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Realtors losing ground to the big real estate websites!

There was a time when real estate marketing, and healthy competition between real estate companies was conducted either in the newspapers, the phone book Yellowpages,yard signs, and of course the local Multiple Listing System. Buyers and sellers sought the assistance of licensed and qualified brokers and agents to serve their real estate needs. Real estate agents belonged to a local MLS, where data was stored on the inventory of houses and other real estate property. If a buyer was searching for a home, the real estate section of the local newspaper, word of mouth, or a drive by started the process. It was more or less an even playing field for Brokers competing for business, and the entire process had more safeguards when it came to accurate real estate data. Even with the introduction of the Internet, Brokers competed using their websites to tell the public about their services. Some spent a modest amount of money on exposure, while others invested much more money into Internet marketing. But to be fair, Internet exposure was controlled by a budget within the real estate firm for better or worse. As the years passed, major real estate websites appeared on the Internet that do nothing more than deliver information to the public. They are are not qualified and licensed professionals, governed by State laws within their location, and what's more their information is not always accurate or even current. Realtors have become victims of a squashing of their livelihood by these websites who have unlimited budgets, and agreements with search engines to take top positions on the Internet. As time goes by, they have expanded their search results house by house, while charging agents for the service. These agents are already paying their local MLS for this service in dues and memberships. To add insult to injury, local MLS organizations are providing feeds to these websites, undermining the licensed professionals within their organization. Now, some major real estate franchises have been signing agreements with these large real estate search sites to promote their listings as priority listings. This now adds to the failure of home grown real estate companies, by manipulating the market to their benefit, and reduce the number of local smaller real estate firms. What's sad about this type of commerce, is that an entire industry that was held in high esteem as licensed professionals, are now reduced to the typical used car label that real estate people have worked hard to overcome. Countless hours of training, licensing classes, required continued education, and the ever growing higher MLS fees, are being trumped by non-sanctioned sites on the Internet. Larger real estate companies with many agents are enjoying the exposure that these major data sites provide the searching public. But what has also happened, is that the close working relationships with homeowners and buyers which are an important part of client/broker relationships have in some ways been reduced to simply throwing it out there and hope it sells.

Staten Island Housing Outlook for 2013

Well here we are in the Spring of 2013. The winter blues are fast fading away and Realtors have Open House signs popping up on weekends in just about every neighborhood. Looks good for sellers...right? Well maybe for some and not for others. While the government says that the housing market is still showing signs of better health in 2013. It uses a very broad brush to determine these facts. Often, it's just a consensus gleaned from popular real estate websites, such as Realtor.com, Realty Trac, Zillow and others, who also use too large of a brush to qualify their facts. In my opinion, for most the health of the housing market really comes down to the local market. Unless your buying or selling a property somewhere else other that where you're interested in, do you really care what homes are going for 1000 miles away? Lately, banks have been flexing their muscles on interest rates they charge on home loans. A little higher this week and a lower lower next week...it's hard to keep up. But one thing is for sure, lenders are not too happy with these extremely low rates they have been charging over the last few years, and would be very happy to edge them up, without anyone noticing it. As rates creep up ever so slowly, the theory is nobody notices. Kind of like the gasoline hikes of a few years ago. Then all of a sudden motorists woke up and noticed. By that time, they already paid a third more for gas. Well mortgage rates are a little like that too. A percentage point here and there...what's the problem? Even a quarter of a point, factored over a thirty year payout can be some serious money. It could even mean the difference in getting a loan, or not getting it. Now the government, who has people watching the housing market, along with people watching the government watch the housing market are weighing in on where the housing market is going. In the early days of the economic crunch, the analysis was easy. The answer was from nowhere to downwards. Wow, anyone could have figured that one out. However, now it's becoming a little trickier to determine the pulse of the market, because the market finally has a heartbeat. The heartbeat is still somewhat faint, but on the whole the patient is stable. Now, we need to see if it can continue to grow stronger from here through the summer months, and beyond. Most people buy and sell during the better weather months, and the results can better help in determining the condition of the marketplace. In recent days, congress is looking at reducing the restrictions put in place for higher risk borrowers. Sound familiar? This is where we started the housing bubble only to see it burst...big time. However, there are now better safeguards in place that should filter out the really risky loans, but still help the marginal buyers who are trying hard to meet their obligations. If more loans are made for house purchases, then the entire housing marketplace will grow, from smaller start-up housing all they way up to more costly homes. But, it's important that lenders and the FHA keep much better parameters in place for loan making. Buyers should not over pay for homes, or buy above their means anymore. This only creates an artificial footprint of the market, and as we saw some years back. Market collapse due to artificially manufactured values as banks wanted to make loans. If the government contributes to the problem by making cheap money accessible to lenders, while lowering the buyers threshold, we revisit the housing downturn again. So, as we venture into this new 2013 housing market, on-the-whole, things appear to be somewhat optimistic. Of course, events around the world, as well as the United States economy and job rate could influence home sales. But in the meantime, progress has been made, and continues if even at a slow pace. V.I.P. Real Estate, Inc. Residential Division

