Hudson Valley Happenings Blog : February 2008

You are looking for a new house.  You have spoken with a mortgage representative who has given you the amount you are qualified for and you are surprised that the amount is so high.  Make sure that you have asked how much your monthly payment will be for principle and interest.  Remember that you will need to add 1/12 of the taxes plus insurance to each payment.  OK.... now you have an idea of how much house you can actually afford and still pay for the other things you need to buy like food and clothing.

Most home-buyers start their search on the Internet.  They will go on a real estate search engine or to a broker's website and search through the available homes in the area they want to live in.  Once they find some homes that they like they will start calling the agent's that have those houses listed.  They will make appointments to see those houses with the listing agents and will go to see homes without representation. WHAT???? Yes, the agent who is showing them the house works for the seller.  A Listing Agent is looking out for the best interests of the people who hired them.  I can't understand why anyone would want to make one of the most expensive purchases they will ever make without representation.

If you choose to work with a Buyer's Agent you will have someone on your side.  A good buyer's agent will do the search for you, put together a tour so you can see a variety of houses in your price range, and provide you with all the information and resources you need to make the right decision. 

I wish you luck with your search and hope you will give me a call if you are looking to purchase a home in Orange, Sullivan, and Ulster counties of New York State or if you would like a referral to a good buyer's agent in your search area.

Hey New York buyer's have you heard it is a Buyer's Market?  Well it is sort of.  What you won't find so much of here in Orange, Sullivan, and Ulster Counties are house going for pennies on the dollar and don't expect that once you find the perfect house that no one else will be bidding on it.  There is a lot of inventory in most price ranges but the good ones in each price range are the ones that everyone else wants.  

If you are working with a buyer's agent please listen to them when they urge you to make a reasonable offer.  I am not saying you should bid full price, in fact some houses are selling for 15 - 20 % lower than list price but if your initial bid is too low you risk turning the seller off or worse allowing another buyer come in with a higher offer that blows you out of the water.  

As a buyer's agent I am always on my client's side with thier best interests at heart.  Your goal is to get the house you want at the best price possible.  That's my goal too.  Some people think that the agent will try to make you pay more because their commission is based on sales price.  To tell the truth the difference in the finally "payday" is minimal when we are dealing with increases in sales price of thousands of dollars.  If you are not working with a buyer's agent or worse working against the suggestions your agent is providing and you keep missing out on the house you want I suggest you find an agent who will join your team and get you to the goal of owning a new home.

Good Luck in Your Search

I'm Paddy Pizappi- Work With Me And You'll Be Happy  

If you live in the New York City metro area and are looking for a good place to buy, you owe it to yourself to check out the Pine Bush area.  About an hour drive to the city with bus and trains available for commuters you will find quaint villages or more open spaces.  There are nearby shopping and cultural opportunities. 

The Pine Bush School District touches three counties, Orange, Ulster, and Sullivan.  We have four elementary schools, two middle schools, and one high school.  There are many special programs for the children who go to school here.  The high school currently has four academies three of which allow students to explore specific academic and professional choices.  The school also has the International Baccalaureate program.  My son will graduate this year with college credits and advanced placement to use as he goes on to college.    

Many NYC police officers and firefighters make their homes in our area.  We have lower taxes than many areas closer to the city.  Housing is affordable too.  We still find homes in lower price ranges that are not total wrecks. 

For more information on this area feel free to contact me.  I will be posting area pictures on Localism shortly.  I hope you will take a look.     

How many times do you help out a customer or client without hope of financial reward?  I do it all the time.  I believe that doing the right thing will result in something positive in the future.  It could be that the next person I take out buys the very first house they look at or the person you helped out refers you to others who do buy or sell through you. 

I am not saying you should become a slave to a hopeless situation but you should at least acknowledge the situation and provide the person with resources and references of someone who might be able to help them.  Sometimes I have gone too far and spent too much time on some particular situation but I am working on learning when to say no or I'm done.  I saw a book the other day with the title "The Positive No".  Has anyone read it? 

In this current market, the agents who are only about the $ are not going to win.  Service for the client is key.  I hope that the next time you face a situation that won't make you a dime but will help out another human being that you will help them out and realize that you will be rewarded with something else in the future.

Have a great day.   

What happens to someone who desperately wants to own their own home but does not know how to go about it?  Where can you turn if you have credit issues, no down payment, or want to live in a specific area but can't seem to find a house you can afford there?  A buyer's agent may be the the answer to your problem.

Sometimes I have worked with buyer's who needed information and resources in order to get ready to buy.  It is hard to hold back the enthusiasm and desire to jump right in to looking at houses but until you are sure about what you can afford you are only setting yourself up for disappointment.  You may need to spend a few months or more getting things lined up in order to be in the best position to get the house you want. 

Working with a great mortgage consultant will help you to figure out not only how much you can qualify for but how much you can comfortably afford.  Just because your income qualifies you for a $300000 mortgage does not cushion the blow when you learn that the monthly payment along with taxes and insurance will not allow you to eat.  It is important to ask "What will my monthly payment be?"  Ask your mortgage rep. if you can qualify for a lower rate if you clean up some credit problems.  A few months spent dealing with these things prior to applying for a mortgage can save you thousands over the life of the loan.  Are there any special loans available for people in your profession, for a specific geographic area, or for your personal situation?  I have found it best to work with a local lender or a national company with local representatives.  As each area has their own closing practices someone with local ties can provide quicker and more efficient service.

Perhaps you have specific needs and wants that will take a while to find.  Working with someone who is always reviewing the current inventory of homes will pay off for you.  You won't have to spend hours on the computer and phone making appointments with multiple agents and sellers.  Instead your buyer's agent will sort through the available options for you and send you only those properties that might work for you.  Why run around like a crazy person?

When you establish a relationship with a buyer's agent he or she will be able to help you through the whole process.  They will keep you updated while you get ready and then already know you when it is time to look.  Buying a home should not be a quick decision process.  It will probably be one of the most expensive purchases you will ever make so find someone who will have the patience to work with you through the whole process.

Good luck with your search and feel free to contact me for information on working with a buyer's agent. 

Many people who look for real estate believe they will get a better deal if they work directly with the listing agent of a property they are interested in.  I wonder why this is.  I want someone who works with my best interests in mind when I am spending so much money.

I will never forget the first time I dealt with an agent during the sale of the house my husband owned before we were married and the purchase of a new home.  It was in the early 1990's and the change to disclosure of who works for who was just coming into being.  I was shocked to learn that the agents prior to this change had all worked for the buyer.  Even if the agent was showing you multiple houses listed by many different agencies, they were obligated to get the most for the seller of the property not the best deal for the buyer they were working with. 

It is not that way today.  You can choose to work with an agent who will work to find you the best house possible and follow through to negotiate the best deal for you.  A buyer's agent can put together a tour of properties that meet your criteria regardless of who listed them.  You will get to see the variety of properties in your price range to allow you to find the best one for you.  They will point out obvious defects and can provide you with information on recent house sales that will help you and your agent make an offer so that you can present the best deal you can to the seller and hopefully allow you to get the property you want.  Your agent will be there to help you find a loan officer, home inspection, work with your attorney, and any other aspects of your purchase.  They will keep in touch with everyone who is involved with getting you into your new home.

Knowing this should make a difference to you.  Whether you are looking for a place to live, investment property, or something for your business working with an agent who is on your side.  Put a buyer's agent on your team and you will come out a winner.

I would love to hear from anyone anywhere who is interested in working with a buyer's agent.  I work in New York state but would be happy to help you get someone on your team who would look out for you.   

Have a great day.

Paddy Pizappi