Kevin's Blog

International Investment increasing in the U.S.

Kevin Murphy (Skylight Real Estate Consultant ) — Wed, 10 Jan 2007 22:23:29 -0600

The world is getting smaller every day. With an increasing global economy, anytime can be a good time to sell property. South Koreans are on a home-buying spree in several U.S. cities, including New York, Los Angeles, San Francisco and Atlanta, according to an International Herald Tribune article. Their purchases are spurred by a May 2006 Korean policy that allows individuals to invest as much as $1 million overseas, the relative strength of the Korean won and the sagging U.S. housing market, the newspaper says. South Koreans' investment in U.S. residential real estate is expected to total $2 billion in 2006, up from $1.27 billion in 2005, the article says. Much of the spending -- either for homes to use themselves or as long-term investments -- will be in Los Angeles, whose Korean population is one of the largest outside the Asian nation, the article says. This year, the country may allow each citizen to invest as much as $3 million abroad, and the spending cap may be lifted totally by 2009, the paper says.

If you are a home owner that is considering selling your home, don't let media hype influence you to the point that you think that you can time the real estate market. You could be robbing yourself of potential buyers. Talk to a professional that can truely assist you with assessing your home's sale potential.

New York City Suburbs

Kevin Murphy (Skylight Real Estate Consultant ) — Sat, 30 Dec 2006 03:01:52 -0600

Businessweek.com reports West Nyack, N.Y., is this year's best affordable New York City suburb. About a 30-minute drive from Manhattan, West Nyack is one of five villages and hamlets that make up an area on the western bank of the Hudson River known as "The Nyacks." The neighborhood, which has a median home price of $605,700 (vs. New York City's $963,700), is perhaps known best as the location of Palisades Center, the largest shopping mall in the New York metropolitan area.

Bid on Vacant Properties

Kevin Murphy (Skylight Real Estate Consultant ) — Thu, 21 Dec 2006 20:24:23 -0600

New York City Housing Authority ("Authority") seeks sealed bids for the sale of the five groups of real properties comprising two vacant lots and 29 vacant single-family houses located in Greater Jamaica and one vacant house situated on North Shore Staten Island.
The properties are being offered in an "As Is" physical condition. Beginning December 12, 2006, please consult NYCHA for the properties' street addresses and other particulars, inspection times (scheduled between January 3, 2007 and January 12, 2007) and the Bidder's Information Packet.

The Authority's acceptance of all bids will be subject to the approval of the United States Department of Housing and Urban Development.

Sealed bids must be received by 12:00 noon, January 18, 2007 in order to be eligible.

Inquiries should be addressed to Mr. Clifford M. Penn, NYCHA Department for Development, at 250 Broadway / 24th Floor, New York, NY 10007

Invest In Future Vacations

Kevin Murphy (Skylight Real Estate Consultant ) — Mon, 18 Dec 2006 22:50:53 -0600

If you regularly visit the same place, you may want to consider investing in real estate there. The truth is that second homes are no longer only for the wealthy. On the other hand, the hard to read stock market, and an economy that is slowly climbing out of the doldrums, point to frugal budgeting. But attractive interest rates and respectable returns on real estate investment have made second home mortgages worth considering.

More than likely you will not add a vacation home to your investment portfolio strictly for diversification. But if you're already spending time every year in the same location and are feeling the increase of rental rates, you might want to consider investing in property that would appreciate in the future. With careful planning that includes renting to others during part of the year, owning a second home might pay for itself in time, and provide years of memories for you and your family.

New Security Freeze Law

Kevin Murphy (Skylight Real Estate Consultant ) — Sat, 16 Dec 2006 09:18:14 -0600

It is easier for New Yorkers to block unauthorized access to their credit files, thanks to a new law that went into effect last month. The New York Security Freeze Law gives consumers the option to put a block on their credit files, which will prevent lenders and credit card companies from getting access to the information; If someone tries to use your identity, the lender will not be able to get a copy of your credit history and will likely refuse to open an account. The down side is the freeze will also prevent a person from borrowing money or getting a new credit card for themselves.

However, a person can temporarily lift or permanently remove the freeze from their credit file. There is no charge for a Security Freeze if you are a victim of identity theft or you're making the request for the first time. But there may be a $5 fee for additional request. If you want to freeze your credit file, a letter needs to be sent by certified mail to all three major credit agencies: Trans Union, Experian, and Equifax.

Because of increases in Identity Theft, this is information that I think benefits everyone.

Let the Inspection help you decide

Kevin Murphy (Skylight Real Estate Consultant ) — Tue, 12 Dec 2006 23:34:20 -0600

A home inspection will inform you of any problems or defects. This information could help your decisions in buying a property or what price you are willing to pay; thats why its essential that you select an inspector carefully. As your real estate professional, I can help you find a qualified inspector. Your inspector ahould be a full-time, reputable professional who carries errors and omissions insurance and is a member of the American Society of home Inspectors (ASHI).

You should attend the inspection and request to be provided with a written report within two to three days. If you have any questions schedule an appointment so everything can be clarified. A good inspection is worth the cost. In fact, it could end up saving you thousands if it allows you to negotiate a lower price or prevents you from purchasing a home with extensive damage.

