Good Morning Rochester

I love it when I'm in the newspaper and it's not the obit page.  Enjoy this beautiful autumn day.

And an update on my story earlier this week about the family moving back home!  We got another offer that is coming together nicely so my open house is canceled!  YAY!

2.785% For 30 YR FHA Fixed Loan! Unbelievable!

I saw a couple of posts on Facebook today saying that interest rates for a fixed 30 year FHA mortgage hit 2.785%.  This is so unbelievable that I didn't believe it until I made a few phone calls to confirm it.

For months, I've been bragging about my 3.25% mortgage and I needed to do a 10 year mortgage to get this rate.  Today's deal blows that out of the water.

So my friends, if you're on the fence about buying, now is a great time.  If you're on the fence about selling, these low, low rates will make it a great time to sell.  And if you're on the fence about staying put, consider refinancing.

I'm taking new clients now, so don't hesitate to call.  756-7457 is my office number.

Mary Shelsby
ReMax Realty Group

Moving Back Home

The Democrat and Chronicle has featured several articles about young professionals that have gone on to bigger and hopefully better places only to move back to sweet ol' Rochester.   But I have a less happy tale to tell.

About 60 days ago we received a full price offer on my lovely colonial located in the quaint village of Wyoming.   Because Wyoming is such a small community, the sellers got to meet the buyers and everybody was excited about the anticipated closing date.

About 3 or 4 weeks ago, the sellers knocked on the door of the buyers to see if they wanted their lawnmower and some furniture.  Although they were pretty certain they were home (this is just down the street from where the sellers live)but no one would answer the door.

That weekend the sellers rented a u-haul and moved out about half of their furnishings.  The next weekend they finished the job.    Since this family has three small children under the age of 4 and both parents work full time, it was not an easy endeavor.

Long story short, it took lots of phone calls to the buyer's agent, the buyer's attorney and even the buyer's loan officer but it eventually became apparent that the buyer's didn't have the money necessary to close.   Without a doubt, that was a disappointment.  But what is infuriating is that everyone on the buyer's side knew this and didn't tell the seller's side until the day of the scheduled closing.   And so my sellers are moving back home.

This is a lovely home, 3 bedrooms, 2 full baths.  It will be open this Sunday, October 30th, 1 till 4 pm which just happens to be the Appleumpkin Fall Arts and Craft Festival.  The address is 60 Main Street and the price is $99,900.  Here is a slide show about the property.  http://www.photoshow.com/maker/share/Pv7Uw3zx

Real Estate in the Netherlands

I spent the day yesterday with a delightful couple considering relocating from the Netherlands to Rochester, NY.  We spent the day visiting Fairport and Canandaigua and next week we will be viewing properties in Irondequoit, Rochester and Brighton.

I couldn't resist the urge to ask about how houses in Rochester differ from those in the Netherlands and was quite interested in their answers.  They live near the coast and the area is quite densely populated.  As a result, much of the housing is row houses.  They live in a modern house, built in the 1980's, yet one of the most striking differences is it was built with no closets.  Most clothing is stored in armories and other furniture  and when new clothing is purchased, old clothing is given away.  Basically, Europeans just don't have as much 'stuff' as Americans.

While my clients are looking for an attractive and well maintained home, their interest is all about the view.  In the Netherlands, there are miles and miles bicycle and walking paths and lots of parks and gardens.  As they looked at houses in the Rochester area, they went from room to room to look out the windows and take in the view.  So far, their most favorable reaction was to a condo along the Erie Canal but we'll see what next week brings.

In the Netherlands, the housing market is still suffering from the 2008 global mortgage meltdown and house prices are again dropping after a modest increase in 2010.  They were delighted to see how strong the Rochester market is.

What is "Broom Clean" Condition?

The purchase contract used in the Rochester, NY area requires that a home be in 'broom clean' condition at the time of possession.  After a recent final walk through in which the floor was clean but the rest of the house was a wreck, I figured it was time to chat about this subject.

