Real Estate in the Finger Lakes of NY

Dear Community:

I have been swamped with calls from you about the Cayuga County re-assessment.  I know that many of you are very surprised and maybe that's an understatement.  About a year ago the Cayuga County Office of Real Property Services (ORPS) records were opened up and made public.  I just want to share this with you so that you are aware and able to go in and see what information the assessor has about your property on record.  There are many properties involved and as when you are doing anything in this volume there can be mistakes made.

Check out your information and make sure the assessor has the correct information. 

 It is very easy to check this out.  If you are unlucky enough to be on dial up remember the local libraries have high speed access either wireless ( aurora - use you own laptop) or computers available - Aurora Library is open MWF 3-8 and Saturday 10-3 and Hazard Library is open Tuesday and Thursday 1-8 , and Saturday 9-4.  Just to help, taxes are stressful enough.

 Here's the link to the ORPS website: http://www.co.cayuga.ny.us/realproperty/imate/index.html

 and here is a step-by-step process to find your property: 

When the page opens up you'll see this and click on it

Then you'll see the box below and click on here:

Then you'll see  the following box - IT'S VERY TOUCHY - meaning the more information you fill in, the more confused it gets - try just filling in the your last name - and hit search - then scroll through and find your information

Your property information should come up - you'll see a box on the left hand side of the screen that looks like this:

Click on the Report box and check all the boxes that come up on the left  - click them all

Now you should be able to look at everything that the tax office has about your property.  There have been mistakes made on other people's properties - In the case of assessment, size matters and if they have you with extra outbuildings, extra bathrooms, rooms, square footage, extra shoreline ( if you are on the lake).  Wrong information like this will directly affect the amount that you are assessed for. 

 You'll also be able to see what everyone else is being re-assessed at - it is completely open information.

 Keep in mind that if a house sold, let's say, 4 times in the last 20 years the assessment value will be closer to the market value.  Market value is usually by definition, what A BUYER will pay for your house on a open market.  I am really, really, really unsure and surprised at some of the values that some of you have shared with me.

 If you have owned your house for a substantial time (as many of you have indicated) then you were probably re-assessed slowly or not at all - the point of re-assessment is designed to re-align the discrepancies between market value and assessment value.  To insure that everyone is on a equal taxpaying level and no one is paying more than their share.

 I would suggest checking out the website and looking hard at your assessment and if you chose to, fighting it - you will only go up in the future from this number.  The open ORPS site allows you to understand what everyone else is assessed at.

 It is my understanding that you are allowed to have an informal appointment where you discuss the assessment, make you case, ask them why you were assessed at that number and lodge your case.  Later, I think May, the tentative assessments will become real assessments and then at that point you will need to do the formal grieving process.

 I have had MANY CALLS on this and want you to know that everyone has been re-assessed and everyone is very surprised.  It may comfort you to know you AREN'T ALONE.

 I am not in any way, shape or form responsible for tax assessments but realize that many of you don't know that there's a open source of information available at your fingertips, I just wanted to give you the tools to help yourself. 

 As always, you are more than welcome to contact me and can reach me by email or on my cell phone 607.351.2353 - as well, I don't have everyone's email please feel free to forward this to your re-assessed friends and family.  Share the Knowledge.

 Take care and enjoy this Spring Day!

Michelle Miller

Licensed Broker Associate on the Melissa Miller Team at RE/MAX In Motion

Ithaca vs. Manhattan, January 2009

This morning I listened in on a short-sale webinar by J. Allan, Janie C., and Broker Bryant, all active on this site.  Jennifer is from CO., the other two are from FL., and the statistics they cited about the FL. markets were stark.  Roughly 60% of homes in their markets are distressed sales, therefore there is a need for Realtors in certain areas to perfect the skills required for successful short sale negotiations.

Ithaca has seen an increase in such distressed property sales in the last year, but not nearly comparable to these markets.  Our MLS system does not currently record distressed properties as a category in terms of type of sale.  The only way to figure it out is if you happen to know the listing agents handling them, or by gleaning from reading the MLS sheets to see who the owners of the properties are.  If the owners are Bank LLC's., you can make an educated guess, and/or call the listor.  It may be worth our while now though, to begin to record this data, as it begins to appear in our market.

There is an excellent article in the NY Times today about the housing market from coast to coast.  NYC condo and co-op sales showed a 50% drop in contracts in January (but they don't say what they are comparing it to - the previous month or the year ago month of Jan).  However, Ithaca, also saw a 50% decline in terms of residential contracts in January (from 150 in Jan. 08 to 74 in Jan. 09).  Interesting parallel.  I do not, however, feel a cringe or a twinge when I read the Ithaca Board of Realtor stats.  I do cringe when I read this about Manhattan, because of the bloodbath that their job market has become.  A related article goes on to discuss values declining by roughly 30% for some market sectors in the metropolitan area.

One upside for us ABOUT Manhattan, is that homes in our market, compared to there, are STILL highly attractive in terms of price point, and what you can get for your (remaining) dollar.  So, we are seeing some renewed interest from buyers who might be looking to invest, downsize, or in other ways escape the city, but still be near enough (only 4 hours away) to go back for the occasional urban fix.

According to an Ithaca Journal article, as of March 3rd, values held firm all through last year, and NO municipality lost ground:  "Increases in property values varied across the county, from a 1.51 percent increase in Groton to a 3.58 percent increase in the City of Ithaca. No county municipality saw a drop in property values, Franklin said."  Although we have had fewer transactions, values overall remained solid.  But it is a shifting time.  Many moving parts in the national economy, and in new taxation strategies both nationally and statewide.  So the impact of these changes is likely to show up in the year ahead.

