Ben Shor

Before Team Ulster lists a real estate property for sale in Ulster County, we take over 100 photographs of:

• The inside of the house. We don't stop at taking photographs of the bedrooms, kitchen, and living rooms from many angles. We also photograph the bathrooms, attic, basement, hallways, garage, fireplaces, wood stoves, the views from the windows, and any features that buyers might be interested in.

• The outside of the house. We take photographs from all sides of the house, including close-ups and distance shots. But we don't stop there. We photograph the doorways, walkways, decks, patios, and outside structures, such as the garage, barn, and shed. We walk the land looking for special features to photograph, such as interesting topography, views, waterways, stone walls, gardens, gorgeous trees, rock outcroppings, etc.

In order to take the best photographs, you want the best lighting. We try to take our photographs on sunny days, and shoot at a time when the sun is in the best location for photographing the house. We may start by photographing the front of the house, then shoot inside the house, and finish at the back of the house, once the sun is shining on the backyard.

We don't just take photographs of what we see. Often there is work to do to prepare the shot. Sometimes items need to be removed before the photograph is taken, so that the photo has a "cleaner" look. Blinds and curtains may need to be opened, and lights turned on, so that there is adequate lighting. Once the photographs are taken, we return everything to its original state.

Sometimes, one has to climb into a closet, bathtub, or shower to get a "fuller" shot. Some shots are taken at eye level, some bending down, or standing on a chair. Sometimes, one has to walk up a steep hill, wade across a stream, or climb on rocks to get the best shots. We do whatever is needed to take those special photographs to show off the beauty of the property.

Occasionally, we need to reshoot a room or an outdoor scene because we are not satisfied with the photographs we took. And if that house that we shot in the winter, has not sold by the spring, we need to go back and take new outdoor photographs. Team Ulster takes photography very seriously!

That's just the photography part. There is much more to do before the photographs are ready to be seen by the public. To be continued .......

January 2008 - October 2008 Ulster County MLS Statistics by Price Range

The following statistics were taken from the Ulster County Multiple Listing Service (MLS). These statistics include all single-family homes sold in Ulster County that were listed on the Ulster County MLS. We will be comparing statistics from January thru October 2007 with the same period in 2008 for single-family homes in four price ranges:

$0 -$200,000 $200,000 - $400,000 $400,000 - $650,000 $650,000 - $1,000,000

From 2007 to 2008, the percentage of homes listed that sold, declined in all four price categories. In addition, the higher the price range, the less chance that house sold in both 2007 and 2008.

· The percentage of homes listed that sold, for homes priced up to $200,000, decreased from approximately 48% in 2007 to 37% in 2008.

· The percentage of homes listed that sold, for homes priced between $200,000 and $400,000, decreased from approximately 40% in 2007 to 31% in 2008.

· The percentage of homes listed that sold, for homes priced between $400,000 and $650,000, decreased from approximately 34% in 2007 to 28% in 2008.

· The percentage of homes listed that sold, for homes priced between $650,000 and $1,000,000, decreased from approximately 27% in 2007 to 15% in 2008.

From 2007 to 2008, the percentage of homes listed that expired, declined in all four price categories. Sellers were less willing to let their listings expire in 2008 than in 2007.

· The percentage of homes listed that expired, for homes priced up to $200,000, decreased from approximately 48% in 2007 to 43% in 2008.

· The percentage of homes listed that expired, for homes priced between $200,000 and $400,000, decreased from approximately 59% in 2007 to 49% in 2008.

· The percentage of homes listed that expired, for homes priced between $400,000 and $650,000, decreased from approximately 61% in 2007 to 59% in 2008.

· The percentage of homes listed that expired, for homes priced between $650,000 and $1,000,000, decreased from approximately 64% in 2007 to 58% in 2008.

Joe: Team Ulster, Prudential Nutshell Realty, is proud to present the Ulster County Real Estate Podcast.

