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Getting into real estate for the wrong reasons? | Bedford NY Real Estate

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The top 10 reasons to get out of the real estate business line up with the top 10 reasons to get out of any business:

  1. I am in it for the money. If you are in the real estate business because you think/know that a lot of money can be made, you are in the wrong business. Yes, it is true, a lot of money can be made, but not without the sincere professional efforts of a dedicated agent.
  2. I can make my own schedule. Yes, this is true. In real estate you can make your own schedule, but if you think you don’t need a schedule that you keep to, you are in the wrong business.
  3. It is easy work. Yeah, right! Any profession that demands as varied and deep an understanding of various types of information as real estate does is never “easy.”
  4. I am a “people person.” If you like people you just might not want to be in the real estate business. As an agent, you are directly in line for abuse when things go wrong. It is your fault and they are going to tell everyone.
  5. People like me. Well, read Nos. 4 and 3. It is guaranteed that people will not like you when you don’t give them exactly what they want, when they want it. Don’t get into this business because people like you — they won’t.
  6. I have been hired onto a good team. While surrounding yourself with like-minded professionals working at the top of their game is crucial to success, it does not dictate your personal success. You need to develop your own skills and abilities. This is your work, not theirs.
  7. I am good at marketing. We all know that marketing is crucial for a successful real estate business. Internet marketing is even more important, but if this is your only skill you will be whistling down a lonely path.
  8. I was hired by the top agency. Well, every agency says it is the top agency. Every agency has statistics that show how it is at the top of this or that. It is never about the agency — it is always about the professional.
  9. I am a hard worker. This is not everyone’s mantra, but there are agents who come into the business with a hard-working attitude. While this is important, it is more about working smart and consistently than working hard.
  10. My manager has promised to train me. Your manager’s job is to get you in the door and producing. Once you are in the door and doing some of the things you are supposed to do, the manager is off recruiting and promising to train the next recruit. Being a professional is about your goals, focus and consistent efforts. Without that, you are just another warm body paying rent to your office.

The real reason to be a real estate agent is because you love what you do. You are willing to put the time, effort and energy into constantly getting better, smarter and more knowledgable. There are far more downs than ups in real estate at the beginning. While it may not be easier, I can think of nothing I would rather do in my life.

– See more at: http://www.inman.com/next/getting-into-real-estate-for-the-wrong-reasons-dont-do-it-because-youre-a-people-person/?utm_source=20140114&utm_medium=email&utm_campaign=dailyheadlinesam#sthash.I7YDPNaK.dpuf

 

Say So Long To Sub-Zero Wind Chills, Bedford, As Warming Trend Starts | Bedford NY Real Estate

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After days of record-breaking and dangerous cold temperatures, the Polar vortex has finally receded north and a gradual warming trend is now under way in Westchester.

After a chance of mixed precipitation Friday morning up until 11 a.m., the rest of the day will be cloudy with a 60 percent chance of rain and a high between 37 and 40 degrees, according to the National Weather Service.

Then comes the real warmup.

The outlook for Saturday calls for rain in the afternoon and highs between 53 and 55 degrees.

With temperatures rising dramatically, melting ice could cause urban flooding and possible river flooding as well as ice jam flooding along local rivers, according to the National Weather Service.

It will remain cloudy on Sunday with a chance of showers and a high between 46 and 48.

http://bedford.dailyvoice.com/news/say-so-long-sub-zero-wind-chills-westchester-warming-trend-starts

Big Investors Target Pricey Neighborhoods | Bedford NY Real Estate

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Hedge funds and other large investors do much better by buying up rentals in higher rather than lower income neighborhoods, according to a new report sponsored by RealtyTrac. The preference for pricey may be contributing to the deterioration and loss of low-cost rental housing, labeled grave concerns by the Harvard Joint Center for Housing Studies.

At first glance rental yields appear to favor lower income, or “core,” neighborhoods, when credit issues. Delinquency rates, eviction costs and collection times are factored on, investors make more money by owning and managing properties in upper square income areas.

Both price per square foot and rent per foot increased faster in the premium areas in the year ending July 2013, possibly due the slightly better affordability metrics demonstrated in the premium areas as well as some recent evidence of better credit availability for those areas, the analysis found.

