity and cynicism before we realize it. When we work very hard and see little or no positive result, the temptation is to think that things will never work out, that fate is bent against us. Choose to examine the current market and environment, assess your own activities, and seek counsel. But, refuse to criticize yourself needlessly and believe in some faceless power that is set against you.

4. The choice to cheat: This may be the strongest and most frequent temptation. Bending the truth, cutting corners, using manipulation, and deception are easy to rationalize when we tell ourselves that "everybody else is doing it." Those beliefs that we choose to believe have dramatic effects on the ways in which we feel and thus behave. We fool ourselves into feeling good about wrongdoing. "It's not that bad." "Everybody does it." "Everybody lies." It's all one road to cheating and rationalization. Choose character and integrity always. Dignity matters.

I hope these thoughts are helpful and encouraging to you. God bless you in your work"

Richard D Barbee, M.Ed., GRI, CRS

Let us see if some of us can make the necessary changes, one step at a time, to move our businesses and our country's economy forward, as suggested by Rich Barbee.

We're lucky that the oil hasn't hit the shores of Long Island yet as that would drastically effect the real estate market. Florida's coastal property values have been greatly impacted by this oil and the same will happen to all coastal properties on the East coast if the oil continues to spread. Homes in Great Neck and Kings Point could easily be next to suffer the consequences of BP.

Phil Raices
Turn Key Real Estate

An often overlooked source for the dollars to make a down payment on a new home is tax free gifts from wealthy relatives. Let's say a young couple's parents (grandparents, etc.) have built up a sizable estate during their lifetime and upon their deaths fully intend to leave a substantial inheritance to the couple. With careful planning, the parents or grandparents could give the couple part of the money now and, at the same time, possibly reduce overall estate taxes that may be due when they die.

Under current law, any individual can give a gift equal to $11,000 per child every year without paying any gift taxes. A married couple together can claim an annual gift tax exclusion totaling $22,000 per child a year. Any attorney, financial planner or related professional who specializes in estate planning and taxes can provide details about how to set up a gifting program that can benefit the benefactors as well as the recipients.

Feel free to browse our homes for sale section of our website.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

In the current real estate market you must be cognizant of what is absolutely necessary in preparing your home for serious buyers who are still actively looking. In this changing environment, every potential qualified and capable purchaser must view your home as their home! They must visualize your castle as their castle and it is extremely important to de-personalize you home. If you have the following in your home you should remove and/or put them away:

1. Personal photos on you walls, shelves, of coffee table
2. Decorations or furniture that would make the buyers defocus from their vision of how they think you home should look, by their standards
3. Remove ALL CLUTTER from your home, basement, and/or yard that would send a signal to the buyer that you are 'messy' or disorganized
4. Pets and their accompanying smell that may not offend you but would the buyer
5. Do a thorough scrubbing, cleaning, dusting, vacuuming and whatever necessary to show the home at its best!

It is also important that you do the necessary scraping, caulking, & painting on the outside and inside. Caulk all windows and holes that will allow cold air into your home. Small holes are the main reason for loss of heat and allowing cold air into your house. Make sure gutters and leaders are in good shape. Have you inspected your roof lately, for broken or worn out shingles and cracked flashing. Have you chimney and fireplace been cleaned over the last few years? Any leaks by the chimney due to worn out flashing or necessary pointing of the bricks? Take a look at our houses for sale, which can give you an idea of how homes for sale are prepared.

Have you fertilized and seeded your lawn? You can still do it this winder in preparation of the spring; as long as the ground is workable. This will green up your property faster during the seasonable days of the winter and spring. Also, some seed might germinate as long as moisture is available. This will build rhizomes and tillers and a thicker lawn this spring; however, the best time to begin repair and build your lawn is the middle of August. (I happen to be an ex-landscape designer and E.P.A. Certified professional lawn-tree-shrub Applicator). When the ground is warm the seed will properly germinate faster and mature into a thicker healthier lawn, going into the following spring. You should also prune and trim back all trees and shrubs, especially, where windows are being blocked. Cut shrubbery below your windows. You can also deep root reed your trees and shrubs and spray your evergreens with an ant desiccant to minimize water loss and eliminate winter burn and scorching of the leaves. Patch any holes in your driveway through October and possibly November if warm enough.

