Sandra Bolcar

Chandler, In trying to answer the relevant thread about buying a home vs. not buying a home and staying on course about the valid points of home ownership, my comparisons to the English pound don't have too much relevance anymore since English joined the Common Market during this time and everything changed. Nothing is equal - check out the cost of a cup of coffee, a pound of butter or a gallon
of fuel. Even if you made a killing in Microsoft stock, you still need a roof over your head. How you choose to do that is your business. However, we have been loosing sight of the point here.
Let's stick to using our E.Q. instead of the I.Q. - I'm taking Trulia Roger's advice and taking the high road - and hightailing it out of here.
T.T.F.N. (that's Ta,Ta for now) - Sun May 18 2008, 19:10

I realize now that some of the most zealous non-realtors responding to this particular thread are the naysayers with all the answers. However, if everybody listened to them, we would be back in a feudal society renting from prosperous landlords ruling the land. When I said the American Dream of property ownership, I meant the macro mass not the micro percentage of over-mortgaged/declining value properties escalating in the marketplace.
I have been an agent for almost 30 years and I work with the interest of my customers above my own working 7 days a week showing as many homes as necessary to find the "perfect fit." Most of my customers are grateful and that is rewarding. I take objection to anybody who insults our profession based on a small percentage who could give our industry a bad name. You don't have to be a brain surgeon to be a realtor, but you needs loads of personal skills thats transcends sitting behind a desk jiving numbers.
Thanks, Bill Jacobs, for your logical thinking. To answer a couple of earlier comments from Chandler and John, there is never a perfect time to buy or sell real estate because housing is a necessity not always a luxury. You don't need Economics 101 to figure that out. And yes it does depend on the area. Montclair NJ is a relatively healthy market where some towns next door are idling. There is no rhyme or reason to the real estate market --it's like water seeking it's own level. Economic up turns and down turns are always going to part of our economy. Anyway, what is the alternative? Do you have an answer?
To respond to your cheeky comment, the people who purchased my parent's home in 1987 for $250,000 sold it for $480,000 in 1999. I don't think they were really thinking that much about how much more my parents prospered when they bought it. I will always advise people to buy their shelter first and then invest in other stuff. Interest and taxes are income deductible and if the home does happen to appreciate relative to how much you have spent on I.T.I. and added income tax savings let's say over a 10-year span, then you have basically lived for free - BUT YOU ONLY REALIZE THIS WHEN YOU SELL. So you sell low and buy low or sell high and buy high. What's the differerence unless you are 1st time homebuyer. It's just too darn complicated for the lay person to wrap their head around.
Let's get a bit more technical. My parents sold their home in England in 1968 for 8,000 pounds when we emigrated and the British pound was worth $2.50 to the dollar (deflated more than it is now.) My father had $20,000 in purchasing power in the U.S. In 2000, our old house in England was selling for 550,000 pounds (roughly $1.1 mil for a 1,800 s.f. home). Now put that in your hat and smoke it!!!™ (An old English idiom for those not in the know) Should we should have stayed in England? Not on your Nelly!™ Changing countries, owning a home-- it's a lifestyle we chose without a crystal ball. It's a dream in any country, any language.
So, crikey mate, just keep renting and we'll be happy to sell real estate to the investors who rent to you. By the way, what happend to my Lucent stock??


Check active/sold prices in your town (Northern NJ only)
http://www.homeinsight.com/Widget/default.asp?WK7JL36V3VLE - Sun May 18 2008, 14:42

Is anybody old enough to remember 1990 (Gulf War) when the real estate market was D-E-A-D!I I survived that decline for 5 years. Remember 1981 when mortgage rates were 18% (but not 100% financed). This is the fourth cycle of decline in 30 years of being an agent. We live through the bad times just like everyone else. Every seven to 10 years the market pulls back. This time just seems worse because of the over financed homes people are walking away from. Inflationary mortgages. People losing their jobs. However, homeownership is part of the American Dream--no matter what market conditions are. - Fri May 16 2008, 23:14

Hey John,
Everything you said is true! Why does it hurt so bad for people to know it. Wow, my parents are still mad over paying $25,000 for their home in 1968. They could have bought it for $22,500 in 1969!!!!
They laughed all the way to the bank when they sold it in 1987 for $250,000. Prices fell in 1988 and they would have only gotten around $200,000 but they bought a home in Florida for $100,000.
Get the picture!!! Historically speaking!!! - Fri May 16 2008, 22:02

By the way, sales are up 2.3% last month in New Jersey. My last six offers this month have all been in a multi-bid and I landed only half - most over price. My own listings have been multi-bids of at least 3. Okay, prices have stablized but it's only a buyer's market right now on homes that are over priced and in not so good condition. We may not represent the rest of the country but New Jersey is No. 2 in the nation for sales recovery. - Fri May 16 2008, 21:30

The time to buy is before it is too late. When is it too late? You'll only know that when it is too late!
Old motto: The time to buy real estate is today not tomorrow. If you plan to buy and hold, why not?
Renting does not give you write-offs if you are in a higher earning bracket now or in the future.
Don't try to over anyalyze the market - there are good buys out there right now. If you have good credit,
your're in the driver's seat.
Good luck and don't wait too long.
Sandra Bolcar, Broker Associate
RE/MAX VILLAGE SQUARE
Upper Montclair, NJ 07043
973-744-7722
Check out the prices on active and recently sold homes in North Jersey here;
http://www.homeinsight.com/Widget/default.asp?WK7JL36V3VLE - Fri May 16 2008, 21:09

The other realtors have done a good job in explaining that it takes 3-5 years in general to pay off points. You would have to see the difference in the payment and whether it was worth it overall buying down the interest rate and how long you plan to stay in the home. You have to be careful about mortgage agents telling you that they will refinance you for free in one or two years to get a better rate, etc. because then paying the points just became redundant --you are starting from scratch all over again. You must stay in the same loan to take advantage of the buy down points paying themselves off in 3 years or so.
If you really figure out that you are prepaying interest at today's dollars instead of over the next five years - that has another impact but the points are tax deductible in the year you pay them. Okay, it gets really complicated. Best to figure out if you need the write-off now or for future earnings It's best to talk to your accountant. They may shed some light on whether it's worth it - since that was your question.
Good luck.
Sandra Bolcar
RE/MAX VILLAGE SQUARE
Upper Montclair, NJ
973-744-7722
sandra@thecrosskeysteam.com - Sat Apr 12 2008, 11:21

Hi Bill:
Is this a web based program? If it is desktop, then you could be limited and you would have to use Outlook as your e-mail to generate drip campaigns - if they have them. For $29.95/month I use Top Producer 7i which is hosted by TP and you can access it from any computer. It's web based and has many add-on products for marketing campaigns. It does just about everything you will want in the real estate business. I have used them since 1991, and although I have often looked at other products I think I would like better, I have not switched. They have improved over the past 5 years. Check out http://www.topproducer.com
Outlook and ACT can be customized for real estate and there are companies out there that do this.
Good luck.
Sandra Bolcar
RE/MAX VILLAGE SQUARE
Upper Montclair, NJ 07043
973-744-7722
sandra@thecrosskeysteam.com - Mon Apr 7 2008, 06:35