Now that the settlement finally has been reached, many of these foreclosures that were stuck in the "Robo-signing" paperwork scandal ("shadow inventory") will come into the market stream. Most likely they will be at lower prices, too, and could drive all home prices even lower.

But how much lower and how fast prices will fall will can only be determined by how fast the lenders will proceed with these foreclosures. CoreLogic estimates the current shadow inventory is about half the current visible inventory: Read More

Foreclosure starts surged 28 percent in January (from December), according to a new report from Lender Processing Services (LPS). In January alone, more than 230,000 loans began the actual foreclosure process.

RealtyTrac’s: Foreclosure Market Report

The Five states with the highest foreclosure rates are Florida (11.8 percent), New Jersey (6.4 percent), Illinois (5.3 percent), Nevada (5.0 percent), and New York (4.7 percent).

The Five states with the lowest foreclosure rates are Wyoming (0.7 percent), Alaska (0.8 percent), North Dakota (0.8 percent), Nebraska (1.1 percent), and Texas (1.3 percent).

“Home prices across the nation saw light levels of depreciation in February, consistent with the trend we have seen over the last several months,” said Dr. Alex Villacorta, Director of Research and Analytics at Clear Capital. “However, the Northeast, Midwest, and West improved performance against last month’s quarterly declines in light of increases in REO saturation, which is unusual and encouraging.” 

Robo-signing settlement may boost short sales

"We will see an increase in short sales, because lenders and loan servicers will get the same credit for doing a short sale, as if they did a loan modification or principal reduction," said Rick Sharga, Executive Vice President of Carrington Mortgage Holdings LLC.  

There are improvements in the job market and consumer confidence is rising. Also, investors, often with cash, are picking up speed buying up many of the lower priced homes, even in lots. These are all good things!

The housing market is healing, a Capital Economics report stated, but the road to recovery will be a long and gradual one. The research firm expects to see home sales and homebuilding continue with increases, while house prices are expected to finally stop falling later this year.

While data through the end of this past January shows significant movement in both foreclosure starts and sales, it has some market watchers saying the lull in foreclosure activity seen over the past year-and-a-half may very well be coming to an end. However, the banks do not want to over-saturate, but to drag it out would only prolong the problem. Please see the attached chart/picture on how it all may work.

Across the nation, many struggling homeowners were able to get a reduction in their mortgages, modify their loans, or opted to do a shortsale, which is not as bad as a foreclosure is (on your credit report).

In our immediate area, currently I don't see any foreclosures listed, (although, sometimes banks hire their own private firms), but I am aware of some shortsales that are. I see many non-distressed homes being listed, and several homes going under contract, too. The good news is we have been picking up steam, and the activity has been long overdue (and the weather has certainly been helpful too). Could this be the end of our lull?

Only time will tell!

Next blog: The Mortgage Debt Relief Act of 2007

Last week's Initial Jobless Claims came in at 358,000, just lower than the 370,000 expected, suggesting the labor market was finally strengthening. Meanwhile, that’s from those who still claim unemployment and there are others that just gave up and are not accounted for....so what can we believe?

The Federal Reserve Chairman Ben Bernanke said that high unemployment continues to weigh on the housing markets - really? That there are still a high number of people who remain out of work, OR are under-employed. Bernanke will continue to keep interest rates low through 2014. (Maybe he should raise them, so those ON the fence will get off it)?

A new $25 billion bank settlement agreement has been reached with five of the largest home (mortgage) servicing banks: Bank of America Corp., Wells Fargo & Co., JPMorgan Chase & Co., Citigroup Inc., and Ally Financial Inc.  

They agreed to settle alleged foreclosure abuses, including the infamous "robosigning" NIGHTMARE. Bank employees were signing documents they hadn't read or used fake signatures to foreclose on homes which affected nearly 8 million Americans - between September 2008 and December 2011: http://www.msnbc.msn.com/id/44365184/ns/business-real_estate/t/robo-signing-scandal-may-date-back-late-s/

The $25 billion in funds will be dispersed as follows:

• $17 billion would go toward reducing the principal that struggling homeowners owe on their mortgages.
• $5 billion would be placed in a reserve account for various state and federal programs; a portion of that would cover the $1,800 checks sent to those homeowners affected by the deceptive practices.
• $3 billion would help homeowners refinance at 5.25 percent.

