Real Estate Rochester NY

Huntley Plantation near Alexandria, VA.

2011-11-26T13:57:00.000-08:00

On our way to Mt. Vernon, I spotted out of the corner of my eye a plantation home that I had discovered that morning while researching Mt. Vernon. It was known as Huntley Plantation, and is perched up on a hill tucked off the main road heading to Mt. Vernon; the address now is known as 6918 Harrison Lane, Alexandria, VA. This little plantation gem is not currently open to the public but will be in the near future. Enjoy the photos I have taken of this property. I plan on returning once it is opened to explore the interior.

Relief for Homeowners Harmed by Improper Foreclosure Procedures!

2011-11-01T11:42:00.000-07:00

Written for Mortgage News Daily, by Jann Swanson

Servicers Must Review, Compensate Improper Foreclosure Claims

Nov 1 2011, 11:41AM

Homeowners who believe they were financially harmed by improper foreclosure procedures now have a new avenue for relief. Three major federal regulators, The Federal Reserve Board and the Offices of Thrift Supervision and Comptroller of the Currency announced this morning that servicers under their supervision will be required to provide compensation to borrowers if their foreclosure processes caused financial injury.

As part of their compliance with enforcement actions issued by the three regulators April, a total of fourteen large servicers have been required to retain independent consultants approved by the regulators to conduct reviews when requested by eligible borrowers who were in foreclosure during 2009 or 2010, whether or not the foreclosure was completed. The consultants are charged with evaluating whether borrowers suffered financial injury through errors, misrepresentations, or other deficiencies in foreclosure practices and determining appropriate financial remediation for those customers.

The fourteen servicers (and their affiliates), all of whom have begun mailing letters to eligible borrowers that explain how to request a case review, are:

America's Servicing Co.
Aurora Loan Services
Bank of America
Beneficial
Chase
Citibank
CitiFinancial
CitiMortgage
Countrywide
EMC
EverBank/EverHome Mortgage Company
GMAC Mortgage
HFC
HSBC
IndyMac Mortgage Services
MetLife Bank
National City Mortgage
PNC Mortgage
Sovereign Bank
SunTrust Mortgage
U.S. Bank
Wachovia Mortgage
Washington Mutual (WaMu)
Wells Fargo Bank, N.A.

Requests for review must be received by April 30, 2012. Regulators are encouraging borrowers to carefully consider the information about the review program to determine if they should participate. There are no costs associated with being included in the review nor do borrowers need an attorney.

In addition to this outreach and claims program, the independent consultants will also review a variety of sample cases from each servicer. Where they identify issues, they will conduct additional secondary reviews to identify as many affected borrowers as possible. The Federal Reserve announcement said that certain categories of foreclosure actions would receive special attention including members of the military who were covered by the Servicemembers Civil Relief Act and borrowers who had previously filed complaints with the services for foreclosure actions pending during the 2009-10 period.

The Federal Reserve said further than it believes monetary sanctions against servicers are appropriate and plans to announce penalties in addition to any compensation provided to borrowers following the reviews.

Some examples of situations that might prompt a request for review were provided in the materials released to the press and public.

The mortgage balance amount at the time of the foreclosure action was more than the borrower actually owed.
The borrower was doing everything the modification agreement required or was properly pursuing a modification but the foreclosure sale still happened.

The foreclosure action occurred while the borrower was protected by bankruptcy.
Fees charged or mortgage payments were inaccurately calculated, processed, or applied.
The foreclosure action occurred on a mortgage that was obtained before active duty military service began and while on active duty, or within 9 months after the active duty ended.

"The independent foreclosure review is a significant component of the mortgage servicers' compliance with our enforcement actions," said acting Comptroller of the Currency John Walsh. "These requirements help ensure that the servicers provide appropriate compensation to borrowers who suffered financial harm as a result of improper practices identified in our enforcement actions."

Walsh said the reviews will take several months to complete, considering the large pool of borrowers that could be part of the review.

The enforcement actions issued by the regulators in April also require the servicers to correct other deficiencies in residential mortgage loan servicing and foreclosure practices going forward, including specifying a single point of contact for certain borrowers who are having difficulty paying their mortgages, ensuring that foreclosures are not pursued when a borrower is performing on a loan modification, and establishing robust controls and oversight over their third-party vendors.

Information on filing a review request is available at www.IndependentForeclosureReview.com.

Happy Halloween! 10 Safety Tips for your Kids!

2011-10-31T08:26:00.000-07:00

YEAH!!! Tonights the night every kids lives for! Halloween!!! Here are some tips to help protect your kids as they go out into the big night, to collect their goodies.

Young children should always be accompanied by an adult. Older children may forget to look out for their younger charges, in the excitement of Halloween fun, opening the door to mishap.
Older kids should always “Trick or Treat” in a group, never alone!
Feed everyone before going “trick or Treating”. A full belly will hopefully prevent them from gorging on their candies and getting sick from too much sugar.
Know the neighborhood! If you are concerned about sexual offenders go to your local police station and ask that the data base be checked for the neighborhood you are “Trick or Treating” in. Or, check the local police website for their data base listing locations of offenders.
Be strict about not going into strangers houses. Let your children know it's OK to politely refuse a suggestion to come into the house. Tell them to leave immediately if the stranger becomes insistent. Forget the candy!
Remind your children they need to cross the streets at intersections and cross-walks. Explain the dangers of running across the street, especially at night and in costume. Remind them they might not be able to see as well thanks to their mask and costume.
Make sure costumes fit right and that the kids can move around and run in them. Make sure the costume does not trip them or obscure vision or breathing. Capes, swords and wands should not be able to cause the kids to trip.
See that the costume reflects light so that if the kids are crossing the street and a car comes, the driver has a better chance of seeing them.
Make sure the costume is flame retardant, either store-bought or home-made. There may be open flames that could catch the costume and cause burn injury.
Lastly, check the candies before the kids eat them. If any wrappers look suspicious throw the candy away. Also with small children, can they eat this candy without danger of choking?

Enjoy the sights tonight and make sure you have enough candy! Happy Halloween!

For your Real Estate needs, in Rochester NY, Call Gini Denninger, Broker GoodmanRealty. 585-760-3880

Attention Rochester Zumba & Pilates Lovers!!

2011-10-30T18:27:00.000-07:00

Jamaica's lovely resort Breezes Runaway Bay Resort & Spa is hosting a Zumba & Pilates Week! If you don't want to miss this event plan to travel to Jamaica December 2-9. Certified instructor Linda A. Robinson will be leading daily complimentary Zumba and Pilates classes for guests of all activity levels. Robinson, a New York-based Aerobics and Fitness Association of America instructor, will teach beachside Pilates classes and Latin-inspired aerobic classes. The Zumba program features choreographed hip-hop, samba, salsa, merengue, mambo, martial arts and Bollywood and belly dancing moves. Nightly rates during the week start at $170 per person for double occupancy, with a three-night minimum stay. For more information, call 877-273-3937 or visit www.breezes.com.

