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HomeRun Homes is a centralized marketplace which helps people Find or Sell a Rent to Own Home, both Nationwide and Globally to the thriving Rent to Own Market. http://www.lease2buy.com
Showing posts with label real estate. Show all posts
Showing posts with label real estate. Show all posts

June 23, 2011

5 Rules and 8 Factors

Hi Folks,
   The "Dog Days" of Summer are upon us, and the humidity is coming (take cover !!). Some folks might look at the odd title of this story and scratch their head, but I will explain.

   There were two very recent stories that intertwined quite well, regarding the new playing field of Real Estate, coupled with some old-school things that should not be overlooked.

   In the story, "5 New Rules of Real Estate", by Ilyce Glink for CBS MoneyWatch and on Yahoo Real Estate, the Author names these rules as follows: "R.I.P., Big Housing Price Jumps", "Mortgage Lenders: Just Not That into You", "The Best Deals Are in New Places", "Investing? Focus on Income", and "Time to Think Medium Term ... at Minimum". In summary, the days of huge jumps in prices are gone, lenders are lending in super-risk -averse mode, properties in areas that are not overloaded with foreclosures will be good deals, buy and rent some foreclosure properties for income, and a 7-10 year plan is important when buying a property in this market.

   The other story, "8 Factors That Devalue a Good Home", written by Janet Fowler, and which appeared in the Yahoo Financially Fit section, brings up some important points for sellers looking to get out from under their home. As mentioned by Glink, "Homeowners are desperate for the housing market to rebound -- especially the more than 25 percent who are underwater with their homes".

   Fowler mentioned the old "Location" adage, warns about "Good Renovations Gone Bad" (shoddy DIY work), overly creative customization (pink walls?), and unappealing curb appeal (keep the outside of the home neat!). Rounding out the 8 factors are, "Pets Gone Wild" (carpet damage, etc), "Not-So-Nice Neighborhood" (Crime), a Sinister Reputation (a murder in the house), or, "Frightful Foreclosures". This last one is really important, especially in today's housing market. As Fowler says, "Many buyers are leery of purchasing foreclosures that are being sold on an "as-is" basis.", and she adds that the fear is that, "the home could be a money pit or require a huge amount of repairs before being move-in ready.". She advises that it is crucial that you get a home inspection so that you know, "exactly what you're getting into."

   Glink comments that she does not believe there has ever, "been a better time to buy a home" saying that 30-year fixed-rate mortgages, "can be had for less than 5 percent". She also says that it seems, "everyone wants the real estate market to get better", including those hit the hardest...Realtors, Builders, Appraisers, and Homeowners themselves.

   What are your thoughts on these suggestions and overviews?

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #realestate #mortgagelender #foreclosureproperties #realtor #builder #appraiser

June 16, 2011

The Connection Between The Producer Price Index And Housing

Hi Folks,
   As another week draws to a close, we take a look at an indicator that we have not discussed here, and that is the Producer Price Index (PPI), which basically looks at goods in varying stages of production. The Producer Price Index for finished goods rose 0.2% in May (following increases of 0.8% in April and 0.7% in March), so it appears things are headed in the right direction, however, what does this mean for the Housing Market?

   "On the surface the Housing Market should have the potential of having a large impact on PPI since it represents a large portion of the U.S. economic engine", says Lynn Grantham of St. Johns, FL. Grantham points to the "lack of strength in the Housing Market since 2008", and says that the remaining inventory of unsold homes, "including the large number of foreclosed properties that lenders are still sitting on should translate into a dampening impact on the PPI."

   Another point, which was raised by Barry of Alvic Management, is that higher producer prices, "increase the cost of construction materials and should slow new construction, which may make existing homes more valuable because it's harder to recreate them."

   What is your view on this index? How inter-related is it to the Housing Market and the Real Estate Industry? We'd love to hear your opinion.

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #PPI #realestate #foreclosed #construction

June 14, 2011

Real Estate Snapshot Of Long Island and New York City

Good Morning,

   Welcome back !

   Today, on a personal note, I was born and raised in Queens, NY (Howard Beach), and currently reside in Long Island, NY. My business has no physical boundaries, as our website covers every state and multiple countries around the world, however, as a homeowner and a local business owner, I like to keep my finger on the pulse of the housing market in this part of the world. Today, I'd like to focus on the Long Island and New York City markets, and I spoke with some local folks for their perspective on how things are going. I can tell you this;

   There has been a, "A marked upswing in the past couple of months, contrary to local newspaper articles", according to Janet M. Maffucci, an agent with Netter Real Estate in West Islip (an office of approximately 40 agents). Maffucci bolsters her claim with the yard stick of "sides", which she explains as parts of a transaction. She explains "sides" as follows: "For instance, if I get the Buyer for an "in-house" Listing (belongs to someone else in the office), that would be 2 "sides" for Netter RE because my office brought the Buyer AND its our Listing. Sometimes you just Sell an outside Real Estates Listing, so we would then have just 1 "side" of that transaction. So all together, we add up all these "sides" of transactions that the Sales Agents are involved in on a daily basis.". As for quantity, at the "height" of the Market in 2005-2006, Maffucci tells us she had, "40 sides on the "board" at any given time", but in the, "depths of the Market crash", she says, "we dipped into single digits". Maffucci proudly says that they are back up to 39 sides for the past few weeks, to which she concludes, as a, "definite upswing in the Real Estate Market".

   In terms of pricing and value, Erik Reilly, a Broker Associate with REMAX Shores in Oceanside, weighed in and said that he believes that, "Long Island values have come in for a "soft landing" however affordability has never been better.". Reilly says that with the low interest rates are with "prices down 20-25%" that there has, "never been a better time to buy for the long term." he does caution that Values may come down some more when interest rates rise or if more "distressed inventory (REO and short sales) puts downward pressure on values", but still believes that the cost of owning right now, "has never been better.". To the people who say, "you can't get a mortgage these days", Reilly says that this is incorrect, and adds that you can get a mortgage with a job and "decent credit".