As stated in The Sun Sentinel article: http://www.sun-sentinel.com/business/realestate/fl-mortgage-settlement-20120124,0,933797.story

Also, according to Business Week:

Examiners are tough and have been really scrutinizing banks for their “practices” to get this economy back on track. Tensions have been seriously mounting between both banks and regulators since this financial crisis. http://www.businessweek.com/news/2012-02-17/regulators-make-nice-as-u-s-banks-bristle-over-tough-examiners.html

DSNEWS reports:

People who need an extension to have their foreclosures checked by a third party to see if they were rightfully foreclosed upon: http://www.dsnews.com/articles/deadline-to-request-independent-foreclosure-review-extended-three-months-2012-02-15

So what can all this possibly mean? 

Well, thank goodness our area has not been hit so hard. Certainly, all the banks want to keep homeowners in their homes. The fewer homes being defaulted on - means fewer homes entering the market as foreclosures. Creating more demand and hopes towards stability. Understand, also, foreclosed homes drive the prices downward affecting the neighboring homes that are not having issues who are trying to sell...

BUT, what will happen to the properties that were on hold for foreclosure now that the settlement has been reached?

Another concern, will the Mortgage Forgiveness Debt Relief Act be extended?

To be continued...

This was originally published in the Syosset-Jericho Tribune in 2001. When I wrote it back then, it just poured out of me in the moments it took me to write it.

As I read it today it still resonates with me. I was so devastated by all the images, feeling so deeply affected, overwhelmed of the horror, and in shock just like everyone else. So, I had to write this... "to make sense of no sense." 

"VICTORIOUS"

Mere words cannot express this horror

This unsuspecting terror

The total devastation

With its significant heartbreak

As we ache together as a nation, as a people

Our hearts are heavy

Our breathing labored

We will become strong again, somehow

To struggle through

The agony and the reality

The shock and horrendous trauma

The unspeakable and unforgiving

As we lean on each other

We will take pride

To carry on together

Our backs bending to hold this heavy load

But they will not break us

They will not burden us

They will not strike fear in us

They will not terrorize us anymore

We will raise our heads

We will lift our hearts

We will reach out our hands

And we will extend ourselves

Together and to each other

To raise our spirit

To absolutely overcome

To become whole again

To grieve and to continue on

As they would want us to

We shared their precious lives

And we will miss them tremendously

To go on without them will be very hard

But to thank and praise them for their heroism

They ARE our heroes.

To the efforts and relief rescues

Their task was certainly not an easy one

Their lives changed forever

The horrid sights they encountered

Trying to make sense of no sense

As we try to move on and upward

Proud of our nation, our land of America

All the civilized worlds stand together

Never to forget

Never to want to

The camaraderie and brotherhood to find a solution

To deal with it full steam ahead

And to find a means

We will prevail for the loved ones who perished

And for those they left behind

Never to surrender

For the now and present

And what’s to become

We hold the future

And we understand it to be

As we know it to be

As we try and comprehend daily

We cherish the continued valiant and heroic efforts

We continue to respond and stand tall

Like a family through thick and thin

We unite

We do what we must

We do what we have to

Not an easy task, but we will survive

Our glorious flag remains our steadfast symbol

We struggle together as a nation to emerge

VICTORIOUS

Home sellers and their listing agents may be experiencing this very thought. Where are all the home buyers? We had a rise in sales, but now it’s slowing down as the summer winds down (and is almost over). Perhaps many are still away on vacation, or packing their kids off to college? 

Sure, who doesn’t want to put off the tedious and dreadful house-hunting of a ‘project’ and enjoy what’s left of the summer. The buyers that needed to buy a home to get their kid(s) into school for the new school year – have either done so already, or are just about to, or have changed their minds and will just wait another year to buy. That buyer’s pool is pretty much done. Before you know it, we’ll be in the fall months and time to get back in the groove with the lazy days of summer behind us for another year.

Could it be that a lot of the buyers are just still on hold, waiting for prices to drop even more because of this crazy economy? Banks are getting a lot tougher with their mortgage criteria, too, so should nervous buyers bother? There’s a lot of scary and negative news out there. Consumer confidence - zip!

