Step by Step Downsizing – How to Simplify It

Step by Step Downsizing – How to Simplify It

You’d love to find a place that’s the right size for you, but what do you do about all that “stuff”? Michael Olear from MJ Peterson has 30 years experience and he will offer a simple, step by step approach to preparing for a downsizing move. Ideas will include:

  • What are the components of a successful plan?
  • How can you reduce the stress and simplify the process?
  • What questions do you need to ask estate sale professionals?
  • Is the real estate market better for buyers or sellers right now?
  • What requirements are imposed by banks and municipalities when you sell?

This is a free seminar offered at noon on Thursday, August 8, at Eagle Crest Senior Village, 100 Weiss Ave., Orchard Park.

Michael Olear’s first career was social work. He has an MSW from UB. He’s combined those experiences with real estate brokerage and offers a unique blend of knowledge areas for consumers. He has provided seminars throughout Erie and Niagara Counties for over 10 years in area churches and community centers.

To reserve a seat, please call 880-4442. A light lunch will be served.

Here’s the 411 on PMI (private mortgage insurance)

Here’s the 411 on PMI (private mortgage insurance)

While experienced home buyers might know the thought process behind private mortgage insurance — commonly referred to as PMI — first-time homeowners might be new to the term and have no idea what it is or why it’s needed. So, here’s the 411 on PMI.

If you’re purchasing a home and your downpayment is less than 20% of the purchase price, your mortgage lender will require private mortgage insurance. Very simply, PMI protects the lender in the event that you can no longer make your mortgage payment. The cost for PMI is rolled into your monthly mortgage payment and automatically goes away once you’ve built up equity of 20% in your home.

Nationally, the average downpayment on a home last year was 13%, which means there are a lot of homeowners required to carry PMI. The overall cost of the policy is based on your loan-to-value ratio and typically costs anywhere from $30 to $70 per month.

We hope that helps clear up the issue of PMI and why it’s required, but if you have additional questions or concerns, please contact The Olear Team today!

Good news and bad news for mansion owners

Good news and bad news for mansion owners

If you’re lucky enough to own a mansion in New York State, we have some good news and some bad news for you.

First, the good news: You own a mansion! That must feel great. Congratulations!

Now the bad news: New York State is increasing both the transfer tax and the mansion tax when these multi-million dollar properties are being sold.

Now more good news: Currently, these tax increases are only taking place in cities where the population exceeds one million people. In other words, it’s only impacting the five boroughs of New York City. In case you’re wondering, the population of cities like Buffalo, Rochester and Syracuse are all well under 300,000.

Now more bad news: That could always change to include more cities with smaller populations. The state is in debt and needs more revenue streams.

Our advice: Enjoy your mansion. But if you’re thinking of selling, please give The Olear Team a call today!

Home-sharing regulations are coming to a neighborhood near you

Home-sharing regulations are coming to a neighborhood near you

It’s hard to believe that the home-sharing company Airbnb launched more than 10 years ago! Whether we’re talking about the average homeowner renting out a single room, an apartment above the garage or their entire house, to large scale property managers booking apartments and condos for short-term use, home-sharing has very quickly become a multi-billion dollar industry.

And while Airbnb might have the most name recognition, there are now plenty of competitors on the market such as Tripping.com, HomeToGo, FlipKey, HomeAway, HouseTrip and VayStays.

As you might expect, municipalities are now taking steps to protect both sides of the home-sharing equation — individuals renting out their property on a short-term basis and those looking for an alternative to a hotel stay.

In Western New York, two of our larger municipalities, Buffalo and Amherst, are rolling out new regulations for residents who might be looking to make a buck by renting out their property through home-sharing services.

Among the new regulations, hosts would be required to register their property with their municipality, pay special fees associated with being a rental property, undergo additional safety inspections, obtain short-term rental certification and be subjected to additional taxes.

Done correctly, the home-sharing experience can be a win-win for both the property owner and the consumer seeking a comfortable or convenient place to stay on a short-term basis. But before you decide to put your toe into the home-sharing waters, you should do your homework and contact both town/city and county officials to see what regulations are in place in your community. For more information, please contact The Olear Team today.

How to Get Your House Ready to Sell – Part 3 – NRTC

How to Get Your House Ready to Sell – Part 3 – NRTC

Home » Buffalo NY Real Estate Blog

One of the most confusing examples of jargon that people encounter when buying or selling a home is NRTC. So what does this actually mean?

