Thursday, July 31, 2008
Updates & Outlook Past Articles
Each Saturday in the Real Estate section of the Democrat and Chronicle, Nothnagle's CEO has a featured article on a timely news topic related to the industry. If you miss one of our articles, of if you read one previously that you meant to save but didn't, you can find an archive on Nothnagle.com under Company/Page 3 Articles.
Sellers Get More with Nothnagle
A recent Wall Street Journal article, “How to Sell a House, When You Have to Sell it Now,” (David Crook, July 14, 2008) contained some positive news about Rochester, specifically mentioning us as one of the markets where prices “have held relatively firm or risen modestly through the Big Bust” that has occurred in other parts of the country.
The article also provided tips to prospective sellers on how to improve their chances of a successful sale, recommending to “Hire a Top Real Estate Agent” as a key point. If you’re looking to sell your home, then look no further than Nothnagle Realtors for a “top real estate agent.”
Click here to continue reading this article from our "Updates and Outlook" column in the Saturday Democrat and Chronicle's Real Estate section.
The article also provided tips to prospective sellers on how to improve their chances of a successful sale, recommending to “Hire a Top Real Estate Agent” as a key point. If you’re looking to sell your home, then look no further than Nothnagle Realtors for a “top real estate agent.”
Click here to continue reading this article from our "Updates and Outlook" column in the Saturday Democrat and Chronicle's Real Estate section.
Monday, July 28, 2008
Permits and Pool Alarms
If you are planning on installing a deck, pool or addition, you will want to check with your local town/municipality to find out what permits may be required. While inspections and the application process may vary from town to town, I am not aware of any town that does not require a permit. When you go to sell your property, you could be delayed if you do not have the necessary permits. If you think you may be selling in the near future and you do not have permits, you may want to begin looking into obtaining those permits prior to putting your house on the market. Also, if you have installed a pool after December 2006, NYS law now requires you to have a pool alarm installed. Many towns now have information available on their websites on what is required and how to apply for a permit.
Thursday, July 24, 2008
More Advertising Means More Sales
The key to a successful sale is getting the property exposed to the greatest number of potential buyers possible. Some agents think that by holding the property back from the market in an effort to create a "frenzy" once it becomes available may not be acting in the best interest of their client. While sometimes this may work in a hot neighborhood, it benefits the seller to get mass exposure in an effort to get as close to -- or even more than -- asking price.
MLS rules require that a listing be entered into the listing service within 24 hours, otherwise it's known as a "pocket listing." The reason this practice is prohibited is to discourage agents from holding the listing back from the market while they look for their own buyer in order to financially benefit from both sides of the transaction.
If you interview an agent who tells you their plan is to NOT advertise or put your listing into the MLS.... proceed with caution. Nothnagle knows advertising works, that's why we as a company invest in many forms of advertising -- print, TV, the Internet. More advertising equals more sales and our numbers reflect this trend. We're approaching 58% market participation -- the highest ever. Our success in today's market is all tied to our extensive advertising program and our highly trained and professional agents.
MLS rules require that a listing be entered into the listing service within 24 hours, otherwise it's known as a "pocket listing." The reason this practice is prohibited is to discourage agents from holding the listing back from the market while they look for their own buyer in order to financially benefit from both sides of the transaction.
If you interview an agent who tells you their plan is to NOT advertise or put your listing into the MLS.... proceed with caution. Nothnagle knows advertising works, that's why we as a company invest in many forms of advertising -- print, TV, the Internet. More advertising equals more sales and our numbers reflect this trend. We're approaching 58% market participation -- the highest ever. Our success in today's market is all tied to our extensive advertising program and our highly trained and professional agents.
Monday, July 21, 2008
Rochester Mentioned in WSJ
A July 14th article in the Wall Street Journal cites Rochester as one of the markets where prices "have held relatively firm or risen modestly through the Big Burst" that has occured in other parts of the country.
The article also provides useful tips to bring about a successful sale -- tips that can be utilized in any market. One of the suggestions advises against trying to time the market, stating "You won't have any better luck than a stock trader who's always holding out for the market highs or lows."