Getting your home ready for the big chill

2011-10-28T08:48:00.000-07:00

Well. here we are in the North East. Summer is gone, but not forgotten. Sadly the leaves have turned and we are now facing winter and all that entails. I have brought my house plants in, swept the porch, and turned the heat on. Winter preparations such caulking windows and changing away from my sun loving sheers to the heavy insulating winter curtains have commenced. The quilts are out and decorating the beds. And, there is still more to do. This article by Zillow reminds us of other tasks we might want to consider doing to save energy and still be comfortable in the bone chilling weather ahead!

While September brings the first day of fall, October can be the harbinger of the winter and all of its frigid pitfalls. It's best to be prepared for the frost and snow with a few simple tasks that will prevent drafts, frosty windows and every homeowner's nightmare: Busted pipes.

A good place to start prior to tackling problem areas in your home is a home energy audit. This will pinpoint specific places in your house where heat escapes. The U.S. Department of Energy has a do-it-yourself energy assessment, or you can hire someone to do the audit for you.

Weatherstripping

Cold air can seep in through those little gaps between your door and the door frame, quickly reversing any effort you take to heat your home. Weatherstripping covers the sides and top of the door and a sweep fills the space between the threshold and door bottom. Hardware stores and home centers sell numerous products in metal, foam, rubber and plastic for this purpose and many can be installed in an afternoon.

Windows
This may be another area where additional weatherstripping or caulk is needed to fill any visible gaps, though that still might not be enough remediation to prevent drafts. While windows add much needed winter light, they can let out a lot of heat — up to 12 times more than a wall if they're single pane. Blinds can keep a little heat in, but heavier shades or curtains will minimize heat loss.

Fireplace
Fantasizing about a cozy evening in front of the fire? Your romantic night might be cut short if your fireplace hasn't been serviced. The National Fire Protection Association recommends that chimneys are swept at least once a year.

Furnace
It's also recommended that furnaces be serviced once a year. A heating system can break down at the most inopportune time is it's not serviced. Worse, it can pump carbon monoxide into a home or eventually stop working. While a furnace service can run up to $100, the cost benefits are undeniable, considering the cost of a major fix or replacement.

Ducts
According to the U.S. Department of Energy, a home with central heating can lose between 10 and 30 percent of its heated air before that air reaches the vents if duct work is not well-connected and insulated, or if it must travel through unheated spaces.

Pipes
Frozen pipes are a royal nuisance, but with a little effort, many instances can be prevented. The best way to tackle these is to wrap pipes that run the exterior of the home with heating tape. Turn off the water and drain the remaining water at the inside valves. You can also purchase insulated covers for additional prevention.

I hope this winter season is not too harsh for my friends in the snow belts!

If you are interested in home ownership, either buying or selling, in Rochester NY and surrounding areas, please call me. I own Goodman Realty, a small boutique realty that does big things!

Gini Denninger
Goodman Realty
585-760-3880

In Need of Refinancing? Have You Heard of HARP? This program might help!

2011-10-25T12:32:00.000-07:00

President Barack Obama announced on Monday that the government’s Home Affordable Refinance Program will be changed to allow homeowners with little or no equity to refinance no matter how much their home value has dropped below what they still owe. The program's acronym is HARP

What does HARP stand for? Home Affordable Refinance Program.

To qualify do I need 20 percent equity, like I currently need when refinancing? Borrowers do NOT need to have 20% equity in their home.

Does it matter how much negative equity my home has? Eligibility is not affected by how far the home value has fallen.

Refinancing is expensive, there are so many fees. Does HARP help with fees? Making refinancing cheaper, some fees such as closing, title insurance and lien processing will be eliminated or reduced. This also applies to some refinances that become shorter term loans than they originally were, once refinanced.

Do I have to pay for another appraisal? Not all refinances will require an appraisal.

Are all loans eligible? Eligibility is only for loans backed by Freddie Mac or Fannie Mae. The loan must have been acquired by either organization prior to June 2009. To find out if your loan was sold to Freddie Mac go to https://ww3.freddiemac.com/corporate/ or to see if it was acquired by Fannie Mae go to http://fanniemae.com/loanlookup/ .

What if I am late or not current with my mortgage? Home owners must be current on their mortgage and one late payment in six months or more than one in the past year allows the bank to determine the owner ineligible.

How long do I have to decide to try to refinance? The program is extended through 2013, by 18 months,
Does the bank “HAVE TO” refinance my loan if I am eligible? No this program is entirely voluntary on the part of the banks. The bank may refuse to refinance even if the home owner is eligible.

When will information be available about the program? Fannie and Freddie will issue the full details of the plan lenders on Nov. 15, 2011. Some lenders may be ready to participate in the program by December.

For more information, contact your lender to see if they will participate in the program. If so, you should consider your options regarding this program, to see if it works for you. You may save significant amounts of money over the years.

Buyers do you have a home buying strategy?

2011-10-15T09:32:00.000-07:00

Are you going it alone without a Realtor to assist you?

Have you decided to represent yourself?

Are your family and friends involved, providing you with information you deem factual because a someone said it was?

Do you believe that by dealing directly with the listing agent that:

a) they will represent your interests in the deal?

b) that the agent will reduce their commission, so you don't have to pay as much, just to make the deal happen?

c)The agent will persuade the owner to take your price since the agent wants both sides of the deal, since this represents a higher commission to them?

Are you sure you are aware of all the properties that fit your search parameters?

If you answered yes to most of the above, it is time to rethink your strategy. Seriously!

Do you know that the seller pays the buyers Realtor? You, the buyer, does not usually pay any realtor fees. Why not take advantage of the opportunity to work with a savvy Realtor? Realtors are experts not just in locating homes, but in representing their clients interest. They are taken seriously by the other agent and often have an established working relationship with that agent. They are able to finesse a difficult deal, and bring it to the closing table, because of their experience. It is silly to think that someone that does not deal daily in these activities will be as skilled as one who does. It's sort of like thinking that you can be a talk show host, because you can talk!

The information your family and friends are giving you may be grossly inaccurate, creating confusion and problems with your search. Working with a Realtor opens the door to information you really need to efficiently buy a home, at a realistic price you will be happy with. A Realtor makes it their business to know the market you are searching in and they also have access to tools that you probably do not have access to, tools that will help you successfully close on the house you have always wanted.

