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May
31

Bidding War Mistakes - Buy a Home - CB Prime Properties

Our real estate agents know buyers can find themselves under a lot of stress if a bidding war breaks out. When comparing Albany homes for sale, buyers want a price they can feel good about—but they often feel like they have to stick it out and bid on a home they fell in love with.

Having the advice of a real estate agent you trust is one of the most important ways to avoid bidding war mistakes. Your agent is there to help you understand the process, know the fair market value of a home, and make informed decisions.

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February
14

Renting Before Buying - CB Prime Properties

In 2021, our real estate agents guided clients through a housing market unlike anything in living memory. Low interest rates inspired many people to pursue the dream of homeownership. At the same time, much of New York saw housing prices skyrocket.

No matter if you're looking at Albany homes for sale or elsewhere in the state, today's market holds opportunities and surprises—for buyers and sellers alike. Knowing that interest rates may soon rise, many homeowners are taking the plunge and selling right away.

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February
7

Moving to Albany - CB Prime Properties

Over the last couple of years, Albany has become a more popular place than ever for people searching for a beautiful, affordable home in a vibrant community with plenty to do both indoors and outside. In fact, Albany was recently ranked as one of the 10 trendiest cities with affordable homes by Realtor.com, and it's no surprise that New York's capital city ranks so well on the list. Our real estate agents have all of the details on why so many people are moving to Albany and why you'll love living there, too.

An Affordable Place to Own a Home

One of the first things you'll notice when you shop for Albany homes for sale is just how affordable properties are compared to so many other cities. The median listing price for Albany is $319,900, according to Realtor.com, which is less than half of what you might pay for a similar home in the NYC metro area. These are beautiful, modern homes—they're just a lot more affordable than similar properties that you'll find in other cities. While affordable real estate is a major attraction, people who move here quickly find many more reasons to love Albany.

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January
17

Financing a Home in 2022 - CB Prime Properties

The year is off to a good start, and the market is moving ahead at full speed. If you're thinking about buying a house this year, now is the time to start planning ahead. Whether your goal is to make your move by spring or wait until fall, our real estate agents strongly recommend getting everything in order sooner rather than later. Most importantly, make sure you know what the lending landscape looks like for the year ahead so that you don't get caught off guard by last-minute surprises.

  • Credit Counts
    While lenders are eager to make loans, they continue to emphasize ensuring borrowers have credit scores that confirm their ability to repay the loan. As in years past, anything above around 670 is considered "Good" credit and will be sufficient to qualify for most loans. Of course, anything above 700, or between 750 and around 800, will qualify most borrowers for the best loan terms and options. And, while it's a badge of honor to achieve, striving to earn a score of between 800-850 is unlikely to be viewed by lenders any differently than a credit score in the same ballpark.

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October
25

Foundation Inspection - Buy a Home - CB Prime Properties

Discerning homebuyers who want to avoid cookie-cutter options available in planned communities are often attracted to the unique architecture and mature landscaping that can be found in some older Albany homes for sale. But for a house to offer the full value its appearance suggests, it must have a strong foundation. If you're looking to put your home on the market, our real estate agents suggest looking for signs of potential foundation issues before you do. 

  • Perform a perimeter check
    As you walk around the exterior of the house, Look down the length of each wall to spot any bulging or leaning. Either suggests that there could be some issues with a deteriorating foundation, so you will want to call in a professional immediately. While hairline cracks in the concrete are normal, anything over 1/4 inch is a problem that should be resolved as quickly as possible. Look also for signs of standing water which can cause serious damage to the foundation. This can often be resolved by simply cleaning and repairing gutters and drains to ensure water is properly directed away from the house.

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September
27

Buying a Flipped House - CB Prime Properties

You've seen all the shows where older, abandoned homes are turned into gorgeous, modern dwellings. Flipped houses are usually attractive, 100% move-in ready, and competitively priced. They can seem ideal in today's inventory-strapped real estate market. If you're thinking of buying a flipped house, however, you need to determine whether it is the treasure it appears to be or a dust-heap in disguise. Some developers will flip a house to make a quick buck, using cheap labor, going with cheap finishes, and taking shortcuts. Here are some ways to spot renovation problems in a flipped house for sale, according to our real estate agents.

