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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.
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The Capital Region Skinny from GCAR
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.
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Tips for First-Time Home Buyers
Tips for First-Time Home Buyers
We have all dreamt of our dream home at some point in our lives. We have all wondered what it would be like to have a house with a certain number of rooms, a big backyard and possibly even a pool. We all want that house in a safe neighborhood; more than a house – we want a home.
- Consider down payment programs: If you’re planning ahead, open a matched savings account. Eligible participants can earn up to $4 for every $1 saved – As much as $7,500 towards an eventual (within 10 months – 3 years) home purchase in New York State or New Jersey. Visit the organizations matched savings page for details and income limits. If you’re looking specifically in the City of Albany, we encourage you to check out the Buyer’s Choice Program, which can provide you with up to $20,000 in down-payment assistance PLUS up to $20,000 in necessary repairs.
- Get a mortgage pre-qualification letter: In order to begin your search, you will need to know how much you will be able to afford as a first-time home buyer. Most banks offer this mortgage pre-qualification at no cost to you – simply stop into the bank or call to make an appointment to meet with a mortgage originator. A few local banks in the area that Realtricity often recommends include Sunmark Federal Credit Union and SEFCU.
- Know the average process and length of buying a home: Some buyers will look for years and not find that perfect property – those buyers are not motivated. You have to truly be motivated to find a home. Studies show buyers will look at 20 to 30 houses before they finally decide on a property. This can take anywhere from two days to two months. To make life easier, start your search from home by visiting Realtor’s websites and searching their listings by inserting your own criteria, looking through virtual tours and getting more information about the surrounding neighborhood. Print out a few of the properties you are interested in and call the listing agent for more information and to schedule a tour. To understand the process better, read our Step by Step Buyer’s Guide.
- Consider signing on with a Buyer’s Agent: Unless you’re an agent yourself, it’s wise to sign on with a Buyer’s Agent who will represent your needs and desires while helping you locate the property that’s best for you. Locating a professional advocate, who is required by law to get you the best price and terms, can alleviate home shopping stress. Good real estate agents will listen to your wants and needs and arrange to show only those homes that fit your particular parameters. They are required to point out defects and will help you feel more confident in making your decision. If time permits, your agent may even wish to preview homes for you before showing you the property.
- Know what to do when touring a property: When looking at a property for the first time, you should bring a camera and take several pictures and notes about your thoughts and observations. Don’t be afraid to think out loud – Do you like the location? Is it near your work place? Examine your lifestyle – Is the house childproof? If not, will it be easy to childproof? Is it in an urban or rural area? Is it convenient to locations where you can enjoy your favorite hobbies? Does it have the social culture you’re looking for or are used to? A good listing agent should have all this information available to you. When you leave the property, rate it on a scale of 1 to 10 with 10 being the highest and review your notes when you get home.
- Find a good home inspector: Before making the purchase, you will want to know how the home was built and what problems it may bring with it. The only way to truly know what’s going on inside (and over and under) a home’s structure is to secure the services of a reputable home inspector. Their services can save you thousands of dollars later on and pull you out of a potential money pit. If you are signed on with a Buyer’s Agent, they will be able to provide you with a reputable list of good home inspectors and who they always refer. If you don’t have an agent working on your behalf, you can always ask friends and family who they would recommend.
- Be aware of the buyer’s expenses and costs of owning a home: After finding a home or two, sit down and figure out if you can even meet the expense of this purchase. There is much more to take into consideration than your monthly mortgage. Consider whether or not you will be able to afford the utilities, property taxes, repairs, lawn maintenance expenses, and so on. The cost of private school tuition and transportation will also add up if you go that route.
- Protect your assets: Overall, the best way to protect your assets during this process is to have every part of the sale in writing. Make sure you understand every aspect before making this huge commitment. For the future, it is strongly encouraged to purchase homeowners insurance after purchasing your new home, which will surely help you in the long run. A Buyer’s Agent will have some great companies lined up that you can talk with.
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Realtricity Helps Seniors Downsize
One of the major transitions people encounter in their lifetime is the move into retirement living. Downsizing from a home you have lived in and taken care of all your whole life seems like an overwhelming task, but an important one. Personal items tend to collect and build up over time making the chore associated with moving daunting to most. We are here to help you through the process associated with downsizing and help you sell your home. Once you recognize that the tasks associated with home ownership have become too much to handle its necessary to take the next step in life to see what other options are available to you.
Taking the step to downsize will only help to simplify your life and make more time for the things you enjoy. Outside of home ownership there is always the option to rent, but nowadays as the baby boomer generation continues to age into retirement the need for more senior housing, alternative senior living communities, and a more fulfilling lifestyle has begun to grow. In a 2009 census estimate there were 40,477 people over the age of 65 in Albany County making up almost 14 percent of Albany’s total population. With this growth comes new opportunities and gone are the days when the only options for retirement were assisted living facilities or senior communities with no services or amenities. Today, several options have taken shape within the Capital District for senior living, and Realtricity is happy to be a part of two of the area’s up-and-coming independent retirement communities. For more information on these independent living communities, you may visit the Ávila and Shaker Pointe websites.
Entrance to Shaker Pointe at Carondelet Independent Living Community
The Cottage Residences at Ávila Retirement Community
Downsizing tips:
It’s better to downsize your home before you list it for sale. Downsizing removes excess clutter and unwanted or unused items while helping the home look larger and more appealing to a potential buyer coming through. Pack away personal items and mementos such as family photographs and excess clutter and move them to storage. Consider all of the personal items and furniture you own and determine the items you don’t wish to take with you to your new home. Go through your home and place a sticker on the items you wish to get rid of. For these items consider the following options to remove them as soon as possible from your home.
