Monday, June 30, 2008

Recession-proof real estate

Advice from Barbara Corocoran:

1. Pick the right town. Look for plenty of older homes, a charming downtown, good public schools and no more than one "For Sale" sign every three blocks.

2. Buy a recession-proof house. Look for a house with character, plenty of sun, in the most popular construction material, style/paint color for the region - and with an average price for that block.

3. Choose smart financing. Don't wait for mortgage rates to go lower, shop online to find the best rate, put 20% down, get your mortgage commitment updated, pay a little extra each month to shrink your principal, and buy mortgage insurance to protect against falling values.

4. Recession-proof your current home. Intentionally underprice it to create a buying frenzy, clear our your clutter, let the sun shine in, scrub it clean and eliminate odors. Then, rent a good camera on a sunny day and take plenty of pictures for the online listing, know that the first offer you get is usually the best, promote your property online and hire a killer broker.


Anonymous said...

Look for plenty of older homes, a charming downtown, good public schools ...

What, no area of Queens Crap?

Barbara seems to be describing the sort of place that poltiicans have summer homes and developers live.

Anonymous said...

if barbara corcoran actauly believes the crap she spews i have a bridge to sell you in brooklyn cheap!

she is the biggest real estate shill known to man.

may she get fat and go broke fast!

recession proof? lol

she is shameless

Anonymous said...

Uh...don't #1 and #2 apply to Queens of yore? At least before the overdevelopment wave started to hit the borough?