Blog

If your home inspection report comes back bad, now what?

by Daniel Papa

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    One of the biggest deal killers for any real estate transaction is the home inspection. It strikes fear into the hearts of sellers and buyers...even though virtually everything about a home can be repaired or replaced. The good news is that if you have a great real estate agent and a competent home inspector, you can usually handle a failed inspection report properly without having to panic in the process. The key thing to remember is that when the home inspection report...

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Marketing Strategies: Luxury homes vs average priced homes

by Daniel Papa

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    As you can imagine, driving up demand for a luxury home takes a uniquely different approach than does selling a regular home.   From the word, go, you need a strong, clear and focused strategy that details how it will position your luxury home above the ordinary, illustrating and marketing its unique features in proper manner to perfect buyer at the perfect price. There are some very different ideas, thoughts and strategies around marketing a luxury home, which in...

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Owning vs. Renting

by Daniel Papa

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      Making the decision to own a home versus renting one is no small decision. Not only does it affect your expendable cash, but it also has a huge impact on your lifestyle and how much money you’re able to save over time.   Sometimes, the goal to achieve the “American Dream” of owning a home clouds some people’s vision for the future and they buy a home when they should really be renting one.   Similarly, there are people who...

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Property tax assessment too high...what you can do about it?

by Daniel Papa

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    An increase in home values is great because it increases the equity in your home without you having to invest more money in making it happen. Unfortunately, as the price of your home increases, so does the perceived value of your home in the eyes of your local tax assessor. When that happens, your taxes also go up. The bad news is that your tax rate - the annual percentage of your home’s value that you pay - is fixed by the state and/or municipality in which you...

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To Stage or Not to Stage Your Home for Sale

by Daniel Papa

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        Up until the early 2000’s, most home buyers would have only experienced the eye-popping appeal of home staging if they went and visited a model home at a new construction site. Builders know that it’s much easier for people to make a home-buying decision when they see a home decorated beautifully and set up like someone lives there. These days, staging is highly recommended whether the home is brand new or currently occupied because it has...

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Top deal breakers for a home under contract and how to fix them

by Daniel Papa

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    Selling your home, while exciting, can also be extremely stressful. Even the best of real estate agents have to deal with complicated issues that arise with a home sale. In fact, you’ll find that even when seller and buyer get along great and the sales process is humming along smoothly that challenges can crop up requiring lots of negotiations and may delay the transaction weeks before you can close on the transaction.  Conversely, some deals are complicated...

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What does a real estate agent actually do?

by Daniel Papa

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    Being a real estate agent requires you to employ a significant number of skills to complete a variety of different tasks on a daily basis. Trying to put what an agent does each day in one or two sentences is virtually impossible to do. It would be like trying to tell you what a chef does “cooks food” or what a nurse does “takes care of patients”. There’s a lot more that goes into what they do than just “helping people buy or sell properties”. If...

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What happens when you overprice your home?

by Daniel Papa

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    When the real estate market favors sellers, it’s almost like there’s a feeding frenzy among buyers trying to secure listings that seem to get snapped up within hours of being put on the market.   Such demand drives the prices of homes up rapidly, which only feeds into the perception that the good times will last forever.   Unfortunately, trees don’t grow to the sky and there will always be a top of the market. What this means is that even...

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What is the Interest write off deduction?

by Daniel Papa

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        Tax deductible interest is a borrowing expense that a taxpayer can claim on a federal or state tax return to reduce taxable income.    Mortgage interest for both first and second (home equity) mortgages, mortgage interest for investment properties are among the list of deductions you can take on your taxes.   This is another reason why owning a home is more favorable than renting. In addition to building equity in a home that you...

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What is your debt to income ratio...why should you care?

by Daniel Papa

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      Any time you have more income and less debt, you’re in good shape in life. That said, there is an ideal ratio between your debt and income in order to qualify for a good mortgage.   When your debt to income ratio is on the high side, you run the risk of not getting a good loan (or not getting a loan at all) if your income were to take a hit during right before or during the loan funding process.   Conversely, having no debt can work against...

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