Have a super Halloween!

I'm in the Capture Rochester Book!

Maybe you got an e-mail from me asking you to vote for my photos. Maybe I tried to bribe you with coffee and asked you to vote for my photos. Or maybe it was the tears as I pleaded with you to vote for my photos. Whatever it was, it worked because not only is one of my photos included in the Capture Rochester Book but it also won a People's Choice Award for being one of the top 25 photos in the book. I'm so excited!!

The book is beautiful and probably 95% of the photography is better than mine so it's pretty shocking to get the award. The whole concept of the book is pretty amazing. They asked the general public to submit photos and 1,166 people submitted nearly 25,000 photos. Then they asked the public to vote "yay" or "nay" for the photo and the received more than 1.5 million votes! Isn't that incredible. Any way, if you'd like to order a copy, go to http://www.capturerochester.com/

Say Somthing Nice

It's been tough to blog lately. I'm a firm believer in the saying that if you can't say something nice, don't say anything at all. So I've been silent. There is not much nice to say about the local real estate market right now.

I've got clients, mostly buyers, but they just are not finding anything to buy. It seems that with all the doom and gloom in the news, sellers are not selling unless they absolutely have to. Latest stats out show that the number of local listings is down by more than 10 percent.

Good houses are still selling quickly. In at least 4 occasions during the past six weeks, I've had buyers not quick enough on the draw. One agent told me yesterday that she wrote five offers in October but four of them didn't come together, some due to mulitple offers. So if you are thinking about selling in this market, it is esential that you de-clutter, clean and be up to date on all maintence. Then price it right and it will sell! (If you are thinking of selling, call me and ask about my staging offer.)

Banks are giving mortgages but you've got to have decent credit. I've had a couple of buyers with scores below 500 wanting owner financing. Guess what? Owners check credit as well. Now, more than ever before, Americans should pay their bills on time and make strides to get out of debt. Ever hear of a Budget? It's time to adopt one and stick to it.

I will get back to blogging, I promise! I appreciate the e-mails asking if I'm okay. And I guess there has been one very nice side to the current real estate market, I've been able to spend more time with my husband and enjoying photography and other hobbies! Have a fun and safe Holloween!

Yes, There Still Are Mortgages Available in Rochester!!!!

I know that this mornings headlines scream that the credit crunch hits local, but after surveying several banks and mortgage brokers, I've learned there are still mortgages available in Rochester! In fact, you don't need perfect credit either. FHA insured mortgages are still available for individuals with a credit score as low as 580 with 2.25% down payment!!! Minimum down payments will increase January 1, 2009 but for the time being you only need two and a quarter percent down.

Conventional financing is still available with a 5% down payment. Rates are based on credit scores with buyers having a score of 740 or better earning the best rates.

Please, please, please if you know someone thinking about purchasing real estate, encourage them to call a bank or mortgage broker and not believe everything they hear at the gym or golf course. There is a ton of bad information out there!

I Feel Like I'm 16 Again.

When I was 16, it seemed like the whole world evolved around the phone. There were no e-mails or text messages. In fact, there were no cell phones and instead of voice mail, there were busy signals or no answers. As a result, there were many hours spent fretting, waiting for the phone to ring.

Well, I'm feeling like I'm 16 again. I didn't sell a single house in September and I've spent many hours fretting, waiting for the phone to ring. I only wish I still looked like I was 16!

I don't think I'm alone in this real estate market. This morning, the MLS reports over 400 expired listings in the Rochester market. I don't normally count the number of expired, but there were too many not to notice today.

What Do You Think? A Quick Survey about Rochester Real Estate.

Blogging is all about telling you what I think but for a moment I'd like to switch roles. I'd like to know what you think. The news, as usual, is full of doom and gloom and is reporting an economic crisis. Are you feeling an impact from the economy and is it impacting your decisions about real estate? I've put together a quick and unscientific survey about the 2008 Rochester Real Estate Market. If I get enough responses to make it worth while, I report on them in a future blog post. So please, give me a moment of your time to take this survey.

http://www.polldaddy.com/s/B096E19ACDDE23FD/

By the way, we went out to dinner last night and the place was packed. In fact, as we were leaving there was a line of people out the door and along the front of the building.

