Scott's Blog

Time is Running on the $8,000 Tax Credit

Scott Ingalls (Nothnagle Realtors) — Wed, 15 Jul 2009 13:02:33 -0500

For everyone that qualifies for the $8,000 Federal Tax Credit, the clock's ticking down....

The credit will expire on Dec. 1rst of this year, meaning that for a person to qualify for it, besides the other requirements, the property will have to close by Nov. 30th this year. Typically, it may take up to 3 months to close a contract, so an offer should be in place by Sept. 1-15 of this year. The response has been very strong in the market and opportunities are starting to disappear.

For those clients of mine looking in the Henrietta, Pittsford and Mendon, NY area, now's the time.

Feel free to contact me at singalls@nothnagle.com if you need more information.

Congratulations to Wegman's Food Markets

Scott Ingalls (Nothnagle Realtors) — Mon, 20 Apr 2009 11:43:07 -0500

The amenities offered in any area that impact the quality of life go far beyond local parks, attractions, schools, and employment opportunities. In the Henrietta, Mendon and Pittsford, NY areas, we are fortunate to have Wegman's Food Markets as one choice to shop at. They have just won recognition as the best Supermarket in the country and are family owned and based in Rochester, NY.

For those outside of our area, visit their site at www.wegmans.com and see why it's a pleasure to shop there, it looks like the secret's out! Congratulations Wegmans!

Market Update (4/09) for Henrietta, Mendon and Pittsford, NY

Scott Ingalls (Nothnagle Realtors) — Mon, 06 Apr 2009 11:24:41 -0500

The most recent statistics for the Henrietta, Mendon and Pittsford, NY areas has just recently become available. It points to a relative stable area of the country and may show that a bottom has been reached here. Overall, the Rochester, NY median sales prices of existing homes on a year-to-year basis ('07-'08) show a decline of -0.8%, over a 5 year period ('03-'08) a gain of 17.7%.

In Henrietta, NY this is a one year decline of -3.8%, in Mendon, NY a gain of 2.7% and in Pittsford, NY, a decline of -3.9%. Median sales prices for these areas are $125k, $241k and $248k, respectively. NAR's report by zipcode shows a balanced market, rated 3 on a scale of 1-5.

Activity has increased in these areas, a busy Spring market is underway and the $8k tax credit is having an effect, numbers will be forthcoming in the next couple of months.

New $ 8,000.00 Buyer's Credit

Scott Ingalls (Nothnagle Realtors) — Thu, 19 Feb 2009 10:23:05 -0600

For those first time buyers in the Henrietta, Mendon and Pittsford, NY areas, the bill has passed for a $8,000.00 buyer's credit, filed on your tax return. The terms are similar to the recent $ 7,500.00 credit, except that this one doesn't have to be repaid, if you live in the principal residence for 3 years or longer.

There are phase outs for singles that earn $75k or more, or for married couples earning $150k or more, details are still coming in.

For tax purposes, a purchase between the qualifying timeframe of Jan.1, 2009-Dec.1, 2009 can be considered as purchased on Dec. 31, 2008, so that it may be claimed on your 2008 forms.

While the above is considered accurate, check with a tax professional for full information.

Mortgage Money Still Available

Scott Ingalls (Nothnagle Realtors) — Sat, 25 Oct 2008 10:46:46 -0500

As a quick update for my clients in the Mendon, Henrietta and Pittsford, NY area, despite what you may have heard or read, there's still plenty of money available for mortgages.

Some highlights from NHSC are:

VA loans are offered at 100% financing for qualified veterans.

SONYMA loans are available with 97% financing for first time homebuyers.

FHA loans are offered with 97.5% financing for all buyers.

Conventional loans are offered with 95% financing available.

Several programs have income limits, purchase price limits and minimum credit scores--yet most borrowers meet the criteria.

Contact me today for a confidential review of your situation, it really is a good time to buy!

Find out about schools in the area

Scott Ingalls (Nothnagle Realtors) — Sun, 07 Sep 2008 11:20:58 -0500

One item of interest to many moving into the Pittsford, Mendon and Henrietta, NY area is information about the local school systems.

There are many resources available, one to use is www.nysed.gov , also, you can find links on my website at www.scottingalls.com . Mendon, Pittsford and Henrietta, NY all have excellent schools and in Newsweek magazine, Pittsford has been in the top 100 over the past several years.

For any other demographic information, feel free to contact me.

Do You need $7500?

Scott Ingalls (Nothnagle Realtors) — Thu, 04 Sep 2008 13:12:23 -0500

The U.S. government is offering a refundable tax credit of up to $7500 for first time homeowners.

