November 2009

After a two week delay, President Obama signed a bill which will extend the $8000 tax credit for qualifying first-time home buyers through June 2010.   First time home buyers will receive the $8,000 Federal tax credit if they:

1.  Sign a contract by April 30, 2010
2.  Close on the home by June 30, 2010.  

The new bill will also provide a $6,500 credit  for repeat buyers who purchase a new primary residence, and have lived in their current home for at least five of the previous 8 years.

The bill has a few provisions including:

1. Single tax filers who earn up to $125,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, single filers who earn $145,000 and above are ineligible.

2. Joint tax filers who earn up to $225,000 are eligible for the total credit amount. Those who earn more than this cap can receive a partial credit. However, joint filers who earn $245,000 and above are ineligible.

The credit will not be giving for investment properties or vacation homes.  You will receive this credit when you file your taxes.  If you have been considering selling or buying a home, now is a good time to take advantage of this credit.  It is best to contact your tax advisor for more specific information to see if you qualify. 

Flower City Days at the Market will take place from 8:00am-2:00pm on Mothers Day, May 10th.  The Public Market is located at 280 North Union Street, approximately 3 blocks north of East Main Street.

Sunday horticultural sales at the Rochester Public Market provide gardeners with a great chance to buy annuals, perrenials, and vegetable plants direct from area growers. Many other gardening items such as lawn figurines, lawn furniture, mulch, topsoil, tools, and trellis will be for sale.

A house is only worth what a buyer will pay for it.  It's possible that home sellers are bringing down the price without even knowing it.  With that being said, ask yourself what are your buyers seeing when they visit your home.  Is it dirty?  Does it stink?  In all markets, especially this one, it is extremely important that your home be in the best possible condition for every showing.

A buyer is not going to see the value in your home if it looks unkempt.  If the simple things aren't done, they will wonder what else has not been done.  A buyer wants to see pride of ownership and picture themselves living there. 
I recently read a thread written by potential buyers in today's market.  They expressed their thoughts about homes they have visited recently. 

Here Are The Top Five Turn Offs For Buyers:

1.  Smells
Does your house stink?  Do you have pets?  We may love our pets, but other people may not like their smell.  Clean the litter box, and clear the yard of land mines from the dog.  Vacuum the hair.  If you smoke, do it outside.  Try not to cook with garlic and onions.   Use fabreeze, and open windows for fresh air when you can. 

2.  Dirty
Do you see dust, and cobwebs?  Then potential buyers see it too.  Mop the floors.  Scrub the appliances.  Empty the garbage cans.  Don't leave dirty laundry on the floor.  Make everything shine. 

3.  Clutter
Is there stuff everywhere?  Nicknacks, trophies, collections, pictures?  You don't want a buyer asking "where's the house?"  Box it all up.  You're going to be moving anyway.  Do this before it goes on the market.  Make it look like a showroom.  Simple, clear, spacious. 

4.  Dirty Bathrooms
Nothing says gross more than soap scum and hair in the bath tub, and tooth paste stuck to the sink.  Scrub the bathrooms.  Make them sparkle.

5.  Owner Being Home
Buyers feel uncomfortable when the owners are there.  They will not stay as long.  They may not like the owner.  They don't feel free to express their concerns.  Go for a ride, go shopping, go visit a friend.  Just don't be there. 

Give buyers time alone to see the value of your home.  Make them want to be there and even better, to come back for a second look. 
It's interesting to see how common these complaints are.  They are easily avoidable.  These simple steps will go a long way in getting your home sold. 

The buzz this week has been the 8,000 tax credit for first time home buyers that does not need to be paid back.  We are still waiting to find out for sure if this can be claimed when you file in 2009, instead of 2010.  I am waiting to hear back from the president of our mortgage company as well as my own tax advisor.  I am told the software has not been updated yet at the tax offices.  Yet many are saying it can be done now.  I'd prefer to wait until we know for sure, than give someone the wrong information.

Here is a link with more information from The National Association of Home Builders: http://www.federalhousingtaxcredit.com/2009/home2.html

The Planning Board will hold a public hearing at 7 p.m., March 9, regarding development plans for the former Newport House.

The hearing, at Town Hall, 1280 Titus Ave., will be to receive public comments on the proposed project's environmental impact statement, covering topics such as parking, traffic and drainage.

Developers want to build 47 condominiums and nine townhouses on the site, on the shores of Irondequoit Bay.

Plans also include retaining 187 boat slips on the site - 85 that would be for residents, 92 for rental by contract and 10 for visitors. The condos would be in four multilevel buildings, and the townhouses would be in three buildings.

The Newport House, an upscale restaurant at 500 Newport Road, served customers on the bay from 1840 until it closed in 2006, according to the town's Web site.