Your House Did Not Sell???

I saw a great ad in the Saturday real estate section...The agent claimed that most listed homes do not sell and then offered to tell sellers why their houses did not sell. The sellers were directed to a web page. The web page is great! Especially if you are a real estate agent prospecting for new clients. But, if you are a seller looking for this information , it's not as readily available to you, as you might think. You have to enter your contact details to receive the information. Excellent prospecting technique. My hat is off to the agent!

The sad thing is that the offered information has probably already been communicated to the sellers; by their original listing agents! In many cases the sellers did not want to hear what the agent had to say since it probably had to do with adjusting the price to current market conditions or investing time and/or money into the property, to improve the condition, to make it more appealing to a buyer. Selling a house is not magical. To be successful, a seller has to be able to see their property for what it is, or to be able to put themselves in the buyers shoes and see it as a buyer sees it.

There are two things that determine if a house sells. All other reasons are a function of these two things. They are Price and Condition! Sellers need to realize that Price and Condition go hand in hand.

The condition of the property will determine what a buyer is willing to pay for it. Today's buyers are savvy. They do a lot of research before beginning their search. They are somewhat familiar with what they expect in a property. Today, thanks to competition for buyers, sellers have to be more willing to spruce up their homes, to make them appealing. The farther away from move-in condition the property is, the longer it takes to sell. Unless...the price is adjusted accordingly.

Buyers can and often do change some of their expectations as they search for the right property. But rarely will they change their basic expectations. If they want a home in move-in condition, it had better be. If they want to rehab or update the home themselves, the buyer knows what they want and can spend, total, for the property and neccesary work. If a home is in pristine condition, it appeals to more buyers, the less pristine it is, less potential buyers, hence the longer time to sale.

Some sellers think that location will trump price or condition. This is not so. Location is a function of price. While a property is priced according to where it is, desirable location does not make up for less than average property condition. It should be average to above average condition, for that area, to bring in maximum price. Sellers are competing against other properties in that same location. A buyer will buy a property in an area they originally did not consider, if the price is right. They will not buy a property in the desired location if the price is not right.

Houses that have not sold are either priced too high for their market, or their condition. In this case, the seller has several options; adjust the price or improve the property. The original listing agent wants to sell the house as much as the seller does since once they take the listing, they have begun to invest in that property with their own time and money. It is likely that the listing agent has discussed the price, condition or market area with the seller. Often the seller has discounted what the original agent had to say and blames the lack of sale on that agent, instead of being realistic about the value of the property.

The seller sees this ad which offers to tell sellers why their houses did not sell. They click over to the website, fill out the information screen and get an e-mail with a list of items to do, to prepare a home for sale and often a questionnaire, followed by a call from the agent who placed the ad. The agent is now soliciting them to list. If the seller does not realize or possible recognize that the information received, is information that they already have, through their original agent, they often list with the new agent. They assume that the agent promising them this information is more knowledgable and capable to sell their home.

What these seller need to understand is that it's all very simple, the time it takes to sell a property is determined by Price and Condition!

5 Trips for Moving due rto Relocation!

RISMEDIA, October 24, 2009—The good news: in the middle of a really tough economy, you land a job offer. The bad news: you have to explain to your 14-year-old that it means moving out of state. Whether it’s for a new career opportunity or to move when a current employer relocates its business, people who may not otherwise have considered relocating are facing the potential of moving boxes in their future.

There are, however, steps you can take to make the transition more manageable:

Do your homework as a family: Like most homework, this research will start with the Internet. City and state official websites are a good starting point to get a sense of the school system, recreation and services. Look to local bloggers to get the “voice” of a neighborhood, including city, or even neighborhood focused real estate blogs. Divide up the research among the family so everyone gets to be an expert.

Take time to talk about the unknown: With everything that goes into relocation, it is easy to turn family life into a never-ending series of “to do” lists. Find time to let your family talk out loud about the move. Some days it will seem like a great adventure, other days it’ll be daunting. Let your kids know that’s okay.

