Realtricity offers much more marketing for much less cost
Typical Real Estate Company
MLS Listing . Yard Sign . Open House
Word of Mouth . Newspaper Ad
Simple Website Listing
Realtricity
MLS Listing . Yard Sign . Open House . Word of Mouth . Mutlimedia
Advertising . Property Webpage . Free Staging Consultation . Online
Virtual Tour . Twitter Updates . Property Blog Posting . Facebook
Marketing . Email Marketing . Marketing Analytics Report . Media
Driven Results . Less Commission Costs!
Real Estate Blog
11
July Capital Region Real Estate Skinny
Where has the Capital Region’s real estate market been and where is it heading? This monthly summary from the Greater Capital Association of REALTORS® provides an overview of current trends and projections for future activity.
11
Questions Your Real Estate Agent Can’t Answer
The job of a real estate agent is to guide you through the process of selling or buying a home, but do you know the questions you can’t ask your agent to answer? If your agent deflects your questions regarding neighborhood information, don’t mistake their actions for lack of knowledge when they might just be following the law. As licensed professionals, real estate agents must abide by certain rules and regulations. These rules are designed to protect the integrity of the sale as well as all parties involved. One such law would be the Fair Housing Act that was put into to action to prohibit discrimination in the sale, rental, and financing of dwellings, and in other housing-related transactions, based on race, color, national origin, religion, sex, familial status (including children under the age of 18 living with parents or legal custodians, pregnant women, and people securing custody of children under the age of 18), and handicap.
Questions Your Agent Can’t Answer:
“Which schools are ‘the best’ in the area?”
Asking your agent to describe the different area school systems and what schools in the area are considered to be ‘the best’ is a big no-no. If an agent answers this question they are guilty of steering your opinion. To find out more information about area schools, do some research on your own; there are great websites out there designed specifically to inform new residents about each school.
- Check out: http://www.greatschools.org/ to see how area schools
rate nationwide.
“What is the main religion in this neighborhood?”
The decision to purchase a home should be made based on the property’s fair market value. If you’re interested in the religious services available in a neighborhood do a Google maps search for religious structures in the area of question and see what is available. (Example search: house of worship in Albany, NY)
“Does this block have a lot of children?”
Your agent can’t single out neighborhoods based on the age of area residents. If you’re looking for older neighbors consider moving into a community that is designed specifically for people age 55 and older. If you are interested in getting to know your potential neighborhood make sure you drive by the property throughout different points during the day and throughout the week; this will also give you an idea of the traffic or street parking situation.
“Can you tell me what the crime rate is for the area?”
If you’re interested in crime statistics, you may like to visit the following two sites for information:
- http://www.neighborhoodscout.com/ny/crime/
- http://www.familywatchdog.us/(this site is a National sex offender registry website)
“What is the average household income in this neighborhood?”
Interested in what your potential neighbors are making? For median household value, median household income, and a brief description with information about the neighborhood in question visit this site:
“Has this property ever been the site of a landfill?”
Your agent might not know the answer to this question. For information regarding past and present environmental concerns in your area visit the EPA’s website that lets you search by zip code.
11
The ABC’s of Financing
A: Ask your bank or your lender questions to gather more information.
B: Be prepared to account for additional homeownership costs (Ex: bank, lender and attorney charges).
C: Choose the right type of lender. Some of the most popular types:
- Mortgage Bankers
- Mortgage Brokers
- Wholesale Lenders
- Portfolio Lenders
- Direct Lenders
- Correspondents
- Banks or Credit Unions
D: Determine what you can afford for a down-payment.
E: Estimate your mortgage payments.
F: Focus on mortgage affordability, not how long it will take you to pay off.
G: Gather as much information as possible.
H: Help avoid potential dilemmas and pay attention to the terms of any loan you decide upon.
I: Investigate all the financing options available to you.
J: Judge the mortgage payment that will work best for you.
K: Know the source of your funds.
L: Look ahead at your future financial situation.
M: Mortgages are loans for the purchase price of a home that don’t include the amount of down-payment. Payments are made on a monthly basis. They include the amount of money borrowed (the principle) plus the interest the lender charges.
N: Never forget to factor in taxes and insurance when determining your annual home expenses.
O: Options exist for down-payments outside of a savings or checking account. Contact your local Affordable Housing organization to learn about the assistance and grant programs that are in your area.
P: Pay close attention to the interest the lender charges if you have decided to take out a loan. They are very competitive!
Q: Question and communicate with your lender to reach the best option.
R: Research different options to pay for a down-payment:
|
Down-Payment Options |
Definitions |
| LTV Conventional loan (Loan to value) | A loan that allows you to borrow the entire purchase prices, with a high interest rate |
| Down-payment programs | Programs like AmeriDream, Downpayment Gift Program, The Nehemiah Program. |
| Government-backed loans | The government backs part of the loan so the lender can offer a higher percentage loan to value (Ex: Veterans Administration loans) |
| Sellers who do owner financing | Sellers can act as a bank and allow you to make payments without a down payment |
S: Standard down payments are around 20% of the homes purchase price if you do not want to pay PMI.
T: Try not to rely on your 401K plan, IRA or Roth IRA to finance a down payment. These are risky last resorts.
U: Understand your current financial situation.
V: Verify all your information.
W: Will you be comfortable with your decisions in the future?
X: Examine the types of loans that may be available to you:
|
Type of Loan |
Definition |
| Thirty-year | Payments are spread over thirty years with more affordable monthly payments |
| Fifteen-year loan | Payments spread over the course of 15 years. You have a higher monthly payment, but you reduce the total amount of interest paid altogether. |
| Amortized | The same payment amount is made over time that includes interest as well as the money to pay back the principal. |
| Annual percentage rate (APR) | Includes upfront costs in addition to the interest rate. |
Y: You are not alone, 92% of home buyers borrow money to finance the purchase of their home.
Z: Zip up a solid plan by using this worksheet to help plan where your money will come from:
|
Source of Funds |
Current Amount |
Future Amount |
| Bank accounts (checking/savings accounts) | ||
| Cash gift(s) expected/promised (gifts from family and friends) | ||
| Certificates of deposit | ||
| Sale of stocks | ||
| Cashing in of bonds | ||
| Sale of mutual funds shares | ||
| Sale of personal property | ||
| Tax refund due | ||
| Other | ||
| Total Cash Available for Down Payment |