By New York State law, a listing agent DOES NOT represent the buyer in a deal, even if the buyer comes without an agent. The listing agent only has the obligation to deal fairly and honestly with the buyer. Their loyalty is to the seller. They are not obligated, and nor do they want to, to help you bring the price down, since this is not synonymous with protecting the sellers interests.

Agents rarely reduce commissions since it is generally against their Broker's or company policies. They rarely have the freedom to do so. We, at Goodman Realty, often will reduce the commission by 1%, if we are on both ends, but we do this for the seller-not the buyer. The buyer is generally unaware that we have done this. Indirectly it may help the buyer that we do this, since it may help make the final take home dollar amount for the seller more palatable, allowing them to accept the deal.

We never try to persuade our sellers to take a bad deal, just so that we can have both ends of the commission. We are aware that by doing so, we would have betrayed the trust our clients put into us. We value our clients and want to work with them again and we also want referrals from them. By not looking out for them, it is a sure thing that they will eventually decide we are not worthy of their loyalty and will no longer recommend us or come back to us. Being on both ends of your deal, no matter how large or small, will not be worth the loss of loyalty.

Working with an agent will ensure that you find all homes that are currently AVAILABLE, that fit your search parameters. A good agent is an expert in locating these homes fast and efficiently. You will often be sent notice of new properties that fit your desires, as soon as they come on the market! No more following false or old leads on properties that were actually sold a year ago but never removed from the search engine you are using. No more having to spend hours searching websites for the newest on the market...of which you are sure to miss 50% or more of houses that actually could work for you.

Do you have other reasons that prevent you from getting good representation? If so, I really want to hear from you so that I can understand the thought process involved. Understanding a situation is always the first step in any relationship!

For all of your real estate needs call me! Gini Denninger, 585-760-3880. Goodman Realty!

Don't be shocked, Your offer was turned down!

2011-10-13T15:10:00.000-07:00

Despite the housing woes across the nation, the Rochester NY real estate market actually has retained value. In many parts of the area, home prices rose at pretty much the same rate as always or just under that rate. There are sections that were not as fortunate, most of these areas are located in the city of Rochester proper. Over-all, real estate in Rochester NY and surrounding areas has been pretty stable through out the housing crisis.

Despite this good news, I have found, when working with buyers, that many have developed a perception that sellers would take offers priced so low that they resembled “fire sales”. This is a result of their reading and hearing national news stories describing real estate horrors. I try to educate these buyers that real estate trends are “local”, but some buyers still persist with the mistaken idea that sellers are so desperate they will take anything to sell. This translates into big problems. These buyers will sometimes refuse to believe the facts of the Buyers CMA that I take the time to do, which suggests realistic prices for the home they want to write an offer on.

The buyer reasons with me that the market is a “buyers market”, which it is, but it is not a "Fools Market" either. Sellers in Rochester NY are not foolish or desperate. The buyer often is shocked to find out the seller will not even come back with a counter offer, since the submitted offer was so, so low, there was no middle ground. In this case I try very hard to re-educate the buyer and explain to them they need to offer close to the current market value of similar homes in the area. I try to review, in-depth, the CMA with them to give them an opportunity to rethink their price. Sometimes this works and other times it does not.

If a client persists with the mistaken idea they can force a “fire sale”, I eventually begin to evaluate whether I am wasting my time with the buyer, since it is unlikely they will ever buy anything. By ignoring the information I make available to them, they in essence, are also telling me in a subtle way that they either do not believe the information or they do not trust it. If belief and trust are issues, it becomes clear that we no longer have a working relationship and it is time to end our time together. In most cases, I am happy to say my clients are open and understand the information I have given them and reevaluate their previous beliefs. Once this occurs, they generally become more realistic with their offers and finally are able to close on the house of their dreams at a price they are satisfied with.

For all your real estate needs call me! Gini Denninger 585-760-3880. Goodman Realty.

What Size Electic Service Do you Need In Your Home?

2011-10-12T12:58:00.000-07:00

How big should your electric service in the panel box be? Whether you currently own, rent, or are buying; this topic should be of interest to all readers since we all use electricity in our homes. When buying a home, take the time to pay extra attention to the panel box and how big the electric service is. You may have to upgrade the service if it is too old or too small. Fortunately, in the Rochester area, it is rare that electrical services are too small since you will find that most are at least 100 amp.

I was always under the impression that bigger is better, especially with all the electrical appliances we are spoiled with. Imagine my surprise when an electrician told me 100 amps is generally sufficient and often more than necessary for most households. I did not believe him and felt 150 amp service was the minimum a household should have. That was until I researched this information myself. Once I learned how to calculate the needs of an average household, I realized I was operating with erroneous information, bigger is better.

The exception would be if the sole energy source for the house is electric and no gas. In the Rochester area, most homes use several energy sources. The most common a combination is electric and gas, or if not gas, propane. Even homes in municipal electric districts like Fairport or Spencerport often have gas heat as an option.If a home is running solely on electric, its needs are higher and often may call for more amperage than can be provided by a 100 amp service.

You can calculate your (potential) home electrical needs by using the link at the bottom of this article. I did a quick calculation for a 2000 sq. ft. home featuring the following items: 2 small appliance branch circuits (one in kitchen, the other in a bathroom), laundry branch circuit, electrical usage by the following; clothes dryer, disposal, dish washer and garage door, and the heating operations of your furnace system-not actual electric heat or air conditioner. The total needed amperage for this very typical home is a surprising 38 amps!!! So a 100 amp electric service is plenty big enough!

When deciding on updating an electric service, it pays to make the calculations to avoid being talked into a bigger service than you actually need. If you are buying a house, knowing this information will make negotiations easier and more likely successful, should the service be outdated or too small, since you know how much you need and can safely keep costs down, which hopefully makes the needed changes more palatable and agreeable to the seller. Knowledge creates a win-win for all!

To calculate your (potential) homes usage go to:

http://www.electricalknowledge.com/SFDLoadCalc.asp

If the link does not work for you, cut and paste above the link.

For your Real Estate needs call me! Gini Denninger 585-760-3880 Goodman Realty.

Now Is Perfect Time To Buy A Home!

2011-10-11T12:19:00.000-07:00

Now is the time to buy your own home rather than rent. If you have ever wanted a part of the “American Dream” of home ownership, NOW is the time. Interest rates and home prices are at an all-time low. It is unlikely home prices will drop much more and it is anticipated that interest rates will begin to slowly rise. "Interest rates are at an historic low”according to Donna Maxwell of Premium Mortgage, which is located here in Rochester NY, she adds:"Why miss out the opportunity to buy a home or refinance while rates continue to be at historical lows?"