Rochester River Walk

I set a goal this year to walk the entire Riverwalk, a 15 mile urban trail that starts at the Port of Rochester and runs south along the Genesee River to Genesee Valley Park. I've done numerous mini trips and have yet to see the entire thing, but I got to tell you it is TREMENDOUS. The walk includes a lighthouse, three waterfalls, numerous historic districts, the Erie Canal aqueduct, many parks, sculptures and more. May favorite part has to be Turning Point Park.

The slide show below is a work in progress. Check back often as I will update the slides as I complete the trail.

FHA Changes Rules on Buying a Second Property!

I've worked with many a first time homebuyers that have long term goals of building a portfolio of investment property. Often they start with a starter home with plans to stay there for just a few years. As they get more established in careers, they plan to buy a bigger and better home but retain the starter home for rental income. Well, that scenario is about to become a whole lot more difficult to pull off.

Labeled 'Buy and Bail' FHA lenders and other mortgage providers will not provide funding to homeowner that have vacated a principle residence to buy a new residence unless the homeowner is taking a new job or is transferred in an excising job and the new work location is not a reasonable commute. As part of the conditions for the new mortgage, the landlord will need to produce signed leases (of at least one year after the loan is closed!!) as well as proof of security deposits and first months rent. The only other exception is if the owner has at least 25% equity in the property.

These changes in regulations were necessary because of problems in other parts of the country. Homeowners were vacating their existing principle residence and purchasing new residences to either take advantage of home buying opportunities due to stagnant markets or to relocate closer to work due to the rise price of gas. Fortunately (or unfortunately if you are a bargain hunter), Rochester's property values has held steady and it is consider one of the easiest cities for commuting. Nevertheless, these changes are nation wide and Rochester homebuyers will need to abide by them.

Investing in Rochester

With all the turbulence in the stock market the past few weeks, I'm starting to hear from investors again! As one client put it yesterday, he's losing money in his 401K but seeing a 20% return on his city of Rochester rental properties. He wants to buy at least one more property before the end of the year.

What is nice about this particular client is that he knows that rental properties do not take care of themselves. When he purchases property, he budgets for both improvements and repairs and he collects his rents in person so that the maintenance stays top-of-mind. On his days off, he cleaning gutters, making roof repairs, painting trip or doing landscaping. As a result, not only is he collecting good rents but his properties are appreciating at above average rates.

All to often, landlords believe their biggest chore is to go to the bank and cash rent checks. It is refreshing to work with a landlord that understands the responsibility (and rewards) of taking care of their property.

Fannie and Freddie Under Control

What does the news about the Federal Government takeover of Fannie Mae and Freddie Mac mean to Rochester area home buyers and sellers? The biggest immediate news is a significant drop in mortgage rates.

Home buyers Kerry Ryan and Joel Jensen have an accepted purchase offer on a property with a scheduled closing of October 15. Their inspections are done and mortgage commitment received two weeks ago. Today, they negotiated a new mortgage a .50 point drop in interest rate! That equates to a savings of approximately $30 a month off the monthly payment!

If you are currently under contract for the purchase of a property, call your lender tomorrow morning to see if you qualify for a rate reduction. These better deals are reserved for buyers with the best credit scores, generally 700 or better. And if you are in the process of shopping for property, consider getting re-qualified as a lower interest rate may qualify you for a larger loan amount.

Is this the end of the downturn of the local real estate market?  I doubt it, but it sure can't hurt!

The Real Estate Dog

I lost my business partner this week. Tasha, our beloved Lab and Rottweiler mix, loved to sleep in my home office and so we nicknamed her "The Real Estate Dog." And she was so attuned to my routines that as I would prepare to leave for a business appointment, she would plant herself at the back door, wag her tail and plead to go with me.

