Flood Insurance, what's with that?

What if the home you are considering buying is located in a flood plain? Your future mortgagor may in all likelihood require that flood insurance be bought to protect their investment in your property.

Congress created the National Flood Insurance Program in 1968 to reduce future flood damage through flood plain management and to provide people with flood insurance through individual agents and insurance companies. There are two types of Flood Insurance: 1) residential homes are insured up to $250,000. 2) Personal property (contents) can be insured for up to $100,000. Be advised you have to buy flood insurance separately, it is not automatically included in a normal home owners policy.

Flood damage to your home can be insured only with a flood insurance policy -- no other insurance will cover flood damage. Flood insurance is available through your insurance professional.

To determine if your home is located in a flood plain, contact your county planning office. If you are living in a flood plain, flood insurance may be an excellent purchase.
To be eligible for flood insurance, you must live in a community that participates in the NFIP. In return, communities must implement floodplain-management regulations that minimize future flood losses. To see if your community participates in NFIP, check its Community Status Book.

Reference http://www.nh.gov/insurance/consumers/documents/summary_cov.pdf
Reference http://www.insure.com/articles/floodinsurance/who-needs-flood-insurance.html

Mortgage Eligible?

Before you think of buying a home, take this step first: Consult with a mortgage officer! Why not look for the home of your dreams first, then lock up your mortgage? Here are
some reasons why:
1) An experienced Realtor will take the time out to show you homes only when they are assured that you are actually qualified to buy.
2) If you don't qualify to buy now, the right mortgage officer will show you the steps to take to become mortgageable.
3) Be an educated consumer know, for sure, what price range you can comfortably afford to buy in.
4) Some sellers require that you have a mortgage pre-approval prior to stepping into their home. Why would a seller want go through the work of preparing a house for a showing, if they were not certain the "potential buyer" can really afford their home?
5) Some sellers require an offer be accompanied with a pre-approval from a known bank, before considering accepting an offer. They are afraid to contractually tie up their home if in actuality, the buyer is incapable of getting a mortgage.

I hope you are convinced, before seeing homes, you need to see a mortgage consultant first! If you don't know any, let your Realtor give you a few options! They will recommend mortgage officers they have worked with and trust to get the job done!

Weekend Events found in the Democrat & Chronicle

Rochester, NY has more festivals than any other city! Instead of Flower City, should it be known as Festival City??? It seems there is always something going on in this City!

The Greentopia Festival, the inaugural celebration of the green movement now sweeping the globe, runs from 10 a.m. to 6 p.m. Saturday and Sunday, Sept. 17-18 in Rochester’s historic High Falls District, Commercial Street and Brown’s Race. This “World’s Fair” of environmental inspiration will feature authors and guest speakers, displays, how-to workshops and cutting-edge films illustrating green ideas. There also will be family activities, art installations, entertainment, a recycled clothing fashion show, an alternative fuel vehicle exhibition and food. Admission is free. For details, go to greentopiafest.com.

The Artist Row Public Market Art Fair will showcase works by more than 180 regional artists and artisans. The seventh annual event runs from 10 a.m. to 4 p.m. Sunday, Sept. 18, at the Rochester Public Market, 280 N. Union St. Along with the juried art show will be live entertainment, food and refreshments, and an activity area for kids presented by the YMCA. Admission and parking are free. Call (585) 428-6907 or go to cityofrochester.gov/publicmarket for more information.

The Latino Film Festival, presented by the Puerto Rican Festival, will run from noon to 11 p.m. Saturday, Sept. 17, at the Little Theatre, 240 East Ave. Highlights include two films for kids: Hansel and Gretel and Robinita Hood, from noon to 1 p.m.; admission is free. There will also be screenings of Pa’lante, Siempre Pa’lante at 2 p.m. (free with the purchase of an all-access pass for $26), From Mambo to Hip Hop at 3:30 p.m. for $8, New Children/New York at 5 p.m. for $8, and Yo Soy Boricua, Pa Que Tu Lo Sepas at 6:30 p.m. for $15. Social networking runs from 9 to 11 p.m. with a live performance by Trio Los Arpegios in the Little Café. An All Access Pass is available for $26. For more information, call (585) 258-0400 or (585) 234-7660, or go to prfestival.com/filmfest.html.

