How you can ensure you hire the best possible agent

There are many great Rochester area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (585) 600-JEFF (5333) for a FREE home buying or selling consultation to answer any of your real estate questions.

Today, we're going to cover the 4th "p" of marketing: the professional. This is the person you hire to help sell or buy a home, so there needs to be a good deal of trust between the two of you. The best thing you can do to ensure you hire the right person is conduct an interview. Here are some of the questions you should have answered:

• Find out how they operate: Do they have a team or are they a stand alone agent? Will they be available to meet regularly? Do they have an assistant? Assistants are usually quite helpful to clients - they can get you the answers quickly if the agent happens to be busy. 
• Find out how they communicate: Will they give you feedback? Will they stay in touch with you to keep you updated on developments during the buying or selling process? We personally like to keep in touch with our clients regularly, contacting them at least once a week.
• Find out how available they are: Will they be present at every showing? How will alarms and keys be handled during the selling process?

Another thing you might want to ask is, what can I do if I'm not satisfied with your services? This may be a more difficult thing to ask, as many agents can be evasive. We, on the other hand, offer an easy exit listing guarantee. If, for whatever reason, you are not satisfied with my services at any point in the process, you can fire us no questions asked. We want to make sure you get the best possible real estate experience. 

So when thinking about hiring a real estate professional, give us a call. We think you'll be happy with the interview. 

Prepare for Success with a Solid Marketing Plan

There are many great Rochester area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (585) 721-3010 for a FREE home buying or selling consultation to answer any of your real estate questions.

The Four P's of Marketing
To continue my four part series of the four P's of marketing, we will discuss a marketing plan. We have covered the product and the pricing so far, so let's dive into this third part.

Planning is extremely important for marketing. A lot of what goes into planning is figuring out what will work. I always make sure to read reports from the National Association of Realtors. These reports show what is important to the consumer and what captures their attention.

I always make sure to read these reports when I'm structuring my marketing plan for the upcoming year. There is a great publication called Real Trends that predicts where the real estate market is headed. Just be sure to research what works.

We all know what has been historically successful in real estate, such as open houses, print ads and direct mail. The use of the internet has really turned this market upside down, and you need to have a marketing plan specifically for the internet. To illustrate just how widespread and popular the internet has become, look no further than current buying habits: The average home buyer looked at 22 homes 10 years ago, while nowadays the average home buyer looks at only 4.7 homes. This means that your home needs to be marketed well and staged well. You do not have a second shot at a first impression with our current market.

To make a good impression make sure you hire a professional photographer, and be prepared to repaint your home and do a very thorough cleaning. Try a virtual tour - research has shown that consumers love virtual tours.

Another consideration to think about is where you will be on the internet. My theory is to get my clients in front of as many potential buyers as possible. I would recommend posting pictures to every real estate site possible: Zillow, Trulia, Homes.com, etc. Find the website with the highest traffic, and list the home on that website.

The way that homes are marketed has changed. If your Realtor cannot keep up with the changing landscape of real estate and market your home online, then I would find a professional like myself who can do so.

I hope this information is useful to you. As always, if you're interested in buying or selling real estate in Rochester, then please contact me via email or phone.

Finding an Accurate & Attractive Price Range for your Home is Easier than You Think

 There are many great Rochester area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Value Report so you know what buyers will pay for your home in today's market. You may also call me at (585) 721-3010 for a FREE home buying or selling consultation to answer any of your real estate questions.

The Four P's of Marketing: Pricing your Home

Today I am going to continue my discussion of the four P's of marketing. Last time we talked about preparing your home to sell where we touched on staging. Today, however, we will be discussing how to price your Rochester home.

A lot of people get sent in the wrong direction with this aspect of selling and it can cause major problems down the road. What you want to do is consider very similar homes to your own to gauge an accurate price.

• Consider the area: Find a property that is in a similar school district, and preferably the same subdivision or neighborhood as your own. Here in Rochester we have a lot of different home builders so it makes comparing a little bit tougher, but there are many other aspects you can focus on for pricing.
• Find the same style of home: Every style of home has its own price bracket. You wouldn't expect a 2,000 sq. foot remodeled Victorian home to sell for the same price as a 2,000 sq. foot ranch home, would you? However, there are nuances to pricing by certain styles. I might put a colonial home in the same price bracket as a Cape Cod, so if you're unsure about the style of your home, then please contact me for advice.
• Same Size: You should shoot to find a home that is similar in size to your own, plus or minus 100 sq. feet.
• Same Age: If you have a home that was built in 1995, then find another property built from 1990-1999. Don't compare properties like a 1985 build versus a 2005 build, because there are significant differences to these.
• Amenities: Find a property with the same number of bedrooms and bathrooms. Other features like garages can add value, but things like in-ground pools and extra fireplaces really shouldn't add a lot of extra value if you're comparing homes.