For first time home buyers, who purchase a principal residence between 4/09/08 and 6/30/09. there is the possibility of up to $7500, as a tax credit. A first time home owner is one that hasn't owned a home for at least 3 years. The credit will be up to 10% of the purchase price or $7500, which ever is less.

The credit will work as an interest free loan that will have to be repaid over a maximum of 15 years (or $500/year). If you sell the property before the 15 year timeframe, or before the amount is paid off, you will owe the balance provided that there is a capital gain to cover the balance, if you sell for less than the amount still owed, the government will absorb the loss. What this means, is the government is sharing in the risk of no price appreciation on the property.

There are income qualifications also. Individuals above $75,000 or couples above $150,000 may lose some or all of the credit. Also, the money for the mortgage cannot come from a state or local bond fund for mortgages (such as SONYMA).

If you think there's a chance you may qualify for this when looking for a home in the Mendon, Henrietta or Pittsford, NY areas and want to learn more about it, please contact me, I'd love to help.

Mendon, Henrietta and Pittsford Market Update for Aug. '08

Scott Ingalls (Nothnagle Realtors) — Fri, 29 Aug 2008 11:08:06 -0500

Second Quarter statistics from NAR and July's monthly Real Estate activity report from GENRIS are in. For Mendon, Henrietta and Pittsford, NY, once again a mixed bag.

For zip code 14506 in Mendon, days on market have improved--10 days average! Price appreciation is 2.68% average. For zip code 14467 in Henrietta, days on market is averaging 30 days and -6.22% drop, for zip code 14534 in Pittsford, 35 days on market and -6.71% drop.

For the MLS area as a whole, closings rose over June by 14.4%, but are off 11% year to year. Median sales price is up 5.7% over the month, but off 0.4% year to year.

According to NAR's scale of 1-5 (1 being a pure buyer's market and 5 being a pure seller's market), Monroe County is 3, balanced between buyers and sellers.

With interest rates at continued lows and the awareness of the new $7500 refundable tax credit, the market should improve through the Fall into next Spring.

If your thinking of buying or selling in the area, or want more information, contact me at singalls@nothnagle.com .

Tips for searching for a new home

Scott Ingalls (Nothnagle Realtors) — Sun, 03 Aug 2008 12:34:27 -0500

There are so many sites and tools out there to help you find that "ideal home" that it can be overwhelming.

From dedicated sites such as Realtor.com to local brokerage sites, such as Nothnagle.com or individual agent sites (mine is www.scottingalls.com ), it's hard to know how to get the best results. Many larger, national sites may not update as quickly, smaller sites may be harder to navigate for information. This is where getting in touch with the right real estate agent can really pay off big.

In the Mendon, Pittsford and Henrietta areas, I assist clients by setting up individual searches. These can be general, with only price ranges, beds/baths or location. However, it is possible to focus in on specific information, such as square feet, sewer connected, acreage or other desired information to produce the best possible search. It can be set up as a one time search or a repeating search, so that new properties on the market can be delivered on a daily basis.

For my current clients, review your search, contact me to update for changes. For new clients, feel free to email me at singalls@nothnagle.com with your "wish list" and I'll be happy to get you going.

Happy searching!

Water Resources in Monroe County

Scott Ingalls (Nothnagle Realtors) — Wed, 23 Jul 2008 10:33:52 -0500

The Monroe County Water Authority is a local resource we should all be proud of.

Many areas of the country are reporting stretched or shrinking water availability as well as concerns about the quality of what is delivered. Here in Monroe County, we are close by to both Lake Ontario and the Finger Lakes, which supply excellent quality water, with plenty of ability for expansion. Check out the link at www.mcwa.com/watqual.htm . Almost all of the County is served by the public authority, however, there are some wells in the more rural areas, and these should be checked for purity and capacity.

If you're looking to move from your present area, this may be one of the most important things to know. If you'd like to discuss this or any of the other abundant natural resources in the area, feel free to contact me.

Help with pet odors

Scott Ingalls (Nothnagle Realtors) — Tue, 08 Jul 2008 10:33:03 -0500

On a recent tour with an out of town buyer, out of 10 homes, 8 had strong pet odors.

My client rejected them out of hand and I couldn't blame him, they were strong. I always wonder why sellers don't recognise that this (or any odor) is a big turn-off to those who are looking for a very quick impression from a house quickly, as they are looking at a list of many possibles. Let me help you with a couple of tips.

