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Staten Island, NY Real Estate News

By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Mortgage Volume Up 7.5%, Rates Down The Mortgage Bankers Association reports a 7.5-percent increase in home loan demand during the week ended Aug. 29. The index indicates a 10.5-percent jump in purchase applications and a more modest 2.1-percent rise in refinancing requests. Additionally, the group's index tracking mortgages backed by the FHA surged 19.9 percent. Refi demand accounted for 34 percent of all application volume and adjustable-rate loans accounted for 6.6 percent--versus 35.2 percent and 7.9 percent, respectively, the prior week. The report also shows a drop in the 30-year fixed mortgage rate to 6.39 percent from 6.44 percent and a decrease in the one-year adjustable mortgage rate to 7.11 percent from 7.15 percent, while the 15-year fixed rate edged up to 5.96 percent from ...
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By Debbie Romeo
(Coldwell Banker DiTommaso Realty)
The Real Estate market is slow but we are still selling houses and finding houses for our buyers as well. Who ever said that houses are not selling and people are not buying are wrong. We as professionals need to work within our means and adjust to the market every month whether it is good or bad. We are experts in negotiations and we are great at the art of selling and buying. We just need to make the homeowners understand that their houses are precious and valuable but they need to price it according to the market because they only hurt themselves by pricing too high and waste valuable time by doing that. We need to show them that this is our profession and we are trained and experienced in this field and have been doing it a lot longer than the homeowners!!!!
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Where Are Lenders Getting Credit Scores? Consumers often mistakenly believe that mortgage lenders use only credit scores from Equifax, Experian, TransUnion, and Fair Isaac's myfico.com to gauge creditworthiness. However, Consumer Reports recently found that lenders also use NextGen FICO scores, FICO Expansion Scores, and Industry Option FICO scores - which take car loans into consideration - as well as custom formulas. Given that these credit scores or scoring models are not available to consumers, experts say that consumers should not rely solely on available credit scores to determine their likelihood of getting a loan. They would be wise to make timely bill payments, make more than the minimum payment, hold down credit card balances, and retain old accounts. Additionally, experts say...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
The credit implications for a short sale are very different for those voluntarily selling their property and those forced into foreclosure. If the property owner voluntarily selling the property can pay off the amount owed out of pocket by using assets already owned there should be no credit implications. If the property owner needs to take a new loan from a bank in order to make up the difference from the short sale, then the credit implications would be the same as the credit implications of taking out any loan. In fact, sometimes taking out a loan can improve a credit rating. Whether the new loan raises a credit score or lowers a credit score, most likely the new credit score will not be drastically different than the property owner's credit score before the short sale. However, if t...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Should You Buy a Home in Today's Market? Before we start, let us give you one reason to not buy a new home right now. How long do you intend to live there? A rule of thumb is that it rarely makes sense to buy if you expect to move within two years. That's because when you do sell, there are costs associated with selling. We're not just talking about sales commissions to the buying and selling real estate brokers. Most owners rely on home appreciation to pay those costs and to provide the down payment and closing costs when they buy their next home. So buying a home when you expect to move before too long is a risk, especially in an uncertain market. However, most buyers live in their new home an average of seven years or more. If that fits you, it almost always makes sense to buy rather...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Field Guide to Buying vs. Renting Rent-to-Own Deals: Smart Questions to Ask... For Sellers: Who will tend to the property and pay for routine maintenance?Who pays for major repairs?What are the costs of setting up and managing an escrow account for the portion of rent allotted to the down payment?Will you manage the property yourself, or hire an agent?What if the renters change their minds? Who keeps the money in the escrow account?If the buyers change their minds, what will be required to put the property back on the market?For Buyers: How much of the rent is going to the down payment?How locked in are you if you change your mind?What will it cost you to get out of the deal?How long will it take to accumulate enough of a down payment that you are likely to qualify for a mortgage?