The world economy is in turmoil – job security and the ‘benefits’ that once went with it are in jeopardy. The stock market is volatile, and no one in their right mind wants to pay more for a home. Then if you did find a home you want, agree on a price, and then have it come in under appraised – nightmare!

It sure makes sense to wait for the economy to bounce back, but wait for how long? Are buyers willing to wait for ‘whenever’ and put their lives on hold to save some money and compromise their sanity? Are buyers a part of the problem by holding off and waiting for the next guy to step up? Well, you can’t take a blind eye and not be concerned, so what’s the answer?

Let’s look at the big picture…down the road is  real estate still considered the best overall investment according to all the experts? Yes! The rates are still low and as history has proved before, there will always be ups and downs in any type of market, yet real estate is still considered the best investment. http://www.housingviews.com/.

So, do we want the economy to bounce back and feel that consumer confidence flowing again? I would definitely hope so.

With so many questioning what people’s desire for home-ownership are, we should remember:

• 81% of adults still believe that home-ownership is the best long term investment available;
• 82% of homeowners who have seen their house lose value still believe that home-ownership is the best long term investment available and
• 81% of renters hope to be home owners in the future.

Families are trying to determine whether or not now is the time to buy a home. Some may be getting advice to sit out the current real estate market and rent instead for the next year or two.

Not that I agree with this advice, but everyone’s financial situation is different. Home-ownership still remains to mean a lot to a family. It comes down to realizing that the financial aspects of purchasing a home is the biggest concern in this challenging market today and will it appraise at same said cost. You need to make your own decisions by being informed and listening to your own heart. Be a “sponge” and base your decision on your own terms involving your job, family, the school, and location desired, etc.

If you’re renting and want to stay in a rental, consider this:

According to Citigroup:

“When we examine the relationships between mortgage payments and income and mortgage payments and rent, we see that these relationships have also reverted back to or below equilibrium points. In some cases, particularly when mortgage payments are compared to the cost of renting, home prices actually appear cheap.”

JP Morgan

“JPMorgan analysts said ‘the continuation of falling rental vacancies and rising rental demand will make home buying increasingly attractive’, especially as rental prices increase.”

Business School professors Eli Beracha and Ken H. Johnson

“Fundamental drivers now appear to be in place that favors home-ownership over renting in the near term future…

The second finding might seem unwise to many given the recent crash in the real estate markets around the country. However, rent-to-price ratios now seem to be in place along with other fundamental drivers that favor ownership over renting…

Conditions (historically low mortgage rates and relatively low rent-to-price ratios) now seem in place to favor future purchases.”

Footnote: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, (strong economic news normally has the opposite result). Bonds and Home loan rates improved last week but tapered off a bit on Friday. Stock markets fell once again last week on fears of a double-dip recession. However, home loan rates are still at some of the most attractive levels ever seen - making now still a great time to consider a refinance or home purchase.

Any thoughts, questions or comments?

Questions I hear all the time......

“Should I wait a just little longer so I can get a real deal?”

“Do you think interest rates will rise soon?”

 “Are houses selling in our area?”

I don’t have a crystal ball, but I do read a lot, I listen to the experts, and I watch the market very closely, especially in our own area. Being informed is the only way I can attempt to answer these great questions.

Sure, everybody has their own opinions, as I’m sure you do, too. While others are invited to take part in surveys (Where am I, when they take these surveys, anyway?). Nonetheless, survey after survey, the cost is not the real reason behind why families actually buy a home.

The findings of two surveys recently taken, you’ll find important reasons of why (in order of importance) a buyer does buy a home.

According to the National Housing Survey:

The top five reasons given in the survey for buying a home are:

1. It means having a good place to raise children and provide them with a good education.
2. You have a physical structure where you and your family feel safe.
3. It allows you to have more space for your family.
4. It gives you control of what you do with your living space (renovations and updates).
5. Paying rent is not a good investment.

According to The Myers Research and Strategic Services Survey:

The top five reasons given in the survey for buying a home are:

1. Home ownership provides a stable and safe environment for children and other family members.
2. Home ownership means the money you spend on housing goes towards building equity, rather than to a landlord.
3. Home ownership creates the opportunity to pay off a mortgage and own your home by the time you retire.
4. Home ownership creates the opportunity to live in a neighborhood that you enjoy.
5. Home ownership allows you the right to decorate, modify, and renovate your home as you see fit.

