Christopher Pagli - REALTOR/ABR

Westchester County is constantly evolving and working on ways to improve the quality of live for its roughly 1 million residents. Many of us have had it with traffic on the Hutch, 287, and the Bronx River. My least favorite is I-287 which seems like it has been under construction forever. What I am excited about is the planned improvement for this major roadway, set to be completed in the next couple of years. There will be a high speed bus lane and improved ease of exit into White Plains. Plans for the "new" Tappan Zee bridge are currently being discussed and one idea is a rapid transit bus system in the center lane, how cool will that be? Other proposals for the bridge include an increase form the current seven lanes to eight (four in each direction) and a commuter rail line that will link from Rockland County to the Tarrytown train station. All of these efforts will improve traffic on I-287 because there will be other options for thos getting to work. The bridge was originally opened in 1955 and designed to carry 100,000 v ehicles a day, currently there are 135,000 a day! All we can do is hope for the best and be happy that a plan is in motion, we don't have control so going with the flow seems like the best option.

Another exciting thing Westchester is going to do is change the Beeline bus fleet to hybrid by 2014. This makes total sense and will be a great step for the Westchester Green Movement.

There was a news post put out by HUD (The Dept Of Housing And Urban Development) last week stating that the Federal Housing Administration (FHA) is going to allow first time home buyers to "monetize" the tax credit and use it as a sort of bridge loan to make a down payment on a home. This would allow the purchaser to use the money up front rather then use it later. This plan was still in the works and then rumors began that the plan wasn't going to be implemented and that the credit shouldn't be considered debt or a loan but an actual credit. I have just received word from HUD once again that the plan is still on track and all of the technical details are being worked out. A press release will be issued shorlty on the NAR website which I will share with all of you once released.

Under the guidance that's under development, state agencies and other HUD-approved entities would be able to provide short-term bridge loans that households could use to help with their downpayment. The loans would be repaid with the proceeds from the households' federal tax credit.

When the guidance is released, it is expected to cover eligible lenders and set parameters for loan terms and repayment.

I personally applaud any efforts to improve the health of the housing market. Here in Westchester we are seeing alot of spring activity, bidding wars, and homes are selling! The spring market is always the best time of year, it's not the spring market that we have seen in past years but still full of optimism

Pricing a home, especially in todays market takes alot of careful research and even then can be difficult. Below I've outlined some of the common mistakes that homeowners make when pricing and hopefully they will help you avoid the same mistakes.

1) Hiring An Agent Who Inflates The Price To Get The Listing

If you ask several Agents how much they think they can get for your house, and one gives you a significantly higher bid than the others, be cautious: the agent may be trying to "buy" your listing by suggesting an unrealistically high asking price. This practice is unethical and costs you time and money, as you'll most likely have to slash the price after your home sits on the market unnoticed for many months. Always try to interview three agents and go with the one that backs up the suggested list price with proper market data and info.

2) Pricing Too High From The Start

First impressions are crucial when selling your home. It has been proven that the first two weeks on the market are the most important. The market will talk to you if the home is overpriced by no offers, publi, and agent feedback. Open Houses are a great way to validate your asking price.

If your home enters the market overpriced, many buyers will overlook it from the beginning because it will be out of their range. By the time you reduce the price to fair market value, many potential buyers will have already found something else. Other buyers may initially be interested in your new low price, but they'll also see that your home has been sitting on the market for some time, which could lead them to believe there is something wrong with the home. Think about what it will cost to carry the home until it sells, is it worth it to take a little less then hold onto it longer?

3) Avoiding The Proper Research

Price your home based on a CMA (Comparative Market Analysis) this is a report prepared by a real estate professional that looks at recent sales of homes in your area that are similar to yours. For a fee, you can also get an estimate of your home's value with a professional home appraisal. Keep in mind the same data that an appraiser or agent will use to determine value is pretty much the same data a prospective buyer will use when determining an offer amount. What this means is we all have the access to similar data so if the price is too high many will wonder how that price was determined.

Changes to the home appraisal process haven been long awaited and are finally here. As of May 1, 2009 the following points have been implemented to protect homebuyers, mortgage investors, and the housing market.

1) The code prohibits lenders and thrid parties from influencing the development, result, or review of an appraisal report.

2) It also requires lenders to provide homebuyers with a copy of the appraisal report no more then three days before closing, which in my opinion shopuld be standard practice anyway. After all the homebuyer is paying anywhere from $350 and up for the report. Some lenders may require the purchaser to reimburse the cost of the appraisal but supply the report at no additional cost.

3) Any third party authorized to perform specific actions on the sellers behalf must comply with the Code as well.

4) Requires lenders or third parties authorized by lenders to be responsible for selecting, retaining, and providing for payment of compensation to all appraisers. No other third parties are allowed to perform these actions.

5) A lender that has originated a loan can accept an appraisal report from an appraiser originated by another lender as long as there are written assurances that that appraiser adopted the code and determines that the appraisal conforms to appraisal requirements.

This code must be followed for any mortgages that are bought by Fannie Mae And Freddie Mac, the two largest pruchasers of mortgages.

Public Open House 34 Gordon Ave, Sleepy Hollow, NY 10591 Sunday May 17 - 1pm-3pm. For More Info Contact Christopher Direct On 914.406.9023 Or Visit http://www.ChristopherPagli.com For Pictures And Listing Info

Welcome To The Perfect Starter Home On A Tree Lined Street! Enter To A Bright And Airy Sun Porch, A Living Room W/ Fireplace, Formal Dining Room,Kitchen, And Door To The Patio. The Second Level Hosts Three Bedrooms, A New Full Bath, And Attic Storage. The Basement Is Full And Unfinished Complete With A Door To The Garage, Laundry Hook Ups, And Storage. The Exterior Consists Of A One Car Garage W/Terrace Above, A Lovely Patio, And A Tiered Backyard. Commuters Will Love The Short Walk To All! Please Note The Home Needs TLC