Rochester, NY Real Estate News

By Kristal Perrone, Associate Broker
(Hunt Real Estate- Columbus Division)
November 2009 After a two week delay, President Obama signed a bill which will extend the $8000 tax credit for qualifying first-time home buyers through June 2010.   First time home buyers will receive the $8,000 Federal tax credit if they: 1.  Sign a contract by April 30, 20102.  Close on the home by June 30, 2010.   The new bill will also provide a $6,500 credit  for repeat buyers who purchase a new primary residence, and have lived in their current home for at least five of the previous 8 years. The bill has a few provisions including: 1. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible. 2. Joint tax filers who earn up to...
Comments 2
By Kristen Wahl, CBR
(Re/Max Plus)
I consider myself a life-longer learner. I love taking classes at my local real estate association, and I'm even a member of the Professional Development Committee. I subscribe to a variety of online publications and read them each and every day. I've always believed it's tremendously important to be on top of what's going on with the real estate market, both in the Rochester area and nationally. The other day, I was reminded just how important it is to be up on the latest real estate news. I was in the bank doing one of my favorite things, cashing a commission check. The teller was a woman I went to high school with, and we were chatting about life and how business was going. You know, the usual. Then, she said, "I heard the first-time buyer tax credit was extended." My response was an...
Comments 4
This past Monday and Tuesday, RealtyUSA held its annual "Rusa Rally", two days packed full of learning, networking, and fun. We had two national speakers, Steve Harney and Jonathan Nicholas. Steve spoke about the realities of today's market and how to communicate them to our clients. Jonathan spoke about Social Networking, something we as members of Active Rain are already actively embracing! Both speakers had great insight and were highly worthwhile. I'll share the highlights in a future post. First, though, I have to share a video that inspired me more than anything else I experienced at the Rally. Our president, Merle Whitehead, played it at the beginning of Monday's presentation, and it blew me away. The video is a compilation of interviews done by Will Smith that highlight his beli...
Comments 4
If you watch the national news, you're probably bombarded with information about the real estate market. One anchor says the market is still lagging, while another says we're on the rebound. One says the tax credit has been a huge success, while another says it's just a drain on our national resources. Who do you believe?? Personally, I don't put much stock in the national headlines. If you remember one thing after reading this blog entry, remember this: real estate is local! The market in Rochester is different from the markets in Syracuse and Buffalo, and it's certainlydifferent from the market in San Francisco or Miami! The national news people may talk about how the market is doing in "the Northeast", but do they honestly expect us to think that Rochester is experiencing the same tr...
Comments 0
By Kristen Wahl, CBR
(Re/Max Plus)
I love when tons of great information is right at my fingertips. Don't we all? RealtyUSA is one of only a few companies in the Rochester area that is a member of Leading Real Estate Companies of the World, the world's largest network of independent real estate companies. That gives our Relocation Department the ability to assist our clients who are moving to or from anywhere in the country. Now, Leading Real Estate Companies of the World has launched a great new website, www.ReloHomeSearch.com. It has to be one of the most user friendly sites I've visited in a long time. From the home page, you're able to click on an interactive map to choose a location... anywhere in the world!Once you narrow it down to your desired area, you're presented with a useful array of information and statisti...
Comments 2
By Walter Getz
(1st Choice Mortgage Resolutions)
The Good. The Bad. And the Ugly....Or Just Bad and Ugly? Something to think about:      Over the last two years or so, as we've seen the foreclosure crisis continuing to rock our country's already fragile economic stability, homeowners have been given ever increasing and new ways to stall and prevent foreclosure. Earlier this year, with the creation of HAMP, homeowners have felt that the government has stepped in and finally done something to help them to save their homes from foreclosure sale.   The GOOD...or is it?:      If you've been reading/watching the news recently, you may have heard that the HAMP program has reached its goal of 500,000 loan modifications one month earlier than the November 1st deadline. This is very exciting for homeowners, showing promise, a plan that works, a...
Comments 0
By Kristen Wahl, CBR
(Re/Max Plus)
The New York State Consumer Protection Board will conduct a free public "ask the expert" calling day on September 30 to answer state residents' questions about home improvement projects. Professionals specializing in kitchen and bath remodeling, plumbing, heating, air conditioning, sheet metal installation and servicing, construction management, site development, window and door installation, home building, energy efficiency, availability of funding for low-income consumers, and renovation of historical buildings will be available to answer questions. All you need to do is call (888) 351-4648 on September 30th, 2009 between the hours of 9 AM-2 PM, and someone will be there to share some expertise. If you have questions about home improvements, you can always contact me, too! I'd be happ...