Not only are investors doing better with rentals in pricier neighborhoods, the gap is growing with the housing recovery. The average price per square foot of premium homes, defined as those with a purchase price of $300,000 or more is increasing at a faster pace than the average price per square foot of a core home, giving investors a better prospect of a long-term return at the end of their holding period, even though in the short term the yields may be smaller on the premium homes, the study said.

Rents on premium homes are also showing some increase even while rents on core homes are flat lining.

Meanwhile, a recent study by the Harvard Joint Center for Housing Studies reported that the new, well-funded investors are concentrating on a few select markets.

“Although small-scale investors have traditionally owned the vast majority of single-family rentals, large investment pools began to buy up foreclosed homes after the housing crash to manage the properties as rentals. The largest of the group amassed portfolios of 10,000-20,000 homes, many of them concentrated in a few select markets,: the report said.

At the same, loss of rental homes in lower income neighborhoods is a critical issue making housing less affordable to those who can least afford it. The loss rate of housing built before 1960 is roughly 8 percent. Removal rates for single-family homes and two- to four-unit apartment buildings are also comparatively high. Fully 8.1 percent of rental units in non-metro areas were lost from the stock over the decade, compared with 5.7 percent in central cities and 4.7 percent in suburbs.

http://www.realestateeconomywatch.com/2013/12/big-investors-target-pricey-neighborhoods/

Fixed Mortgage Rates Start the Year Higher | Bedford NY Real Estate

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Freddie Mac (OTCQB: FMCC) today released the results of its Primary Mortgage Market Survey® (PMMS®), showing average fixed mortgage rates continuing to edge higher as we enter the new year.

News Facts
•30-year fixed-rate mortgage (FRM) averaged 4.53 percent with an average 0.8 point for the week ending January 2, 2014, up from last week when it averaged 4.48 percent. A year ago at this time, the 30-year FRM averaged 3.34 percent.

•15-year FRM this week averaged 3.55 percent with an average 0.7 point, up from last week when it averaged 3.52 percent. A year ago at this time, the 15-year FRM averaged 2.64 percent.

•5-year Treasury-indexed hybrid adjustable-rate mortgage (ARM) averaged 3.05 percent this week with an average 0.4 point, up from last week when it averaged 3.00 percent. A year ago, the 5-year ARM averaged 2.71 percent.

•1-year Treasury-indexed ARM averaged 2.56 percent this week with an average 0.5 point, unchanged from last week. At this time last year, the 1-year ARM averaged 2.57 percent.

Average commitment rates should be reported along with average fees and points to reflect the total upfront cost of obtaining the mortgage. Visit the following links for the Regional and National Mortgage Rate Details and Definitions. Borrowers may still pay closing costs which are not included in the survey.

Quotes
Attributed to Frank Nothaft, vice president and chief economist, Freddie Mac.

“Mortgage rates edged up to begin the year on signs of a stronger economic recovery. The pending home sales index inched up 0.2 percent in November, after five consecutive months of decline. The Conference Board reported that confidence among consumers rose in December and the S&P/Case-Shiller® 20-city composite house price index rose 13.6 percent over the 12-months ending in October 2013.”

The 7 Steps to Buying a Home | Bedford NY Real Estate

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You’ve finally found the home you love. Now what? Though every market is different, you can expect to follow these seven steps, from offer to closing.

1. Making an offer

If you’re sure the home you love is right for you, it’s time to make your move. This means writing up a formal purchase offer and signing a real estate contract.

Even though it’s early in the buying process, you still must sign a legally binding contract. With your signature, you’re committing to moving ahead with the seller. Keep in mind you can add contingencies to many real estate contracts. For example, most real estate buying offers will be contingent on a property inspection, as well as disclosure review, loan approval, appraisal and other matters. Such contingencies enable buyers to opt out of the contract if unexpected problems or concerns pop up.

2. Disclosures

In most states, sellers are legally required to provide buyers with disclosure documents, a preliminary title report, copies of city reports and any specific local documents. In California, for example, an earthquake hazards report or a geological survey is required as part of the disclosures. In some areas of the South, especially near the Gulf Coast, buyers usually receive flood maps and reports relevant to the property being considered.