Find where your hobbies live: If a family member has a special hobby or sport, locate the best ways to connect with that passion as soon as you get to the new location- it’ll feel more like home when everyone is doing what they love.

Start gathering medical and school records: We’d like to think we live in a paperless world- that is, until we roll into the emergency room in a new town and can’t access key information. Start gathering data from your physician, dentist and school administrators earlier rather than later.

Tap into the professionals: Finding the right real estate agent and a good mover can make the difference between a straightforward- or a nightmare-relocation experience. Whether you’re looking to purchase a new home right away or are opting to rent an apartment or home while you familiarize yourself with the area, these professionals can provide both guidance and support during your relocation. Take time to check out reviews, get references from people you trust and then narrow down options to a short list. It’s worth the work to get these relationships right.

“Having professionals on your side makes every difference during a move,” says Sharon Asher, chairman and founder, Relocation.com. “It’s understandable to want to do it all yourself, but people who are able to rely on strong professional services throughout the process come out of the experience saying the move was much more straightforward than if they had tried to handle it all on their own.”

For more information, visit www.relocation.com.

RISMedia welcomes your questions and comments. Send your e-mail to: realestatemagazinefeedback@rismedia.com.

5 Tips for Using The Home-Buyer Tax Credit!

Tips for buyers
Interested in buying a home and claiming the home-buyer tax credit? Below are five tips:

1. Don’t procrastinate. Start searching for a home now. Getting an early start will give you a better chance of finding the right house before the credit deadline. Before you start house hunting, get preapproved for a mortgage, said Eddie Fadel, a Miami-based mortgage banker, and do a realistic assessment of what you can afford. Buyers who have to sell an existing home should price it aggressively from the beginning to drum up interest and get a buyer as soon as possible.

2. Don’t count on another extension. The credit won’t be available forever, Fadel said. If you want to take advantage, be sure to make that spring deadline.

“This is a medication for the housing crisis. Once the patient—which is the housing market—cures, there will be no medication needed,” he said.

3. Mind the interest rates. Mortgage interest rates are low right now, but will likely rise next year. Higher rates will affect your monthly mortgage payments, thus the affordability of the house you are buying. Average rates on the 30-year fixed-rate mortgage have been hovering around 5%, but when the government stops buying large amounts of mortgage-backed securities, rates could rise.

4. Communicate with your lender. Throughout the process, make sure you’re communicating with your lender regularly; if there’s a piece of documentation you’re asked for, get it turned in as soon as possible, said Doug Heddings, a New York-based real estate agent with Charles Rutenberg Realty. Good communication is important in making sure the loan closes on time. And think twice before pursuing a short sale if you want to make the credit deadline. That’s where someone sells a home for less than what he or she owes on a mortgage, with permission of the lender. The process can be lengthy and unpredictable because the homeowner’s lender has to approve any deal, and can be complicated when there is a second mortgage associated with the property.

5. Don’t take shortcuts. Don’t forgo any of the steps you would normally take just to make the tax credit deadline. Make sure the house is a good fit for your needs and get a home inspection. Skipping steps could cost you in the long run.

(c) 2009, MarketWatch.com Inc.

Read more: http://rismedia.com/2009-11-23/5-tips-to-buying-a-home-on-deadline-and-how-the-tax-credit-extension-can-help/#ixzz0XnVkmRPR

Changes in Rochester NY's Lead Paint Clearance Reimbursment.

This is a communication from Gary Kirkmire, City of Rochester Director of Inspection & Compliance Services, sent to the NYS Coalition of Property & Business owners. This applies to owners of rental properties concerned with Lead Paint clearance.

The lead clearance reimbursement will be discontinued.

In 2006 council initially set aside $104,000 to be used for this purpose. The intent was to provide some relief to small property owners who may only own one or two properties and as a result may not have been as involved as others may have been in the two years leading up to the ordinance and in which case they did not have an opportunity to be fully informed and prepared. It was a proper device to use in the early period of the ordinance when our primary focus was on education. As you know, we expanded on that initial intent and have been providing the reimbursement to any owner who has not already received three. After three and a half years of the ordinance the original allocation of money has been spent and there are few owners who are unfamiliar with the expectations of a properly maintained dwelling environment.

