Music to My Ears

I had a client say something to me yesterday that I don't hear very often.

"Gee, this house looks better in person than it does on line."

Why are those such rare words?  Well, too many homebuyers decide not to look at anything that does look great on-line.

Unfortunately, photos sometimes lie.  And while many of us get lured in by a stunning on-line presence of a so-so house, there are many great houses that get totally ignored simply because the agent didn't have a wide angle lens or didn't know how to shoot a room with lots of daylight streaming into the viewfinder or other photography skill.

The house that my client looked at wasn't the right house for them but I was so pleased that they took my advice and looked beyond the poor images.  It is just a matter of time till we bump into the right house.

10 Real Estate Markets to Watch in 2012: Rochester, N.Y.

I love talking to reporters but often cringe when I read what they write. This article didn't give me any reason to cringe. It's nothing but good news for Rochester. Enjoy the article!

10 Real Estate Markets to Watch in 2012: Rochester, N.Y.

Rochester's Strong Real Estate Market

The Greater Rochester Association of Realtors reported this morning that the number of accepted purchase offers in the fourth quarter of 2011 were up 93 percent, signaling a strong start to the market this year.

Generally, purchase offers result in a close the following quarter.

Home sales in the fourth quarter were up 5 percent over the same quarter of 2010 with 2,243 closings.

I personally am having the busiest January I can remember.

Rochester is Great!

It sure seems that the whole world is learning what we've know for quite some time....Rochester, NY is an awesome place to call home.  Just this week, the city was ranked by The Street, a financial news website, as being poised for greatness in 2012!

In the past six months, Forbes ranked Rochester first on the "Best Places to Buy a Home" list.  MSN says Rochester is at the top of the nation when it comes to "Most Livable Bargain Markets."  And Core Logic, a provider of consumer, financial and property information, analytics and services to business and government, recently released information indicating that Rochester had the fewest number of Underwater Home Owners!

Way to go Rochester!  I'm happy to call you home!

Feb 1st Deadline for Sr Citizen STAR Tax Exemption.

If you are a senior citizen, aged 65 or older and own and occupy a house in the city of Rochester, you may qualify for a reduction in your school taxes.  This year, the senior tax exemptions will range from a 50 percent reduction for those with 2010 incomes of $29,000 or less, to a 5 percent reduction for those who didn’t earn more than $37,400. Applications must be in the City Assessor's Office by Feb. 1, 2012.  


Seniors renewing should already have received applications in the mail. Additional applications can be obtained by calling the City Assessor’s Office at 428-6994, going to City Hall at 30 Church St., Rm. 101A, or by downloading the application at www.cityofrochester.gov/assessment and clicking on “Residential Property Exemptions” in the menu to the left. 

City Assessor Thomas G. Huonker reminds residents that Enhanced STAR, New York’s school tax cut program for seniors 65 and older, is also available. Enhanced STAR is offered in addition to the City’s Senior Property Tax exemption. Seniors will automatically receive the Enhanced STAR exemption if they are approved for the City’s Senior exemption. If a resident doesn’t qualify for the Senior exemption, he or she may still be eligible for Enhanced STAR if they did not earn more than $79,050 in 2010. The deadline for Enhanced STAR is also Feb. 1, 2012. 

The Kiss of 'Real Estate' Death

The house has been just sitting on the market.  No one has come to see it in weeks.  It's time to make a price adjustment and so I begin that dreadful conversation with the sellers.

"Well, we are not in a big hurry to sell.  We are willing to wait for our price," they tell me.

 UGH!!!!  GROAN!   And a few other words that I don't dare publish.

More than ever before, buyers are very educated to the real estate market.  Often they will start poking around the Internet six month to a year before they are ready to make a purchase.  Sometimes they know the inventory better than a realtor, going through each house, picture by picture, room by room.     And if they are not walking around with all the latest real estate stats on the tip of their tongue, one of the first questions they will ask about a house that they like is 'how long has it been on the market?'

When a house is brand new on the market, buyers will ask "What will it take to purchase this house?"  Once a house has been sitting on the market a month or more, buyers will ask "How low will the seller be willing to go?" and if the house goes stale after 6 months or so, buyers always ask 'What's wrong with it?'  That is why I say nothing depreciates a house faster than a 'For Sale' sign.

Dropping the price is not an easy out for real estate agents.  It usually sets off a list of tasks that include new ads, new flyers, e-mailing past showings, etc all to earn less commission.  The only reason a real estate agents recommends a new price is that is what it is going to take to put up a 'SOLD' sign.

Saving $20,000 on the Cost of a Home!

Whew! That feels good. Talk about the deal of a lifetime! We just cut more than $20,000 off the price of our home! Great negotiation skills? Nope! Foreclosure? Nada! Fire sale? No way.




We just refinanced. And no, it wasn’t a 10 point drop in interest rates, either. The secret to our savings is reducing the term of the mortgage. We went from a 15 year mortgage to a ten year mortgage. Our original mortgage would have cost us more than $46,000 is interest over the 15 year term. Our new mortgage will cost us less than $17,000. And the most amazing part of it is our payment will only go up about $150.



When I work with buyers, I am always amazed that they will fight till the bitter end and sometimes walk away from a purchase in which we are maybe two or three thousand dollars apart in price. But then they will get a 30 year mortgage with minimum down payment and end up paying the bank almost as much in interest as they pay the seller for the house.

I don’t dislike banks. If the only house I could buy was one I could afford to pay cash for, well, I would not be a happy camper. And if I could only sell real estate to individuals that can afford to pay cash, I doubt I would sell very many houses. Banks are good and mortgages are great but we should only finance what is necessary. After all, I’d much rather see that $20,000 go towards my vacation than the vacation of some banker!

By the way, interest rates are extremely low, making it a very attractive time to either buy real estate or refinance. Don’t hesitate to give me a call for more information. My office number is 756-7457.