Buying New Construction? Always do a walkthrough

Kevin Murphy (Skylight Real Estate Consultant ) — Tue, 12 Dec 2006 22:44:51 -0600

Your house is finally completed, and you can't wait to move in; but when you build a new home, you should join the builder before you close the deal. Prepare yourself; make a checklist of the things to review and question to ask. If repairs are needed, get a time frame for completion before you move in. Examine every detail; inspect countertops, cabinetry, fixtures, floors, walls, and ceilings. It's difficult to prove preexisting conditions after you've been living in the home; so being thorough in you walk-through can pay off in the long run.

As a real estate professional, I can help you buy a new or an existing one. Call me any time when you want expert counseling.

Buy a home, not a lawsuit

Kevin Murphy (Skylight Real Estate Consultant ) — Sat, 09 Dec 2006 18:51:37 -0600

When shopping for a home you may find two properties that fulfill all your expectations. With all of the talk of a "Buyers Market" regarding real estate, the thought of making an offer on both homes to see which you can get for the lowest price may be tempting. But doing this isn't wise. Some people who tried this have found themselves involved in a lawsuit that tied up their deposits for an extended period of time.

An agreement of sale for real estate must be in writing to be enforceable, so a broadly accepted practice is to only negotiate offers that are made in writing. A written offer from a potential buyer is binding until it is withdrawn, accepted by the seller (at which point it becomes an agreement), or countered by the seller. A written offer, unless stipulated to the contrary, does not terminate automatically. So, if you make an offer on a second property before withdrawing the offer on the first home, you stand the risk of both sellers accepting. In this case, unless you're willing to buy both homes, you may have bought yourself a lawsuit.

Think Before You Give

Kevin Murphy (Skylight Real Estate Consultant ) — Wed, 13 Sep 2006 00:10:27 -0500

Before you start writing checks to charitable organizations, make sure you know where your money is going. The following tips are suggested by the Better Business Bureau (BBB) and the Federal Trade Commission (FTC), to help you feel more confident about your charitable donations.

Ask solicitors for identification. Many states require fundraisers to identify themselves and the charity they work for.
Request written information about the charity, including address and phone number. Then check with the BBB.
Always make contributions with a check payable to the charity, not to the individual collecting donations.
Find out how your contribution will be distributed. You should know what percentage of your donation is going to administrative cost.
Never yield to high-pressure fundraisers and allow a courier to collect contribution immediately.
Ask if state and local authorities license the charity. However, registration does not mean that the government endorses the charity.
Find out if your contribution will be tax deductible. Just because a charity is tax-exempt, it doesn’t mean that your contribution will be tax deductible.
Be wary of familiar-sounding names. Some illegitimate organizations operate using names that are similar to those of well-known, respected charities, in hopes that you will not be watching.
Donate with your head, not with your heart. If you receive material that motivates you to donate, be sure that it tells you clearly what the charity is doing to aid in the issue, or remedy the problem.
Frequently check watchdog organizations and keep records of where and how much you donate.

Prelude to a successful home sale...

Kevin Murphy (Skylight Real Estate Consultant ) — Tue, 12 Sep 2006 23:36:22 -0500

As a home owner looking to sell, price will ultimately determine how long your house will stay on the market; this is one of the most important decisions you will make when selling.

A home priced too high can result in buyers who don’t come back for a second showing, or even worse will not come at all. This is especially true because buyers are becoming more diligent in educating themselves on the neighborhoods they’re interested in, and will recognize a home that is priced to high. Not to mention all of the missed sales opportunities while doing your price adjustments, even if you drop the price later, it may be to late to attract the buyer again. On the other hand a price too low will leave you without a fair return on your investment.

If you live in Greater New York, this is where I can help you. I can prepare a complimentary analysis that will give you the necessary information to determine a fair and profitable price for your home. Or for more free information, go to my website www.kevsrealestate.com. Without obligation, you will find articles, reports, and videos, on how to prepare and profitably sell your home.

When Remodeling and Decorating remember to think Resale

Kevin Murphy (Skylight Real Estate Consultant ) — Tue, 12 Sep 2006 22:37:02 -0500

Some people may dream of being the King and Queen of there castle, and literally transform their home’s exterior to look like a medieval castle. It may look really cool but it could cause them problems.

After purchasing your home, you will probably be eager to do some remodeling, and give it your personal touch. That’s great, but before you make any major changes, you need to think ahead, to the time that you may eventually want to sell your home.

If you redesign or remodel your house be careful not to make it uncharacteristic of other homes in the neighborhood. This could make it more difficult to sell in the future. It is not beneficial to make your home so unusual that there is nothing that the appraiser can compare it to when you decide to sell. Without a comparable home nearby, an appraiser will most likely fall back on quantifiable characteristics such as lot size, and square footage, and that will not accurately measure the value of your home.

Consequently, on the basis of the appraiser’s limited report, the bank will likely conclude that your house is worth less and approve a buyer’s loan accordingly. Unless your buyer is able to come up with the monetary difference, the sale may not go through.