Expanding the opportunity for a second wipe test.

As you know, currently we will conduct a second wipe tests when the first one fails only if it does not exceed to following thresholds; no more than 50% of the wipes are positive, or no one sample is twice the EPA standard. In an effort to provide some additional relief and offset some of the situations where private clearance is required, we are changing this policy to simply say if no more than 50% come back positive we will conduct a second test.

Changing the applicable time frame for passed wipe tests from two years to three.

As you know, currently once you have either passed one of our proactive wipe tests or received private clearance, that unit will not have to be tested again for two years, unless we find interior deteriorated paint. We are changing that applicable time frame from two years to three. This will allow us to be more in line with our C of O renewal schedule of three and six years.

Is Property Tax Reduction Possible?

Property taxes have become the bane of our existence. Is there a way to reduce property taxes?Rick Snoddy of Goodman Realty say's yes! One of his specializations is Property Tax Reduction Services. As someone who has championed this cause for thousands of property owners, he would know!

Tax relief is available to veterans, the elderly and sometimes low-income home owners, as well as the average property owner who feels their property is being taxed too much. Statutory Law requires an avenue for the dissatisfied tax payer to seek redress. They have the right to submit paperwork to challenge their assessment.

A property has to have grounds for a challenge to the assessment. Some causes for the challenge are if the assessment was over market value, the property was misclassified as a farm as a commercial property, or there was a mistake in description of the property such as the actual square footage is incorrect. There are many reasons it would be reasonable to make a challenge for reduction. To start, a determination has to be made for grounds to challenge.

If you think your property is over-assessed, Rick suggests that you contact a Tax Reduction Specialist. Some will do a preliminary consultation for free to determine if they can help you. If they can help, they may charge a commission of a percentage of your first years tax savings,or may charge an up-front fee. He recommends that you work with a tax specialist who works on commission, since they will only take the case if it is likely to be successful.

WHERE TO FIND COMPARABLE SALES

• Local assessors' offices should be able to provide the sales history of a particular house, neighborhood, or style of architecture. Some assessors also provide lists of recent sales that one can browse and compare to the assessment roll.
• Some municipalities choose to provide local sales and assessment information online.
• Some private companies provide comparable sales online (some at a nominal cost); search for them using keywords such as "comparable home sales" or "comparable sales". In addition, one may wish to try searching "real estate database - New York State" for additional property information.
• Many local newspapers are good sources of real estate information; they often have quarterly sales reports in the real estate or business sections.
• A real estate agent may be willing to share his or her expertise and sales history information.

Information from NYS Office of Real Property Services

THE TAX ASSESSOR'S ROLE IN DETERMINING MARKET VALUE

New York State Law requires all properties in each municipality to be assessed at a uniform percentage of market value each year. This means that all properties in each city, town, or village must be assessed at market value or all at the same uniform percentage of market value each year. Your assessor may use mass appraisal techniques, real estate market trends, the sales comparison, as well as other approaches to value to arrive at a property's estimated market value, which is available on the assessment roll.

Once the market value of each property is determined, the assessor applies the municipal-wide level of assessment to the market values.In many communities, where assessments are maintained at a level of assessment of 100, a property's assessment is the assessor's estimate of its market value. If a community is assessing at a percentage of market value, each assessment should be based upon the percentage being used throughout the community. For instance, if the market value of a property is $100,000, and the community is assessing at 30 percent of market value, the assessment should be $30,000.

If one determines the market value of his or her property and feels that the assessor's estimate of market value (upon which the assessment is based) is too high, then the property owner should contact the assessor's office to learn the procedures for informal assessment review. During the informal review process, the property owner and the assessor can each discuss the property's inventory (or characteristics) and how the market value estimates were determined. If the property owner remains unsatisfied with the assessment, he or she has the right to formal administrative and judicial review of the assessment. The assessor can provide the property owner with information on these processes.