My brother and sister-in-law benefited from the "boom" in San Diego, having purchased a condo that sold sight-unseen with multiple offers submitted for more than double their purchase price. Problem now, they're in Sacramento where the market has completely bottomed out and their house is worth much less than what they purchased it for. Fortunately, they plan to stay put for a while so, as with the stock market, it's not a "loss" until you actually sell.
Bottom line, if you're looking to sell or buy, contrary to what the media may report, it's still a good market. The key to a successful sale in any market, as mentioned in the article, is to hire a top real estate agent and "Promote, promote, promote." Simply putting a house in the MLS doesn't often lead to a sale -- it takes creative marketing and getting your house in front of as many prospective buyers as possible.
The article also provides useful tips to bring about a successful sale -- tips that can be utilized in any market. One of the suggestions advises against trying to time the market, stating "You won't have any better luck than a stock trader who's always holding out for the market highs or lows."
My brother and sister-in-law benefited from the "boom" in San Diego, having purchased a condo that sold sight-unseen with multiple offers submitted for more than double their purchase price. Problem now, they're in Sacramento where the market has completely bottomed out and their house is worth much less than what they purchased it for. Fortunately, they plan to stay put for a while so, as with the stock market, it's not a "loss" until you actually sell.
Bottom line, if you're looking to sell or buy, contrary to what the media may report, it's still a good market. The key to a successful sale in any market, as mentioned in the article, is to hire a top real estate agent and "Promote, promote, promote." Simply putting a house in the MLS doesn't often lead to a sale -- it takes creative marketing and getting your house in front of as many prospective buyers as possible.
Wednesday, July 16, 2008
Housing Crisis/Business Nation Commentary
Is the housing crisis really a crisis? Dennis Kneale on CNBC crunches the numbers. He also discusses foreclosures and mentions the states with the foreclosure problem -- California, Florida, Nevada, Arizona -- are also the states that had the most dramatic price increases during the "boom." Out of the 120 million homes in the U.S., it's reported that 4 million households are having trouble paying their mortgage on time yet so much focus is placed by the media on the "crisis."
The Rochester market remains steady and stable, with foreclosure rates not dramatically rising and while sales are down, it is only a slight decrease overall. In fact, several of the Nothnagle branch offices are even experiencing an increase in sales year to date over 2007.
The Rochester market remains steady and stable, with foreclosure rates not dramatically rising and while sales are down, it is only a slight decrease overall. In fact, several of the Nothnagle branch offices are even experiencing an increase in sales year to date over 2007.
Tuesday, July 15, 2008
Why do people return to Rochester?
Sometimes we think the grass is greener on the other side, only to find out that we have it pretty good right where we are! We hear so much about people leaving Rochester for greener pastures. Better weather, lower taxes. But what about the people who come back? Nothnagle Realtors is partnering with the We ROC campaign to help get the word out about all the positives our community offers. Read about ROC Rebounders, people who left Rochester only to return -- and they're thrilled to be back!
What are some of the reasons people return to Rochester? Cost of living is much lower, affordable housing, they miss their families, short commute (20 minutes on average), quality of life, the public school system and believe it or not....some people even miss the four seasons, including winter!
Monday, July 14, 2008
Days on Market
If you're a buyer, you may hear your agent reference "Days on Market" (DOM) when you're looking at a property. The Multiple Listing Service (MLS) will show to other agents the number of days a property has been on the market. Even if a seller changes agents, when the new agent enters the property into the MLS the MLS will carry over the DOM. The only time the DOM will reset is if the property has been taken off the market for a minimum of 30 days. At that point, when re-entered into the system, the clock will be reset and DOM will show up as zero.
Does DOM really affect the price much? Some sellers fear that if their home shows as being on the market for an extensive amount of time, buyers may think they're desperate to sell and therefore ready to take a low-ball offer. While that could be the case, there are often other factors that may contribute to a higher DOM count such as price not having been set correctly to begin with -- especially when an agent agrees to list at an unreasonable price "just to get the listing" with the intent of attempting to get the seller to lower the price after the fact. Another reason for a higher DOM count could be that the property is unique. If it's a dairy farm, it may take longer to sell because it's only targeting a small segment of the population that wants to be a dairy farmer. If this is the case, then DOM may not be a good indicator.
