Real Estate in the Finger Lakes of NY

Looking thru a photograph I found inside a drawer I was taken by a photograph of you.... Wait that was the Jackson Browne concert at CMAC last Saturday. Sorry

Looking through the Ithaca Board Statistics I was taken by the amount of homes available under $200,000. The total number of homes for sale in the IBR today 8/6/09 is 742. Of those homes 315 are listed under $200,000. That's a lot of possibilities, granted some of those homes might need a total rehab but in a market like this, that's a sign to go shopping.

If you are a serious buyer who has their financing in check and home ownership is in your short site then you are in a terrific place. A bonus if you qualify for the $8000.00 tax credit if you close by December 1, 2009. Today's buyer is in a strong position to negotiate, and upon finding the right home and getting it at the right price you could even build equity in your home at a rapid rate.

SUPPLY -vs.-DEMAND The timeless principle. With such an increase in inventory most seller's are competing with soo many other homes. Well informed and capable home seller's know they should get their homes in the best condition they can to get the best price. Seller's are looking for buyer's to make them a reasonable offer and they are ready to sell or they wouldn‘t be on the market. Not all seller's are desperate, be careful to get the full facts on the property, it's pricing history, the time it's been on the market and who it's competition is. NOTE: Low balling works so infrequently, but when it does it gets shouted from the mountain top and everybody wants in. An irrational low ball with no justification will basically just peeve the seller, and ruin your credibility so be careful.

In the last 14 days 89 new properties came on the market with an average list price of $235,845 and a price per square foot reported at $105.46. Currently there are 216 homes under contract or sale pending at an average price of $186,636 at $105.67 per square foot. There are 742 sellers that want you to see their house today.

Call your agent and HURRY for the $8000.00 tax credit. It takes on average 60 days to close on a home. That is with everyone doing what they should do on a set timeline. Most closings are delayed by an extra two weeks to that is 74 days. The DAM is going to break here shortly so if you are a first time home buyer and this credit works for you than get out there with your agent be in contract by September 15^th to be safe. HAPPY HOUSE HUNTING.

Melissa Miller

A fan of Jackson Browne

RE/MAX In Motion

Shari Landsman, Licensed Real Estate Salesperson and EcoBroker at RE/MAX In Motion in downtown Ithaca has earned the National Association of Realtors (NAR) Green Designation.

The NAR Green Designation is a real estate designation that helps real estate professionals be an advocate for green principles in the design and use of homes and a positive force for creating sustainable communities.

The designation also provides real estate professionals with knowledge and awareness of green building principles applied in residences so that they can guide buyer-clients in purchasing and retrofitting green homes as well as help sellers by listing and marketing the green features of their properties.

Shari's knowledge and awareness of green building principles enhances her ability to help local home buyers and sellers who want to or have been thinking about going green.   This is the second green designation for Shari; she earned her EcoBroker's certification last year.

To learn more about going green with real estate please visit www.greenresourcecounsil.org and to learn more about Shari Landsman, visit www.ShariLandsman.com

RE/MAX in motion is a full service Real Estate Brokerage that serves Tompkins, Tioga, Cayuga, Seneca, and Schuyler Counties. www.REinMotion.com

Everywhere you turn, it's first time home buyer tax credit this and tax credit that.   So even in my fear of "beating a dead horse"   (I don't like that phrase - I'm a fan of horses) overkilling the subject there are some nuances and requirements for first-time home buyers to qualify for the tax credit, such as...

Did you know that you must 'close' on your home no later than December 1, 2009?  That means property needs to be transfered into your name by Dec. 1, 2009.   And where I practice real estate (Ithaca NY) getting to the closing table takes at least 45-60 days.  Just to be even clearer, that's AFTER a purchase offer has been signed and accepted.   So please don't wait until October to start looking for a home, you are only hurting yourself!

Did you know that a first-time home buyer is someone who has not owned a home in the past 36 months? (i.e. 3 years)  Yes, that's right!  If you were a home owner and then sold your home 3 years ago you can still qualify for the credit!  DISCLAIMER! according to the IRS they are checking actual closing date to closing date.  For example if you closed on your home June 1, 2006 and are scheduled to close on your new home June 2, 2009 you will qualify - congratulations.   IF you sold your home July 1, 2006 and are scheduled to close on your new home June 30, 2009 - you do not qualify. 

Did you know if you 'bought' your home from a relative that you do NOT qualify for the tax credit?  That's right, the IRS deems non-arms length sales (meaning between relatives, not strangers) unqualified for the tax credit.

I suggest consulting with your tax preparer for all the details on the tax credit and for help with buying your first home, I would like to suggest contacting me!

Lindsay Hart is licensed real estate agent @ RE/MAX In Motion, not a tax advisor.  Please consult your tax professional if your situation is unique.