When home sales stagnate, rental markets heat up (due to the larger demand for rentals) which pushes rents higher. The rule of thumb here is that when demand is up for rentals, rents go up. We are currently in such a market, where renting is not as beneficial as during the times of lesser demand for rental units. Another reason some people prefer to rent, is that they often reason that renting is economically sound since they do not have to deal with property taxes and insurance. This is actually inaccurate, since housing providers increase rents to cover these costs.

Keep in mind when you pay rent, you will never get a penny back down the road. If you buy your home for a reasonable price, with a mortgage that is equivalent to or less than what your rent fees were, you have reason to believe that you will eventually take back at least a portion of what you laid out to live in your home. There are also tax benefits to owning your own home. Your tax preparer or accountant can explain to you what benefits you have, based on your income and local tax laws.

This is the time to buy since the market is full of home listings. Choice and prices have never been better! Many properties have been reduced in price. In the Rochester area, you definitely are getting a bang for your dollar! Many sellers are motivated, especially as we enter into the winter months and up-coming holiday season. They want to get their properties sold! But, caveat here, be aware this does not translate into sellers giving their properties away. Many sellers who have listed homes properly priced for the local market, are waiting until a buyer comes along that appreciates what they are offering. If you have found a home you like, ask your agent how long the house has been on a market. If it is a recent listing, it is unlikely the owner will budge significantly from the price. If it is over three months, you MAY have a seller willing to deal. The factor coming into play here is, how motivated is the seller? The only way to find out is by putting your offer in!

If you have been thinking about buying, take the time to explore the market with an agent who is looking out for your best interest. This agent will ask that you bring a pre-approval letter to them, since this will outline the parameters the buyer has price-wise, and tells the agent that you are, in fact, a qualified buyer. Having this letter in hand also saves time, when you find the home of your dreams, since it will be submitted with your offer, to show the seller you are a serious buyer, improving the odds that you will get back a signed contract from them!

Happy House Hunting! If your are looking in city and surrounding areas of Rochester NY, call me, Gini Denninger, (585-760-3880) Goodman Realty, to start you on your home selection! For more information on home mortgages call Donna Maxwell at 585-370-4427.

Flood Insurance, what's with that?

2011-09-21T21:20:00.000-07:00

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?

2011-09-21T20:56:00.000-07:00

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

2011-09-15T19:28:00.000-07:00

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?

2011-09-14T11:15:00.000-07:00

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

2011-09-13T20:46:00.000-07:00

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

2011-09-12T20:30:00.000-07:00

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

2011-09-09T08:01:00.000-07:00

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!

2011-09-06T08:46:00.000-07:00

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!

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.
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!!!
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.
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.
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.
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.
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.
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.
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!

2011-09-02T09:14:00.000-07:00

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

2011-09-01T08:02:00.000-07:00

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.

Too Many Cooks Spoil The Pot...In Real Estate???

2011-08-31T10:44:00.000-07:00

You know the saying? "Too many cooks spoil the pot!" How many times have you used this in your kitchen, when trying to put out the spread for a large party? Everyone wants to help and they do, to the point of disorganized chaos. This can and does apply to Real Estate too, if you are house hunting.

Rochester, NY and the surrounding market are small markets. Our Multiple Listing Service (MLS) is available to the public via Homesteadnet.com and Realtor.com. Locally, most real estate companies and agents that have websites also offer search functions that allow buyers to see what is available in their desired areas. By the time a buyer is ready to seriously look for a home, they have been in contact with several agents at the very least.

If buying, logic would seem that if you have two or more realtors working for you, that you will find your desired home faster. In this case, logic is false! The main reason being motivation, on the part of the agents. An experienced agent will ask if the buyer is working with anyone else.

There could be many reasons why a buyer decides to call another agent. One of the most common is the buyer is hoping that they might get different results for their search. In the Rochester market, this is unlikely since it is such a small market. Another reason could be that the buyer is dissatisfied with their agent. If this is the case, the buyer usually articulates the problem if prompted by questions the agent (should be asking). The agent might then ask that the buyer end the unsatisfactory relationship with the other agent, and work exclusively with them. The buyers response in part gauges how serious the buyer is.

A saavy agent wants to determine if working with a buyer is likely to be a positive experience. The agent takes into account the time and money they will expend on helping a buyer find a home. If there is a possibility when working with multiple agents, that agent number two's efforts and money (spent on gas, paying a baby sitter while they show a home etc...,) could be for nothing-should agent number one scoop agent number two on finding a home, agent number two is much less motivated to go out of their way for the client. If a buyer is working with another agent, agent number two might still work with the buyer, but not be as focused on their needs. This buyer will not be a priority client in their book. When this occurs the buyer will not receive the full attention and energy they normally would receive from this agent. In addition, should agent number one find out that the buyer is working with another agent, they too can demote the buyer from being a priority for pretty much the same reasons agent number two does not make them a priority client.

Knowing this, a buyer would be tempted to say that they are working exclusively with which ever agents asks. Since Rochester is a small market, it's only a matter of time before the agents find out this is not the case. Should this happen, the dynamics between the client and agent(s) will change. Once an agent feels they are being deceived, they no longer trust their client. Motivation to do a good job for their client is diminished.

The important point is, while you may work with as many agents as you like, you are better off working with one agent that makes you a priority. Working with multiple agents and not being a priority client with any of them, ensures that you will not get the focused service and advice that you need to be successful in your quest for a new home.

Short Sale Buyers Face Difficulty Closing Deals Quickly

2010-02-20T09:58:00.000-08:00

RISMEDIA, February 19, 2010—(MCT)—Rachel Nacion-Ograyensek and her husband are getting nervous. The house that the two apartment dwellers want to buy—the one with the double oven, pool and tiled patio—may slip away from them.

It’s on the market as a short sale, so the owner can’t act until the mortgage holder approves the discount price. But the Altamonte Springs, Fla. couple insists on buying their first home in time to take advantage of the federal government’s home buyer tax credit, which now expires April 30, 2010.

“The house is our dream house—it’s perfect for us,” Nacion-Ograyensek said. “We are trying to get in on the tax credit, but it’s done in April, and it’s already February. We’ve gotten to the point where we’re passively looking for other houses, but none are quite right.”

Under pressure from the real estate industry, Congress extended and expanded the tax credit last fall. It was to have ended November 30, 2009 and benefit only buyers who had not purchased a home in the past three years. Like the original, the latest version is worth as much as $8,000, but it gives both first-time buyers and qualified existing homeowners until April 30 to secure a contract on a home, and until June 30 to close the deal.

Though real estate agents and home builders hope the measure boosts sales, as the previous version was credited with doing, some fear that buyer’s intent on getting a short sale bargain will not make the new deadlines.