In the inside of your home you should have a checklist and go through you home as if you are the purchaser. Is the paint clean and fresh? If you have wallpaper, is it secured properly to the walls? How is the wood trim? How are your floors? Carpeting? How is the toilet seat? Worn? Does your home have a great smell? Baking some cookies or bread will add a different warm and inviting freshness to the air. Some of the smallest improvement will save you money, headaches, and the possible loss of a sale or reduction in your selling price. When it snows are your walkways cleaned and de-iced. You wouldn't want potential buyers to fall, hurt themselves, or open yourself up to a lawsuit and the potential loss of your sale! (By the way, when was the last time you checked your homeowner's insurance policy? Do you have adequate coverage, umbrella coverage?)

In the current slower market, it will be imperative to pay for a pre-inspection by a certified engineer or home inspector. This will save you potentially thousands of dollars, headaches and loss of a sale! Know what is wrong and right with your home, before your buyer hires their inspector and then the surprises occur and the renegotiation of your sale price. (You will also have to deal with the next hurdle of the bank appraiser). They are being ever so conservative in appraising the value of your home; they represent the lending institution, not you. They have to protect their money and not over appraise, as has been down during the crazy hot days of the real estate boom! However, if your home needs a major facelift/renovation, it probably will not be necessary to do anything. In the present market, you will probably not get you money back and it will surely reduce the profit you will take with you the reason for this is that someone probably will knock down you home (assuming it is a buildable lot or a new home can be built upon the original foundation). In this situation you would be wasting you equity on a renovation. The land is where you value will lie, not the renovated home!

One last thought. IF you do not need the money from the sale to purchase your next home, what you might want to consider is renting your home out for 2 years (then it would be considered an investment property) and you could do a 1031 Exchange. More on that in a future article.

Have you hired a mover? Begun to pack your personal belongings? Have you given away those items that you will not be taking with you? This is very important not to leave for the last minute. Also make sure you fill out a change of address form for you post office 1-2 weeks in advance of you move. Hopefully the day of the closing you will have minimized your stress by doing these things in advance of the sale that I have suggested.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
We can help you every step of the way, "Service Before, During, and After Sale!"
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Should you worry about hazard insurance on a property before you actually take title? By all means! Although the purchaser may not be the record owner, he has an insurable interest as soon as the agreement of sale is executed by both the buyer and seller. As a matter of practice, however, buyers do not usually place insurance until papers pass and it should not be necessary if the agreement of sale is properly drawn. Most agreements provide that the property will be insured for a specific amount and this is very important and in the interest of both parties.
From the buyer's point of view it is important that an adequate sum be stipulated and the agreement not read "as now insured" which is an all too common practice and usually indicates that the seller does not want to bother to increase his insurance.
As a rough rule of thumb the amount of insurance on the buildings should equal price less the value of the lot.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Whether you live in an apartment or in a house that no longer meets your needs, buying an affordable new house can improve your quality of life. Home ownership has many advantages, not only in the sense of privacy and security it can give you. It also has the tangible advantages of more and better living space in a community where you and your family will enjoy living.
If you've been domiciled in an apartment, you will find living in a house of your own in a neighborhood of private homes a refreshing change. There will be fewer people, less congestion, less traffic, and less noise.
Home ownership also improves your credit rating. Owning your own home is considered a sign of financial stability. It represents an investment that can continue to grow each year.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Selling a house is emotionally draining. You must size up each situation and make the right move while keeping your emotions in check. You must think with your head - not your heart.
The first thing to keep in mind is that you are selling a house not a home. It's important to step back from all the memories and be an impartial observer. Stop using the word "home" when you talk about the "house" you are going to sell. Home is among the most emotionally weighted words in our language. Home is where your children were born, where you enjoyed holiday dinners and wonderful memories. You'll have to forget the emotional connectors.
What you have for sale is a house. Think of it as an item, a place of merchandise. Cherish the memories of good times there by all means, but stop loving it. Sell a building. When you do that, you can evaluate its worth more accurately and market it more effectively. "HOME" is where you'll live after you sell your "house"!

