What You Need to Know About the Dirtiest Words in Real Estate

The dirtiest word—or words—in real estate is “real estate appraiser.” Here’s why.

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What makes “real estate appraiser” the three dirtiest words in real estate? To understand, let’s take a look at what’s happening in our current market.

Inventory is tight right now, especially in the lower price points, and our market wants to start trending upward in terms of home values. Whenever this happens, it makes an appraiser’s job more difficult. I know because I’ve been there before.

Remember, appraisers represent the banks, and it’s their job to look at historical data to evaluate home values. Home values want to start increasing because of our supply and demand imbalance, but appraisers are still looking back six or 12 months to evaluate properties.

As an example, I recently sold a home in Albany for $180,000, but its appraisal first came in at $175,000. This gave my seller a tough decision to make—whether to sell at $175,000 or put the home back on the market and hope they eventually get a higher appraisal from someone else. This home had several offers above the price we sold it for, but the appraiser was saying it was only worth $175,000.

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Appraisers aren’t doing their homework as far as where supply and demand is and what buyers are willing to pay.

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If my client decided they wanted to sell at $175,000 even though the home was worth $180,000, a new appraiser would’ve come along after that and used that as a comparable sale to set values for other homes.

This is just one of many examples I could’ve used that have occurred over the past several months—I list a home at a certain price and then the appraiser comes along and values the home for significantly less than what a buyer is willing to pay for it on the open market.

This effect is keeping the market down when it should be easing up into positive, healthy price gains. Appraisers aren’t doing their homework as far as where supply and demand is and what buyers are willing to pay. As I said, I’ve been there before and I know how hard it can be, but unless they start easing up on their guidelines and using paired sales to measure appreciation and make time adjustments, this kind of thing will keep happening.

As always, if you have any specific questions about your home’s value on the open market or you have any other real estate needs I can help you with, feel free to give me a call or send me an email. I’d be happy to help you.

What Are the Most Common Mistakes Made by Buyers and Sellers?

Today I want to share some of the most common mistakes I see buyers and sellers making in their transactions. Knowing what to avoid is important as knowing what you should be doing.

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When it comes to real estate, a common topic of discussion is the things buyers and sellers should do to succeed in the market.

However, today I want to talk about something a little different. As important as it is to know what you should be doing, you should also understand there are certain things that buyers and sellers alike should avoid.

First of all, I often see buyers and sellers making the mistake of letting their egos get involved. When negotiation becomes about winning instead of the goal at hand, things can quickly go downhill. When buyers and sellers put their egos aside during negotiations, they will both be much more successful in getting what they want.

Another mistake I see from people during real estate transactions is sellers not investing in the preparation of their home. My team has the resources to help sellers make these kinds of investments, which can bring a bigger return, but ultimately, our help can only go as far as a seller’s willingness to take it.

Overpricing, too, is another thing that sellers need to avoid. “The second agent wins,” is a saying that has come as a result of just how often sellers make this mistake. What this means is that when sellers overprice their home the first time, they are unsuccessful and will ultimately hire a second agent later to try to do the job right.

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If you want to win, you have to be in it.

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Pricing a home too high with the promise of bringing it down if need be will always be a losing strategy. A home’s price should be set correctly from the start if you want to net more than you would if your home sat on the market through a series of price reductions. Overpriced homes cost sellers millions every year.

Buyers, too, should avoid doing certain things. For example, many buyers are reluctant to get into a bidding war. If you want to win, you have to be in it. A great home in a great location at the right price is rare to come by. Letting a good opportunity pass you by could lead to a lot of regret.

Additionally, many buyers make the mistake of not wanting to go over list price. If you’re going to be in a home for a long time, going over the price by even a few thousand dollars isn’t going to be a big deal. When I bought my home in 2001 and paid $2,500 over list price, people thought I was crazy.

However, today, that home has appreciated by six figures. As a buyer, you shouldn’t hesitate to go over list price if it’s truly the right home.

These mistakes cost buyers and sellers alike a lot of money over the course of their real estate transactions.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

How Real Estate Investing Can Help Pay for College

Real estate investing is one of the best ways to save for college. I have a personal example to show just how well it works.

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Today I wanted to take a moment to talk about saving for college. To add to that, I also wanted to tell you about an opportunity to earn $1,000 easy.