Are Short Sales For Everyone

Short Sales are exactly what? Some people think it's an easy way for buyers to get a real great deal on a house. Sellers think it's a way out of their mortgage headache. We'll the truth is their both right. The challenges faced by both buyer and seller, is that a lot has to happen for a short sale to actually close, and it is not always a pleasant transaction. It requires a lot of negotiations, and could take some time for everything to fall into place. For the seller: There are many ways to sign away home ownership in a manner that can destroy your credit, embarrass the family and affect you dignity. Foreclosure and bankruptcy comes to mind first. However there is an alternative, and it's called a "Short Sale". In Staten Island as well as in the entire United States, short sales are happening every day. That's how prominent they have become. Basically, the lender agrees to a sale price between the seller and the buyer and agrees to accept less than the entire amount due them. This allows for a new deed to be transferred to the buyer with no resulting conditions. However, not all lenders will participate in a short sale, especially if foreclosure on the property is better for them than a discounted payoff. It all depends on the balance owned the lender, and the market value of the home. Sometimes, the loss is too great for the lender to accept. For the buyer: The person purchasing a short sale may be in a position to pick up a great home for a reduced price. But, this does not come without difficulties too. First of all, low ball offers will go nowhere. Short sale transactions have the same appraisal requirements that other types of residential sales do. Actually, the sellers lender is quite interested in what an appraiser determines the value of the property to be. Another real issue is time. Lenders do not make decisions quickly when short sales are involved, and there's usually someone higher up-the-ladder that makes the final decision. So it can go very slowly, especially in the early stages of negotiations. This by itself can be an added expense for the purchaser, if they don't evaluate their own circumstances before entering into a short sale. For renters buying a short sale, they could get hit with additional rent and penalties. If a landlord wants the apartment back when you said you would give it to them, but because of delays you can't, it could be costly. Also, if a buyer secures a rate lock too soon with their lender and it's expiring, you will need to pay for another one. In addition, an issue that frequently arises, is that the first appraisal on the property could time-out and another has to be ordered and paid for. This is done to reveal any changes in the property's value. There are other things that could delay a short sale from closing, and a common one is that the seller may be indebted to others that have a direct affect the Title of the property. If your a short sale candidate, either and buyer or seller, then you should always use a Realtor with short sale experience, and the patience to see the deal through to the end. Someone who will assist in finding out all that can be learned and help with any obstacles or issues that may arise. A good short sale Realtor knows where to look, and what information is important to learn. This helps them play an important role in the transaction, and it helps buyers and sellers focus on other things. Note: When a short sale is closed, the lender might issue an IRS 1099 form to the seller as income for the differential or loss to the lender, and therefore income to the seller. A short sale seller should consult with an accountant as to any additional debt that may be incurred from a short sale transaction. We would like to say that we provide the best short sale service that we can to all our customers and client's. And it's based on all our years of experience and training, so we feel that we can assist you with short sale transactions. If you want to know more or have some questions you can call us directly at 718 967-2600 and mention that you are interested in short sale help. You can also use the easy form to reach us. click here Residential & Commercial Specialists The Real Estate Team V.I.P. Real Estate, Inc.

