Posts Tagged ‘The Intero Insider’

Intero Insider: Need Directions? Ask a Realtor

By Gino Blefari | January 24th, 2012 0 Comments

I’m always amazed at the amount of local community knowledge a typical Realtor has. If you need to know about the local preschool situation, where to get the best cup of coffee within earshot of a specific address, where to get free Internet while you enjoy a hot beverage or quick lunch, and where the best morning bun in town is served, ask a Realtor. Seriously.

But many times you wouldn’t know this as a home buyer or seller while out shopping for a Realtor. It seems that many agents’ marketing materials don’t seem to get this point across – that not only is this agent a master at closing sales in a particular neighborhood or area, he’s also an expert at all things local. He knows the right plumbers, contractors, inspectors, landscapers, cleaning services, florists, and interior decorators. You name it.

I think it’s time agents get the recognition they deserve as neighborhood connoisseurs, specialists, experts. Sure, you want an agent with an impeccable track record of selling houses in your area or area of interest. You want a master negotiator, a well respected and well connected professional. But you also want someone who’s going to be able to either tell you exactly what it’s like to live somewhere, how close life’s essentials are, and so forth or connect you directly with the people who can answer those questions.

One of my hopes for 2012 is that our agents realize their local expertise as the true asset that it is, and that they can convey its value to consumers before meeting face to face.

I cringed a little upon reading a recent news item about a new app that plugs into your Facebook account and segments your Facebook friends based on a location you type in. For instance, if you’re interested in moving to Palo Alto, this app could pull info for you on people who have either indicated that they live there or tend to check in there a lot on Facebook (indicating that they spend a lot of time there).

It’s a good idea: being able to pinpoint whom to ask local questions. And friend and family input is meaningful to people. But my gut reaction was that our Realtors are already really good at providing this information. Maybe it’s just time we put more emphasis on this knowledge asset.

Buying or selling a home is still one of the largest transactions a person will take part in in their lifetime. Where you live is an essential part of your being – and can have serious consequences on your family’s future. Let’s not lose sight of this high-touch aspect to being an agent – that sometimes through all the complications of a jargon-filled transaction, what a consumer really needs is for someone to understand their more intangible needs that help them realize whether or not they can actually live in a particular home or neighborhood. This is one of our greatest strengths as real estate professionals.

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The Intero Insider: Top Real Estate Stories of 2010

By Gino Blefari | December 28th, 2010 0 Comments

There has been no shortage of things to talk about in real estate this year. From foreclosures to the home buyer tax credit, a lot has happened, which I’ve offered thoughts and commentary on. Here are the year’s top stories, with links back to the weekly Intero Insider.
 
Home Buyer Tax Credit:  We started the year with a sizeable tax credit that served as a nice incentive to home buyers and helped to prop up sales. As expected, the tax credit ended with a lot of folks shouting “doom” for the housing business. And there was a lull indeed, but we’re not dead. Check out my perspectives on:
Life After the Home Buyer Tax Credit
 
 
Rock Bottom Interest Rates: One of the biggest stories of the year no doubt has been interest rates. Just when we thought they would start to rise in late spring/early summer, they slid and slid again, setting the stage for some of the best home-buying conditions buyers have seen in well over a decade. Take a look back at the silver lining in the dark cloud of 2010:
Out of the Ashes Rises the Phoenix…or at least, a Parakeet
 
 
Year of the Foreclosure:  If there’s one word the news media would use to describe real estate in 2010, it would have to be foreclosure. Now, you can look at the situation of millions of folks losing their homes as dire (and it is – for them). Or you can look at it as an opportunity, which it has been for many buyers, investors and real estate agents. Check out my take on foreclosures:
Don’t Miss the Big Opportunity
It’s Carpe Diem for Investors
 
 
Foreclosure Gate:  How could we not mention perhaps the biggest story of the year, Foreclosure Gate? This is when we all became familiar with the term “robo-signing” and watched as three major lenders ceased foreclosure proceedings while an investigation from state Attorneys General commenced. Read my early take on why the developments were worth paying attention to:
Foreclosure ‘Scandal’ a Big Deal
Foreclosure Gate’s Impact on Our Recovery
 
 
The Real ‘Value’ of a Home:  One of the biggest stories this year has been in citing all the studies and research that attempts calculate the dollar amount of lost home value in 2010. I have a much different take on what “value” means for homeowners and shared it here:
Home ‘Value’ Still Misunderstood
 
 
Congress Eyes Mortgage-Interest Deduction:  In its pursuit to improve the deficit, Congress started eyeing the mortgage-interest deduction again. A committee took a look and started the discussion of making cuts to the deduction, which is widely viewed as a great benefit of homeownership. Congress left it alone for now, but I expect to hear a bit more about this next year. I dove into the issue and discussed why this would be a bad move:
Cut the Mortgage-Interest Deduction Now? Say It Isn’t So
 
 
Finally, if you missed my 2011 outlook for housing, check it out here:
 
2011: Slow Growth Will End the Decline
 
It’s been a tough year all around and I’m proud to say that Intero Real Estate Services ended it on top. We’ve grown while others have shrunk, and we’ve continued to innovate and put efforts into working with only the top people in the business. I have no doubts that we’ll do even better in 2011!

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Intero Insider: Prices Stepping Up in California

By Gino Blefari | October 5th, 2010 0 Comments

Anyone looking to buy a home in California might feel a bit of urgency after hearing the latest news on sales trends in the state. Sales are up a bit, though not as strong as they could be – but prices are getting hotter by the minute.

The statewide median home price increased 1.2 percent from July and was up 8.6 percent from a year ago, according to a recent report from the California Association of Realtors.

