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Seller News From Realtor Magazine Online

Daily Real Estate News December 4, 2007
Homes Features That Are Big Buyer TurnoffsOld homes can be quaint, but there’s a difference between old and outdated. Unless home owners periodically invest in upgrades, their homes will fall so far below the standards of current buyers that they become obsolete and hard to sell.What’s obsolete? Here’s a list of relics, many of them courtesy of Nick Kuhn, an associate with McEnearney Associates in Washington DC.
A house with only one full bathroom. Even a house with one full bath and a toilet/sink powder room is going to turn buyers off.
A house without air conditioning.
Electrical systems protected by a fuse box instead of a circuit breaker.
Spiral staircases. They’re relatively rare, and for good reason — they're often unsafe.
Basements with only an outside entrance. Home owners expect convenient access to that valuable space.
Ceilings that look like they’ve been stuccoed, dropped ceilings with fluorescent lights, and dark beams cutting across the ceiling.
The split-level floor plan. Want to go from kitchen to family room? Go down half a flight of stairs. From living room to bedroom? Up half a flight. Most folks would rather not.
Source: The Washington Post, Elizabeth Razzi (12/02/07)

6 Common Housing Problems that Spook Buyers

Daily Real Estate News October 23, 2007

Potential home buyers with lots of homes to choose from can be easily spooked by disclosures and the results of property inspections — even when the shortcomings are typical for homes of a certain age.In a jittery market such as this one, it’s critical to give buyers tools and knowledge so they can decide which problems are serious.Judi Seip, an associate with Coldwell Banker in Southern California, tells her clients to accompany the inspector so they can put the problems in perspective. Anything a handyman or an electrician could fix in a few hours isn’t worth worrying about, she says.Here are six common issues that trouble buyers and some factors to weigh:1. Water damage. Evidence of water damage frightens buyers, but all water damage isn’t serious. Minor leaks generally cost no more than a few hundred to repair. Get an estimate.2. Missing permits. Ask the home inspector if the work was done well and meets code requirements, even though a permit wasn’t issued.3. Code violations. How expensive is the repair? Ungrounded electrical outlets are common in old houses and easily fixed.4. Cracks in the garage floor. Ask the inspector whether these cracks suggest other related problems. Generally these don’t affect the structure of a home.5. Termites. Termites and termite damage are very common in many parts of the country. It’s important to get rid of them and to get a clear sense of how bad the damage is.6. Foundation cracks and other foundation issues. Older homes often have cracks in the foundation. Get an expert to inspect the problem and estimate — what if anything — needs to be done. Source: The Mercury News, Margaret Steen (10/19/07)

Best Mortgage Moves in a Slowing Housing Market

(ARA) - Given the recent changes in the mortgage and housing markets, many current and potential homeowners are asking themselves the question of what to do next in regards to their home financing situation. Whether you are looking to purchase your first home or are already a homeowner and want to maximize your investment, there are a number of home financing options to consider. GMAC Mortgage (www.gmacmortgage.com) offers the following tips to help you make your next mortgage move. First-Time Homebuyers The biggest concerns for first-time homebuyers right now are fluctuating interest rates and home values. However, buying a home with a fixed-rate loan now will ensure that future rises in interest rates will not impact your monthly payment. In addition, because of current market conditions, many first-time homebuyers have a large inventory of homes from which to choose. Prices in many markets have stabilized or moved off their highs over the past year as demand has softened, so your dollars could go much farther than they have in the past. If you decide to move forward with the search for your first home, consider getting pre-approved for a mortgage. Becoming pre-approved will give you a much better idea of your buying power as well as reassure home sellers that you are a serious buyer. Existing Homeowners If you are a homeowner with an adjustable rate mortgage (ARM), hybrid ARM, or interest-only mortgage, now is a good time to consider refinancing into a fixed-rate loan. Even if the overall interest rate rises, there is a good chance that a fixed-rate mortgage payment will be lower than what you may pay if your adjustable rate loan adjusts soon. Homeowners currently repaying variable-rate home equity lines of credit also should review their options. Refinancing to a fixed-rate home equity loan could be advantageous, but you should first check with your lender. Buydowns Another option, whether you are considering refinancing your current mortgage or exploring your first mortgage, is to elect to buy down the interest rate. With a “buydown,” a borrower or seller pays part of the interest upfront, lowering the borrower’s monthly rate for a set period of time. With the proper research and the assistance of a qualified mortgage professional, securing the right mortgage product can put you in a more advantageous situation to help you meet your homeownership goals. For more information on mortgage strategies, call (800) 888-GMAC (4622) to find the GMAC Mortgage office near you. Courtesy of ARAcontent

October Home Sale Statistics

The County Home Sales Statistics for October, 2007, have been posted online at HomeSteadNet.com. Existing single-family home sales are up by 5.9 percent compared to last month. The number of homes listed for sale increased by 1.6 percent compared to last month, and increased by 3.3 percent compared to October 2006. The median sale price decreased by 5.4 percent to $114,500 compared to September 2007, and increased by 2.6 percent year-to-date.

Not Enough Equity To Refinance Your ARM?? Read This!

