Posted by Geri in Home, Long Island, Real Estate, renting, Renting a home.
Tags: Buying a Home, homes, house rentals, renting, renting on Long Island
If you’ve ever searched for or bought a house on Long Island you probably think renting one works much the same way. You’d be wrong. Rentals have never been the bread and butter of my business or for that matter, even the tasty dessert. I do them as an accommodation and frankly prefer not to. When I do, however, I apply the same principles to it as I do to listing and selling homes. I give people the information they need to make an informed decision.
Most people choose to rent for one of a couple of reasons. They either don’t have enough money to buy a home or they aren’t planning on being in an area long enough to make it make sense, or they just arrived to the island and don’t know where they’d like to be long term. In any case, money is often an issue. So I think it’s important for them to know that fees are paid by the tenant in this part of New York Depending upon where you want to hang your hat, the fees can range from one month’s rent (commission), one month’s security, and one month’s lease payment up front, to 15% of the annual rent, two month’s security and one or two month’s rent payment at the outset. It’s a costly proposition.
I recently went through this with a couple trying to decide whether they’d ultimately like to make Long Island their home. Their choice was to rent for now and see if they liked it enough to stay. Nothing wrong with the premise. Where they went awry was deciding to go for a home in a high priced area, with fees to match. We went over the numbers and from the start they weren’t comfortable. I suggested they might want to rethink it and choose another town with equally good schools and easy access into the city. After seeing a number of possible options for them they returned to the house they really wanted.
After making an offer, and our getting it accepted on terms as close to what they wanted as we could, the fee stuck in their craw and they backed out. I think they believed it would be “negotiable.” It wasn’t and everyone was a little worse for wear. The seller had an attorney draw up a lease, the listing agent spent time negotiating and arranging to pick up the lease, having effectively taken the house off the market and I . . . spent a lot of time and energy working with them to understand the process and get them a place they’d be happy living in. In the end, nobody was happy, but I learned a good lesson. Just because you deliver a message doesn’t necessarily mean the recipient chooses to hear it.
My suggestion always — know the rules of the game before you play the first card.
Posted by Geri in Buying a Home, Home, Long Island, Marketing, Real Estate, Real Estate Market, Selling Your Home, Uncategorized.
I suppose the holiday season plays some part in my reflections on the past year, professionally and personally, and the industry in which I function. As a Realtor, you might think I’m in the business of selling homes, but bricks and mortar are not at all what it’s about. In reality, I’m in the people business. An excited smile on the face of a buyer when I finally get to say “you got the house,” is my reward, as is the relief erasing deep lines of tension on the forehead of a seller left behind to mop up the final details of a home sale.
I’m lucky enough to be there at times of transition, when my support is a rock they can lean on, so it disturbs me more than I can say when I hear stories about agents who care far more about themselves than the people they represent. It is not unusual for a listing agent to suggest to an unwary seller that his/her buyer is the best choice because . . . you fill in the blank. Unfortunately, it may or may not be true. With a much higher commission at stake, it’s easy for some to convince you and themselves that they’re acting in your best interest. You need information presented to you in a dispassionate way.
Then there’s the question about how much information should be shared about your property. A days old post in the blogosphere brought the topic front and center for me . . . again. Believing that the ultimate goal is to get your home sold at the best price the current market will bear, in a timely fashion, we want it to be found — by a lot of potential buyers. Understanding that people in search of real estate are likely to want to know where it is, I always (with my sellers’ permission) include the address. Sometimes purchasers are interested in a particular school, or proximity to highways or shopping. If they have no defining data, they very well might pass on your home, depriving you of what might be the perfect match.
Posted by Geri in family, feelings, HGTV, Home, love, Real Estate, Selling Your Home, television show, TV, wedding.