1.) Bowls of white vinegar sitting out in a room will absorb smoke and other odors, you can also spray mist the vinegar in a room.

2.) Solid sticks of antipersperant chunked up in a closet or a closed drawer can help.

3.) An open can of fresh ground coffee in a kitchen can help to remove/mask "strange" cooking odors.

4.) A fan with either a Bounce clothes dryer strip or a cotton ball soaked in vanilla works well.

5.) Remove Fluffy's or Fido's stuff, and please keep those litterboxes under tight control.

These are some simple ideas and they are easy to implement. They may bring you a sale rather quickly, you may have the "freshest" house on the block! If you need more ideas, feel free to contact me.

New Changes to Site

Scott Ingalls (Nothnagle Realtors) — Thu, 26 Jun 2008 10:04:12 -0500

There are some new changes to this site, I'd like feedback

I've added two new additions to the site here, 1.) A tab for foreclosures, preforeclosures and other properties that are usually hard to find in the MLS and 2.) an ActiveRain Blog.

I'm hoping that this will allow my current and future clients to interact with me on a more direct level. Please feel free to contact me, comment on the blog topics or e-mail me with questions or things you'd like to know more about in real estate for the area.

More changes will be coming, based on feedback that I get.

Differences in Practice in Rochester Area

Scott Ingalls (Nothnagle Realtors) — Wed, 18 Jun 2008 10:40:31 -0500

One thing that strikes me is how different we do things here in the Rochester MLS compared to everywhere else. Even from how things are done Downstate.

I recently read and posted to a thread about Dual Agency in NYS. I was amazed to read how agents in NY didn't even seem to fully grasp NYS DOS Agency requirements. I even was gently chided for mentioning how attorneys are an important watchdog for clients in an Agency situation. The person, from Long Island thought that it's a bad thing for attorneys to be part of the deal. Also, many Downstate are unaware that we have the combined GRAR and bar approved contracts, many didn't know that this is an option.

I guess where I'm heading with this is that we should all be aware how unique our business practice is here against other areas and consider this before we post to threads that are read outside our area. Also, with some of the answers I've seen on several different sites, I am taking great comfort in the fact that attorneys are required here.

I know I'm going to research how Title States do business, must have an interesting model.

Market report as of end of April, 2008

Scott Ingalls (Nothnagle Realtors) — Sun, 15 Jun 2008 10:27:39 -0500

Still a mixed bag, some good and some could be better.

For the Greater Rochester area in the month of April vs. March, there's been an increase of 27.9% in closings, 12.8% increase in purchase offers accepted and a 7.4% increase in the median sales price. For the period of April '07 to April '08, there's been a -5.5% in closings, -8.6% in purchase offers accepted and a 4.4% gain in median sales price.

YTD there are -2.0% in homes listed for sale, 2.8% median sales price, -12.3% in closings and a 0.9% gain in average sales price.

It seems there are good/bad news points for both buyers and sellers. It'll be interesting to see the results for May, if there's a turn happening in either direction.

All statistics courtesy of the GRAR.

I'm going to sell my home, should I stage, remodel, what...?

Scott Ingalls (Nothnagle Realtors) — Thu, 12 Jun 2008 10:53:27 -0500

Now that it's time to sell your house, what should you do to compete with the others in your market?

Economics come into play here. It may be better to allow the new buyer to assume the costs of changing the kitchen or other amenities, or give an allowance in the sales price to reflect the costs. Buyers are looking for a living space for themselves and will be looking at changes to your home.

The first area to look at is clean. This is in all directions and areas, floors, walls, ceilings, etc. Also the garage and basement. Nothing can replace clean, it can't be shiny enough. New paint (neutral colors), cleaned carpets, waxed wood, etc. will give you a strong edge, also don't forget about smells and scents.

Second, look at your list of delayed maintenance items. Maybe get a pre-engineer's inspection done to see what buyers will see. If it's in the budget, fix it up. If you think a buyer won't notice, you're wrong.

Third, look to properly stage a house. This is more than a couple of accent pieces, it is a strategy that shows your potential buyer how a living space could be used. Depending on the property, you will be seeing different demographics, paying for a good stager could be the difference in a lot of money at the table.

So declutter, clean and stage your way to a successful sale!

Is it perception over reality?