Information from NYS Office of Real Property Services

How Estimates of Market Value are Determined for Residential Properties

MARKET VALUE

Market value is generally defined as the price a willing buyer would pay a willing seller for a property in its present condition with neither buyer nor seller under pressure to act (such as career relocation, death of a family member, divorce, etc.). A market value sale also is known as an arm's length transaction.

A number of factors may affect a residential property's market value, including:

• External characteristics - "curb appeal", home condition, lot size, popularity of an architectural style of property, water/sewage systems, sidewalk, paved road, etc.
• Internal characteristics - size and number of rooms, construction quality, appliance condition, demonstrated "pride of ownership", heating type, energy efficiency, etc.
• Supply and demand - the number of homes for sale versus the number of buyers; how quickly the homes in your area sell, and
• Location - desirability for a particular school district, neighborhood, etc.

THE SALES COMPARISON APPROACH

The most common way to determine the market value of a residential property is to use the sales comparison approach. This is the primary method used by professional appraisers to determine the market value of residential properties.

To determine an estimate of a property's market value, arm's length comparable sales are used. By examining recent sales of at least three properties in a general (or similar) neighborhood that are comparable in building style, size and construction, one can begin to get a good understanding of a residential property's market value. However, it is important to consider the circumstances of such sales - perhaps the seller was desperate to "unload" the home, or the buyer paid much more than the asking price because there were other interested parties. Market value and sales price are not always the same.

Comparable sales should include characteristics similar to a given property, such as lot sizes, square footage, home style, age, and location of the home. A new three-bedroom Cape Cod house may not be comparable with an older three bedroom split-level ranch, even if they are on the same street.

Since it may prove difficult to find an exact comparable sale, allowances must be made. To arrive at an estimated market value, dollar adjustments are made for differences between the property being valued (also known as the subject property) and the comparable properties that have sold.

Hypothetical Comparable Sales Analysis (Values are strictly estimates and should not be used in your analysis)
Attribute	Subject Property	SALE #1	SALE #2	SALE #3
Sale Price
Sale Date		Recent	Recent	Recent
Property Condition	Good	Good	Good	Good
Year Built	1997	1997	1997	1997
Square Feet	1,500	1,500	1,500	1,500
No. of Bedrooms	3	3	3	3
No. of Baths	1	1	1	2 ( - $____)
No. of Garage Spaces	2	2	2	2
Location	Avenue A	Avenue B inferior location (+$____)	Avenue C similar neighborhood	Avenue A
Lot Size	½ acre	½ acre	½ acre	½ acre
Basement	Full	Full	Full	Full
Adjusted Sale Price	(indicated value)

For example, assume that a residential property is a 1,500 square feet ranch with 3-bedrooms, 1 bathroom, full basement, and two-car garage on ½ acre of land. It was built six years ago in a nice neighborhood. Three recent arms-length sales are identified that appear to be comparable with the subject property. However, Sale #1 is in a less desirable (or inferior) location and Sale #3 has an additional bath. Sale #2 is almost identical to the subject property.

To estimate the market value of the subject property, one needs to determine how the differences between the subject property and each comparable sale property relates to prices at which they sold.In this case: Sale #1 is in a less desirable location, which lowered the sale price; and Sale #3 has an extra bath, which increased the sale price.

A grid, such as the one above, is helpful to arrive at the market value of residential properties. Because the subject property is not in an inferior location, Sale #1 should be adjusted to reflect what it would have sold for in the subject property's neighborhood. Sale #3 with an extra bath needs to be adjusted to the sales price of a property with only one bath. Because Sale #2 is almost identical to the subject property, no adjustments are necessary.

By adding and deducting these adjustments to the comparable sale, an adjusted sale price is arrived at for each sale.

A common mistake is to average the unadjusted sales prices to arrive at the market value of the subject property. This can yield widely varying results. Only the sales that are most similar to the subject property, and that have been appropriately adjusted, should be given the most weight.