In the Orlando area, 67% of Realtors’ existing-home sales in December 2009 were distressed sales—and about half of those were short sales, known for taking at least three months to complete. Even buyers who nail down a contract with the seller by the April 30 deadline can’t be sure the purchase will close within the required two months. “That’s where you get into that riverboat-gambling mentality,” said Jim Ruddy, the longtime real estate agent representing Nacion-Ograyensek and her husband. “Is it worth gambling that $8,000?” At this point in the tax credit countdown, buyers interested in purchasing a short sale must decide whether they are really committed to that property—enough that they would still want to purchase it if they miss the June 30 tax credit deadline, Ruddy said.

Nacion-Ograyensek said she and her husband recently revisited the short sale house in Altamonte Springs and decided it was worth the gamble. The kitchen is ideal for cooking, and the backyard is large enough if they have children or adopt a dog. They have decided to stick with their plan; still, each day that passes makes them more anxious.

In hopes of capturing tax credit-motivated buyers who aren’t focused on distressed properties, Florida’s real estate agents have scheduled an unprecedented statewide open house of properties listed for sale. The event, organized by the Florida Association of Realtors, is set for April 10-11—just two weeks before the tax credit deadline.

Kathleen McIver-Gallagher, chairman of the Orlando Regional Realtor Association, said buyers intent on getting the tax credit should be concerned if they are trying to purchase a short sale through lenders known for slow responses to short sale offers.

As the April tax credit deadline nears, buyers will probably become more interested in homes other than distressed sales, McIver-Gallagher said. “There are plenty of regular homes out there,” she added.

Compounding the delays are new reporting rules that lenders must now follow. Nate Morris, vice president of Thomas Mortgage and Financial Services, said the new requirements involve good faith estimates and HUD closing documents. “It certainly could further complicate things,” said Morris, a board member of the Mortgage Bankers Association of Florida. “I don’t see this working out till the middle of the year. Everyone in the mortgage business talks about it on a daily basis.”

By Mary Shanklin

Distributed by McClatchy-Tribune Information Services.

Home Buyers Rush to Take Advantage of Tax Credit Before It’s Gone

2010-02-12T08:48:00.000-08:00

RISMEDIA, February 12, 2010—(MCT)—Liv Mansfield is racing the clock, hoping to find and settle, or at least sign a purchase agreement, on a townhouse before the $6,500 tax credit for qualified repeat home buyers expires April 30, 2010.

While the credit is not as important as staying in the Wallingford school district, where her younger daughter will enter sixth grade next fall, Mansfield says it will help make expenses associated with the move ‘a wash.’ “It will help with moving costs, and with getting this house ready for sale,” said Mansfield, who has lived in the five-bedroom split-level Colonial she bought with her former husband nine years ago.

The house, which she says is far larger than what “two people and a small dog need,” will list for under $525,000 and heads for the market Feb. 15, 2010.

Current homeowners buying a house between Nov. 7, 2009, and April 30 and who have used the home being sold or vacated as a principal residence for five consecutive years within the last eight can qualify for the $6,500. It seems less is known about the repeat buyer credit. This incentive was added when the original $8,000 tax credit for qualified first-time buyers, which expired Nov. 30, was extended.

Houses purchased for $800,000 or less are eligible for repeat buyers. Single buyers with incomes up to $125,000 and married couples up to $225,000 may receive the maximum tax credit for both repeat and first-time purchases. The credit decreases for buyers who earn between $125,000 and $145,000 for single buyers and between $225,000 and $245,000 for home buyers filing jointly. The amount of the tax credit decreases as his/her income approaches the maximum limit. Buyers earning more than the maximum are not eligible for the credit. If a binding written contract to purchase is in effect April 30, the purchaser will have until July 1, 2010 to close.

The 2009 credit for first-timers helped jump-start the sagging home market in the summer and fall, data show. Walt Molony, a National Association of Realtors (NAR) spokesman, said two million existing-home sales in 2009 could be attributed to the $8,000 first-time buyer credit. Although it is too early to measure the credit’s effect on sales so far this year, Molony said NAR chief economist Lawrence Yun believes it will add 1.5 million sales to the tally.

The repeat-buyer credit was added to appease builders, who said the original did not offer enough time to purchasers of new houses, which take at least six months to build, to close on them. New homes accounted for only 7% of the tax-credit-based sales, Molony said.

The National Association of Homebuilders’ Donna Reichle said, “We hear builders saying they are getting inquiries, but that’s all so far. According to our economists, it’s way too early,” Reichle said. “If you look back at the passage of the original $8,000 credit and impact on housing starts, it took a couple of months, and that was in the spring as well.”

Moody’s Economy.com chief economist Mark Zandi says the credit will boost sales “modestly,” however, by 300,000, with one-third trade-up buyers. “I don’t expect the credit to be extended again,” Zandi said. “Each time it is extended, it becomes less effective and thus more costly.”

David Krieger, senior vice president and general manager of Coldwell Banker Preferred in Philadelphia, says he believes that “a very large increase in our listing inventory in January is a result of the $6,500 credit.” Still, the $8,000 first-time credit remains the chief reason his company’s home sales were 33% higher last month than in January 2009, he said.

Typically, repeat buyers are better off financially than first-timers, so a lot of repeat buyers realize from the start they don’t qualify for the credit, Weichert Realtors agent Alec Schwartz said. “What they do realize, and what is getting more sellers to list, is that they understand that there are plenty of first-time buyers who qualify for the $8,000 credit out there, and they have a much better chance of selling their house and buying a new one than before,” said Schwartz, Liv Mansfield’s agent.

This is also true in the region’s new-home market, said Wayne Norris, regional sales manager for Hanley Wood Market Intelligence. “Builders have experienced increased activity in recent months” attributable to the $6,500 credit and “the fact that many potential buyers were able to sell their houses” to those taking advantage of the first-time buyer credit,” he said. The sense of urgency to make the tax-credit deadline and fears of rising interest rates will push new-home sales higher in the spring, Norris said.

By Alan J. Heavens

Distributed by McClatchy-Tribune Information Services.

Twenty Common Mistakes People Make When Finishing a Basement

2010-02-09T08:51:00.001-08:00

Realtors often see finished basements that are poorly done. These types of basements take away from a home's value. When thinking about finishing a basement, a property owner should read this article first, contributed to our Blog by Bill Richards of ProTech Home Inspection

1. Not addressing water problems first – The first step in any basement remodel should be identifying and preventing any and all possible sources of moisture. This can include cracks in the walls, openings around utility lines, high humidity, poor grading around the house, downspouts that direct water against the house, leaking gutters, leaking pipes, or sewer backups.

2. Not making necessary repairs/upgrades beforehand - One of the advantages of an unfinished basement is you still have easy access to your HVAC system, wiring, plumbing, cable lines, etc. So it only makes sense to perform any repairs or upgrades to these systems before you start covering them up with ceilings and walls.