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Should you sell your current house before you buy a new one? The main dilemma here is the possibility of having no house to live in before you purchase the new one. Forewarned is fore-armed.
If you list your house with a Realtor, you could write "negotiable" under the closing date in the listing. Then you can ask a higher price from a buyer who wants to move in quickly, or you can lower the price to induce a closing date that's more convenient.
You might be able to convince your buyer to rent your house back to you until you can close on the new house. In this case, the buyer's attorney may want to hold money in escrow to cover the rental and any repair costs incurred. This may be preferable, especially for large families, to moving twice and storing belongings.
One advantage of looking for a house after you have a buyer is that you know exactly how much cash you are getting, so you know exactly how much you can spend on a new home.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Oops! Your home is getting too small for your family. You need extra bedrooms. The kitchen has to be enlarged or updated, it's about time you had a garage large enough to handle your cars. It's strange how homes seem to shrink in size as families increase in number and children grow from toddlers to teenagers. The next obvious question is - should you add on a dormer, a new bedroom, garage, renovate your kitchen - or should you sell your present home and buy one that fits your family's needs?
Advice: get estimates from contractors (then for safety's sake increase the cost and time estimate by 50%). Don't forget to crank in the stress factor that goes with remodeling.
You must also consider going to your local lender, where you have a realationship and sit down with him or her to see the best plan and options for you to pursue. How much will you get (net) from your current sale, when you close? How much are you looking to spend for the next home? What would it cost to renovate and expand my existing home to accommodate my current and future needs with your growing family? Is there enough land/space to accomplish this task?
Many questions will come up that you haven't thought of and my suggest is take your time and lay your plan and options out carefully. This is not a market and economic times to play around with; just proceed with caution. Know your options. Interest rates are currently at a 45 year low and are surely advantageous to the buyers; however, see what the rates are for either a line of credit or bridge loan for your construction, that would lead to a new fixed rate conventional or jumbo mortgagethat would include the construction loan. You might also consider, should I move out of my town to another one and purchase a larger home w/more property to stay within my budget? Are the schools highly rated? Is local transportation sufficient for my families needs? What community ammenities & facilities are available that are comparable to my current town. Many, many questions must be thought of and asked before you can make a major move or re-construction or your current home to anticipate and plan the best possible solution. More over, will your family be comfortable while doing construction while living in the home? Would you need to move out to a temporary rental? Will the move to a new home in or out of the town be more tramatic to your children, since they might have very close friends that they might lose? So many things must be contemplated so your family will be happy and less stressed out from the final decision.
With this information in hand, our office will be happy to sit down with you and discuss the value of your present home and show you a range of new and existing homes for sale which are already in move-in condition to fit your family's needs.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Selling an empty house presents some problems. For example, the very lack of furniture and personal items make the rooms appear smaller and less clean. Buyers notice the shaded spots on the walls where pictures once hung, children's hand prints, and especially every stain on the empty wall-to-wall carpeting. They have nothing else to look at. There is a feeling of a house, rather than a home.
When looking at an empty house, most buyers imagine their own furniture as much larger than it really is, and often decide that certain rooms are just "too small."
So, if you are selling an empty house, be certain that room sizes are specified clearly on your listing and leave the house spotless. Make sure the carpet is professionally cleaned. Walls and ceilings should be carefully scrubbed and painted where needed. Arrange to keep the grounds landscaped on a regular basis. An empty house will sell, but you have to give it a little Tender Loving Care.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Before you buy into a condo, weigh the advantages and disadvantages. Owning a condo unit entitles you to all the tax benefits of home ownership. Your mortgage interest payments and property tax can be deducted from your taxable income. And you're relieved of many responsibilities: the condo's management company usually maintains the exterior of the building and grounds.
However, condos aren't for everyone. Despite individual ownership of the unit, you're only one of many voting members of the condo community. The majority rules on matters as whether pets are allowed and what alterations you can make. You have to be prepared for compromises.
Condo ownership can be as complex as home ownership. Ask about how the condominium is managed, the builder's reputation, the quality and condition of the plumbing electrical and heating systems, also about the reserve fund for major repairs and renovations.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