   Lori Beldiny, an Associate Real Estate Broker with Coldwell Banker in Suffolk Country, says that as an active Associate Broker for 20 years, she has seen "many types of Markets". Beldiny says that currently, "our climate is strained with the negative press from media and challenges of our lending community.". She reminds us that last year at this time, the Government offered a $7,000 Tax advantage, which she says, "created a positive atmosphere for buyers who were actively looking but became real instead of tire kickers." As for today, as far as the Spring is concerned, it is, "opening up to a slow start.", and she points to the the "weather and lack of confidence" for the reasons. Beldiny says, however, that Realtors realize the timing now is "awesome", and that, "Money is cheap to borrow and supply of homes keeping prices at all time low's."

   In terms of our neighbors to the West (8 million + !), inventory is tight, says Jennifer A. Chiongbian, SVP & Licensed Associate Broker with Rutenberg Realty in New York City. Chiongbian says that, "extremely tight inventory has left prospective renters left with no choice but to pay higher prices and left with almost nothing to choose from.". As an example of how tight the inventory is, she say that Manhattan is, "already known to have an average of a 1% vacancy rate; at times a bit higher, at times slightly bit lower.", and says that currently, "we are boasting a .69% vacancy rate" (which, she adds, spans data from 39,000 buildings from 96th St. to Battery Park; which is considered prime Manhattan area). In contrast, she tells us that at this same time last year, they were averaging .98% total vacancy. Her prediction; "The peak summer rental months are just beginning, and from what I can see out there, there will be no respite from this rental gouging until September, so hang onto your hats!"

   Based on the "on-the-front-lines" information that was provided above, things don't seem as bad as the media would like us to believe. Are you a local Long Island or New York City Realtor or Investor? What's your take on our market? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #longisland #NYC #realestate

June 2, 2011

Current Building and Construction Trends

Hi Folks,

   Another week in the books, and a hot/humid one it was, at least here in New York.

   On the topic of Building and Construction Trends, the market has changed for sure! Jim Rasche, owner of a Contracting/Construction Management Company, says that for over 43 years, he has seen it all, and in terms of the housing/building/construction market, he reflects on just a few years back when, "the money was flowing", and, "the market for all types of construction investment knew no bounds". As we all know, that has ended. Melanie Taylor of Melanie Taylor Architecture, says that Condo conversions have halted - places converted in 2007 are still on the market. So, with the "Good Old Days" behinds us, today we'll be looking at some of the latest building and construction trends.

   Lydia Player of Virginia Cook Realtors, says that the homes that are, "successfully being built and sold are smaller. No one wants a home over 6,000 square feet." Player says that she sees this trend as, "a function of downsizing and simplifying."

   Rasche adds that the money for new projects was "dried up" for several years, but he says that there are signs of loosening up, "as evidenced by the sporadic requests for proposals I am getting from private entities." He says, however, that these projects are primarily, "renovations and restorations of existing as commercial building owners attempt to update their facilities without incurring long term permit processes and expensive ground up development."

   Jeanette Chasworth, A Certified Interior Designer, says that people doing more remodeling, and she says that one of the key areas is, "Aging in Place". Homes that are being built are more, "accessibility oriented" and many of the new retirement communities are using this as a key feature in their designs. Chasworth says that many homeowners are making their current homes, "more accessible so that they can stay in them longer and avoid the high cost of assisted living."

   Rasche concurs, and says that there are more and more owners making do with what they have and updating facilities (both commercial and retail) to, "maintain user interest in their facilities". He says that the public sector, however, "is going strong as new projects for heavy and highway and buildings are going out for proposals daily. The ARRA has funded many of these projects and they are now becoming reality." Rasche points to a very interesting morsel of information: "In 2006, there were at least 60 tower cranes on the skyline of downtown Miami. Today you would be hard pressed to find just one! Construction unemployment is listed as being around 20% but I know for a fact that the unemployment among construction management staff is at least 40 to 50% in this area."

   In line with some of the trends discussed above, Cas Mollien CIO of Foram Group, says that you need to, "differentiate from competitors and bring something new and exciting to the market place.", and he provides the example of one of his properties that they redesigned. As Mollien describes it, "We decided to design the new property in a way that we would like real estate to be constructed for current day businesses, with full business continuity in mind. The conclusion of our ideas is a building with unsurpassed business as well as environmental benefits."

   Mollien hit upon a very important trend; Environmentally Conscious, or, "Green". Kevin Costenaro of The Augusta Group, says that the, "most glaring trend we are seeing is that of going "green.". He says that nearly every one of his clients for the past 2-3 years has at least, "inquired about the use of alternative heating & electrical systems, if not actually had them installed.", and that, "We have installed a combination of geothermal systems, wind power systems, solar PV systems, and/or solar thermal systems on 50% of our projects." Interestingly, Costenaro says he, "does not see any evidence that these trends are due to economic reasons but rather a feeling of wanting to be better stewards of the environment."

   One other feature that Cas Mollien mentioned is that they decided to, "approach network connectivity as a fourth utility", by offering, "massive amounts of scalable and redundant bandwidth directly to one of the nation's largest Internet Exchange Points (IXP's).", which, he says, "provides an unsurpassed experience to our tenants, allowing them to use the latest in Cloud and mobile technologies, as well as an unrivalled choice in carriers, service providers and connectivity options." This sounds like a trend that could possibly build up more steam over time.

   What are your thoughts? What kind of trends are you seeing?

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com


TAGS: #Construction #CommercialBuilding #RealEstate #Green

May 31, 2011

Foreclosures Flooding The Market And Diluting Prices

Good Morning,

   Hope you are making most of this short week (short for the lucky ones).

