Articles Tagged "Women In Leadership"

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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

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!

August
28

 

Years ago during our search for a new home, I connected with a Realtor who was about my age with children very close in age to ours. After school we looked at homes with our kids; she and I went to lunch at various Broker open houses weekly. This was such a great experience; however, looking back I realize how unusual it was. She made looking at homes fun. There was no pressure. We had become great friends. Eventually, we bought a lovely home. One step led to another and I decided I had to grasp the Real Estate career straw. I'm a people person and I found my people!

My real estate success has allowed our children to graduate from college student loan free. My husband and I have traveled to nearly every corner of the world. We are comfortable and very happy. Mid-way through my sales career I was offered a management position and I found my true calling. I truly enjoy watching agents experience their own adventures and grow to their full potential. It's easy to give advice – harder to give advice that will help someone grow and succeed. That's what I do.

A few years ago I wrote a book about real estate: It's Pretty Simple…but It's Never Easy. I think that pretty much describes this career – meeting people, showing homes, finding the solutions to problems, and changing lives. Yup, it is pretty simple…..but it's never easy.

 

August
21

The Power of Women in Real Estate - Melissa A. Paquette

 

My name is Melissa A. Paquette, Branch Manager/Associate Real Estate Broker at Coldwell Banker Prime Properties in their New Hartford Office. Living in the Mohawk Valley my whole life and currently still reside in Deerfield with my son, Joshua. My love for the Upstate NY Area has kept me here as it's a great location and offers four beautiful seasons of enjoyment.


Real estate has always been a career of interest to me throughout my life. I found that upon being a receptionist for a real estate office years ago brought me to see what a big decision homeownership was. I decided what better way to help my community build their dreams than becoming a Licensed Real Estate Salesperson allowing me to help them make the dream of homeownership possible! Working with people, helping them to buy or sell a home, is a unique and rewarding experience for all. With my 20 years' experience combined in being a Real Estate Professional, Mentor, and Manager I have covered most avenues of the home buying and selling process numerous times!


My involvement with local organizations helps keep me involved and active within the community. I have held a position for the last 3 years on the local MLS Board with the Mohawk Valley Association of Realtors with my current position as President. The past 16+ years I have been active in Scouting at both Cub and Boy Scout levels, Chaired the Boy Scout Mother's Day Breakfast each year at Deerfield Volunteer Fire Dept, active in the Autism Awareness Walk yearly along with several other community organizations events. Being active in the community is very important to me as we all live in a great community and should support each other to have continued success.


Most currently managing for the last 6+ years of my career has been most rewarding for me as I love helping and assisting all the agents within my office. I am committed to my job and agents whenever day or night they need me. I am always here for everyone!

 

August
7

The Power of Women in Real Estate - Jodi Leonard

 

Why did you get into real estate? 

​I started my career in real estate after selling my own home and encountering a few agents that I felt were trying to take advantage of a very sad circumstance of events. A single mom with 3 young children going through a terrible divorce. I made a decision to stay home and raise my children and did so for 11 years. When I decided that listing my home with a realtor was not an option for me, I discovered how very difficult selling your home on your own was. Once back on my feet, I decided that I wanted to make a difference in the lives of others by helping people through transitions in their lives. Some downsizing, some going through a divorce, some with expanding families. Others needing help finding a home in a new town due to relocating into the area and my favorites, the first time homebuyer. I absolutely love making a difference in their experience because buying and selling a home is not easy on your own and I wanted to offer an honest and smooth transaction especially during a stressful transition. 

Why do you enjoy real estate?

In my former life, I worked in the school district with children on the spectrum. I love to teach people and offer value. I love watching my clients exchange keys at the closing table and being able to begin a new chapter in their lives and I love knowing that I have been a small part of that new chapter. Nothing is ever the same and every home and client has a story to tell. I have met some amazing people in real estate and some wonderful agents I have worked with that have the same goal and mindset as me. Helping people is part of who I am and Real Estate offers so many opportunities and this is a career that you need to love to be good at what you do. 

What is your community involvement?

I try to give back to the communities I live in, work in and love to be a part of. I am part of a wonderful community-oriented organization within Coldwell Banker Prime Properties and giving back is in our blood. I have assisted in organizing Thanksgiving Dinners for Families in our School Districts, Food Drives, South High Marathon Dance Fundraisers, Children on the Spectrum Services in our Schools teaching them how to move on after High School, families in need and families in crisis. I love to organize anything that gives back to our communities in the Capital Region. I will always find a charitable event to be a part of and donate too, as do all of our fellow agents within our company. 

 

July
31

The Power of Women in Real Estate - Laurie Leckonby

 

Real estate is a career for a lifetime and there's never a dull moment. But more importantly, we have the privilege of escorting our clients from one chapter or endeavor in their lives to the next. Generally, when someone is selling or buying a home, it's because one door in their life is closing and a new one is opening up. In that role, we're part counselor, friend, and problem-solver. It requires tremendous skill, dedication, integrity, and creativity too because every client and situation is different. That's what I love about real estate. It's a new world every day. The opportunities to be of true service is a daily gift and the opportunities for personal and professional growth are endless.

I started my career teaching Political Science at the University of Mississippi (Ole Miss). After returning home to upstate NY, I was hired by a regional bank to use my teaching skills to launch their first sales training program. Loved the sales training, but I wasn't so crazy about banking. I was then hired by a real estate development corp. in the marketing of a variety of commercial projects. That's when I found my industry – real estate. I switched from development to sales when my mother was ill and I needed the flexibility that my corporate job could not provide. The rest is history. After 25+ years in one form of real estate or another, I now manage the Rensselaer Co. offices for Coldwell Banker Prime Properties and continue to represent buyers and sellers in my own COI. I'm very active in my hometown of Sand Lake. I serve as the VP of the Sand Lake Business Association and as a member of the Sand Lake Planning Oversight Committee. My husband and I own two small planes (one is a float plane) and we spend our free weekends flying to Block Island and Martha's Vineyard for quick get-aways. My husband volunteers for the Mount Snow Ski Patrol, so we spend our free winter weekends on the slopes.

Forbes recently published an article that said real estate agents are among the happiest in their careers. I can truly say that describes me!

 

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