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Many consumers consider selling their home directly but eventually turn to REALTORS®. Smart home sellers realize they need the expertise in pricing their home, making connections with REALTORS® working with buyers, arranging and staffing open houses, and coordinating with other professionals in the sales process. Only about half of all real estate agents are REALTORS® -- the top half, in our not-so-humble opinion. REALTORS® work independently, for small agencies, or for large brokerages. They help people buy and sell residential or commercial properties, vacation homes, and land; they conduct appraisals; they operate in the United States and in other countries; some specialize in auctions; and others are buyer's representatives. REALTORS® Are Experts The home price for sellers who use a...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Housing Opportunity: Real-Life SolutionsNew York CityAffordable Housing Success StoriesAn innovative program in New York City provides housing for nurses, police officers, and other moderate-income workers.Affordable housing is often seen as an issue for the poor. But as housing prices soar in some markets, it's often no longer possible for a family making a median income to afford a median-priced home. In New York City, for example, the sixth most expensive housing market in the nation, the median sale price of a single-family house is $320,300, according to the National Association of REALTORS® . The area's median annual household income is $58,600. So using the NAR Affordability Index, the median household has only 80.2 percent of the income needed to purchase the median home. This 2...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Existing-Home Sales Hit 5-Month High Existing-home sales rose in July to the highest level in five months, although they continue to be well below the numbers from last year at this time, according to the NATIONAL ASSOCIATION OF REALTORS®. Existing-home sales - including single-family, townhomes, condominiums and co-ops - increased 3.1 percent in July to a seasonally adjusted annual rate of 5 million units from a downwardly revised level of 4.85 million in June. Sales were 13.2 percent lower than the 5.76 million-unit pace in July 2007. NAR President Richard F. Gaylord, a broker with RE/MAX Real Estate Specialists in Long Beach, Calif., said the up-and-down pattern may break soon. "We hope the new tools in the hands of home buyers from the recently enacted housing stimulus package will ...
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By Debbie Romeo
(Coldwell Banker DiTommaso Realty)
I noticed that some Realtors only prefer to work with one or the other and do not like to work with both buyers side and the sellers side. I think working with both buyers and sellers is like having the best of both worlds!! It's great to have listings and have other agents working at selling your properties for you but on the same note you can be out there showing buyers around yourself and making your own money too by closing deals with buyers. The only thing is that you must make sure you have that pre approval letter up front on the first meeting when you are showing a house just to make sure the buyer can afford a house in that price range and that they are not wasting your time and theirs. While working with buyers can be exhausting, sometimes frustrating and cost a lot in gas it ...
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Why do for sale by owners insist on trying to sell their own house and think they will be saving money when in fact they are actually wasting more valuable time and it winds up being cheaper having a Real Estate Company do it? They always wind up listing with a Real Estate anyway after they see a few months of valuable time has been wasted while they were trying themselves. They do not have the expertise to sell their own house or pre qualify buyers. They also can't do half of the marketing that all of us Real Estate Agents can do either. For Sale By Owners should just stop being so stubborn and just leave selling their houses to the professionals like us. Real Estate Agents don't try to do their job for example if they were in sanitation or any other field that they have an expertise i...
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By Irena (Esphir) Popilevsky, NYS Licensed Broker/Owner . Short Sale Specialist
(RealEstateSINY.com)
I listed this home 43 days ago the listing price is 434,000 and during this time we had 25 showing requests which 14 potential buyers had looked at the property and 11 appointments were declined by the seller. We had 4 offers 3 of them are bellow 400,000 and 1 is at 420,000 the buyer is well qualified with 20% downpayment has nothing to sell and is willing to close whenever the seller is ready. the seller is asking 430,000 and not a penny less. The buyer feels that they have offered top dollar. This homeowner just does not understand how lucky he is to have recieved 4 offers in todays market, 1 that is actualy alot higher then all others and how lucky he is to have a 20% qualified buyer. I just can't believe that this homeowner is going to let this buyer get away and end up loosing so m...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Hi there: Hope everyone has a great and safe Labor Day Weekend. The weather should be lovely so get outside and have some fun. I'll be working hard like always, A Real Estate Agent is like a mailman.  We dont get time off and we are always at a front door. LOL!! Whats up for you? Send me a comment or two back! ONCE AGAIN, HAVE A GREAT WEEKEND! BE SAFE AND GET SOME NEW CLIENTS!! Johnathan Smith http://www.johnresales.com
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Alot of agents like to pay someone to go around an area and do the door hangers, DONT DO IT!!  I been doing the door hangers and 50% of the time I will meet some of the owners and get to know them. DONT PAY SOMEONE, GET OUT A DO IT AND MEET THE OWNERS!!