STATEN ISLAND HURRACINE SANDY | REAL ESTATE PERSPECTIVE

A personal story and perspective by John J. Picciurro, Realtor On October 20th 2012, I was vacationing in Jamaica with my family as Hurricane Sandy broke through the Caribbean. Sitting by the pool we talked about how we would lose a few days swimming and sitting in the sun on the beach as the weather changed and Sandy approached. Our vacation hosts were scurrying around preparing for the storm that was coming, picking up everything that the wind could blow away, and moving boats to a safer location a few miles away in a sheltered cove. Sandy arrived and made a mess, but we were all happy that no one was hurt, and things went back to normal the next morning. We joked about all the hard work the staff put in, and the restaurants that had to close. It wasn't too bad after all we said, but what did we know about the real threat. As the plane flew us northward towards home, the pilot told us that we would fly above a storm that was coming up the east coast and we joked that Sandy was following us home! Little did we know how this storm would change our lives. The storm caused much damage to the summer home we have near Seaside Park in NJ, and also the homes of the children down at the shore. We could hardy believe what we saw when we were finally allowed onto the barrier Islands at the shore. But nothing prepared me for what I found in Staten Island when I returned to work. Because my real estate office is located in Great Kills just a block above the water, I feared the worst. However, we were spared as the flooding stopped only a few hundred feet from us. Our neighbors and surrounding towns didn't fare as well, as their homes and belongings were torn apart and their lives changed overnight. After just a few days a FEMA location opened next to our office and strangers came from all over the country towing supplies for the needy behind their cars and trucks. One had a sign on the door that read Staten Island or Bust! Because we were real estate people, we were fortunate to help locate the Tunnel to Towers Foundation into a large facility owned by Cangiano's in Grant City were many families found help and much needed supplies after the storm. Now that time has passed we are left with the aftermath. For many directly affected by Sandy, it may include plans for rebuilding, but for many it's evaluating the direction their real estate assets will take, not really knowing what that might be. Unlike other kinds of tragedies caused by mother nature or even the current economic climate, this one took it's toll on thousands of people and hundreds of miles of the eastern coastal areas. For many sections of Staten Island, Sandy has had a large impact on the value of it's real estate...hopefully at least for the time being. The problems related to repairing and rebuilding can be complicated, from securing insurance settlements and FEMA re-imbursements for homeowners and business that were affected by the storm, to dealing with updated land use regulations resulting from the storm by local, State and federal agencies. To this end, many property owners especially those situated in flood zones are evaluating how best to plan for the future. As I drive through the worse damage caused by the storm, I see an ongoing process of rebuilding and cleaning up. Those that can afford it have already hired contractors to do the work. However, it's also apparent that homes still in the condition immediately following the storm, either don't have the money or are still awaiting insurance claims to be processed. Also, many dwellings have been condemned, and have to be totally re-built. This is sad, and the current cold weather makes the entire process even slower for them. Trying to determine the current value of real estate in these affected areas is difficult because of the unknowns that exist. Although families can move, homes located near major water influences can't just pick up and move somewhere else. This is where they are, and although we all hope nothing like Sandy ever happens again, or even typical flooding, we just don't know. The reality is that real estate values for these areas is not in the hands of real estate professionals, banks or appraisers, but by the property owners themselves. You see, they will determine if the real estate value of their property becomes less, the same or higher in the future. Investors will try to buy cheap, fix up, and rent out for a profit, but people who called this home have no such plans. Banks holding mortgages on these homes are trying to help out homeowners any way they can, and some banks probably don't care at all. This time, the term under water used by many to describe a property's value, could not be more appropriate for this situation. These homeowners were really under water, and they will need a financial life preserver to survive this attack on their personal and family investment. The truth here is that these neighborhoods are not just places that got hit by a bad storm, but they are an important part of who we are as Staten Islander's. Like the rest of the Island, their history goes back to the Revolutionary Days, when times were tough and life was hard. Such a large number of towns on Staten Island cannot be discounted or just labeled as a flood prone neighborhoods. These areas and the families living in them deserve the same protection that was provided to other parts of the country that experienced major storm devastation. Not just re-building money, but serious attempts at permanent fixes so that their better protected in the future. So while we hear about plans for new boardwalks, better storm surge barriers and sand dunes for the summer get away places, lets also concentrate on securing the safety of the Staten Island communities who still suffer from the consequences of Sandy's visit to Staten Island. Let our government help the people rebuild, and feel that their homes and their families future were worth the risk to stay. John J. Picciurro V.I.P. Real Estate, Inc