Information from NYS Office of Real Property Services

Tax Credits for Roofing!!!

By Gil Rudawsky

The roof of your house protects against more than rain. The sun’s rays beat down relentlessly, especially during summer. The intense heat can raise the temperature inside your home. Proper venting and insulation help keep the cool air in and the warm air out. So, too, do energy-efficient roofing materials, which take the brunt of the solar onslaught. Uncle Sam is encouraging homeowners to improve the roofs of their primary residences with a tax credit worth up to $1,500.

During 2009 and 2010, you can claim a credit for 30% of the cost of qualifying asphalt or metal roofing materials. The credit, which should be taken on IRS Form 5695 for the tax year in which the work is completed, can be split between 2009 and 2010 but can’t exceed $1,500 total for both years. You can’t claim more in credits than you owe in taxes.

Metal vs. asphalt roofs

To qualify for the tax credit, you must use either metal or asphalt roofing materials that are designed to reduce heat gain—the amount of heat transferred into a home—and meet the requirements of Energy Star, a federal program that promotes energy-efficient products and practices. Metal roofs must have appropriate pigmented coatings and asphalt roofs must have appropriate cooling granules. Asphalt materials can be either traditional shingles or modified bitumen (rolled asphalt sheets). Energy Star has a list of all of its approved roofing products, but only the metal and asphalt materials may qualify for the tax credit.

It’s a good idea to hang on to manufacturers’ certification statements that attest to the tax credit-worthiness of the roofing materials you purchase. These can usually be found on product packaging or company websites. You don’t need to file these with your tax return, but the IRS could ask for them later. Consult a tax advisor.

Dean Kucharski, a 22-year veteran of the roofing business in Pontiac, Mich., estimates that for a typical 2,200-square-foot home, a mid-range asphalt roof will run about $7,000 to $12,000, including labor. The good news is that it will likely last 20 years or more. For a metal roof, expect to pay twice as much, though it can last for 50 years, he says. If you hire a contractor, get an itemized bill that breaks out the cost of materials since labor doesn’t count toward the tax credit. Materials should account for about half the bill on standard roofing jobs.

How much roof do I have?

You can get a rough estimate of how much roofing material you’ll need by figuring the square footage of the footprint of your home and adding about one-third more to account for roof pitch, overhangs, dormers, gables, and so on. Roofing contractors often quote in terms of “squares.” One square equals 100 square feet. So if a roofer says your house is 20 squares, it means it’s roughly 2,000 square feet—20 times 100.

Once you’re ready to pick a roof type, Kucharski suggests talking to an area building wholesaler or a company that specializes in roofing materials. It’s important to consult with someone who knows what types of materials are appropriate for a given region’s climate. Big-box retailers may not have as wide a selection or knowledgeable staff.

Finding a good roofer entails the same steps as finding any qualified contractor: ask neighbors for recommendations, collect at least three bids, check references, and get everything in writing. Craig Silvertooth, executive director of the Center for Environmental Innovation in Roofing, recommends finding a contractor through the National Roofing Contractors Association, which has about 4,000 members.

Save on cooling bills

You’ll get the most bang for your roof-renovation buck if you live in a hot climate, namely the South and Southwest. Expect to save between 7% and 15% on your cooling costs with energy-efficient roofing materials, says Michelle Van Tijen of the Cool Roofs Rating Council. If you pay $300 a month to cool your home, figure you’ll cut your monthly bill by up to $45.

Ironically, with roofs there is such a thing as being too energy efficient. In winter months, roofing materials with very high heat-deflecting qualities can increase heating bills. However, you’re more than likely to make up the difference on your air-conditioning costs. That’s especially true if you live in an area where you run your air conditioner much of the year.