After finding similar properties, you need to set a price range. You don't want to set a new high or set a new low, so shoot for somewhere in between. Be objective when pricing and compare your home with others to determine which property you would pay more for. Be honest with yourself and consider the different features and qualities to each property. After finding and comparing properties to your own, you should be able to price it somewhere between all of them.

You should know that it is always recommended to consult a realtor to price your home in the best range, so if you need any help pricing your Rochester home, please contact me and I would be glad to assist you.

Stay tuned for the third installment of my Four P's of real estate Marketing!

Real Estate Marketing Part 1: Focusing on Your Product

Welcome to my first installment in a 4 part series that I'm filming about marketing. You've likely heard about the three textbook aspects of marketing: Product, promotion, and price. However, I have added a fourth aspect which is the Professional that you hire. Today I will be examining the product.

#1 Aspect of Marketing: The Product

The product when you are in real estate is your home. You have to ask yourself, how can I make my product more desirable and better than my competition's product? 

1. Repairs: Sometimes there are mandatory and necessary repairs like a leaking roof, a broken AC unit, or a malfunctioning furnace. You absolutely must fix these things. The return on these investments can sometimes be upwards of 300%.
2. Updates: Perhaps you have an old and outdated bathroom with green or blue tile. You don't need to throw a bunch of money into completely renovating these areas, but you need to consider how you can minimize the effect of that dating. Sometimes just putting a new coat of paint on can work wonders.
3. Cleaning and Removing Clutter: This is where you will find the biggest return on an investment, but it will come at the expense of your own labor. You need to vacuum air vents, clean crevices, polish windows and even clean the screens on them. Clean like you have never cleaned before, and then hire a carpet cleaner or whoever else you need to make your home sparkle. Ask your realtor for his/her preferred cleaners if need be.
4. Remove Collections / Neutralize Your Home: Get rid of fine china, trophies, pictures, or whatever you've accumulated through the years. You might love it, but this will only distract a home buyer during a showing. You want the buyer to focus on the spaciousness of your living room, not on your vast collection of sports memorabilia. Hire a stager if you're having trouble, or have your agent hire one. Put your belongings in a storage unit. It's best to get them cleared away if you're going to be moving out anyway. 
5. Repainting: If you have not repainted your home in the last 3-4 years, I would highly recommend doing so. If you're child painted his/her room pink or purple in the past, you need to repaint it. I'm a huge fan of earth tones because they are very neutral and inviting. Khaki or beige with white or off-white trim has been proven to work with buyers in studies, so you might consider that.

The goal of this first step is to get your home in the condition where it can appease the largest amount of buyers possible. Do the work and contact me with any further questions because I would be glad to help. You can contact me at (585) 712-3010 or (585) 279-8250 or you can reach me via my website: www.jeffscofield.com

Ignore conventional thinking - the spring selling season starts NOW in real estate

When is the BEST time to sell my home?
There is no time like the present – especially when that time falls between January and May. That’s because in the real estate world buyers have dusted off their hands from the holidays, many have deliberated with family members, made important decisions about purchasing, transferring property, large gifts have changed hands – and the New Year represents a time for a fresh start.

Oftentimes sellers tend to believe listing their home at the height of summer is the ideal time – mainly when their landscaping is at its peak state. On the contrary, most buyers prefer to be done with their home purchasing by the time schools are out, well in time for summer activities. Another important consideration is that home-builders will offer buyers a 2% to 3% discount on their new construction homes in the fall, potentially presenting a competing challenge to sellers should they list at that time of year. 

What will happen to our home value if interest rates go up?
A common misconception regarding home values is that if interest rates rise, home values will conversely come crashing down. The theory behind that being that buyers would not be able to afford as much of a home, effectively driving prices down. However, in actuality rates don’t cause home value fluctuation as much as supply and demand does.

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So if you’re in the market to sell your home – don’t wait! Call us now and seize the opportunity that presents itself today. There are buyers waiting to write offers now, why should you wait to list your home?

Vital Information Regarding STAR Exemptions

If you are looking for a STAR tax discount, you need to re-register this year. An easy way to do that is follow this link I created for you: http://www.jeffsstarlink.com/

It only takes about 2-3 minutes to sign up and can save you $800, so be sure to take time and fill it out right away.

