Much to be Thankful For

Highland Maples
Originally uploaded by maryshelsby

Just a quick note between stuffing the turkey and peeling the potatoes. I have much to be thankful for. I have a wonderful supportive husband and an awesome family back in Maryland. I am affiliated with the best real estate company that Rochester has to offer, ReMax First. And 99.9 percent of my clients feel like friends and family. There is not much more I could ask for.

I hope you too have many blessing to count. Stay safe and have a happy holiday with your loved ones.

Mary

What does a Million Dollars Buy You in the Rochester Real Estate Market?

In some parts of the country, it's not unusual to pay a million dollars or more to buy a nice house but in the Rochester, NY area it is a rarity. In fact, for a measly million dollars you get a really, really, REALLY nice house!

For just over a million, $1,059,000 to be exact, you can purchase a 6 bedroom, 3.5 bath waterfront front home with a 36 foot indoor pool, hot tub and three fireplaces. For details and photos, click here: Canandaigua.

While most of the million dollar plus properties are waterfront, not all of them are. In Caledonia, the historic Wadsworth estate is on the market for $1,800,000. The estate includes a main house with owner's quarters plus three apartments, a pond-side cottage and a two-story barn/party house on a 30 acre lot. To see the listing, click: Caledonia.

For a whopping $4 million, there is a 37-acre home built in 2008 that boast 11,000 sq feet of living space. (I hope they issue a map at the front door because I have visions of getting lost here!) Located in Penfield, this property was originally listed at $6 million! The listing is rather vague in details and photos, but here it is: Penfield.

To see all of 48 or so listings with a price tag over a million, check out this link Million. In fact, if you enjoy watching the local real estate market, don't hesitate to register with the site, develop a search and have listings delivered right to your computer in-box. And if I can be of assistance, don't hesitate to call.

Mary Shelsby
ReMax First
585-756-7457

Mum 's the Word at Lamberton Conservatory

I just can't be quiet about the beautiful Autumn Mum Display at Lamberton Conservatory, scheduled to run till the end of November. The display featured darn near every type and color of mum you can imagine. It is beautiful. The Conservatory, located in Highland Park, only charges $3 to enter and is open every day except Christmas from 10 am til 4 pm.

Enjoy the extraordinary weather Rochester is having this weekend!

Mary Shelsby

ReMax First

756-7457

Why You Should Support Extending the First Time Homebuyer Tax Credit!

Did you vote yesterday? I hope so. When I showed up at the polls at 8:40 last night, we had less than a 20 percent turnout. And then we complain about not liking what's going on around here.

Anyway, speaking of politics, this seems like an excellent time to endorse the efforts to extend (and possibly expand) the tax credit for first time homebuyers that is scheduled to expire on November 30, 2009. It is obvious why I want this to be extended since my business is directly impacted by the ebb and flow of the real estate market. But even if I didn't work in real estate, I would be pushing for this extension.

I didn't know this but each time there is a transfer of title of a property in America, it contributes, on average, $62,000 to the gross national product! That's huge! I'm guessing the average is slightly lower in the Rochester area just because our property values are very economical, but the impact is huge. When a house is bought or sold, a ton of people earn a paycheck, including inspectors, mortgage loan officers, surveyors, lawyers, movers, appraisers and Realtors. And as soon as the transaction closes, the new homeowners buy paint, curtains, furniture and lots of other goodies to make the house a home. So, a strong real estate market is good for the local economy.

If you believe this as strongly as I do, I hope you will call or e-mail your Congressman and urge them to get this extension through the House ASAP.

Boooooooooo!

I didn't mean to startle you. I know I've not been around for a while and have fallen behind in blogging. I guess you could say I've had the blogger blahs.

I'll be back soon with a bunch of good real estate tips and news. In the meantime, have a fun and safe Halloween.

Location! Location! Guess this Location!

It's that time again! We had such fun last month that I've decided to do it again.

Do you know the location of the clock? Leave a guess as a comment in the blog (or shoot me an e-mail) and I'll send a gift card to the third person with the correct answer. (No realtors, please!)

Mary Shelsby

ReMax First

585-756-7457

The Perfect House Verses Compromising

Last night, a young couple that I’ve been working with for several months found a beautiful home in their price range. The kitchen was simply stunning with Shaker style cabinets and a beautiful tile backsplash and floor. Both bathrooms were updated and the hardwoods were in great condition. It was so beautiful that it was easy to overlook that Rt. 490 was in its back yard. The highway was so noisy that we found ourselves yelling at each other in the driveway.