Welcome to the October edition of our podcast. Our market is certainly in transition, and with every change are hidden great opportunities for both buyers and sellers. Listen in, as we share what you need to know before buying and selling in today's market. It's all coming up next.

We're here today with Team Ulster from Prudential Nutshell Realty. What's happening right now in the Ulster County real estate market?

Woman: Well Joe, today I'd like to talk about "Green Mortgages." Green building and green mortgages are very popular in the Ulster County area. There's some clear benefits to working with the lending officer that's familiar with the green mortgage.

A green mortgage allows a borrower to finance the cost of energy improvements into the mortgage. The benefits to the borrower are many, and can include some of the following. You can finance cost savings improvements over 30 years at a low fixed rate. It's easier and less expensive then getting a second mortgage. You can save money each month on your utility bills, and of course reduce the home's carbon footprints. It also can be used to increase the resale value of your home, create a more comfortable and healthy home, and possibly offer a lower mortgage rate.

FHA EEM Energy Efficient Mortgage will give up to $8000 of home improvements on finance for cost effective energy improvements. Fannie Mae and Freddie Mac stretch income ratios for borrowers who are buying an energy efficient home, so you can qualify for larger mortgages.

Existing homeowners can add finance up to 50% of their home's value for cost effective energy saving improvements. With a VA Loan, up to $6000 of improvements can be financed. Lastly, with Fannie Mae, you can receive a half-a-percent lower interest rate for some programs when a new Energy Star labeled home is purchased.

So, you can see that working towards a green mortgage has many, many benefits, and we'd be happy to help!

Joe: OK, thanks. For a national perspective today, we're also joined by Terri Murphy, real estate author and CIO of U.S. Learning in Memphis, Tennessee. Terri is a regular contributor to both mortgage and real estate magazines, and also helped with Donald Trump's new book, "The Best Real Estate Advice I Ever Received." Terri, share with us what's going on in today's market.

Terri Murphy: Hi Joe! Even in the midst of this negative press, there are some healthy signs we're into recovery. The Wall Street Journal recently released an article citing that "Mortgage rates are on the decline for mortgages today." Now, the report went onto include that "Interest rates are down, and only a few fractions from the lowest point they were back in February of this year."

Joe, as a result of this decline mortgage applications surge, nearly 58% since August 15th. Now, that was largely led by 122% gain in applications for refinancing. With the government takeover of mortgage giants Fannie Mae and Freddie Mac, this is spurring the decline in these rates, and analysts are optimistic that this could be long lasting.

Some good news, Joe. There are some overall areas that show existing rising significantly from a year ago. We know there are plenty of good options out there, but both buyers and sellers need to know all of their options for getting the best buying and selling opportunities in this transitional market. That's what we're experiencing today.

Joe: Thanks Terri. Let's talk a little bit more about the buying and selling opportunities available in this transitioning market. How do you advise your clients?

Terri: Joe, although the marketing may be challenging in some areas, sellers who price their homes correctly from the beginning are having great success in selling their home. This may surprise a few people, considering some of the recent news reports. But, you have to keep in mind that markets are local, and the national news doesn't always speak to our local market. For example, you don't listen to a national weather forecast, but you listen to a local one. That's what you should do in reference to the housing market as well.

Buyers recognize a good value when they see one, and many times a home can receive multiple offers when priced right. The key is to find a trusted agent with expertise in pricing homes in this market. We provide this type of guidance all the time, and have a strategy for selling homes for top dollar in the shortest amount of time possible.

Joe: What else should our buyers and sellers consider?

Terri: Buyers will really benefit by reviewing their credit, and getting preapproved ahead of their loan ahead of time. If buyers have their loans approved before making an offer, they put themselves in the best positions during the offer process, especially if they find themselves in a multiple offer scenario.

Many sellers today would prefer to sell to a qualified and approved buyer, then to take a chance on a buyer who can't prove their ability to finance the purchase. If the seller is dealing with issues that concern foreclosure or a short sale, the buyer's qualifications become especially important. Sellers are looking to sell their property with minimal damages to their credit, and to provide a comfortable transition in real-time to the new buyers.

