Monique Perello's Blog

It really adds up with Co-Ops....

Monique Perello (Yes Homes Realty, Ltd.) — Wed, 08 Oct 2008 22:30:14 -0700

A recent article in an AM NY free newspaper indicated that due to fallout from the economic we can expect co-op boards to become even more strict with approval requirements. I can't imagine how that can possibly be based on a recent experience.

Co-op management boards vary from property to property. Most require a maximum financing of 80%/minimum down payment of 20%. If that's not bad enough, some management boards require that the Purchaser show a bank reserve equivalent to as much as a full year's mortgage payments and monthly maintenance fees.

To that, add fees for processing the board application; responding to mortgage bank's inquiry; move-in deposit (at least this is refundable); and credit checks; plus fees to apply for a mortgage, closing, and moving costs, we're easily looking at north of $75,000 to get into a one-bedroom apartment.

Whew - it really adds up with Co-ops, and I can't imagine what more the management boards can impose by way of stricter approval criteria.....

"Warning - The object in the mirror may be closer than it appears".

Monique Perello (Yes Homes Realty, Ltd.) — Thu, 17 Apr 2008 13:37:03 -0700

Hello fellow Real Estate Professionals and Consumers:

I found the E-newsletter article forwarded by NAR on Tuesday to confirm what I have been saying to my Clients -- home sale prices may not get lower than right now, in fact, they may begin to swing upward again without a formal announcement, and sooner than late 2009 as originally expected.

The time to buy is now, instead of waiting for deeper discounts that may never be realized. There are two factors at risk by waiting: 1) Home selling prices could begin to swing upwards, and the home that a Consumer could have gotten for $400K might then be asking $450K; and 2) mortgage interest rates are very low now, and it is the only time in recorded history where BOTH selling prices AND mortgage interest rates are at the lowest points in several decades -- AT THE SAME TIME!

Additionally, an increase in purchase money mortgages was reported this month. An increase in mortgages issued, would mean a resulting increase in homes sold -- and this would have a contributory effect on the supply/demand aspect of established selling prices as well.

Note the industry forecast below to support the belief that a rise in home selling prices, as the object in the mirror, may be closer than it appears.....

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NAR: Existing-home sales to stabilize before upturn in second half of 2008
Little change is expected in existing-home sales over the next few months, before improving notably during the second half of the year, according to the latest forecast by the National Association of REALTORS.

NAR Chief Economist Lawrence Yun said the market will come into clearer focus this summer. "Existing-home sales could start to show a sustained increase within a few months, unless there are some additional economic problems or excessive inflationary pressure."

Existing-home sales are likely to rise from an annual pace of 4.9 million in the first quarter to 5.9 million in the fourth quarter. With relatively weak activity in the first part of the year, existing-home sales for all of 2008 are forecast at 5.39 million, increasing 6.6 percent to 5.74 million in 2009.

Yun noted that there will continue to be wide variations in regional housing market conditions. "Some parts of the country that can expect improvement include the Northeastern region and the oil-patch states of Texas, Oklahoma, Louisiana and Arkansas," he said. With lower interest rates and flat home prices in many areas, NAR's housing affordability index is forecast to rise 14 percentage points to 127.0 in 2008.

Wonderful Tech Tool To Assist Seniors

Monique Perello (Yes Homes Realty, Ltd.) — Mon, 31 Mar 2008 11:46:13 -0700

In addition to traditional Real Estate services for the general public, as a designated Seniors Real Estate Specialist (SRES), it's my desire and pleasure to assist those 55 years and older with providing information and solutions to their specialized needs.

I am pleased to announce a new tool to provide home locator assistance for seniors anywhere in the United States: SNAP for Seniors.

Please access my website at http://www.moniqueperello.listingbook.com/, and click on the link to the SNAP for Seniors Housing Locator. Also, please do not hesitate to contact me through my website if I can be of further assistance to you.

And the Truth shall set you free!

