Luke Constantino

Luke Constantino| August 11 2009

Anyone in this business can tell you this is a frequent occurrence, especially in this first time home buyer's market. Dealing with a majority of people who are looking for the perfect first home can be confusing to them and for the Realtor. The first time homebuyer tax credit deadline is December 1st. I myself am experiencing a lot of people running around like the sky is falling. What do you do? How can you effectively deal with these people? Here are some tips to change a no show into a close.

Be thorough: When you speak to a buyer, make sure you have in depth information on that first time buyer. Remember, they called you for information, and a good conversation will be an exchange of this. It will lower the possibility of this person being a no show at any appointment you get them. Screen them first, making sure they are pre approved, not pre qualified for a loan, know the amount it's for and always have a buyer's information sheet ready.

Invite them to meet you in your office: Having a buyer screened over the phone is one thing, inviting them to your office? Gold. This will give them and you a chance to meet and go over exactly what they are looking for in a first time home. I myself get a better feeling for what a buyer wants and what they need in meeting them. Body language can tell you a lot more than a voice over the phone, plus it shows a seriousness when a buyer is willing to do this purchase as professionally as possible. So keep some good cookies, coffee and cream ready!

Do a buyers CMA: "What the hell is that?" It's kind of like the reverse of a seller's CMA (Comparative Market Analysis) but a little different. Your first time homebuyer is not too experienced in prices in the area they want to buy, so you educate them, letting them always know you will get them either the lowest price or the best deal. Show them what has successfully sold in the area they are looking in, what's under contract, what's currently on the market and what failed to sell. This will give the buyer a good sense of market value and will bring you one step closer to getting them what they want at a good price.

I know this is a very challenging market and a lot of people are afraid to commit, but being in this business for as long as I have gives me a 6th sense. I know, along with everything written above, who will buy. I know myself, I'd rather get the listing and work with the seller, but there are two sides to this coin: if you never work with the buyer you're only half as good as you think you are. What also helps is putting yourself in the first time homebuyer's shoes. This is complicated and confusing to them, help them!

Homebuyer's Welcome!

Luke Constantino has been a realtor for over 12 years and is currently employed by Remax @ The Slope in NYC. He has also been quoted in the April 08' issue of "Time Out New York" magazine on "How to be the perfect candidate - Tips for renters" along with many other publications.

Luke Constantino| August 1^st 2009

There are many first time homebuyers out there who will be taking advantage of the 8,000 dollar First time Home-Buyer credit that was passed in 2008 and goes on until December 1^st of 2009. As many good things we get as relief from the government come, so do people who want to commit fraud.

"We will vigorously pursue anyone who falsely tries to claim this or any other tax credit or deduction," said Eileen Mayer, Chief, IRS Criminal Investigation. "The penalties for tax fraud are steep. Taxpayers should be wary of anyone who promises to get them a big refund."

A tax preparer from Jacksonville Florida named James Otto Price III falsely claimed the first time homebuyer's credit for a client on their federal tax return. James faces the possibility of up to three years in jail, a fine of as much as $250,000, or both.

I myself am working with a lot of first time homebuyers. It's very rewarding to see a young couple get into a great starter home. This year, I have done this more than the 12 years I have been doing real estate. It's probably the only thing that has put a smile on my face in this challenging economy.

GET MOVING FIRST TIME HOMEBUYERS, TIME IS RUNNING OUT!!!

Luke Constantino
Commercial | Residential
RE/MAX @ THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
http://LukeConstantino.com

Featured on NY1:
http://www.ny1.com/content/ny1_living/real_estate/98435/social-networking-sites-a-new-force-in-real-estate/Default.aspx

Luke Constantino| August 1, 2009

Everyone here knows about the large stores lie Virgin Records and Circuit City closing their doors here, but it's more than you think. There have been more stores and avenues empty than I have ever seen ever in NYC. A lot of specialty and gourmet shops have closed in the past year. On some residential blocks you can see 3-6 "For Sale" signs on houses, especially in the Queens and Staten Island area.

They say "It's the Perfect Time to Buy" with the low prices, large inventory, low mortgage rates and the ever so popular 8,000 tax credit from the government. The majority of people are not doing that well or are afraid. There are people taking advantage of this market, true but not as many as there should be. Who are the people who are buying in NYC right now?

One group of people I have been dealing with is the first time homebuyers. The majority of my buyers' young couples looking to start a family. Even though I have properties that are 15 to 20% below market value, it seems like it's never low enough. My main question: "When are we going to see the economy change?" From where I stand, it has flatlined.

Luke Constantino
Commercial | Residential
RE/MAX @ THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
http://LukeConstantino.com

Featured on NY1:
http://www.ny1.com/content/ny1_living/real_estate/98435/social-networking-sites-a-new-force-in-real-estate/Default.aspx

Luke Constantino | Monday, June 29th 2009

Each market is different. NYC was a bubble market that wasn't affected by the rest of the nation for a long time. I find this not to be true now. I see the market regulating from the extreme overpricing that has gone on here for about 3 to 4 years, but it's still going to take time. The trifecta (low mortgage rates, low prices, tax credit) set up for first time homebuyers is slowly fading away. Even though the tax credit is still in place for people who make less than $ 75,000 annually, the mortgage rates are slowly going up along with the taxes and closing costs.

In NYC, I don't feel we are being hurt by the federal government as much as the city, which is literally strangling people. Is it still a good time to buy? Yes, but not for long - at least not here in the 5 boroughs of NYC. A lot of inexpensive 1-2 family houses are selling, but the overpriced properties still flood the market. With the upward trend that is happening to closing costs, mortgages and property taxes, it will soon be a no opportunity market for first time homebuyers.

Luke Constantino
Commercial | Residential
RE/MAX @ THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
http://LukeConstantino.com

Luke Constantino May 2nd, 2009

Date: Saturday, May 2

Time: 10:00 am to 6:00 pm

Place: Greenwich Street between Hubert and Chambers Street

Have nothing to do with the kids today? The Tribeca area holds a street fair today that shows off all the restaurants, stores and entertainment that make this such a great neighborhood! There will be arts and crafts, face painting, colored hair spray, clowns, special performances and many stars from TV milling around in the crowd. This is going to be one of New York's most unique fun filled areas today and the best part about it?

It's free.

If your husband isn't really into this kind of stuff, that's OK...

Sports guys, you're covered too!

There is an ESPN Sports festival on N. Moore Street between Greenwich and West Streets today too. There will be special appearances by local sports teams, sports personalities, mascots and probably some of the cheerleaders we all like to see on the sidelines.

Just take the 1 or the 2 train to Chambers Street

Drive: West Side Highway to Chambers Street...

I recommend taking the train.