Just south of Buffalo lies a historic community of 27,000 people called
Orchard Park which some might call the Town of Many Names.

Originally settled by Quakers in 1803, Orchard Park's first life as a municipality actually was as part of nearby Hamburg, breaking off as a sovereign community in 1850. Renamed "Town of Ellicott," the newly independent community took its name from Joseph Ellicott of the Holland Land Company, who was instrumental in establishing the early real estate market there, bringing hundreds, if not thousands, to the area. Within months, the name was changed curiously to the "Town of East Hamburg," and only acquired its contemporary moniker of Orchard Park less than 75 years ago.

Designated as one of the historic villages of "The Southtowns," Orchard Park survived a massive fire in the early 1900's to emerge with many important historic landmarks thankfully intact. These include an old Quaker meeting house, a log structure reported to be the first church structure erected in Erie County, as well as the library developed by Philanthropist Harry Yates. The still functioning library, just three years shy of its centennial celebration.

Yates saw what other such as well-known Quaker Jacob Lindley described as an "uncultivated part of nature's garden" in Orchard Park. The rolling hills and mature trees lent themselves to a pastoral, tranquil alternative to the larger metropolitan areas, as it still does today. However, with the benefit of modern transportation, commuters are only minutes form the advantages
a larger city like Buffalo has to offer while still maintaining residence in more serene surroundings.

This is not to suggest that Orchard Park is averse to progress; on the contrary, the town's economic development team is proactive about bringing attractive businesses to the area, providing more rewarding employment options for residents closer to home. With median home prices nearly $90,000 less than the state average, the prospect of getting more real estate for the money is more than a flight of fancy.  Currently (May,  2008) there are 123 single
family homes on the market to choose from with 59 of these
homes in our "Luxury Market" of $300,000 and over.  If condo or townhome living is for you there are 17 available as of May, 2008.

For those with an urge to travel, Orchard Park enjoys easy access to three major airports, all within sixty miles, as well as two commercial train depots within a dozen miles. One need not wander far from home in Orchard Park, however, to enjoy recreation within verdant natural surroundings, with several public parks and forested areas within the town's limits.

For a relatively small community, Orchard Park also boasts its share of educational amenities. With ten public grade schools, nine public or private colleges and universities and a handful of private schools in town, parents have many options to meet their children's needs.

Many people talk about getting away to a more peaceful way of
life. The town of Orchard Park may just be the place you've been
dreaming about. Come and let me show you around!

Terri Kern, Associate Broker
Stovroff & Taylor Realtors
Western New York Real Estate
Direct Phone:  716-622-2251
www.GetFreeCMA.com

Driving around showing homes this week was a real delight for me.  I couldn't help but notice that everywhere you look the trees are green and the blossoms abound.  I felt like I have been living in a black and white world compared to the beauty that is surrounding me now.  It has been a long winter and it is such a good feeling to see that spring has finally sprung for us.  People are out walking, mowing lawns, cleaning up their yards and real estate signs are going up, up, up!  After plowing through the snow and ice this is a welcome season to those of us living here in Western New York.  People are eager to get out and go house hunting and the moderatly priced homes that are on the market and priced right are moving!  It's nice to look forward to going out to show and list homes vs. checking the weather to see if you are going to make it back home.  Welcome, welcome, Spring!   

There is much in the news these days about the subprime mortgage crisis and how it has led to foreclosures in the real estate world. Unfortunately, many news reports chronicle the expansion of the subprime mortgage crisis, but they often do not define. This is due to the erroneous assumption that the audience generally understands what this crisis refers to. Granted, there are those familiar with this crisis, but for those who lack a coherent understanding of what it refers to a more detailed explanation is provided.

In short, there was a five year period that ran from 2000 – 2005 where mortgages were made available to borrowers who were having a difficult time being approved for loans by “mainstream” lending institutions. So, these borrowers sought alternate means of acquiring a mortgage and found their “supplier” in the form of subprime lending institutions. Essentially, the terms and conditions offered by a subprime lender were stricter than a standard bank and, additionally, the interest rates were much higher. This was not done in order to be predatory; it was done because the borrower was essentially a high risk candidate.

Unfortunately, as many of the traditional lending institutions predicted, these high risk borrowers ended up in default of their loans. This has led to foreclosures and in an attempt to avoid foreclosure many of the borrowers opted to dump their property and recoup their losses. With so many houses put up for sale market values plummeted and, as a result, the subprime mortgage crisis of massive foreclosures and devalued real estate has occurred. This has created a crisis and it will be quite a while before this massive real estate crisis eventually stabilizes.

The positive side to this would be the inventory available to choose from for buyers. With mortgage interest rates at record lows it has never been a better time to buy. Sign up for our free notification of Listings by email. For sellers it is essential to price your home right and consider staging to make your home stands out in the crowd. Consult with your agent to make sure your are covering all the bases to make sure your home gets the attention it deserves to make it sell quickly and for top dollar.

