Kenneth Ufret’s Blog

When I started in Real Estate in 1994 the market was stable.  What I mean by stable was that there was a steady amount of homes selling, prices had come down for all time highs in the late 80’s and early 90’s. I found myself with much of the same concerns we have today. How to explain to a seller that their homes have reduced in value from just a few years earlier. Having to Market a home for longer periods of time and keeping the sellers thinking positive through out the whole process. Handling the negoiating process with both seller & buyer (or buyer’s agent) and then once again help deal with inspection concerns, appraisal, and lender demands. In other words I had to earn my commission. In addition you needed to keep up to date with all the new marketing techniques and ways to reach the buying market. Spend time creating relationships with other Realtors to maximize exposure of your inventory.

 What I have learned during my 14 years in the business is that there are people who will excel no matter what the market conditions are. I call these the true Professionals, when market conditions change they adjust there way of doing business. No matter how difficult it becomes they just can’t see themselves doing anything else.  It’s a passion or love of what they do. I had other jobs during my lifetime but since 1994 there isn’t anything I could consider myself but a Realtor. Then there are those that  chase the next Quick buck opportunity.  Changing professions almost yearly depending on where they think they can make the easy money.  I’ll call these people salesman.  These are the ones lining up to work in any field where the fast cash is there, also they are the first ones out when they have to start actually  putting in an effort or spend time learning. The great thing about the return of a stable market is the amount of professionals I once again get to work with.

Buying your first home can come with many unexpected emotions, Fear, excitement, anxious, and even confusion.  The following is a out line I give my buyers to help them understand the process, the potential pitfalls, and how best to avoid them.

The first thing any buyer should do prior to going out to view properties is sit down with a mortgage specialist. This includes before going out to visit any Realtor or Owner Open houses. Why? Well remember all those emotions that come out, one is excitment  and many buyers get themselves in a position where they end up with a home they truly can’t afford long term or where they need to move forward so quickly that they don’t always pick the best finance option for them costing them thousands of dollars more to own that home.

When sitting down with a mortgage specialist I strongly recommend that you deal with someone who isn’t working directly for one major lender. Why? Well if it’s that person’s job to sell the mortgage products that there lender offers will they really let you know that another lender is offering better terms this month. I would recommend dealing with a Mortgage Broker or Mortgage Banker.  These two options will allow you to sit down with one person who can shop all sources of mortgage monies available to get you the best terms.  Sitting down with a mortgage specialist first will give you the knowledge you need to look at the correct price range for your current needs.  Keeping in mind that many homeowners today have purchased 2-3 homes over the years, first starting in a home which may not have been their dream, but allow them to move in a positive direction towards that goal.

Once you have this done then it’s time to go looking at homes. A Real Estate Professional can help expose you to a larger amount of available homes. They will also take the time to listen to your most important needs, and with their experience of different towns and communities be able to offer you options you yourself may not have considered. upon finding a home that interest you the Realtor will be able to use his or her knowledge about pricing and their skills as a proven negotiator to help you come to terms with the seller.

Now the fun begins at the very begining of an offer being accepted you will need to hire an attorney, choose a home inspector, and  fill out the loan application. once again you should be talking to different attorneys before hand questioning them about there ability to handle a Real Estate transaction.  Hiring an attorney that does 90% of their business in divorce work, 5% wills and estates, and 5% Real Estate isn’t the best choice. Look at it this way you wouldn’t want a Immigration attorney representing you in a murder trail would you? waiting until you have already sign an offer will limit the time you have to search. The best way to decide who to hire is to call before you need them and ask questions even if you got them as a referral from a family member or a friend. The same goes with home inspectors. doing the investigating before you need them can reduce the amount of stress during the process. 

After the rush of getting these things done there is the quiet period. That’s the time where the professionals are busy doing their task and a lot of it is behind the sceens. This is the period that will lead to the most amount of anxious, fear, frustration on your part you feel like things have just stopped. Well let me put you at rest there are many things being handled by the Attorney, Mortgage rep, and the Realtors.  We need to process the mortgage paperwork, meet the home appraiser, apply for town inspections, order title, obtain home owners insurance Etc, Etc

Then before you know it you have less than 2 weeks to pack up all your belongings and organize the move.  During this time your not alone look to your Realtor for support and information and direction. 

The last emotion to hit you after you have Had a chance to settle in is Joy that feeling of it’s go to be home.

