One Realty Partners wishes all of our friends, family, and followers a safe and happy Labor Day!
Congratulations to Paul F. Sacco Lic. R.E. Salesperson from New Hartford, NY with One Realty Partners ! He was nomiated as Best of the Best in the Real Estate Agent category. A graduate of Proctor High School and St. John Fisher, Paul is a proud family man and local entrepreneur. He has been married to his wife Michele for over 27 years and raised his daughter Alyssa right here in New Hartford. Paul spent a lifetime building a great reputation. A local business leader, he served as an Executive at JM Door Company for over 35 years. As an active member of our community, Paul has served on boards and committees to help invigorate the Greater Utica area. He’s always had a passion for real estate, so in 2016 Paul decided to take on a new challenge as a real estate professional. He quickly became a top producer in real estate sales, selling over $1 million in his first 12 months.
Choose Paul as your Realtor for New Hartford and all the surrounding areas in Central New York!
Article courtesy of US News Real Estate. To read the full article, click the link at the bottom!
If you’re a homeowner and have been thinking about selling, what are you waiting for? You may not consider 2018 to be your year to sell, but here are four reasons why selling in the next 12 months could be more beneficial than you think.
Buyers are chomping at the bit. Eager homebuyers have been frustrated over the last few years, experiencing low inventory in most major markets, which is pushing them to start home shopping earlier in the year to try to beat out the competition and ensure they’re not missing out on any available properties.
Even before the clock struck midnight on New Year’s, people were already getting a head start on looking at buying or selling a home in 2018. Real estate information company HomeLight saw a 25 percent traffic spike on its website on Dec. 26, with continued high rates of traffic through the first part of the new year.
“Folks have generally turned their attention away from the holiday and time with family and friends, and moved onto the new year and what they want to accomplish,” says Sumant Sridharan, chief operating officer of HomeLight. “And for many people, that tends to be where they want to live.”
The best time to sell your home is traditionally between March and June, Sridharan notes, while warmer climates may see a longer time frame because they’re not restricted by weather. But cold weather isn’t keeping interested buyers from starting their home search at the start of the year. The fact that buyers take the day after a major holiday to start looking for new home means the traditional selling season could be even hotter.
And while the last couple years have proven beneficial for sellers, seeing many homes sell for asking price or above, it won’t last forever. Zillow predicts home builders will begin looking to construct more entry-level homes to meet demand later this year. If you wait too long to put your home on the market, you may find yourself competing with new builds that haven’t been a part of the market in large numbers since before the recession.
Interest rates are low … for now. For both the buyer of your home and your own next home purchase, low interest rates can help make a transaction possible. In the second week of January, the average interest rate for a 30-year fixed-rate mortgage was 4.17 percent, according to NerdWallet. Mortgage rate averages reached more than 4.4 percent in 2017, but closed the year out just below the current rate.
While mortgage rates aren’t expected to spike significantly this year, they are forecast to increase overall. The Mortgage Bankers Association predicts 30-year fixed-rate mortgages will rise to 4.6 percent this year, and it expects rates to rise to 5 percent in 2019 and 5.3 percent in 2020.
While increasing interest rates are a sign of a good economy, they can squeeze out some potential homebuyers from the market. The current low rates can serve as a catalyst for many potential homebuyers to get moving sooner rather than later. But as interest rates continue to rise, you’re less likely to see as many bidding wars – which is welcome news for buyers but not sellers.
Article courtesy of U.S. News. Click the link at the bottom to read the full article!
Once you’ve been approved for a mortgage, shopped around for the right property and decided on the house you want, making an offer is a nerve-wracking – but exciting – time. With a little luck, you’ll soon find yourself in the midst of negotiations that will make you the owner of the house you’ve had your eye on.
But it’s not just the price you can negotiate – buyers and sellers can negotiate plenty of other details about the transaction to sweeten the deal.
In the last few years, many markets in the U.S. have seen drastically low numbers of houses available for sale compared to the number of buyers shopping for a home. With bidding wars a common occurrence, buyers have been getting more creative to make their offer tempting enough to get the seller’s attention. This includes offering to take on additional costs associated with the deal, forgo the home inspection and let the seller move at his or her own pace.
Concessions can make an offer more appealing for the seller and give the buyer a leg up on the competition, but they can also be a useful tool for giving the buyer a break. Ian Katz, principal real estate broker for the Ian K. Katz Group, based in New York City and Westchester, New York, says concessions in negotiations heavily favored the seller in all price points in the New York area in the past few years, particularly 2014 to 2016. Since then, as more newly developed luxury properties have been completed and put on the market, buyers have also been able to take advantage of negotiations with concessions that favor them as well. But Katz says the benefits vary by the home and the level of buyer interest in it. “Now I would say it’s totally property-dependent,” he explains.
