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.

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!

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.

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.

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!

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.

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.

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 .

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!

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.