D.G. ALLEN REALTY CORP.

Nola Allen Melhado * Licensed Real Estate Broker * Notary Public

198-14 Linden Blvd St. Albans, NY 11412

Tel: (718) 723-8167 Fax: (718) 723-8172

nmelhado@aol.com www.dgallen.com

Focus: Do's and Dont's in Buying & Selling Real Estate

Hiring a Real Estate Agent

For those of you seeking assistance with a sale or purchase, you should not have any problems finding at least a couple of real estate agents in your area. That said, know that you need to do much more than find a real estate agent and then hire them.

One basic first question is whether you should interview the agent before hiring. Many people make the mistake of hiring the first real estate agent that they come across, and in no time at all they are fed up with the person they are doing business with. The most sensible practice is to interview first, to avoid becoming shell-shocked once the process begins.

Online tools, such as Finding a Good Estate Agent will help you inform and educate yourself so that your first meeting with your intended real estate agent will be productive.

D.G. Allen Realty Corp. and Nola Allen Melhado are members of the Long Island Board of REALTORS®, Inc., which adheres to and requires members to subscribe to a strict code of ethics and standard of practice.

For buyers wedded to demographics, numbers, charts and more, an interactive map and detailed snapshots of real property in New York City is easily accessible here in the NY Real Estate Guide.

Did you know that fair-housing laws prevent your real estate agent or broker from providing demographic statistics such as quality of the school district, sex offender in the neighborhood and other crime stats? According to an associate general counsel of the National Association of Realtors, "to avoid lawsuits popping up in response to frank neighborhood talk", agents are forbidden from giving information that could be considered "steering," that is, directing a client toward or away from a particular property, as this is considered discriminatory activity. So what should a purchaser do? Obtain the same information from other sources, for example, the Internet.

Market News

According to published reports about the Long Island/Queens real estate market, during the last Quarter of 2006, sales prices in the overall market remained relatively stable, kept in check by rising demand and declining inventory. With the cash-out phenomenon waning, existing homeowners who were not priced at market levels allowed their listings to expire. This has helped clear clutter in the market for buyers. At the same time, sellers appear to be more negotiable this quarter as prospect for quick profits is no longer assured.

The above mid-January report suggesting that Spring 2007 may be a Buyer's market was fairly close to target. Claiming that the housing market is heating up again in NYC, an article in today's New York Times Real Estate section asserts "A burst of activity ... sending prices higher despite sluggish sales in many other cities." If you are looking for your dream home, now is the time..

HOMEOWNERS BEWARE

The Federal Trade Commission cautions all homeowners, especially elderly and low-income individuals and those with credit problems, against borrowing from untrustworthy lenders. Several deceptive practices used by some lenders could cause you to lose your home as well as the equity you’ve already built up. Go here to learn about the different traps some lenders set for home equity borrowers and read tips to help you avoid these situations at: MSN Money

Further Caveat: as a prospective purchaser, never rely on the representations of a broker; instead, rely on the provisions of your contract. Most real estate contracts specifically disclaim responsibility for statements not contained in the written contracts of sale. Therefore buyers should rely only upon provisions written within the four corners of a contract, rather than upon statements made by the broker. (Khatchadourian v. American Realty Mortgage Corp. NYLJ - New York Law Journal 9/15/99 Pg 26 Col 9).