In addition, sellers must disclose any known issues that might affect the property’s value or habitability. Usually, in a transfer disclosure statement, sellers must answer a series of “yes” or “no” questions about the property, the neighborhood and their experience there. If there have been leaky windows, violations from the city, work done without permits or plans for a major nearby development, the seller must disclose them. If there are significant issues, the seller’s agent would likely have brought them up before the contract signing. But if something is disclosed here that is a negative factor for you, it is your “out” of the contract.

3. The appraisal

Most buyers put a certain amount of money down toward the purchase price. The balance will come in the form of a bank loan (usually). But a bank isn’t going to hand over that money without due diligence. An appraisal is the financial institution’s way of making sure the contract price is the right price. So the lender sends out a third-party appraiser, which the buyer pays for, to confirm that the contract price is in line with the neighborhood’s comparable sales. If it’s not, the bank can deny the loan or change the terms.

 

 

http://www.zillow.com/blog/2013-12-26/the-7-steps-to-buying-a-home/

As governor, Donald Trump would overhaul Tappan Zee bridge for “peanuts” | Bedford NY Real Estate

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The Donald says he would easily trounce Republican gubernatorial frontrunner Rob Astorino should he decide to run in 2014 thanks to his plentiful personal coffers and a much cheaper proposal for overhauling the Tappan Zee bridge.

Dubbing Astorino a “big, big long shot,” Donald Trump told WGDJ’s Fred Dicker in a radio interview that the establishment favorite would have to raise “$30 million at least” to finance a successful bid for the top job in Albany, according to Capital New York.

“I think I’d win if I decide to do it, because I wouldn’t have to raise money,” Trump said in the interview.

He also offered up an alternative to a current plan to replace the Tappan Zee bridge that would cost as much as $10 billion and necessitate a $25-per-car toll. Without specifying how he arrived at those numbers, Trump said that he could renovate the existing structure for “peanuts” in comparison to the state’s current replacement plan.

“The bridge is a totally fine structure, but it needs renewal, and the renewal can be done for a tiny fraction of the, in my opinion, $10 billion,” he said in the radio interview. “You get the right engineers — I mean the right people — not the egg heads that sit on their Park Avenue stools and they just design away because they’re going to make about ten times or a hundred times more in fees by designing a new bridge.”

The Thruway Authority, which holds the bridge construction contract, did not immediately comment to Capital New York on Trump’s statements, nor did Governor Cuomo’s office. [Capital New York]

 

 

http://therealdeal.com/blog/2013/12/23/as-governor-donald-trump-would-overhaul-tappan-zee-bridge-for-peanuts/

 

Solar energy finally gets a push in NY | Bedford NY Real Estate

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An array of shimmering panels covering 3 acres in New York’s Finger Lakes is a sign of the state’s latest push to catch up to its neighbors in the Northeast that have set the pace in recent years for promoting solar energy.

The project in Romulus, N.Y., that will produce much of the electricity for the Seneca County sheriff’s department, was funded in part with a grant of almost $1 million from the state’s NY-Sun program. The initiative by Gov. Andrew Cuomo’s administration will provide tens of millions of dollars a year for public and private projects producing at least a megawatt of solar power, the equivalent of about 200 typical residential installations.

An initial round of competition in 2012 allocated $30 million to 16 developers in New York City and the Hudson Valley who planned to put a total of 34 megawatts online by the end of this year.

One aim of NY-Sun is to help meet goals for increasing the share of the state’s energy needs covered by renewable sources, now dominated by hydropower. Another is to close the gap with other states that moved more aggressively and quickly to encourage development of solar.

Massachusetts, for example, saw 129 megawatts of solar installed in 2012 compared to 60 in New York, according to an industry group. At the same time, 415 megawatts were installed in New Jersey, where regulatory policy created a system that has utilities effectively subsidizing solar owners to meet renewable energy standards.

“It quickly comes down to policies,” said Michael Johnson, a California-based expert on funding such projects, who returned to his home county this month to help flip the switch on the Romulus system. “Every state does it their own way.”

Developers say Massachusetts and Vermont outpaced New York, in part, because of more generous incentives for a wider range of projects.

 

 

http://www.crainsnewyork.com/article/20131223/REAL_ESTATE/131229976