Preparing Your Offer!

Once you have found the property you wish to purchase, make sure you have an experienced agent or lawyer to help you with your offer.   Make sure your contract covers all aspects of your purchase such as items that remain, finance terms, downpayment amount, inspection contingencies, closing date, possession date and other terms that are material to your purchase.   A well written contract can save you a lot of headaches and misunderstandings.

More importantly, if you are competing with other buyers, you need to make sure your bid is submitted on time and reflects how high you wish to go.  Always stay within your financial limits and make sure you have carefully assessed the property’s condition, location, permitted use, taxes, utility budgets, value and property title.  There are a lot issues to consider, so if you are a first time buyer, we recommend you find a trustworthy buyer agent to represent you.  Find out how much experience the agent has and what service he or she will provide.  Make sure you know whose position he or she serves - yours, the sellers or their own.  Too many agents are concerned about commissions and may fail to represent you properly, so select your agent carefully.

When buying direct from an owner, make sure the service you use is legitimate and has integrity.  Discuss all the important issues and make sure you are comfortable with the process.  If you need help, contact us.

If you are looking to buy property, you should do so with a purpose in mind.  Decide whether you are looking for investment property, or a place to house your business or family.  Start by assessing your needs, then look into how much mortgage you can really afford.  Study each lender’s closing costs and make sure you are comfortable with the closing costs and the monthly mortgage payment.  Figure out if you will have enough money left over to continue to maintain your current lifestyle.  

Here are a few common mistakes made by buyers: 

Common Mistake # 1:   Many buyers end up spending more than their financial budget can really afford.  

Common Mistake # 2:    Many buyers fail to evaluate their actual needs and end buying a property that is unsuitable or unsustainable.  Think carefully about your real needs!

Common Mistake # 3:   Some properties require a lot of updating that often run into thousands of dollars to renovate.  Before you buy, have the property you are about to buy inspected and get a reliable contractor to give you estimates for repairs and upgrades before you submit your offer.  

If you need further advice with the buying process, click on the BUY tab at the top of this page and carefully study our buying tips.  Have a question?  Email us.

Broome County is finally facing the reality of the future of our local economy.  Like most communities, we are affected by rising taxes, high unemployment and a host of other dimful economic news.   Lockheed and other employers are expecting layoffs and Binghamton University has a hiring freeze.  Meanwhile, our state legislature continues to stall and add plenty of pork to the menu!

How will this affect our local housing market?  It’s already doing so!  Housing inventory has increased, prices are falling and the upper end of our our housing market is flat.  It’s truly a buyer’s market, but when will the good news return for homesellers?  It’s anybody’s guess, but my prediction is not soon enough.  We will probably be in a slump for many months.   The mortgage crisis and fluctuating stock market will continue to sort itself out.

Basic ecomomics teaches us that things go in cycles.  But the cycle of a strong housing market may be sometime to come.  We will need to reduce taxes, create jobs, clean up our streets and get the economy moving again.  Consumer confidence will have to increase.  What’s your opinion?  Seems like we are returning to the basics:  Shelter, Food, Health Insurance, Transportation, Utilities, Taxes and Education.  What’s left in people’s budget for cars, luxury items, jewelry and vacations?

Don’t worry, the grass is always greener elsewhere and with all the rain we are getting lately, one part of our economy is sure to grow - landscaping!  We must all work together if we expect to see brighter days ahead.

Today’s buyer’s market offers great opportunity for first time and second level buyers.  There is an $8000 federal tax credit offered to first time buyers as long as you buy before December 1st of this year.   With our weakened economy, many sellers have had to lower their asking prices and offer buyer incentives. 

With the local housing inventory continuing to increase in Broome, Tioga and Chenango counties, buyers have more choices.  Currently, there are approximately 1320 homes on the market, up almost 300 homes from the beginning of the year.

If you’ve been looking to buy, now’s a good time.   Let us help you find the right property for you!  Just click on our Hire Us to Buy or Contact us links on this web site.  We will keep you updated and email you the newest listings from our local multiple listing service, or just sign up for our Property Alert.

Wow!  BroomeRealEstate.com makes buying, selling and renting property easier than ever.  Our informative web site provide all the tools you need to buy, sell and rent online.  Just click on one of the red tabs at the top of our site and get started!    We explain how to do it step by step.

