If you are contemplating the purchase of your first home, congratulations! As you probably know, buying a home is one of the biggest financial commitments you can make. It is also a process filled with emotion, and a touch of anxiety. To help keep you sleeping soundly, here are answers to three big questions that concern many potential first-time homeowners.
Question #1:How do I decide what to look for in a home?
It's easier than you think. Sit yourself down and list what's important to you in a home. The purchase of every home involves making tradeoffs, so be sure to prioritize your list.
One element is architectural style. Do you prefer a Colonial, a Cape Cod or a modern look? An important factor to consider is living space. How much room do you need right now, and to meet anticipated needs?
Make a list of features that must be a part of your home. Perhaps that Olympic-size pool and tennis court can be put off for another day, but you may absolutely need an eat-in kitchen NOW! It's all a matter of your taste and personal style.
Question #2:Where should I begin the search?
That old real estate adage about "location, location, location" aside, choosing where to live is usually determined by your personal circumstances and desires. Do you have a particular community, or even a particular block, in mind?
What is it about the location of your new home that is most important to you? Do you prefer an urban, suburban or rural setting? Consider proximity to work, schools, shopping, entertainment and houses of worship. Once you've narrowed your list of potential candidates, the Internet can be an excellent tool for learning what a particular community has to offer.
Question #3: How can I find financing that makes sense for me?
With prices coming down recently, homes have seldom been more affordable. Interest rates are lower than we've seen in decades. Innovative financing plans are still available to fit a broad range of needs for qualified buyers.
Still, the last thing you want to do is start out in your first home saddled with an uncomfortable level of debt. Seeking the advice of a professional who can give you the lowdown on financing options that match your qualifications is a big step in the right direction.
Once you've narrowed your search, talk to a real estate professional that serves the community you'd like to call home. ERA Goodfellowassociates are trained to guide you through your purchase every step of the way. Our Web site, ERAgoodfellow.com, reaches around the globe to bring up-to-date listings directly to you. ERA Mortgage offers loan programs expressly designed to meet the needs of qualified first-time homebuyers.
The path to finding your first home is sure to be full of twists and turns. Once you're armed with the answers to the big questions, the search can be fulfilling, and even fun!
ERA Goodfellow Homes is now one of the Top 200 ERA Companies out of 2000 nation wide. This was due to our dramatic growth over 2007. We added 25 of the areas top agents to our roster. As a result we did more transactions than ever before in our history. Our agents are dedicated and highly trained and ready to serve peoples real estate needs.
ERA Goodfellow Homes honored its Top Producers for 2007.Partners, Scott Cooney and Todd Payne hosted a party honoring ERA Goodfellow Homes top agents for 2007. Cooney, President of ERA Goodfellow homes stated, "These agents represent the excellence in service and dedication that is required to serve clients in this ever changing market".
The recipients were:
Pam McHenry: Top Producing Agent for the Danbury office
Arleen Norton: Top Listing Agent for the Danbury office
Demaree Cooney: Top Producing Agent for the Brookfield office
Kellie Martone: Top Listing Agent for the Brookfield office
Demaree Cooney won the prestigious Robert R. Goodfellow Award for Top Producing Agent overall. This award recognizes overall performance and the highest satisfaction rating of clients served.
With 2 offices in Danbury and Brookfield, ERA Goodfellow Homes is the fastest growing real estate brokerage company in the Greater Danbury Area.
Scott Cooney of ERA Goodfellow Homes Named Broker Council President
February 20th 2008
Scott Cooney has been named president of the CT ERA BROKER COUNCIL effective February 1st 2008. Cooney was elected to the post during the council's January meeting and will serve a one-year term in the position.
"I'm very eager to serve in a position where I can better assist ERA professionals in meeting the increasing demands of the real estate market," said Cooney, an ERA broker since 2003. "Offering superior products and services to consumers as well as focusing on the professional development of our members will continue to be among the Council's top priorities."
The CT ERA Brokers Council is comprised of 18 companies and 28 offices throughout Connecticut. The Brokers Councils primary mission is to market the ERA brand and train the ERA agents in the state.
Scott Cooney is the Broker and owner of ERA Goodfellow Homes. With offices in Danbury and Brookfield it is the areas most rapidly growing residential real estate company.
NEW LOAN LIMITS MAY STIMULATE HOME SALES IN THE GREATER DANBURY AREA
ERA Goodfellow Homes Scott Cooney Available to Discuss New Conforming Loan Limits and Overall Housing Market in Greater Danbury Area
Danbury, CT (Feb, 19th 2008) - ERA Goodfellow Homes applauds and looks forward to the anticipated positive impact the new economic stimulus package recently signed into law by President George W. Bush will have on our local real estate market.