The Grown & Sexy Girls Night Out Cares will be held Sunday, Sept. 18 from 6-10 p.m. at The R.O.A.R. Club, 233 Mill Street, Rochester, to benefit Susan G. Komen for the Cure. The night's attractions include unique shopping opportunities, games, giveaways, food and cocktails. Fashions of local designer Rail Siro Ferreira will be showcased. Cost is $20. Call Traci Adedeji at (585) 905-8547 or go to grownandsexygirlsnightout.com for more information.

Do you need a new computer?

Purchasing a New Computer
August/September is the best time of the year to do your shopping when thinking of purchasing a new computer. Major computer manufacturers such as Dell, HP, Asus, Apple, and Toshiba offer deals on their computers starting as early as mid-summer to entice potential buyers. This coincides with students going back to school in the Fall and results in a large number of laptop and computer sales. There is no doubt that this benefits anyone waiting for the right time to replace their old laptop or aged desktop computer. Click here for more on this topic including a list of options that may help you make the right choice and save you time and money.

NEW YORK RELEASES PROPERTY TAX CAP GUIDELINES

The state Department of Taxation and Finance, in conjunction with the Department of State, released guidelines for the implementation of the property tax cap this week. The document is designed to assist local governments in the proper implementation of the property tax cap.

Under the tax cap enacted earlier this year, the annual increase in county, city, town, village and special district tax levies is limited to the lesser of 2% or the rate of inflation beginning with 2012 fiscal years. School districts are affected starting in their 2012-13 budgets. The cap does not cover additional taxes generated by new construction in the municipality and some pension costs above a certain level.

Tips For Choosing The Best Mortgage Lender

You're shopping for a mortgage and you've received four offers from four lenders. How do you choose? The first factor most people consider is the interest rate and other costs, but that's only the beginning. You'll also want to think about the lenders themselves, not simply the numbers they're tossing your way.

Here are five steps to follow when determining which lender is right for you:

1. Compare fees as well as interest rates

Comparing loans based on their annual percentage rate (APR) is a good place to start, but it's not enough. In the case of a mortgage, to get a more accurate breakdown of costs, ask the various lenders for a formal "good faith estimate" of all the fees you'll incur with your loan -- this is a standard form lenders must provide you that is more detailed than the overview you'll get with an offer. Also, ask about potential charges that may not appear on that list, such as prepayment penalties. You're not just comparing numbers here: determine how honest and upfront you feel the lender is being, and don't use a lender that you feel is evading your questions.

2. Consider your individual circumstances

Bigger lenders aren't necessarily better than smaller ones, especially if you have unusual circumstances. For example, some lenders specialize in loans for people with poor credit, while others may have more options for those with small down payments. If you have special borrowing needs, look for a lender with experience working with people in similar situations.

3. Look at the range of loan types available

There are more loan options available than ever before, so take advantage of all that choice. Look for a lender who offers a wide variety of loan types, from conventional fixed-rate and adjustable-rate to newer ones such as hybrid ARMs and option ARMs. Your lender should be able to match you with a mortgage that's right for your financial situation and risk tolerance.

4. Evaluate the level of customer service

When you're comparing offers, ask each lender about their policy regarding locking in their quoted rates and see whether there is a fee. Also, ask them to amend one of the terms (such as a payment cap) and see how willingly they agree. You're looking for flexibility and responsiveness. And also note how well they listen to you. If you ask for a 30-year fixed-rate mortgage, they ought to present that as an option, not push you toward something different, such as an interest-only loan. If you're not getting good service from a lender who is competing for your business, you're not likely to get it after you've agreed to work with them.

5. Check out the lender's reputation

Word of mouth is important in every business, including the loan market. If you've never worked with a particular lender, you'll want to find out the opinion of people who have.

This article can be found on Yahoo Real Estate. Here's the link:

http://realestate.yahoo.com/info/guides/choosing-the-best-lender

Maplewood Home Tour

This year's Historic Maplewood Home Tour will feature five historic homes, and Eastman Business Park's (formerly Kodak Park) iconic Building 26, including the area where George Eastman's office and conference room used to be. Building 26 serves as this year's Tour Headquarters. Built in 1902 it will be open to the public for the first time! The tour takes place Saturday, September 17, 11am-4pm. Visit the Maplewood Neighborhood Association website for complete info on tickets and parking.