After having a hearty laugh over at Marlow Harris’ blog, I felt compelled to bring it on over here. There’s no limit to what some people will do for their 15 minutes of fame. Recruiting now, HGTV is looking for a young couple just about to tie the knot, but without a plan for the wedding’s execution. Seems a little short sighted to me since the show proposes to have three designers vie for the chance to create the perfect backdrop for this lucky couple this winter. Designers’ Challenge happens to be one of my favorite shows but . . . So, if you’re thinking of popping the question, now might be a good time –that is if you have friends and family in or near Los Angeles to share your big day.
On a more practical note, if you have a house on the market in Los Angeles or Chicago that could use a facelift, you might want to contact HGTV to have the Designed To Sell team work their magic and turn your property into a showplace. Now if they’d only come to Long Island.
To apply online, visit www.pietown.tv
Posted by Geri in Buying a Home, Home, Long Island, New York, Real Estate, Real Estate Market, Selling Your Home, Uncategorized.
Thanksgiving, just two days away, kicks off the holiday season, focusing attention on shopping for gifts not houses. I’ve had sellers ask me for weeks whether the market for homes is dead for the balance of the year. This may come as a surprise, but in my world there’s usually a surge of activity between now and Christmas, setting the wheels in motion for a number of closings in the early months of the new year.
Even with the less than stellar environment we find ourselves in on Long Island, I see increased interest and activity. Possibly some of those buyers waiting on the sidelines for the elections to be over are now ready to make a move and are positioning themselves to act when the right property presents itself. So to all those sellers and buyers trying to decide whether the time is right, the answer is — if it fits into your life plans, your timing is perfect.
Posted by Geri in Buying a Home, family, General, Home, In The News, Long Island, New York, News, Real Estate, Uncategorized.
It may come as a surprise to some, but certainly not to me. As reported by Newsday, the December issue of Self magazine ranked Long Island third, right after Honolulu and Portland, Maine as one of the healthiest places in which women can thrive.
“Surprised? Don’t be, said Sara Austin, the magazine’s news director. Nassau and Suffolk’s low rates of crime, unemployment and suicide and its population of highly educated and affluent residents helped boost the rating.”
A long time resident of Long Island, one of the first things that struck me as I searched for a home was the comfort women seemed to have in their environment. Many times as I trolled the area I saw women alone, jogging at ten o’clock at night. I remember thinking at the time that their obvious lack of fear was a good indicator of a safe place in which to bring up my son. I’ve never regretted my choice to make Long Island my home and I’ve spent a lot of years helping other people do the same.
Posted by Geri in Dogs, family, feelings, General, Home, In The News, Long Island, News, Pets, Uncategorized.
There had to be divine intervention for two miracle pups rescued by Little Shelter on Long Island. Magic and Merlin, three week old mixed breed puppies born with severely cleft palates would have had no chance at survival without the intervention of the caring people at Little Shelter, one of the island’s oldest no kill facilities.
As so often happens when good samaritans hear about the plight of others, there was an outpouring of offers of assistance. They came from far and wide and included Plastic Surgeons, Veterinarians and the public at large. Reported in Newsday, they’re waiting for the dogs to be old enough for the first of multiple surgeries to set them on the path of hopefully long and happy lives. They will remain in my prayers.
Posted by Geri in Buying a Home, Entertainment, Estates, Home, In The News, Long Island, New York, Real Estate, Selling Your Home, Uncategorized.
An endlessly entertaining voyeuristic activity is taking a peek into the lives of the rich and famous. There is a huge chasm between those who count their pennies, saving up to buy a little piece of the American dream and the moneyed minority trading acreage for numbers that boggle the mind of the masses. The players in this week’s multimillion dollar game are:
The Dolan family which controls Cablevision, Madison Square Garden, The New York Knicks and Rangers having listed a 10,000 square foot, waterfront home in Centre Island for $13.5 million. If the price seems steep, think of what you get — a visually stunning newly constructed home (2005) with 7 bedrooms, 7 full and 2 half baths and 7 fireplaces on over 6 acres. Spellbinding views framed by a charming gazebo add to the ambiance of an already abundantly appointed home.