Looking ahead to the next year, most people say they're going to put their homes on the market in the spring. Most of us think spring is an April-May time frame, but spring for real estate is really in January-February. As a real estate broker, I'm back to working 12 hour days, every day of the week. If you are thinking of listing your home this year or want more information on the STAR program, please contact me today. Thanks for your time and have a great holiday!

13 Ways to Winterize Your home

Welcome back to my video blog! Winter is upon us and along with the holiday cheer comes some freezing weather. It's important to protect your home from the potential damages of cold weather, snow and ice. Here are 13 ways to keep your property safe!

1. Get your HVAC (furnace) inspected, cleaned and tuned up. If it's running inefficiently it can cost you hundreds of dollars.
    
2. Change the battery in your thermostat. When the thermostat dies the heat can either shut off or continue to go full blast.
    
3. Change the direction of your fans. Hot air rises; turn your fans to a downward direction to maximize your heat!
    
4. Prevent ice jams. Melted snow can freeze and cause jams in your gutters. Hire a professional to clean this up; doing this yourself can be dangerous.
    
5. Turn off exterior faucets. Turn off and drain the remaining water in the line so that you don't have any cracks or bursts during the winter.
    
6. Winterize your pool and hot tub if you aren't using them.
    
7. Drain the gas from your mower. If the gas sits in cold temperatures it can often get thick and ruin the machine.
    
8. Check your sump pump.
    
9. Get your chimney inspected. If you plan on enjoying some fires this summer make sure everything is cleaned and inspected to prevent possible accidents.
    
10. Get your snowblower tuned up.
     
11. Set markers around the perimeter of your property to indicate to snow plows where your yard is to prevent damage.
     
12. Weather strip your doors and set up timers on your lights. In the winter most of us go to work when it's dark and get home when it's dark. Setting your lights on a timer can add a little cheer to coming home.
     
13. If you go away on vacation, turn off the water and the main. Again, this will prevent any cracks or bursts.

Thank you for watching. I hope you find these tips helpful. If you have any questions, please give me a call!

Renting vs Selling

Welcome back to my video blog! Lately, I’ve been asked a lot about whether it is better to take a financial hit of foreclosure or short sale or to rent out the property.

A lot of people are surprised when they find out the better option may be to take the loss. Why is that? I have two key aspects to look at when considering your situation.

The first question to ask yourself is would you buy the property as a rental? Will the property generate a positive cash flow? If not, it may be better to sell.

The second question is whether you live in town or not. Most tenants will eat a landlord up if they are out of town.

If you Google this topic you will find thousands of articles giving the pros and cons of renting vs. taking a financial hit.

If you have any questions please give me a call.

Two Reasons Why You Shouldn’t Wait to Sell

Welcome back!

Now that fall is in full swing and the holiday season is approaching us, many people have asked me whether now is a good time to sell, or if they should wait until spring.

There are two reasons why selling now is a great choice:

1.    We don’t know where interest rates will go over the next couple months. If they increase, activity will drop.

2.    Buyers, who are looking now, are serious. While you may have fewer showings, you have more qualified and motivated buyers in the market.

Give me a call today so we can get your home ready for the market. Thanks for watching!

New York State School Tax Relief Program

Some of you may know about the New York State School Tax Relief Program, more commonly known as the STAR Program. Much like homestead exemptions in other states, this program aims to reduce school district property taxes on the primary residences in New York. The program is meant to lower the tax burden on school district residents.

There are two forms of the STAR Program: Basic STAR and Enhanced STAR. The basic program is for the New York residents whose primary residence is in the state; it exempts $30,000 from the true value of the property.

The enhanced program is for senior citizens, 65 years of age and older and not have an annual income about $60,000; it exempts an annual amount which varies.

The state makes up the difference so that the overall revenue of the given school district is not affected.

The STAR rebate is subtracted from the ‘true value’ of the home. The value is determined by your last property assessment divided by an equalization rate, which is the ratio of assessed value to market value for each taxing jurisdiction.

With recent legislation, all those benefitting from the Basic STAR must register with the New York State Tax Department in order to receive the 2014 exemptions. Homeowners will not have to re-register ever year.

Registration started on August 19, 2013 and will continue through December 31, 2013.

Please visit http://www.tax.ny.gov/pit/property/star13/ to register.

Why Your Home Isn’t Selling

Hey, guys. Welcome back to my video blog!

For the past 20 years, I’ve specialized in expired listings. These are homes that were listed with another agent and just sat on the market. All my clients ask me why their home didn’t sell.

I have about five main reasons why a home may have sat on the market. The first is presentation. Presentation online and in person is crucial. According to statistics from last year, buyers only visited 4.7 homes before purchasing. That means they waded through hundreds online to only visit fewer than five homes.

