Top 5 Ways to Maximize Your Open House

If your home is currently on the market, you may be considering whether or not to work with your real estate agent to host an open house. You may have heard that open houses are ineffective or "old-fashioned" in today's world of online marketing.

As a Member of the Top 5 in Real Estate Network®, however, I, along with my team, know first-hand that it takes a combination of different marketing strategies to sell your home quickly and for the best possible price. While online marketing and mobile technology are certainly critical parts of the equation, an open house can have a tremendous impact on a successful sale -- when done correctly, that is. Here are our Top 5 tactics for a successful open house. Make sure your agent is incorporating all — or at least some — of these strategies for your home's open house:

1. Staging well in advance - Don't bother having an open house if your home is not properly staged both inside and outside. Now is the time to work with a professional landscaper because curb appeal will never be more important -- prospective buyers won't bother coming in if they don't like what they see from the outside.

2. Proper advertising - These days, people are so inundated by life and media that unless your open house is promoted far and wide — and frequently — they will never even know about. Your agent should be: advertising in newspapers; using social media to promote your open house; networking with other agents in the area to make them aware; circulating direct mail to neighbors and nearby communities; and personally inviting key prospects.

3. Enlist the neighbors - Start polling your neighbors on what they like best about your neighborhood: the schools, the convenience, the community services, the people, etc. Compile this into a handout for your agent to distribute at your open house. After all, what better testimonial could you ask for than the next-door neighbor?

4. Consider a theme - Some of our fellow members in the Top 5 Network have hosted some unbelievably creative open houses. Consider inviting local restaurants to set up food stations so visitors can experience a "taste" of the community; ask a local antiques shop to stage the home with their showcase items; invite a local gallery to create an art exhibit throughout the home; or highlight something of interest about your home. One Top 5 member, for example, listed the home of an antique car collector and put all the owner’s cars on display and invited car enthusiasts.

5. Have the right materials on hand - Your open house will be for naught if you don't have the proper materials on hand, such as: a guest directory that asks for names and e-mails (find a creative incentive for guests to leave their e-mail addresses, such as entry into a drawing for a local restaurant gift certificate); professionally done photo brochures of your home or even a DVD of a video tour; payment and financing information.

Be sure to ask your agent how he or she intends to follow up with open house visitors -- this is the most important factor of all. Without a quick and effective follow-up system in place, you could very well pass over a potential buyer.

If you'd like more information on creating an effective open house, please e-mail our team. Feel free to forward this e-mail on to any friends and family who might be planning an open house in the near future.

via Posterize

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Top 5 credit score killers: What you don't know can hurt you

Mistake #1: Foreclosure.

"I foolishly believed my attorney (and the rising real estate market) when I didn't force my former husband to refinance or sell our house during our divorce proceedings, and [he] left my name on the mortgage," Cynthia Burnham of Descanso, California says. As a result, when her ex stopped making payments, the bank came after her, and her credit score took a beating.

Burnham is not exactly sure where her score stands today, but she recalls that it was in the high 700s before the fiasco began.The lower score hit her most severely when it came to her credit limits; she had one card's limit slashed from $14,000 to $2,000, while another one went from $5,000 to $2,000. "I've always been proud to maintain my credit as excellent," Burnham says. Having to deal with the fallout once her credit wasn't good anymore left her "irritated and angry."

Shane Fischer of Winter Park, Florida, is also struggling with the fallout of a low credit score due to foreclosure. "The foreclosure killed any chance I have of getting a new car loan or even a credit card," Fischer says. "My car is getting older, and I'd like to consider trading it in, but with my bad credit, no bank will give me the time of day."

Not surprisingly, foreclosure is the big kahuna when it comes to actions that can sink your credit score. According to Barry Paperno, consumer operations manager at FICO, "In addition to a foreclosure preventing someone from obtaining a new mortgage for at least a couple of years -- regardless of the score – this person could expect to lose anywhere from 80 to 160 points, depending on his score level prior to the foreclosure." Ouch.

Foreclosure is a "scarlet letter," adds Gary Nitzkin, a debt-collection lawyer in Southfield, Michigan.

Mistake #2: Being a guarantor on someone else's loan.

Nitzkin, who is hired by creditors to collect on debts, says this is another no-no that's sure to take a bite out of your credit score. If the person you're guaranteeing the loan for - a child, close friend or other relative - defaults on the loan, you could be responsible for paying it back all at once. Not only would this likely cause significant financial hardship for you, you potentially could see your credit score plummet by as much as 100 points.

Mistake #3: Making a late payment on a credit card debt.

While foreclosure and debt settlements might sound like drastic steps, you may be surprised to learn that the next biggest credit-killer is actually something almost all of us have done from time to time. Making a late payment on a credit card debt doesn't seem like such a bad thing -- until you learn just how much it can affect your credit score.

As Nitzkin explains, "If a consumer has a [score of] 750 or above and they're late with just one payment, their score can drop to 650." However, FICO's Paperno adds, someone who already has a few late payments on their report as a result of previous late payments would be more likely to lose less (somewhere between 60 and 80 points).

Mistake #4: Maxing out one of your credit cards.