Comments 2
By Colleen Irwin, Creative Real Estate Solutions...
(Retired)
Time is running out to take an advantage of the $8,000 tax credit! You must be closed by November 30th! That means you need to move quickly. The decision to purchase a home vary from person to person and it is important to understand all the facts and how they will affect you. This site is here as a resource to you. Feel free to search through the categories that interest you. Or here are a few of our best articles regarding the purchase of a home in Western New York that you might find useful. Not finding what you need to know? Then call us! We would be happy to find the information for you! Call Colleen Kulikowski at (716) 650-0051 today!
Comments 2
By Colleen Irwin, Creative Real Estate Solutions...
(Retired)
What is VIP Pricing Several Realtors are listing homes on the internet with VIP pricing. What exactly is VIP Pricing? Well it is a way to get a home on the MLS with a lower price. VIP pricing is a technique to attract buyers to put an offer in on a property while at the same time pacifies a seller who may be reluctant to put their home on the market for a particular price because they don’t want to take less than a specific figure. In other words it is a starting point, they really are looking for a lot more than that price. Basically they are telling you what their bottom line is. Is this good or bad? It is different and affects what we are going to offer on the home. It is out there, and you should be aware of this strategy in selling.
Comments 3
By Mike Liess
(Coldwell Banker Custom Realty)
The Commercial Real Estate Outlook (CREO) from the NAR Research Division provides current statistics, forecasts and insights on market factors that influence office, industrial, retail, and multi-family real estate.  For the 3rd Quarter 2009 report, please visit: http://www.realtor.org/research/research/commercialhomeDistressed properties reflect struggling market fundamentalsCommercial real estate closed the first half of the year with weakened fundamentals and a slow pace of transactions amid difficult economic conditions.  Demand for commercial properties dropped precipitously, bringing down prices and rents.  In addition, maturing commercial debt was met with little available credit, leading to a jump in delinquencies and distressed properties.  As space flooded the market, vacancy ...
Comments 0
Governor David Paterson signed into law legislation to strengthen the New York State Historic Preservation Tax Credit. The program will create jobs, draw investments to main streets, and preserve historic structures. New York's preservation tax credit was adopted in 2006, but the program failed to provide adequate incentives to attract investment to struggling municipalities, particularly those upstate.  The newly enhanced program will apply to taxable years beginning January 1, 2010 and will sunset on December 31, 2014. The enhancements signed into law by Paterson will: Increase the tax cap credit on both commercial and residential rehabilitation. Target the credit to distressed areas. Boost the share of rehab costs that commercial property owners can claim. Offer the tax credit as a r...
Comments 0
This Week's Guest: Ed Dorris This week on TVPG Radio's Get More Business Show, we're featuring Ed Dorris!  Join me at 11:30am Eastern on Wednesday August 5, 2009 at http://www.BlogTalkRadio.com/Get-More-Business.  You can listen live over the internet or over the phone by calling in at: (646) 595-4184.   Ed founded and owns Universal Sales Systems and is a National Business Coach and Speaker. He is a 20 year veteran of the personal development industry who speaks to over 25,000 business professionals a year and he currently coaches some of the leading producers in a diverse array of businesses. He has seen it all and he knows what works and what doesn't. Ed is passionate about helping people reach their full potential. Ed and I will be talking about the Formula For Success. We will disc...
Comments 4
Rochester has many great neighborhoods but one of my favorites has to be the Neighborhood of the Arts. Jammed packed with culture, the NotA features the Memorial Art Gallery, George Eastman House, Village Gate and ARTWalk. The neighborhood also offers great shopping, restaurants and drinking holes. If you've not checked it out, ARTWalk is a permanent urban art trail that connects the art centers and public spaces. An expansion to the ARTWalk has been approved and funded through federal stimulus money and so there is a lot of anticipation that a good thing is going to get even better. The Neighborhood of the Arts encompasses University Avenue, Atlantic Avenue and East Ave and features many high-end residential streets such as Granger Drive and Portsmouth Terr. The area offers many invest...
Comments 0
If you've been reading my blog, you've heard me sing the praises of the $8,000 first-time home buyer tax credit. You purchase a home, and the government gives you back 10% of the purchase price up to $8,000. How can you go wrong?? I have good news and bad news on this front. The good news is that you can still take advantage of this free money! The bad news is that time is winding down on the tax credit, so you need to act quickly! How long do you have? Buyers need to be closed on their new homes by November 30th, 2009 to receive the tax credit. A purchase typically takes 45-60 days from contract to close. With the mortgage market clogged with people refinancing, I've found that lately it's usually closer to 60. That means you'll want to have an accepted offer on a home by September 30t...