With the government raising the FHA conforming loan limit for all homes bought through the end of this year, much larger mortgages will qualify for purchase by government housing authorities Fannie Mae and Freddie Mac, lowering the interest rates for borrowers. As a result, buyers and existing homeowners can get lower interest rates on what used to be known as ‘jumbo loans' that were resulting in higher percentage point more than conforming loans.
"This new government stimulus package presents a great opportunity for a consumer to purchase their "Dream Home" or allowing existing homeowner to strengthen their financial position through refinancing." said Scott Cooney, President of ERA Goodfellow Homes. "Our 2007 national senior survey clearly shows that boomers will look to take advantage of this situation. We found that one-in-five boomers plan to change houses in the next five years. With our skilled agent base, we are available to work with the consumer on every available option and use this ruling to help explore the opportunities."
Here are our suggestions on how home buyers can take advantage of this change in the home buying/selling climate:
If you are going to be in a home for more than two years, now is the right time to buy. Prices may still move lower this year, but based on statistics compiled by NAR*, they are expected to go back up before you plan to sell and you can take advantage of the more favorable mortgage rate.
Get pre-qualified for a mortgage as soon as possible so you can make an offer before someone else does - more people will be out shopping for homes in a higher price range.
If you saw a dream home you couldn't afford last year, look again. Two trends are moving in the buyer's favor - the price may have dropped and you will be able to afford a bigger mortgage at a lower interest rate.
Sellers should not hold back at a time when more buyers are becoming qualified to get a larger mortgage. This program may not continue beyond this year.
Timing the market is not possible. While you may have to sell for less than you would have received a year ago, you'll make it up on the lower purchase price of your next home and lower financing costs.
According to NAR research:
•· Increasing FHA loan limits will help an additional 138,000 Americans achieve the dream of homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home.
•· NAR believes that increasing the loan limits for Fannie Mae and Freddie Mac will bolster the severely stressed housing finance market by immediately infusing much needed liquidity into the nation's mortgage market. "While such an increase will not solve the full range of housing challenges, it will play a vital role in improving the nation's economy and making the dream of homeownership more attainable for thousands," said NAR President Richard Gaylord.
•· An economic impact study conducted by NAR earlier this month estimated that increasing the GSEs' (Fannie Mae and Freddie Mac) conforming loan limits would result in as many as 500,000 refinanced loans and could help reduce foreclosures by as much as 210,000.
•· In addition, over 300,000 additional home sales could be generated, housing inventory would be reduced and home prices would be strengthened by two to three percentage points. "These are real results and will have an immediate and sustainable impact for families across our country," said NAR President Richard Gaylord.
With the economic stimulus package being recently passed it has raised many questions by consumers and real estate professionals alike.
Economic Stimulus Package Questions & Answers
1. What is the legislation, specifically? The stimulus package temporarily raises the maximum size of mortgages that government-sponsored mortgage companies (Fannie Mae and Freddie Mac) can buy and market as securities from $417,000 to as high as $729,750 in the most expensive markets, and within that range in less expensive markets. By increasing the Freddie and Fannie loan limits, more mortgages will be able to be guaranteed, hence increasing the number of loans available and the number of people able to engage in a housing transaction this year.
2. What are the potential benefits of the economic stimulus package to me as a homebuyer? Homebuyers needing bigger loans typically have had to apply for jumbo loans that carry a higher interest rate than "conforming loans" and tougher qualification requirements. Raising the conforming loan limit from $417,000 to as high as $729,750 in some market areas will allow more people to buy homes at a lower interest rate. The conforming loan limit will be tied to the market area's median home price, which is set by the Federal Housing Administration.
3. How do I benefit as a home seller? Home sellers can benefit from a larger pool of buyers who will be able to get bigger loans at lower interest rates. Therefore, a buyer who couldn't afford to buy your home last year may now be able to do so.
4. How do I benefit as a homeowner? Homeowners with non-conforming or jumbo loans also could benefit because they could refinance a large existing mortgage into a new conforming loan that carries a lower interest rate. Nearly 500,000 people with higher priced jumbo loans will be able to refinance to conforming loans under the provisions of the bill, saving these homeowners $274 to $411 a month, according to estimates by the National Association of Realtors® (NAR).
5. Will this help me if I have issues with my credit? The increased loan limits for the Federal Housing Administration (FHA) program will afford people with possible credit issues an opportunity to qualify for a conventional loan. NAR estimates that increasing FHA loan limits will help an additional 138,000 Americans achieve homeownership and will allow nearly 200,000 homeowners to refinance and potentially keep their home.