While it may be surprising to find out a late payment can drop your score anywhere from 60 to 100 points, you might be even more shocked to learn that even actions that are allowed by lenders can hurt your score. "The act of maxing out a single card could drop your high FICO score by as much as 50 points," Paperno says. People with lower scores could see theirs drop by up to 30 points, although it's likely they'd have much lower minimums than their high-score counterparts.

Mistake #5: Settling with a debtor for less than the amount owed.

This is another major strike against your score that Paperno says can drop your credit score by as much as 160 points. While we've written about people who've settled their debts for less and found the option to be a godsend, it's important to keep in mind that this isn't an action without consequences. Reaching an agreement with a lender to settle a debt for less than what you owe can certainly free you from a crushing debt, but the trade-off is that you'll have a lower credit score to show for it.

Getting - and keeping - your score high is an uphill battle for many people these days, Nitzkin says. "Lenders don't like to lend money to people who need it."

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Investor Deals Available in Westchester County NY

Mount Vernon Bank Owned- $122,400

Peekskill -$79,900

Newburgh. - $30,000

White plains $200,000

Croton falls $150,000

Lake Peekskill- $89,900

New Windsor Orange County Single family Short Sale $140,000

Ossining Rehab Single family $85,000

Poughkeepsie Single Family Rental Property $89,925

Mount Vernon Short Sale 3 Family $180,000

Yonkers 4 family Short Sale $180,000

Poughkeepsie 2 Family Short Sale $115,925

Condo Studio Yorktown- $60,900

Bronx 1 Bedroom Condo- $60,000

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No Risk Home Selling

A No Risk Home Selling Offer!
Do you feel you have no control when selling your home?

Do you know most Brokers will Charge you the same fee no matter how your home sells?  Would you believe, even if you find the buyer?

Are you worried about signing a 180 Day listing or longer?

We remove the risk of which Realtor to choose

We have come up with the industries best commission structure. No other Real estate company will advertise the commission like we do.

3%

Another agent represents the buyer. Our commission is 1% and the other agent receives 2%.

2%

We find the buyer and write the contract. There is no other agent involved. Our commission is just 3%

1%

You find the buyer and there is no other agent involved. We write the contract and walk it through closing for you. Our commission is 1%.

0%

You find the buyer and there is no other agent involved. You don’t want our assistance and you pay nothing.

Sell your property yourself, while it is listed with Crecco Real Estate and pay no commission.

This does not apply to a buyer exposed to the property by my office or by another agent.

Cancel the Listing At Anytime

Either you or I can cancel by calling and simply saying “I want to cancel the Listing”. The cancellation becomes effective at the time you call. Please allow two business days to have the sign removed and the listing withdrawn from the Multiple Listing Service.

No Advance Fee of Any Kind

You only pay if Crecco Real Estate procures an offer that is acceptable to you.

No Pressure Presentation

I will never allow you to be pressured by the buyer’s agent. All offers will be faxed or emailed to my office and presented to you by phone, fax or email so that you can make your decisions privately.

Benefits with A No Risk Listing

You get the flexibility that most agents don’t or won’t offer. If you list with just any other agent they can lock up your listing for up to 180 days, whether you are happy with their performance or not.  That is just not fair.

Staying in Touch

We follow up on every showing with other agents. We then contact you with the feedback so you know what’s going on.  Marketplace feedback is a valuable tool in procuring the most money for your home. Most agents neglect this.

Helping You get Top Dollar

As your agent is my duty and help negotiate the best possible price and terms for you. Because of our research and finger on the pulse of the market we have the experience and awareness of the marketplace to guide your decisions.

Complete Market Analysis

Anybody can press a button a computer program and churn out data showing comps.  In fact there are a number of online programs for the home seller to do just that.  While it is important to know what has sold, It is equally important is what the current competition is, as well as who has failed to sell.  This information becomes even more meaningful when interpreted through the eyes of experience.  Much like evaluating x-rays, without the doctor’s experience and training the information can be misdiagnosed.  This is how we determine the ceiling of what the market will bear, as well as the average marketing time for your neighborhood.

Setting the Right Price

No marketing on earth can overcome a bad price. Key components to a fast sale include: Pricing correctly, the home on lockbox (with easy access) and correct information in the MLS. Add to that a knowledgeable, skilled agent, and your home will sell.

Possible Changes That Can Make You Money Sometimes $200 – $300 wisely spent can net you $2000 – $3000 extra at closing.

Handling the Detail Work

*Professional Sign Installed

* Listing Properly Filled Out and Correctly Entered Into MLS

* Multiple Property Photos to All Websites * Follow up Contact All Agent That Show Property

* Daily Lockbox Readouts

* Negotiations of Contract and Explanation of Options

* Written Estimate of Cost of Sale

* Working with Appraisers to Obtain Maximum Value

* Monitoring Buyer’s Loan approval Process

* Negotiating the Results of Home Inspections

* Wood Destroying Organisms (Termite etc.) Report

* Final Walk Through

* Review of Title Company Settlement Figures

*Maximum Exposure 
install an electronic MLS lock box so licensed agents can show your property even when                you can’t be home   

* Network with other agent to make them aware of Your Listing

* Exposing your home to our buyers Data base

* Handling sign calls from Potential buyers and pre-qualifying them when possible

* Flyers featuring Property highlights

* Our Internet exposure is 2 to none

Never Too Busy For You

Although we are proud of the number of we are able to assist with their housing needs, we never lose sight of the fact that each and every transaction matters. No matter how large or small.