While high-price properties may be seeing more market balance, midlevel housing remains tight. At the end of last year, real estate information company Zillowpredicted inventory shortages will drive the housing market in 2018, making it particularly difficult for first-time homebuyers to get into the game.
Whether you’re looking to buy a luxury property and want to assess your options or you need an advantage over competing buyers in a tough market, consider these additional things you can negotiate to make the deal less about price and more about the whole package.
Closing costs. One of the more common concessions included in a real estate deal, closing costs are made up of the one-time fees and first or final payments either side needs to make. On the buyer’s side, closing costs may include loan origination fees, recording fees, lender title insurance and inspection and appraisal fees, among other one-time costs. For the seller, transfer taxes, owner title insurance, home warranty premiums and other fees may be required.
All those fees add up. A homebuyer typically pays between 2 and 5 percent of the purchase price in closing costs – separate from the actual home purchase – according to Zillow. An easy way to ease the financial burden for either side is to include those costs in your offer.
Transaction-related taxes. Often counted as part of closing costs on the seller side, many states, cities or even building cooperative boards will have required transfer taxes and fees, which must be paid when a property changes hands. If you’re a buyer looking to make your offer more attractive but can’t cover all closing costs, offering to take over a transfer tax for your seller could be a great compromise.
“Offer to cover half of it, some of it, all of it just to kind of make the net proceeds for sellers look as good as possible,” Katz says.
Fixtures and appliances. States have different standards regarding what things in a home are included in a home sale, but light fixtures and major appliances are typically included unless otherwise noted in the contract.
Of course, that’s not always obvious to every homebuyer or seller. “There have been numerous times over the years when the seller thought he was taking the TVs and the buyer thought they were staying,” says Tim Elmes, a luxury property specialist with Coldwell Banker Residential Real Estate in Fort Lauderdale, Florida. “As a rule, a fixture is something that’s bolted down, and if it’s not, you can take it.”
As the buyer, it’s important to clear up what’s included in the sale and what’s not – particularly for items like chandeliers and window treatments that may be a significant attraction in the home.
The negotiation also works the opposite way. If you don’t want the seller’s old washer and dryer, you may be able to include a stipulation that they remove the appliances from the home.
Furniture. Unlike appliances, furniture is expected to leave the property when the seller moves out. If you absolutely love the décor, however, you may be able to negotiate a purchase of the furnishings as well.
Most states require the purchase of personal property to appear on a separate contract from the real estate deal, though both contracts can be finalized at the same time. The promise of an additional $50,000 for furnishings, however, may make some sellers more inclined to take a second look at a home offer that’s slightly below asking price.
Article courtesy of HGTV. Click the link at the bottom to read the full article!
AND most importantly, if you’re interested in an investment property for your student, GIVE US A CALL!
Buying a space for your student could turn out to be a great investment.
So you didn’t buy a rental home as part of your child’s college savings plan? No problem. Buy a property for your teenager to live in now while they’re attending college. It can be a worthwhile investment financially as well as an excellent learning experience.
In Boulder, Colo., if a parent bought a condo in the 1980s and held on to it for four years, they most likely would have sold it for about what they paid for it. If a parent bought a condo in the 1990s and sold it in four years, they most likely would have made enough profit to pay for their child’s education at the University of Colorado.
Owning the property your student lives in while he or she attends college can be beneficial in several ways:
- Stability. The student won’t need to look for a different apartment to live in each year. In addition, you can pick the lifestyle that will help your student succeed in school by choosing the location and the quality of housing that best fits their needs.
- Fixed housing expenses. In the past, apartment rents in Boulder have typically increased on an annual basis. By purchasing a property with a fixed rate mortgage, your student’s housing expense will be fixed. In addition, you won’t have to deal with paying security deposits or going through the hassle of getting the deposit back.
- Storage space. Having a single place to live in that you own means your student will not have to worry about storing furniture over the summer break.
- Life lessons. By purchasing a home for your student, you’ll be providing him/her an excellent learning experience. Your student will not only learn about the process of investing in real estate, but will also learn about the responsibilities that go along with property ownership.
- Financial benefits. Potential financial benefits include possible appreciation in value, possible tax benefits, and debt reduction on an amortized loan which increases equity build-up.