3. Finishing a basement too soon – It can be difficult to anticipate the above two items in a house you’ve never lived in. That’s why I recommend living in a house for a while before you start finishing the basement.

4. Making too many small rooms – A few, large multipurpose rooms generally work better than a lot of smaller rooms. Not only does a large space offer more flexibility, but basement rooms tend to feel smaller than they actually are due to lower ceilings and less natural light.

5. Not understanding code requirements for bathrooms & bedrooms – If your plans include adding a bathroom or bedroom in your basement, you first need to find out what your local building codes require. Beyond the obvious, a bathroom will require venting and GFCI outlets while a bedroom usually requires a heat source in the room, emergency egress, a smoke detector, and AFCI protected outlets.

6. Covering up important access points – Plumbing clean outs, floor drains, water shutoffs, electrical panels, furnaces, humidifiers, and sump pumps all need to be accessible after the basement is finished. Water valves, electrical panels, and sump pumps in particular need to be readily accessible without the use of any tools in case of an emergency.

7. Not installing HVAC ducts into the rooms – Simply put, every room in the basement should have at least one HVAC register.

8. Not adding enough electrical outlets – When it comes to electrical outlets, it’s better to have too many than not enough.

9. Not sealing & insulating properly – Sealing air leaks and insulating the walls can make your basement more comfortable and more energy efficient. Make sure to include these steps as part of your project.

10. Using untreated lumber against concrete – Any wood that comes in direct contact with concrete should be treated. The reason for this is water can seep through concrete and then into any wood touching it, which can then lead to wood rot and mold growth over time. Treated lumber is also termite resistant as well.

11. Not installing overhead lighting –Add overhead lights controlled by a switch to every room in your basement, you’ll be glad you did.

12. Only using can lighting for large basements - Can lights are very popular in basements because they are recessed into the ceiling. The downside of can lights is they only illuminate the area directly below them. This may not be an issue for a small basement, but it can take a large number of can lights to properly light a large basement. This increases both your initial material costs and electricity costs later on. One alternative to consider is adding wall sconces in larger rooms. They take up little space but since they reflect light off the ceiling and walls, they illuminate a larger space than a can light of the same wattage will.

13. Not performing a Radon test – If your house has never been tested for Radon, you should have it done before you finish the basement. This is important since you will be spending more time in your basement once it’s finished. It’s also best to do this early on so you will know if you need to include a radon mitigation system as part of your remodeling project.

14. Blocking off the combustion make-up air – Gas and oil burning appliances such as furnaces and water heaters require fresh make-up air to use for combustion. While many modern furnaces have dedicated intake ducts to supply them with outside air, many older furnaces and water heaters simply use the air from inside the basement. In that case, you may need to add a intake duct next to your furnace and/or water heater to supply enough fresh air for them to burn properly.

15. Using the sump pit as a drain – Sinks, washing machines, etc. should never drain into a sump pit. Condensation drain lines from dehumidifiers and HVAC equipment can empty into a sump pit.

16. Using a floor drain as a sewer line – Likewise, sinks, washing machines, etc. should never discharge into a floor drain. However, it is okay for HVAC equipment and dehumidifiers to use a floor drain.

17. Not getting help when needed – Finishing a basement is a great opportunity to learn new skills and flex you DIY muscles, but chances are even the most experienced do-it-yourselfer is going to need some help. Don’t be afraid to consult professionals for advice, many will gladly share their expertise if you simply ask. Just be upfront with them if you have no intention of using their services.

18. Not having it inspected – It’s always good to have someone double check your work. Especially if you’re doing most or all of the work yourself. Consider having a professional inspection of the basement done before you start work to identify likely problem spots. It is also recommended to have all the wiring, plumbing, and HVAC inspected before the drywall is installed.

19. Overestimating its value – If your primary motivation for finishing the basement is to increase the value of your house, you should proceed cautiously. Many people overestimate the value a finished basement will add to their home. Of course, this varies from house to house, so do your homework first or talk to a realtor who is familiar with the home values in your neighborhood.

20. Not insuring the basement properly – Once your basement is done, it’s time to update your home owners insurance to make sure it is fully covered. You may also want to add or increase your sewer backup coverage. This is usually an additional rider and is not standard on most policies.

Written By Brian Scarth.

You can reach Bill at:
ProTech Home Inspection
4354 Smith Rd
Marion, NY
(585) 377-3876

6 Mistakes to Avoid When Converting to a Roth IRA

2010-01-05T08:53:00.000-08:00

RISMEDIA, January 5, 2010—(MCT)—As years go, 2010 is on course to be a blockbuster for retirement-account owners. Starting this month, all Americans who own a traditional IRA—not just those who have modified adjusted gross income under $100,000—will be able to convert their accounts to a Roth IRA. But don’t rush for the doors just yet.

As some of you know, a Roth IRA is, in a way, the opposite of a traditional IRA. The Roth is funded with after-tax dollars; a traditional IRA with pre-tax dollars. Distributions from a Roth IRA are tax free while distributions from a traditional IRA are taxed at ordinary income tax rates. The original owner of a Roth IRA account is not required to take minimum distributions; the original owner of traditional IRA is required to start distributions after age 70 1/2.

Despite the obvious appeal of Roth IRAs, traditional IRA owners outnumber Roth owners by nearly two to one. In 2005, 37.5 million U.S. households owned traditional IRAs, while 18.6 million owned Roths, according to the Investment Company Institute.

There are a few reasons Roth IRAs aren’t as popular as traditional IRAs. For one, the traditional product has been around a lot longer. They were created in 1974; Roths came into existence in 1997. What’s more, the restrictions on who can contribute to a Roth are more onerous than those for traditional IRAs. And then, there are the rules that put a damper on who can convert their existing traditional IRA to a Roth. Before 2010, you could only convert your traditional IRA if you had modified adjusted gross income of less than $100,000.

What’s more, the income tax due on conversions in 2010 can be spread over two years, with half paid in 2011 and half in 2012. It’s a sweet deal to be sure. So, let’s say your interest is piqued and you want to take advantage of all that a Roth IRA has to offer. Here are some mistakes you should avoid when converting to a Roth IRA:

1. Neglecting to do the conversion. “Conversions are not for everyone, but the biggest mistake to avoid is to not do a conversion at all,” said Beverly DeVeny, an IRA technical consultant with Ed Slott and Co. LLC. “Why would you not want to pay taxes today at known—probably very low rates—to get tax-free income at a later date? You don’t have to convert the entire IRA all at once, but you should convert at least some of it.” Others agree. The question is not whether but when and how, said Bruce Steiner, an attorney with Kleinberg, Kaplan, Wolff & Cohen. “For most people, the choices are whether to convert all at once or over a number of years, and whether to convert or start converting now, or later upon retirement,” Steiner said.

