Are you allowing fear to stop you from Buying your WNY Home?

 Why are so many buyers afraid to pull the trigger?

In my opinion, without the tax credit the motivation is not as strong. However, in my WNY area there is still a strong interest in home purchase. In some cases Buyers are afraid the market has not reached bottom.  They are concerned about our economic recovery with good reasons.  Again National press only depresses local markets as a whole.  But here in WNY/Buffalo NY Area our market never changed as far as the Boom.

Speaking for the WNY area I will go on record in say whoever says that we can’t sell homes today in this market should get out of the business because this is the best time to buy since the 1940s.

Now! Can I speak for other cities No I can’t.

The HARD reality is that buying a house now may NOT be everyone's cuppa tea. Don't worry, the market can handle it – The real estate market has boxer's shoulders. :) For as long I’ve been in the business real estate has always prevailed.

 Here's the deal... I just decided to take on the challenge what many might consider an unsurmountable challenge, of disagreeing with all the gloom and doom of what’s supposed to be going on in the real estate world. Because I’ve been on the ground floor with this market seeing it and listening to all the sad stories on the news seems foreign to me but I understand why buyers are in fear because Majority of people who could Buy a home just simply feel they will Build that equity Faster and at a Lower cost with less RISK if they wait....Buyers has been listening to the media that the sky is falling in real estate The simple truth is that I don't want to be part of the incessant noise going on in the Atmosphere that this isn’t the best time to buy real estate.  Some may say sure you would say that because you’re a Realtor and in some cases with other Realtor that may be true but I can truly say that at least here in WNY this is the best time to buy a home. When you couple this with the last time the best time to buy was in the 1940s hmmm that was 61years ago I can’t argue with that. But what about the low interest rates? Buyers can actually buy the home of their dreams now because of the low rates. I know I sound like a real estate cheerleader but I truly don’t want any buyer to miss out on this grand opportunity to buy their dream home, all I can say is that I told you I’ve done my part.

Please if you are looking to overcome your fears of owning a home in this grate market please feel free to give me Mark Key a call and I’ll be sure to guide you to your WNY dream home.

Mark Key

RealtyUSA.com

716-603-8649

Are you allowing fear to stop you from Buying your WNY Home?

Should I Stage My WNY Home?

Staging your WNY home is a question lots of clients ask and with good reasons. See I have the privilege of working with a WNY home Stager who is my wife who went to school for interior design so I learn a lot from her and she also help with staging clients homes. I believe that whether a house is occupied or vacant.  It’s important to stage so buyers can envision themselves in it.  I’ve been very fortunate to have sellers who understood about cleaning up and cleaning out their house before selling.  They followed my advice to the letter and all houses had offers within 15 to 30 days. So it’s very important to listen to you agents advice. A Home Stager is just another tool for homeowners and Realtor to improve the marketing strategy on their home. Let’s not ignore that your home is one of most important investments you can make, so we have to make it better.

How does not, staging your home hinders you homeowner insurance?

A lot of people don't realize that their home owners insurance won't pay in cases where the home is left empty too long and for good reason. Broken pipes, vandalism, etc. cause untold dollars in damages.  Staging can help you keep your home looking as if it’s still occupied.

Are you hiding something while staging your WNY home?

I’ve heard agents say” what is the stager hiding?” or maybe the homeowner is hiding something will I find the opposite to be true. If there are problems with a vacant home and an on site property manager/stager comes in, those problems are more likely to be flushed out...while the property is on the market, allowing the repairs to be made sooner, rather than later.  For the realtor, the stager or the owner to withhold information of known problems is not ethical. Also, a stager will have much, much less furniture in a house than is normally there in an "unstaged" home.

It used to be that you could be the best price or the best looking in order to get a house sold.  Now you have to be both from day 1."  Because agents and sellers alike have seen the proof in how quickly homes that are priced right and prepared well are still selling.  I firmly believe Staging is so important.