There are articles that abound on the net and in magazines about our real estate market and whether or not we will be going into a more stabilized market leading to a rebound in sales or a double-dip recession? The experts can look at all the statistics and do their number crunching and analysis and make their predictions about current & future trends of the market; and some will be correct and many will be wrong. With the lowest interest rates in 50 years, you would figure this would drive the market! Previously, however, if you were not in contract by April 30, 2010, the $8000 tax credit incentive for purchasers of primary residences was taken off the table as of April 30, 2010 (but the government passed the extension for closing til Sept. 30, 2010). That factor alone had pushed more people to buy, especially in April and sales did increase dramatically and it kind of spoiled us and made the months stats much better and improved year over year. Just like the discounts for "cash for your clunkers" in 2009, which drove the sales of vehicles higher, it was fantastic for the current economy at that time but had a negative affect of reducing sales for future months after the incentives had expired. For the NorthEast, Mays Stats were -18.3% lower from Aprils Stats, but 12.7% higher year over year, the south was 0.5% higher and 22.9% higher year over year, Midwest stayed the same comparing April to May, but 22% higher year over year, the west, 4.9% increase May over April and 15.2% higher year over year and the overall stats for the U.S., down -2.2% comparing from April to the end of May but 19.2% higher year over year, according to a report by N.A.R., (the National Association of Realtors). 2009 was so poor due to the banking crisis at the end of 2008, that I believe 2010 had to be better. Let's face the facts, people have to have real money and credit to purchase. Psychologically, people are not feeling as confident; we are all not going out and spending like we did; the faucet of conspicuous spending has very much slowed down; the mortgage/bank crisis has cost many their jobs, directly and indirectly, so if you have lost your job, had your salary or wages reduced, new to the job market or have a job that does not pay enough to buy a home and previously lost money in the stock market, you are sitting back waiting and watching. Also, the fact that U.S. companies have outsourced a tremendous amount of manufacturing jobs overseas over the last 10 years, has caused a shift between the haves and have-nots! The buying power of the middle class has been eroding over the years and current economic conditions during the past few years has caused most to re-evaluate their financial positions, cutting back on discretionary spending. As they say, "The Rich get Richer and the Poor are getting Poorer" but even that slogan has changed. Many of the homes of the rich are being foreclosed on or are modifying their morgages. Many people who are "under water" (their mortgages are more than the current market value of their homes) but can afford to pay their monthly mortgage are just walking away from them in much higher numbers. Many banks will be forced to go after those that have the assets and liquidity to pay. This type of exodus is proof of the poor psychology and mindset of the market.

If may take much longer for us to get out under the load of foreclosures, maybe 3-6 years or longer. But, if we haven't learned our mistakes, we never will.

Human nature will continue to not look back, but just forget and repeat our errors and greedy ways. Some will learn, most will not unless balanced and fair regulations are put in place concerning borrowing.

Bottom line, if you cannot afford the loan, you should not be allowed to take it. Owning a home is not a right, it is an earned responsibility with obligations and ramifications!

On a lighter note, however, for those who can, it is a fantastic time to Buy!!!!

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Happy 4th of July! Here's some advice that I have that's probably applicable for a lot of you out there. At some point, most of us have either rented a property, or rented out a property. If you are trying to rent your home now, here's some advice that could definitely help you.

If you can't sell your home at the price you want because of your location, or a bad market, you may have to consider renting out your present home until the economic situation turns around.
There are pro's and con's on the subject of renting. On the plus side, renting our home turn it into a business property. This entitles you to deduct operating expenses, maintenance, repairs and to depreciate the property. As a result, a $100,000 house depreciated over 18 years, yields a very sizeable annual deduction for depreciation. Also, if you rent the house furnished, the furniture, too, is depreciable.
The main disadvantage is that most homeowners NEED the cash from the sale of their old home to finance the purchase of the new one. Your best bet is to sell and make a clean break with no problems left behind. Your Realtor should be able to suggest a creative idea or financing to solve your selling problem.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

There was a time when there was one basic type of home loan. It had a fixed interest rate, level monthly payments, and ran from 20 to 30 years. It still remains the favorite of most buyers.
Today, however, there are more loan varieties than Babe Ruth had home runs. Chief among them is the Adjustable-Rate Mortgage (ARM), which allows changes in an independent index that reflects current market interest rates. Some ARMs permit rate adjustments every one, three or five years.
The interest rate on ARMs usually starts a couple of percentage points lower than the fixed rate mortgage. Then the interest rate fluctuates. True, the rate can go up if that's the way rates are going, however, they can go down automatically too. In that case, the borrower gets a lower rate without refinancing and incurring the fees and closing costs of a new loan.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

A prospective buyer has made an offer for less than your asking price. You would sell for less than your original asking price, but not as low as the current offer to buy. Now is the time for a counter offer.
As with an offer, the best way to make a counter offer is in writing, setting out exactly what your new terms are. Nothing of significance should be left out. This means, in addition to the new price, such important items as how long your counter offer will be open and whether you are willing to provide some or all of the financing in order to obtain the price you want. You should spell out EXACTLY to what extent you are willing to engage in owner financing - if at all - including the interest rate and term of years for repayment. The written counter offer should include a space for the buyer to sign his acceptance. Once the buyer has singed your counter offer, a new legally binding contract is created.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