During trying times when home prices have stalled or even gone down some, many owners of Real Estate find themselves with many questions.  Hopefully the following information will help answer some of them.

If you have purchased your home over 5yrs ago and haven’t taken out any additional loans you will find yourself in a position where you will be able to walk away from a sale with money in your pocket. The amount may not be what it would have been 2 years ago, but most likely will be better than you can expect for at least the next 2-3 years. If you are planning on making another Real Estate purchase you also need to take into account the favorable interest rates currently being offered by many lenders. In many experts eyes the rates have very little room to go down and have a stronger chance of being higher in the comming years.

If you have found yourself with little or no equality then you need to look at other options. You could just stay put, for now if the house fits your needs and you don’t find yourself struggling to make the payments. Some times timing is key and making a move up requires Patience and information.  Where do you get this kind of information, well you trusted a Realtor to help with your home purchase you can relie on them to know the most current market conditions. If waiting it out is not an option, Job relocation, family obligations, etc then consider renting it out to someone for a few years or even rent with an option to buy. Both of these options need much consideration and you should also understand the pitfalls involved.

If you find yourself in an financial pickel (lost job, divorce, bad investments) then you still have options. you can contact your lender and ask them to change your current mortgage to one which would be more affordable(this isn’t as easy as it seems you may need to make many request, and as with any other options you need to prove a hardship on your part.) You can place your home for sale with a local Realtor to do what is call a short sale.  A short sale is one where the lender looks at current market conditions, your most current financial condition, and the condition of the property and may agree to accept less than what you currently owe.  Now Lenders don’t do this out of the kindness of thier hearts, they do it if it makes sense, and to avoid a costly foreclosure process. Once again you should make sure you discuss this with a Realtor who has experience dealing with the lenders.  Many Realtors now have Associates who specialize in this area. You could also ask your lender to just take back the property.  It’s call a deed in lieu. with this you are walking away from the property and the lender is agreeing to just take the property back and resale it through there REO department. Not every lender will agree to this and an attorney helping you is strongly recommended.

the options outline above aren’t the only ones but have become the most popular.  To look into any of these or other options contact your local Realtor.

Having a 15 yr old daughter who loves ice cream has lead to many ice cream cakes over the years.  It’s not just on her birthday, we come from a large family spread out all over the North East and end up buying around 3 cakes per year just for her birthday. one for the weekend of her birthday when the family from out of town visit. one on her accutal birthday and one on the weekend after, when the family who couldn’t make it before come by. In addition you have those special times duringthe year. When the really good report cards come home, end of school year, etc, etc.  With all those ice cream cakes I think we qualify to cast a vote for the best Ice cream cake we have found.  Nasto’s Olde World Desserts located in the Iron bound section of Newark has by far the best, freshest, tastiest ice cream cake we have found.  they make it with Vanilla,chocolate, and strawberry ice cream.  Sandwiched in between Real chocolate fudge and nuts. Now Nasto’s is much more than just ice cream cakes just take a look at there website www.nastoicecream.com Some of you may feel that the trip may be out of the way, but just go once and I’m sure it won’t be your last.

The question of when is the right time to purchase a home is one many people ask themselves, and others over and over. The problem with the answer is it isn’t the same for everyone. With all the media coverage focusing on current market conditions there is alot of information that the media chooses to leave out in the pursuit of headlines. While currently prices have stabilized or gone down in many areas, and the concern is that this downward trend will continue for some time. They forget other more important facts for anyone who is looking to purchase a home.  FACT, interest rates are still at all time lows and that added with the recent market conditions allows a buyer to make a more affordable choice compared to just a few years back.  FACT, over the long term home prices have increased everywhere as has everything else. In 1998  You could have purchased a well kept single family home in towns like Belleville, and Bloomfield N.J. for around $ 165,000 now thoses same homes even with the current market conditions would sell for $ 300,000. sounds like a good investment to me. FACT, by the time the media starts reporting on positive market conditions prices will have already started going back up. While it is clear that for someone looking at a short term investment it maybe a risky time to buy (short term meaning they plan on reselling in less than 2 yrs) Families looking for a place to call home and create life long memories, there has been no better time in the last 5 yrs than right now.

Welcome to Kenneth Ufret’s Blog! This blog will provide you with valuable information, tips, and general insight into the real estate market in West Orange.