For all WNY Home Sellers if you are contemplating getting your home staged to get it sold feel free to contact me   I have a Home stager who go out to all of my listings, as a part of my service.  Sometimes only simple changes are made.  We stage with the seller's items most often, and reduce clutter.  Give your home the red carpet treatment and upstage the competition.

 Mark Key

RealtyUSA.com

mkey@realtyusa.com

www.everyhomeneedsakey.com

Should I Stage My WNY Home?

Why Nobody Bought Your WNY House -- And What To Do About It?

DID WNY BUYERS EVEN KNOW THAT YOUR HOME WAS ON THE MARKET?

What an interesting question since your WNY home was on the market for such a long time.   Buyers should know that your home exists. Not all buyers drive down your street, (JUST A SIGN, WON’T CUT IT). You need high impact marketing that gets your home notice and then sold. If you were one of the unfortunate Western New York home sellers who had a home on the market for at least 6 months or more and it didn't sell there could be one or several factors involved. If your listing has expired on the market and you are still interested in selling it, start making plans today to make a commitment to do what it takes to get it sold. 

Your first step should be to hire a competent agent who gives you honest information and advice on price, condition and market time, not an agent who asks you what price you want or need and says "sign here."

More importantly you need an agent who can get buyers excited about your home and get them through that front door and show them why your home is the home for them in their family.

Now with all that being said it is very important for you to be on board to make this process happen. Are you ready to sell your home? Are you ready to get buyers excited and do you believe that your home has what it takes to sell? Well all these are important questions and only you can answer them.  When you decide to hire a new Realtor at the listing appointment you should ask your potential agent for a marketing plan for your property.  What do they see as vital to the marketing of your home given your area, price and demographic.  Ask how much money is spent marketing your home and where is the money spent?  Do they make it easy for buyers to get information on your home?

The next time you put your home on the market for sale consider these points and ask yourself did I make the right choices?   What can I do this time to have a successful outcome?

Say goodbye to any real estate agents using old, traditional methods to sell your home because they don't work in today's market!
To be competitive in today's marketplace, agents who use new and innovative, non-traditional marketing approaches are the ones who are getting more homes sold fast and for top dollar.

Buyers are Out There...And They Will Come!

Before You Put Your Home Back on the Market remember:

1.     Effective communication is vital between you and your Western New York Realtor.

2.    Price your home according to market conditions, competition and the condition of your house.

3.    Be sure your house is in showcase, buyer ready-condition.

4.   Have an innovative marketing plan firmly set in place.

If you're ready to put your home back on the market, successfully this time, be sure to request your Home Evaluation CMA.  Or do you still have questions and need more information?   If so, contact me today and you will receive a prompt response from Mark Key a full-time professional WNY Realtor.  There is absolutely no obligation and no pressure. Just some interesting information you can use. You can reach me day or night at 716-603-8649

Why Nobody Bought Your WNY House -- And What To Do About It?

Recent Real Estate Questions received

Question: Tom Shultz

  Hi Mark,what is title insurance and what's the purpose in having it?

Answer: By Mark Key

The birth of title insurance
    It began in 1868. In Philadelphia, a land sale showed the necessity of having more protection than the examination of public records would provide. Before the sale, a title search disclosed an old judgment against the land. But the buyer's attorney advised that it was not a valid lien, and the sale was completed.
    Shortly afterward, however, the lien was allowed by the court, and the property was sold at a sheriff's sale. As a result of the loss, real estate attorneys decided to do something to protect innocent investors. They created title insurance, and before long it was used all over the U.S.

Thanks for the challenging question Tom I had to do my research. If you have a challenging question for me please feel free to ask at the bottom of the page and start a discussion or ask like Tom did in the QandA BOX at the top of the page and I'LL only post the question if you give me permission.

Mark Key
RealtyUSA.com
716-603-8649
mkey@realtyusa.com

Recent Real Estate Questions received

What is the best month to sell My WNY Home?

Recent question asked by one of my clients were!

I have always heard that houses sell in spring and summer since school is out....but is the market overly saturated at that time?  Is there a better time for a seller to sell?

