CENTURY 21 Chesser Realty's Blog
Did you know that a listing agent represents the seller and works to get them the most money for their home? They must supply the seller with any and all information that may affect the decision to sell their property. You should have your own real estate agent to represent your best interests and to help you obtain the right information. You need to make the best-informed decision you can when considering purchasing a home.
There are many advantages to having your own real estate agent, including:
It is best to have a written contract with your agent in order to guarantee the best representation for you. You must have your requirements clearly spelled out. Let us show you how to gain the advantage when negotiating your home purchase.
Our agents at Century 21 Chesser Realty work hard with their sellers serving all their real estate needs. We have offices in Otsego (Oneonta, NY) and Delaware Counties (Delhi, NY)
If you would like to know how to take better advantage of this information we have given you, please feel free call Century 21 Chesser Realty at our Oneonta, NY office at 607-432-7653 or our Delhi office at 607-746-7653.
Beginning January 1, 2013, a new 3.8 percent tax on some investment income
will take effect. Since this new tax will affect some real estate transactions to our customers and clients in Otsego and Delaware Counties, it is important for you to clearly understand the tax and how it could impact you. It’s a complicated tax, so you won’t be able to predict how it will
affect every one of our buyers or sellers.
This new tax — passed by Congress in 2010 with the intent of generating
an estimated $210 billion to help fund President Barack Obama’s health care
and Medicare overhaul plans.
Understand that this tax WILL NOT be imposed on all real estate transactions,
a common misconception. Rather, when the legislation becomes effective in 2013,
it may impose a 3.8% tax on some (but not all) income from interest, dividends,
rents (less expenses) and capital gains (less capital losses). The tax will fall only
on individuals with an adjusted gross income (AGI) above $200,000 and couples
filing a joint return with more than $250,000 AGI.
At Century 21 Chesser Realty, our agents stay up on the latest news affecting real estate and our customers and clients in Upstate NY.
For more information on the new 3.8% tax on some investment income that will take effect January 1, 2013, please copy and paste the following link into your browser:
http://webservices.21online.com/ecampaigncenter/Communications/Ad%20Hoc%20Hos...
If you still have further questions, you should contact your accountant.
Selling a home in Upstate NY during this real estate market can be stressful on the Seller. Homes can sit on the market for months on end. Buyers are in the driver’s seat in many markets, and they know it. That’s why if you’re planning on putting your home on the market, it’s crucial to understand the time-honored mistakes sellers make, and how to avoid them:
Pricing for Yesteryear: In Otsego and Delaware Counties, home values fell over 20 percent since the market peaked in 2006. Yet, many sellers are tempted to list their home for sale based on what they paid for the home, not on their area’s current real estate market conditions. If you set a price too high, your house will sit. This will inevitably lead to price reductions, which could signal to buyers there is much more room for negotiation.
Have your agent give you information on comparable home sales and find out how long homes are typically on the market.
Don’t concentrate solely on the recent sales of homes in your area. Make sure you look at homes that are on the market right now. These homes are your competition. Check what your competition is on a regular basis.
Hiring the Wrong Agent: Choosing the right real estate agent is a crucial part of the selling process. You need to find someone who demonstrates knowledge of your area, expertise in the process, and strong communication and marketing skills. Yet, many people just hire someone based on one friend’s recommendation and wind up frustrated during the process.
Limiting Your Marketing Exposure: Real estate is often thought of as a local business, but in addition to marketing your home to a few local web portals, be sure to market your home on social media sites and to national real estate sites such as Century 21.com.
Common mistakes made...
The average homebuyer believes they know what is needed and desired in locating a good home that they like. In addition, they like to “outwit” the seller when it comes to negotiating the purchase price. The most common mistakes the typical buyer makes are:
1. Viewing all homes, including ones out of their price range.
2. Having an incomplete understanding of all available financing choices.
3. Not completely understanding the art of negotiating.
4. Misunderstanding the actual value of specific home amenities.
5. Using inspectors who are not very respectable.
6. Not requesting all of the appropriate inspections.
7. Not considering all aspects of the new home, such as the location of schools and other services.
8. Believing that “bigger is better” and deciding to buy the largest-or most costly-home in a neighborhood.
9. Paying exorbitant fees and rates.
Our agents at Century 21 Chesser Realty work hard with their buyers serving all their real estate needs. We have offices in Otsego (Oneonta, NY) and Counties (Delhi, NY)
If you would like to know how to take better advantage of this information we have given you, please feel free call our Oneonta, NY office at 607-432-7653 or our Delhi office at 607-746-7653.