I'm happy to announce that after lots agonizing, my daughter has finally decided to go to Marist in Poughkeepsie. I'm a conservative guy and I've been saving for her college since the day I found out my wife was pregnant. I set up a 529 plan 18 years ago. Even saving over 18 years, I still couldn't save enough to pay for her college.

Fortunately though, I bought a small, two-family college rental property that I've rented out and managed for the last eight years. I just sold that house this week. Over the last eight years, it had positive cash flow and positive appreciation, as well as equity built-up from the payments I made over eight years.

Between the sale of that house and my 529 plan, I'm able to pay for my daughter's college. I think it's important to consider real estate for college savings because I don't think all families today can save enough for college alone. My cash on cash return on investment for that property alone was probably 40% or 50%.

If you're thinking about saving for college, I'd love to talk to you about how real estate can be a part of that portfolio for a reasonable down payment. 

So how can you earn that $1,000? Our team is growing and the market is very hot. Our team is small, close, and functions like a family, and we're looking to add two partners. 

If you know of anyone unhappy with their job and is looking to get into sales, is honest, and has integrity, I'd love to hear from you. If we hire that person, I'll write you a check for $1,000.

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If we hire the person you refer, I'll write you a check for $1,000.

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Even if you refer yourself and we hire you, we'll give you $1,000. You can email, text, or call me with someone you think is a good fit. We're looking for a good culture fit who wants to be part of our family. 

If you have any other questions or you know someone who would be a good fit, I hope to hear from you soon!

Did You Win One of Our Holiday Raffle Prizes?

Today we’re announcing the five winners of our holiday raffle prizes. Come find out if you’re a winner!

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Happy New Year! I hope you and your family had a wonderful holiday season. I have a feeling it’s going to be a great year in 2017 for the economy and the real estate market.

Today, I’m excited to bring you our raffle winners! We’ve got a lot of great prizes and I want to thank everyone who came out to our holiday pie giveaway. I really appreciate your patronage and your loyalty.

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Congratulations to our winners!

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Now, for our winners!

The winner of four movie tickets is Joan Burns

The winner of the $75 Price Chopper gift cards are Kathy DeSieno and Katherine and Jeremy Duell

The winner of the $100 gift card to Crossgates Mall is Stephanie Snyder

The winner of the $100 Texas De Brazil gift card is Viola Erwin

Congratulations to all of our winners!

We hope everyone had a wonderful holiday season. We look forward to seeing you in 2017!

Busting Common Real Estate Myths

How much money do you need to put down on a house? What does the house-flipping process look like? I’ll answer these questions and more for you today.

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Today, I’d like to bust a few common real estate myths for you.

First I’d like to talk about down payments. I recently saw an ad on social media for a $200,000 house and read a comment that said, “I’d love to buy this house, but I don’t have $45,000 to put down to purchase it.” This is a major myth in real estate. Right now in the Capital Region, you can buy a $200,000 house for about $7,000 down.

Additionally, if you are a veteran, you can buy a home with no money down. If you’re buying a home through a USDA product, you can get a house for 100% financing with no money down.

Do you need a huge down payment to buy a home? No; you just need good credit and a good income.

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You don’t need a major down payment to purchase a home.

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Next, let’s talk about home flipping. Home flipping shows are becoming more and more common these days. In these shows, people buy cheap homes in California and Vegas, flip them, and net $200,000. The home flipping market in the Capital Region is very active, but I’d like to share the reality of home flipping with you today.

In the video above, you’ll see a home I just flipped. This home was a foreclosure and was vacant for many years. The home was sold at the County Courthouse, and a wholesaler I know bought it for $120,000. He sold it to me two days later for $140,000. Why would I pay this much for the home? I just don’t have the time go to the courthouse and sit through hundreds of auctions. I knew this would be a good house to flip. The wholesaler made a quick $20,000 profit, and I began renovating the house.

I brought in a great crew and over the course of a few months, we were able to fully transform this property. Check out the before and after photos in the video above.

We made a profit of about $30,000 to $40,000, which is about standard for most home flips. But here is why home flipping is such a great business: that home went back on the tax rolls, it was turned into a great home for a great buyer, and we employed several contractors and attorneys to work on the transaction, so all of that money went back into the local economy.