While, of course, the cost has a lot to do with it, you can’t put a price on happiness! (Most likely in this economy, it’s a good ‘deal,’ anyway). And yes, the % rates still low, for now, and, ‘yes,’ houses are selling in our area.

More importantly, it comes down to what’s really important for you and your family to live a better lifestyle. Don’t put your life on hold – get on with it.

Homebuyer’s Info:

There is a great program for Suffolk for first-time home-buyers still in effect: http://www.lipolitics.com/suffolk-legislature-extends-first-time-homebuyer-tax-exemption.htm

Unfortunately, Nassau’s program wasn’t extended:http://www.nassaucountyny.gov/agencies/CountyExecutive/NewsRelease/2010/11-9-2010.htm

Other great resources to tap into: http://www.mlsli.com/housingresources.cfm

1. Water - 3 gallons per person
2. Canned meat and veggies - ready to eat
3. Manual can opener
4. High energy bars
5. Some comfort food (M&M’s, cookies, crackers, etc.)
6. Plastic Cutlery
7. Plastic cups
8. Paper plates
9. Aluminum foil
10. Salt/pepper seasonings
11. Plastic garbage bags
12. Pre-made First-aid medical kit
13. Backup eyeglasses
14. Prescription(s)
15. Vitamins
16. Medicine
17. Pain relievers
18. Aspirin
19. Disinfectant Soap
20. Face soap, deodorant
21. Shampoo/conditioner
22. (Disposable razors/shaving cream)
23. Toilet paper
24. Tissues
25. Dental care items
26. Flashlights with extra batteries
27. Powered battery clock/radio with extra batteries
28. Needle and thread
29. Utility knife
30. Whistle
31. Compass
32. Area map
33. Pen/pencil/paper
34. Matches is a sealed bag
35. Candles
36. CASH
37. Change of clothes
38. Spare cell phone battery
39. Baby items, if baby in family
40. Animal items, if pets in family
41. Important papers (insurance policy, passports, banking and credit card information, etc.) placed in a sealed in plastic bag.
42. Emergency Contact Information: names and phone numbers; family members, doctors, and utility companies placed in a sealed in plastic bag.

Also, make sure to check the expiration dates and update the expired items (mark your calendar when it’s time to do so). Pack and keep everything in an enclosed plastic bin with a sealed tight lid, (possibly in a bin with rollers) to roll under a bed. The bins are sold at most home improvement stores and superstores. Hopefully, you won’t ever need it, though.

Any other suggestions or comments - feel free to suggest!

These days many things can stress us out and moving is right up there with the rest of them! When getting ready to move, it’s best to make a checklist of all the things you need to care of. It can be a lot to deal with, and exhausting at the same time, too. Just when you think you've thought of everything, something else come to mind!

The list in your head just gets longer and longer - this is why you need a real checklist to follow. It’ll keep some of your sanity, and hopefully the move will go a lot smoother for you and this checklist will help.

One - Two weeks before you move:

• Call your utility companies – electric, oil/gas, phone/television/computer
• Change your address on your driver’s license
• auto registration
• voter’s registration
• credit cards
• doctors
• vet
• magazine subscriptions
• newspaper subscriptions
• submit a postal change of address form (online or by mail)
• Fill needed prescriptions for a few weeks (if necessary)

One - Five days before the move:

• Defrost the freezer and empty the ice maker and ice cube trays
• Clean refrigerator, stove-top, and oven
• Disconnect and drain all appliances
• Drain fuel from power equipment
• Have payment ready for movers
• Confirm travel arrangements
• Confirm arrival  time of movers – OR – the pick-up of rental  truck
• Clean and gather outdoor furniture
• Return cable box(es), modems, DSL modem, etc.
• Organize keys
• Close safe deposit box -personal papers in order
• Clean house (vacuum, sweep)
• Finish packing and prepare food/snacks/bottled water for move day

Moving Day:

• Disassemble beds
• Check all cupboards, closets, see that the dishwasher and appliances are all empty
• Give movers a tour and instructions.

When it comes to actually packing your belongings, try to do one room at a time.

More importantly, getting the right packing material is crucial, also.  Sturdy boxes, big wide tip markers and the thin brown tape works best. If you can get a tape gun it’ll make things go even faster. You can find these items at your local home center such as Home Depot, Lowe’s, or perhaps, a local moving company.