Literally NRTC means Not Represented To Code. This is used most often when describing a wood burning or gas fireplace or a wood stove.

The Buffalo/Niagara Board of Realtors and the Bar Association decided many years ago that they would always utilize this phrase as boiler plate in a contract of sale because even if a fireplace is safe to use, it could potentially be out of compliance with the current building code in a particular township. For instance, the firebox dimensions have changed over the years.

Fireplaces that are checked and maintained regularly may actually be out of conformity with current building code. Although these are totally safe to use and documented as such, they do not comply with code.

To protect sellers and realtors, this NRTC phrase came into use nearly three decades ago.

How to Get Your House Ready to Sell – Part 2

How to Get Your House Ready to Sell – Part 2

In part two of our video series “How to Get Your House Ready to Sell,” James Conley talk about Absorption Rate.

Absorption Rate – Don’t get left wet

  1. What is an absorption rate?
  2. When is a market fair between buyers and sellers?
  3. How does this affect my sales price? 
  4. How does this affect how long it takes to sell my house?
  5. Pricing Strategy – should you price your home realistically, or is it okay to be more aggressive?
  6. When should I find out about the absorption rate for my home?

 

How to Get Your House Ready to Sell – Part 1

How to Get Your House Ready to Sell – Part 1

One of the many conversation we have with out clients is “How to get your House Ready to Sell.” In part of one of this series, we talk about the best one thing to do to get your house ready to sell.

In the video Michael Olear discusses the one thing he tells most sellers to do when he discusses how to get your house ready to sell. In WNY most people use their side door or rear door to enter or leave their house. However, most homes we’re built with front entry in mind and this is the best method of entry when selling a house.

Old metro newspapers laying around, spider webs, holidays lights, dirt and worn out paint are all detriments. Be sure to freshen up / paint the door, trim and clean up as well.

A buyers first impression begins here, so it’s critical to start off on a positive note. NAR cost vs benefit study identifies the front entry as always returning over 100% of investment.

Watch part 1 of our video series with Michael Olear below:

 

Spring home seller seminar planned for March 16th

Spring home seller seminar planned for March 16th

Michael Olear, a licensed real estate broker from The Olear Team at MJ Peterson Real Estate, will host a spring home seller seminar at 11 a.m. Saturday, March 16, in the Hyatt Place-Amherst, 5020 Main St., Amherst.

Topics to be covered include:

  • How to achieve maximum value in the shortest period of time.
  • Selling your house “as is.”
  • Stimulating multiple offers.
  • How to sell and buy at the same time.
  • What upgrades give you the highest return on investment.
  • How to obtain bridge financing.
  • Items a home inspector look will look at.
  • How do you make sure your buyer is qualified.

Light refreshments will be served. To reserve a seat, please call 880-4442 or email info@olear.com.

 

Spring home seller seminar planned for March 16th

Olear Team plans seminars for home buyers and sellers

Two seminars for spring home sellers and one for new home buyers, all offered by Michael Olear, a licensed real estate broker from The Olear Team at MJ Peterson Real Estate, are scheduled to take place in the Northtowns.

Spring home seller seminars will take place at 11 a.m. Saturday, March 2 and 16, in the Hyatt Place-Amherst, 5020 Main St., Amherst. Topics to be covered include:

  • How to achieve maximum value in the shortest period of time.
  • Selling your house “as is.”
  • Stimulating multiple offers.
  • How to sell and buy at the same time.
  • What upgrades give you the highest return on investment.
  • How to obtain bridge financing.
  • Items a home inspector look will look at.
  • How do you make sure your buyer is qualified.

The new home buyer seminar is scheduled from 4:30 to 6:30 p.m. Tuesday, March 12, in the KeyBank branch at 2030 Sheridan Drive, Tonawanda. Topics will include the mortgage process, available products and options, and understanding your credit score. A lending officer will also be on hand to answer questions.

Light refreshments will be available. To reserve a seat, please call 880-4442 or email info@olear.com.

Olear is a licensed real estate broker with 30 years of experience. He has specialized in helping older adults with their real estate needs since 1999. The Olear Realty Group, Inc. is organized as a sub chapter S corporation and supports the Olear Team/MJ Peterson Corporation in the sale of residential real estate throughout Erie and Niagara County. The team has decades of experience in meeting the real estate needs of Western New York residents. Visit olear.com to learn more about the Olear Team’s work assisting older adults and their families.