6. Will this help me if I am at risk of foreclosure? It could help some homeowners who couldn't refinance under the conforming loan limit of $417,000, unless their credit is already impaired. An economic impact study conducted by NAR earlier this month estimated that this increase in conforming loan limits would help prevent as many as 210,000 foreclosures. On Feb. 12, U.S. Treasury Secretary Henry Paulson announced steps to help borrowers in danger of foreclosure stay in their homes by offering a 30-day freeze on some foreclosures while loan modifications are considered. Several major banks have agreed to participate.
7. Could this affect home prices? Home prices could be strengthened by two to three percentage points, NAR reports. And more than 300,000 additional home sales could be generated nationally and housing inventory would be reduced.
8. When will I know the exact conforming loan limits for my area? The U.S. Department of Housing and Urban Development is planning to announce the conforming loan limits for different parts of the country in early March. In the meantime, lenders are expected to approve some loans in anticipation of what the new limits might be.
9. For what period of time will this legislation be in effect, and why is it temporary? According to the legislation, eligible loans must be made between July 1, 2007, and Dec. 31, 2008, when the conforming loan limits would revert to existing levels, unless Congress extends the cutoff date. This legislation is for a temporary period of time as a means to stimulate the economy as much as possible, creating in effect a strong call to action. Combined with existing low mortgage rates, this is clearly the time to act.
Why pay a Realtor® a commission to sell your home? After all, more than 10% of homeowners attempt to handle the sale of a home themselves, a statistic that has held pretty steady over the years regardless of market conditions. Before making a decision about whether to go it alone, it is important to have a realistic idea of what is involved in the biggest financial transaction most of us are likely to make. Why work with a Realtor®? Here are six reasons to consider:
Reason #1 - Realtors® know your market. Realtors® are in a position to know what's happening in the real estate market, not just in your state and your community, but in your neighborhood. As trained professionals who may have seen hundreds of homes similar to yours and know their features and selling prices, a professional is well qualified to set a price that can bring the maximum number of offers for your home.
Reason #2 - Realtors® sweat the details. Accurate pricing, qualifying potential buyers, positioning advertising for maximum exposure, evaluating potential offers, negotiation and closing the sale are some of the basic skills needed to successfully sell your home. Then there are environmental, government and disclosure requirements that must be followed.
Reason #3 - Realtors® know marketing. Marketing that attracts offers, not just lookers. A coordinated marketing campaign using the right combination of print advertising, direct mail and the Internet ensures your home receives maximum exposure. And an experienced Realtor® can advise you on cost-effective strategies for ensuring your home looks its best to potential buyers.
Reason #4 - Realtors® are pros at bringing buyers and sellers together. A Realtor® may already have a buyer for your home! Successful Realtors® are continually replenishing their rosters of potential buyers, as well as networking with other real estate professionals who may have the perfect buyer for your home.
Reason #5 - Realtors® reduce stress. Are you prepared to show your home in the middle of the day? Every weekend? Realtors® have the time to show your home whenever it is convenient for a potential buyer. It's their job. And they are available to respond quickly and courteously to inquiries by phone call, email and fax. Think of a Realtor® as your personal home sales assistant.
Reason # 6 - Realtors® are experienced negotiators. Realtors® can help avoid costly errors during the negotiation phase of a transaction. As experienced negotiators, they can help maintain objectivity during what can often be an emotional time for sellers and buyers. And the ability to deal successfully with any issues that crop up often calls for just the right combination of firmness and diplomacy.
Whether you are a seller or a buyer, perhaps the biggest benefit real estate professionals have to offer to you is their experience. They have made assisting buyers and sellers their business, so that you can get on with the business, and pleasure, of realizing your dream!
Any of my ERA Goodfellow Homes agents can help you realize your dream of selling or buying your home.
I am new to this site and many of you have asked how I attracted so many agents to my company last year.
Let me start by saying...Recruiting solves all problems. The caveat is; if you recruit the right people and you do it in a way that you don't alienate your current crop of agents. The end of 2006 I was contemplating shutting down my operation and really doubting myself. It was also compounded by the fact that the market was changing. My company was small, about 5 producing agents and I was having a hard time competing with the other larger companies.
My recruiting bonanza started October 21'st 2007 when I went to parents weekend at UMASS Amherst. My daughter was a freshman and just loving college life. She had a boyfriend there who was also from our town. His mother was also a Realtor with a very large office in my town.