In our columns, we write for the general public. We refer to "buyers" and "sellers" because readers understand this. That's all that counts. However, if you read legal documents concerned with real estate, or if you pick up a book on real estate written from a legal point of view - you'll see the words grantor or grantee used in the same transaction. You will also see the shortened word "grant" used. It deserves an explanation.
A grant is the transfer of real estate by a written contract. A private grant is the transfer of real property from one person to another. A public grant is the transfer of property from a government to a person.
A grantor is a person who transfers real estate by deed. In other words, the grantor is the seller.
A grantee is a person who receives real estate by deed. You guessed it - the grantee is the buyer.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

The manner in which you acquire title when buying a piece of real estate can have serious consequences in terms of planning for the future. Although each state has variations on taking title, the difference in each form of ownership is very important and needs to be understood by anyone purchasing real estate. Taking title as joint tenants usually means that in the event of the death of one joint tenant, the other tenant or tenants have the right of survivorship to the remaining interest in the property. As tenants in common, each individual has a separate interest that can be sold, willed or transferred, and in the case of death, that interest in the property would need to go through probate, which is usually not the case with joint tenants. There are other types of ownership, such as partnerships, trusts and the like which should be discussed with your attorney before a decision is made on how to take title.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Once a buyer has been found for your home, the part of the transaction that takes the most care and attention is the closing. As a Realtor, my responsibility does not end when the buyer says: "Yes, I want it!" As your Realtor, a number of important details must be coordinated, confirmed and finalized before the sale of your home can be successfully completed. As an example, there is the purchase contract that must be signed by all parties, disclosure documents that need to be prepared and signed, the loan for the buyer of your home needs to be overseen, all of the contingencies have to be addressed and removed and any title matters that crop up during the closing need to be cleared. Any and all of these details are essential elements in the successful sale of your home. The experience that our office has in dealing with these matters can make a big difference in bringing the sale to a happy and timely closing.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

In neighborhoods where "For Sale" signs outnumber buyers, it's tempting to mull over a purchase of a home before you commit. Yet, even in a buyers' market, hesitancy could be a serious error. It doesn't take long to learn that if you drag your feet, you can miss out on the right house at the right price. Even in a sluggish market, experienced buyers can spot a bargain in a heartbeat. While the "I want to sleep on it" prospects are still evaluating the situation, these shrewd individuals are signing contracts for the best homes. There may be dozens of homes for sale in any neighborhood. However, you can be sure that there are a few exceptionally well-kept or well-priced homes that will be taken quickly in and out of the area. Fear of making the wrong decision is one of the factors that often stops people from
making the right decision. They are afraid that a better buy is just around the corner. Moreover, later on potentially the cost of borrowing will be higher. The best buys go to the decision makers - not the tire kickers.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

There are two sides to every home for sale - the inside and the outside. It takes a good looking outside to bring the prospect in, but it is the condition and appeal of the inside that will make or break the sale. Providing an inviting interior is vital to increasing the saleability of your home. Like the model homes that are professionally decorated to entice buyers in new home developments, you can make a big difference in the way the interior of your home appeals to potential buyers. Aim for that simple and uncluttered look. Most people are more attracted to a home that is furnished as opposed to a vacant one, but one full of clutter will be a bigger turn off than empty rooms. Clutter to a buyer means one thing - lack of living space. If the interior is too cramped with furniture, you could think about storing the less attractive or worn pieces. Leave the best to show, but just enough to look livable.

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate

Congratulations! Part one is over. You've just sold your home and now you look forward to
the next step - finding a new one. Although this can be very exciting, several points must
be kept in mind. If you retain me as your agent, we will need to find a home that is within your budget. This will include how much you can afford in monthly payments and taking into consideration how much you will have toward a down payment from the sale of your old home, or if you will pay for the entire purchase, how much will you spend? Also, location, size, number of bedrooms and any amenities that are important should be listed by priority. In this manner, when we look at properties, you can be focused on the homes, condos or co-ops that will fit your needs. Once we are organized, I can help eliminate those homes, condos or co-ops which do not fit your needs and concentrate on the ones on the market that match your requirements and price range. Here we go!

This info could help you when its time to sell your house, whether its with TurnKey Real Estate, here in Great Neck and Long Island, or abroad!
If you want even more useful information or to search listings in Great Neck, Manhasset, Port Washington, Roslyn, Little Neck, Douglaston, and the rest of Long Island go to www.LI-RealEstate.com!

Phil Raices
Turn Key Real Estate