Wednesday, July 17, 2019 / by Vanessa Saunders
Many Hudson Valley home owners have a 30-year fixed rate mortgage. If the thought of paying for your home over the course of 30-years seems daunting, here are some easy ways to shorten that term which will actually end up saving you money over the life of your loan.
Any additional payments to the principal amount (the original sum of money borrowed in a loan), helps to cut down the amount of interest that you will pay over the life of your loan and can also help to shave years off the loan as well.
When you make ‘extra’ payments toward your loan, the key is to let your lender/bank know that you want the extra funds to go toward your principal balance as they will not automatically do this for you.
You don’t have to double your mortgage payment to make a big difference either!
If you have a 30-year mortgage on a median-priced home ($250,000) with a 5% interest rate, you’ll be responsible for a $1,342.05 monthly principal and interest pay ...
Tuesday, July 16, 2019 / by Vanessa Saunders
Last week we wrote a blog about how buyers, as well as sellers, agents and brokers can be in danger of violating Fair Housing laws by writing or facilitating a "We Love Your Home" letter to sellers with a house on the market. Imagine the coincidence this weekend when I had an agent from a large brokerage submit a similar such letter.
We thought you'd be interested, so here it is. The identities of the authors have been changed to protect the guilty:
The letter goes on to talk about their grand children, their appreciation of what God has given them, how they want to be blessed with the house and promise to love and care for it.
I have no doubt the buyers were sincere, and it was a lovely letter of introduction, if a little bit self-serving. But the point is, such a letter lets the writers and their associates in the deal open to suit for several reasons.
As we explained in our previous blog, if the sellers sold it to the family, a buyer whose offer was turned do ...
Monday, July 15, 2019 / by Vanessa Saunders
Near Future Home Price Prediction
Hudson Valley home owners we speak to who are anticipating putting their homes on the market often ask where home prices will head throughout the rest of this year, as well as where they may be going over the next few years .
We’ve gathered current data from the nation's most reliable financial sources to give our clients a glimpse of where prices may go:
The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter.
Mortgage Bankers Association (MBA) – As the leading advocate for the real estate finance industry, the MBA enables members to successfully deliver fair, sustainable, and responsible real estate financing within ever-changing business environments.
Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive surveys of industry executives, and rigorous financial analysis to deliver pro ...
Friday, July 12, 2019 / by Vanessa Saunders
So many times I see sellers trying to squeeze every penny out of the sale of their house but end up shortchanging themselves. Here are seven such circumstances that can be eliminated with a little foresight:
1. Cheaping out on remodeling.
Inferior finishes or cheap solutions to home decorating problems always come back to haunt sellers. Guilty parties include cheap laminate flooring, paint on grainy un-prepared surfaces, "faux" granite counter tops and Ikea kitchens. None will improve the selling price, and all will be seen by buyers as something they'll have to replace or re-do anyway.
2. Ignoring older systems.
Be it a struggling HVAC system, a saggy roof or a water heater as old as your youngest child, a seller will have to deal with these issues in one of three ways. They will receive no offers, they will receive offers reflective of these items that need to be replaced, or once the home inspection happens, the buyer will want to renegotiate the entire transaction. ...
Thursday, July 11, 2019 / by Vanessa Saunders
(This isn't just about real estate but it's damn fine information for anyone, REALTOR®, buyer, seller or anyone with access to social media and the Internet.)
Why do hackers do it? Why do they spend hours trying to break into corporate and government computers? Because breaking into a computer system is like getting the keys to the corporate kingdom, gaining trust and access.
These are not nice people.They are not just some teenager sitting in his bedroom in his pajamas, clicking around on a lap-top. More likely, they are foreign nationals in a concrete office building, surrounded by other hackers pounding away at your security system to plant malware, get passwords and banking information and encrypting entire systems to sell for ransom. Their targets range from small businesses and individuals, to the computer systems of entire cities, which happened to Baltimore and Philadelphia recently.
So how in the heck do hackers get your company info to target an at ...