Home Buying Negotiating Tips
When it comes to buying a home in Upstate NY, the ability and willingness to negotiate is a must for both the buyer and seller. In general, sellers ask for more than they are actually willing to accept and buyers offer less than they are willing to pay. The trick is to find the perfect balance so that you, as a buyer, feel good about the purchase price without leaving the seller feeling insulted.
Nobody Likes Rejection
Not every offer is accepted, so don't be disheartened if your first offer isn't a winner. In some cases, the seller will make a counteroffer for your consideration. Have you ever heard the old saying, “never take the first offer?” The same is true in real estate, and almost every seller knows it. Your first offer is likely to be less than you are actually willing to pay, which leaves you some bargaining room.
Why Your Offer May Not Be Accepted
There are a number of reasons why a seller may choose to reject an offer, including a feeling that the offer was just too low, the house is newly listed on the market or another offer may be higher than the one you created. In some cases, sellers may also reject an offer that includes owner financing or other requests that are impossible to meet. One example may be an offer that requires the house be available within a certain amount of time. Most contracts require that the seller move out within 45-60 days, but anything less would require negotiation.
Read The Fine Print
Before you sign anything relating to a real estate transaction, make sure that you read over every detail of the agreement. If you have any questions, call our offices in Otsego County in Oneonta, NY or in our Delaware county office in Delhi, NY.
Buying a home in beautiful Upstate NY can be a rewarding experience! Before you start this adventure, it's smart and advantageous to know what you can afford.
You can start by crunching the numbers yourself using our selection of calculators at http://www.homesteadfunding.com/agents/mnadoraski When you're ready to move to the next step, you can get pre-approved for a mortgage. This process can often be performed in under an hour and it accomplishes two important goals. First, it will tell you how much house you can afford and what your monthly payments would be.
Second, it tells the seller that you can afford to buy their home. By definition, a pre-approved buyer has an approved mortgage subject to an appraisal of the property. Many times a buyer can use this pre-approved status as leverage during the negotiation process. At CENTURY 21 Chesser Realty, we can handle all your real estate needs. We have offices in Otsego County in Oneonta, NY and Delaware County in Delhi, NY - the home of the Catskillls in Upstate NY.
Don't forget to check out our website on a regular basis at www.chesser21.com to view 1000's of listings!
My husband and I decided to go into the next phase of our life in beautiful Upstate NY-move to a lake-specifically Goodyear Lake. After months of rennovating the home we bought, it was time to put our home on the market.
I’m telling you … Every Realtor should list their own home For Sale! I wanted our home to be in perfect condition. Afterall, people would be coming through!
There was so much to do. After living in your home for over 30 years, you do accumulate a lot of "stuff". Every closet was full. I donated over 40 pair of shoes to Goodwill! And the clothes!... I had saved everything in 4 different sizes because I knew I would fit in them again someday! Kitchen needed to be spotless...countertops all clear. The whole house had to be clutter free. Windows had to be sparkling. Carpets cleaned. Garage was full. Did we really need 6 rakes? Landscaping needed to be spruced up. Flowers needed to be planted. My poor husband never thought he was a landscaper, but he did a great job!
Selling a house is stressful! Determining why a house doesn't sell usually is a fairly easy exercise.
Cynical readers will think, “she’s going to say it’s always the price.” It isn’t always the price – only about 90 percent of the time. So we started at $339,00 after looking at similar sold properties plus looking at what the competition was at the time. Time has gone on and more competition has come on the market. We made the tough decision and lowered to $300,000. The market has softened now and here we sit. Thank God we are not desperate to sell but it sure would be nice to see a nice family in there.
Here's my point...I've been there and done it! I certainly have a greater understanding now of what a homeowner goes through to get ready to sell their home. I also have a better understanding about communication. Sellers want to hear back asap about the feedback from a showing. I can tell you this doesn't happen soon enough in our industry! I've always been a good listing agent, but I can say after listing my own home, I have a clear understanding about the emotions, the stress and the anticipation of waiting for a contract.
Here's a link to our home...what do you think? http://www.chesser21.com/real-estate/Otsego-Delaware-MLS/Residential/property/83022-3-Suncrest-Ter-Oneonta-NY-13820
The Community Arts Network of Oneonta announced some new and renewed programs Wednesday as it evolves from the Upper Catskill Community Council of the Arts, an arts group formed more than 40 years ago.
It was a packed night at Wilber Mansion, the 11 Ford Ave. home of the arts organization. CANO board President Raina D'Amico spoke to a privately assembled group of artists and arts supporters from all over Otsego and Delaware Counties about the new and continuing factors of the group.
To go with its new name, CANO has a new website -- www.canoneonta.org and it will provide links to events and activities.
We are very fortunate here in our little community in Upstate NY to have so many talented artists. CANO is gearing up for its next event -- the 10th annual City of the Hills Arts Festival on Aug. 4.
