FHA Changes... Are They Good, or Bad?! - 01/26/10 08:25 PM
A large percentage of home buyers in the Greater Rochester area finance their homes with FHA mortgages. FHA loans are a great product for many individuals due to their low down payment requirement. In recent years, as conventional loans have experienced drastic changes and increasingly strict eligibility requirements, FHA loans have also emerged as a very stable form of financing.
In the mortgage and real estate industries, we've been hearing whispers about upcoming FHA changes for a while now, but it wasn't until recently that those changes were officially announced.
FHA announced changes in the following areas:
The upfront mortgage insurance premium (UFMIP) will increase … (2 comments)

Market Report for the Week of January 16th-22nd, 2010 - 01/23/10 07:59 PM
It's time for another look inside the market in eastern Monroe County. Again, I collected information for sales in Brighton, Pittsford, East Irondequoit, Webster, Penfield, and Perinton in the past week. However, I decided to begin focusing my weekly reports on homes that went under contract rather than closed.
Why? Two reasons. First, many sold homes aren't recorded immediately upon closing, which means my numbers could end up being very skewed. And second, contracts are actually a better indicator of the current market conditions than closings. Closed homes could have gone under contract months ago, which doesn't reflect on which properties … (0 comments)

Don't Show Your Home to Strangers Without an Appointment - 01/16/10 06:30 PM
An important reminder from an agent in Briarcliff Manor, NY.
Via J. Philip Faranda, J. Philip Real Estate Briarcliff Manor NY:
The other day a seller client told me that she showed her home to strangers off the street who knocked on her door and expressed interest in seeing the place without an appointment. She accommodated them. We don't know who they are, or even if they were qualified to buy. She just hoped they might be the ones. I told her to never do this again. Call me a suspicious New Yorker, but the risks outweigh the opportunity when you show you home to strangers with … (6 comments)

Market Report for the Week of January 9th-15th, 2010 - 01/15/10 07:58 PM
Thanks to our new MLS system, I now have access to better charts and statistical information. As a result, I've decided to begin posting some market information on a weekly basis. Every Friday, I'll compile information on the previous week's sales and post them here.
Because I do a large portion of my business in the eastern suburbs, I'll focus on the following areas: Brighton, Pittsford, Penfield, Webster, East Irondequoit, and Perinton.
Here are the statistics for this past week, as well as a chart showing the list price, sale price, and days on the market for the sold properties:


… (2 comments)

MLXchange... Making Real Estate More Global! - 01/10/10 09:57 PM
It's a big week for the Greater Rochester Association of Realtors. This Tuesday, our board will be joining forces with the boards from Buffalo and Syracuse to form a new, cooperative MLS system known as MLXchange.
With MLXchange, all the real estate data in our three cities will be shared on a single online system. It should blend the traditional borders between the three metro areas and make cooperation much easier and more common.
Obviously, as agents, we have the potential of conducting business in a much larger area. But, as consumers in the Greater Rochester area, what changes should you expect to see with … (2 comments)

Realtor® Code of Ethics - Exaggeration and Misrepresentation are Not Allowed - 01/02/10 12:57 PM
I wanted to share this informative post by Claudette Millette, a broker in Massachusetts. I believe strongly in the Code of Ethics and its importance to our profession. It's what sets Realtors apart from other agents!
Via Claudette Millette - Metrowest Mass Exclusive Buyer Broker (The Buyers' Counsel):
As a home buyer or seller you should know that all Realtors® are bound by a strict Code of Ethics that was designed to protect you as a consumer.  In your dealings with any Realtor®, you should feel confident that you are being dealt with fairly and honestly. Every agent must make a commitment to adhere to a set of … (0 comments)

New York's Great Appliance Swap Out = $16.8 Million in Rebates!! - 01/01/10 02:57 PM
The U.S Department of Energy has approved New York's plan to provide consumers with rebates for purchasing certain energy-efficient refrigerators, clothes washers, freezers, and dishwashers through a program funded by the American Recovery and Reinvestment Act (ARRA).
New York's Great Appliance Swap Out will allow the State to issue more than 170,000 rebates totaling $16.8 million during President's Week in February, 2010. Under the plan, consumers could receive rebates for purchasing eligible appliances individually or in a bundle.
For an individual purchase, appliances will qualify only if they have earned the ENERGY STAR® label, meaning that they are up to 30 … (0 comments)