  • Just Look Down
    If you want an immediate assessment of the overall quality of the renovation work, look at the flooring. Poor workmanship is a red flag that you shouldn't ignore. For instance, if they've got flooring butted up to doorjambs or base molding, that could be a hint at more serious flaws. Also, wall-to-wall carpeting can be used to conceal water-damaged hardwood floors. Cracked or bouncy tiles could indicate the subfloor was not laid correctly.

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September
13

TV Placement - Buy a Home - CB Prime Properties

If you're browsing for a new home, one of the many questions you might ask yourself is, "Where will my TV go?" Our real estate agents know exactly how difficult it can be to find a house that meets both your functional and style needs.

For one, a television is a necessary living room fixture for many people, and knowing where to place the TV can be puzzling, especially in a room with several windows or a fireplace.

The size and structure of a living room are some of the most important features you'll have to consider when buying a house. Here are a few ideas on where to place a TV to help you create a setup that best suits your style and living room space.

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August
30

Making an Offer Stand Out - Buying a Home - CB Prime Properties

Whew! This market is competitive, and you may be worried that your offer will get lost in the shuffle. But there are ways to stand out from the crowd. Our real estate agents have some stellar advice to make your offer get noticed when you're ready for that dream home from Albany homes for sale

  1. Offer a bigger down payment.
    Offering a larger down payment than you need to can send a message about how serious you are. It also says you're on top of your financial obligations. Positioning yourself as someone who's in good shape financially will catch your seller's attention.

    Click Here to Read More...

August
24

You don't need a real estate license to find your dream home, but it does help to become familiar with the real estate jargon you might encounter during the process. When searching for a home or applying for a mortgage, you may hear your real estate agent or lender use any of the terms or acronyms below.

Keep this four-part guide handy — you'll be fluent in the language of home buying before you know it.

When you're searching for a home

  • Approved for short sale: A term that indicates that a homeowner's bank has approved a reduced listing price on a home, and the home is ready for resale.
  • Buyers market: Market conditions that exist when homes for sale outnumber buyers. Homes sit on the market a long time, and prices drop.
  • Comparative market analysis (CMA): An in-depth analysis, prepared by a real estate agent, that determines the estimated value of a home based on recently sold homes of similar condition, size, features and age that are located in the same area.
  • Comps: Or comparable sales, are homes in a given area that have sold within the past six months that a real estate agent uses to determine a home's value.
  • Days on market (DOM): The number of days a property listing is considered active.
  • Listing price: The price of a home, as set by the seller.
  • Multiple listing service (MLS): A database where real estate agents list properties for sale.
  • Sellers market: Market conditions that exist when buyers outnumber homes for sale. Bidding wars are common.
  • Short sale: The sale of a home by an owner who owes more on the home than it's worth. The owner's bank must approve a lower listing price before the home can be sold.

When you're applying for a mortgage

  • Back-end ratio: One of two debt-to-income ratios that a lender analyzes to determine a borrower's eligibility for a home loan. The ratio compares the borrower's monthly debt payments to gross income.
  • Depository institutions: Banks, savings and loans, and credit unions. These institutions underwrite as well as set home loan pricing in-house.
  • Debt-to-income ratio (DTI): A ratio that compares a home buyer's expenses to gross income.
  • Housing ratio: One of two debt-to-income ratios that a lender analyzes to determine a borrower's eligibility for a home loan. The ratio compares total housing cost (principal, homeowners insurance, taxes and private mortgage insurance) to gross income.
  • Loan estimate: A three-page document sent to an applicant three days after they apply for a home loan. The document includes loan terms, monthly payment and closing costs.
  • Loan-to-value ratio (LTV): The amount of the loan divided by the price of the house. Lenders reward lower LTV ratios.
  • Origination fee: A fee, charged by a broker or lender, to initiate and complete the home loan application process.
  • Pre-approval: A thorough assessment of a borrower's income, assets and other data to determine a loan amount they would qualify for. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home.
  • Pre-qualification: A basic assessment of income, assets and credit score to determine what, if any, loan programs a borrower might qualify for. A real estate agent will request a pre-approval or pre-qualification letter before showing a buyer a home.
  • Underwriting: A process a lender follows to assess a home loan applicant's income, assets and credit, and the risk involved in offering the applicant a mortgage.