If you want to avoid costly fees,  you can do so by buying or selling direct by owner.  Follow our step by step process and become a pro.  Our tips and advice provide quick answers to your most frequently asked questions.  List a property today or sign up for our Property Alert and start receiving all of our newest listings for Free!

If you have a question or would like to hire us, contact us by email or call us direct.  We look forward to serving you!

Over the past decade, Broome County property owners have been getting slammed with increased school and property taxes as well as other fees.  Our local, state and federal governments raise revenue mainly by  taxing our incomes and properties.  Today, property owners are faced to pay increases each year, even though we do not vote for increases.   Government has simply become too big! Are we going to let Broome County and our local governments tax us off our properties or are we willing to do something about it? 

Many property owners have maintenance issues that need repair.  We have been forced to delay those improvements due to high property taxes and a slowing economy.  In these uncertain economic times, our county, schools and municipal governments must seriously look for ways to reduce their budgets so we can meet our basic obligations.  

If we continue down the current course, there will be more urban blight, more property foreclosures and more people relocating out of Broome County .  This is not the way to attract investment to our area or build stable neighborhoods! 

We must rethink our community’s direction and elect more responsible leaders.  Properties owners and small businesses cannot continue to bear more taxation.  We are the very heart and economic engine of our community and we should not be penalized for creating jobs and maintaining our properties.

Over the past 10 years, we have seen our taxes grow in multiples and we have seen our streets, curbs, sewers and bridges deteriorate.  We have seen our sewer and water bills rise through the roof and we now pay more for garbage removal and other basic services.  We have watched our community attract more welfare recipients from down state thereby increasing crime, drugs and welfare costs to our area.  Isn’t it time we took action and asked our politicians, school and county officials to find ways to reduce our taxes and expand out tax base fairly?  Do the current elected officials not realize we are in a recession and that we must cut, curb and reduce excess spending for all property owners?  

In recent years, our area has lost many large corporations and many companies have been forced to downsize.  We have seen property assessments continue to increase, but when property values decrease, do we see a reduction in our assessments?   

Who will pay the future tax increases of local and county government?  Will it be you the property owner?  Who will bail out your pension plan, pay your healthcare or help your family when you need extra money?  Will your local government foreclose on your property for nonpayment of taxes?  Think again, it could happen!

Yes, you may be able to make your mortgage payment, but can you afford to pay for another rise in taxes too?  Will your business survive a few more years or will you close your business due to the high cost of utilities and taxes in Broome County ?   

Many of us who own our businesses find it a huge responsibility to maintain our properties while paying higher utilities, taxes and insurance. How much more can we afford to pay and how many hours must we work to do it?

Why do our taxes increase every year?  Is it because of union demands, increased school and governmental staff, new technology expenses, increased welfare and unfunded state programs?  It seems we’ve created a program for everything but we don’t have a way to fund them.  Have we forgotten how to save or do we only know how to spend, spend, spend?  Folks, let me remind you, you can’t spend your way out of trouble!  Government has gotten to big and is not accountable.

Every time we increase taxes, we put a greater load on society.  Maybe we need to freeze, downsize or eliminate unnecessary programs.  Corporations do it, universities do it, and more importantly businesses and families make adjustments all the time.  Meeting our obligations is essential, but continued property tax increases will destroy our quality of life here in Broome County.  Soon, a normal retirement may be out of the question for most of us and we may be forced to retire elsewhere.

Each day local business owners are faced with the decision to stay open or close their doors.  Individually, we must address budgetary issues just to survive.  When government and school demands become excessive, local business and property owners will be forced to close their doors or consolidate. Who will pay the bill when businesses fail or move out of town?  

I have personally seen many people postpone building new homes in our area due to high property taxes.  High taxes also make it difficult time to attract new businesses.  We are not a tax friendly area and only the strongest competitors shall survive in this new and troubled economy. 

When government taxes too much, there will come a point in time where citizens will get angry! When our government gets too big and powerful, there will be a revolt and maybe that’s where we are at this point in time.   

What we need is a smaller more efficient government, and schools without all the bells and whistles.  Let’s get back to the basics that made our community strong and allowed our country to prosper.  

Join others and me at our next governmental and school board meetings and stand up and speak out!  I cannot do it alone, so I need your help.  Let’s make sure our voices are heard and let’s join together to fight excess property taxes and governmental waste.   