Answer:

houses typically sell or hit the market in spring and summer because of foliage blooming and whatnot, filling in of plants and trees can add such beauty to a house that a lot of people want to wait until then.  I think in this market that one need to price aggressively ahead of the market in either direction it is heading in order to get the most for your house and move it quicker.  So if the local market is down 6%, price it 8% lower and you will most likely get a multiple bid situation.  Houses are selling that are priced correctly....the most important thing that anyone or any Realtor can take from this post is price ahead of the market.  If the market is still dropping, price it slightly lower than the best comps and it will sell quickly and closer to asking price.
Those times of year the inventory skyrockets.....why not get on the market a little earlier so you are not competing with so much more inventory because everyone wants to list March 1st.....

 Real estate transactions happen all year. Even during the Thanksgiving - Christmas time period. People move for a variety of reasons - job transfer, marriage, divorce, birth of a child (outgrowing current home), etc.
when buyers can time their moves they do often try to do so around the school calendar so that they do not have their children change schools in the middle of the school year. This is why many sellers wait until spring or summer to list their home. True this can create a greater supply (and more competition for a seller).
When you contact agents to come by and provide you with a market analysis - ask them to give you stats for sales in your area by month over the past few years. This may help you identify a trend. Also ask about average days on market for homes listed in March vs. those listed in Sept. This may also help you pinpoint a listing time that you are comfortable with!

The one thing we in WNY have to worry about is the snow we get through out winter months. We Western New Yorkers don’t have the privilege to see what the lawns may look like around that time of year.

To conclude the most accurate answer is that it depends on where you live.  There are many considerations that factor into when the best time is to put YOUR home on the market.

Neighborhood, price range and; the time-frame you have that you need to be out of a house are just a few of the important criteria you need to consider for when is the best time to put your home on the market.

If you would like help in determining what the best time is for you, feel free to get a true assessment of your home get a FREE Home Value.  I'll be happy to help you assess your situation with no obligation or charge.

Mark Key
Realty Edge INC
716-603-8649
mkeyrealtor@gmail.com

What is the best month to sell My WNY Home?

Combining all the key ingredients together to get your WNY Home sold!

Your home will sell at the highest profit in the quickest amount of time when all the ingredients are combined perfectly. If only one ingredient is left out the formula or is out of proportion to the others … your home will take longer to sell and will quite possibly cost you money. Here are the 5 key ingredients to getting your home sold.

LOCATION

The pricing of your home must reflect its location.  The better the location, the higher the acceptable price.  School districts, high or low traffic, and highway accessibility, all need to be considered in determining the value of your home’s location.  We cannot control the location

CONDITION

The pricing of your home must accurately reflect its condition.  The general upkeep and presentation of your home is critical to obtaining the highest value for your home.  Nature of the roof, plumbing, carpets, and paint all relate to condition.  Basic rule: If we can smell it…we can’t sell it!

MARKET

Recession, inflation, interest rates, mortgage availability, competition, and the public’s perception of the general economy all make up the market.  It may be a buyer’s market or a seller’s market.  The pricing of your home must reflect the current nature of the market because we cannot influence the market.  We can, however, take advantage of the market.

TERMS

The more financing terms and options you accept, the more potential buyers there will be for your property.  The pricing of your home must reflect the terms available.  The easier the terms, the more valuable your property becomes.  (And this is where my team of professional Affiliates really shine-by offering a broad, full-spectrum of mortgage products and options to both you and all potential buyers!)

PRICE is the #1

most important factor

in the sale of your home.

The consequences of making the wrong decision are painful. If you price your home too low, you will literally give away thousands of dollars that could have been in your pocket.

Price it too high, and your home will sit unsold for months, developing the reputation of a problem property (everyone will think that there is something wrong with it).

Failure to understand market conditions and properly price your home can cost you thousands of dollars and cause your home not to sell… fouling up all of your plans.

Setting the proper asking price for your home is the single biggest factor that will determine the success or failure of your home sale.

 If you are looking for A WNY Realtor who is willing to help you get your home sold for top dollar in the least amount of time feel free to contact me at your convenience I am ready to help.

