Real Estate News

It’s that time of the year again when homeowners need to begin thinking about their property taxes. Next month, municipalities will be mailing property owners Property Assessment Notices for 2010. Shortly after that, normally about the second week in March, local Boards of Review will hear property tax appeals.

For the third year, Coldwell Banker Weir Manuel will be hosting property tax seminars to educate tax payers about the appeal process. Home owners will learn how to read and interpret their assessment notices. We will also explain the difference between State Equalized Value, Capped Value and Taxable Value. The uncapping process will also be explained.

Taxpayers will also learn about the appeal process, both at the local and state levels. After attending one of these seminars, most taxpayers will have a clear understanding whether or not it makes sense for them to appeal their assessment.
Our seminars will again be held in multiple locations around the tri-county area during the middle of February, which is just about the time taxpayers should be receiving their assessment notices. Dates and locations will be established soon. The sessions will be complimentary and be done as a community service. All past, current and future clients of the firm are welcome.

One major initiative in 2010 will be the consolidation of our two Birmingham offices. We have acquired the building at 294 E. Brown Street, a 20,000 square foot facility right across the street from our current Birmingham North location.

The building will be redesigned by noted local architect Victor Saroki and renovated inside and out. The building will feature state-of-the-art technology and communications, a high ratio of private offices and excellent on-site parking for our 115 Birmingham agents.

Work on the building has already begun and occupancy should be available in the spring.

As we enter our first full year as Coldwell Banker Weir Manuel our goal is to build on the foundation created during the second half of 2009. Accordingly, our theme for 2010 is “Expect More”.

This theme is based on the concept of collaboration among the stakeholders of CBWM: ownership, management, the sales team and our employees. I think we can even expect a bit more from the market this year!

“My gut feeling is that 2010 will probably be one of the best years of our lives,” said former broker-owner Steve Harney, speaking at Inman NY last week. “I’m not looking through rose-colored glasses … there is confusion in the market, and a much, much greater need for experts — with much less competition because of agent attrition.”

CBWM is poised to provide that expertise. Because of the extensive knowledge base of our tenured agents and management team, along with the short sale and REO expertise we have become known for – and the support of bankers Title, we are in an excellent position to counsel our clients on all aspects of their specific real estate needs.

Consumers are finally learning that there is more to choosing a mortgage than just a low interest rate. A good mortgage planner is more in the advice business than the lowest price business. Borrowers should consider asking these questions before selecting a lender:

1. What type of lender should I use?

There are three basic types of lenders. Mortgage BROKERS promote a broad product menu, competitive pricing, and entrepreneurial approach; however, BROKERS cannot lock, commit, or approve your loan because they are not actual lenders. Banks and Credit Unions rely on financial strength, direct lending capabilities, and stability; however, they sometimes have limited product offerings. Mortgage BANKERS blend the best of both: direct lending ability, financial strength and stability, wide product offerings and competitive pricing.

2. What loan products should I consider?

Make sure your lender offers multiple loan products (Conventional, FHA, VA, MSHDA, etc.). While most people today do choose a 30 year fixed, it is not always the wisest choice. Borrowers need to consider how long they will be staying in the home and any anticipated income changes before settling for the same loan as everyone else. Additionally, buyers acquiring properties in need of repairs may want to consider the FHA 203K Program.

3. Should I lock or float my interest rate?

A knowledgeable mortgage advisor should be able to give you more than historical information. Weighing numerous factors ranging from your projected closing date to upcoming economic reports, look for counsel regarding future interest rate projections. While no one can predict with absolute certainty, you need to reach a comfort level that the lender you choose has the best information and your best interest at heart.

4. What are mortgage rates based on?

There is only one correct answer. It is the pricing of Mortgage Backed Securities. (Unfortunately, too many people answer the 10-year Treasury Bill.) If you get the wrong answer on this basic question, what else don’t they know?

5. What upcoming economic data will impact rates?

How will a Jobs Report, a Fed Board Meeting or Inflation Number affect your home loan? Your mortgage planner should know, explain it to you, and keep you informed.

6. How can I improve my chances of getting approved and at the lowest possible cost?

Sometimes even minor improvements in a credit score, the amount of your down payment, or how you position your assets can make a big difference. During your counseling sessions, your mortgage planner should be advising you on how the little things can make a big difference.
Good advice, whether it’s from your doctor, lawyer, real estate agent or lender, can be invaluable. Finding a lender who is an expert….who has your goals in mind…and who offers creative solutions is one of the most important factors in a successful real estate transaction.