In short, it really pays to do your homework, whether you're a buyer or seller, there are some serious opportunities out there that we haven't seen in years. With mortgage interest at such low rates, it's a really great buying and selling opportunity.

Woman: I so agree, Joe. When you combine these lower mortgage rates with the housing stimulus package Congress just passed this summer, today's market provides a great window of opportunity to buy or sale. Now buyers and sellers owe it to themselves to talk to their realtor, to take full advantage of this great market.

Terri: Joe, we are always happy to meet with people who are thinking of buying or selling, and show them how to get the most from their next transaction. There's no obligation, we're just happy to help!

Joe: We'll share your contact information with our listeners. Thank you both for your help today.

Woman: Thanks Joe, we'll talk again next month!

Terri: You're welcome, Joe.

Joe: For more information on our program or for information on the Ulster County real estate market, contact Team Ulster at Prudential Nutshell Realty, 3056 Route 213, Stone Ridge, NY 12484. You can reach them at 845-687-2200 and info@TeamUlsterRealEstate.com. You can also find Team Ulster online at www.UlsterCountyHouse.com.

Until next time, thank you for listening to the Ulster County Real Estate Podcast!

Joe: Team Ulster of Prudential Nutshell Realty is proud to present the Ulster County Real Estate Podcast.

Welcome to the September edition of our podcast. This summer Congress passed the Housing and Economic recovery Act of 2008 creating great opportunities for home buyers and home owners alike. Stay tuned as we discuss these new changes and review our local market trends. It's all coming up next.

Joe: We're here today with Team Ulster from Prudential Nutshell Realty. What's happening right now on the Ulster County real estate market?

Team Ulster: Hi Joe, today I'd like to talk about the government take over of Fannie Mae and Freddie Mac. Last Sunday Treasury Secretary Paulsen announced that the federal government was seizing control of Fannie and Freddie and placing them under a government conservatorship. This means that the federal government now essentially owns the majority of mortgage debt in the country. The move was an effort to prevent the collapse of both agencies who've been losing money because of the housing slow down and increased delinquencies and foreclosures.

Fannie Mae and Freddie Mac's losses eroded their capital reserves and they were unable to raise enough capital, despite previous attempts by the Treasury Department to help shore them up. Secretary Paulsen was quoted in an AP story saying that Freddie and Fannie are so big and so interwoven in our financial markets that the Treasury had no choice but to take them over. He went on to say that a failure of either company would cause great havoc in the economic system.

In the New York Times he was quoted as saying "This turmoil would directly and negatively impact household wealth from family budgets to home values to savings for college and retirement." He said "a failure would affect the ability of Americans to get home loans, auto loans, and other consumer credit and business finance and a failure would be harmful to economic growth and job creation."

So far rates are down over a half a percent, dropping from an average of six point fix percent last week to five point eight seven five today on a thirty year fixed rate mortgage. The hope is that the move will lower mortgage interest rates and help the housing market recover.

Joe: OK, thanks. For our national perspective today we are also joined by Terry Murphy, real estate author and CIO of US Learning in Memphis Tennessee. Terry's a regular contributor to both mortgage and real estate magazines and also helped with Donald Trumps new book "The Best Real Estate Advice I Ever Received". Terry, share with us what's going on in todays market.

Terry Murphy: Well, hi Joe.

We've seen an increase in market activity across the country as the National Association of Realtors has reported that existing home sales actually rose in July to the highest level in five months. Now that's about a three percent jump in sales volume during the month of July. This is really big news. And according to NARs president the up and down pattern may soon break.

Now, this is due in part to the recently enacted Housing Stimulus Package that we anticipate will spark a sustained sales uptrend in the months ahead. Now Joe, With the passing of the stimulus bill, according to the NAR, the increase in FHA loan limit will help an additional 138,000 Americans and will allow nearly 200,000 homeowners to refinance and potentially keep their home.