When it comes to pictures with glass in frames, vases, dishes, etc., bubble wrap is great to use.  Make sure to properly mark the box “fragile,” and more importantly, make sure to point it out to the handler.

You can rent one of those large rental storage box units (or more) and have them delivered right to your house.  They can be loaded at your convenience and then once it’s filled, the trucking company will truck it to your new home. (Pack the more valuable items with you in the car such as jewelry, personal papers, food, urns, etc).

If it’s convenient, have the boxes stacked in backwards making the first box needed up front (and the least important boxes in the back). Each family member may want a ‘must-have’ box on the first day, too, so label them with their “NAME” and “First Day.” Also, include a special box with some plastic cups, paper towels, paper plates, toilet paper, (maybe some plastic eating utensils)…. although, moving makes a good excuse to eat out at the fast food restaurants!  Plus, don’t forget your pet’s food, water and eating bowls, too, (and leashes, cages, if necessary).

Try to make it an adventure and try to have patience.  When you feel overwhelmed, try to take a 10 minute break, and just remember it’ll be over soon enough and be a memory. Everything will fall into place, (literally)…Good luck on your new home!

Any other great tips or comments, I welcome your input!

The activity of buyer’s looking to buy a home at this time of the season increases.

If you’re contemplating selling your home - now is a great time. Most home buyers start to look for a home in the spring, around May. That’s normal - but in this market, as we know it, NOTHING seems normal lately.

Usually, in the beginning of a search, buyer's excitedly look at several homes. Buyers make it a point to see every home in their price range and want to make sure they haven’t missed any. Naturally, they want the best home for their money. After time, the houses may start to blend and the search can get a bit overwhelming.  It begins to become stressful and somewhat of a chore. After looking and looking, they may feel the pressure to finally make a decision and can’t. That’s when they really need a professional REALTOR® to help. A Realtor can focus on homes to show them based on their needs, and look for other listings they haven’t seen yet, or just don’t even know about. That’s where you come in, as the seller...

Your home may be the special new listing they’ve been looking for, after viewing all the others! June is still a great time to list a home for sale! Sure, you have proms, graduations, weddings, Father’s day, but serious buyers are coming out. Many of them may need to get in before the beginning of a new school year, too.

Buyers go through a learning process of searching, looking, and shopping before it sinks in they really have to commit. That’s when they turn into a serious buyer instead of a shopper. At this time, your home could be the one they desire. Remember, it only takes ONE Buyer!

With interest rates so low you have a much better chance of getting some great offers if you list now and perhaps, multiple offers (without the worry of diminishing the price so quickly, as if it had been on since May).

Although interest rates have stabilized recently, the last six months they have climbed over 1/2%. Every time the rates increase 1/4%, there are hundreds of thousands of buyers being eliminated from the pool of qualifying for a mortgage. With rates being unpredictable and volatile, waiting could mean that there will be fewer buyers eligible to purchase your house. It could, also, mean that you will pay a higher % rate on the next home that you want to purchase!

Importantly, people shouldn’t wait for this crazy market to dictate to them what they should or shouldn’t do. One of the most important reason’s for a buyer to buy, and a seller to sell to sell is to go on with their lives. Just don’t allow a less-than-perfect housing market prevent you from reaching your goals as an individual, or as a family. If you decide to place your home on the market for whatever reasons, are they still important to you? If you have to take less than you were originally hoping for, is the dollar difference in sales price worth putting off the family’s future plans? Only you and your family know the answers to that.

Also, be aware that the increasing numbers of homeowners are now paying their mortgages which leads to less distressed properties for sale later. However, there are still EXISTING foreclosures and short sales that will be coming onto the market, and in turn, will affect all the current home sellers with their homes still on the market.

As an example, LPS reported in their latest Mortgage Monitor that:

• There are still twice as many loans going 90+ days delinquent as are starting foreclosure
• There are almost three times the number of foreclosure starts as there are foreclosure sales
• Distressed property inventory levels are almost 45 times the rate of monthly foreclosure sales 

This means that there is such a backlog of properties (‘shadow inventory’) which will start coming to the market more and more as banks clear up their paperwork challenges. These properties will sell at dramatic discounts, and will be, unfortunately, your competition. So, waiting could hurt you more, as these homes begin to trickle into the market. The banks don’t want to flood the market with these distressed properties, but holding on to them for too long would keep us further away from recovery, too. Both Fannie Mae and Freddie Mac are very well aware and have discussed the magnitude of this challenge recently.