Does DOM really affect the price much? Some sellers fear that if their home shows as being on the market for an extensive amount of time, buyers may think they're desperate to sell and therefore ready to take a low-ball offer. While that could be the case, there are often other factors that may contribute to a higher DOM count such as price not having been set correctly to begin with -- especially when an agent agrees to list at an unreasonable price "just to get the listing" with the intent of attempting to get the seller to lower the price after the fact. Another reason for a higher DOM count could be that the property is unique. If it's a dairy farm, it may take longer to sell because it's only targeting a small segment of the population that wants to be a dairy farmer. If this is the case, then DOM may not be a good indicator.
Thursday, July 10, 2008
Gates Agents Help Homeless
Last summer, R-News aired a segment asking the community to donate items for Sanctuary House, an emergency shelter for homeless women and children run by Catholic Family Center. Margaret Salatino and Mary Santa Maria, agents with the Gates branch, answered the call. They organized an office collection and delivered popsicles and food to the shelter. The office has continued to assist the shelter, helping to furnish a new apartment for women transitioning out of the shelther to providing them with holiday dinners. Now they have extended their caring to include people in need in other CFC shelters.
Francis Center is a CFC shelter for homeless men. Margaret and Mary recently organized an effort to help a 44-year old man with developmental disabilities get settled in his own apartment. Nothnagle agents from the Gates branch delivered household items for the man -- including a queen size bed and a dining room set.
Margaret has indicated this is just the beginning. "I really look forward to continuing our relationship with Sanctuary House and helping in any way we can," she added.
Francis Center is a CFC shelter for homeless men. Margaret and Mary recently organized an effort to help a 44-year old man with developmental disabilities get settled in his own apartment. Nothnagle agents from the Gates branch delivered household items for the man -- including a queen size bed and a dining room set.
Margaret has indicated this is just the beginning. "I really look forward to continuing our relationship with Sanctuary House and helping in any way we can," she added.
Tuesday, July 8, 2008
Nothnagle Realtors Ranked #36 in U.S.
Realtor Magazine annually ranks the Top 100 real estate companies in the country. Nothnagle Realtors ranked #36 based on transaction sides in this year's survey. Our salespeople average 17 transactions per agent -- the highest of any local company on the list. Nothnagle Realtors has 22 offices in Monroe and the surrounding counties. As a regional company, we take great pride in being ranked 36th largest broker in the entire country, going up against companies that are spread out over a much larger territory and doing business in higher density cities.
Monday, July 7, 2008
Positive News About Rochester
The Siena College Research Institute published a report for NYS metropolitan regions indicating Rochester ranked 2nd highest in consumer confidence and showed the smallest decrease over the past year.
An article in the Albany Business Review (6/27/08) had a quote from Scott Murphy, managing director of the Glens Falls office of Advantage Capital Partners stating, "Of all of the major upstate cities...Rochester is the most dynamic at the moment." The article went on to state that venture capitalists are saying Rochester is "the hottest place in the state" because of several factors including High Tech Rochester, U of R and RIT. These entities serve as strong incubators for start-ups, combined with the local talent pool of employees displaced from the large employers.
New York State ranked 32nd in nation for May on RealtyTrac's foreclosure activity report. We are not being impacted to the same extent as other parts of the country. If you look at the states with the high foreclosre activity, it correlates with the same areas we hear about in the national media reports where the "boom" has now become a "bust." That has not been the case with the Rochester market -- our market continues to remain steady and stable.
Did you know that the average return on a 5% down payment over 10 years is 3-5 times greater than the average stock market returns? The New York State Association of REALTORS conducted a statewide survey and found owners remain in their home for an average of seven years. For suburban Monroe County, the median home price has grown from $107,900 in 2000 to $132,900 in 2007. For the City of Rochester, the median grew from $48,200 in 2000 to $56,000 in 2007. (Source: Grasberger Economics)
Inventory remains healthy, interest rates are low and economic factors indicate that the Rochester region is fairing well in contrast to other parts of the country and even the state.