Here’s where you come into play. We’re growing our business and we’re doing much more business on the home flipping side, so if you have a vacant home near your property or you know of someone else who has to sell their home, we can make them a reasonable offer, give them a cash price for their house, and renovate the house for the market. It’s a win-win. If you find us a house you think we could flip, I’ll write you a check for $1,000.

Our business is also growing on the brokerage side, so if you know anybody who is looking to get into the real estate business, please let me know and if we hire them I’ll also pay you a $1,000 finder’s fee.

If you have any other questions about these real estate myths or anything else related to real estate in the capital district, please don’t hesitate to give me a call or send me an email. I’d be happy to help you!

Watching This Video Could Save Your Life

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Winter approaches in Albany. As we turn on the heat, watch out for two hidden dangers inside your home: carbon monoxide and radon. With these dangerous gasses, it can be a matter of life and death.

If you run a gas furnace or have an attached garage, it's important to know common sources of carbon monoxide. Carbon monoxide could seep into your home from a failed gas furnace or a car running too long in your garage.

Carbon monoxide is a colorless, odorless gas that will send you unconscious quickly. A bird could build a nest in the chimney during the summer, and block the exhaust, for instance. It's common this time of year to read a news story about a carbon monoxide fatality or injury. Take precaution. It doesn't have to happen in your home.

New York law requires homeowners to have carbon monoxide alarms. Detectors are affordable at any home improvement store. If you cannot afford one, give me a call and I will pick one up for you. It is crucial to have a carbon monoxide detector inside your home!

Radon, another colorless, odorless gas, could also be inside your home. Radon comes from radium decay through rocks and minerals in the soil. You cannot buy a monitor, but the state can provide you with a radon test kit. These test kits are also available at home improvement stores for usually $11. A reading over 4pCi/l is considered dangerous.

Radon is the number one cause of lung cancer in the United States. If your radon levels are too high, you will need to get a mitigation system. This removal process costs $1,200 to $1,800.

It's incredibly important to test for radon and have a carbon monoxide detector. If you already have a carbon monoxide detector, change the batteries routinely. If you have any questions for me, or if you need a carbon monoxide detector, give me a call or send me an email. I would be happy to help you!

Is Price More Important than the Terms in an Offer?

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Today, I want to talk about something we always talk about, whether you're a buyer or seller. For some reason, people always focus on the price. That drives me wild sometimes because price is not the only factor to consider in the home buying transaction. When negotiating, we always encourage you to look at price and terms. Sometimes, the terms are more important than the price. You have to look at the big picture.

Here's an example for buyers. I've seen buyers negotiate for three days, and then they got the deal they wanted. They got 1,000 bucks less than what they expected to. That's great! But then, they go to the same bank they've always done business with to handle the financing. They don't shop around, and wind up paying a quarter point more on a 30-year mortgage.

Guess what? If you do that, you've just blown that 1,000 bucks you spent three days negotiating for, and then some! That quarter point will cost you way more money than $1,000 over the next 30 years.

As for sellers, we see you guys holding out for top dollar all the time. Then, we take a look at the seller's situation, and it turns out they're moving into a new construction home. The reality is, they have to move into temporary housing before their new home is ready. So sure, you get the bragging rights of getting top dollar, but you have to move twice.

In the long run, the inconvenience and cost of temporary housing probably cost more than getting that top dollar. It might have made more sense to take a lower offer with a closing period that allowed them to move directly into the new construction property.

Ultimately, my thought for the day is this: Don't focus solely on price. Think about your carrying costs or mortgage costs. As your real estate agent, we will help you consider the offer from every angle in order to save you money in the long run.


If you have any questions, give me a call or send me an email. I would be happy to help you!

What You Need to Know Before Hiring an Agent

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Today, I want to talk about how to hire a real estate agent. The real estate industry is flooded with people who had previous jobs in other industries, meaning there are a lot of inexperienced agents out there. In the last few weeks, many clients have come to me because they had a bad experience with another agent. So, it's very important to make sure you hire the right person whether you are buying or selling.

Don't just hire someone you meet at an open house. You can certainly do research online, but make sure you also meet with Realtors face-to-face and interview them. Ask how many homes they have sold, if they're full time or part time, and how accessible they are. Whether you're buying or selling, it's important to know how experienced the agent is and how available they can be.

More importantly, work with a knowledgeable agent you like. You will probably be working with this person for a couple of months, so it's crucial that you work with someone you get along with.