Congratulations! You've decided to sell your home...but wait, what's that?  You don't want to use a REALTOR to assist you?

 "Why should I use a REALTOR to sell my home?  It costs too much and I can do just as good a job." 

And to that I say... please reconsider! You may be costing yourself more, more time, frustration and money by not consulting a REALTOR!

Did you know that sellers who use a real estate professional make 16 percent more* on the sale of their home than do sellers who go it alone.

REALTORS® are real estate professionals who are experts in marketing and negotiation.

REALTORS® can help a seller set a realistic price and ensure the proper paperwork and various disclosures and inspections are handled correctly.

REALTORS® know best how to prepare a home and maximize value, provide broader exposure to the market and are more likely to generate multiple bids than a seller on their own.

REALTORS® are experts in attracting qualified buyers.  A professional can show a home more objectively than can a seller who may be emotionally attached to the home.  The real estate pro also checks the financial capability and bona fides of buyers before allowing them onto a seller's property.

86% of buyers found a home through a real estate agent

80% from the Internet (then contacted a REALTOR)

69% from a REALTOR yard sign

Real Estate professionals can also navigate you through the local market landscape: advising you on the best marketing strategy and target audience for your area.  They can also update you regularly with local market stats and keep tabs on your housing competition.

They can also find ways to save you money when it comes to closing costs, survey's, and inspections.

Oh wait, you didn't think about the closing costs and a seller's net sheet?  Just another reason to hire a REALTOR to help with your home sale.

So, if you are thinking of selling, think of a REALTOR first and remember...

*Source: Realtor.org

It's not a surprise to the real estate professionals in the Tompkins County area that real estate is steady and is on the rise.  In my office, I have seen some agents that have found themselves in multiple offer situations and it's only the 'start' of the season.  So when NAR came out with the fed report as one of their top stories it was no surprise that banks in  NY are reporting that they are seeing "the most widespread rise in demand for residential mortgages in more than seven years."

Tompkins County real estate inventory is up and prices are competative.  If you are thinking of selling, now is the time to interview real estate agents and choose the one that works best with you.  

Lindsay Hart,

Hart is where your Home is.

Please consider interviewing me to be your trusted real estate agent!

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Ithaca Oasis - Grand Opening This Saturday, April 18th!

Okay, it's not your typical Real Estate topic, but it's REAL!  And it pertains to signs of our local market conditions - certain businesses are GROWING in spite of the national slump we keep reading about.  One of these, is the old Commonground, under new management (by Pam K), and re-emerging as "ITHACA OASIS" on Rt. 96B. 

You must check this out - if not for the wine or tequila tastings (two Tuesdays a month), then for the live jazz sets on Friday at happy hour, or for Noche Latina, a crowd-pleasing format of dance instruction followed by a DJ'ed night of great latin dance tunes.  People are totally cutting it up out there - you wouldn't know it was happening from the unassuming look of the place.  Weekends tend toward bringing the party outdoors, especially as we move into better weather.  Pam is doing a wonderful job with the event calendar - this week's lineup includes the Zydeco Trail Riders and Diana Leigh's Jazz Quartet on Saturday, and on Sunday, a "reunion" gig featuring Marie Burns, Harry and Eric Aceto, Chris Broadwell and Doug Richards.  South Hill residents take note!  The Hill is ON FIRE!!!

WHAT STRIPE ARE YOU??

So there you have it - an all stripes welcome, kick up your heels, put on your party dress venue where you can SPEND MONEY and help your new local businesses stay around and THRIVE into the coming decade!

That is it for this week's edition of "THE SHORT REPORT" by Santos!

See you on the dance floor ;-)

Licensed REALTOR, MARY STOE, at RE/MAX In Motion Real Estate will be featured this Sunday, April 19th on HGTV's national program, "My house is worth what?"   

Tune in to HGTV at noon on Sunday or DVR it!   Ithaca NY makes it into the national spotlight again!

In case you did not see this in the Legal Section of yesterday's Citizen:  

 Notice Concerning the Examination of Assessment and Inventory Valuation Data     (Pursuant to Section 501 of the Real Property Tax Law)  

 Notice is hereby given that assessment inventory and valuation data is available for examination and review.  This data is the information which will be used to establish the assessment of each parcel which will appear on the tentative assessment roll for the Town of Genoa which will be filed on or before May 1, 2009.

The information may be reviewed by appointment, in the Assessor's Office at 1000 Bartnick Road on April 10th and April 21st between 3pm and 5pm.  An appointment to review the assessment information may be made by telephoning the assessor at 315-806-5500.  

 Dated this 14th day of March,

2009 Heather Garner

Assessor Town of Genoa

Quick post to let the Cayuga County and lake owners know it looks like there is still time to get information together and get an appointment to review your property and the information.

Scroll down to Michelle Miller's post on How to get your information. 

Melissa Miller, RE/MAX In Motion