   The woes of the housing market surface and resurface in many different ways. The S&P/Case-Shiller Home Price Indices were just released, and the numbers indicate that home prices in the Nation hit a new low in Q1 of this year. The figures showed a 4.2% drop, along with a, "new recession low" with the latest data. Additionally, home prices posted an annual decline of 5.1% when compared to Q1 of 2010. The release of these figures from Standard and Poors indicate that, "Nationally, home prices are back to their mid-2002 levels."

   "There's a three-year inventory of homes in foreclosure for sale, and that's devastating home prices.", says Les Christie, in a story titled, "Foreclosures for sale: Big supply, low prices", in a story on Yahoo Real Estate/CNN Money. The story points to data from RealtyTrac, and says that more than half of homes sold in Nevada are, "in some stage of foreclosure". California and Arizona are not far behind, with foreclosures representing 45% of sales.

   Rich Sharga of RealtyTrac was quoted very accurately as saying that this, "is very bad for the economy.".

   Homes, such as REOs (bank-owned homes), are selling dramatically lower than comparable properties, at an average of 35% less, per RealtyTrac. On the high end of this data is New York State, with a 53% discount for REOs in Q1. It is also worth mentioning short sales, which average at a 9% discount.

   Sharga says that it will take 3 years to sell the nearly 2 Million distressed properties, and about 2 years to clear out the REOs, to which he says, is, "without any new foreclosures at all coming into the system."

   This goes along with the S&P/Case-Shiller figures, where Minneapolis, for example, posted a double-digit 10.0% annual decline ("the first market to be back in this territory since March 2010 when Las Vegas was down 12.0% on an annual basis."). Always eager to end on a bright note, Washington DC was the, "only city where home prices increased on both a monthly and annual basis."

   Where do you think we'll go from here in terms of home prices and inventory?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #foreclosure #realestate #REO #shortsales

May 22, 2011

Fear Over The Closing Of Escrow Process?

Good Morning,

   Monday has rolled around today, and summer is fast approaching (WOW!).

   On the topic of "Heat", one of the times we sweat to most is during Closing on a property. As on Ron J. Kuhn, a Sr. Mortgage Planner, says, "Closing" or settlement or "escrow" is listed as one of the top ten problem areas that occurs in a real estate transaction. It is probably the least understood, and most feared, aspect in a property purchase. Misunderstandings about closing costs can result in hundreds or even thousands of dollars of needless expenses, and put seemingly solid deals at risk". If that's not enough to make you sweat, let's examine this topic today.

   "In general: The process is dependent upon conditions set by the lender", says Nigel Swaby of Primary Residential Mortgage, Inc.. Swaby says that the conditions are quite often set by the investor that will, "end up buying the loan on the secondary market.", and adds that With loan buybacks becoming more prevalent, "this is very, very important as no originator wants to buy back loans that can't be sold." Susan Anderson, a Broker with Inspired Real Estate, adds that, "The closing process is generally the same in any transaction, but there are some definite differences depending on whether the transaction involves a traditional sale, short sale, or REO (foreclosed property), as well as whether the(re) is financing involved or the purchase is all-cash."

   As you can imagine, each state has their own unique process, and as Swaby says, "State law will impact the closing process.", and provides the state of Maryland as an example. "Maryland has transfer taxes that are levied on buyer and seller.", he says, but adds that the state specific requirements are "handled by the closing title or escrow company."

   Anderson says that one thing that is unique in California is that, "in Northern California, the escrow and title are usually handled by the same company. In Southern California, they are often different companies. Also, the buyer gets to pick the escrow/title company and the offer negotiation determines who pays for it (usually 50/50)." She says that usually, the escrow officer is in the local community, but says that, "However, with an REO, the selling bank usually picks the escrow/title, but they also pay for it, saving the buyer a big chunk of money. In that case, the escrow is most often handled by a company out of town who is working in a 'bulk' arrangement with the seller."

   Timothy G. Kearney, a Real Estate Attorney in Connecticut, says that Connecticut is an "attorney state" which means, "attorneys do the closings as opposed to an escrow or title agent in a title state." He says that the rules, "can vary from county to county but are, for the most part, standard." Kearney says that the normal process starts with the Execution of a P&S Contract, passes through title search, scheduling of closing, and then all of the settlements and figures are compared and adjusted, ultimately reaching the closing and conveyance of security deeds.

   Anderson says that, "as an agent, I prefer having someone local handle the transaction as it provides the ability to meet face-to-face if a problem arises.", but says that "one of the very best, pleasant, most efficient escrow officers I ever worked with was a woman in Southern California assigned to an REO transaction. And, of course, in California we do not use attorneys as part of the closing process. The real estate agent and broker are responsible for the entire process. I believe have the most rigorous broker license testing in the US."

   Kuhn adds the following comment about the Closing: "This final step to your purchasing a home or property can go smoothly if you take a few precautions beforehand. Knowing what questions to ask and reviewing all documents well in advance of the closing day will prepare you for a hassle-free and smooth closing.

   Good sound advice and good information. Tell us about your state's procedures and what are your suggestions. We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #escrow #realestate #REO #foreclosure #California #closing

May 17, 2011

Big City, Big Rent? Think Again

Hi Folks,
   Glad to have you back today!

   Quite often, we hear people say that the Rent is too high (we even heard a potential political candidate run on that platform a while back!). Well, yes, Rent can be quite high, but as everything else in life, it's all relative.