Call Gini for all your Real Estate Needs!

Easy Ways To Turn Off A Home Buyer!

The current "buyers market" makes selling your home even more difficult. Where in the past buyers were willing to forgive issues with your home, now they are unforgiving. In their minds they believe, often rightly so, there's another house around the corner and they do not have to settle! But despite these difficult times for selling that both buyers and seller have to contend with, you can sell your home! Provided, here's the catch, you make sure that none of the following issues hold back potential buyers!

1. No Curb Appeal. Simple things can make all the difference. Keep the lawns cut and edged. Mulch around the trees and in flower beds if possible. If you have children, put all the toys away. Toys are a real distraction and will not allow the buyer to appreciate your homes outline. If you have dogs, make sure all landmines are picked up. Buyer hate stepping into dog poop! If the house is dirty power-wash it. The porches should be de-cluttered and swept. Arrange your porch furniture in a welcoming manner. Strategically placed plants will create a welcoming feel. Make sure your front door & screen are in good condition. These are the portal into your home. The door will be the first close-up impression the buyer will have of the house. If it is dirty, peeling paint, cracked or has broken window panes, the buyer will instantly get a subconscious feel that you have neglected the home and that there is a large potential for deferred maintenance. They will from that point, on be searching for problems with the house instead of appreciating its positive aspects.

2. Dirt. Plain and simple. Dirt will get a buyer to rush through a house and never give it a second thought. With the large competition of homes for sale, meticulous cleaning is one of the simplest things a seller can do to make sure their home is appealing. All floors must be clean. Counter tops should not have remnants of the last meal cooked in the house. Kitchen cabinets should be clean, inside and out. Tubs, toilets and showers should be sparkling. Grout should be clean and if needed re-grouted. Carpets should be cleaned or replaced if need be. There should be no reason for the buyer to think you have pets, due to pet messes like dirty litter boxes. I recommend a professional cleaning team go through when you first list, if cleaning is not your forte, with a periodic renewal. But no matter what, if the house is being shown you must be sure it is freshly cleaned!!!

3. Odors. I cannot tell you how many times I went through houses with buyers that have strong odors. As soon as my buyers detected an offensive odor, that was it. I could see it in their eyes and voices as we discuss the odors. This house was a no-go. Especially if it was due to cat urine. I cannot stress enough how important it is that the seller be impartial in evaluating their home for odors. I recommend sellers ask an out-spoken friend to go through the house, prior to going on the market to detect possible odors the seller has become immune to. If something is detected, it is very important the problem be addressed and solved. The top odors sure to turn off a buyer? Mold, urine, cigarette smoke, bedroom (!!!) smells, garbage and food related odors. Burning candles will not completely mask odors, so don't try.

4. Clutter. Serious Sellers must begin to box up and remove their belongings. This includes pictures/photos of family and friends, or “kitschy” art in particular. Serious art works can stay, but portraits of Elvis painted on black velvet must go! Box up personal award trophies and plaques. The buyer often becomes distracted by them and loses their concentration on why they are there, to see the house, not to get to know the people living in it. All surfaces should be fairly bare. Kitchen counters should not have groceries stacked up, this indicates to a buyer there is not enough cabinet space. Bathrooms should be neat without too much paraphernalia on the counters, brushes, curlers, make-up all should have a home-out of sight. Childrens' and pet toys should be stashed. Clothes in drawers and closets. Closets should not be filled to the top. Have closets be half empty, indicating there is enough storage space in this home.

5. Dated Fixtures. This is indicated by old fixtures that are no longer in fashion. I do not mean the lovely 60 year old “real” crystal chandelier in the dining room. I mean the florescent pillbox light in the kitchen, or the bare light bulb hanging from the ceiling. Dated kitchen cabinet knobs and handles which have lost their chrome or are dated looking should be replaced. Faucets and shower heads should be updated especially if they have lost their shine. Taking care of these items is a small investment for the return.
   

6. Old Appliances. If the seller wants to get top dollar they must have newer appliances. This can become expensive so the seller has to weigh in factors such as the benefit of selling faster and for more money versus not replacing the appliances. Homes with new(er) appliances seller easier and faster than those with old old appliances. Rattling kitchen and bathroom fans will be discovered and frowned on. If my seller refuses or can't replace old appliances, I prepare my seller to accept a lesser price, or an eventual price reduction to compensate for old appliances.

