Great Morning Quote…How “Important is Passion and or Burning Desire?”

The Reverse Mortgage: What is it and when do they make sense?

I’ve been a “life long” Real Estate Professional and the vast majority of my professional expertise and experience has been working as a Real Estate Broker Sales associate.

My group and I are constantly “learning and relearning” about the various mortgage products and how they effect the validity of any transaction that involves financing. This is especially important when working in urban environments where FHA Approved Buildings are few and far between. Some good examples are Carlton Tower Condos in Passaic and Adams Square Condos in Hoboken.

Moreover, what is extremely important is our ability to quickly and easily determine if the buyer and/or the buyer of one our customers’ properties will qualify for a loan.

Over the past decade, James Chu, my long time business partner and personal friend has stood the test time. His team is one of the leaders in the mortgage banking industry. When I have a question about mortgages, James and his team are always the people my customers and I can bank on!

When thinking about reverse mortgages, I thought it best to go to the source and experts…

James Chu (Bank of America, Home Loan Manager) and Betty Roche (Bank of America Reverse Loan Officer) have kindly prepared today’s guest post on reverse mortgages and when they are a sensible option.

YOU HAVE CHOICES
If you are a homeowner age 62 or older, a Home Equity Conversion Mortgage (HECM), a type of federally insured reverse mortgage, can help you access a portion of the available equity in your home.  A reverse mortgage from Bank of America can help you maintain your independence and give you the security that comes with a financial institution committed to responsible lending.

A Home Equity Conversion Mortgage from Bank of America provides:

• PROCEEDS FOR MANY PURPOSES.  The proceeds are generally *tax-free and can be used to pay for medical costs, make home improvements or cover unexpected expenses.
• MAINTAIN HOMEOWNERSHIP.  You retain the title to your home throughout the course of the loan.
• NO MONTHLY PAYMENTS.  You can continue to live in your home with no monthly reverse mortgage payments.
• FIXED RATE.  An option that give you the security of an interest rate that never changes.
• ADJUSTABLE RATE.  An open-end credit loan that gives you the flexibility to pay down your balance and redraw funds.

As a reverse mortgage loan officer, I’ll provide you with the information and guidance you need to feel confident that you are making the right choice to meet your individual needs.

Disclosure:  *Please consult your tax advisor.
Property insurance is required, flood insurance when necessary.  Borrower is still responsible for paying ongoing property taxes.  Credit is subject to age and property qualifications.  Program rates, fees, terms and conditions are not available in all states and subject to change.  Please contact Bank of America for more information.

Thanks James for the great insight into reverse mortgages. If you’re not sure whether or not a reverse mortgage is advantageous for you please don’t hesitate to call me (800 295 5995 ext 911) today.

Property Prices Still Falling

Existing-Home Sales Surge

Mixed Use Property: Commercial and Residential

Great Towns on New Jersey’s MIDTOWN DIRECT Train Line: Sean Shallis interviewed on WPIX (video)

As promised here is the video of  Sean interviewed this morning on WPIX discussing the criteria parents can use to select where to live in New Jersey.

…and here are those reports that were discussed in the news segment, showing School Budget cuts, and graphs that map Real Estate Taxes vs SAT Scores.

• Union County Real Estate Tax vs School Performance Mashup
• Hudson County Real Estate Tax vs School Performance Mashup
• Morris County Real Estate Tax vs School Performance Mashup
• Essex County Real Estate Tax vs School Performance Mashup

10 Cleaning Tips to Sell Your Property

Getting a house to sell these days can be a daunting task. With the flood of homes on the market due to the economy and the constant wave of foreclosures, competition is tough. Add to the mix the competition from the inventory of new homes and condos with upgrades and incentives that buyers never thought possible a few years ago.

So how does the average home seller compete? The key is to create a clean clutter free environment that creates an inviting lifestyle. Whether or not you home has been remodeled, the first priority in selling a home is that it’s clean and streamlined. Potential buyers need help envisioning your home with their lifestyle. Having clutter, knick knacks and overly decorated rooms are an instant turn off that interfere with the basic layout of the home. Here are some helpful tips that can make a big difference without breaking the bank.

Real Estate Cleaning Tips:

• Clean the Clutter. Prospective home buyers don’t want to see your bills, post-it notes or your child’s latest masterpiece on the refrigerator. They want to see clean open space. Laundry, unfinished projects and toys must be contained in an out-of-site storage place.

• Hire Professional Cleaners. Yes, we’re a bit bias on this one but it really does pay off. Real estate cleaners can take care of important cleaning tasks that don’t normally get done such as cleaning outside windows, pressure washing the exterior, grout cleaning, mold removal, wall washing, upholstery cleaning, deep carpet cleaning and stain removal. Professional cleaners get the house in shape with an initial cleaning that will allow you to simply maintain the day to day chores.

• Paint. Painting creates a clean look and is a relatively inexpensive way to update your home. Neutral tones are always the safest option to help a buyer feel comfortable.

• Pack Up. Since moving is your ultimate goal, start packing knick knacks, CD’s, books and memorabilia early. This allows more space to be seen and shows a more generic home that could be lived in by anyone. Store the boxes in a garage or storage facility so they don’t add clutter.