Moving day is stressful, both for the people moving out as well as the people moving in.  And even thought there are months to prepare for moving day, life tends to get into the way and most families end up packing and moving all within a couple of days, leaving little time and energy to clean afterwards.   And those families that have just packed their life belongings to move into your former home don't want to start that event with cleaning up your mess.   And so, along with the shortage of time and energy, most movers also have a shortage of tolerance and patients.

'Broom Clean Condition' is not a literal description of how a house should be left.  It's a generic term and my best piece of advice is to leave the house in the same condition that you would like to find your new home.  I often get calls from sellers asking if they have to patch walls where they removed art work and my response is always the same.   When I ask my sellers how they would feel about nail holes in their new walls, they almost always respond with, "Good point!  I'll see if I can find the matching paint!"

Along with sweeping and/or vacuuming, the seller should plan to sponge clean counters and the inside of cabinetry and drawers in both the kitchen and bath.  Appliances should be clean, including the oven and the inside of the refrigerator.  Bathtubs, toilets and sinks should also be clean.  In the summer, the lawn should be recently cut and in the winter, the driveway and walkway should be clear of ice.

Yes, you've been up all night packing and your exhausted.  But chances are good, so have the people that are moving into your home.  If every seller would leave their house in the same condition that they hope to find their new home, moving days would be a tad less stressful and there would be less animosity at the closing table. 

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.

Selling a Home With Pets

I showed a very nice, very expensive home earlier this week in which the dog had peed all over the welcome mat! My buyers love the house and had me write up an offer but then had me tear it up. What if they couldn’t get rid of the smell? Pets are unpredictable and I’m betting that this pooch was just stressed by all the sudden interest in the place he calls home. And then I was at a meeting with other Realtors yesterday when one agent announced that she is allergic to cats and she flat out will not show a home if the owners have a cat. It’s a challenging market and pets make it even more challenging. So I decided to put together a few pointers about selling a home with pets.




First and foremost, please spend special attention cleaning up after your pets. Nothing spoils the mood of finding a really nice house than having to clean off the bottom of your shoe. Believe me. I’ve seen it happen. Also, pay attention to your landscaping. If your dog’s urine is killing the grass, consider taking it for walks or moving the tie-up spot. And if you have an inside litter box, keep it clean and fresh.



Be aware of pet odors. Cat urine is the worst. Bring in a neighbor to do a whiff test. Do not use air fresheners or scented candles. People with allergies will react and others will be suspicious. Try enzyme cleaners such as Simple Solution, Nature's Miracle or call a professional ozone company. Arm & Hammer has information on a dry bath on their web site.



If your house is being shown, put food and water bowls away.   Stash the play toys. If possible, remove cages, carriers and other tell-tale signs. If you have enough warming time, treat rugs and furniture with a carpet deodorizer.Vacuum and vacuum again.

Coffee Table Decorations: Organizing Coffee Table Books and Trays | Pott...

With a difficult real estate market, almost nothing is more important than stagging when you are getting ready to sell a house. I was quite excited to find this clip from Pottery Barn (after all, what's more exciting than a house described as a Pottery Barn decor !) but was left a little unimpressed. Is it just me? What do you think of these coffee table decorations???

Starter Home Extraordinaire

I remember buying my first home like it was yesterday. It was a fixer upper, which is all I could afford at the time. The only reason the roof didn’t leak was it was the bottom floor of a condo building. The windows did leak, and not just air. One morning I woke up to find a small pile of snow in my kitchen. But this was a great investment for me. Located on the outskirts of Washington, D.C., I sold it four years later at twice what I paid for it and moved to western New York.

Starter homes have come a long way. Today I have a perfect little starter home in the town of Greece which has a newer roof, windows, furnace and even central air. It sits on a beautiful park-like lot that is nearly a third of an acre and has a 2 car garage. The kitchen and bath have been upgraded with tile and granite. The living room is large and has a stunning stone fireplace (wood burning). The home is located at 126 Alpine and you can check out more details and photos at: www.RochestersBestHomes.com/R152267 or give me a call at 756-7457.