   Venessa Wong for Bloomberg Businessweek ran an article titled, "The 10 Worst Cities for Renters", which ran in the Yahoo Real Estate Section, which took a look at how "much" is rent, relatively speaking. In the article, Wong states that over the past few decades, "...rent levels grew faster than renter income.", and that the amount of income, "apportioned to rent" has grown dramatically over the past fifty years. Wong cites research by Harvard University's Joint Center for Housing Studies, which shows that, "In 1960, about one-quarter of renters in the U.S. were at least moderately burdened, including 12 percent with a severe burden", and by 2009. the rate doubled to nearly half of renters with at least a moderate burden, including 26 percent with a severe burden.".What this means, as stated in the article, is that nearly half of renters pay more than 30 percent of their monthly income for rent, including 26 percent that pay more than 50 percent of income.

   Taking this data into account, which are the worst cities for Renters? Wong states that it’s not necessarily the most expensive cities that are to blame (and as you will see, not the biggest cities, either).

   Here is the list of the top 10 metropolitan areas ("toughest U.S. cities for renters"), ranked by the percentage of tenants spending more than half of their income on rent, per the article:

No. 10 Metro: Bridgeport, Conn. - Renter households with severe cost burdens: 30.5%
No. 9 Metro: Toledo, Ohio - Renter households with severe cost burdens: 30.8%
No. 8 Metro: Orlando - Renter households with severe cost burdens: 30.9%
No. 7 Metro: Memphis - Renter households with severe cost burdens: 31.6%
No. 6 Metro: Akron, Ohio - Renter households with severe cost burdens: 31.8%
No. 5 Metro: New Orleans - Renter households with severe cost burdens: 31.8%
No. 4 Metro: New Haven - Renter households with severe cost burdens: 32.7%
No. 3 Metro: Detroit - Renter households with severe cost burdens: 32.8%
No. 2 Metro: McAllen, Tex. - Renter households with severe cost burdens: 33.1%
No. 1 Metro: Miami - Renter households with severe cost burdens: 34.2%

   A quick glance at this list might make you wonder: What about New York City? Los Angeles? Chicago? This might change your perception; as the title suggests, "Big City, Big Rent? Think Again". The forecast in the article mentions that, "increases in rent levels are expected to continue outpacing income growth. Demand for rentals also may continue to grow as the preference for homeownership changes."

   What are your thoughts? Have you calculated rent as a percent of monthly income in your area? What was the percentage and what area did you calculate it for?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #rent #realestate #miami #renter

May 10, 2011

Big Discounts Equal A Pending Buyer Frenzy?

Hi Folks,

   Welcome back!

   With the housing bust, it makes logical sense that there are bargains to be found out there, of course, however, I read an article that I'd like to share with you that shows just how large the discounts are !

   There was an article on Yahoo Real Estate titled, "Cities With the Biggest Home Discounts", which was compiled using a Home Offer Report that is generated by Trulia (for nonforeclosure properties). The analysis was broken down based on price cuts and organized into 4 metrics: "average number of days on the market before first price reduction, average discount during the price-cut period, probability of a second price cut, and the total percentage of for-sale properties of which prices have been reduced at least once.". Using the breakdown, Forbes ranked 50 cities to determine largest activity in terms of overall price reduction.

   The "biggie" was Phoenix, Arizona, with, "residential prices down nearly 45% since 2006.". When you add in the high foreclosure rates and the large vacancy rates, sellers are certainly in a pickle, which gives homebuyers the upper hand. Overall, Arizona fared the worst, with Phoenix, Mesa, and Tucson all included in the top 10 for largest discounts.The other cities after Phoenix that round out the top 5 with the biggest discounts are Mesa, Minneapolis, Long Beach, and Baltimore.

   One of the factors, how long a home sits on the market at the original sale price before the first price cut, was just 48 days for Phoenix, but 80 days for New York City, which was coined as a "robust" market.

   What does this all mean for us? Well, if you are selling a nonforeclosed home, you need to cut your prices to compete with the distressed properties that are selling for a "15% to 50% discount". Las Vegas, which is referred to as, "the nation's foreclosure capital", made the list at #7.

   If you are selling a home in one of these areas, you have decisions to make. Do you slash and burn your price, do you site on your price and wait, or do you look into a Rent to own agreement? This decision will be based on your position in life; are you sitting on a ton of equity, or do you need to cut and run fast? Can you rent out the home with an option to buy, while covering your mortgage payments monthly as you wait for the market to turn around?

   What are your thoughts and comments on this extremely interesting story?

Have a Great Day, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #realestate #renttoown #Phoenix

May 8, 2011

Rent vs Buy Index In Relation To Rent to Own

Hi Everyone,

   Hope you had a fantastic Mothers Day (if you are a Mom), and a great weekend. As always, I am overjoyed to have you back with me.

   Real Estate website Trulia.com has released it's Quarterly Rent vs. Buy Index, which analyzes the affordability of either Renting a Home or Buying a Home (per Trulia, "a two-bedroom apartment, condominium or townhouse") in 50 major U.S. cities.

To summarize some of the results (per Trulia):

* "Falling Prices and Rising Rents Make Homes More Affordable in Q2 Versus Q1. Current market conditions consisting of steadily rising rents, falling home prices and low mortgage rates have tipped the rent versus buy scale in favor of homeownership."

* "Since last quarter, buying a home has become more affordable than renting in nearly four out of five (80 percent) major cities; only in New York, Fort Worth and Kansas City was renting a less costly option than buying."

* The "Rent vs. Buy Decision in Coastal Cities", such as Los Angeles, Seattle, Boston, San Francisco, Portland and Oakland, "Depends Less on Home Affordability", and "More on Personal Finances"

   Let's take a look at this from our vantage-point; what does this mean for Rent to Own ? Basically, if Renting costs less that Buying the home outright (and paying off a monthly mortgage), then Renting to Own would certainly be advantageous. If Renting costs more than Buying, then this would come down to a decision based on Personal Finances, just as Trulia eluded to in the story.

What are your thoughts on this topic?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

May 1, 2011

Audio File From Cleveland Radio Interview

Hi Folks,

   Hope you had a great weekend. May is here, and Spring is in the air, flowers are blooming, and all of that good stuff !