Mark Key

Realty Edge INC

716-603-8649

mkey@realtyusa.com

Combining all the key ingredients together to get your WNY Home sold!

I have No hardship Can I still do A WNY Short Sale?

Good question! It seem as though every time you look around I’m writing a post about this particular subject well its true Because every time I turn around more questions on this topic arise so here we go again.

From my experience You MUST demonstrate a true hardship in order to obtain a Short Sale Approval from the bank.  You also have be delinquent when you apply for your short sale. For that would show that you are having a hard time making payments. If you are paying your mortgage on time the bank will not see any problems and with that being said where is your hardship?

If you the seller had fallen on hard times you must submit a letter of hardship that explains why you cannot pay the difference due upon sale, including why you has or will stop making the monthly payments. Here’s how to determine if your short sale will be approved.

Hardships being approved by the banks are:
1. Loss of job
2. Divorce
3. Job relocation 50 miles or more
4. Significantly reduced wages (must be documented).

UNACCEPTABLE Reasons

Quitting a job
Leaving a job to stay at home and care for children
Voluntary reduction in hours worked, reducing pay
Seasonal layoff from a job
Quitting a job to go back to school

 Remember that it never hurts to try! In some cases it may be possible, depending on.

Who your lenders are (some are easier to work with than others), (2) what you say to satisfy the hardship requirement, (3) what your financial documents show as far as ability to pay the mortgage.

Technically, being upside down or undervalued is NOT accepted as a hardship by lenders. And regardless of what you say in the hardship letter, they will review your tax returns, bank statements, pay stubs, and credit report. If they determine that you can afford the mortgage, then the short sale will be declined.

For more FAQs on Short Sales, check out my link.How Do You Compete With the Foreclosures in Your WNY Neighborhood!

Contact Mark Key for any further questions on this matter I will be happy to assist you 716-603-8649

I have No hardship Can I still do A WNY Short Sale?

No For Sale Sign Please! So How Will I get Exposure for my WNY Home?

I couldn’t tell you how many times I’ve had a client tell me that they will like to sell their home but wouldn’t like a  for sale sign in the yard. For whatever reason some WNY Home Sellers are concerned.

At any rate I’m sure to be a team player with my seller but I always give the honest and most effective answer- I’d l will suggest that they reconsider having any limitations on the marketing of their home for I am confident in my marketing program that I use to get my sellers home sold but I want to be sure they aren’t loosing opportunities to get there home sold.

If this something that you are struggling with you will need to get an agent that is GREAT in your market to literally "Market" your home. If they are doing their job correctly they will get a lot of pictures. Those pictures can be used to create the visual tour, the flyers, and the ads on all the websites. Websites like Zillow allows for lots of pictures to be uploaded for your particular property many other websites do that also. Today, most buyers come from the internet and even though I am not from other parts of the world, I have had clients come to me here in WNY not just from the 50 states but from all over the world....that is why it is called the "world wide web". That way you’ll market to everyone!

Otherwise - to get the exposure you're looking for, you'll want an agent with a great website (or multiple sites) that has a great track record for marketing all over creation....a site that is "sticky" and tracks leads and where they are coming from.  While I prefer my clients to have a sign in there yard I also preach to market beyond the for sale sign check out this article Marketing beyond the for sale sign here If you have an agent who is not what you call a salesperson but a marketing strategists you should have no problem selling your WNY home don’t for get to entrust the marketing to someone that you have confidence in.

A few points to keep in mind!

1.90% of today's buyers start their search on the internet.

2.  Create a good listing (professional pictures) with descriptions that show your homes best features. Many Realtor s (including me) give each listing a web site of its own http://126atlantic.isnow4sale.com for example). That provides space for many more pictures than the local MLS permits, and a much better description of your home. All of your home's marketing materials, including the listings on the local MLS and all the other web sites contain a clickable link to your http://126atlantic.isnow4sale.com

3. Make sure your Agent promptly responds to every inquiry. I'm sorry to say that too many listing agents I contact do not. It's too common to go more than 24 hours before I hear back. You might call or email a prospective listing agent yourself and see how long it takes them to respond, because that's how long it'll take them to respond to inquiries about your listing.