My advice to my clients was to forget the house. Granted, it is unlikely that we will find another house this attractive in their price range but if they buy a house in good condition, they will be able to do the cosmetic improvement and upgrades as their economic situation improves. On the other hand, if they purchase this house, they will never be able to do anything about the highway regardless of how much money they make. From the sullen looks on their faces, I don’t think they liked my advice.



There are almost always compromises involved in buying a house and so I offer the following general guidance for consideration in choosing a property.

Location – While it is possible to pick up a house and move it, it is not very practical. Therefore, I encourage clients not to compromise on location. If you’re not wild about having a gas station next door, chances are good that neither will future home buyers when you go to sell the house.

Layout – It is possible to tear out walls or build on an addition, but it’s not cheap. When you are shopping for a house, take time to assess the layout. Are there enough bedrooms and baths? How’s the traffic flow? Does the kitchen have a good design and room for storage?

Mechanicals - When I bought my first home, the first major improvement was to install a liner in the chimney. It was expensive and I couldn’t even see it. There just was no inviting people over to see my new chimney liner! Eventually, everything in a house wears out. Roofs, furnaces, windows all have to be replaced from time to time. When home shopping, assess the mechanicals and be very conscious of their lifespan and cost to replace.

Cosmetics – Everyone falls in love with a beautiful home, myself included, and so it is difficult to convince buyers that this should be their last consideration and first item to compromise on. Think about it. If you had $10,000 to spend on your home would it be more fun to pick out roof shingles or kitchen fixtures? Almost every house can be made attractive, especially if you paid attention to layout. And if you don’t feel that you have the talent or vision to make your home beautiful, there is an abundance of good designers in the Rochester area.

Again, I point out that these considerations are very general and there are special circumstances. Buying a house is a big decision.  Hopefully, you can find a house that is perfect in every way.  But if not, be very aware of what your compromises are.



Mary Shelsby

ReMax First

585-756-7457

A Few Thoughts About Seller Concessions

It seems like the topic of seller concessions keep coming up during the negotiation processes. Often, we will be receiving a counter offer from the seller when my buyer calls me up. “My dad says the seller should be paying my closing costs!”




FHA and VA mortgages allow for a seller to pay the buyer’s closing costs up to an amount equal to six percent of the purchase price. For most conventional mortgages, three percent seller concessions are allowed. The seller paying the buyer’s closing cost sounds like a gift, doesn’t it? Something we should negotiate for, correct? I don’t necessarily agree.

I contend that most sellers know what they need or want to net from the sale of their property. And if there are going to be seller concessions thrown in, the seller is going to demand a higher price. So, in effect, seller concessions is another name for a buyer financing their closing costs.

Now, if a buyer is short on cash and needs seller concessions, they are a great and wonderful thing. But if a buyer has adequate funds to close, I believe they will be better served by getting a lower price for the property and lower monthly payment.

I am not anti- seller concessions. I am anti “buyers thinking this is a gift from sellers and not understanding they will be paying interest on those closing costs for as long as they hold that mortgage.

We are finally enjoying summer-like weather in Rochester.  I hope you are enjoying it.

Just Listed! 32 Delaware St, Rochester, NY 14607

Great new listing in the Neighborhood of the Arts.  Check it out with this link: 

32 Delaware St Rochester, NY 14607

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Neighborhood of the Arts - A Great Place to Live and Play

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 investor opportunities with multi-family dwellings and apartment buildings coming on the market on a pretty regular basis. Medium priced single family homes are a rarity and tend to sell very quick.

If you'd like more information about real estate in the Neighborhood of the Arts, don't hesitate to give me a call.

Mary Shelsby

ReMax First

585-756-7457

Surprising Numbers

According to the U.S. Census Bureau, less people moved last year than in any year since 1962! And of course, the U.S. population was much smaller then and so it you look at it as a percentage, in 2008 just 11.9 percent of Americans changed residences, the lowest move rate on record since 1948. I find that rather surprising.

So, how are we doing locally in 2009. By the numbers, it doesn't look good. The Greater Rochester Association of Realtors released numbers last week that indicated sales of existing single-family homes fell almost 14 percent in the second quarter from a year earlier. But I personally think these numbers paint an untrue picture.