This news, along with the incredibly low interest rates on long-term mortgages should be enough to push anyone off the fence. Sales are still slow enough to offer many buyers a good deal, while the price trend shows strength in our underlying market forces.

Is it a good time to buy in California? My instinct is to say “you bet it is.” Market conditions agree. But of course, this is now and always will be a highly personal question with an answer that is unique to the person asking.

Buyers today need to be prepared for a rigorous mortgage process – one that requires reams of documentation, stellar credit and an impressive cash deposit. You’ll need to have worked at this for some time (good credit and cash unfortunately don’t fall from the sky).

If you’re interested in a home in California, don’t rule it out, though, if you think you don’t qualify. FHA, for example, is still writing mortgages, which don’t require as high a downpayment as those made from private lenders.

I urge you to act – though not in haste and not alone. Today’s market is perhaps the most confusing time in our industry’s history. But don’t view this as an obstacle – view it as a potential opportunity. Enlist the help of a real estate specialist with Intero Real Estate and get the insight you need to navigate these rocky waters.

Real estate is alive and well in the Golden State. But it’s murky, slow and full of unexpected twists and turns. Don’t risk missing out, though, because it all seems so unfamiliar. Talk to an agent about your situation today.

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Intero Insider: The (Not Just) First-Time Homebuyer Tax Credit, Expanded & Explained

By Gino Blefari | November 12th, 2009 0 Comments

After much speculation by the general populace (and the real estate industry) and much consternation by Congress, the much-anticipated extension of the First-Time Homebuyer Tax Credit has been passed.

Passed, not to mention greatly expanded.

Whether you’re in favor of or opposed to the credit, it’s now been made available to a host of Americans not included in the initial offering, so how can you take advantage of it? Let’s break it down, shall we?

The original tax credit, which was a part of the economic stimulus package put into effect in February 2009, was made available to first-time homebuyers (people who hadn’t owned a home for three or more years) and applied to home purchases that closed on or before November 30, 2009. With the passage of the expansion bill into law, that credit has been extended to purchases made by May 1, 2010 and that are closed prior to July 1, 2010 (that means escrow is closed, all papers signed and keys are in-hand on or before June 30th).

For first-time homebuyers, the credit amount, as it was in the original plan, remains at 10% of the purchase price, up to a maximum credit of $8,000. Originally, to be eligible for the credit, single (not married) purchasers could have an adjusted gross income (AGI) of no more than $75,000/year; married couples with an AGI of $150,000 or less were eligible. Under the new plan, singles with an AGI of up to $125,000 and married couples with an AGI of up to $225,000 are eligible.

For those of you who had previously been ineligible to claim the credit at all because you already owned a home, there may be good news for you. Under the new plan, homeowners who have lived in their homes for 5 consecutive years of the past 8 years are eligible to receive a credit toward a new home purchase. Meant to give a boost to “move-up” buyers, this credit amount can be 10% of the purchase price, up to $6,500. The income caps referenced above are the same.

If you’re a member of the Armed Services and were/will be deployed outside the United States for at least 90 days between December 31, 2008 – May 1, 2010, you may claim the credit until May 1, 2011 (with settlement all wrapped up before July 1, 2011).

One peculiarity of which it’s important to take note: even if you purchase a new home in 2010, you can claim the credit on your 2009 tax return. If you file for an extension of time to file your income taxes, or if you amend your already-filed 2009 tax return, you may include the tax credit (this would put the cash in your pocket much sooner than if you were to claim the credit on your 2010 tax return). Be sure, however, to take heed of the income limitations, as they apply to the year in which you claim the credit.

Finally, it’s important that you understand that if the purchase price of the home exceeds $800,000, no tax credit may be claimed, regardless of your income levels. The credit only applies to primary residences. Investment properties or vacation homes don’t qualify.

Whether the expansion and extension of this credit is the shot in the arm that the US Economy needs remains to be seen, but it’s here, it’s ready and, if you’re planning on purchasing a new home, you should most certainly take advantage of it. Talk to your Intero agent or consult your financial advisor to discuss how this affects YOU.

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The Intero Insider: Can S.B.1678 Breathe New Life Into The Homebuyer Tax Credit?

By Gino Blefari | September 30th, 2009 0 Comments

It’s been reported by everyone. By Intero. By government entities. By every news outlet from CNN to the smallest small-town newspaper.

The Homebuyer Tax Credit.

It’s the thing that — so far — has motivated 1.2 million first-time homebuyers to purchase their first homes. It’s been a boom to the languishing real estate market, and helped stimulate our nation’s economy on the whole.

But time is running out.

The big question is, why? If there’s a program in place that can help consumers and help the still-weakened economy, why bring it to an end? Right now, the program is set to reach its termination at midnight on November 30, 2009. But several members of Congress are trying to extend that.

Enter Senate Bill 1678.

Introduced this past Wednesday by Sen. Ben Cardin of Maryland, the bill has the support of several members of the Chamber who carry some pretty heavy clout. This bill seeks to extend the credit to June 1, 2010.

The extension would give members of both houses a bit of time to work on a solution that would not only extend the credit, but open it to homebuyers in general (not just first-timers), increase the amount of the credit from $8,000 to $15,000, as well as change the income restrictions currently in place.

It’s great to know that members of our government are working to help hardworking Americans. It’s also important to realize that, as things stand right now, the Homebuyer Tax Credit is still set to expire in a few short weeks. Since the home buying process can often take an extended period of time, there’s no time to waste.

Talk to your Intero agent, as well as your tax or financial advisor, so you know the facts.

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