Your options for the items you wish to dispose of:
- Donate to family and friends: Begin to contact the individuals you would like to give furniture and other household items to.
- Garage sale/estate sale: If you plan on having a garage sale, it may be a good idea to ask a few of your neighbors to join you. In most cases, the larger the sale, the more people it will attract. If you are not able to have a garage sale or would rather someone else dispose of your things, consider having an estate sale. For more tips on garage and estate sales please contact one of our agents.
- Donate to charities: The Capital Region has many deserving charities. Please try and donate items that are in fair condition. Many charities will pick-up unwanted items and there are many places to drop off items. Always be sure to ask the charity for a receipt and a value of the items that you donate for tax deductions. To see a full list of Capital Region Donation Organizations please contact us and we would be happy to pass it along to you.
- Waste Disposal: For items that are too worn out or broken, consider disposing of them. For large items or large amounts of unwanted items, consider calling 1-800-Got JUNK or 1-888-Chuck-It. They will pick up anywhere in the Capital Region if you call ahead.
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Who Lives in Albany County?
Quick Facts taken from the U.S. Census Bureau:
- The total population estimate for 2008 is around 298,130 people
- 33.3% of Albany’s population has a Bachelor’s degree or higher
- 57.7% of residents own a home
- The median household income for 2008 is around $59,245
- 12.3% of residents live below poverty level
Albany County is made up of three major cities, 10 major towns, and six villages and each are diverse in their own demographics.
THREE CITIES
1. Albany
2. Cohoes
3. Watervliet
TEN MAJOR TOWNS
1. Colonie
2. Bethlehem
3. Guilderland
4. New Scotland
5. Coeymans
6. Green Island
7. Knox
8. Berne
9. Westerlo
10. Rensselaerville
SIX VILLAGES
1. Colonie
2. Menands
3. Green Island
4. Ravena
5. Altamont
6. Voorheesville
As you may already imagine,the majority of Albany County’s population is composed of twenty-something singles, but check out this graph for something a bit more interesting:
- Albany County Age Distribution Chart (Numbers taken from www.zillow.com)
The graph above makes it clear that Albany County is home to a high percentage of young adults. The interesting trend in graph is the spike in 70 years and older adults that call Albany home. The graph shows a gradual climb in age up to 20 years, and then a gradual drop off until the 70 years and older mark.
A Prizm Segmentation System found on the site www.claritas.com identified five key segments that fit the majority of Albany County residents. Each town, village, and city within Albany County differs slightly in segmentation from the others.
- Boomtown Singles
- Single, and working-class
- Lower-middle class, middle age, no kids
- Enjoy thriving singles scene
- Live active lifestyles amid sprawling apartment complexes, bars, convenience stores, and Laundromats.
- City Startups
- Low income, younger, no kids
- Usually young, multi-ethnic singles
- Live in neighborhoods filled with cheap apartments and a commercial base of cafés, bars, Laundromats, and clubs that cater to twenty-something’s.
- One of the youngest segments in America, usually a college student
- Family Thrifts
- Lower-middle class
- Younger with kids
- Young, ethnically diverse parents who have lots of children and work entry-level, service jobs.
- Old Glories
- Mature adults, mostly without kids
- Downscale suburban retirees
- Often living on fixed incomes
- Tend to lead home-centered lifestyles
- Park Bench Seniors
- Older, mostly without kids
- Usually retired singles
- Have modest educations and incomes
- Maintain low-key lifestyles
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Siena Research Institute: “Consumers See a Positive Future in the Real Estate Market”
On July 20, 2010 The Siena College Research Institute teamed up with the New York State Association of Realtors to release the 2nd Quarter Consumer Real Estate Sentiment Scores. The SRI conducted the survey on real estate sentiment throughout April, May and June of this year. 2,227 phone calls were made to New York State Residents over the age of 18. Each Metropolitan Statistical Area surveyed had a minimum of 400 additional respondents (with exceptions for NYC and Long Island). Sentiment scores are found though a series of calculations; zero being the breakeven point and scores of -50 and +50 representing rare and extreme results. Negative scores represent pessimistic sentiment whereas positive scores reflect optimistic sentiments.
*Graph from SRI (Siena Research Institute)
Looking at the scores for the Albany Metropolitan Statistical Area it comes to no surprise that the data reflects a buyer’s market. The current sentiment score for buying real estate in Albany is 37.2 representing a very optimistic score for the current market. This score likely reflects the recent federal homebuyer tax credit and the current low mortgage rates, still future attitudes towards buying homes remain optimistic for Albany with a sentiment score of 24.4.
The current sentiment score for selling in the real estate market is pessimistic, but the data shows hope for the market in the future with an optimistic 28.7 future sentiment score. When comparing Albany to other Metropolitan Statistical Areas such as Binghamton, Buffalo, Long Island, Mid-Hudson, Rochester, Syracuse, and Utica; Albany had the most optimistic sentiment score for the overall future of the real estate market and for the future of real estate sales.
*Data and graph from SRI (Siena Research Institute)
This trend signifies an overall hopeful attitude for future improvement in the Capital Region housing market and positive expectations towards higher property values. If more people feel safe selling their homes more housing inventory will become available resulting in the balancing-out of the housing market.
This table breaks down the sentiments by specific demographics of the people surveyed. The demographics include, the general physical area of where the surveyed person lives, homeowners from homes of various market values, and whether or not the person surveyed rented or owned their home.
*Data From SRI (Siena Research Institute)
Data and charts were found at www.siena.edu/sri. If you are interested in more information contact the Siena College Research Institution. SRI is an independent, non-partisan research institute. SRI subscribes to the American Association of Public Opinion Research (AAPOR) Code of Professional Ethics and Practices.