When you're shopping for a mortgage

  • Conventional loan: A home loan not guaranteed by a government agency, such as the FHA or the VA.
  • Down payment: A certain portion of the home's purchase price that a buyer must pay. A minimum requirement is often dictated by the loan type.
  • Fannie Mae: A government-sponsored enterprise chartered in 1938 to help ensure a reliable and affordable supply of mortgage funds throughout the country.
  • Federal Housing Administration (FHA): A government agency created by the National Housing Act of 1934 that insures loans made by private lenders.
  • FHA 203(k): A rehabilitation loan backed by the federal government that permits homebuyers to finance money into a mortgage to repair, improve or upgrade a home.
  • Foreclosure: A property repossessed by a bank when the owner fails to make mortgage payments.
  • Freddie Mac: A government agency chartered by Congress in 1970 to provide a constant source of mortgage funding for the nation's housing markets.
  • Mortgage broker: A licensed professional who works on behalf of the buyer to secure financing through a bank or other lending institution.
  • Mortgage interest rate: The price of borrowing money. The base rate is set by the Federal Reserve and then customized per borrower, based on credit score, down payment, property type and points the buyer pays to lower the rate.
  • Piggyback loan: A combination of loans bundled to avoid private mortgage insurance. One loan covers 80% of the home's value, another loan covers 10% to 15% of the home's value, and the buyer contributes the remainder.
  • Principal, interest, property taxes and homeowners insurance (PITI): The components of a monthly mortgage payment.
  • Private mortgage insurance (PMI): A fee charged to borrowers who make a down payment that is less than 20% of the home's value. The fee, 0.3% to 1.5% of the yearly loan amount, can be canceled in certain circumstances when the borrower reaches 20% equity.
  • Points: Prepaid interest owed at closing, with one point representing 1% of the loan. Paying points, which are tax deductible, will lower the monthly mortgage payment.

When you've chosen a home

  • American Society of Home Inspectors (ASHI): A not-for-profit professional association that sets and promotes standards for property inspections. Look for this accreditation or something similar when shopping for a home inspector.
  • Cash-value policy: A homeowners insurance policy that pays the replacement cost of a home, minus depreciation, should damage occur.
  • Closing costs: Fees associated with the purchase of a home that are due at the end of the sales transaction. Fees may include the appraisal, the home inspection, a title search, a pest inspection and more. Buyers should budget for an amount that is 1% to 3% of the home's purchase price.
  • Contingencies: Conditions written into a home purchase contract that protect the buyer should issue arise with financing, the home inspection, etc.
  • Earnest money: A security deposit made by the buyer to assure the seller of his or her intent to purchase.
  • Escrow account: An account required by a lender and funded by a buyer's mortgage payment to pay the buyer's homeowners insurance and property taxes.
  • Escrow state: A state in which an escrow agent is responsible for closing.
  • Home inspection: A non-destructive visual look at the systems in a building. Inspection occurs when the home is under contract or in escrow.
  • Homeowners insurance: A policy that protects the structure of the home, its contents, injury to others and living expenses should damage occur.
  • In escrow: A period of time (30 days or longer) after a buyer has made an offer on a home and a seller has accepted. During this time, the home is inspected and appraised, and the title searched for liens, etc.
  • Title insurance: Insurance that protects the buyer and lender should an individual or entity step forward with a claim that was attached to the property before the seller transferred legal ownership of the property or "title" to the buyer.
  • Transfer taxes: Fees imposed by the state, county or municipality on transfer of title.
  • Under contract: A period of time (30 days or longer) after a buyer has made an offer on a home and a seller has accepted. During this time, the home is inspected and appraised, and the title is searched for liens, etc.
  • Walkthrough: A buyer's final inspection of a home before closing.

When you own a home

  • Equity: A percentage of the home's value owned by the homeowner.
  • Homeowners Association (HOA): The governing body of a housing development, condo or townhome complex that sets rules and regulations. They charge dues used to maintain common areas.
  • Property tax exemption: A reduction in taxes based on specific criteria, such as installation of a renewable energy system or rehabilitation of a historic home.
  • Tax lien: The government's legal claim against property when the homeowner neglects or fails to pay a tax debt.