Think hard before replacing a roof that’s in perfectly good shape. Consider instead a roof coating, a material painted over your existing roof that offers insulation and sun reflection, says Silvertooth. Roof coating costs about 75% less than replacing a roof, though it doesn’t qualify for the tax credit. Another affordable way to save on cooling costs that doesn’t even involve the roof is to add more insulation to your attic. This home-improvement project can even be tackled by weekend warriors, and it qualifies for a federal tax credit.

This article provides general information about tax laws and consequences, but is not intended to be relied upon by readers as tax or legal advice applicable to particular transactions or circumstances. Readers should consult a tax professional for such advice, and are reminded that tax laws may vary by jurisdiction.

Gil Rudawsky has been covering business and consumer issues as a reporter and an editor for 18 years, most recently as a business editor at the Rocky Mountain News. He lives in a house built in the 1930s, and always keeps the home's character in mind when making upgrades.

This article found through the National Association of Realtors and Houselogic.com

Economic Recovery led by 1st Time Home Buyers!

RISMEDIA, November 18, 2009—Aided by the home buyer tax credit, the outlook for housing and the economy appears headed for a sustainable recovery, according to the National Association of Realtors®.

Lawrence Yun, NAR chief economist, said the projections are enhanced by a tax credit expansion to more home buyers through the middle of 2010. “Given the success of the first-time buyer tax credit to date, and the need for qualified buyers to continue to absorb inventory that will include additional foreclosures over the coming year, we are hopeful about the impact of the expanded tax credit because it will stabilize home prices,” he said. “In fact, the credit is working better than first projected – it now looks like we’ll have 2.3 to 2.4 million first-time buyers this year.”

The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47% share of home sales over the past year, up from 41% in the 2008 survey. The share has risen steadily since a cyclical low of 36% in 2006.

Existing-home sales are expected to total 5.01 million in 2009, a gain of 2.0% over last year, and then are forecast to rise 13.6% to 5.69 million in 2010. “A steady draw down of inventory will help home values to turn positive in 2010, but risks such as unemployment remain in the economy,” Yun said.

New-home sales are projected at 397,000 this year, recovering to 549,000 in 2010. Housing starts, including multifamily units, should total 564,000 units this year but grow to 752,000 in 2010.

The 30-year fixed-rate mortgage will probably average 5.3% in the fourth quarter, rising gradually to 5.8% by the end of next year. NAR’s housing affordability index will set a record in 2009, averaging 30 percentage points higher than 2008. Affordability will decline from record highs next year but will remain at historically attractive levels for home buyers.

“We’ve seen a steady downtrend in housing inventory for well over a year and home prices appear to be in the early stages of stabilizing. With the expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5% in 2010, but with wide geographic differences,” Yun said. He expects growth in the U.S. gross domestic product to be at a pace of 2.5% in the current quarter, with GDP up 2.8% in 2010.

The unemployment rate is close to peaking and is projected to ease to 9.5% by the end of next year.

“The size of the U.S. budget deficit is a concern going forward, and carries the risk of higher inflation. At this point, that risk appears to be restrained,” Yun said. Inflation, as measured by the Consumer Price Index, is seen contracting 0.4% this year, then rising 1.6% in 2010. Inflation-adjusted disposable personal income is estimated to grow 0.4% this year and 1.2% next year.

Carbon Monoxide Detector Are Required In All Single Family Homes

Amanda's Law has gone into effect. This law requires all single family homes to have installed an operable carbon monoxide detector.

This has been required of multi-family properties for years. Previously this type of law also applied only to residential dwellings that were constructed or offered for sale after July 30, 2002. This legislation removes the construction and sale provisions, leaving it a new requirement that all homes regardless of construction or sale date be outfitted with a carbon monoxide detector.

On January 17th, 2009 Amanda Hansen, a 16 year old from West Seneca, New York, died from carbon monoxide poisoning from a defective boiler while at a sleepover at her friend's house. Her family and NYS Representative Schroeder petitioned the NYS Assembly & Senate for passage of this bill. The hope is that this legislation would create safer homes for New Yorkers and also prevent future tragedies from occurring.

Rental Scam Exposed!