Now still inventory remains high in many parts of the country and it will require time to really fully absorb. But we expect a more balanced condition in 2009 and I think we'll eventually return to normal long term appreciation patterns.

Joe: The housing and economic recovery act will help a lot of people. We've seen a number of questions about the $7,500 tax credit available to buyers. This almost sounds too good to be true. How do you advise your clients?

Team Ulster: Joe, its true that the government is offering $7,500 in what amounts to be a tax free loan helping first time home buyers get into a home. Up to $7,500 will be given to first time purchasers as they file their income tax returns. The amount will be phased out above a certain income level and is to be no more than 10% of the home purchase price. First time buyers will qualify for the full amount. This in fact works almost like a credit, the amount is equivalent to cash on tax returns. For example you prepare your normal tax return and see that it owes you $1000 next year. You can then apply the $7500 credit and the government will send you a tax refund check for $6500.

Joe: How long do people have to take advantage of this tax credit?

Team Ulster: Buyers can do this immediately, however this credit has a time window and will not be available after July 1st, 2009. And technically it's not a full credit because households will have to pay back this amount over a 15 year time period after the second year. In addition the payback provisions have many conditions. But the worse case scenario is that households would need to pay back the $7,500 over a 15 year time span beginning in 2010. In the case of the 2010 tax filing, tax payers who took advantage of this home buyer credit would need to pay $500.

Joe: What other changes should buyers be aware of?

Team Ulster: That's a great question Joe. There's another provision affecting buyers and that has to do with the new rules surrounding down payment assistance. As it turns out beginning in October, the Federal Housing Administration will no longer allow buyers to be able to rely on non-profits that funnel money from home builders into seller-funded down payment assisting programs. Under the legislation, FHA borrowers can still receive a 100% loan, but they must contribute 3.5% of the total cost towards either the down payment or the closing cost.

Terry: There is definitely a window of opportunity, Joe, that is closing, and buyers want to act today. And those buyers who have been on the sidelines should take a closer look at what's available to them now in terms of financing and incentives.

Team Ulster: Terry's right. This is the time to act. Listeners should contact us if they have any questions about buying in today's market. There's a lot going on right now and we are happy to help.

Joe: We'll share your contact information with our listeners.

Thank you both for your help today!

Team Ulster: You're welcome Joe!

Terry: Thanks Joe. We'll talk again next month.

Joe: For more information on our program or for information on the Ulster County real estate market, contact Team Ulster at Prudential Nutshell Realty, 3056 Route 213, Stone Ridge, NY 12484. You can reach them at 845-687-2200 and info@TeamUlsterRealEstate.com. You can also find Team Ulster online at www.UlsterCountyHouse.com

Until next time, thank you for listening to the Ulster County Real Estate Podcast.

Team Ulster's Ulster County Area Real Estate Podcast

Joe: Team Ulster of Prudential Nutshell Realty is proud to present the Ulster County Real Estate Podcast.

Joe: Welcome to the August edition of our podcast. Changing home values and higher inventories have presented difficult challenges for distressed home sellers. Fortunately, many lenders are working with sellers by accepting short sales and avoiding foreclosure. Listen in as we discuss today's short sale programs and break down our local market trends. It's all coming up next.

Joe: We're here today with Team Ulster from Prudential Nutshell Realty. What's happening right now in the Ulster County real estate market?

Laurel Sweeney: Well, Joe, I'd like to tell you a bit about what's happening in the Ulster County market. Interesting: the average sold price for January to July 2008 is down less than one percent from the same period of time in 2007, from $308,000 to $306,929. So again, the average sold price is down less than one percent from January through July '07 compared to January through July '08. Our median sold price is down approximately four percent, from 259 to 248. Again, this is dramatically improved from what we're seeing throughout the country. Our average stay on market is up only one percent, again from that same period of time, the first six months of 2008, from 166 to 168. So, overall, for sellers and buyers, this is good information to have when moving forward on an offer.