2. Failing to understand the tax consequences. While not doing a conversion might be a mistake, doing one without a thorough understanding of how the conversion will affect your taxes is an even bigger mistake, said Barry Picker, who recently served as the technical editor of “100+ Roth IRA Examples and Flowcharts,” by Robert Keebler.

3. Converting when your tax bracket is likely to fall. Truth be told, not all traditional IRA account holders should convert. Robert Keebler, a certified public accountant, partner at Baker Tilly Virchow Krause LLP, and author of “The Rebirth of Roth: A CPA’s Ultimate Guide for Client Care,” says it would be a mistake to convert if you are certain your tax bracket will fall in the next few years.

4. Having the taxes owed withheld from the transaction. There are several reasons you should not have taxes withheld when requesting a conversion, said Denise Appleby, founder of RetirementDictionary.com and chief executive of Appleby Retirement Consulting. These include: The amount withheld reduces the conversion amount. For instance if you request a conversion of $100,000 and ask to have 20% withheld for federal taxes, then $20,000 is paid to the IRS as an advance payment of income tax for the year. Technically, this amount is a distribution and not a conversion, and $80,000 is converted to your Roth IRA.

You may need to reverse the conversion for several reasons, including if the converted amount lost significant market value. This reversal is called a recharacterization. The result of a recharacterization is that the conversion is treated as if it never occurred, for tax purposes. But only the amount credited to the Roth can be recharacterized. For instance, if we use the example above, only $80,000 would be available. You would still owe income tax on the $20,000, because it would be treated as a distribution from your traditional IRA. An exception applies if it has been at least 60 days since the conversion was completed. Under this exception, the amount withheld for income tax can be rolled over to the traditional IRA. Of course, this exception is useful to you only if you can come up with the funds out of pocket. The amount withheld for taxes is subject to the 10% early distribution penalty unless the IRA owner is at least age 59 1/2 when the conversion occurs, or qualifies for an exception to the penalty.

5. Converting to just one Roth IRA. Another mistake, according to Picker, is converting your traditional IRA into an existing Roth IRA account. “Every conversion goes into a brand new Roth account,” he said. “You can consolidate later, after the recharacterization deadline.” Indeed, many experts suggest that you convert your traditional IRA into as many Roth IRA accounts as possible, each with investments of a similar type. With Roth IRA conversions, Uncle Sam lets you switch back to a traditional IRA before a certain date should the value of the account fall below the original conversion amount.

6. Forgetting to consider a recharacteriaztion. Not converting is one possible mistake. Not watching the value of your Roth IRA accounts after you’ve converted is a big mistake too, Keebler said. Indeed, there are some tax-saving opportunities that come when the value of your converted Roth IRA accounts falls significantly and you undo the conversion. According to Appleby, when pre-tax amounts are converted to a Roth IRA, income tax is owed on that amount. This rule applies even if the market value falls below the taxable amount of the conversion. The deadline for completing the recharacterization is the tax filing due date, plus an additional six months if the individual files for an extension by his tax due date. You can then re-convert the amount when eligible to do so.

12 Easy Tips for Winterizing Your Home Right Now

2009-12-15T13:58:00.000-08:00

I am happy to introduce Bill Richards of ProTech Home Inspections. He will be blogging with us periodically!

In the Rochester area and surrounding counties the weather keeps changing – it’s warm, it’s cold, it’s warm again – but soon the cold days will be upon us for good. Save money this winter and help the environment by winterizing your home. It’s easy to do, and you’d be surprised
how these simple steps can make a big difference in your utility bill and your comfort level.

1. Get your furnace inspected. Furnaces should be cleaned and tuned by a professional annually. It’s not an expensive service, and it will keep your furnace running efficiently and safely. Remember to change furnace filters often.

2. Check your home for air leaks. Especially around doors and windows. Adding weather stripping and insulation is one of the easiest things you can do. Add weather stripping around doors and caulk or foam around gaps in windows to help keep the warm air inside.

3. Insulate your attic and crawl spaces. A little extra insulation in your home’s attic or crawl space can save you a lot of money in heating bills. You need at least 11 to 12 inches of insulation in your attic. Since ceiling joists are about that high, you know you need to add more insulation if you can see the ceiling joists.

4. Get your duct work checked. A home with central heat can lose up to 60% of its heated air before that air reaches the vents if ductwork is not well-connected, sealed or insulated. That’s a huge waste of money.

5. Reverse the direction of your ceiling fans. This pushes hot air down and re-circulates it through the house.

6. Move furniture off your vents. How easy is that?!

7. Wrap your pipes. If you’re worried about your pipes freezing and bursting, wrap pipes in areas that are not heated with pre-molded foam rubber sleeves or fiberglass insulation. Wrapping the pipes leading into and out of your home can help prevent water damage and possible flooding too, especially in basement or crawl space areas.

8. Take the hoses off the spigots. Water expands as it freezes, and any water that’s trapped in pipes has the potential to split them as it cools. Store your hoses in the garage for the winter.

9. Clean the chimney. Before starting that fireplace, make sure the chimney is clean and your smoke detectors are working and have fresh batteries. And everyone in the family should know where your fire extinguisher is and how to properly use it.

10. Shut the door. Have guest rooms or other rooms you don’t use? Close the vents in those rooms and shut the doors.

11. Clean the gutters. Avoiding water overflows especially in icy or snowy conditions. Most of the leaves have fallen from the trees by now. Keep an eye on the gutters and downspouts to be sure they’re clear of leaves and are draining properly.

12. Invest in a programmable thermostat. Program your heating system exactly the way you want it, so that your house isn’t heating when nobody is at home.

Remembering these important home winterization tips each year before winter starts will help you prepare your home to be warm, energy efficient and safe – even if the weather outside turns frightful.

Don’t forget to share these great tips with friends, family and co-workers. We’re sure they would appreciate the energy efficiency and safety reminders.

ProTech Home Inspections wishes you and yours a happy and healthy Holiday Season.

Warmest regards,

Bill Richards

ProTech Home Inspection, Inc.

(585) 377-3876

Five things Home Buyers Should Know

2009-12-15T13:43:00.000-08:00

RISMEDIA, December 15, 2009—(MCT)—Interest rates on the benchmark 30-year, fixed-rate mortgage dipped to a 38-year low recently, giving consumers another reason to consider purchasing a home or refinancing their current one.