   Some of you had contacted me regarding the interview that we did on WELW Radio (Cleveland) back on April 23rd. For those of you who commented, I value your feedback and your kind words. What each of you said to me regarding the interview means more to me than words can even express!

   For the other readers who were requesting an Audio file of the Rent to Own interview, we have attached the file to this Blog post, as well as made it accessible on our website at this exact link: http://www.lease2buy.com/press.php#thtwelwcle042311 (it should be at the top of your screen, and all you need to do is click the little Play button).

   As a side note, we were just cited as, "Realty Experts" on the popular "ELocal" website, and the link for this citation is located here: http://www.elocal.com/blog/elocal-blogoff-panel-of-experts-7

   We are glad to have our name and our services in front of all of those people out there that feel there is no hope to buy or to sell a home...there IS an option, and it is "Rent to Own"!.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

April 20, 2011

On The Radio Saturday - Cleveland Station WELW 1330 AM

Hi Folks,

   I will be interviewed live on a local Cleveland (Ohio) radio station (1330 AM WELW), and the interview will also be streamed live at http://www.welw.com/programming/webcast.html. The broadcast is on this Saturday Morning, April 23rd, at 8:30AM ET. I'll be discussing Rent to Own Homes, along with the pro's and con's for both the Buyer and the Seller. The program is titled, "The Home Tool Box", and I am slated for some point during the broadcast (close to the beginning), I believe.

As always, be sure to listen in for some great tips, and thanks for your support !

Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

April 18, 2011

HomeRun Homes Purchases HomeRunHomes.com Domain Name

Good Morning All,

   We are glad to announce that after a long and drawn-out bidding war, we have purchased the HomeRunHomes.com Domain Name, and basically, this means that both Lease2Buy.com and HomeRunHomes.com can be used interchangeably to access our website.

   For all of those of you that have yelled at us for not buying it when we first started 9 years ago, the Press Release that has been circulated should explain why !

Please Read Below:

For Immediate Release:

Robert Eisenstein
HomeRun Homes
(631) 676-3609
(631) 574-2420
http://www.Lease2Buy.com

HomeRun Homes Purchases HomeRunHomes.com Domain Name

Lake Ronkonkoma, New York, April 18, 2011 - HomeRun Homes (www.Lease2Buy.com), one of the largest online marketplaces for Rent to Own Homes, has announced that they have won the long bidding process for, and were cleared to purchase, the domain name HomeRunHomes.com.

Clearing up Confusion - Disparity Between Company Name and Domain Name

HomeRun Homes was incorporated in New York State in 2002, by it's CEO & Founder, Robert Eisenstein. Eisenstein purchased the domain name of Lease2Buy.com when they first opened their doors, because, as Eisenstein says, "the keyword terms of rent and own were not available, so we reserved the name with the alternate keywords of lease and buy, thus, lease2buy".

Eisenstein says that one major issue that emerged over time was that fact that when people "hear" the name "HomeRun Homes" they usually just, "add a .com to then end of it and assume that is our website". He says that, "95% of the time, that is the case, but it's that 5% that we also need to accommodate."

The domain name of HomeRunHomes.com was owned by an investment firm and was "parked", which means that it was basically sitting and waiting for offers. Eisenstein says that after a long-bidding war against a few other investors (different investors that were trying to outbid him), the firm paid a, "substantial amount in the after-market for the domain name", which now auto-forwards to Lease2Buy.com, and thus, both Lease2Buy.com and HomeRunHomes.com can be used interchangeably to access the services of HomeRun Homes.

HomeRun Homes, which is approaching their 9th anniversary, if often billed as "The" Rent to Own Homes Marketplace", and the website unites both buyers and sellers of Rent to Own Homes via their classified ads.

For additional information on the topic, "HomeRun Homes Purchases HomeRunHomes.com Domain Name", please visit http://www.Lease2Buy.com

ABOUT HOMERUN HOMES

Founded in 2002, HomeRun Homes is a Centralized Marketplace which helps people Buy or Sell a Rent to Own Home, a Commercial Property, or to offer Home Services nationwide and globally to the thriving Rent to Own market

- END -

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

April 13, 2011

Why Should Baby Boomers Move To Your Town?

Hi Everyone,

   We're glad you're here with us today.

   OK, so our goal was to open the floor and have you give us some top reasons why Baby Boomers should move to your town. The response that we received via multiple channels was great, however, we received a large amount of people just pitching their areas, along with some international recommendations, but the focus was on Baby Boomers. With that being said, we bring to you the input that was actually of use for this post.

   "Baby boomers want to buy in Los Angeles because they have a choice of city or suburb", says Chantay Bridges, a Senior Real Estate Specialist with Clear Choice Realty & Associates. Bridges says that there are "tremendous deals", "bang for your buck, tons of inventory, and more "choices for you and your family." She states that, "Even multi-million dollar properties are on sale in LA. A few years back certain neighborhoods were unattainable, not anymore."

   Another city in California that was mentioned is Petaluma. Martha O'Hayer, a Realtor with Coldwell Banker, says that she loves Petaluma, and she has, "relocated several 'retired' folks" there. O'Hayers says that they go there to "be close to their kids without being in the hustle (or the expense) of Marin County."

   O'Hayer says that they, "just don't stay retired very long. There's tons to do and the pace of this incredibly beautiful area gets creative juices flowing again.", and she gives the following examples: "One client wrote her 2nd book, another retired client is so involved in his bike club he's gone many hours each day. Another retiree is a docent for the 3rd grade outdoor wetlands program."