The National Association of REALTORS® has learned that its good name is being used as part of a property rental scam. In this scam, rental property is offered to consumers, who are led to believe that NAR is functioning as an intermediary to receive rental deposits from prospective tenants and, upon receipt of the deposit, to deliver the keys to the property to the tenant. The tenant is instructed to send money via Western Union to NAR's purported agent.

NAR is not involved in this business and believes it is a scam. NAR has contacted law enforcement officials to request that the matter be investigated.

Opportunity to Learn About the New Lead Laws for NYS

The NY State Coalition of Property Owners & Businesses, Inc.

Office: 1305 Dewey Avenue, Rochester, NY 14613 Mailing Address: P.O. Box 13198, Rochester, NY 14613

Telephone: (585) 254-0730 • Fax: (585) 368-0892 WWW.NYSCOALITION.COM

THURSDAY NOV 19^th , 2009 AT 6:30 PM

At the Wishing Well party house 1190 Chili Avenue (just off I-390)

FREE TO NYSC MEMBERS $15.00 FOR NON-MEMBERS AT THE DOOR

ALL LANDLORDS, HOUSING PROVIDERS, CONTRACTORS, RENOVATORS, PROPERTY MANAGERS MUST BE CERTIFIED BYAPRIL 22^ND 2010

UNDER A NEW FEDERAL LEAD LAW called

“Lead-Based Paint Renovation, Repair and Painting Program (RRP)”

http://www.epa.gov/opptintr/lead/pubs/renovation.htm#requirements

The NYS Coalition is launching its first public awareness effort- come and learn all about this new law that affects almost anyone in involved with real estate built before 1978 – its huge !. we will have reps from the county, and training firms to provide an overiew of the law, who it affects, what is required for training and certification, recordkeeping, notifications and disclosures - plus more..

this evening is NOT a one stop learning experience. Because of the magnitude of this new law – we strongly suggest that each one of you learn this law and get certified at your own pace, so please review the information available on the above link so that you are somewhat familiar with the basics prior to the presentation on the 19^{th ---}

Also bring your questions !

(Note: Because the term “renovation” is defined broadly by the Lead-Based Paint Renovation, Repair, and Painting Program, many contractors who are not generally considered “renovators”, as that term is commonly used, are considered to be “renovators” under the program and must follow the rules requirements.)

ALSO

As time permits: “The Dave Ahl Legal Update” get the latest news in the quest to level the playing field when it comes to governments attempting to overstep their lawful authority

Buying a House? 10 Tips towards Improving Your Credit Score

Christine Van Tuyl and Margaret La Grange are award-winning agents with Prudential California Realty in the Coronado Village office. They have written a very good tip sheet regarding credit. Find this below. They are a mother-daughter team with San Diego family roots going back 75 years, Christine and Margaret pride themselves on delivering impeccable service for home buyers and sellers alike. Read this and take action! If you need more information please contact one of the mortgage persons listed in our website.

1. Review your current credit report for accuracy. Everyone is entitled to one free credit report per year from each of the three credit bureaus—Experian, Equifax, and TransUnion. Get a copy of your credit report and look at it for accuracy. First, make sure that the information in your file is about you and only you, not someone who has a similar name or a similar Social Security number. It is very common for your credit reports to have mistakes or incorrect information. At a minimum, make sure that the information you are being evaluated on is current and correct.

2. Repair credit report mistakes. If you find something on your credit report that is incorrect or missing, you should dispute the mistake by contacting the credit bureaus directly. All credit bureaus have their dispute procedures on their website. They are also required by law to investigate any disputed items and these investigations will usually be done within 30 days of your request.

3. Pay your bills on time. Sounds like a no-brainer, right? Payment history accounts for roughly 35% of your credit score. Paying bills on time is the most important thing to do. If you’re struggling to catch up, contact your creditors to work out a payment schedule.

4. Increase the length of your credit history. This accounts for about 15% of your score. Don’t cancel your old card or get a lot of new ones in a short time span because this can hurt your score.