Special No-Risk Offer:

You keep more money in your pocket with A No Risk Listing exclusively with Crecco Real Estate.  Most Brokers will charge you the same fee no matter how your home sells…. even if you find the buyer. With the A No Risk Listing you have complete flexibility… from “Full Service” to “Do it yourself”. Does that sound fair?  Yea, that’s what we thought too.  So if you want a fair deal, with NO RISK? We are the only Choice.

Anthony J. Crecco

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In the news this week (January 31 - February 4, 2011)

The markets will continue to watch the political unrest in Egypt closely this week. In addition, a number of high-impact reports will hit this week with the big news coming on Friday. We’ll discuss the impact of these reports in next week’s newsletter.

• We started the week off right away Monday morning with reports on Personal Spending and Personal Income, as well as the Personal Consumption Expenditures (PCE) Index, which is the Fed's favorite gauge of inflation. 
• Manufacturing was also in the news this week. On Monday, we saw the Chicago PMI, which surveys more than 200 Chicago purchasing managers about the manufacturing industry and is a good indicator of overall economic activity. Then on Tuesday, the ISM Index was released. This is the king of all manufacturing indices and is considered the single best snapshot of the factory sector. 
• The big topic of the week will be employment. First up was the ADP National Employment Report on Wednesday, which measures non-farm private employment. 
• The ADP report will be followed by another round of Initial Jobless Claims on Thursday. In last week’s report, Initial Jobless Claims came in well above expectations. We shouldn’t read too much into that spike, since weather could have played a sizable role in the jump. However, if readings over the next couple weeks don't settle back down closer to the 400,000 level, there may be reason for concern. 
• Finally, the busy week culminates in the all-important Jobs Report on Friday. This report features new data regarding non-farm payrolls, the average work week, hourly earnings and the unemployment rate. Needless to say, this report can be a big market mover.

As you can see in the chart below, bonds received a bit of a bump at the end of last week, helping home loan rates recover from losses earlier in the week. This boost was prompted by political turmoil in Egypt that had investors seeking the safety of bonds.

Chart: Fannie Mae 4.0% Mortgage Bond (Friday, January 28, 2011)

Economic calendar for the week of January 31 – February 4, 2011

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Weekly Economic Summary - February 3, 2011

The housing market received a serving of good news last week, as New Home Sales reportedly rose 17.5% in December to come in better than expectations. Overall, the report demonstrated that housing continues to recover – albeit slowly. Despite that good news though, the markets were keyed in on another important event last week-- the release of the Fed’s Interest Rate Decision and Monetary Policy Statement.

As expected, the Fed made no change to the Fed Funds Rate and even the Policy Statement was pretty much the same. But that didn’t stop the markets from getting a little fired up about the release.

It’s important to understand that the Fed has to be very careful with how bullish their economic comments are, as they don't want to see long-term rates move higher. The Fed's comments couldn’t be categorized as bullish as they said "employers remain reluctant to add to payrolls" and "the housing sector remains depressed."

So why did bonds initially improve nicely on the news and then crumble later in the day? The answer is: not everyone in the trading pits is buying what the Fed is saying. Instead, some people believe the Fed is talking down the true underlying strength of the economy, so that it can justify injecting the full $600 billion of quantitative easing into the economy.

Last week, President Obama delivered his State of the Union Address to members of Congress. Although the President’s call for a freeze on discretionary spending for five years may appear to be bond bullish in that any reduction in the deficit would be good for bonds, the reality is that so much more has to be done to really get our long-term debt in check. And some of last week’s weakness in bonds was likely attributed to the feeling that the speech came and went without any real sense that the deficit is going to be reduced in a meaningful way, especially in the near term. The bond market probably would have liked the word "cut" in spending rather than "freeze," since a “freeze” suggests only a temporary halt in spending at current levels.

In the end, the news last week demonstrated that economic conditions are improving, but they are doing so gradually. As a result, the market remains volatile, as bonds and home loan rates move up and down depending on what reports or speeches hit the news wires. The good news is that despite the volatility, home loan rates remain extremely low for now.

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Mortgage Rates Rise

A sudden spike in Treasury yields drove up the interest rate on 15- and 30-year mortgages in December. Rates rose despite the Federal Reserve's efforts to keep them low and ease economic conditions by purchasing up to $900 billion in Treasury bonds. Treasury yields were propelled higher by encouraging news regarding economic growth and the prospect of a larger federal budget deficit stemming from the recent tax compromise. For the week ending December 16, the average interest rate on a 30-year, fixed-rate mortgage was 4.83%, up from 4.61% the previous week-but still lower than the average rate of 4.94% one year earlier, according to Freddie Mac. The average 15-year fixed interest rate was 4.17%-up from 3.96% the previous week, but down from 4.38% during the same week in 2009.  

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