FHA Mortgage Insurance Premiums Going Up

Monthly Mortgage Insurance Premiums (MIP) will increase effective April 18, 2011 and so if you are on the verge of buying a house with a FHA mortgage, consider pulling the trigger and applying for a mortgage by April 17th!  The upfront premium remains unchanged at 1.0% of the base mortgage.  In addition, down payment minimum remains at 3.5% and maximum seller concessions is still allowed at 6% of the purchase price.

For personal advice about buying and selling real estate in the Rochester area, don't hesitate to give me a call at 756-7457.

$5,000 Over Asking Is Not Enough!!!

I like it where I live and apparently so do some other people. Last weekend I wrote an offer for $5000 over asking and I’m sorry to say the house went to another bidder! Why did we offer so much? Well, we lost a house the week before by writing only a thousand over asking. That’s pretty amazing considering there are parts of the Rochester area where houses sit on the market for weeks and months, sometime without even a showing.

The Ellwanger Barry neighborhood, also known as the Highland neighborhood, provides a nice stock of classic American Foursquare homes along tree-lined city streets. It is convenient to the U of R as well as Strong and Highland Hospitals and since last week was Match Day (the day when medical students find out where they will train as residents) the competition for housing is fierce.

Fortunately, my clients are not young doctors. Instead, they are a professional family that wants to leave the suburbs for the convenience of city living. They are not on the rigid timeframe although they are anxious to start their new life. Hopefully, the next house we write on will be the one. But if not, it may be the next.



Rural Real Estate

I've spent the last few weeks running from Kendal to Canandaigua to Byron.  Tomorrow I will be near Lyndonville.  I love everything about the jaunts into the country side except filling my gas tank.





Here are a few shots from the last two weeks. Kind of nice to see the ground again, isn't it?

How Disappointed Will You Be If You Lose This House?

No one will sell you a house for less than what you offer, right? So why not start very, very low with the first offer?




Sometimes it works. I’ve had very low offers accepted without a single counter. Almost always it’s because the house has been on the market for a while and the seller is simply sick and tired of the process.



More often, it doesn’t work. My most notable transaction was when the seller was so insulted that she refused to sell to the buyer even after he came back with a full price offer. She still owns that property.



More than once, I’ve seen a second and better offer come in and so the low bidder never gets an opportunity improve their offering.



Most often the low ball offer will be met with a counter. And depending on how reasonable the counter is, I can often predict the outcome. Most people get a bit of a thrill with the start of the negotiation process but they quickly tire of the drama. If counter offers bounce back and forth 3 or more times (unless it’s very minor tweaking of the terms) most often the offer is going nowhere.



So, before you sit down to right a very low offer, ask yourself how disappointed will you be if you lose the property. Only your gut will tell you how to proceed.

Low Ball Offer

My clients cleaned and painted and staged. Finally, we put a ‘for sale’ sign in the front yard. For weeks, they walked on egg-shells trying to keep the house ready to show at a moment’s notice. And finally we got the call! An offer was coming in.

As soon as I picked up the offer, I knew my clients would not be happy. It was $30,000 off asking and this was not an expensive house. What I didn’t expect was their anger.

“That offer does not deserve a response,” he stormed. “Tell them to go find another house!”

The most important advice in this situation is not to take it personal. In fact, try thinking like a buyer when trying to sell your home. If there was the slightest chance that you could buy a house for $30,000 less than the asking price, wouldn’t you try it? Of course you would. It is only human nature and so don’t hold the low ball offer against the buyer.

It took some time and effort for my sellers to regain their composure. They finally agreed to write a reasonable counter offer that the buyer ended up taking. Today they are living in a new house.



Not all transactions work out this way. Sometimes the buyer walks. Sometime they counter back with another very low offer. But whatever the situation, it is most important to stay calm, focused and not take it personally.

Tomorrow I'll talk a little about low ball offers for buyers.