   O' Hayer points to the fact that "Compared to Marin county and San Francisco county, your home dollars will go much further in Sonoma County and Petaluma specifically.", and says, "Travel and Leisure Magazine named Petaluma "one of the Nation's Top Ten Getaways near a major city, and that, "Sunset Magazine just named Petaluma "perfect small town". She adds that Petaluma has, "music, arts, Michelin rated restaurants", and that it is, "less than an hour from San Francisco." In terms of confidence in their respective areas, Bridges says that, "LA has the resources for everyone's hobbies, clubs and activities, including yours.".

   Did we miss your town? Is your town, "Baby-Boomer" friendly? Thing of the demographic and then think of the weather, proximity to stores, etc. What do you think?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

April 11, 2011

Property Taxes, Up or Down?

Hi Folks,

   Hope you had a great weekend. As always, honored to have you back with me today.

   Property Taxes - up or down? That is the question that we will be examining today.

   "Property taxes must head up. States are running huge deficits and they need to be funded somehow.", says Howard M. Rosen, a CPA with Conner Ash P.C.. Rosen goes on to say that since property taxes are, "generally the greatest revenue source for a state this is the only way a state can make a dent in its deficit", and adds that, "the federal stimulus payments to the states are about to end so this lack of federal funding must also be made up", and therefore, "In short, property taxes will rise and will rise sharply."

   David Nykanen, a real estate attorney, says that a majority of his practice is representing owners in property tax appeals, and he says that, "Many communities in Michigan, frankly, are running out of money to process refunds when I am successful in lowering a property taxes. So, you would think the natural response would be to seek a higher millage rate, to increase taxes overall. However, given the economy, many of those communities that have attempted to raise millage rates through elections (which are required) have been unsuccessful". The forecast from Nykanen is as follows; "in the short term, I see property tax rates holding steady, with perhaps some communities slightly raising rates. And for those who challenge their assessments, I see the property tax assessments going down, lowering those owners overall tax obligations."

   As we all know, the issue of taxes, and especially property taxes, is always a hotbed for debate. Mike Arman, a Florida resident and "property tax payer", says that, "Taxes are like crack cocaine for governments - the more they get the more they want", and that even though, "the assessment goes down the millage (and net tax) goes up". Arman sees taxes going Up ("Way Up"), and uses an old Chinese expression: "The government grew fat, the peasants grew lean".

   What are your thoughts on this? Do you see property taxes going up or down in your state? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #propertytaxes #assessment

April 6, 2011

Survival Tips for Moving with Children

Hi Folks,
   Welcome back. Today, we will be discussing a topic that, for those of you who have children, may cause and increase in your anxiety level. That topic is moving when you have children, and how to survive the process, and we have checked in with quite a few people who have gone through this for their perspective and tips.

   Nikole Gipps, who has moved from California to Oregon when her children were young (her son was 2 months old and her daughter was 3 years old), suggests that you, "Pack as if you're going on a vacation to someone else's house for 7-10 days.", as she says, "You never know if your moving containers will get delayed, so you don't want to be stressing about your child's blankie or clothing for the family." Gipps suggests that you get your kids excited about the move and all of the things that await them, as if it were "an adventure, not a burden."

   Diane Easley, of Easley Real Estate, reminds us that children are also stressed about the move, and as she says, "Even more so if there is a bad reason for the move, like divorce or foreclosure", and that it is important to talk with them and let them express their feelings. Cynthia A. Myer, President of Ridgewood Moving Services, similarly states that you should, "Be Positive!", since children are tuned into the emotions of their parents. Myer says that, "If Parents view the move in a positive fashion, those around you will feel optimistic about their moving experience.". She also says that the child's age makes a difference; Infants are least affected, but pre-schoolers may have a difficult time, and Myers suggests that you, "get them involved in the process. Let them pack some of their special possessions. Never dispose of any of these items, no matter how old or tattered they may be."

   As Helena Alkhas, a Personal Organizer, says, "Let’s face it; most of us aren’t comfortable with changes. So, imagine how scary it can be for our little ones to leave the place, friends and school they have known for their whole life as home."

   Alkhas says that you should, "Wear kids’ glasses", and that before talking to them, "take a look of what your new location has to offer to children, which would attract your kids’ attention. I personally like to put a “tourist” package together with all the parks, museums, hiking spots and nature related activities. Also, whats the history of the place, look for books, sticker books and your local library!"

   Another help along the way, as suggested by Sandra Gall, is to, "let some of your higher nutritional standards go for a little while.", and looking back at her move with children, she says, "Did we eat more junk than we would have liked. Yes. Did it help us to preserve our own sanity. Yes."

   Alkhas continues this thought and says it is important to cater to your children's interests, such as if your child is a boy scout (she suggests that you, "contact their chapter in your new town, introduce yourself and get their information."). Alkhas also says that you should notify your children's teachers, coaches and caregivers, since, "Making sure they know about your move will help create a net of supporting people for you and the children."

   On a final note, both Gall and Alkhas discuss the inevitable; Tears. Gall says that you should, "Let them cry, call their friends, take pictures of every rock in the drive way, or cut a jar full of grass with scissors just to take along." She adds that you need to, "Listen to them and ask them about their fears. Really listen. Don't dismiss anything as "silly." This is stressful for grown-ups but really just Earth-moving for a child." Alkhas says that you need to, "Allow room for tears", as it's part of the change. She recommends that you, "Keep your cool, trust your heart and always move forward!", and that kids pick up on our anxieties so, "make an effort to embrace the change and they will follow."

   Are you making a move with children, or have you done so in the past? We'd love to hear what helped you survive the process.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

April 4, 2011

Real Estate Radio Philadelphia Interview on Rent to Own Homes

Good Morning,

   On March 26th, we were interviewed on a Real Estate Radio program that was broadcast live in the Philadelphia Metro Area, and was simultaneously available on the Internet (www.1180wfyl.com).

   The program, hosted by Doug Andraka, who is also a Mortgage Banker with Superior Home Mortgage Corp., focused on what a Rent to Own entails, along with some positives for both the Sellers and the Buyers. During the interview, I even included a few tips that could help you prevent headaches in the future.

