Any real estate professional worth their pay will "comp" (compare) your home for sale to see what your immediate real estate market will bear for similar ones before coming up with an asking price suggestion for yours.

However, what makes another home a good "comp"?

A number of basic items must be in line with your home's features in order for the agent to utilize another home in your area as a "comp". These items are: same neighborhood, a similar street, the same school district, and similar lot and housing size and features. If all of these items align, then a "comp" can be used to suggest a current estimated value of your home. Using a home that is the same model in the same subdivision that sold just recently would be ideal of course. But this really happens only once in a while.

Most sellers really do not know how to locate and compare similar properties, which is one of the reasons why they hire an experienced agent. Good seller's agents take all of the work out of selling and marketing your home and they also give you solid and valid reasons to understand why you should be pricing your home at a specific price.

Naturally overall location, lot features, home size, upgrades, on site and nearby amenities, other extras and unique architectural details of the home all affect the listing price and how your home can be compared to "comps".

Taking a careful look at each of these items shows what people wanting to live in your area might be looking for when it comes to buying a home. For example, a higher sale price on a recently sold home that has an in-ground pool can indicate that this is an upscale family neighborhood and buyers put an increased value on such amenities. Your home may not have a pool but it might have other amenities along these lines: a tennis or basketball court, a dedicated gym, or a fantastic outdoor entertainment area.

Agents will always look at what makes your home stand out and what is similar to others in the neighborhood. They'll search for the best characteristics to showcase and then compare your home to others that have recently sold to see how yours stacks up from a buyer's perspective.

Reviewing the "comps" can also provide a lot of insights about sales trends in your neighborhood. Agents that work your neighborhood know what homes have sold when and for what price. They've been inside these homes and have seen their features and upgrades, or any flaws and drawbacks. They also know or can find out which homes were foreclosures or short sales.

Generally, many foreclosed homes are in very poor condition. However, many of the short sale properties can still be in good repair. Both of these types of sales usually occurred at discounted prices. So, if a "comp" is used from these sales categories, your agent must carefully cull out and evaluate the distinct differences that may or may not increase the value and therefore the listing price of your home.

New Home Builder confidence has continued to gain momentum this month, rising four points compared to last month reaching levels not seen since 2007. This is now the fourth consecutive month of confidence gains.

It seems that improved interest in new home buying has roused to get builders geared up again. Bob Nielsen, chairman of the NAHB, reports: "This good news comes on the heels of several months of gains in single-family housing starts and sales, and is yet another indication of the gradual but steady improvement that is beginning to take hold in an increasing number of housing markets nationwide... and that has been shown by our Improving Market Index."

Nevertheless, there remains a very strong concern among new home builders in the ability of potential buyers to qualify for mortgages. Over the past two weeks mortgage applications have shown an increase  which seems to indicate that that buyers are finally coming back to the market.

Michael Fratantoni, Mortgage Bankers Association's Vice President of Research and Economics, said, "Interest rates dropped last week due to continuing anxieties regarding the fragile economic situation in Europe. With mortgage rates reaching new lows, refinance volume jumped and MBA's refinance index reached its highest level in the last six months. Purchase activity also increased as buyers returned to the market after the holiday season."

Let's see if this trend continues.

And here is a really fun and educational contest stirring the creative juices... the more the better... what will we learn here? Participate and post your listing presentation secrets...

Call agent for more info:		Phyllis Lerner at 914-438-7556
Or Text for more info:		Text "20912" To 79564

280 Bronxville Rd Bronxville, NY 10708 280 Bronxville Rd, Bronxville NY, Coop For Sale

Price : $269,000 Bedrooms : 1 Bathrooms : 1 Square Foot : 950 Community : Bronxville Lodge County : Westchester Property Type : Detached Year Built : 1934 MLS Number : 3136233 more pictures below Property Description Beautiful Coop Apartment with Bronxville PO - deeded indoor parking spot, top floor end unit, close to Metro North Bronxville Village! Light & bright end unit in beautiful pre-war building. Oversized Rooms offering hardwood floors & architectural details throughout. Totally updated eat in kitchen with granite counters & tile floor. Sun comes streaming in to oversized living room which has also space for a formal dining area. Off large entry hall is an updated full bath and the elegant bedroom with 2 closets & 4 windows. Deduct $93.26 for STAR from monthly common charges. A Must See! Call agent for more info: Phyllis Lerner at 914-438-7556 Or Text for more info: Text "20912" To 79564

William Raveis Legends Realty Group 37 Main Street Tarrytown, NY 10591

More info at http://westchester-real-estate.us

Congress voted at the end of December 2011 to extend the payroll tax deduction discount which is part of the "Tax Relief, Unemployment Insurance Re-authorization and Job Creation Act of 2010". This move continues the 2% cut for two more months by extending the act through the end of February of 2012.

In order to pay for the $33 billion cost of this program Congress is requiring Freddie Mac, Fannie Mae and the FHA to increase their loan fees, essentially leaving newly to be home-owners to foot the bill.

Borrowers will have to pay now rates that are about .375% to .5% higher for conventional mortgages and also higher mortgage insurance premiums on FHA loans beginning April 1st of this year. This means that on, for example, a $200,000 conventional mortgage you will need to pay $750 to $1,000 in additional fees to buy the rate down to the interest rate you would have received before this program was extended. If you do not buy it down you'll have to pay tens of thousands in additional interest over the life of a 30 year conventional mortgage. This applies to all conventional mortgage products from any bank or lender.

Many lenders are already beginning to implement this rate increase with their rate locks. So, if you are currently floating your interest rate on a purchase or considering a refinance, lock in your rate now to possibly avoid this hike.

Lock In Your Mortgage Rate NOW...