I personally had very robust year in 2008 UNTIL September 1. That is when the phone stopped ringing. My personal sales for year-to-date are down more than the 14 percent locally reported but the market does seem to be picking up steam with first time home buyers. I am optimistic that this will be a much more productive fall than last year.

Another quick reminder, time is short if you want to buy a house and be closed before the November 30th deadline.


Mary Shelsby
ReMax First
585-756-7457

Mrs Clean Does Not Live Here!

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 is not an exaggeration!!! This house was listed in the $175,000 to $185,000 range and we had to give 24 hours notice in order to see it. Unfortunately, they did not use that 24 hours to prepare for our showing.

Ladies and gentleman, if you want to sell your house at top dollar, start with a good cleaning. If cleaning is not your thing, then hire it out. And by a good cleaning, I mean wipe down your walls and doors near light switches and door knobs. Organize your cabinets and closets. Clean out your window wells because buyers will be looking at your windows. And yes, do the windows as well. Heck, I also recommend that you eliminate cob webs, even in the basement and attic. It doesn’t hurt to dust the hot water heater and furnace. Send the message that you have loved this old house and have been compulsive about its care. And as long as your house is priced properly for its location and condition, you will have a much greater chance of getting a full price offer.

Mary Shelsby
ReMax First
585-756-7457

Location! Location! Guess this Location!

Do you know the location of this photo? Be the third person with the correct answer and I'll give you a $20 gift certificate to Tim Hortons. (No licensed realtors, please.) Leave your answer as a comment or shoot me an e-mail.

I've been supplying photos to the Greater Rochester Real Estate Board for a similar contest during the past few years and its been a ton of fun. I hope you enjoy it as well.

Mary Shelsby
ReMax First
585-756-7457

Buy Before Labor Day!

I am advising all of my first time home buyer clients to be under contract by Labor Day to qualify for the federal tax credit being offered to most home buyers that have not owned a home in the past three years. I don’t really think it is going to take 80 plus days for a transaction to close but I do anticipate gridlock at banks and attorney offices. I do know of several real estate attorneys that have plans to keep their office open until midnight if necessary to close every transaction that is clear to close before the December 1 deadline.


My biggest concern is housing inventory. Inventory is tight right now, especially homes priced less than $130,000. For example, I started working with new clients just over a week ago that want to buy in the city of Rochester near the U of R. To start their search, I called on 12 listings to schedule an appointment. I could only get appointments at 7 of them because the rest had accepted offers. Of the 7 properties, 2 had offers in that were being negotiated and one smelled so bad we never made it to the second floor. One home was really nice and when I called the next day to schedule a second look, four offers had arrived. This week, 4 new listing came up that met their criteria but 3 of them sold within 12 hours of being listed and the 4th was liked by her but not him. We’ve decided that we’re going to step our search up a notch or two.

Other areas of the city are selling very rapidly as well. The Culver-Winton and Browncroft neighborhoods are definite hot spots. Outside the city, starter homes in the Brighton School District seem to be sold even before they hit the market. And as we count down to the deadline imposed by the Federal government, I anticipate inventory to get tighter and competition more fierce. And so, again, I urge buyers to try to be under contact before the Labor Day holiday.

Beautiful Day on Lake Ontario

Lucky, lucky me! I hot to show property on Lake Ontario this morning and it was a simply beautiful day for it.

Should be a good weekend as well! I hope so! Look for me at the Corn Hill Arts Festival, credit card in hand, doing my part to improve the economy.

There is a lot going on in local real estate and I'll be updating soon, perhaps this evening. I promise!

Enjoy the wonderful weather!

Multi-Family Units & the Federal Tax Credit

I learned something new today regarding the Federal Tax credit for first time home buyers (defined as not owning a home in the past 3 years.) If you purchase a 2-family unit as your primary residence, you are only eligible for half of the tax credit and only a third of the credit if you purchase a three-family unit, etc.



There are still no local mortgage lenders that are providing a short term loan so that the tax credit may be used for closing costs. Since Labor Day weekend is the realistic cutoff to have an offer accepted in order to close before the November 30th deadline, I'm no longer optimistic that this loan is even going to be offered. Most lenders are now advising that buyers get a gift from a family member and give a gift back after closing.



Sales are still brisk in Rochester, with houses in the North Winton area selling within hours of being listed. If you'd like more information about buying in the Rochester area, consider signing up for my Buyer Seminar scheduled for Wednesday, June 24, 6 to 7:30 pm.

