Does It Matter Where You Get Your Mortgage

If you’re buying a home, it’s important to note not all banks are created equal. More importantly based on your specific needs and situation, certain banks or brokers may have better products than others. If you’re a medical resident coming to Albany Medical College, there’s a specific bank that has a mortgage for you. If you’re a recent doctor who’s finished your residency, there is a bank for you. If you are putting more than 10% down and have stellar credit, there’s a bank for you. If your credit is below 640 or maybe you have some credit challenges, there may be a mortgage broker for you.

We have done over 100 deals in the last few years, and we’ve had the opportunity to work with several different banks. Our goal is to make sure before we begin looking at homes, our clients clearly understand the financial picture and the mortgage process. In addition, our goal is to match our clients with the mortgage product that best fits their needs. Monticello does not have, nor ever will, any financial relationship with any bank, mortgage broker broker, or lending institution. However, we do have a vested interest in making sure our homebuyers get the best possible service and the best product to meet their needs (check out our google reviews here). It’s important to us to have the most assurance the sale will go through and our clients will be satisfied. Here are a few tips if you’re pre-qualifying for a mortgage or thinking about buying a home in the Capital Region.

Should You List Your Home For Sale in December

I just got a call last night from a women who is trying to sell her home. Her home is currently listed with another real estate broker, it’s been on the market for a 178 days, and not a single offer. She called me to ask about re-listing her home again. Here is what I told her.

YTD NY Home Sales Strong Through Q3

Albany, NY – October 21, 2014 – Home sales throughout New York State remained at a strong level through the third quarter of 2014, even as closings fell off the 2013 pace, according to the housing market report released today by the New York State Association of REALTORS. Third quarter closed sales decreased by 4.3 percent compared to the same period last year, while the statewide median sales price remained close to the 2013 third quarter level.

“The third quarter is typically a busy time in our seasonal housing market and 2014 was no exception, posting the third highest closed sales total for this quarter in the past seven years,” said Duncan MacKenzie, NYSAR CEO, noting that 2013 third quarter sales set the high-water mark during that time. “Home sales in the Empire State remained strong as we closed out the third quarter. New York’s REALTORS continue to project that 2014 will finish among the strongest markets in the past several years.”

“The quarter ended on a positive note with gains in closed sales, pending sales, median price and new listings,” MacKenzie said. “Looking ahead, the more than 10-percent increase in September pending sales will help drive the fall market as these transactions work their way through to closing. We anticipate that the new listings coming on to the market will help spur additional 2014 sales.”

There were 32,493 homes sold in the 2014 third quarter, a decrease of 4.3 percent from the 33,939 sold in the 2013 third quarter. The September 2014 sales total of 10,059 was up 1 percent from the September 2013 total of 9,958. The year-to-date (Jan. 1 – Sept. 31) sales total of 77,579 represents a 3.1-percent decrease from the same period last year.

The third quarter 2014 statewide median sales price of $232,000 was 1.3-percent below the $235,000 2013 third quarter median. The September statewide median sales price was $227,500, a 1.1-percent increase from the September 2013 median of $225,000. The year-to-date (Jan. 1 – Sept. 31) median sales price of $225,000 was unchanged from the same period last year.

Pending sales increased by 5.1 percent in the 2014 third quarter to reach 31,404, compared to 29,887 in the 2013 third quarter. September 2014 pending sales jumped 10.6 percent from a year ago to reach 9,804.

The months supply of inventory dropped 3.7 percent at the end of the quarter to 10.3 months supply. It was at 10.7 months at the end of the 2013 third quarter. A 6 month to 6.5 month supply is considered to be a balanced market. Inventory stood at 94,537, a decrease of 1.8 percent compared to the end of the 2013 third quarter.

Additional data is available at NYSRA website.

Selling? Take Outdoor Photos This Weekend

A photo of red autumn leaves and old house in sunshineAlright, we’re approaching one of the prettiest times of the year in the Capital Region. The grass is still green, temperatures are moderate, and the leaves are changing. If you are thinking of selling your home in the next 6 months, make sure to take exterior photos of the house this weekend. We’re offering complimentary photos if you list with Monticello. There are many more reasons to list with us besides just the professional photos. We have pioneered the comprehensive marketing approach to selling homes, and we’ll gladly show you how we do it. Whether you’re listing your home later this year, or in the Spring of 2015, the grass, shrubs, trees, and landscaping will only become less attractive.

Clifton Park Home in FallSo while everything is still lush and the colors of plentiful, make sure to take the full exterior photos of your home (both the front and back of the house, the yard, your pool – if it’s still open, and your gardens).  You can see from our previous listing, the value of professional photos. Take a look at our listings at 3 Cindy Lane and 91 Van Schoick Ave. I think you’ll agree the presentation, photos, and custom website offer a much stronger and more effective way of marketing your home for sale. Don’t hesitate to call 518-227-0718 or email if we can help.