7. Wallpaper. If at all possible, take wallpaper down and paint the surface. Wallpaper is generally out of vogue. When my buyers see wallpaper they see work. The work of taking it down. This is actually discussed as we go through the house, how much time and effort taking the wallpaper down, will entail. Or the cost, if my buyer is not a do-it-yourself-er. So if the decision comes down to two houses, yours and one that does not need wallpaper removal, trust me, the buyer will generally pick the house with the least amount of work necessary upon move-in. Do yourself a favor, remove the wall paper and you will get a faster and better sale.

8. Acoustic ceilings, Popcorn ceilings and Icicle ceilings. These ceilings scream OLD! They sometimes scream COVER-UP! Remove these ceilings or prepare for a lower sale price or credit at close for removal.

9. Pushy & Controlling Sellers. This category has nothing to do with the house and everything to do with the seller. Unless a home is “For-Sale-by-Owner”, buyers and their agents do not expect the seller to be there and are irritated when they are. Especially if the seller insists on showing them the home, on telling them all the details of the house-proclaiming the all the while this house is better than every other on the block. Sorry seller, you don't get to decide that, the buyer does. The seller who pushes the agent out of the way or interferes with them doing their job, does not get their home sold easily. Buyers want to talk candidly with their agent as they go through the house. They do not feel they can with the seller standing there, or if sellers are with-in earshot. Another issue buyers sometimes come across, people just lounging around the house as the buyers go through. This really creeps the buyers out and they generally can't get out of the house fast enough. No sale here! Sellers listen to your agent whom you hired to sell your home. If they tell you to leave while it is shown, do so! If you don't, this becomes a signal that you are not a motivated seller, and gives my buyer another reason to not put an offer in.

So there you have it, these are some of the issues that are generally easy to fix, but surprisingly often are not. I have not pushed for big ticket items such as new kitchen and baths, vinyl siding, new windows and such. The reason being, you will not get your full investment back doing these updates. The housing market is very competitive right now. Do yourself and your agent a favor, look at this list and see if there is anything you, the seller, can do to get your home sold. An agent can only work with what they are given. Best Wishes that your home sale is quick,and easy!

The Landmark Society now selling "Inside Downtown" tickets!

Advance sale tickets for Rochesters Landmark Society's 2011 Inside Downtown Tour are now available--only online (http://www.thelandmarkcollection.com) or by calling 585.546.7029 x11. If you are a Landmark Society member you receive a $5.00 discount on all your tickets! Tickets will be mailed out after September 9. This year's Tour returns back to two great neighborhoods--the East End and some special sites in Grove Place.

Now if you are a more interactive type person, you can join in the fun and volunteer for this event. The Landmark Society has openings for tour hosts, headquarters and tour runners. All volunteers receive a complimentary ticket. Email Cindy Boyer with your availability of Friday evening, September 23; or Saturday, September 24 10am-1pm or 1pm-4pm.

I and a cadre of friends are hosting a house at Grove Place on Saturday morning between 10:30 and 1:00 PM. Hope to see you there, stop and say hi!

New York State continues uneven housing recovery in July

New York State home sales were up more than 16 percent in July compared to July 2010, but failed to keep pace with the June sales total, according to preliminary single-family sales data accumulated by the New York State Association of REALTORS. The statewide median sales price posted gains compared to both last month and July 2010.

“The July sales total shows us that there is no clear trend to the overall New York State housing market,” said Duncan R. MacKenzie, NYSAR chief executive officer. “However, a third straight month of price appreciation indicates that at least one measure of the market is showing sustained progress.”

“Poor national economic news, including troubling unemployment numbers, continues to undermine consumer confidence in home buying in New York despite a near-perfect storm of historically low interest rates and plentiful inventory across the pricing spectrum.”

New York REALTORS sold 6,838 existing single-family homes in July, an increase of 16.3 percent from the July 2010 total of 5,882. The July 2011 sales total declined by 4.6 percent from the June 2011 total of 7,169.

The July 2011 median sales price of $225,000 represents an increase of 2.3 percent from both the June 2011 and July 2010 median sales prices, which were both $220,000.

Note from Gini: Remember, Real Estate is regional. New York State is still faring better than many states. The Rochester market is consistent. Our houseing prices have been stable and in some areas rising.