• Set the Mood. When possible before a potential buyer comes to look at your home, create an inviting atmosphere. Open some windows to let in some fresh air and light. Turn off the TVs and turn on some quiet music. Place fresh flowers in the kitchen or on the dining room table.

• Counter Space. Try to create as much open space on the counters as possible. There should be no visible storage containers or unnecessary appliances such as coffee grinders, grills, griddles, bowls, rotisseries, etc. Give the counters a good wipe down and remove any stains.

• Closets, Cupboards and Cabinets. Potential home buyers want to see exactly what they might be getting. This includes the inside of closets, cabinets and cupboards to see how much space lies behind the doors. These spaces need to be cleaned up and scaled down with the amount of stuff hidden in them. The more space that is showing, the larger it will look. Pack any non-essentials away and store them in the garage or storage facility.

• First Impressions. When selling a home it’s important to remember the outside of the home is its first impression. Replace any dead plants and landscaping. Clear all weeds and fix any brickwork or drywall issues. Make sure the outside paint is current and maintained.

• Appliances. If your house or condo is on the market and the appliances are included, it’s important to clean and maintain the inside as well as the outside. Clients will be looking to see exactly what they are getting, how well the appliances are maintained and how much space is inside.

• The Garage. It’s easy to move your clutter from the inside of the house to the garage. However, this space needs to be seen in the best light possible too. A garage packed with boxes, bicycles, furniture, toys and memorabilia will make the space look much smaller and give the buyer the impression that there is not enough room. Consider renting a storage room for a few months while your home is on the market.

Once your house is clean and streamlined, it will allow you to see what further improvements you would like to make. Experienced professional real estate cleaners can help get your home into model condition. ABM Cleaning is a trusted and experienced real estate cleaning service in the tri-state area as well as up and down the East Coast. We are bonded, insured and our employees are trained and certified to follow OSHA and EPA guidelines. Please contact us directly for a free estimate at toll free 1-877-667-4725.

In this real estate market finding experienced real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

Social Media Sells More Homes

Looking to sell your property?

We want to assure that we are ahead of the curve in how to make your property visible to the widest audience possible. In all of New Jersey there are at most 4 other experienced Realtors as advanced as The Shallis Group when it comes to selling homes using new technologies.

Already we are listing properties for sale on 29 real estate listing websites including:

What About Social Media – Will it help sell your home?

In short, yes. These days there is almost as much traffic and linking through sites like Facebook and Twitter than through the major search engines like Google.

Most importantly these types of sites act as ‘recommendation engines’ where people share links with friends and family. On a large scale this is extremely powerful and we are seeing the results in our real estate sales. More and more inquiries are coming from people recommending The Shallis Group and also because they see our clients’ properties listed across the internet.

Don’t believe us?

Invest 4 minutes of your time and watch this facinating video that explains the scale of the emerging Social Media.

This year we will focus our marketing strategy in the online space to ensure that our clients’ properties are more visible and more effectively targeted than ever before.

Want to sell your home?

Sean T Shallis and The Shallis Group are considered one of New Jersey’s leading realtors focusing in exclusive metropolitan areas including Hoboken and Jersey City as well as exclusive suburbs including Madison, Chatham, Summit and Harding. Call Sean immediately at 201-427-1032 for a personal and confidential conversation about your real estate needs.

Home Staging: Tips on how make it a success

Selling a home is not as simple as it once was. With the flood of homes on the market due to the economic downturn and another wave of foreclosures just around the corner, competition is tough. Adding to the mix is the bountiful inventory of new home and condo builds on the market with upgrades and incentives that never seemed possible four years ago. For home buyers, this is paradise.

However, when it comes to selling a home, potential buyers are looking for pristine conditions, plenty of upgrades and decor seen in model homes. Kitchens are now expected to have stainless steel appliances and granite counter tops. Bathrooms are expected to have tile floors, updated fixtures and new paint. But before you go running to Home Depot, it is important to understand where your money will best be spent. Upgrading a kitchen with new appliances and cabinets will earn more in resale value and attract more buyers than your pool in the backyard.

What is home staging?
Another inexpensive way to entice home buyers is a successful staging of your home. Home buyers need help envisioning what your home would be like if they were to buy it. Having clutter, knick knacks and excessive memorabilia interfere with the basic layout of the home and can make the home appear much smaller. There are staging professionals that can be hired to help evaluate your space and show you the changes that need to be made in order for the home to sell.

Here are some useful tips you can do yourself:

• Update furniture. Furniture should match or look like it belongs together. If there are pieces in the room that are not necessary, take them out to open up more space.

• Clean the clutter. Prospective home buyers don’t want to see your bills, post-it notes on counter tops or your child’s latest masterpiece on the refrigerator. They want to see space. Laundry, unfinished projects and toys must be contained in an out-of-site storage place.

• Smaller is better. Too much furniture or furniture that is too big for a particular room needs to be placed in storage. This will open up a room and give the appearance of more square footage. Keep it as simple as possible.