Comments 0
By Kristen Wahl, CBR
(Re/Max Plus)
On July 15th, Governor David A. Paterson announced that more than $31 million in Affordable Housing grants will be used to support nearly 2,000 housing units for low-income families, seniors, and the disabled.  The funds will be used to repair and rehabilitate housing in rural, suburban, and urban communities throughout the state. "This critical funding will provide affordable housing to thousands of New Yorkers statewide," said Governor Paterson. The grants have been awarded to local municipalities and not-for-profit agencies, including The HOME Program, ACCESS to Home, and RESTORE. Click here for more information on the grants. I applaud Governor Paterson for making an effort to create more affordable housing for those in need. In this economy, so many New Yorkers can use all the help...
Comments 4
By Mary Shelsby
(ReMax Realty Group)
Wow! I've seen some dirty houses on the market in recent weeks. I'm not talking dust bunnies, I'm talking dust gorillas. And these aren't cheap houses either.At one of these houses, my client turned to me and said I feel like I'd just be buying their mess. I assured her we could require that the house be professionally cleaned at closing but the husband shook his head and said, "If they can't keep up with cleaning, what makes us think they have kept up with maintenance items?" Good point!At another house I showed, the floor was so dirty that we went back to the front door and put our shoes back on to protect our feet. Then when I walked into the dining room, I saw that someone had swept that floor but there was a pile of debris just waiting for someone to appear with the dustpan! This i...
Comments 2
By Kathryn Acciari, Mortgage Loan Originator
(Arc Home LLC)
This holiday weekend, I had the great pleasure to see minor league baseball, as the Rochester Red Wings went up against the Buffalo Bisons at Frontier Field in downtown Rochester, NY. Although Rochester is my home town, this was my first visit to the relatively new home field of the Red Wings.  The entire evening was wrought with nostalgia as I continually compared the Red Wings to my current team, the Red Sox.  While Frontier Field is no match for the Green Monster in Boston, this event was no less enjoyable than a night at Fenway Park. A crown of about 10,000 people sat in sweatshirts on the cool July 4th evening.  Long-time organ and keyboard expert, Fred Costello, pounded out the old favorites as we cheered on the Red Wrings.  Cotton candy, peanuts and beer circulated throughout the...
Comments 0
By Kristen Wahl, CBR
(Re/Max Plus)
Do you own income property that was built prior to 1978? Chances are, there is lead paint present in your property. The City of Rochester is offering a lead grant for rental properties that will assist with 90% of the lead remediation related project cost up to $18,000 per unit. There are only 75 of these grants available, so if you're interested, you'd better act quickly. To receive an application, simply e-mail your: 1) full name, 2) telephone number, 3) address of business, and 4) email address to RocLandlord@TheHousingCouncil.org with "City LEAD Grant Application" as the subject line. If you'd like more information about the hazards of lead paint, send me an e-mail, and I'd be happy to forward you a copy of the brochure "Protect Your Family From Lead in Your Home."   I am proud to h...
Comments 1
By Mary Shelsby
(ReMax Realty Group)
The City of Rochester is offering a lead grant for rental properties that will assist with 90% of the lead remediation related project cost up to $18,000 per unit for porch repair/ replacement, window/door repair/replacement, painting and bare soil treatment. In extreme cases, funding may be used for exterior siding. Landlords are required to contribute 10% of the total project cost. There are only 75 of these grants available so act fast. To receive an application simply e-mail your: 1) full name, 2) telephone number, 3) address of business, and 4) email address to RocLandlord@TheHousingCouncil.org with "City LEAD Grant Application" as the subject line.
Comments 2
I feel like my head is spinning! A couple of weeks ago, I first read an article by the National Association of Realtors stating that buyers with FHA loans would soon be able to get a bridge loan that would allow them to use the $8,000 first-time home buyer tax credit as part of their down payment. I was overjoyed! What a fantastic way to create an opportunity for potential buyers who are financially stable but may not have enough cash on hand to pay for their closing costs. Sure, there are seller concessions to help with that, but with the crack down on appraisals it's becoming harder and harder to utilize those while still keeping your seller close to their net asking price. This would alleviate all those appraisal problems!! I should have known the loan idea was too good to be true. A...
Comments 0