Find out what else you can do to prepare for buying a home here.


About the author

May
17

Declutter Before Moving - Homebuyers - CB Prime Properties

There are plenty of great Albany homes for sale. If you're looking to move, our real estate agents can help you find the best place for your needs. One thing you'll have to do yourself, though, is sorting through your belongings to decide what to pack up and bring with you and what to get rid of.

Preparing for a move is a great time to purge the items you no longer need, want, or use. But the question is, what do you do with the things you're getting rid of? When possible, you should donate them to avoid waste, rather than simply throwing them out. There are several places that take donations. However, not everything will be accepted by your local donation centers. Here's a basic overview of what you can and can't donate to keep in mind while you do your pre-move purge.

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April
19

FICO Score Importance - Buy a Home - CB Prime Properties

So you've decided you want to buy a home and have already toured several Albany homes for sale, but did you know your FICO score can make a big difference? Assessing your FICO score can help you determine if it's high enough to qualify for a mortgage loan on terms you can afford. If you're planning to make this major purchase, read on to understand why your FICO score is important and the steps you can take to improve it.

  • What is a FICO Score?
    Created by the Fair Isaac Corporation, the FICO score is a three-digit number used by lenders to assess an applicant's creditworthiness. A FICO score ranges from 300 to 850, is largely based on the information in your credit reports, and can help lenders assess how likely you're to repay debt. This, in turn, can affect how much you can borrow, how much it will cost, and how many months you have to repay. FICO scores are used by more than 90% of lending companies, but not all credit scores are FICO scores. In fact, FICO releases new credit score versions to improve on the last one and create a more reliable and predictive score for lenders. This means that you can have several FICO scores, based on the model used by the mortgage company.

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March
8

Central New York: Women In Business 

Real Estate and Women: A Perfect Pairing

Without a doubt, 2020 was a year that no one will ever forget – and for Coldwell Banker Prime Properties, that's not just because of the pandemic. Last year, we grew by double digits, expanded into new markets, and helped more than 6500 individuals find a place to call home. At the core of our surging success is our local leadership teams, which are made up of 22 individuals, 18 of whom are women.

As a top 2% Coldwell Banker affiliate, we are especially proud this year to celebrate Coldwell Banker's recent honor of the Women's Choice Award. The Women's Choice Award is the only award that recognizes and identifies brands that women recommend.

At Coldwell Banker, we value women in real estate. I am beyond proud to work for a brand that empowers women to take on leadership roles and strives to make the industry better. Through our work with our Inclusive Ownership program and What Moves Her initiative, we are continuously exploring new ways to support leadership development, promote shared values, and provide resources for enhancing leadership tools and capabilities for women in the industry." – Liz Gehringer, chief operating officer of Coldwell Banker Real Estate.

Not only is Coldwell Banker recommended as a brand to work with, but as real estate leaders in customer experience and quality, Coldwell Banker Prime Properties is an incredible place to work for.

Want to BE PART OF THE COLDWELL BANKER BRAND? Contact one of our local branch offices today!

March
8

Capital Region Women In Business 

Real Estate and Women: A Perfect Pairing

Without a doubt, 2020 was a year that no one will ever forget – and for Coldwell Banker Prime Properties, that's not just because of the pandemic. Last year, we grew by double digits, expanded into new markets, and helped more than 6500 individuals find a place to call home. At the core of our surging success is our local leadership teams, which are made up of 22 individuals, 18 of whom are women.

As a top 2% Coldwell Banker affiliate, we are especially proud this year to celebrate Coldwell Banker's recent honor of the Women's Choice Award. The Women's Choice Award is the only award that recognizes and identifies brands that women recommend.

At Coldwell Banker, we value women in real estate. I am beyond proud to work for a brand that empowers women to take on leadership roles and strives to make the industry better. Through our work with our Inclusive Ownership program and What Moves Her initiative, we are continuously exploring new ways to support leadership development, promote shared values, and provide resources for enhancing leadership tools and capabilities for women in the industry." – Liz Gehringer, chief operating officer of Coldwell Banker Real Estate.