Second is access. You need to make your home available as much as possible. If a buyer can only view your home at a few restricted times, they will most likely give up on your property.

Thirdly, do not have your pets present during a showing. When buyers come to look at your home they want to wander freely. Having the buyer or the pets present can be very distracting.

Pricing is also significantly important when trying to sell your home. If you price your home too high, there is a chance it will just sit on the market. When I determine the listing price of a home, I bring in comparable homes; we compare apples to apples and find a good price range.

The final reason your home may have expired is the rejection of the first offer. Sometimes sellers will turn down the first offer because they think it’s too low. We have a rule in our business: the first offer is the best offer. While I don’t necessarily believe the first offer is the best, I do believe the first buyer is the best. Don’t be afraid to counteroffer. If you reject that buyer, it could come back to haunt you later.

These are some of the main reasons I see that homes do not sell. If you have any questions or are ready to put your home back on the market, give me a call!

What's Happening with Interest Rates?

Welcome back to my video blog! I wanted to talk to you about the rising interest rates. A mere month ago we were at a 200 year low of the rates being in the mid to low 3% range. The rate now is about 4.5%.

Will they go back down? It’s hard to say, but put this in perspective. What does a one point raise mean? Well, if you are looking at $250,000 home from last month to this month, your mortgage payment went up about $80 a month.

To crunch some numbers, an interest rate of 3.5% is about $4.50 per thousand. So if you have a $100,000 home, it’s going to be about $450,000 on your PITI. At 4.5%, you are at $5.07 per thousand. If you look back a few years, though, we were at 8-9%.

Why does all this matter? For most of us, buying a home is the most important investment we make. If you are able to buy a $250,000 home today and we have a 3% annual appreciation, in ten years that house could be worth $336,000. That’s almost $100,000 in equity you have built in toward your retirement.

So now is the time to buy, to lock in that low interest rate. So give me a call at 585.721 and let’s get started!

Planning on Remodeling?

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If you are thinking about hiring a contractor to do some home improvements or remodeling, it’s important you are well informed. Lately, we’ve received calls from homeowners who are frustrated with their contractors; the homeowners have paid, but the contractor stops showing up before the project is completed.

If you are using a commercial lender to pay for your contracting, the lender will set payments up to the contractor in a way that protects you. People get into trouble, though, when they use their own line of credit.

If you choose this route, the most important thing is to check references. www.AngiesList.com is a great resource to verify the quality of a contractor’s work. The next most important thing is payment. Do not pay all at once; payment out of pocket should be equivalent to the work done.

If you have any other questions regarding contractors, please give me a call 585-721-3010.

The Short Sale Option

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We’re sure hearing a lot about short sales in the media and, in fact, they’re very common here in Rochester with 10 to 15% of the homes selling as short sales.   A short sale is when the homeowner is upside down in the mortgage, owing more than what they can sell the home for so they can’t afford to sell. In this situation most sit tight.

But what happens when the homeowner gets behind in the mortgage payments by a few months? A short sale comes into play. Here’s how it typically works. The homeowner gets an offer that is less than what is due to the lender so we submit it to the bank, telling the bank we can get a certain amount for the home. Even though it’s less than what the homeowner owes, we ask the bank to release the homeowner from the lien. With the attorneys we work with we have a 99% success rate. We have a method to achieve this type of success rate. By knowing the real estate market, we systematically get as much money for the home so the homeowner isn’t giving it away, and we ensure the transaction is an arm’s length transaction, meaning the homeowner isn’t selling it to his brother or uncle.

A short sale is much less detrimental to your credit report than a foreclosure. Last year, a client did a short sale and bought a home right away. A lot of credit unions are getting more forgiving because so many homeowners are having to do short sales.

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I’d encourage you to look strongly at short sales if it fits your needs. As the market improves and banks are not worried about foreclosures, the ability to do a short sale could disappear. If you want more information, give me a call at (585) 721-3010 or (585) 279-8250.

Your Biggest Investment: Assessing Its Value

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The value of your home depends on who you ask.  To determine this number, there are four basic home valuation models—assessed value, comparative market value, appraised value and automated value.  Each one is a bit unique.  Here are the differences. 
  
The assessed value is the value your town puts on your home so you’ll pay your fair share of property taxes, but it doesn’t often correspond to its true value.  

For a more accurate number, real estate agents use the next approach, which is comparative market value.  This model looks at similar homes sold in the past 6 to 12 months to tell you what you can expect to get out of your home.   