5. Keep credit card balances low. It’s a good idea to keep the balances below 25% of your available credit. Even if you pay off your credit cards every month, a high average balance will impact your score. This accounts for about 30% of your credit score.

6. Keep new credit requests to a minimum. This accounts for 10% of your score. Every time a lender runs your credit, an inquiry is recorded. If you are trying to get a loan, don’t apply for new credit cards first.

7. Be aware that paying off a collection account will not remove it from your credit report. It will stay on your report for seven years.

8. Pay off debt rather than moving it around. The most effective way to improve your credit score in this area is by paying down your revolving credit. In fact, owing the same amount but having fewer open accounts may lower your score.

9. Beware credit-repair scams. By all means, don’t pay someone to wipe away the negative items in your file. If they don’t follow through, the damaging items will reappear in two or three months.

Please keep in mind that Christine Van Tuyl and Margaret La Grange are real estate agents, not mortgage lenders. For more information on how your credit score will impact your loan and interest rate, please contact your mortgage lender.

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5 Top Improvements That Increase Your Homes Sale Value

A recent survey of Realtors by “HomeGain”, listed five home improvements generally recommended to help increase home value. Another benefit of following through on these recommendations is the home increases in desirability and will sell faster with less issues arising in the process to the close.

In order of ranking:

1)Cleaning & decluttering. Costs begin at from sweat equity or around $200, but can escalate depending on details. For example, is the home owner hiring a cleaning crew, storage or storage pod rentals? Expected return is an addition of approximately $1,700 to the home’s sale price, this may not sound like much...but if you also add in the value of a faster sale and any savings that come as a result, the effort and costs involved are worth while.

2)Home Staging. Prices vary dependent on the level of service provided by the stagers. Starting rates generally range around $200 for initial consultation, and can rise from there dependent on services rendered. Most staging companies will offer a basic service of evaluating the house and writing a report with recommendations,usually with photos or written diagrams, explaining what the seller needs to do to provide an inviting environment to potential buyers. In extreme cases, home staging companies can offer a complete redecorating of a house if this is what the buyer wants. Home staging can increase the value of home by $2000.

3)Lightening and Brightening. Good Realtors recommend that homeowners illuminate and brighten up the spaces in their homes. Buyers are turned away by dark rooms and corners. Buying lamps or installing lighting in strategic places will make living space more inviting. Taking down dark blinds, or heavy curtains will all natural sunlight to stream in, giving a warm glow to the home. Costs can be as little as buying corner lamps, to hiring an electrician to install lights in rooms that are without. Home Value can increase from $1300and up.

4)Landscaping. The first glimpse of a home is the landscaping as buyers drive up to the house. Depending on what is needed, costs can be as little as planting flowers, bushes or trees to complete landscaping projects. The increase can be as much as $1500, if the house is nicely landscaped. With that in mind, plan accordingly and do as much as you can yourself.

5)Repairing Plumbing. This entails fixing the leaky faucets, tightening toilets to the floor, replacing shower heads among other things. Average costs are $350, for supplies or hiring in a handyman to do some of the jobs. The return expected is $1250, and a home inspection that will not get hung up on small details such as these, possibly jeopardizing the deal or delaying its close.

The market is currently highly competitive. The homes that sell the quickest are those that are sparkling clean with an inviting ambiance. If selling your home take a good hard look around to see what you can do to enhance and position your home for sale!

Welcome to my Rochester Real Estate Blog!

I am excited about creating this blog about my favorite city, Rochester,NY and the surrounding towns & villages, as well as all things to do with Real Estate in this metropolitan area!

If you have a topic that you would like to cover I am wide open to guest bloggers. You are also welcome to send suggestions for topics too!

I plan to cover a variety of topics, ranging from from preparing a home for the market, how to find a quality Realtor, ,pictures and stories of Rochester neighborhoods and villages through out the area. If you have ideas, photos or stories contact me!!!

So lets get started.The first blog post will be about the top five home-improvements that prepare a home for sale and bring a return in for the investment.