Not only is Coldwell Banker recommended as a brand to work with, but as real estate leaders in customer experience and quality, Coldwell Banker Prime Properties is an incredible place to work for.

Want to BE PART OF THE COLDWELL BANKER BRAND? Contact one of our local branch offices today!

December
21

You'll be eager to move into your dream home as soon as possible, but the process isn't always quick. Here's what can slow you down when closing.

Learning that a seller has accepted your home purchase offer is an incredibly exciting moment, but it's important for homebuyers to remember last-minute issues can still pop up. In fact, it's fairly common to have a couple of additional hurdles to clear before the seller hands over the keys.

Many first time homebuyers are actually surprised by how long the closing process actually takes. According to our REALTORS®, an average closing can take anywhere from 4 to 6 weeks. The good news is that proper planning and an experienced real estate agent can both help the process go as smoothly as possible. If you're considering one of these Albany homes for sale, it's a good idea to familiarize yourself with what to expect. Below are some common situations that can delay closing on your future home.

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December
7

Convenient House Buying - CB Prime Properties

Technology has changed many aspects of our lives, and homebuying is no exception. Looking at Albany homes for sale and choosing one to call your own is now easier than ever thanks to new advances and changes that affect the entire homebuying process.

Our real estate agents explain some of the reasons why buying a home is even more convenient:

  • Virtual tours   
    When you're looking at homes to buy, touring all the ones that interest you can be quite time-consuming. That's why virtual tours have become a very popular way to get an easy and convenient yet in-depth view of the homes and properties you're interested in. You'll be getting virtual walk-throughs of homes, which shows much more than still photos can. With some tours, your agent can highlight areas you're particularly interested in and answer questions along the way. And it's easy to rewatch virtual tours if you'd like to refresh your memory about a particular home.

    Click Here to Read More...

November
16

Attention to Detail - First-Time Homebuyers - CB Prime Properties

More and more first-time homebuyers have been looking at Albany homes for sale. Buying a first home is complex but rewarding – and our real estate agents are always glad to help.

First-time homebuyers have some advantages that others don't. They are eligible for a variety of programs to help them reach their goals while saving money. In many cases, they take on less risk by entering the housing market, and they can adjust their timeline to take advantage of the best conditions.

But being a first-time buyer can also be challenging. When you jump into a complicated process like buying a house, you don't know precisely what you don't know. That can lead to mistakes and oversights that may be costly in the long run. The more research you do, the better off you'll be!

So, what do you need to know to be successful as a first-time homebuyer?

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September
14

Rural Living - CB Prime Properties

Are you torn between the big-city life and a quiet home out in the country? You're not alone. Our real estate agents have had plenty of conversations with home owners who aren't sure if they would prefer the hustle and bustle of the city or the simplicity of rural life. If you're stuck debating city life versus country life, here are five ways you can tell if rural living is really right for you.

  1. Scenery vs. Nature
    Who doesn't love looking at wide open spaces, serene streams, and marvelous mountain views? Most can agree that nature is stunning to gaze at, but you must also keep in mind what else nature entails. Living in the country means having wildlife as neighbors. Critters small and large like rodents, insects, and mammals, may be in or around your home frequently. If you're not a fan of the occasional foxes in your garden or mouse in your house, you may not enjoy rural living.

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July
27

Moving Day Countdown - CB Prime Properties

Congratulations! After weeks of open houses and private showings, you've finally found your dream home! Our real estate agents love handing the keys over to new homeowners who will fill the space with a lifetime of memories. Although the excitement and anticipation of moving into your new house can fill you with glee, we want to make sure that you don't forget a few important tasks on your moving checklist. Along with your packing, complete these essential to-dos 30 days before you move.

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July
20

Real Estate Myths - CB Prime Properties

Let's take a minute to talk about myths. No, we're not talking about "lightning never strikes the same place twice," or that "humans only use 10 percent of their brains." We want to talk about real estate myths. These misconceptions, not unlike the incorrect thought that elephants are afraid of mice, are all too popular and all too wrong. Our real estate agents believe that all buyers and sellers should be aware of the false statements that can negatively impact your real estate transaction.