Joe: OK, thanks. For a national perspective today we're also joined by Terri Murphy, real estate author and CIO of US Learning in Memphis, Tennessee. Terri's a regular contributor to both mortgage and real estate magazines and also helped with Donald Trump's new book, "The Best Real Estate Advice I Ever Received". Terri, share with us what's going on in today's market.

Terri: Hi, Joe. According to the most recent NAR research, we're still seeing a buyer's market out there. Existing home sales including single families, condos, and co‑ops sell about 2.6%, running about 15% lower than we did at the June of last year.

Now Joe, we're seeing more first‑time buyers begin to purchase as about four in 10 homes are actually purchased by first‑time buyers, and this frees up existing owners to trade up. Now NAR says there's a downward distortion in the price data, and this is due to short sales and foreclosures accounting for approximately one‑third of transactions. But when combined with permanent increases to mortgage loan limits and enhancing the FHA loan programs, the recent passing of the Housing Stimulus Package really will help consumers and boost the overall economy.

There's some good news, Joe. There are some overall areas that show existing home sales are rising significantly from a year ago and the market continues to adjust with the latest changes in FHA lending. But short sales and foreclosures will continue to impact our market. Today's buyers and sellers need to be really fully informed about all of their options.

Joe: Buyers are finding some great deals on the market right now, and this can create some challenges for distressed sellers. How do you advise your clients?

Laurel Sweeney: You're right, Joe. The market has seen a correction and prices have come down in many areas. Buyers have great financing available and strong housing inventory to choose from. Frankly, this is one of the best buyers' markets I've seen. As you mention, this can create a challenge for the distressed seller. But there is hope, and we've worked with many sellers to avoid foreclosure. Some of them have even worked out short‑sale agreements with their lenders, allowing them both to win. Many sellers are surprised to learn about short sales and the help that's available even in a challenging market.

Joe: Explain what a short sale is for our listeners.

Laurel Sweeney: A short sale is when the lender agrees to accept a loan payoff that is less than what is owed in order to help a distressed homeowner sell the property and avoid the extra costs of foreclosure. Not all lenders will cooperate with a short sale but some lenders see the advantages and are willing to work with a seller to save both parties time and money.

Joe: Why would a bank agree to take less money than what's owed?

Laurel Sweeney: Although the bank may lose on a short sale, they may prefer this over the foreclose option, which can be costly. For example, if the seller defaults and the bank forecloses on the home, the bank takes on the responsibility of paying taxes and maintaining that property through sale, and this adds up. In short, the lender can minimize these losses and move on. It's important to remember that all situations are different and lenders are under no obligation to accept a short sale. But there are cases when it is in their best interest to do so. Some lenders will not consider a short sale until you've missed payment and some will not accept short sales at all. Even so, a distressed seller has nothing to lose by talking with an agent and inquiring with their lender.

Terri: You know, Joe, I agree. Sellers should explore these options with their agents. They really need the guidance of a true professional to navigate this complicated issue. There's a lot on the line, and having an experienced agent can make all the difference.

Laurel Sweeney: That's true, Terri. Sellers should do everything in their power to avoid foreclosure, and many are surprised to learn about the short sale option. Sellers owe it to themselves to call for consultation and explore the possibilities. There's no obligation and we're happy to help.

Joe: We'll share your contact information with our listeners. Thank you both for your help today.

Terri: Thanks so much Joe. We'll talk again next month.

Laurel Sweeney: You're welcome, Joe.


For more information on our program or for information on the Ulster County Real Estate market, contact Team Ulster at Prudential Nutshell Realty, 3056 Route 213, Stone Ridge, NY 12484. You can also reach them at 845‑687‑2200 and info@TeamUlsterRealEstate.com. You can find Team Ulster online at www.ulstercountyhouse.com.

Until next time, thank you for listening to the Ulster County real estate podcast.