 If your searching for an agent that has all the tools that gets your home sold contact Mark Key at 716-603-8649 and I will market your home beyond the for sale sign.

No For Sale Sign Please! So How Will I get Exposure for my WNY Home?

The 5 Biggest Mistakes Sellers Make While Trying To Sell There WNY Home

Mistake #1: Basing their asking price on needs or emotion rather than market value.

Many times, people make their pricing decisions based on how much they paid for or invested into their home.

This can be an expensive mistake. Overpriced homes take longer to sell and eventually net the seller less money. Consult with a professional WNY real estate agent. They can assist you in pricing your home correctly from the beginning.

Mistake #2: Failing to “Show-Case” their home.

First impressions are the most important. Experience shows that for every $100 in repairs that your home needs, a buyer will deduct $300-$500 from their offer. Thoroughly clean and prepare your home before you put it on the market if you want top dollar.

Mistake #3: Trying to SELL their house when buyers come to see it.

One of the biggest mistakes enthusiastic home sellers make is to follow buyers around and try to SELL them on the property. This can have a negative effect on the buyers. The best thing is to stay out of the way and let people look at their own pace. They’ll get a better feel for the property and whether the house is for them.

Mistake #4: Choosing the wrong agent or choosing them for the wrong reasons.

Many homeowners list their home with the agent who will list for the highest price. Or they list with the agent who works for the biggest company. You need to choose the agent with the best marketing plan and track record to sell your home.

Mistake #5: Not knowing all of their legal rights and obligations.

Real estate law is complex. The contract that you will sign when selling your home is legally binding. Small items that are neglected in a contract can wind up costing you thousands of dollars. You need to consult a knowledgeable professional who understands the ins and outs of a real estate transaction.

 If your looking for a WNY Realtor who will give you the support and help protect you from making these costly mistake call Mark Key at RealtyUSA.com 716-603-8649 and remember OOPS! wont get your home sold

Quote of the day: Nothing is impossible to a willing heart.
       - John Heywood, sixteenth-century English poet

The 5 Biggest Mistakes Sellers Make While Trying To Sell There WNY Home

Buying Your WNY Home Online

Writing this article was prompt by a client of mine who purchased a home online and in turn called me because the house was nothing she thought it was after the purchase. My client was misled by a seller and bought a home sight unseen except pictures she saw over the internet. My client called me the min the house closed and ask me if I can take a look at the house for her.  Because she felt mislead she wanted to put the WNY House back on the market. To make a long story short the house was worst then we all had thought.

With that being said E commerce is rapidly expanding to the real estate market.  Sellers are looking to auction off down payments, lease agreements, or selling the home outright. Individual homeowners and real estate agents are turning to the Internet as an avenue for sales. 

Buying your home online can be a risky venture.  On the flip-side, there are some great deals out there.  If you decide to take this path, you should be aware of the challenges associated with buying a home site unseen.  The more educated you are, the better. 

First of all, the home could have major structural issues as my clients did not evident in an online picture.  Pictures don't always tell the whole story.  It has also become much easier to doctor photographs with the help of Photo-shop. 

You have to consider the possibility that some sellers might not be as truthful as they should be.  After all, they are trying to sell the property, so the sales description is going to emphasize the positives and downplay the negatives. 

Getting a fixer upper is one thing.  Living in a house that is structurally unsound is a completely different matter. 