Some individuals can be very hardheaded and when they have their minds set on something the ability to change their minds can be quite a complex task - even when changing one's mind or course of action would be far more beneficial than following the same course. Case in point, when an individual falls into financial hardship and is facing foreclosure on their home they may resist offers to sell their home. This, while noble, can turn out to be a thoroughly disastrous venture. As such, it is critical to point out to the homeowner that selling the property may very well be in his or her best interests.

If there was one basic, simple psychological appeal that could be made to the homeowner it would be that foreclosure positively, must be avoided at all costs. The reason for this is that with foreclosure proceedings there come a number of catastrophic hassles that may cause irreparable harm to the homeowner. For example, if a home is foreclosed upon the credit rating of the homeowner will be devastated for a full decade. Of course, one could also seek protection against the creditors by filing bankruptcy, but bankruptcy has become significantly more difficult to qualify for as laws centering on the requirements for filing bankruptcy have become much stricter. Additionally, the damage done to a person's credit rating due to a bankruptcy would make borrowing money next to impossible. As such, it is significantly better to sell the property outright on your own terms than it is to suffer the disaster of having property foreclosed upon.

If there ever was one thing that dissuades people from purchasing a home it would be the necessity to perform a multitude of repairs. After all, who wants to purchase a home and then invest tons of money into repairing the property as well as making the requisite time commitment that such repair work would entail? Now, while this situation may sound dreadful on the surface it is actually a great opportunity for an industrious person.

If you think this is an idealized description of the situation, then look at it this way: say the average market value of a similar home in the area is $250,000. The home you are considering purchasing is valued at $190,000 due to extensive repair work that is required. So, before making a decision as to whether or not this home is a viable investment purchase it may be wise to examine what the cost of the repairs will be. If the repair work will cost $30,000 then this is not a negative...it is a huge positive! Remember, the value of the home after repairs will be in the neighborhood of $250K. So, even with $30k in repair work you will end up with acquiring the home at a $30k discount! This is to say nothing of the equity appreciation the home will eventually accrue.

Of course, no one wants to purchase a home that is falling apart, but if the required repairs can be overcome by the equity one can acquire then this is far from a bad real estate investment venture.  Instant Equity!

The sales data is in for February home sales and our local market continues to remain strong here in Western New York compared to the national scene.  We experienced an increase in the average selling price by 3% compared to last February. 

236 homes sold in the $100,000 to $200,000 price range.  We had 58 homes sell in the $200,000 to $300,000 price range and 39 homes sold in our luxury market of $300,000 and up.

There are a few price ranges that stand out from the rest in the new listing activity in February.  First are the homes in the $120,000 to $140,000 price range with 131 new listings added.  The second price range are the homes priced at $200,000 to $250,000 with 107 new listings.  The third market to watch is the luxury market which increased by 128 homes priced at $300,000 and up. 

With this kind of inventory and mortgage interest rates at record lows, it's never been a better time to buy. Although the Federal Reserve has lowered the Federal Funds rate in recent months, many experts believe that for now mortgage rates will hover around the low six percent range.  This has created a sense of stability in the market place and there is no doubt this promotes a good buying opportunity.

Seller's should work closely with their Realtor on competitive pricing and other tips such as staging.

In the competitive market that we are in, home staging can be the key making your home stand out.  Sellers need to be aware of how staging can help bring them in a quick sale and make their home stand out from the competition.

First impressions can make or break a showing.  With more properties on the market to choose from, we advise all our sellers to make the most of every showing opportunity.  This is where staging comes in. Based on statistics If a home is staged properly, then the seller has a much better chance of selling their home for more money and in less time.   One survey found that staged homes sold for almost 7 percent more than homes that were not staged, and sold in half the time!

Staging strategies that typically work best are as follows:

1)  Make your house SHINE!  Everything must be spotless, including floors, walls, drapes and especially windows, and even door bell pads!

2)  ELIMINATE ODORS!  Bad odors can kill a showing quicker than anything.  Burn candles, bring in flowers and display potpourri.  People really notice this, so sellers should take care here!

3)  REMOVE CLUTTER:  Remove excess furniture and knickknacks.  Only keep essential furnishings and focus attention on your rooms' best features.  Personal property can distract from the overall showing experience.

4)  Use COLOR!  Fresh paint makes a huge difference.  Have carpets, countertops and cabinets in the latest styles and colors.  Add flowers and upgraded landscaping to improve your home's curb appeal.

By following thee basis steps a seller can do a lot to maximize their market opportunity and increase the perceived value of their home.

Those looking for professional help can often stage an average sized home for about $500 to $1,000 or more, depending on the extent of the work.  Furniture rental could add more to the bottom line.

Prospective sellers should call us before they list their home for sale.  We can offer a number of inexpensive strategies to maximize your showing opportunities, and reduce your time on market!