• Paint. Painting is a relatively inexpensive way to update your home and give it a clean look. Neutral tones are always the safest option to help a buyer feel comfortable.

• Think green. If a room appears too cold or somewhat bare, add plants that are appropriate in size to help add warmth and take up the space. They are a less expensive alternative to buying furniture.

• Upgrade accessories. Upgrade bath towels, shower curtains (no vinyl) and counter top accessories. Fabric shower curtains give a more elegant look to a bathroom and towels should complete the look. If shower bottles are within eye site, place them in a cabinet when the home is being shown.

• Clear kitchen counters. Try to create as much open space on the kitchen counters as possible. There should be no visible storage containers or unnecessary appliances such as coffee grinders, grills, griddles, bowls, rotisseries, etc. Open counter tops give the appearance of a bigger brighter kitchen.

• Look outside. When selling a home it’s important to remember its curb appeal. Replace any dead plants and landscaping. Clear all weeds and fix any brickwork or drywall issues. Make sure the outside paint is current and maintained.

• Atmosphere. When possible before a buyer comes to look at your home, create an inviting atmosphere. Open some windows to let in some fresh air and light. Turn off the TVs and turn on some quiet music. Place fresh flowers in the kitchen or on the dining room table.

Does staging work?
A 2005 study done by Coldwell Banker found that the average home was then on the market for 31 days. However, the average staged home sold in only two weeks. In addition to a faster selling time, the price of a staged home went for 6.3% above asking price. Although the study was done at the height of the real estate market, the results still prove relevant today.

An experienced real estate agent can give helpful guidance and tips for improving the look and selling points of your home. It is important to find a Realtor that best fits your buying or selling needs. For tips on what to look for in a Realtor, please see How to choose the best Realtor for you.

In this real estate market finding experienced real estate help is essential. Please contact Sean T Shallis at The Shallis Group for a personal consultation on your buying or selling needs at 201-427-1032.

How to Choose the Best Realtor for You

Buying or selling a home can be one of the biggest financial transactions you face. It is just as important to do your research on picking a realtor as it is in picking a home. Whether it is a buying or selling transaction, you must first make a list of your needs. Then interview at least three realtors to be confident in which one will represent you and your needs the best.

Do Your Homework
Word of mouth is of course one way to find a realtor. Most people know someone who’s used a realtor recently and can get their input or recommendations. However, you still must do your homework. Even if your friend had a successful transaction and his expectations were met, you have to make sure yours will be too. Every buying and selling situation is different. For example, if you are interested in buying a short sale or foreclosure, some realtors are very experienced in the process and some try to avoid it like the plague. Your friend might have been buying a property and you might need to put yours up for a short sale. In each case, a different set of needs must be met.

When Selling a Property
Ask each agent what they intend to do for you. These days selling a house is no longer as systematic as setting up signs and holding open houses. Make sure your realtor is internet savvy. The 2008 NAR Profile of Home Buyers and Sellers reported that 87% of all home buyers searched for a home online prior to contacting a realtor. It is not enough just to have your home listed on the agent’s web site. As a seller, it is important to find out on what web sites the realtor’s MLS listings are placed in order to assure maximum exposure.

Other information to find out is whether your realtor will show your home personally or will there be an assistant or no representative at all. Will the realtor be out of town such as on vacation when the house initially goes on the market. This is the most crucial time to have your realtor’s full attention. Ask the realtor to go through the house and give you advice on how it can best be staged. Although open houses are not as much of a priority as they once were, it is important to find out if your realtor plans to hold any and how important they are to you.

When Buying a Property
Does the agent have experience and knowledge of the area in which you wish to live? They should be well acquainted with the market in that location as well as the comp sales in the neighborhood. Make sure they are able to devote the time to look for a property that meets your needs as opposed to only showing you the homes you find on the internet. They also must do their homework in finding out any association fees, maintenance fees, estimated property tax, outstanding liens and any other costs that could affect your decision. Start with a structured approach, use a home buyers wishlist, which will help you decide what properties suit your needs.

A Senior Real Estate Strategist
Experienced and professional real estate support is essential in today’s unpredictable market. I have specialized in premium properties in Hudson County and the New York Metro area for over 10 years. My insight and expertise have also been featured in prestigious media outlets including The Wall Street Journal, The New York Times, Bloomberg Radio, Bloomberg International News Service, AOL.com, The Record and The Jersey Journal. More importantly, I grew up in the area and am also a resident.

Weichert Realtors and The Shallis Group
Weichert Realtors and The Shallis Group, specializes in luxury living in the hottest New York Metro area communities including the prestigious New Jersey waterfront area. With access to numerous condominium, townhome, commercial, residential, land development, single family, multi-family, and other real estate listings for sale, The Shallis Group is the premier agent for the metro area real estate and was awarded #1 in the region among all Weichert Sales Associates in June 2009!

If you are looking for experience and professionalism in a New Jersey realtor, please contact Sean T Shallis today for a personal consultation on your buying or selling needs at 201-427-1032. If you are looking for real estate elsewhere, please see the real estate directory at real-estate-blogs.com.

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