On the other end of the spectrum is the famous Connecticut plastic surgeon who plead guilty to tax evasion. His $15.5 million waterfront home is in tony Wesport Connecticut.
For more of the story on these and film producer Brian Grazer’s home in Los Angeles, take a look at this article.
Posted by Geri in Buying a Home, Changing Market, Home, In The News, Marketing, NAR, National Association of Realtors, Real Estate, Real Estate Market, Selling Your Home.
There is so much discussion in the press and the blogosphere about NAR’s decision to start an ad campaign in order to counteract some of the doomsayers’ predictions of a precipitous fall in real estate prices. Short on memory or steeped in drama, the media at first having denied the existence of a bubble, then backtracking and announcing it and their subsequent take on the “burst,” blasted the airwaves with a defeatist scenario. The last time I checked, none of us had a working crystal ball. If we did, I suspect we’d pick the winning lottery numbers or the next Microsoft and not waste our time in the business of selling or reporting on real estate.
Former Federal Reserve Chairman Alan Greenspan announced in mid-2005 that “at a minimum, there’s a little ‘froth’ (in the U.S. housing market) … it’s hard not to see that there are a lot of local bubbles.” President Bush said of the U.S. housing boom in early 2006 “If houses get too expensive, people will stop buying them … Economies should cycle,” and cycle they do. The problem with all the prognosticating about a crash or hard landing for the real estate market is the probability of it becoming a self fulfilling prophesy. Say anything often enough and people start to believe it, especially if it comes from a “credible” source.
It’s understandable then that the National Association of Realtors would take a stand on behalf of its constituency and attempt to counteract the negative press and stampeding mentality of those paid to publish bad news.
Posted by Geri in Dogs, family, General, Home, Pets, Real Estate, Uncategorized.
We all know that the real estate market is in the doldrums in much of the country. With houses stagnating in a constipated market, some real estate agents are beginning to wonder where their next sale will come from. Suggesting an interesting alternative, Glenn Roberts Jr. of Inman News exposes us to the world of Doggie Mansions.
In true consumer oriented fashion, Donald Gorbach, a veteran real estate broker in Palm Beach, Florida offers a wide range of custom homes for those princely pooches. Not to overlook the preferences of Fido’s owners, they’ve created a meditteranean Palm Beach style, a New England beach house and Casa Colonial, just a few of the many choices.
For all the dog lovers out there, it’s worth a look at this innovative site. If you’re thinking of buying a special home for your four legged friend and you don’t want your kids to be jealous, you might want to consider the 80 square foot mini-mansion.
Posted by Geri in Buying a Home, Changing Market, General, Home, Long Island, New York, Real Estate, Real Estate Market, Selling Your Home, Uncategorized.
Your home is currently on the market or you’re just about to list it for sale. There are a few very important things you must remember if you want to keep it from languishing on the “failed to sell” heap. With ever increasing numbers of houses available, yours has to appeal to a buyer on one of several levels. They will either perceive it to be a real value, meaning it’s priced very well for what it has to offer, or it may be in a very desirable location. The latter can mean a beautiful view, waterfront, a lovely development or a gated community with great amenities. Sometimes it’s the home itself that pulls people in and makes for a faster sale.
You have but to drive down almost any street on Long Island to see multiple signs announcing to the world, “buy me.” Because of the increased length of time it takes to find a ready, willing and able buyer, you have to be realistic if your motivation is get your home sold. The days of multiple offers and bidding wars are a thing of the past and there’s a new mentality among the buying public. They very often and after much thought, proffer a price only to refuse to then play the game. It’s a one time offer and it’s not negotiable. And sadly it’s happening more and more. So think carefully before you feel insulted or turn it down out of hand, you might be chasing after them by next spring..
Sellers in Nassau and Suffolk counties who want to move on have to learn the new math. Don’t overprice and be willing to entertain all reasonable offers.
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