While watching the football game I received a tap on my shoulder from the Realtor. She asked me if I had heard that her company was closing down one of its offices. I told her I had not. She began to share with me hers and her colleagues concerns about how it was handled and how it would resonate in the market place. I just listened. She continued to share that there was a ground swell of discontent in the company. This was due to poor management. Primarily a constant infantilization of the agents and cutting back on certain things that they once had. They weren't necessarily upset about losing these things, it was just the nature of how these changes were presented. I'm not going to get into how these were presented. Let's just say it was done with little tact. Also the manager showed favoritism to certain agents she had worked with previously in another company. Jokingly I said "then why don't you come work for me?" she then said "I can't imagine leaving behind my friends". I said "bring them too". This all took place on a Saturday.
The following Monday my partner and I met with her and another agent that she had worked with for over 20 years. They both were extremely successful agents. We had a very nice discussion about our business and how they have been treated by their current company. What they described was a group of 11 agents who were looking to leave. We discussed setting up a group meeting with these agents to present to them our company and how we can absorb them into our culture. We arranged a meeting with them the following week.
We are an ERA franchisee. So we presented to them the benefits of ERA. Especially the technology we have and how we incorporate it into our business. Also, we discussed the training we provide and our management style which encourages self promotion as opposed to what they were used to, promotion of their company. Also what we discussed was my open door policy and the fact that I don't list and sell, a huge issue for them. By the end of the meeting they all agreed that they would like to continue to discuss the possibility of this move.
A few days later I got a call from one of them saying that the word got out in their office some how and they now had another 11 who wanted to meet with me. We arranged another meeting with the remaining 11, where we gave a powerpoint presentation of the history of our company and ERA, our technology, our training etc. At the end of this meeting they all decided to come on board.
We formed an executive committee that represented the other agents during our negotiations. The reason for doing this was so we didn't have 22 different conversations during this period. I did have individual conversations about splits and their individual needs however.
During this time we went on a quick office search that was fruitless. There was nothing available in the area we wanted to operate in. We called every broker and owner in the market to see if there was anything coming available. We ran into a dead end. On a Friday afternoon we called an owner who owns many office building in our market. He said he had nothing available now or in the near future. So we packed it in for the week and went home. The following Monday I got a call from this building owner saying he just received keys in the mail from a tenant who bugged out over the weekend. This tenant was a mortgage company. We met the building owner at this building and low and behold the space was perfect. 2,700 sf, perimeter offices, 2 conference rooms, a bull pen area and a kitchenette. We worked out terms on the spot and we painted and set up the space over a 10 day period. Coinsidently this office was just 2 doors down from their old company. This was not intentional at all.
Over a period of 2 months we hammered out all of the issues and they all resigned at once on December 21st 2007. We were up and operational a day later.
It looks like a similar thing is beginning to happen again now in 2008. This is on a smaller scale and it is from a few sources. But over the last year or so our company has become very interesting to agents in our market.
Here are my observations as to why this is happening:
1. This market has caused agents to become very insecure and concerned about their financial well being. Because they haven't been busy they have more time to think about the things that make them unhappy about their current situation. Most of the time the resentment (warranted or unwarranted) gets directed towards the manager.
2. This uncertainty affects broker/owners as well. I believe that as things get tough certain brokers who lack self awareness begin to behave in ways that are counter productive. They try to control their agents and forget that they are independent contractors. They become competitive with their agents (especially if they list and sell). They begin to cut back on expenses. I agree and have had to cut back on expenses as well. But never take anything away without giving something else back.
3. The above issues make it less fun for agents to come to the office. If not managed properly the office environment becomes full of resentment, back biting and almost paranoid. In my meetings with prospective recruits they almost 99.9% say that the broker comes to the office less and less and become for the most part detached.
4. During the hard financial times Brokers may begin to favor certain agents. Usually they are the top producer or they have a strong demanding personality. The problem is that they end up alienating the other agents. I understand how you want to make the ones happy who are bringing in the money but you can't lose sight or forget the agents who are working hard and have been with you for a while. It's a very fine line you have to walk.
These observations are based on about 40 recruiting meeting I have had over the last year. These issues present themselves in my meetings over and over again. It's not the lack of advertising, commission split arrangements etc that you would expect that drives them out the door. It's all about being fair and sensitive to how actions effect people and thus their productivity.