   To listen to our segment on the show, the direct link for the Interview is Available Here.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

March 28, 2011

How Can You Prepare Your Home to Sell?

Hi Folks,

   Thanks for joining us for another day of news and information on the Real Estate and Rent to Own Market. Today, as always, it's my goal to provide you solid news and information that will help you in all of your real estate endeavors.

   The topic for today covers some tips on preparing your home for sale (or even for Rent to Own). John Ruzicka, a person that has worked as a buyer's agent in California since 2004, and has heard a lot of feedback from potential buyers, tells us that there are three top things a seller can do to prepare their home for a quick sale, which he says are, "Remove clutter - box it up and put it away! You're moving anyway, so why not get a jump on the packing?", "Mow the yard - clean the clutter outside, mow the yard (and keep it mowed), consider planting some seasonal flowers to add some color", and "Make a good first impression - what's the first thing that buyers see when they walk in the door? Is that going to make a favorable impression? If not, consider making a change, which could be as simple as having carpets cleaned, re-painting a single wall, or leaving drapes open to let in natural light."

   In keeping with the idea of first impressions, Joyce O'Haus, of LaTorraca Realtors, suggests to Remove any old carpet ("this takes odors out and makes such a better first impression"). She also suggests that you, "Tie back all curtains to let in light - make sure windows are clean". Additionally, she says you should remove, "half of your furniture, make all rooms appear as large as possible.", and says, "please please please, no pet odors allowed."

   Jewell Staley, a self-described expert at helping sellers prepare their homes for sale, makes some additional suggestions, the first of which is to consider, "re-glazing the tile in a neutral color (have your contractor scrape the grout and re-grout after glazing). Another option is to add wainscotting over the tile." Staley says that, "An outdated kitchen can be easily updated with a few changes", of which she gives the following examples: "a) update kitchen knobs b) replace an old Formica counter top with at least a pre-cut laminate counter top in a stone pattern or tile the counter top with bright white tiles c) purchase replacement knobs and drip pans for old appliances."

   Staley says that you should update outdated fixtures – lights, bath, and kitchen, replace old outlet covers with new covers which can cost as little as 25 cents a piece, and says that if you haven't painted your house in the, "last 10 years, it’s time for a fresh coat." She highly suggests Earth tones.

   Jacob J. Gabrie, CEO of Town Center Realty Group in El Dorado Hills, California, says that, "It's ok to ask questions. Ask many questions of your agent, their broker and others in the industry even...you may be surprised by how much you can learn simply by asking questions." Gabrie also suggests that you follow up with your agent, and, "If the agent is not returning your calls or emails, it may be that they are not returning the prospect calls either. Keep tabs on the agent and voice your concerns if they don't follow up." Finally, Gabrie suggests that you do inquire, "regarding the marketing of the home; specifically asking the agent what they are doing to market the home on a regular basis. There are many ways today to market a home besides the newspaper and open houses. Ask for "copy" of the marketing that is published and the links to the on-line marketing."

   Joan Gale Frank, a real estate investor, a home seller, an author, has made some great "out of the box" suggestions, such as to, "Install a brass or polished metal kick plate to your front door to make a home look richer (as you'll often see on the doors of expensive financial advisor or lawyer's offices.)", to, "Change the elevation of your furniture in a room to include highs and lows, so house hunter's eyes are delighted by seeing something usual, rather than having all of the furniture fall within the typical range of 1 1/2 feet to 3 feet off the ground. (Leaving the top half of the room looking empty.), and says that she does not, "I don't advocate dropping money into major repairs, but some inexpensive updates to lighting, bath and kitchen fixtures and small items such as door pulls, new light switch plates and throw rugs can make a home much more memorable. Of course coming up with a price that attract home buyers is also a critical aspect of attracting buyers."

   Have you recently prepared a home for sale? What did you do that we could all learn from?

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

March 25, 2011

Real Estate Radio - Philadelphia WFYL 1180AM

Hi Folks,

   Just a quick note that yours truly (me - Rob Eisenstein), will be interviewed regarding Rent to Own on "Real Estate Radio Philadelphia", hosted by Doug Andraka, this Saturday (3/26), between 9AM and 10AM EST.

   The show can be heard on 1180AM, and will also be simulcast at http://www.1180wfyl.com

Be sure to listen in for some great tips !
Have a Great Weekend, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

March 23, 2011

Buy an Existing Home or a New Construction Home?

Hi Folks,
   Welcome back. I missed all of you !

   Today, we will tackle the question that you may or may not have pondered before: Should You Buy a Resale or a New Construction Home?

   Many factors that need to be taken into account revolve around you, the buyer. Jennifer A. Chiongbian, an SVP and Associate Broker of Sales, Rentals & Investment Properties, says that she believes that the buyer should, "first and foremost consider what is most important, space, prestige of living in a new building and/or amenities."

   In terms of purchasing a resale home (existing home), let's look at some advantages and disadvantages. As Chiongbian says, some advantages of a resale home include the fact that perhaps, "the building is more established; and will be easier for your bank to ascertain the viability of a loan since it will be much more stable, in terms of its capital reserves, determining the amount of sponsor units left in the building; and generally will have an established history of primary residents, investors, renters." Additionally, she says that the re-sale units of old post war buildings tend to have more "space friendly layouts without all the pomp and circumstance.", including larger sized bedrooms, better use of layout and windows that are, "not as attractive as the floor to ceiling windows offered in new construction, but much more user friendly." Doug Andraka, a Mortgage Banker and Host of "Real Estate Radio - Philadelphia", mentions some other advantages, such as, "typically" a much lower sale price, lower real estate taxes, negotiating power with the current seller, who may be very motivated to sell.