COVID-19 Myths Regarding Real Estate

Let's address the elephant (who is not afraid of mice) in the room. The coronavirus is a serious global health concern that is still a threat to the health and safety of every community. This pandemic has impacted every aspect of life, including the real estate industry. Although it is indeed an obstacle that buyers, sellers, and agents must safely overcome, the operations within this industry are generally unchanged. Here are a few new myths related to real estate in the era of COVID-19 that you shouldn't believe.

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March
30

Landscaping Styles - Buy a House - CB Prime Properties

When you're buying a house, you aren't just buying the structure. You're also buying the shrubs, trees, grass, flowers, sidewalks, yard, and water features on the property. Landscaping is an important part of the functionality and overall look of a home. The style of landscape is often determined by factors such as your personal tastes, the style of your house, functional needs, and environmental considerations. You may also want to consider the openness of a property and how you can incorporate elements that fit your personal preferences and improve the appearance of the home.

When choosing a landscape style, there are several factors to consider:

  • Do you want a low-maintenance landscape or are you someone who enjoys taking care of the garden or yard?
  • What is the current condition of the yard?
  • What activities are you planning to use the yard for?
  • Do you have children and pets to consider?
  • Which landscape style reflects your style?
  • Does the landscape style complement the home?

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February
24

Earnest Money - Buy a Home - CB Prime Properties

Our real estate agents strive to make the process of closing on Albany homes for sale simple. With personalized advice and local market insights, finding the perfect home is much easier. Still, the more you know about the buying process, the better. Making informed decisions every step of the way will help you get a terrific value on a home that truly meets your needs.

One question our team gets often is about earnest money. Earnest money is a deposit that demonstrates a prospective buyer is serious about moving forward with a transaction. This deposit is only made once the buyer has decided to purchase a home. It covers the cost of the seller's inconvenience if things change at the last minute.

Like any deposit, the person who puts the money up is ultimately expected to get it back. In this case, earnest money typically becomes part of the down payment once the contract is executed. The buyer and seller can agree on several situations where the would-be buyer will get the money back even if the transaction doesn't go through. For example, there can be an agreement that certain problems discovered in the home inspection would allow the buyer to cancel.

However, it is possible to lose earnest money. In fact, it is easy to make a mistake that can cost thousands. To protect your interests, keep these important tips on earnest money in mind.

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January
13

Steps After Mortgage Denial - CB Prime Properties

Your mortgage application was denied — what do you do now?

The home buying process is often an emotional time, especially for those purchasing their first home. While many prospective homebuyers are able to close on a house without issue, there are plenty of hiccups that prevent many people from securing the home of their dreams as swiftly as possible. Denied mortgage applications are not uncommon, in fact, there are a number of reasons why a buyer may be turned down, including:

  • Insufficient credit history
  • Poor credit score
  • A high debt-to-income ratio
  • Too low of a down payment or closing funds
  • An appraisal that comes in too low

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December
16

Home Loan Pre-Approval Tips - CB Prime Properties

Getting pre-approved for a mortgage is one of the most important steps and usually the first that you should take if you're serious about buying a home. Pre-approval is almost standard these days and can give you a big advantage in your homebuying process. A pre-approval tells you how much home you can afford and also serves as proof that you'll be able to close on a sale when you enter into a contract. Since a lender will approve only to a certain amount, you and your real estate agent will know the price range of homes you can afford.

But how long is a mortgage pre-approval good for? If you're hoping to buy a home in the New Year, it's important to think about the timing for pre-approval since weeks or months could pass before you actually purchase a home. And because lenders realize that the homebuying process takes time, a mortgage pre-approval does have a shelf life, but it expires after a certain length of time. Our real estate agents share what buyers need to know about timing on getting loan pre-approval for a new home purchase.

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November
18

Commute Time - Coldwell Banker Prime Properties

When you factor in everything that affects a home purchase, commute time may not be top of mind. However, it has a huge bearing not only on the price you pay for your home but the dollars you spend getting to and from work. Homebuyers should look at all of the factors that affect their lifestyle, including commute time.

Our real estate agents have helped a number of homebuyers determine how important their daily drive to and from their job really is, and we can help you, too. Consider the following tips as you begin your home search.