City Offers Grants to Landlords for Lead Removal

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.

Home Buying Seminar - Wednesday, June 24, 6 to 7:30 pm

I've not done a home buyer Seminar in a couple of years but there is so much good stuff going on right now with the $8000 first time home buyer credit that the timing just seems right. So mark your calendar or tell a friend.

Wednesday, June 24, 6 to 7:30 pm at 2024 W. Henrietta Road, Suite 2A; which is the home office of First Rochester Mortgage Corp.

I'm real proud of the impressive panel of real estate professionals that have agreed to help with this project.

* Home Inspector Adam Backus of Pillar to Post will share tips on what to look for before putting in a purchase offer.

* Attorney Steve Kruk of Kruk and Campbell will discuss the $8000 Federal Tax Credit for first time home buyers.

* Steve D’Amico, Vice President of East Cap Mortgage will chat about the current mortgage environment.

* Mary Shelsby, Broker Associate with ReMax First will offer advice on the great adventure of finding the perfect home.

We will be serving food, so it is crucial for an RSVP. If you’d like to attend but this particular day or time are not convenient, please let us know so that we can schedule another event or a one-on-one consultation. RSVP to Mary Shelsby at MShelsby@gmail.com or call 585-756-7457.

If you RSVP before Friday June 19th, I will send you a coupon for $200 off your closing cost from eastCap mortgage.

Tortuous Weekend!

There is absolutely nothing more fun in real estate than calling your buyers and saying, “Congratulations! Your offer was accepted!”


And there is almost nothing worse than calling buyers and having to tell them their offer was out-bided.

My weekend started off marvelously when I showed a house in Brighton to a young family that had been looking most of this year. We were the very first to get to see the house and it was lovely. The buyers loved it and so we got together that evening and wrote an offer, a generous offer more than $2000 over asking price. And we made the offer good until Sunday at 1, which is when their open house was scheduled to start.

Well, Sunday at 1 came and went with no call from the listing agent. 3pm and the end of the end of the open house came and still no word. By 5 pm, I was getting steamed and called the listing agent. Of course all I got was voice mail. Finally, at 7 pm I received a call from him to say that he still had not been able to reach the sellers to tell them about our offer and by the way, there are now two additional offers on the table.

It was not until Monday morning that we learned that a total of three additional offers came in. Since ours was first, they did give us an opportunity to match the highest offer, which was $11,100 over asking and a cash deal. And so, I have emotionally drained and heartbroken clients that are still looking to buy a house in Brighton, which has to be hottest market around!

In between phone calls and property showings, I took a nice walk through Linear Park (also known as Philbrick Park) in Penfield. That’s where the photos were taken. It was a great escape from the stress and burned more calories than chewing my nails.

Children's Miracle Network Telethon is this Sunday! Call in and I'll Match your Donation!

I’m writing to you to ask for your support!

For the past 5 years or so, I’ve supported the Golisano Children’s Hospital by donating a portion of my real estate commission for every house that I’ve sold. Well, it’s no secret that the economy has had a strong impact on the real estate market and so this past year was far from my most productive year. As a result, I’ve decided to take my support for this important organization to a new level.

This Sunday, May 31st, I will be participating in the local Children’s Miracle Network Telethon which is being broadcast from the Strong Memorial Hospital Lobby on channel 10NBC. The show is being aired from 10 am to 1 pm and from 7 pm till 11 pm.

I will be answering phones and taking pledges for one hour starting at 11 am, and have decided to issue a challenge. If you will call during that hour and mention my name, I will match your donation.* The number to call is (585) 241-KIDS. In addition, you can contribute on-line at www.gchas.org but be sure to mention the Mary Shelsby Challenge in the special comments section.

Why? Well, a couple of weeks ago I attended a luncheon where I got to meet several of the children whose lives were saved by extraordinary care received at Golisano Children’s Hospital. It occurred to me that it would be unthinkable that some child might not have the same opportunity just because they were unlucky enough to get sick during a bad economy. This facility serves a 17 county region and is committed to treating all children regardless of the family’s ability to pay.

So please, mark your calendar for this Sunday, between 11 am and noon, tune into channel 10 and dial 241-KIDS and make a pledge. It’s that simple! Thank you for your consideration and generosity.

Mary
 
*  I will match the first $500 in donations between 11 am and noon in which my name is mentioned.