An article in the Albany Business Review (6/27/08) had a quote from Scott Murphy, managing director of the Glens Falls office of Advantage Capital Partners stating, "Of all of the major upstate cities...Rochester is the most dynamic at the moment." The article went on to state that venture capitalists are saying Rochester is "the hottest place in the state" because of several factors including High Tech Rochester, U of R and RIT. These entities serve as strong incubators for start-ups, combined with the local talent pool of employees displaced from the large employers.
New York State ranked 32nd in nation for May on RealtyTrac's foreclosure activity report. We are not being impacted to the same extent as other parts of the country. If you look at the states with the high foreclosre activity, it correlates with the same areas we hear about in the national media reports where the "boom" has now become a "bust." That has not been the case with the Rochester market -- our market continues to remain steady and stable.
Did you know that the average return on a 5% down payment over 10 years is 3-5 times greater than the average stock market returns? The New York State Association of REALTORS conducted a statewide survey and found owners remain in their home for an average of seven years. For suburban Monroe County, the median home price has grown from $107,900 in 2000 to $132,900 in 2007. For the City of Rochester, the median grew from $48,200 in 2000 to $56,000 in 2007. (Source: Grasberger Economics)
Inventory remains healthy, interest rates are low and economic factors indicate that the Rochester region is fairing well in contrast to other parts of the country and even the state.
Thursday, July 3, 2008
we ROC Campaign Launched
Officials and sponsors launched the new "we ROC" campaign last week to promote all of the positives of our community. The website features comments from residents who moved away, only to return to Rochester when they realized how good they had it here. Hear the radio campaign that has launched and watch for billboards to appear around the community.
Rochester residents can sometimes be our own worst enemy when it comes to knocking Rochester -- this campaign will highlight all the many positives our community has to offer and will also be launching ads in national publications in an effort to attract people (and businesses) to the area.
Appraisals
There is often a lot of confusion about appraisals. Some people think that there is no difference between an "appraisal" and an "inspection." Not true! An appraisal is a valuation of the property that the lender requires to make sure that they are not giving out a mortgage on an overpriced property. The appraiser typically has no obligation to inform the buyer as to the condition of the property (with one exception under FHA mortgages).
A home inspector will look at the structural condition of the property and is typically hired by the buyer and reports to the buyer.
Realtor.com has a good article that helps explain an appraisal and refute the myths/misconceptions people have about appraisals.
A home inspector will look at the structural condition of the property and is typically hired by the buyer and reports to the buyer.
Realtor.com has a good article that helps explain an appraisal and refute the myths/misconceptions people have about appraisals.
Items Included in the Sale
The common purchase and sale contract used in the Rochester region states in paragraph 2 what items are included in the sale of a property. It basically covers items attached/fastened to the property such as plumbing fixtures, storm windows, curtain rods, garbage disposals. It also includes mailboxes, flowers and shrubs, as well as lighting fixtures.
If you are selling your house and want to take a fixture with you, make sure you communicate this to your agent. A special mailbox, a rose bush from your late grandmother's garden, an antique chandelier in the dining room. You must make it clear up front to the buyer that these particular items will NOT be included in the sale. Otherwise it is presumed that the crystal chandelier that was in the dining room when the buyer first saw the property will still be there when the buyer takes possession!
Other items listed as included in the sale: underground pet containment system; fireplace screens and enclosures; built in basketball apparatus and outdoor playsets; window boxes, sheds, electric garage door opener and remote control devices. This is just a partial list; if this is a concern of yours, talk to your agent to get a complete list of items covered in the contract.
If you are selling your house and want to take a fixture with you, make sure you communicate this to your agent. A special mailbox, a rose bush from your late grandmother's garden, an antique chandelier in the dining room. You must make it clear up front to the buyer that these particular items will NOT be included in the sale. Otherwise it is presumed that the crystal chandelier that was in the dining room when the buyer first saw the property will still be there when the buyer takes possession!
Other items listed as included in the sale: underground pet containment system; fireplace screens and enclosures; built in basketball apparatus and outdoor playsets; window boxes, sheds, electric garage door opener and remote control devices. This is just a partial list; if this is a concern of yours, talk to your agent to get a complete list of items covered in the contract.
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