Will we hold up in 2009 as well as we have so far?  It's anybody's guess.  We have had a store or two close shop, and some people have suffered job losses.  But demand for housing here still seems to be high.  Bidding wars have not disappeared.  I know of at least two last week and that was just through my office, the 4th largest in town (we are not really "large" - 15 agents).

Stay tuned for the post-mortem toward the end of summer!  And feel free to leave your questions or comments for me here, or send them to me at Santos.Homes@gmail.com.

Nervous lenders have tough new rules and are paperwork crazy.

"Borrowers are going to have to prove they are the borrower they say they are," says Keith Gumbinger, vice president of HSH Associates, a mortgage-industry publisher in Pompton Plains, N.J.

Homebuyers should consider these things before they apply for a loan.

1. Down payments are critical. Borrowers should expect to put down at least 10 percent for a "conforming loan" - a mortgage that Fannie Mae and Freddie Mac will purchase.

2. Credit scores count. A 720 on the 850-point FICO rating scale will get a borrower access to the best rates. A score between 720 and 739 could get 0.125 percent added to the rate, a score between 700 and 719 gets 0.375 percent added to the rate, and a score between 680 and 699 gets 0.5 percent added to the rate.

3. Consider VA and FHA. Borrowers without down payments or with less than stellar credit scores should consider these government-insured loans offered through the Federal Housing Administration of the Veterans Administration.

4. Unearth the records. Before applying, borrowers should organize tax, banking and other records that prove income, savings and debts. They should also expect to be patient about what may seem to be endless requests for information.

5. Get rid of debts. Limiting debts, including what borrowers expect to pay for the mortgage, to less than 43 percent of gross income is important.

Source: Chicago Tribune, Mary Umberger (02/15/09

RE/MAX in motion is pleased to announce that Lindsay Hart, of Trumansburg, has made the transition from Dir. of Operations at RE/MAX In Motion to full time, NY Licensed Real Estate Salesperson.    

    "We are excited that Lindsay is taking her real estate career to the next level and we welcome her fresh perspective and experience." said Melissa Miller, broker/owner of RE/MAX in motion. "She will be an invaluable asset to our real estate team."

 Lindsay arrived at RE/MAX in 2005 and has been entrenched in real estate every day for the past 4 years. 

    "I've spent those years, learning, promoting & growing RE/MAX In Motion.  I have learned a tremendous amount from some of the top professionals in the area.  In 2006 I earned my Real Estate License and I am now ready to put my real estate experience and knowledge into practice!" says Lindsay

Lindsay will be an associate with The Melissa Miller Team at RE/MAX, allowing her to offer an even higher level of service to her clients.   

Lindsay resides in Trumansburg with her husband, Rordan, and their two cats. In addition to Real Estate she volunteers her time to the TCSD Foundation.

RE/MAX in motion serves the communities of Tompkins, Tioga, Cayuga, Seneca, and Schuyler. 

Departing Ithaca Board of Realtor's President, Amanda Ryen-Yowhan, Associate Broker at RE/MAX In Motion, was honored with the Realtor of the Year award for 2008.   She was presented with this award, on Thursday January 15^th at the annual Ithaca Board of Realtors installation of officer's dinner. 

 She was chosen by her peers, to receive this award, for her dedication to the Ithaca Board of Realtors' membership throughout the year. She give a large part of her time and energy to our membership through committee involvement & NAR & NYSAR meeting attendance.

Marge Hovanec, fellow REALTOR said  "She listens to opinions and learns - while making decisions based on full facts and understanding.  She is willing to take the time to do the investigative work to find all facts she needs to know."     

She also contributes to the community by helping and donating to organizations such as the Tompkins County SPCA, INHS, Better Housing for Tompkins County

Amanda has been in real estate for 9 years and is a licensed associate broker with RE/MAX In Motion Real Estate   

Ithaca, NY (January 13,2009) -   Six (6) RE/MAX IN MOTION Real Estate Agents have earned the respected RE/MAX Executive Club Award for leadership in their field.  To earn this award, agents must have achieved a specific dollar amount in gross closed commissions for the calendar year.  This respected award is appointed by RE/MAX of New York Inc.  

The recipients are:

Barbara Blanchard, Licensed Broker Associate, GRI, of Trumansburg

Marge Hovanec, Licensed Real Estate Salesperson, GRI, of Ithaca

Melissa Miller, Licensed Broker, ABR, of King Ferry

Mary Decker, Licensed  Broker Associate, CBR, of Groton

Amanda K. Ryen-Yowhan, Licensed Broker Associate, GRI, of Lansing

Mary Stoe, Licensed Broker Associate, of Lansing

Each has each excelled in real estate sales and customer service for the 2008 calendar year, demonstrating professionalism, knowledge and leadership in the real estate industry.

     "I applaud these agents' and their achievements in our real estate market." said Melissa Miller, Broker/Owner of RE/MAX in motion.  "The RE/MAX system allows top agents to do a greater volume of business on average."

   RE/MAX in motion Real Estate Office serves Tompkins, Cayuga, Seneca, Tioga, and Schuyler Counties. www.REinMotion.com

"Help! We want to buy our dream home, but need to sell our house first.   What do we do?"

At RE/MAX In Motion we use the ‘Sale of Home Contingency' in the best interest of our clients and we know how important it is to make sure that our clients are not at risk.

When a sale of home contingency is  properly written, explained, negotiated, and advocated for, with the right terms, it can be a WIN/WIN for both buyer and seller. Most offers with this contingency make it to a successful closing.

New policies at the Ithaca NY Board of REALTORS have made it possible for sellers' properties to remain in ‘active' status even with a sale of home contingency offer in place. This means continued exposure of your property.  This allows buyers to continue to see your property & make purchasing decisions.  If this makes sense for you, ask your REALTOR. 

At RE/MAX we know how important the next chapter of your life is.