   "With a re-sale, the disadvantage is you stand a good chance of having to renovate something in the apartment" says Chiongbian, who adds that, "this includes you being responsible for finding your own reputable contractor, and possibly living in the unit while the construction is going on; because the buyer will not be able to touch the unit until title is fully turned over." Andraka also says that, "there may be more maintenance, more fix-up work, and the house may not be just the way you like it (colors, floors, tile, etc.)"

   In terms of new construction homes and properties, Chiongbian says that, "One obvious advantage to new construction is that they can be turn key properties with out having to do any renovations", and that, "the builder is more open to doing combined units, semi-customizing your wants with their own team in place, and all you need is your imagination as to what you would like or how the actual finished product will be envisioned". Andraka adds that, "everything is new. Maintenance should be low. Buyers have their choice of appliances, paint colors, carpets, tiles, etc."

   As for disadvantages, Andraka mentions a higher price, higher real estate taxes, and a longer process (6-12 months) for delivery. This can add an interest rate risk as well.

   Overall, summarizes Julie Vanderblue of the Vanderblue Team, it "depends", and she says that, "In this market, there is amazing opportunity in both...finished new construction just sitting there with the builder sweating bullets...you may want to rent to own or buy at discount...half finished new construction offers great opportunity....resale of a few years young is great as the property has already gotten the kinks out and settled...and if the sellers are getting out so soon their is usually a financial motivation..."

   What are your thoughts on this? Would you like a brand new home or an existing/resale home based on this information? We'd love to hear from you.

Have a Great Week, and Happy Rent-to-Owning !
Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #realestate #newconstruction

March 7, 2011

Are Homeowner Associations, or HOAs, Necessary?

Hi Folks,

   Hope you had a great weekend! Spring is coming, and many people are happy. I am personally a huge fan of cold weather, but that is rare...I know !

   Today we will explore a few sides of the HomeOwners Association, or HOA, debate. There are many folks who say that HOAs are not needed, and there are many others who strongly advocate HOAs. Let's take a step back from the drama of all of that, and see what an HOA is and see what are it's functions, advantages, and disadvantages.

   Let's start out by discussing the duties of an HOA, which, "serve some benefit such as the uniformity of appearance in a community, offering of amenities, and the maintenance of our landscaping.". says Deborah Haataja-Deratany, a Legal Liaison of an HOA. Kerri Fivecoat-Campbell, a homeowner and a blogger, expands on this and says that many HOAs, "put a limit on the size of homes that can be built in neighborhoods". John Paul Hanna, an Attorney, notes that, "California law requires that all common interest developments ("CID's) have a homeowners association, either incorporated or unincorporated. The main advantage of an HOA is that it has power to enforce".

   Sharon Van Buskirk, a Marketing Director, says that she lives in a designated Historic District in Dallas they, most definitely need" their HOA to serve as, "a concerted voice when the winds of City Hall blow afoul and threaten our unique neighborhood."

   This leads us to our next piece of the puzzle, which is the Structure and management of an HOA. "Overall, I feel that HOA's in the state of Florida are a disaster, particularly because of the intense legislative lobbying efforts from the lawyers and the insurance industry and the lack of accountability for developers, boards, and community association managers (CAM's). Boards of directors have incredible power. It is an abomination that Board members are often neophyte volunteers, charged with the significant fiduciary of being entrusted with millions of dollars in budgets, and hundred of millions of dollars in real estate, etc., often times with little or no experience in related fields", says Haataja-Deratany, who goes on to say that their, "expected or required standard of performance is minimal!". She also says that, "virtually, the only requirement is that they own property in the respective community."

   Haataja-Deratany suggests that in order to serve on an HOA board, one should be, "required to possess credentials related to this industry, much like other corporate boards in this country. Board members should also be required to have a stake in their performance on a Board (carrying E&O or comparable insurance of their own)."

   Michael Garard, with Garard Real Estate, says that where the HOAs get a, "bad rap" is from the attorneys who help oversee the board of directors. Garard says that the attorneys, "have the mind set of 'black and white' decisions, and once you let a small item get changed, then everyone else will follow the lead, so the attorneys advise to fight (very expensive to the HOA) and not to give an inch." He adds that most board of directors are typical homeowners who just want to, "help their community, they are not professional, just volunteers", and that the attorneys are paid hourly.

   Sharon Blanding, a former civil engineer who has worked on many "Planned Unit Developments", feels that any new community should be, "regulated more by HOA covenants than by city/county zoning laws.", and says that most people, "do not realize the extent of the controls and regulations most cities have on the books. Even small cities can have volumes of regulations. (I worked in San Diego and Seattle, and the controls are beyond believable. But even little towns on the outskirts could easily have 30 to 50 volumes of regulations.)". Blanding surmises that, "perhaps we could get rid of some of the excessive government controls this way. (Some of the people running HOAs are truly crazy though, and there does need to be constraints built into the original documents, similar to a constitution, that limits their powers.)"

   In regards to HOA fees, this will vary by community, and for example, Vinny Amatulli of the Foxhall Subdivision in Georgia, says that his HOA has "established a means to help with short-term and long-term budgeting process, eliminating the need for homeowner assessments. Our current dues is $600 per year and has only been raised three times in the past 16 years. I can only assume that fees vary by region, even within our local area."

   Garard points out that future resales in a community, "will come from buyers whose first impressions is of the 'look' of the subdivision, which is where the HOA and the covenants can keep up the look of the community."

   Is your home part of an HOA community? If so, did we miss out on anything that the HOA does or doesn't do? Do you think HOAs are necessary? We'd love to hear from you!

Have a Great Week, and Happy Rent-to-Owning !

Regards,
Rob Eisenstein
HomeRun Homes Blog http://blogging.lease2buy.com
HomeRun Homes Website http://www.lease2buy.com

TAGS: #HOA #developer #developments