About Ulster County, NY

This is the first of a series of posts aimed at educating first-time homebuyers in the Rochester area about the home buying process. I've worked with many first-time buyers who are interested in becoming homeowners but have no clue where to begin. This series will explain the steps to homeownership, as well as giving first-time buyers tips to help the process go as smoothly as possible!

Step 1: Establish Financing

It's important to speak with a mortgage professional before you begin seriously looking at homes. They will look at a number of factors and issue you a pre-approval letter.

Some of the factors lenders take into account include...

• Employment: Salaried vs. commissioned, self-employed, or temporary
• Credit: How do you rate? What is your credit history and score?
• Finances: How much do you have available for down payment and closing costs?

Your pre-approval letter will give you a realistic price range for your home search. That way, you don't overextend yourself or end up disappointed after falling in love with a home you can't afford. By including it with a purchase offer, it also shows sellers you are a financially qualified buyer who can afford their home. That's why it's beneficial to have this letter before you find the home of your dreams!

If you are unable to qualify for a loan, a good mortgage professional can help you create an action plan to improve your credit, so that in the near future you should be in a better position to purchase a home.

Choosing the right mortgage professional is as important as choosing the right real estate agent. They can mean the difference between a smooth transaction and a "rocky road". If you are in the Rochester area and thinking of purchasing a home, I would be happy to refer you to some fantastic professionals who always get the job done for my clients.

Stay Tuned for Step 2: Refine Your Search!

P.S. This is just the tip of the iceberg. I frequently team up with Tracy Martinez from Five Star Bank to offer FREE home buying seminars to Rochester-area homebuyers. If you're interested in learning more, give me a call at (585) 455-5524 to find out when and where our next seminar will be held!

In every city across the country, that are stats showing a direct correlation between % of homes owned, and % of the population affected by things such as crime, poverty, sub-par education, unemployment, sub-par health, high vacancy rates, etc.

Obviously, there is no simple way to solve these problems that are affecting so many inner-city neighborhoods, as there is clearly multiple factors causing the problem.

However, when my home city in Upstate NY recently published it's City-Wide Housing study, it became very clear to me that in neighborhoods where the majority of homes are owned by out-of-state investors, crime and sub-par living standards run rampant.

Note: a good tool I like to use to see these types of stats nation-wide is www.bestplaces.net

After speaking to our city council-member about the issue, I learned that the top city officials were already well-aware of the dilemma. He also pointed out that Pride in Ownership leads to houses that are better maintained, and increasing property values. Unfortunately, many of the people that live in these neighborhoods have rented their entire lives, their mothers and fathers had always rented, and their grandparents were life-long renters.

Home Ownership simply isn't a conceivable option for them. Not because they don't deserve, can't afford it, or don't want too... in my experience the inability for them to buy for themselves is caused primarily by a lack of role-models, lack of financial education, and a lack of professional resources to assist them.

Believe me, I see first-hand how MOTIVATED some of these people are to buy homes (at least initially) before they are told "NO, NO, NO" time and again by agents, banks, etc. Due to lack of financial education, many of the people in these types of neighborhoods have bad or no credit at all, and have never learned the importance of savings and investments.

However, in America, we pride ourselves on being the "land of opportunity" and for good reason. In this great country of ours, rags-to-riches stories are commonplace, and anyone can be successful with the right resources.

That is why any good Rent-to-Own program MUST be partnered with a system for helping these people get a good financial education, including credit repair counseling.

With the right resources in place, we can positively impact these communities by turning the population of life-long renters, into responsible home-owners. With pride in ownership of one's home, comes pride in ownership in one's community. Some of our Rent-to-Own buyers have gone on to become active members in neighborhood associations, block clubs, and local religious organizations. All of them, learn about the importance of, and how to better maintain their properties.

The goal to clean up our inner-city neighborhoods is one that we must not lose sight of. Rent to Own is indeed a great option for Sellers/Investors (especially during this crazy credit crunch) but it's also important to realize the impact we can have the Buyers and the Communities (remember: win-win-win!!).

Fixing the problems of our inner-cities won't be an easy task, and it won't happen overnight. However, good Rent-to-Own programs CAN allow us to make an impact, one house, and one street, and one neighborhood, at a time!

For more information on structuring Rent-to-Own Transactions that are easy, safe, and are a benefit to the community, please visit www.SafeRentToOwn.com

New Paltz, New York is ideally located about 90 miles north of New York City and is a prime place to work and play. I’d like to share just a few reasons why it’s great to be a New Paltz Real Estate agent and to live in the area. There are opportunities galore to enjoy the outdoors, eclectic businesses and farm markets. City-dwellers love it because they can travel up the New York State Thruway (I-87) and get off at exit 18 and almost instantly arrive in the Village of New Paltz. Beyond the Village of New Paltz, most visitors head for the Shawangunk Mountains or the ‘Gunks. In the ‘Gunks one can find some of the best rock climbing in the Northeast. The foliage in the fall is amazing in the mid-October timeframe. Lake Minnewaska is a favorite area for visitor and residents to hike, bike and just observe the beauty of the Shawangunk Ridge. Let’s not forget the world renown Mohonk Mountain House and Mohonk Preserve. There are several different parks and preserves close by.