If you have any questions, give me a call or send me an email. I look forward to hearing from you!

How You Can Diversify to Protect Yourself from a Volatile Stock Market?

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Today, I want to briefly discuss how important it is to diversify. The volatile stock market is making it more risky to keep all of your assets invested in it, and now is a fantastic time to make a safe investment in real estate.

Right now, if you want to be an owner-occupant of a multi-family home, you can buy one with as little as 3.5% down. This means you can buy a $200,000 property with only $7,000! If you're an investor who does not plan to live in the building, you can buy a building with only $40,000 down!

Instead of purchasing a fancy car, which is only going to rapidly lose value, I highly recommend investing in real estate. A home is only going to appreciate in value and you will be able to pay off your expenses with the revenue you get from renters.

If you've ever thought about diversifying your portfolio or buying your first home, buying a multi-unit may be a great option for you. There are a lot of young people out there buying homes with only 3.5% down, living in them for a few years, and moving away to bigger and better things - while making a profit in the process!

If you have any questions about real estate investing, don't hesitate to reach out to me. I would love to give you a hand!

Why Are We Seeing a Lull in Our Market?

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It's August, it's hot, and many people in the area are on vacation. We are in the midst of the summer doldrums; every single August since I can remember we see a slowdown in activity.

Come Labor Day, however, we are going to see a dramatic uptick in activity as we usually do. Keep in mind too that mortgage rate increases may be coming. Hopefully, buyers realize the risk of rates increasing and take action now rather than later.

A 1% increase in interest rates, which could happen in the next year, will impact buyer's purchasing power by 10%. It puts downward pressure on values, and affects the amount of home you can afford.

If you're a buyer, you definitely want to get moving before rates do. As for sellers, get your home on the market now before rates have the time to go up. If you have any questions for us, we would love to hear from you. Just give us a call or send us an email.

Check Out Our New Listing Using Drone Photography

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Today I want to share one of our new listings with you. This demonstrates some of the ways that technology has changed the real estate business and the way we market homes.

We shot some of this video tour with a drone, which gives you a great view of the property. That's just one of the ways technology has changed the real estate marketing game.

The property is located at 101 Anthony Way. The 4,000+ sq ft property has fantastic water slide in the back that your kids will love. Watch the video for a complete tour!

If you have any questions about today's video, or about real estate in general, feel free to reach out and contact me! I would love to help you.

Why Do Some Albany Homes Sell Quicker than Others?

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Today, I address a phenomenon that many people in Albany have asked us about. Why do some homes sell quickly, while others sit on the market for an extended period of time?

The reason some homes sell faster than others is pretty obvious. Selling a home requires a lot of work. Many people don't want to put forth the time, effort, and money it takes to have a successful home sale. The way we live in our homes and how we prep them for sale are two very different things. 

What kind of work does it take to sell in Albany? Redoing hardwood floors, painting, and doing other cost-effective updates are required if you want to sell quickly and for top dollar. It's all about spending $1 to get $2 back, but many homeowners don't want to do that.

The homes that sell are those that are priced correctly and have been maintained and updated by the sellers. If you're buying in this market, you may be able to get a great deal on homes that have not been taken care of. Look for a home that needs a cosmetic update, things you can do cheaply, and reap some entrepreneurial profit from it. 

If you're considering selling, give us a call. We have a professional stager and expert strategies to not only get your home sold quickly, but for top dollar! The best part is that if we fail to get your home sold, we'll buy it ourselves. 

Give us a call or shoot us a quick email for the help you need with real estate. We're always available to be your consultants in real estate!

When Should You Sell Your Home in Albany?

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I've had many people asking me lately about the perfect time to sell a home. There are a lot of conflicting ideas about the best time to sell, and you'll probably get a different answer from every Realtor that you ask. 

I trust statistics, so I went back several years and did some research, and I found that the fall market is a better time to sell a home than the spring market. Trying to time the market is impossible. However, September and October do appear to be the best times to sell your home in general. 

A lot of people think the summer market is the best, but we just don't see a lot of activity around here in the summer because people leave town. July and August seem to slow down, as well as the holiday season from December to January. 

With all of this being said, there are many different factors that determine a good time to sell your home, and I would love to discuss them with you. Please don't hesitate to reach out to me if you would like to discuss real estate in Albany!

