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Rummy Dhanoa

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Yonkers, NY budget balance 2009

04-16-09
Rummy Dhanoa

Proposed 7.8% property tax increase will help preserve city services

There is an proposed 7.8% property tax increase that will help preservce city services and get the deficit as well. In the spending plan for $903.3 millions , 1.18% total increase in spending over last years's . The major is trying to avoid several hundred jobs cut crucial city and school programs.

"We're in a recession and just as families and businesses across Yonkers are doing, we had to find ways to cut back and we have. Yonkers now has a balanced budget, but it's one that avoids the kind of cuts in education and other services that would have decimated this city," Amicone said at his budget briefing to members of the City Council at City Hall on Wednesday.

Here are the Budget Highligts.

  • $903.3 million total budget (1.18 % increase over FY 2009)
    • $419.2 million municipal budget (1.95% increase over FY 2009)
    • $484 million public school budget (0.52% increase over FY 2009)
  • $105.7 million projected budget gap closed
  • No layoffs and no further reductions to core city or school services
  • Eliminates 11 vacant positions: smaller workforce than in 2004
  • Lowest total and percentage spending increase in last six years
  • Discretionary spending reduced by 5.6%, nearly $1 million
  • Includes funding for new class of 50 police officers to fill retirement vacancies
  • Includes funding for new class of 25 firefighters to fill retirement vacancies
  • Proposed 7.8% increase in property taxes (avg. increase of $552 per homeowner)

Deficit Reduction Summary:

$49m

PROJECTED SCHOOLS GAP

-$19m

State funding one-shot

$30m

-$9m

Lower health insurance costs

$21m

-$7m

Fund balance

$14m

-$3.1m

Reduction in BOCES costs

$10.9m

-$2.1m

Lower utilities costs

$8.8m

-$8.8m

Various cuts & restructuring

$0

$56.7m

PROJECTED MUNICIPAL GAP

-$20m

NYS spin-up & one-shot

$36.7m

-$10m

Fund balance

$26.7m

-$1m

NYS income tax increase

$25.7m

-$4.5m

Bonding certioraris

$21.2m

-$7.2m

Other revenues & budget cuts

$14m

-$14m

7.8% property tax increase

$0

Bottom line the major is again going after Yonkers property taxes. The mayor is also contribution to the Yonkers public schools for 218.8 Millions,more per student ($ 9, 061) than any other large city in New York State.

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Realtor’s New Credit Union (RFCU)

03-17-09
Rummy Dhanoa

The new Federal Credit Union will open in mid-2009. This would be available to Realtor and Families, employee of state and local boards association. Plus the member of NAR's institutes.

This would work different from the Federal Credit Union (FCU), this going to be a great for us Realtor's. Everything will be internet based, Helping realtor who are independent contractors and compensate by commission only.

What you Think, I have been waiting for something like this since I started in real estate.

Westchester NY Homes for Sale.

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It's a buyers market for a reason ! A guide to buyer in todays market.

03-04-09
Rummy Dhanoa

WHAT ARE YOU WAITING FOR?


IT'S TIME TO GET SERIOUS ABOUT BUYING BEFORE AN INEVITABLE RISE IN INTEREST RATES WIPES OUT YOUR ADVANTAGE.

Interest rates have increased by 0.6 percentage points in five weeks..
the fastest increase in two decades.



BEYOND THE HEADLINES

Let's look at the effect of
interest rate hikes and home
price declines and how they
might affect your finances.

SCENARIO 1:
Home prices decrease by 5%
Interest rates increase by 0.5%

SCENARIO 2:
Home prices decrease by 10%
Interest rates increase by 1.0%

TODAY

SCENARIO 1

SCENARIO 2

Home Price:

Home Price:

Home Price:

$218,900

-5 % | $207,955

-10% | $197,010

Interest Rates:

Interest Rates:

Interest Rates:

6.04 %

+0.5% | 6.54 %

+1.0% | 7.04%

Your Payment

Your Payment

Your Payment

$1,054

$1,056

$ 1,053


Buyers Guide in TODAY MARKET:

1. Get E-Mail Listings and Updated.

· 95 % of buyers start a home search online, but buyers are unaware that they might be viewing data that is out dated. Agents sometime leaving expired, sold listing as active, hoping for ad calls. To AVOID wasting your time, ask your agent to e-mail you so you can receive daily MLS listing which will include new, price reduction, sold, pending. This is the best way to gain access to the same data agents receive.