"No, Tasha, I'm not selling dog houses today. You'll going to have to stay home," is what I'd say to her almost every day. And when I came home, she was always excited to see me, whether or not I got the listing or made the sale.

She was such a focus of our daily routine, that her passing has left a huge void. The grieving process is particularly painful right now. And so if I'm slow to return your call or respond to your e-mail, please understand I'm not myself right now.

Open House Lima, NY

Come on by 2084 Michigan Ave in the Village of Lima for an open house at a sweet little ranch. Everything is updated.....new kitchen, new roof, new windows, new flooring and more, all for the price of $124,900.

This property features 3 bedrooms on the first floor and one (possible two) in the walk-out lower level. Two full baths!

The kitchen is super nice with lots of counter space and storage. New stainless appliances are included.

If the house wasn't nice enough, this place as a great yard! The .79 acre lot features a very private back yard with a deck that offers views to die for. For more information and photos, go to www.RochestersBestHomes.com/820635

Come on by Sunday, August 24, 2008 between the hours of 1 and 3 pm. Here is a list of other open houses in Livingston County tomorrow: Customer Full Report Open House Report
(The link(s) sent with this email will expire in 30 days on 9/22/2008. )

And if I can be of assistance with any of your real estate needs, don't hesitate to reach me on my cell phone at 585-414-5513.

Sunflowers at Highland Park

I've been working with a number of families relocating to Rochester and they have suggested that I add some blogging posts about fun and/or unique spots to visit in Rochester. I've added a tag line of Discover Rochester so click on it for fun places to explore.

If you are near Highland Park this summer, you may want to check out the sunflower patch that was planted near the corner of Goodman St and Highland Park. It's a great spot for a walk or a picnic or to take some photos. Speaking of photos, here are a few of my favorite:

All the Listings, All the Time

To see everything currently on the market in the Rochester, NY area click on http://www.rochestersbesthomes.com/

Hot Areas! South Wedge & Highland Park Area

It was reminiscent of 2005!

I had an appointment to show a property at 8:30 last night in the Ellwanger Berry/Highland Park neighborhood and when I arrived, there were people lined up on the street to get in. It wasn't too big of a surprise since the last three properties I tried to show in this neighborhood sold before I could get in.

In a similar fashion, I put a "for rent" sign up on my South Wedge property Saturday and it took exactly 12 minutes before someone knocked on the door to see it. My phone has been ringing off the hook ever since and I have appointment to show it to 8 different tenants and I have one offer on the table to buy it.

I've written three purchase offers this week and it is only Wednesday at 8:15 am. At the moment, we are not having a housing slump in Rochester!

Real Estate is Local!

Every time I watch the news these days I have an anxiety attack. Price of Oil! Recession! Crime! Fannie Mae & Freddie Mac! Global Warming! Cancer! Depression (no, not the economy; me!) And just about the time that I'm convinced that times are too difficult to sell real estate, my phone starts ringing.

Fortunately, real estate is local and the Rochester market is not all doom and gloom. I did about a million in sales in June and the only reason July is off to a slow start is that I've been on vacation.

I'm not the only one effected by the daily news. When I'm out and about talking to people, they often start the conversation with a sigh, shake their head and ask in a hushed tone, "How's the market?" Perhaps the number one question I'm asked these days is how long does it take to sell a house in Rochester these days.

Of course, there is no definitive answer to that question. There are parts of our area that are still getting multiple offers first week on the market. It's not happening much, but it does still happen. And there are other areas that are not even getting showings, much less offers. But just as a glimpse of our market, I did a quick analysis of yesterday's pending transactions.

Yesterday was a typical Tuesday in the summer of 2008. All total, there were 52 single family homes that went pending. Approximately 20% of the homes were located in the city of Rochester which supports my theory about the price of gas driving people to move closer to where they work.