Monique Perello (Yes Homes Realty, Ltd.) — Sat, 29 Mar 2008 18:44:12 -0700

Hello Brothers and Sisters in Christ. I hope that you are all well and prospering in the Lord.

The last time I wrote to you, I was about to be dunked in baptism waters for the second time, but first as a born again believer. Well, I'd like to tell you that the ceremony was very, very nice. My Worship Pastor allowed me to pick one of the three worship songs he played at the beginning of the service, and that was very special to me, being on the Worship Team at my church for almost ten years now. The song I chose, and he played and sang, is "Eagles Wings". I thought that the lyrics spoke nicely to what I was feeling in renewing my vows and marrying Jesus again through baptism.

Well, what I really want to tell you is that I already knew that the Word of God is Truth, but it was still amazing to see that whereas I had no leads whatsoever prior to re-baptism, immediately afterwards I have been presented with four leads!! The Word says "Seek ye first the kingdom of God, and His righteousness, and all these things shall be added unto you", and the Lord has proven that so true by my witness. I sought Him through baptism, and he added potential business to me.

Nothing has been concluded yet, and I have yet to make any money in this profession, but I am not worried, because God promised, that "all these things shall be added unto me"!! So, I'm confident to wait on Him!

Be blessed! Yours in Him -- Monique Perello

Sooooooo Glad to Know!!

Monique Perello (Yes Homes Realty, Ltd.) — Thu, 28 Feb 2008 17:12:18 -0800

Hello to the nearly 800 members in this ActiveRain Christian group. I didn't find out about this group until just today, but wanted to join as soon as I read some of the posts.

I am sooooo glad to know that there are so many in the real estate industry that profess Jesus Christ as their Lord and Savior as I do. I am brand new to the business (Nov. 2007), and haven't made a single sale as yet. But, I do feel called to the industry, and know that the Lord will prosper me as I trust in and wait on Him.

Thank you for being there, and I welcome any advice that you may have to offer me. You can find out more about me by visiting my AR profile, or by checking out the "About Me" and "Testimonials" section of my website at www.moniqueperello.listingbook.com.

May the good Lord bless you and cause His face to shine upon you...

Blessings, Monique Perello, Yes Homes Realty

Act Now -- Time Is of the Essence!

Monique Perello (Yes Homes Realty, Ltd.) — Thu, 28 Feb 2008 10:42:39 -0800

As predicted, increasingly more homeowners and properties are going into or are threatened with foreclosure, and the trend is not expected to let very soon.

The Bible says that "For a lack of vision, the people perish". Likewise, many homeowners are stressed and stunned into passivity and inaction, and are not taking advantage of the opportunity to have their loan situation reviewed by a credible, non-profit resource to see whether any of the stop-gap measures of the Economic Stimulus package that the president has put into place can assist them in some way.

I have been very vocal about my feelings that the president did too little too late, having preferred to continue an almost maniacal focus on "Bush's Folly", the Iraq War. However, when a person is drowning, any viable lifeline at all should be investigated. It's a matter of life or death. In the case of those whose mortgages are about to reset, have already reset, or are facing iminent foreclosure due to inability to pay, the only bad action to take is no action at all.

I urge any homeowner that is already, or thinks they may soon be in mortgage repayment difficulty to call the counseling service that has been established within the Economic Stimulus package, "HOPE NOW", at 1-888-995-HOPE (4673). You can check their website www.hopenow.com to see the more than 25 lenders who are voluntarily participating with the program, but even if you don't see your lender there, CALL ANYWAY!! There are too many scenarios to cover in this blog, but the counselors are trained to determine your situation and fully equipped to advise you regarding what options might be available to you.

Don't let a lack of vision cause you to perish by losing your home and having your credit history ruined.

Act Now -- CONTACT HOPE NOW TODAY! Time is of the Essence!!!

Nothing but Hype!