· Or register to your local Westchester Real Estate Market.

2. Look up 1 miles radius Price Reduction.

· If you like most buyers you're probably offer less than asking price, it's just human nature. But if your are low-balling the offer, you will be unsuccessful getting offer accepted if the home was just listed. Get regarding for a counter offer. What you should do is ask your realtor to do a CMA.

3. Request a Comparable Sales (CMA)

· If you find a home you want to purchase, ask your realtor to do CMA of last 6 month day in 1 miles radius .

The list should contain the following specifics:

· Active Listings , Pending Sale, Sold

Also

· Property Address, Age, Square Footage, Lot Size, Bedrooms & Baths, Sale Price

4. Renegotiate

· After the home inspection if you find major repair that is unacceptable you should renegotiate your sale price on the table, most home owner will entertain this. However, if the repairs are minor, you might want to ask for a credit. Caution: don't ask for a price reduction if the repairs were evident when you first saw the home or the seller might not be willing to negotiate with you.

5. This is buyer market Ask for More!

· Sellers realize that in buyers' markets, often they have to give a little something extra to the buyers to entice a sale. Don't be afraid to ask for a home warranty protection plan that covers you in the event an appliance breaks down or the plumbing or heating malfunctions. Normally these plans protect you for one full year from the date of closing.

6. Time is an essence.

· This is buyer market if you made offer tell the agent the offer will expire in a 3 days, don't let the seller talk to uncle harry, co worker who know everything about real estate. There are lot more homes on the market and you deserve a fast answer.

IT'S CALLED A BUYER'S MARKET FOR A REASON

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Trust, how that affect’s or affected your sale! As A Realtor

01-31-09
Rummy Dhanoa

In our industry trust is more important factor when doing business. 99% of customer first trusts you then they do move forward to either buy or sell in their next transaction.

We have to gain that trust, first they have to like you, and second they have to believe in you, third have confidence in you. They three element have to be there.

Relationships are based on trust, based on past history of performance. Remember trust is not given, trust is earned, trust is not earned in a day, it's earned day by day. It takes years to build that trust, but only take one minute to lose it.

Here are some Element to Build that Trust:

Tell the truth. This is the number one element of trust AND relationships. Once truth has been violated, trust evaporates and may never return.


Deliver what you promise. People hope and expect you to deliver on promises.


Do what you say you will do. This is a test for being reliable and trustworthy.


Communicate in a timely manner. Rapid response shows you are responsible, on top of it, and that you care.


Bring value beyond your product or service. What you do to help others be more successful will be a true reflection of your character.


Be on time. Being on time shows you respect the other person's time. It also proves your reliability.


Be friendly. Smiling people are the gateway to open communication. It costs no extra money to be friendly.


Be sincere. This can only come from belief in what you do, loving what you do, and caring for others. Not just being true to others, being true to yourself. Sincerity comes from within.


Be appreciative of their business. Showing and saying genuine thanks will not only build a relationship - it will enhance loyalty.

Be consistent. Trust is not a once in a while thing. It's a constant thing. You can't be on time one day and late the next. You can't be friendly one day and rude the next. You can't deliver one day and not the next. I believe this element is the most difficult to master because it combines all the other elements.


Give trust. You become trustworthy by giving trust to others.

In sales, in business, trust is THE critical element. It's the glue that binds all the other elements together. Without it, the relationship will fade, diminish, or die.

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Homebuyer Tax Credit for $7,500

01-22-09
Rummy Dhanoa

The Housing and Economic Recovery Act of 2008 recently enacted the homebuyer tax credit.

The Tax credit is only 10% cost of the home, and not to exceed $7,500. Any property that is primary can be used for the tax credit. Home owner can use the credit toward the 2008 tax saving or if you purchased a property prior to filing your tax's for 08, you can claim the credit on your 2008 filing.

The income limits are as follow $75,000 individual or $150,000 for couples filing jointly. But if you owned a property in past 3 years you're not eligibable for the tax credit.

This you will pay 6.67% of the credit each year for the next 15 years. And if you sell your home before that you have to pay the remaining balance at the time of the closing.

The program end in July 1, 2009.

If you take full advantage of the $7,500 you will be paying back $502.20 each year over the next 15 years. Which mean you have interest free loan for the next 15 years.

Call Rummy for any question or viste my site at www.westchesterlisting.com and start buyer or selling today.

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