Two of the houses that went pending were sold their first day on the market and two additional properties sold in 7 days or less. The average number of days on the market was 51. The longest time on the market was 166 days for a $200,000 property in West Irondequoit.

The average asking price for the single family homes that went pending yesterday was $153,142 with six of the homes with asking prices of $300,000 or more. There were five city properties listed for less than $20,000 as well as one mobile home in Wayne County.

There! I feel better and hope you do as well. I think I will keep away from CNN and instead stay tuned to the MLS. And if you'd like specific information about our real estate market, don't hesitate to call.

Welcome Back David!

Most of my real estate dealings are residential transactions but every once in a while I get to dabble in commercial real estate. I was tickled pink when my friend David Soldi called me when he decided he want to open his own salon and spa. We spent several months searching until we found a nice spot in East Rochester.

Finding the spot was easy compared to what followed. For the next few months, David worked day and night to transform a cute but very 1980's beauty shop in to a sleek and stylish salon and day spa, named L. David Salon.

Just as David got the finishing touches done on the salon, his doctor insisted that he he have surgery on his shoulder last summer. During his recovery from shoulder surgery, an aneurysm was located behind his liver. On January 3, 2008, he entered Highland Hospital for the surgery. He was in intensive care for weeks and in the hospital for months. Eventually, he was even treated for MRSA and was told over and over how lucky he was to be alive.

Due to a very dedicated and loyal staff, L. David Salon never missed a day of operation while David was recuperating. And I'm pleased to tell everyone that starting today, David is back to work. In addition, he has some exciting new products and plans for his business.

So, if you like to be treated very special when you have your hair or nails done, I'd suggest you check out L. David Salon. Their web site is http://www.ldavidsalon.com/ or you can call 385.7550 for an appointment and directions. I apologize for such a direct endorsement but I am so excited to have David back!

Capture Rochester Dot Com

I finally did it. I signed up and submitted a few photos to the Capture Rochester program being conducted by the Democrat and Chronicle. You can check out my photos here: http://www.capturerochester.com/people/MaryShelsby And if you want to vote for them, well, I'd like that very much too!

It is a pretty neat project for those that love photography. Photographers submit their photos, complete with title and caption...(writing the caption is the hard part for me - I thought pictures are suppose to be worth a thousand words so there is nothing left for me to say). Then the general public votes for their favorite photos. If your photo gets enough votes, well, then it will be included in a coffee-table book about Rochester. That's pretty heady stuff for someone who always dreamed of being a real-live professional photographer! So, if you want to vote for my photos, I'd very much appreciate your support!

Have a safe and fun 4th of July!

Be Careful of Estimates

The Internet brings lots of helpful information at our fingertips. Unfortunately, not all of it is accurate. And it is difficult to know what is reliable information and what isn't.



Case in point, is the fair market value of real estate. A lot of what Realtors do is recommend prices for property, both to buyers and sellers. These profession opinions are based on going in and out of a lot of property and knowing what factors such as location, features and condition will play on market value.



You can also find suggested prices for property on the Internet, sometimes referred to as a zestiment. Watch out for these estimates, whether you are buying or selling real estate. These prices are determined strictly by manipulating data. No one visits the property or drives by.



Last year, I sold a home in Avon, NY for $129,900. This was after it was on the market for many months, with a lot of advertising, six open houses and probably 30 showings. While it was a very nice house with a great open floor plan, the house needed some updating and sprucing up. With the amount of exposure and the number of people that looked at it, there is no doubt in my mind that the market value for this home is $129,900.



Want to know what the zestimate is? $147,500!!! Don't believe me? Follow this link: See home details page The site even acknowledges that the house recently sold for $129,900 but they still estimate its value at $147,500.

Itchy Belly

The folks at Eagle Vale Golf Course in Fairport were nice enough to allow me to wander the course to attempt to photograph blue herons. The herons were not very cooperative but this teen-aged goose didn't seem to notice me as he scratched his belly.

It's summer in Rochester and the weather is simply glorious! I hope you are getting out to enjoy it!