FHA Loans Open the Door to Homeowners Having Difficulty Refinancing or Buying a Home

(ARA) - Millions of homeowners are, or soon will be, facing significantly higher mortgage payments as more than $140 billion in adjustable rate mortgages reset throughout the remainder of 2007. Another $380 billion are scheduled to reset higher in 2008. In times past, many of these consumers simply would have refinanced their mortgage. But many are now finding that current lending restrictions and declining home values have made refinancing difficult. Enter one stalwart that is making a welcome comeback: The Federal Housing Administration (FHA) loan. Dating back to the 1930s, the FHA loan has traditionally been used by first-time homebuyers because the program requires a down payment of as little as three percent, which can be gifted from a relative, and features relaxed credit guidelines. Today, many homeowners also are turning to the FHA loan to refinance a home. “Eroding home values have drained the equity out of homes in many markets. Many homeowners are unable to refinance an existing mortgage if they have less than 20 percent equity in their home,” says Bob Walters, chief economist for Quicken Loans, one of the nation's largest lenders. Walters recommends that homeowners who find themselves in this situation consider an FHA loan. "Many homeowners are finding the FHA program to be their best solution. It's ideal for those who need to refinance out of an ARM because it requires much less equity, with interest rates that are extremely competitive with conventional loans." "FHA programs also are an attractive option for people wishing to purchase a home, especially those who may have the income to support their monthly payment, but don't have the cash for a 20 percent down payment or a lengthy credit history," he adds. As one of America’s largest mortgage companies and an FHA-approved lender, Quicken Loans offers industry-leading technology that enables clients to review and sign documents securely on the Web, making the home loan process fast, safe and easy. To learn more about FHA loans, visit www.QuickenLoans.com/FHA. Courtesy of ARAcontent

To apply for an FHA Loan here in Rochester, Contact me and I will get you to the right person!!!

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mortgage processing fees with Carmen Lonardo as Exclusive Buyer's Agent
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* One Credit Per Listing ▪ Listing Must Be In Monroe County ▪ Offer Expires February 15, 2008

Poll Results

If you were in the market for a new home, what amenities would you look for? Here is what the readers of Real Estate on the Move said:

Outside Potty 16%
Lots of Storage 66%
More than 2 Garage Spaces 58%
Odd Neighbors 8%
Brick/Stone Exterior 25%

No Fee Mortgage - REALLY!

What if I could refer you to a principal bank in the Rochester market that offered a No Fee Mortgage - no application fee, no closing fee and no private mortgage insurance, would you be interested? Drop me an e-mail at carmenlonardo@canalwalkrealtors.com and I'll be glad to send the contact information. You won't be disappointed.

Leaf Pick-Up

Should your local government pick-up leaves and yard debris at curbside? Some think "yes" and others think "no". What do you think?

Get Your Home Ready For Spring!!!

(ARA) – The fall leaves have fallen and before you know it, winter snowflakes will be flying. But before the next change of season arrives, there are a few things you should do to make sure your house will make it through the winter and have an easy transition to spring. Here are some of the more important tasks you should put on your to-do list: 1) Inspect all your doors and windows to make sure the caulk and weather stripping is intact. If they are worn or cracked, replace them; and if you don’t already have them, install storm windows to keep the heat in and the cold out. 2) Clean and put away outdoor furniture and kids’ toys. Start by spraying them down with water to get off the surface dirt, then rub on some CLR Outdoor Furniture Cleaner, which is specially formulated to remove outdoor dirt and grime quickly and easily from a number of different materials, including plastic, resin, wrought iron, metal and wood. Once clean and dry, wrap the items with plastic and store them someplace dry for the winter. 3) Clear gutters and downspouts of leaves and debris that can clog your gutters leading to ice damns in the winter. Repair or replace sagging gutters and reattach loose downspouts. 4) Make a visual inspection of the roof to make sure there aren’t any missing or cracked shingles or tiles, or vents that have become detached. Flashing, the thin metal strips around vents and other roof openings, should also be examined for leaks. 5) If you use your fireplace frequently, schedule an annual cleaning with a professional chimney sweep. Make sure he or she checks your chimney for loose bricks, crumbling mortar joints and missing caps while there. 6) Check to make sure you have adequate attic insulation. According to the U.S. Department of Energy, up to 45 percent of a home's energy loss is through the attic. 7) Turn off the water supply for exterior faucets before the first frost to prevent pipes from cracking, and take the time to clean off the mineral deposits encrusted on the outdoor faucet spout with CLR . The fast acting, powerful formula will remove calcium, lime and rust deposits with no rubbing or scrubbing required. It is safe to use indoors too. By taking these steps now, your home will make it through the winter unscathed, and come spring, all you’ll have to do is unpack all the stuff you put away and enjoy the sunshine. No repairs will be necessary. For more household tips, to see what other CLR products can do for you, or to locate a CLR retailer near you, log on to www.jelmar.com or call (800) 323-5497. Courtesy of ARAcontent

Real Estate and the Local Economy

All we hear about lately is how bad the real estate market is and how precarious the rest of the economy is. Financial institutions have conspired with real estate professionals to to pull the wool over the eyes of unsuspecting consumers and now the sky is falling! Well, admittedly, some of this might be true. So too is the fact that we want more and we borrow more to get more ... and eventually the sky does fall. But, I don't see a faltering real estate market in Rochester, New York. The market, like many things, is cyclical and sure there are periods of activity and periods of repose. But the sky certainly isn't falling and I think it is as good a time as any to buy or sell real estate. What do you think?