Sure it takes time to get involved and I know everyone is busy, but if we don’t act together, we will only receive more of the same abuse.   We need to ask our politicians and leaders to rethink their positions and find ways to eliminate policies that tax us to death.   WE MUST CHANGE the spending habits of our county, towns and local schools before we go bankrupt and experience more property foreclosures.  

Where has all the common sense gone?   We all must learn to give up a little if we want to see a reduction in our property taxes and we must all change with the times like General Motors and the Post Service are having to do.  Together, we can rebuild and have a more prosperous community, but it will not be the same as when IBM, Endicott Johnson, Link Flight Simulation, Anitec, GAF and General Electric provided our community with the support they did!   

There is a better future ahead for all of us, but we must rethink the way we do business and all of us must contribute in one manner or another.  We cannot continue down the path we are on, for it is unsustainable.

Real estate values go up and down depending on market conditons.  Trying to time the market is often difficult, but now is a good time to buy since values have dropped, interest rates are low and contractors are looking for work.  

Our local inventory of homes has increased providing more opportunities for buyers.  In many instances, sellers are motivated and eager to sell their properties.  Take advantage of today’s market and start looking for a home, because today’s Buyer’s market may not last too long.  Your bargain home is out there!  If you need help with your search, just contact us!

Where did all the buyers go?  How come my home isn’t being shown weekly?  Your marketing isn’t working!

As Realtors, we’ve heard it all, but the reality is our economy is changing.  Just recently, several sellers put their homes on the market and activity has not been what they had hoped for.  The market has been less active despite the low interest rates.  Sellers are still thinking they can get last year’s prices!

Buyers have become cautious and they are waiting for further drops in housing prices.  Local businesses have been laying off workers and the university and local government have hiring freezes in effect.  Our Federal government is in an experimental stage, spending beyond what it can afford.  And property taxes, utilities and gas prices at the pump are on the rise.  Is there any wonder why consumers are cautious? 

All consumers want the best buy they can find, so if your home isn’t correctly priced or nicely updated, your chances of selling decrease.

If your home needs updating such as a new electrical service, roof, windows, water service, or heating system, then your home probably won’t get much attention or many offers.  Price, condition, location do matter, especially in today’s competitive and falling market!

Even more challenging for owners and Realtors are home inspections.  Negotiations over inspections issues have made it more difficult to keep deals together due to minor and major issues found in home inspection reports.   Two of the latest homes I just listed had property inspections that surprised everyone.  There were roofing, electrical, heating  and radon issues-just to mention a few of the problems.

My advice to Sellers:  Pre-inspect, update your home and price it according to market!  You’ll be more likely to find a buyer and make a sale!

If you are looking for a quick sale, then consider pricing your home below market value.  Our local economy has recently been hit like most economies around the nation.  We have seen layoffs at Lockheed Martin, EIT, and with many other local businesses.  This recession will have long term effects on our housing market and the banking industry. 

The inventory of homes has begun to rise and municipal budgets continue to hike upward to new unprecedented levels.  Vestal is finishing up its reassessment and the last day to file for grieving property taxes is Tuesday, May 26th.  

Our local real estate market will continue to bring good value for buyers who are in the position to buy.  Sellers cannot expect to see the values they have in the past.  Reality will sink in and sellers who need to sell will need to rethink their pricing strategies if they are looking for a quicker sale.  Low interest rates have been driving the market this year and refinancing has picked up, but the wave of refiances will be over soon.  Everything has its cycles and the real estate market is no exception.  Hang on and wait to see what the next few months will bring.

In a slow market, if you want more buyers to look at your home, then you need a marketing plan that works!  Hiring just any agent won’t do and neither will just a yard sign.  You must PRICE your property competitively and you need to make sure your property has excellent curb appeal. 

Setting the right PRICE is most important, so choose your initial price carefully.  When a listing is new to the market, it usually receives the most attention during the first month.  If you overprice your property from the start, you stand the chance of losing many buyers.

When you list with us, we perform a thorough market analysis to help you understand what your price range should be.   We also educate you why some properties sell faster than others.  Finally, we offer many useful selling suggestions to make your home move faster.   When in doubt, hire a pro to sell your property.  We have the tools to make the process go smoothly and our discount fees can help you PRICE your home more competitively and put more money in your pocket.

Call us today to see how we can help you.