An article in Housing Wire, RealtyTrac Senior Vice President Rick Sharga said:

“…major banks currently hold roughly 1 million REO, or homes repossessed through foreclosure, but only 30% have actually made it onto the market.”

 Why are banks holding this inventory?

The article mentioned above answers this question this way:

Coming to a proper balance on how to manage this shadow inventory of foreclosures is vital for the banks. They need to show a healthy balance sheet while not releasing too many distressed properties onto the market, further dragging down home prices and values.

Besides rates increasing and foreclosure issues there are other factors that will play a big part in a buyer’s ability to qualify for a mortgage. Lending standards have been getting so much tighter over the last year. And as the government currently debates the new proposed guidelines (QRM), banks are gearing up for even more stringent standards.

Morgan Stanley recently stated:

“Recent developments in issues such as GSE reform, Dodd-Frank securitization rules, and foreclosure settlement issues suggest a tighter and more expensive environment for mortgage credit.” 

This may impact any potential purchaser for your property and may also impact your next purchase. 

If you plan to sell this year, the reasons above prove that selling now makes more sense than waiting to later in the year. Contact your real estate professional in your area today to fully understand your best options.

First impressions are everything!  When selling a home, it should show in the absolute best possible condition, especially in a buyer’s market. Buyers are very choosey in a buyer’s market and they will quickly dismiss yours if they are turned off by anything. You want to stay on their list of all the many homes out there, so they’ll come back! 

Place yourself in a buyer’s shoes. Even if you have to go around the house and take some notes. See what might be in need of attention for repair or cleaning. Also, just as importantly, take notes on the good things that are positive to point out, too. Be objective as if you were seeing your home for the first time. Observe and notice what a buyer would see when they walk in and around.

OUTSIDE:

The curb appeal is the critical first impression that lasts with most buyers.

If it’s not appealing outside, it gives them the same inclination for the inside and may just pass on continuing. Neat and clean is the key! Keep the grass mowed, the shrubs trimmed and trees pruned, pick up lawn tools, lawn toys, garbage pails away, and newspapers picked up. Sweep the front walkway, garden hoses neatly wound, sprinkler system in good condition, sidewalks in shape, and clean-up after pets. Power-wash the exterior, spruce up decking, check for bees/wasps/birds nests in the eaves, and make sure gutters are free of leaves and branches.

INSIDE:

Overall, a home should be clean, light, bright, free of clutter, and odor-free.

When buyers tour a home, they're trying to see how it fits. A buyer needs to be able to envision themselves living there. Nothing turns off a buyer quicker than an un-kept, cluttered, and unpleasant smelling house. Sellers should try to eliminate personal items, including family photos, personal effects, and even unique colors. Buyers can get very distracted.

Paint in neutral warm colors to give a fresh clean look, shampoo the carpeting, (possibly replace carpeting if badly stained), brighten the wood floors (or refinish if necessary), clean windows and sills, shine up the appliances and the oven hood should be grime-free. Steam-clean tile, and check for loose grout in the bathrooms.

When showing, open drapes and shades, and turn ON all the lights to make your house looks bright and cheerful. Make sure ALL the light fixtures have light bulbs in them, too. There’s nothing more noticeable than one light that’s out or missing while the others are working. It makes you look cheap, or that you just don’t care which sends off bad vibes.

On a nice day, open the windows to freshen rooms. Pick up toys and shoes, get rid of the old newspapers and magazines, make up beds, and put clothes away. Prepare tables with flowers and place settings, set out a game or a nice “coffee table” book. Turn off the television, play soft background music. Tidy up the bathrooms, set out show towels, empty the wastebaskets, and set a comfortable temperature.

The closets should be half-full with nothing on the floor. Most people are looking for a house because they’ve outgrown their previous house. Showing them that you've still got room to grow gives them another reason to buy.

Also, placing a mirror strategically in the home so that people can actually see themselves, they can picture themselves living there.

Odors:

Make sure your home smells fresh and inviting. Cooking, pet, and smoking

odors are killers.