Secondly, when buying your home online you must make sure that you know your property rights.  If you are buying land, you must make sure that you can have the utilities you want. 
There might be restrictions that are not specified on the auction site.  There would be nothing worse than buying the property for your dream home and then discovering that you cannot have utilities.
Another potential hazard to buying your home online is not knowing anything about the area my client didn’t live in the WNY area so she had no clue of what she was getting into  It would be well worth your time to do some investigating.  Is the property in an area that is prone to flooding?  Is the property accessible by car?  These are things that the seller might not mention in their ad 
Also, it is easy to become a victim of online fraud.   There is really no way to regulate the online auctions.  The auction companies have their own guidelines in place to circumvent illegal activity, but with the high volumes of online business activity every day, it is hard to police every transaction.
The government may eventually step in and try to pass laws that will protect online consumers.  Time will only tell, so until then you have to keep your guard up.
On the positive side of buying a home online, it is important to note that online auctions are not legally binding.  The companies are not actually licensed to sell real estate; therefore, they are not true auction houses. 
The service that they offer is advertising to potential buyers.  It gives buyers and sellers the opportunity to communicate with one another online and work out a legally binding contract after bidding ends.
When placing an eBay bid online, you should be aware that there are two types of bids: "Binding" and "non-binding".  The term binding is not entirely accurate because it does not result in a legally binding contract.
A Binding real estate auction means that you have placed a bid with intent to buy.  If you don't live up to your end of the transaction, you will receive negative feedback.  It won't result in legal problems, but it can hurt your business potential on EBay. 
Everyone looks at the feedback and most people won't do business with someone if they have a lot of negative feedback.  A non-binding bid simply means that you cannot receive negative feedback if you fail to complete the transaction. My client did complete the transaction and went all the way to closing but in the end she wasn’t happy.
Always take the time to review the auction companies' policies and procedures.  There should be a link to them on the main page.  If you have trouble locating them, contact the company directly. 
You should be able to email them any questions that you may have and they should respond to your inquiries quickly.  Try to talk to people that have a lot of experience with doing business online. 
It seems like just about everyone has some experience with online auctions.  They may have some horror stories, but don't let that discourage you.  You can learn a lot from the mistakes of others my client has learned a lot, now will she buy a house online again? Hmmm  That remains to be seen.
Now if you prefer reading to chatting, there are also several books about the subject.  Visit the technology section of your favorite bookstore and you are bound to see a possible resource.
Take all of the advice and use common sense when entering into an online real estate deal.  You will emerge as the winner and have a fabulous home to show for it. Don’t forget to do your research as I had to before purchasing a home online.

Quote of the day: Make failure your teacher, not your undertaker.

Mark Key

Realtyusa.com

716-603-8649

mkey@realtyusa.com

Buying Your WNY Home Online

Understanding How Much WNY Home You Can Afford!

      Like it or not, there are two guidelines bankers and mortgage lenders use to determine how much loan you can afford. 

      The first guideline is the Payment To Income Ratio.  This guideline compares your income, or your total household income, to the amount of mortgage payment you’re considering. 

      To calculate the “payment” part of the formula, the lender will take the mortgage payment (principal + interest) and add to it property taxes and insurance.  Hence the term “PITI” (principal, interest, taxes, and insurance).

      Usually (as a rule of thumb only) lenders will loan up to a payment amount of 28% of your total household income.           

      But before you think you’re home free, there’s something else you need to know…

      It’s called the Debt To Income Ratio.  Debt refers to ALL the major monthly payments other than your mortgage payment (PITI).  To arrive at this amount, the lender will consider…

•     Your car payment.

•     Your credit card debt and payment.

•     Any IRS liens or payments due.

•     Any other payments and debts you have (boat, second home, etc.)

      Then, they’ll compare your total debt to your ability to make current payments with your new home loan added into the equation.  

      Now, here’s the “stickler.”  Each mortgage company sets different limits on your Debt To Income ratio, which is why it’s critically important to find a MOTIVATED LENDER.

      Don’t follow the “canned” financial advice like you see on TV.  Most of that advice is “rule of thumb,” and designed for the lowest credit rating and highest interest rates. 

      Think about this…

      If you spend two or three days to find a loan that saves you $40,000 to $150,000 over its term, your time is WELL WORTH SPENT!  Doing a little homework on your own will literally save you thousands over the term of your loan.
If I can be of any assistance to you in helping you purchase your new home or help you find a lender to help make your dreams a reality please feel free to contact me direct.

Mark Key
Realty Edge INC
716-603-8649

Understanding How Much WNY Home You Can Afford!