The Truth About Real Estate

Allyson Ryan, Nothnagle Realtors Page 4 Editor, sits down with Nancy Vesling, Associate Broker at Nothnagle Realtors’ Pittsford office:

AR: Nancy, first we would like to thank you for taking time out of your schedule to sit down with us and answer some questions about the current state of our real estate market.
NV: You’re welcome! I’m happy to help. Did you know that as a part of the Nothnagle Team, I’m part of 20% of the Monroe County real estate agents, and as a part of that team – we are involved in about 55% of all real estate transactions in Rochester?
AR: Wow! I know that being a part of a great company like Nothnagle has its advantages, and I see our presence all over the place, but that statistic is staggering!
NV: No kidding! The market is still hot right now. There are two to three times more homes for sale now than there were last year.
AR: Why is that? I’ve been noticing a lot of homes popping up for sale in my neighborhood this year, and they seem to go pretty quickly.
NV: Well that’s because homes that are in "move-in" or pristine condition sell quickly and at a great price in most areas of Greater Rochester.
AR: I have considered jumping on that bandwagon myself, but right now I’m not sure how great of a rate I could get on a new mortgage.
NV: Well the rates right now are great! Depending on the week, the mortgage loan rates have been fluctuating between 6.0% and 6.5% per week – which is excellent! However, it is important to note that banks are being more cautious, so those with a low credit score or 100% financing would be paying a higher rate.
AR: That’s good to know – my husband and I bought our home two and a half years
ago and since it’s a starter home, we figured we’ll be out in another two to three years. I hope prices don’t get too out of control by then!
NV: I wouldn’t worry. Our market continues to be strong and steady. In the April issue of Money Magazine, Rochester was listed in the top 100 areas with the best growth in 2007-2008, with a prediction of 3.7% growth. There wasn’t a "bubble burst" so home prices have not changed all that much. We don’t have the real highs or lows.
AR: You mentioned before that there are more homes for sale now than there were last year. Can you tell me more about that?
NV: In April 2006 our Pittsford office listed 30 homes for sale – this year we listed 91!
AR: Well the numbers certainly speak for themselves Nancy! Do you have any advice for our readers and future clients?
NV: If you’re selling your home, spending a little money up front gains you more money at the time of sale. It’s important (and always my goal) to make your home shine above the others. Using a home stager and taking advantage of my list of home improvement people from handymen to painters will always help you along the road of selling a home.
AR: That’s great information – you work as a Buyer’s Agent as well right?
NV: Yes, as a relocation specialist and Rochester native I am committed to all of my clients and follow their sale from contract to closing.
AR: Nancy, I understand this coming January will mark your 15th year with Nothnagle Realtors, and we wanted to convey our sincere appreciation for your commitment to the company and the residents of the Greater Rochester area. Thank you for your time today.
NV: It’s been my pleasure!