Commute Time

Naturally, the first thing you'll want to consider about your commute is the time you spend getting to and from work. The United States Census Bureau estimates that the average American commute is 25.4 minutes. Double that figure to account for your round trip, and you're spending an hour getting to and from work every day.

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November
11

Airbnb Hosting - Coldwell Banker Prime Properties

Offering an added revenue stream and flexibility, Airbnb can be a tempting option for homeowners and homebuyers. Over the last 11 years, Airbnb has grown from a small startup to a global company that has disrupted the hotel and vacation rental industries. And with the growth of the online marketplace and sharing economy, Airbnb has become extremely popular and the profits may look incredible. But, is this really a good solution for you? Our real estate agents share some of the implications you should consider before renting out your home on Airbnb.

  • The Legal Considerations
    Becoming an Airbnb host is not as easy as you might think. It's more than just buying an investment property, listing it on Airbnb, and hosting guests. Every city is different so it's important to find out which local regulations might apply to you. Airbnb has negatively impacted local housing costs and because it's not easy to find affordable housing, many governments have established rules in an effort to discourage short-term pricey rentals. These regulations might also include extra fees, property taxes, and homeowner's insurance. You should inquire with your municipality about the possibility of renting out your property and for how long you can do it without actually being present.

    It doesn't stop with the city. Some homeowner's associations prohibit short-term rentals and impose penalties and fines on owners who do so. Check that your home insurance covers this type of investment and whether your mortgage lender allows you to sublet the property.

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October
15

Home Negotiations - CB Prime Properties

Our real estate agents know not everyone is a born negotiator. One of the most vital things we do is equip clients with the knowledge and advice necessary to work out an agreement. Ultimately, only you can decide how far you're willing to go in any negotiation. No matter what, though, there must be a bottom line. Your willingness to walk away from the table is your most powerful asset. Without it, the other party dictates the terms.

No matter if this is your first home or your fifth, nobody likes the idea of having to walk away from a place they have "fallen in love" with. Still, there are some situations where making the choice to walk away now can save you lots of aggravation later. Let's look at some times when it really is better to walk away:

  1. Appraised Value of the Home is Too Low
    Before your loan package will be released, the home will have to be appraised. The appraised value of the home must be in line with the amount of financing you're qualified to receive. If the appraised value is too low, then the seller needs to come down on the price. If the seller won't budge for any reason, it's best to move on rather than invest more time.

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September
23

Relocating to Different State - CB Prime Properties

Our real estate agents understand that buying a home can be a complex process. It becomes even more complicated when your plans involve buying a home in a faraway location.

When you purchase a home in a different state, you might have very limited opportunities to tour the neighborhood or even visit the property itself.

Still, many people have found themselves in the position of moving to a different state in a hurry because of a changing job situation. It's often the case they have less than two months to handle all the preparations and move forward – which can be challenging if there's also a house to sell.

It might seem intimidating, but there's a method to the madness! Use this approach and you'll simplify the process of buying property in a different state:

  1. Visit the Area
    At least one trip to the area is essential. Without it, you simply don't know what you're getting into. Once you've made your initial trip, contact a real estate agent to discuss your home options.

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October
21

Moving to New Town in New York - CB Prime Properties

Our real estate agents love helping homebuyers find the perfect property. When you find your dream home, it can feel like the best day of your life, but there's still work to be done. 

Whether your new home is across town or across the country, leaving your old neighborhood and getting comfortable in a new one can present a challenge. You'll need to find your new favorite grocery store, the best nearby restaurants, and other cool places to spend your time. Not only that, but there are a lot of advantages to getting to know your neighbors. However, if you're shy or even just busy, you might not know the best way to go about this.

The following five tips will help you settle in and make your new town feel like home in no time. 

  1. Settle In First
    Before you start exploring your new neighborhood, you'll want to get settled in your home. Finish unpacking and take some steps to start making the house feel warm and welcoming. Paint the walls, hang some photos, and make sure you're comfortable. Depending on how much stuff you have and how motivated you are, this can take anywhere from a few days to a few weeks. Don't push yourself too hard and give yourself a break if you start feeling overwhelmed. You don't have to be completely unpacked to start exploring the city, but once the boxes are gone and the house feels cozy, you'll feel more confident heading out to get to know your neighborhood.

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