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By Concetta Pepenella-Timmons, Associate Broker
(Remax Metro Staten Island, New York)
Borough President James P Molinaro and his senior staff presented to SIBOR (staten island board of realtors)  roundtable group, plans for a road through the former Fresh Kills Landfill. Fresh Kills is 2200 acres with 18 miles of roads that were built to support 40-ton sanitation trucks. Photos and examples were presented  showing roads already in place in the former landfill that can link Richmond Avenue (Staten Island Mall)  to the West Shore Expressway. Especially with todays gas prices a short cut would be welcome. And, also the millions of dollars saved by using what is already there, rather than destroy and rebuild. "With 2200 acres of property, lets give the people of Staten Island a new road system that works." -Borough President Molinaro Molinaro and his staff, including Megan D...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Hire a Professional Real Estate Agent A qualified, competent real estate agent will help you navigate the myriad of decisions that arise when buying and selling a home. An agent provides value to the homeowner in many ways: Pays for all marketing and advertising costs. Adds experience and expertise in all aspects of the sales process including marketing, financing, negotiations and more. Handles all showings. Brings a network of known, trusted real estate professionals. If your agent doesn't have the answer, he or she likely knows someone who does. Always has your interests in mind so you always have someone on your side. Can handle and advise on all price and contract negotiations. Provides you with all the possible options and opportunities without holding back. Gives an unbiased, rea...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
First Time Home Buyer? Don't Fall for These Common Mistakes OK first time home buyer you are excited, aren't you? You can't wait to get into your first home and you start going forward with the home buying process. Buying a home is complicated and this fact can cause you to make a lot of mistakes. These mistakes can be costly, don't fall for them. Don't Understand Financing  Most first time home buyers don't understand the importance of being preapproved on financing. Some people have credit issues which can be worked out in a matter of a few months that can greatly improve your chances of buying the home you desire. With these issues corrected you may even be able to get a lower interest rate which of course can mean lower payments and/or qualifying you for a nicer home.  It is also im...
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
Satisfaction guaranteed!!! THIS MEANS IF YOUR NOT HAPPY YOU ARE RELEASED!! I TELL ALL MY SELLER IF AT ANYTIME THE SELLER IS NOT HAPPY I WILL GIVE THEM A RELEASE WITHOUT MAKING THEM PAY ANY MARKETING FEE! THATS RIGHT NOTHING! NO MARKETING FEE!! I DONT UNDERSTAND WHY MOST OF THEM DONT THINK I WOULD NOT DO IT! IF SOMEONE IS NOT HAPPY AND DONT FEEL LIKE WORKING WITH ME ANYMORE WHY SHOULD WE LOCK THEM INTO IT? I WOULD NOT DO THAT.  IF YOUR MY SELLER AND YOUR NOT HAPPY I WILL GIVE YOU A RELEASE! AS OF TODAY I NEVER HAD TO GIVE ANYONE OF MY SELLERS A RELEASE FOR BEING UNHAPPY WITH ME!! THATS RIGHT AND THAT MEANS ALOT TO ME AND IT SHOULD TO YOU TOO! FOR MORE INFORMATION PLEASE CHECK OUT MY WEB SITE AT HTTP://WWW.JOHNRESALES.COM THANKS JOHNATHAN SMITH STATEN ISLAND, NY JOHNRESALES@GMAIL.COM
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
HOW WOULD YOU LIKE TO COME HOME AND SEE THIS ON YOUR DOOR?TOTTENVILLE IF YOUR A "FOR SALE BY OWNER" THIS IS A GREAT THING TO HAVE ON YOUR DOOR. THIS DOOR HANGER WILL GIVE YOU ALOT OF INFORMATION ABOUT GILLANI HOMES AND IT ALSO HAS MY CARD ON IT LOL! FOR MORE INFORMATION OR TO CHECK OUT SOME GREAT HOMES PLEASE CHECK OUT MY WEB SITEHTTP://WWW.JOHNRESALES.COM 
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By Johnathan Smith
(Coldwell Banker DiTommaso Realty)
SIBOR Annual Family Fun Day Picnic -  August 7, 2008 - Nansen Park More than 90 Realtors and their families celebrated the Fabulous '50's with music, entertainment, prizes, raffles, food and dancing. There were even a few Elvis-sightings....Long Live the King!  Enjoy the photos.... THE GILLANI TEAM KNOWS HOW TO HAVE FUN AND ALSO MARKET HOMES!!! THE DJ - A TOUCH OF CLASS WAS GREAT! THAT'S RIGHT WE ARE A BIG FAMILY!! DEBBIE ROMEO & JOHNATHAN SMITH DIL GILLANI ALL THE WAY ON THE RIGHT - EVERY ONE ELSE TO THE LEFT!! WE REALLY KNOW HOW TO HAVE FUN!! WHAT CAN I SAY??  IF YOUR GOING TO PICK A REAL ESTATE AGENT DONT PICK ONE!! PICK A TEAM LIKE ME AND DEBBIE ROMEO.  WE KNOW HOW TO MARKET HOMES AND ALSO HOW TO HAVE FUN BUT AS YOU CAN SEE FROM THE PHOTOS WE ARE ALLWAYS MARKETING HOMES. PLEASE CHEC...
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