Are You Looking to Buy and Sell?

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Today I'll be answering a question that I received from someone who watched my last video. It has to do with whether or not you should sell your home before you buy a new one. This can be a tricky situation for some people, and it really depends on what you're trying to do.

The problem with selling your home now is that we can get it sold in a week, and then you only have two more weeks to find another home to move into. So you're scrambling to find a home that you're going to live in for 20 or 30 years, and that's never a good situation. On the flip side, if you find your dream home, then you'll be in a rush to sell your current home and you may have to discount it.

My solution to this problem is to have you sit down with me and I can help to assess your financial situation. Some buyers are pickier when choosing homes, and some buyers can afford to pay two mortgages at once. Ideally we could arrange the sale and purchase to be on the same day, and we've done this for many clients in the past. It's really not as difficult as it may seem.

We also have a guaranteed sale program, which will alleviate a lot of the risk and stress for you in a situation like this. 

If you need help buying or selling a home in Albany this summer, please don't hesitate to contact me. I'm always here to help!

How Much Can You Expect to Pay for Closing Costs in New York?

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What are closing costs in New York state? This is a question I've received A LOT recently, so I thought I would take the time to answer it today. Unfortunately, in the state of New York, closing costs are more expensive than anywhere in the country. 

As a buyer, costs will fluctuate substantially depending on the lender. Lender fees, bank fees, and attorney fees, among others, will be included when you close. The mortgage recorded tax will cost you 1-1.25%; if you take out a mortgage for $300,000, for example, you will have to pay the state at least $3,000 just for the right to take that mortgage out. 

You also have to pay title insurance, which is based on the price of the home and can run several thousand dollars. Additionally, the lender may ask you to put up a year's worth of taxes in escrow - that's cash you need to come up with on the spot! When you add all these factors together when buying a home, the closing costs can run you up to 5% when buying in our state.

Fortunately, it's a whole lot cheaper on the selling end. The attorney fee is generally between $500-700, and you'll typically owe a couple hundred dollars for a transfer tax. Unfortunately, there is an additional closing cost where you will pay for an abstract or title search for the buyer in Schenectady County. Other than these fees, there really isn't much else!

If you have any questions about the buying or selling process, or if you need real estate assistance of any kind, give us a call or shoot us a quick email. We would love to hear from you!

Don't Leave Money on the Table When Selling Your Albany Home

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A big thanks to everyone who has sent me questions and ideas for topics to discuss here on my blog. I received over 100 responses, so I have a lot to cover over the next few weeks! Today's question comes from Mike: "What is the most cost-effective thing I can do to

improve the value of my home?" 

• Paint

• Refinish hardwood floors

• Kitchens

• Bathrooms

If you want to get the best bang for your buck, you need to focus on cosmetic items. Here are a few of the BIG things you need to key in on: 

You want to avoid putting money into things that won't get you a return on your investment. A new roof, for example, will not make you any money; it's better to sell it as it is and negotiate a credit into the sale price. Furnaces and windows are more examples of items that will not yield a return. 

When you upgrade kitchens, bathrooms, and hardwood floors, you're going to get a return. Recently, I put $6,000 into a listing's bathroom renovations and doubled my money. Fresh paint is also another great investment if you are thinking about selling. In fact, we typically say that paint is $500 in the can, $5,000 on the walls! 

If you have any questions about cost-effective ways to improve your home's value, don't hesitate to reach out to us. We would love to help you get top dollar for your home! 

What's Happening with Albany Real Estate This Spring?

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Spring is here, and with the blooming of flowers also comes the booming of the real estate market. As the snow melts, the inventory of homes will increase substantially. This increase will certainly lower home prices, so the sooner you list your home, the more money you'll be able to get for it. 

If you're purchasing a home this year, it's a fantastic time to do so. Inventory will be increasing tremendously in the next 60 days, and affordability is sky-high right now. Just be aware that competition will be fierce, because other buyers will want to take advantage of these tremendous real estate conditions. 

Interest rates are still at historic lows, but they're not projected to stay low for long. It's important to remember that just a 1% increase in interest rates decreases your purchasing power by 10%! So, the sooner you get out and buy, the better off you will be. 

Overall, it's a great time to be in the market whether you're buying or selling, and we would love to assist you with either of those endeavors. Please don't hesitate to call us!