Cooking - It’s best not to cook food that would give off heavy lasting odors. (I’ve had a few buyers who became upset with me, because they smelled curry). If necessary, you can use an eliminating odor spray, or burn scented candles to offset most cooking smells, too. No one is saying not to cook, just be mindful when your home is on the market to make it as appealing as necessary, if you’re serious enough to sell.

Pets - Some pet owners are so accustomed to their own pet’s aroma. They just don’t realize that these odors can be very offensive to buyers, especially to those who have allergies. It's, also, important to get rid of pet paraphernalia and have a ‘pet plan’ to make sure the animals are not around when the house is shown. Leaving pet items out like dog dishes, cat litter boxes, wee-wee pads, etc., immediately turns off a buyer. It makes them wonder if the animal has done any damage in the immediate area. And I don’t think a buyer is going to touch a wee-wee pad to look underneath it to check the flooring. I love dogs and have a huge black Lab of my own at 138 pounds, but unfortunately, not all people like dogs. It’s just best to keep pets out of the way, and make sure all pet areas are clean and free of odor.

Smoking - Along with cooking odors and pet odors, smoking odors can be real turn-off, too. Remove all ashtrays, clean all curtains and upholstery. Consider smoking outdoors while your home is on the market.

Dated items in the home:

Times change, and so do home decor styles. Acoustic popcorn ceilings, once fashionable in the '60s and '70s, now can badly date a space, too. This type of ceiling is very unappealing to buyers these days. Also, wallpaper and wallpaper trim is a big no-no. Just like the popcorn ceiling, it’s a pain to remove and simply just adds another chore to a buyer's to-do list.

Old fixtures on doors and cabinets can really age a house, too. New inexpensive cabinet hardware and doorknobs can make a huge difference. Homes that have old doors, fans, lights, ovens, microwaves, ranges, and dishwashers can really turn a buyer off, too. Sellers may feel the buyers will just purchase what they want when they move in. However, these days, I find many buyers really want a move-in ready house and don’t want to do anything! Or, they’ll just go to the next house in the same price range that’s more appealing with less work. If a seller can’t fix or update items because they can’t afford to, it understandable, however, it is still very important to show a home meticulously clean and uncluttered.

Sometimes realtors and buyers feel uncomfortable when the seller follows them around during a showing. Buyers can’t talk freely “on the spot.” (Also, some of the questions they meant to ask may be forgotten once you leave an area). If you want to be around, by all means, but just don't hover.

Quick TIPS:

• Secure jewelry, cash, prescription medications, and other valuables.
• Kitchens and built-in bookshelves should showcase spaciousness by following the rule of three. For kitchens, there should be no more than three countertop appliances. Bookshelves should be divided into thirds: one-third books, one-third vases and pictures, and one-third empty.
• The home office should be a very generic office setting, so any type of professional can imagine themselves there.
• Toddler parents can try to pack away extraneous "kiddies’ litter" and keep a laundry basket handy. When you get that phone call one hour before a showing, toss everything in that basket and take it to the car with you and your kids.
• It’s a good idea to have an engineer inspection done before putting the home on the market and to fix anything that needs attention. You’d have no surprises later on and won’t have to compensate for these issues which can delay negotiations (and for weeks sometimes).
• Another positive would be to have a professional stager come in to recommend ideas to enhance your property to make it more appealing to a buyer to get an offer!  I have personally staged some homes myself and it truly works! 
• Good Luck!

So many reports, surveys, and opinions. I try to read them all so I can be informative and the majority of the top experts believe it to be a resounding, YES!

According to a Gallup Poll study, “In U.S., Majority Still Say Now Is a Good Time to Buy a Home.” If you feel the time is right for your needs and you've found that special dream home, why wait?  Even if prices should soften a little more, I don’t believe ‘users’ are buying homes to sell them in a year. The average homeowners stay in a home 5-7 years out, and can be maybe worth 20-30% more.  Many still feel that home ownership is still the best investment with the most potential. 

Interest rates have increased almost 3/4 of a point in the last six months. Many of the experts still are expecting rates to continue to rise through the year, too. Even with home prices softening and the interest rates rising, it may be less expensive to buy now, rather than wait.  A small hike in the mortgage interest rate can impact your monthly payment substantially over the long run. (Don't forget interest rates along with price determine the overall cost of a home). 