Scott Ingalls (Nothnagle Realtors) — Mon, 02 Jun 2008 08:56:26 -0500

Real Estate markets in Mendon, Pittsford and Henrietta have all gotten positive national press, as has all the greater Rochester area. We are one of the few markets that has price appreciation, average turnover has been between 45 to 63 days in these submarkets, yet the perception on the parts of buyers and sellers in the area remains cautious. Now, even many of the hardest hit areas are starting to report the possibility of a bottom, the local paper's starting to report on the positives in the market and sales are showing on the average a 95% or better sales price to asking price. Buyers should take note--low interest rates and the best climate in several years to make an offer. Sellers should take note--low interest rates and a large pool of potential buyers waiting to make their entry into the market. Either side that waits too long may miss the opportunity to get the best deal possible. It's time to get out of the comfort zone and stop listening to popular misconceptions.

Curiosity Question

Scott Ingalls (Nothnagle Realtors) — Fri, 30 May 2008 09:05:03 -0500

Hello everyone in the group,

I belong to several forums across the internet and read about all the doom and gloom out there. Here in the greater Rochester area, we seem to be "weathering the storm" a little better than most. I do see some signs that problems across the country do have some counterpoints here, i.e. the neighborhoods of Cleveland that have been decimated by poor lending practices (think some of the urban problem spots here) or the large groups like Lending Tree and Countrywide that put poor mortgage practices in effect. While I am definitely positive about the area and think that business will improve in the coming period, my question to all of you is for your perception of the local market. I may use some of the responses in my blogging efforts.

Annual Assessments in Monroe County

Scott Ingalls (Nothnagle Realtors) — Mon, 05 May 2008 11:29:21 -0500

There's a difference between Assessed Value and Taxes

I've been receiving a lot of phone calls from people in Henrietta, Pittsford and Mendon that want information on the assessments that they're seeing on their homes this year. Many are questioning why their property values are going up when they read about a "down" market in the newspapers. The good news is that sale prices are climbing in the Henrietta, Pittsford and Mendon areas. But the assessed value and the tax rate are two different things. Assessed value shows how a house compares in the Town to others of a like kind, based on recent sales data, the tax rate is the amount the Town has to collect for operations, and the total is divided by the total market in the Town to determine what each property owner has to pay. What this means, it is possible that your assessed value could go up and your tax rate could go down. For more information on this, or to get a market analysis on your property, please feel free to contact me, I'd be glad to help!

Market Conditions in Monroe County

Scott Ingalls (Nothnagle Realtors) — Wed, 30 Apr 2008 09:21:20 -0500

The question on everyone's mind is if it's a buyer's or a seller's market in Monroe County.

The answer to this seems to be--a balanced market. According to the GRAR and NAR, sales in the Rochester area haven't felt the impact that other areas of the country have been seeing. Overall, at the end of 2007, sales "dipped" -5.7% and average prices gained 2.2%. Looking forward to 2008 NAR forecasts 1.8% gain in prices and in 2009 a 3.5% gain. Well priced units are selling on an average of 45 days for Nothnagle.

Stability in Monroe County is due to it's affordability, most people qualify for mortgages without resorting to some of the exotic solutions other areas have used to drive their markets. With a gain in jobs or continued low mortgage rates, this trend should continue. Housing affordability is projected to increase over the next period of time as well.

Bottom line, realistic sellers and buyers are taking advantage of a good market locally.

information used from both the GRAR and NAR

Started Newsletter

Scott Ingalls (Nothnagle Realtors) — Mon, 28 Apr 2008 11:48:11 -0500

I am in the process of starting an email only newsletter to discuss topics in the local MLS area and would love to have you subscribe. I am planning on having an article on home staging submitted by a local professional and am considering other topics to discuss that would be of interest to the buying and selling public. Feel free to visit my site at www.scottingalls.com to sign up.

Grace is on the Front Page of a Google search

Scott Ingalls (Nothnagle Realtors) — Mon, 28 Apr 2008 10:02:13 -0500

Hi All,

Grace Wang is on the first page of a google search for real estate agents in Henrietta, NY, all she did was to start her activerain account. It appears that this does have a lot of promise, now Grace will have to polish up her account and start her own blog. I am hoping to do as well myself. Good luck to all.

Looking for Buyers and Sellers

Scott Ingalls (Nothnagle Realtors) — Sun, 27 Apr 2008 11:07:10 -0500

I am a salesperson with Nothnagle Realtors, Henrietta office that specializes in the Henrietta, Pittsford, Mendon, Honeoye Falls, Lima and greater Rochester, NY MLS. I use technology and a personal touch to help all my clients with their real estate needs. Feel free to contact me at singalls@nothnagle.com, scott@scottingalls.com or call me at (585) 698-2039 for all your real estate needs. Check out my website at www.scottingalls.com to get started with information you need. I'm here to help.