Congress Extends FHA Limits To Boost Home Ownership, Flood Insurance Extended Too!

DAILY REAL ESTATE NEWS | FRIDAY, NOVEMBER 18, 2011

The U.S. House and Senate yesterday restored FHA loan limits to the level they were at before they were allowed to expire at the end of September. As a result, the limits will rise to 125 percent of the area median home price from 115 percent, up to a maximum $729,750 from $625,500. NAR estimates that several hundred counties where FHA loan limits fell at the end of September will now rise back up to the previous level.

“The reinstated loan limits will help provide much needed liquidity and stability to communities nationwide as tight credit restrictions continue to prevent some qualified buyers from becoming home owners and the housing market recovery remains fragile,” said NAR President Moe Veissi in a statement released last night.

President Obama is expected to sign the legislation shortly. The restored loan limits are in a broad-based bill that includes funding for a wide variety of federal operations and programs.

The maximum conforming loan limits for secondary mortgage market companies Fannie Mae and Freddie Mac also expired at the end of September, but lawmakers did not include a restoration of those limits in the bill. As a result, conforming loan limits will remain at 115 percent of the area median home price, up to $625,500.

Once President Obama signs the bill, the limits will go into effect. FHA will release a mortgagee letter to its approved lenders thereafter, containing a list that’s been updated to reflect the new limits. NAR analysts say it will take the agency a short period to update its database and release the mortgagee letter, maybe a couple of weeks.

The funding bill also extends the National Flood Insurance Program (NFIP) until Dec. 16 to allow lawmakers time to consider long-term authorization of that program, which is an NAR priority.

Staten Island Real Estate - Virtual Tours are a MUST!

As a Sales Manager of a Real estate company, I know how important it is to have your listing noticed in the marketplace. Realtors have a really good tool to use.

Virtual Tours offer up a window of opportunity for to the seller, the buyer and also the Realtor. Video stills will provide buyers with not just a snapshot of your home, but provide flow from room to room. When done correctly, and with fair to good quality photos or movies, buyers can get a much better perspective of the property so that they can choose which home they might want to see in person.

Although I'm not a Virtual Tour expert, I have done enough of these tours for my agents to know that they can be done at no cost, and with proper staging look like they have been done professionally.

I know that not every house listed is Virtual Tour material at first, but most can be if a little effort is put into it. I'm amazed how many really beautiful homes have no tour visible to the buying public, especially now that Realtor.com and other real estate websites offers a link from your local MLS.

Buyers today shop from their computers for just about everything, house buying by searching online is at the very top of the list. This is where most buyers start their search, so would'nt it make sense to go with a tour of your home

Visit: statenislandnyhomes.com (link here)

V.I.P. Real Estate will create a masterpiece for sellers that can help sell a home faster.