These are just a few things that make New Paltz such an attractive place to buy real estate. People are drawn from all over by the beautiful views of the Gunks and the ample outdoor activities. As a result, there is a large contingent of second home owners in New Paltz. Due to the presence of the State University of New York at New Paltz, there is also a very active rental real estate market. There are very low vacancy rates due to a shortage of student housing. It makes it a great investment to own a multi-family in New Paltz.

Joe: Do you know how to make advantage of them? Listen in as we discuss four proven strategies for coming out ahead in today's market. 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: Hi, Joe. One of the things I'd like to talk about today is purchasing land in the Hudson Valley. This is actually the perfect time to look at land because leaves have dropped and the markers for the land, the boundaries as well as the features of the land are clearly visible.

It's easier for us to find boundary lines. It's easier for us to see any discrepancies between a survey or any other document that we have regarding the land and the actual land. We say in this sort of weather you see both the best and the worst of it.

One of the things that I am really happy to do is walk land with clients, both sellers who are considering selling and buyers. It is imperative that your agent be intimately familiar with the land and be able to point out the features and the benefits of it.

Joe: OK, thanks. For a national perspective today, we are also joined by Terri Murphy, real estate author and CIO of US 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: Joe, the National Association of Realtors published their October statistics and reported an upswing in home sales across the country. Existing home sales were actually up five and a half percent, and here's some good news. New construction was also up about one and a half percent across the United States.

Now, according to the association's report, about 80 percent of the homes that were sold were purchased as primary residence which is an excellent sign that home ownership is again on the rise. Now, Joe, even in the midst of a financial bailout, mortgage rates have held up steadily and are hovering in the six and a half percent range for a 30 year fixed mortgage.

Now, although it's probably too early to make any bold prediction, it's good to see the economy rally as we roll into our holiday season. Now, we're expecting to see more recovery in the months ahead as home buyers re-enter the market.

Joe: It's good to see our markets turning the corner like this, especially with strong inventory and financing available. You know, as buyers look for value, what should they keep in mind?

Laurel: Joe, there are four proven strategies that we share with buyers. First, buyers need to put their professional team together. Find an agent you can trust and get pre-approved for the loan up front. This is one of the smartest things a buyer can do because it paves the way for everything else. By lining up your agent and getting pre-approved, buyers are able to make an offer that's as good as cash and sellers really like that.

Second, buyers need to know about all properties in their price range as soon as they hit the market. That's why we offer listing alerts for our clients. These alerts are emailed to our buyers each day with a list of all new homes on the market. Buyers really love this because they learn about new listings even before many of the local agents.

Joe: Does this cost anything?

Woman 1: Not at all. The service is completely free and available on my website.

Joe: What are the other two strategies?

Laurel: The third strategy is to strike when the iron is hot. Don't worry about timing the market. This never works because the minute you see prices going up it's too late. There's already evidence that homes are starting to sell again, and the good deals go fast. Make sure you know what you want and be ready to grab it when it comes along because someone else will if you wait too long.

Finally, make sure you buy a home that will work long term. We've seen the market skyrocket in the past, but those days are behind us. Even so, real estate will appreciate over the long term. Buy your home for what it offers and you'll be happy.

Terri: Joe, I really think that's good advice. Real estate is a great long-term investment, and today's buyers have the best opportunity in recent memory to buy a home. All of the factors are in place with good inventory, lower prices and mortgage rates in the six percent range. It just doesn't get any better.

Laurel: Joe, there are some really exceptional properties on the market today. You just have to know where to look. Buyers should sign up for my free listing alerts on the website, and we can get the ball rolling.

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

Laurel: You're welcome, Joe.

Terri: Sure thing, 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.

It is the night before the eve of Thanksgiving and I have come home from food shopping, grabbed a bite to eat and as I was reading some emails from various people I had this overwhelming feeling of gratitude come over me. Now please understand, I , like everyone else, have been affected by the state of our economy. That said I must go on to tell you how grateful I am to be right where I am. Gone are the days of doing what I really do not want to do, playing with people I don't like, saying yes when I mean no and vice versa. I have absolutely wonderful people in my life. I have and continue to get absolutely GREAT clients! I love what I do professionally. I love buying and selling antiques as well as my real estate.

I am very grateful to be an American. I know that being an American is not the most popular thing to brag about right now in this world. I would like to tell you what I am proud of. It is very plain to see that our situation in this country is the result of much greed, self centeredness and a total lack of caring for other human beings. I do have every confidence though that our country and all its citizens will band together and work our way through this mess, learn our lessons and become better people for it. This is a result of a few, not the many.

I love the citizens of the United States. I love our diversity. I love that we can be who we are even if others don't like or understand who we are. What I really love is that when the chips are down it has been proven and it will bear true again that we will band together and find a way out of the mess we are in and support each other in doing so. There are lessons to be learned from these times. Each of us can contibute greatly to effect change. This challenge we are facing will strenthen us and help us to become very grateful for everything we have.

This is a time to support our newly elected president, whether we voted for him or not, as he has a long road ahead of him. Remember the total is as great as the sum of all its parts.

Please take the time to look around you and see where you can help. It is sooo rewarding. Giving really feels much better than taking. Give a smile as it doesn't cost a cent and makes people feel like a million.

I want to take the time to thank all my clients. You have enabled me to pay my mortgage, buy food for my family, you all are truly my angels. Many of you are my friends now and we break bread together. I am very grateful you came into my life.

A WONDERFUL,SAFE, HAPPY HOLIDAY TO ALL!