Monique Perello (Yes Homes Realty, Ltd.) — Sat, 16 Feb 2008 00:34:59 -0800

I am so tired of the political whitewashing that's going on regarding dispensing mortgage help to the ever increasing list of homeowners who will lose their homes in foreclosure due to the subprime mortgage mess and other mortagees with burgeoning mortgage payments resulting from balooning rate adjustments.

The President has signed another bill that won't even make a dent in the numbers (1.6 million affected in 2007, and at least that amount expected again this year). The legislation adds 30 days of foreclosure freezing, while loan modification assistance is sought; however, lenders are not required to restructure the loans, and borrowers would be hard pressed to even get the lender's attention within 30 days. It's simply not enough! He did include the FHA loan limit increase, which will make these government-backed conventional loans available to more individuals living in high-priced/metro areas (thank heaven for small wonders).

But I am afraid that even the best legislative efforts are much ado about not much of anything, and nothing more than an effort to appear to be doing something so that the President's name, which is already soiled due to the Iraq debacle, can have something good said about it when his reign is viewed historically. Frankly, it's too little, too late. When I hear the trillions of dollars that it would take to rectify this situation, I cringe because the government would have had the money had they not used it on a totally meaningless war!

So thanks President Bush -- for not much of anything.

Thank you all for letting me vent. This situation really gets my goat!

Signed: A frustrated Realtor in Brooklyn...

Not Just Business As Usual

Monique Perello (Yes Homes Realty, Ltd.) — Wed, 06 Feb 2008 21:31:23 -0800

In voting in the New York primary yesterday, I was keenly aware that I need to look at my candidate selection in a new way -- who will actively and appropriately address the current mortgage/real estate issues which are a primary contributor to the sad and continually worsening economic State of the Union. And, it needs to be real effort, not just political rhetoric thrown about to get voters on the hook.

This is one of the most exciting elections in history. At the same time, there is even more need to vote our individual consciences and circumstances. My business is real estate, and my heart is for the countless thousands of existing homeowners who are foreclosing on their homes, as well as the potential buyers who can't quite qualify for more affordable Fannie Mae, Freddie Mac or FHA mortgages fixed-rate mortgages. The current president is being asked to allow maximum increases on the amount borrowed for these loans as part of the economic stimulus program. This may help those in the Metro NYC area, where I live and where selling prices are significantly higher than the suburbs, to qualify for these loans.

This issue hits me (and you!) where I live and work; so between now and November, I'll be listening to hear what the presidential candidates plan to do if elected regarding economic stimulus, stemming the resulting foreclosures from the sub-prime mortgage mess, and methods to encourage real estate sales moving forward.

I'm much more in favor of this than a small one-time check which won't do much to stimulate my economy...

How about you??

Know What Gets Me About Real Estate Listings?

Monique Perello (Yes Homes Realty, Ltd.) — Mon, 04 Feb 2008 17:15:02 -0800

It really gripes me, and my clients too, when listing agents do not include pictures with their seller's listings. I can't understand why this is done. With the affordability of digital cameras, why are listing agents unable to take at least initial pictures until more professional shots can be obtained? Many of my clients refuse to even consider looking at listings that don't include pictures, or if they only include a single picture of the outside of a property. They feel that "people who have nothing to hide, hide nothing", and if there are no pictures included with the listing, there must be something to hide. So, they won't even request a viewing.

I got into the habit of carrying a digital camera in my purse wherever I go after i was in a car accident, and the other party was successful at saying that there were parties other than the driver in the other car. Had I had my camera on hand, I would have taken pictures with the time and date stamp on that would have clearly shown that there were no other parties involved in the accident.

Because I always have a digital camera on my person now, there's no reason why I can't take pictures to include with a seller's listing. And, I'm keeping myself safe in the event of an accident or other catastrophy.

A word to the wise Listing Agent - you may be limiting exposure of your property to potential buyers because of omitting pictures of the property. Buyers are visual creatures, and initial views of the property rank second only to selling price when it comes to what gets a buyer to look more closely at a property.