However, Lawrence Yun, NAR chief economist, said the market is underperforming.

“Given the great affordability conditions, job creation and pent-up demand, home sales should be stronger,” he said. “Although existing-home sales are expected to trend up unevenly through next year, unnecessarily tight credit is continuing to restrain the market, along with a steady level of low appraisals that result in contract cancellations.”

According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 4.84 percent in April, unchanged from March; the rate was 5.10 percent in April, 2010. Lenders are lending at a healthy pace. While interest rates continue to cooperate, there are many programs for customers. Of course, lenders only approve borrowers that can demonstrate their ABILITY to repay (via income verification), and their WILLINGNESS to repay (via credit scoring and automated underwriting systems).

Phil DeMuth, an investment adviser and the co-author of a new book on investing, The Little Book of Alternative Investments, says it's a great time to buy.

"Housing prices are where they were in 2002 and you've got mortgage rates at 5% now on a 30-year mortgage," he says. "If you can put the 20% down and qualify for a good mortgage, I'd say this is an excellent time to take that kind of position."  See full article from DailyFinance: http://srph.it/fQRult

With, foreclosures on the rise, home prices softening, high inventory, and low interest rates, there has never been a better time to buy. In nearly 60 years we have never had BOTH record low home prices and low % rates at the same time.

Barbara Corcoran, real estate icon said, “We have a regular real estate miracle happening right now. We not only have record low prices, but we also have cheap money.”

A second real estate icon, Donald Trump said, “This is a great time to go out and buy a house. And if you do, in 10 years you’re going to look back and say, ‘You know, I‘m glad I listened to Donald Trump’.”

Hedge fund manager John Paulson became an icon in the investing world when he made a huge wager against subprime mortgages in 2007. That year, his funds gained as much as 590 percent, according to the Wall Street Journal.

 “If you don’t own a home, buy one,” Paulson said. "If you  own one home, buy another one, and if you own two homes buy a third and lend your relatives the money to buy a home.”

Maybe it’s time to start listening to the people who have made their fortunes buying and selling real estate. They may know best!

I am not a seasoned blogger, in fact, I‘ve never even “blogged” before.  I've heard there are sites out there, and I admit to have read a few blogs on several topics, but I don't usually seek them out. However, with that being said, the more I read them, the more intrigued I become, and actually agree it is a great way to communicate.

So, when encouraged to do a real estate blog for the Syosset Patch, I jumped all over it!  I've contributed to The Syosset Patch as a writer before, and I thought this would be right up my alley!  (And I'm not talking about the bowling kind, either.  Although, I do love to bowl - but that's a whole other blog)!

But how exciting I thought it would be to put a spin on what’s going on in our own community in the real estate market. I mean, think about it - real estate, we all have to live somewhere, it’s an integral part of our lives.  Home is not just a place to lay our weary heads at night. It’s a place to find comfort, solace, be with our loved ones, or just be alone to cherish our own down-time and unwind. Where we end up molds us, how we interact, and how we grow and evolve.  What we do and where and we live is centered around our loved ones, too. 

I am passionate about real estate, my family, and my community.  I care about where I live, the people I have in my life, and those I have met along the way, whether it be in my career or just in general, while I always look forward to meeting new people all the time, too. 

This can be a great forum for many of us to communicate by sharing our thoughts, expertise, and experiences to build a stronger, ‘friendly’ real estate community.

So, how do you think the market is doing?  It’s the most asked question I get, especially at the grocery store!  I love it!  My family always asks what took me so long! Just yesterday, I was the local drug store and someone asked the same question, and I'm always happy to stop and chat. I admit, I love to talk, and always have time to talk about a subject that’s near and dear to me.

I would like to think we are all aware of what’s going on in the real estate world. That we listen to the latest real estate news, read the newspaper articles, maybe even read some blogs on the subject, and possibly attentive to the experts who forecast their reports?  But, that might be asking too much, especially in our busy lives.

Unfortunately, sometimes some of these reports may differ!  So much information, so many opinions, it can just drive anyone crazy and you don't know what to believe, or do with all the information!  Let’s put it this way, there will always be good news and bad news, but just take it as the news!  The key is to focus on the facts, and to determine from them.  If you're still confused and looking for answers, the best thing is to seek out a professional.