I am by no means an expert. I realize how in some ways I was in the right place at the right time. But the one thing I learned over the years is that you are only as good as your word. The other thing is to always be yourself. Most broker / owners / managersat one time were or are successful sales people. The way they became successful was by being themselves. Customer sense a genuine person and want to be with them by giving them their business. What we always must keep in mind is that our agents are our clients, not our employees. Like our clients the agents want to be with a broker who is genuine, honest and is looking out for their best interest.
During the hard times don't lose sight of who you are. Your agents are watching you.
The Wall Street Journal had an article Thursday talking about the housing market. "Home Sales Rise but Gains Aren't Likely to Continue" Basicaly it talked about how sales of existing homes increased slightly by 0.4% from October. This was judged as a "brief respite" by a Lehman Brothers Economist. A more optomistic view was from The National Associations of Realtors chief economist Lawrence Yun "Near term existing-home sales should continue to hover in a narrow range, just as the have since September, and that's good news because it will be a further sign that the housing market is stabilizing" The increase in home sales was the first since February of 2007.
This is the first good news reported in a major news outlet since the middle of the summer when the credit crisis begun. I know as an owner of a real estate company in CT we are seeing our inventory starting to move. More homes are going under deposit and the buyer showings have increased over the last few weeks.
It seems like we are moving in the right direction.
Here is a disclaimer: I am not a professional writer. This will be demonstrated over and over again I'm sure. I am an owner / broker of a successful real estate brokerage company in CT. I will be writing from that perspective only. Now that we got that out of the way!
Who am I? My name is Scott Cooney. I am the president of ERA Goodfellow Homes. We have 2 offices, one in Danbury CT the other in Brookfield CT. We currently have around 40 agents about 25 of them I would describe as full time real estate practitioners. By that I mean they dedicate at least 40 hours per week to the business. Our top producing agents sometimes put in double that.
Our company has been in business over the last 7 years. Most of our growth took place last year (2007) when 24 of the area's top producing agents joined my company. A lot of them had between 15- 20 years of experience and have been through many real estate cycles. We opened a new office to support this growth in Danbury CT. Also, we moved an office from New Milford CT to Brookfield CT for strategic purposes which will all be apparent in the next 30-45 days. We also closed our Bethel CT office because we felt having another office so close to our Danbury CT office was a poor use of capital especially in this tenuous market.
2007 was a great year for us. While most of our competitors struggled we continued to grab market share and grow our company. Why? Because we are a breath of fresh air to most agents who work in cut throat environments, under poor management and lack the support that is needed in this ever evolving market. We also don't constantly wack our agents with fees for this and fees for that. The other reason is that I do not compete with my agents. For people outside of the business this means that I do not work with buyers and sellers of residential real estate. Most other broker owners work with buyers and sellers thus they are less able/likely to hand over leads to their agents. It is my job to help agents grow their business and provide them with the best tools available to be successful. It is also my job to deal with issues as they arise either inside the office or outside of the office. Most owner/brokers in our market are very good salespeople but lousy managers. They have a very hard time relinquishing their competitive nature when it comes to buyers and sellers. This is a whole other topic for another post.
Technology is the most important tool in the sale of real estate in today's market. We offer the best technology available to real estate agents through our franchise, ERA. We purchased the ERA franchise in 2003. We were very impressed with all of the tools ERA had to offer. To re-create these would cost well over $100k. In another post I will describe most of the tools we have available to our agents. It will blow your mind.
As a result of these agents coming on board in 2007 we have become a leader in our market. We are leaders in market share and closed transactions because of all of the things mentioned above. My phone constantly rings from agents looking to make a change and join our team. 2007 was a great time to grow our company.
2008 even looks better! We are now positioned to really make our mark in this marketplace. All of the tools are in place and we have some more very exciting recruits poised to join us in the first quarter of 2008. 2007 was a mad dash to open offices, closing offices putting all the infrastructure in place and getting all of the agents up to speed with all the technology.
If you are interested in joining our team you can confidentially email me at scott.cooney@era.com or contact me here . If you are an agent who works outside of our market and have questions about the real estate business please feel free to contact me as well.
Disclaimer: ActiveRain Corp. does not necessarily endorse the real estate agents, loan officers and brokers listed on this site. These real estate profiles, blogs and blog entries are provided here as a courtesy to our visitors to help them make an informed decision when buying or selling a house. ActiveRain Corp. takes no responsibility for the content in these profiles, that are written by the members of this community.
ERA Goodfellow Homes is now one of the Top 200 ERA Companies out of 2000 nation wide. This was due to our dramatic growth over 2007. We added 25 of the areas top agents to our roster. As a result we did more transactions than ever before in our history. Our agents are dedicated and highly trained and ready to serve peoples real estate needs.
;)
;)