Freddie Mac recently stated the average rate on a 30-year loan was 4.71% with an average 0.7 point, the lowest rate since the agency began its weekly tracking of long-term interest rates in 1971. A point is equal to 1% of the loan amount, payable as a lump sum at closing. While the decline wasn’t overly dramatic, the dip is likely to get people wondering whether it’s time to sign on the dotted line.

The 5 following questions may help you decide if now is the time to go ahead and purchase a home or refinance your current home.

Q: Why are rates so low?
A: Since early January, the Federal Reserve has been purchasing mortgage-backed securities guaranteed by Fannie Mae, Freddie Mac and Ginnie Mae in an effort to stabilize the housing market by making homes more affordable for consumers. The Federal Reserve Bank of New York, which is managing the program, plans on purchasing $1.25 trillion of securities.

Q: Are rates expected stay this low?
A: It’s hard to tell, but don’t count on it because the lending landscape is likely to change next year. In September 2009, the Fed said it would gradually wind down the purchase program, ending it by March 30, 2010. That has some in the mortgage lending industry worried.

In a recently published mortgage survey, more than 60% of Bankrate.com’s panel of experts predicted that rates will move higher over the next 30 to 45 days. How much higher is anyone’s guess. Last year at this time, the average 30-year, fixed-rate mortgage was 5.53%.

Q: Why do different mortgage surveys come up with different average interest rates?
A: It depends on which lenders are in their sample, when the survey was taken and whether the rates quoted are the posted rate, the application rate or the commitment rate. Also, some surveys take into account the points paid to secure the rate.

But regardless of the survey, the general consensus is that rates are ultra-low right now and may be the lowest the market will see.

Q: What else does a consumer need to know?
A: The lowest rates are offered to the most credit-worthy customers who can make sizable down payments. Shop not just for the interest rate and the points involved but also for the fees involved, which can vary widely from one lender to another.

If you’re refinancing, remember the bigger the loan, the greater the payoff for finding a lower interest rate. Savvy customers put in their paperwork with a lender and set a “strike” interest rate at which to lock in the loan, a good move considering rate volatility.

Several refinancing calculators are available online that let borrowers plug in all the required numbers and determine the monthly savings and how long it will take to recoup the expense of a refinancing.

Q: So is now the best time to buy a home?
A: It depends on personal situations. Homebuyers certainly have a lot of factors working in their favor right now—low interest rates, plenty of marked-down homes for sale and an extended and expanded federal tax credit that will expire in the spring.

On the flip side, there’s growing sentiment among analysts that housing prices, which are showing ever-so-minor improvement, may fall further. The reason? Lenders are expected to get better at determining which borrowers will qualify for loan modifications. That means lenders also will get faster at moving homes through the foreclosure process.

Mark Zandi, chief economist at Moody’s Economy.com, recently predicted that housing prices nationally will hit bottom in 2010’s third quarter. That means anyone buying a house now could see the value of their investment initially depreciate.

Distributed by McClatchy-Tribune Information Services.

Your House Did Not Sell???

2009-11-29T09:40:00.000-08:00

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!

2009-11-28T10:42:00.000-08:00

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!

2009-11-24T08:54:00.000-08:00

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.

Changes in Rochester NY's Lead Paint Clearance Reimbursment.

2009-11-21T09:52:00.000-08:00

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?

2009-11-20T10:19:00.000-08:00

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

2009-11-20T10:02:00.000-08:00

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

2009-11-20T09:54:00.000-08:00

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

2009-11-20T09:51:00.000-08:00

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.

Attribute	Subject Property	SALE #1	SALE #2	SALE #3
Hypothetical Comparable Sales Analysis (Values are strictly estimates and should not be used in your analysis)
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!!!

2009-11-19T08:40:00.000-08:00

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!

2009-11-18T08:10:00.000-08:00

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

2009-11-16T08:40:00.000-08:00

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!

2009-11-15T09:49:00.000-08:00

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

2009-11-15T09:25:00.000-08:00

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

2009-11-14T08:28:00.000-08:00

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.

Sponsored by Lowes & Rismedia.

5 Top Improvements That Increase Your Homes Sale Value

2009-11-11T10:18:00.000-08:00

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!

2009-11-11T09:10:00.000-08:00

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.

Real Estate Rochester NY

Huntley Plantation near Alexandria, VA.

Relief for Homeowners Harmed by Improper Foreclosure Procedures!

Happy Halloween! 10 Safety Tips for your Kids!

Attention Rochester Zumba & Pilates Lovers!!

Getting your home ready for the big chill

In Need of Refinancing? Have You Heard of HARP? This program might help!

Buyers do you have a home buying strategy?

Don't be shocked, Your offer was turned down!

What Size Electic Service Do you Need In Your Home?

Now Is Perfect Time To Buy A Home!

Flood Insurance, what's with that?

Mortgage Eligible?

Weekend Events found in the Democrat & Chronicle

Do you need a new computer?

NEW YORK RELEASES PROPERTY TAX CAP GUIDELINES

Tips For Choosing The Best Mortgage Lender

1. Compare fees as well as interest rates

2. Consider your individual circumstances

3. Look at the range of loan types available

4. Evaluate the level of customer service

5. Check out the lender's reputation

Maplewood Home Tour

Easy Ways To Turn Off A Home Buyer!

The Landmark Society now selling "Inside Downtown" tickets!

New York State continues uneven housing recovery in July

Too Many Cooks Spoil The Pot...In Real Estate???

Short Sale Buyers Face Difficulty Closing Deals Quickly

Home Buyers Rush to Take Advantage of Tax Credit Before It’s Gone

Twenty Common Mistakes People Make When Finishing a Basement

6 Mistakes to Avoid When Converting to a Roth IRA

12 Easy Tips for Winterizing Your Home Right Now

Five things Home Buyers Should Know

Your House Did Not Sell???

5 Trips for Moving due rto Relocation!

5 Tips for Using The Home-Buyer Tax Credit!

Changes in Rochester NY's Lead Paint Clearance Reimbursment.

Is Property Tax Reduction Possible?

WHERE TO FIND COMPARABLE SALES

THE TAX ASSESSOR'S ROLE IN DETERMINING MARKET VALUE

How Estimates of Market Value are Determined for Residential Properties

MARKET VALUE

THE SALES COMPARISON APPROACH

Hypothetical Comparable Sales Analysis

Tax Credits for Roofing!!!

Metal vs. asphalt roofs

How much roof do I have?

Save on cooling bills

Economic Recovery led by 1st Time Home Buyers!

Carbon Monoxide Detector Are Required In All Single Family Homes

Rental Scam Exposed!

Opportunity to Learn About the New Lead Laws for NYS

Buying a House? 10 Tips towards Improving Your Credit Score

5 Top Improvements That Increase Your Homes Sale Value

Welcome to my Rochester Real Estate Blog!