Buyers do you have a home buying strategy?

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!

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?

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!

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?

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

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

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

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

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

Mortgage Eligible?

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

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

Weekend Events found in the Democrat & Chronicle

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

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

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

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

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