The appraised value, which is done by a licensed appraiser, is ordered by a bank or buyer to make sure the home is absolutely worth what the buyer says it is worth or is willing to pay.  This is done when a home is being financed or refinanced.  The appraiser uses data on what other similar properties are selling for and also makes adjustments, so the comparative market value and appraised value should be similar and accurate.   In better markets, banks were looking to loan money, so we saw some appraised values coming in way above what you would consider selling the home for because banks wanted to loan the money.  

Last, new automated valuation models allow you to plug in your address, and it spits out a number.  These are the least accurate because they don’t take into consideration special features of the home. 

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If you’d like me to build a strategy so that anyone who is looking for a house in your neighborhood—and price range—will know about your home, or if you’re looking for your dream home, please contact me at (585) 721-301 or (585) 279-8250.  You can also check out my website at www.jeffscofield.com.

Understanding How Enhancements Impact Your Bottom Line ROI

 
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Everyone needs to value and protect his or her assets, especially with the current economic situation. One of the best ways to do this is to maintain, manage and make strides toward constant betterment. In a house this can mean any number of things. Whether you choose to enhance an existing bedroom, extend your kitchen, install new flooring in the basement or even replace the garage door – all these and significant others – are excellent ways to strengthen the value of your property. With these home improvement projects, you will enjoy continued returns on the investment that you make in your most cherished asset.

How Does ROI Work?

In real estate it is the formula that is used to compare the cost of remodeling projects with the value those projects will retain at resale. With a little time, energy and effort, you will undoubtedly get back lasting value, increased enjoyment and an enhanced return on your investment. In terms of home improvements, making adjustments to outdated areas of your home, will not only make the space more enjoyable to live in, but it will also increase the resale value of the property. So while it may seem costly to redo the entire kitchen cabinetry and countertops, the chance that you will recover most of the monies spent on the improvement are very high.

Home Improvement Projects Yield Great Returns
Kitchens

Since the kitchen is usually the area in a home that gets the most traffic, it is often one of the first aspects of a home that is judged during evaluation by buyers. Updated, modern and functional kitchens are an important selling feature. If yours is lacking in any of these areas, by embarking on a kitchen remodel project you will could see significant ROI. While the cost of improving a kitchen can be relatively high, the returns of as high as 72% make the initial investment bearable.


Doors and Windows

One of the easiest ways to change the look of a home while increasing its value at the same time is to update the doors and windows. Considering the growing penchant for energy-efficiency in homes, the installation of doors and windows with high-end, energy-efficient sealing and construction will be a welcome addition to any home. When you look at the amount of money saved each year on energy bills, that alone makes the decision to update this aspect of your house an easy one.

Also with the growing security concerns many people are feeling these days, the confidence level of homeowners (and prospective buyers) will soar with the inclusion of solid, quality entry-exit points and windows. While there is a fluctuation based on the type of doors and windows on costs recouped from the initial expense, in general the returns are significant.

A new and improved garage door is a significant change for the better in most homes and one that has seen a ROI of as much as 84%.

Systems Upgrades

In many cases the core systems of a house, like the heating/cooling system or plumbing – tend not to be changed until they break down. When considering ways to improve a property, examine the condition of these systems and, if applicable, maintain or manage them to a level of improved function. If possible, replace parts or entire ensembles. The returns on these investments will be impressive.

Cosmetic Changes

A fresh coat of paint can do more than just spruce up the look of your home. If you are in the market to sell your house, a simple yet highly impacting project like repainting the walls or installing new flooring in your home, can have an immediate impact on prospective buyers. The additional bargaining power you will get from making such adaptations will be more than worth it.

Outdoor Elements

Not surprisingly, many people give great important to the quality and condition of decks and other outdoor spaces in a home. Whether this means your patio and recreation area, the landscaping or even the type and style of boundary fence – an often underestimated aspect of properties is outdoor care. According to Realtor Magazine, a deck addition can yield as much as nearly 73% return on investment.

Structural Enhancements

This is an often overlooked part of a home since it’s not really visible as much as the elements inside the house. As is the case with system-wide functions, the structural aspects are usually tended to when there is a need for major repairs. Prevention is one way to keep a roof, for example, in top condition and ready for any sudden burdens that may arise such as a storm. Siding is also important when determining a home's overall condition and one that cannot be ignored, especially when you plan to put your house on the market. The difference between having quality vinyl siding installed versus a less-than-desired state can be significant. With an ROI of as much as 70-80%, there is an excellent financial incentive to improve these areas as well.

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No matter which area of your home you decide to improve, the results are unmistakable. Not only will the quality of your life be greatly enhanced but also when it does come time to sell, the value of your home will be significantly increased, giving you an exceptional ROI as a result of those home improvements.