There are many reasons for homebuyers to investigate an FHA home purchase. First time homebuyers should explore FHA loan options because it’s easier to qualify for an FHA home mortgage. Your loan is guaranteed by the government, making your application more attractive to lenders. An FHA home mortgage often costs less and is more forgiving of indiscretions with credit and payments.
FHA home loans don’t require a big down payment at closing time. For first-time homebuyers this can be a real plus. The FHA mortgage requires a low 3.5% down payment, and that money can come from a variety of sources including HUD down payment assistance grants.
For first time buyers, closing costs are another issue that can be a financial drain; typical closing costs for FHA home loans are around 2% or 3% of the total mortgage. One advantage when taking out an FHA loan? FHA mortgage terms may allow you to build in closing costs into your mortgage.
By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet conventional loan requirements, FHA's mortgage insurance allows individuals to qualify who may have been previously denied for a home loan by conventional underwriting guidelines.
Resources:
FHA Loan Limits for New York State
FHA Mortgage Calculator
FHA Guidelines
Down Payment Grants
Every situation is unique; contact a lender to discuss your options.
Monday, November 30, 2009
Saturday, November 28, 2009
Forecast Hopeful With First Time Buyers Leading the Way
According to the National Association of REALTORS, the outlook for housing and the economy appears headed for a sustainable recovery, aided by the homebuyer tax credit.
The credit is working better than first projected, according to Lawrence Yun, NAR Chief Economist, who predicts that nationwide we will have 2.3 to 2.4 million first-time buyers in 2009. The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47 percent share of home sales over the past year, up from 41 percent in the 2008 survey. The share has risen steadily since a cyclical low of 36 percent in 2006.
Dr. Yun forecasts the 30-year fixed-rate mortgage will probably average 5.3 percent in the fourth quarter of 2009, rising gradually to 5.8 percent by the end of next year. "With expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5 percent in 2010, but with wide geographic differences,” Yun said.
The Rochester market has been relatively unaffected by the recent housing crisis experienced in other parts of the country. Sales have dipped slightly but median price has held fairly steady. While other parts of the country experienced dramatic appreciation at the height of the market, Rochester was not as affected. So while others crashed, we did not have as far to drop. Across New York State in October, prices were up 2.4% and sales up 8% from October 2008.
The tax credit has been extended for first-time buyers through April 30, 2010 and now expanded to include repeat buyers. Income limits have been increased as well, now allowing many buyers who didn't qualify previously to be eligible for the tax credit. New income limits are $125,000 (single filers)/$225,000 (married filing joint).
The credit is equal to 10% of the purchase price, up to $8,000 for first-time buyers (defined as someone who has not owned a residence for the past three years) and $6,500 for repeat buyers. Qualifying repeat buyers must have lived in their home and used it as their primary residence for five consecutive years out of the last 8.
Eligible buyers must be under contract by April 30, 2010 and close by June 30, 2010. See earlier blog posts or visit FederalHousingTaxCredit.com for a list of frequently asked questions about the credit.
The credit is working better than first projected, according to Lawrence Yun, NAR Chief Economist, who predicts that nationwide we will have 2.3 to 2.4 million first-time buyers in 2009. The 2009 National Association of Realtors® Profile of Home Buyers and Sellers, shows first-time buyers accounted for a record 47 percent share of home sales over the past year, up from 41 percent in the 2008 survey. The share has risen steadily since a cyclical low of 36 percent in 2006.
Dr. Yun forecasts the 30-year fixed-rate mortgage will probably average 5.3 percent in the fourth quarter of 2009, rising gradually to 5.8 percent by the end of next year. "With expansion of the tax credit to additional buyers through the middle of next year, and no major unforeseen events impacting the economy, home prices should rise between 3 and 5 percent in 2010, but with wide geographic differences,” Yun said.
The Rochester market has been relatively unaffected by the recent housing crisis experienced in other parts of the country. Sales have dipped slightly but median price has held fairly steady. While other parts of the country experienced dramatic appreciation at the height of the market, Rochester was not as affected. So while others crashed, we did not have as far to drop. Across New York State in October, prices were up 2.4% and sales up 8% from October 2008.
The tax credit has been extended for first-time buyers through April 30, 2010 and now expanded to include repeat buyers. Income limits have been increased as well, now allowing many buyers who didn't qualify previously to be eligible for the tax credit. New income limits are $125,000 (single filers)/$225,000 (married filing joint).
The credit is equal to 10% of the purchase price, up to $8,000 for first-time buyers (defined as someone who has not owned a residence for the past three years) and $6,500 for repeat buyers. Qualifying repeat buyers must have lived in their home and used it as their primary residence for five consecutive years out of the last 8.
Eligible buyers must be under contract by April 30, 2010 and close by June 30, 2010. See earlier blog posts or visit FederalHousingTaxCredit.com for a list of frequently asked questions about the credit.
Thursday, November 26, 2009
Remembering Our Troops on Thanksgiving
Agents from the Penfield branch recently got together to put together care packages to send over to our troops in Iraq. The office thought it would be a great way to remind our soldiers that we're thinking about them and grateful for the sacrifices they are making for us being so far from home and their families during the holidays. On November 19th, the office manager received the following message via email:
Dear Penfield Sales Staff:
Greetings from beautiful Iraq. Thank you so much for thinking of us and sending such wonderfully useful items. I will disperse the goodies to my Marines this evening.
We are a unit based out of Camp Lejeane, North Carolina. We have been here a few months so far and will be here for Christmas and beyond. Your treats will bring smiles to everyone's faces.
I am from Canandaigua and went to high school at McQuaid (not too far from you all) so I truly appreciate the hometown support. Thank you once again.
Sincerely,
Captain Justin Muchard, USMC
Wednesday, November 25, 2009
Nothnagle Relocation - Moving You Anywhere!
Nothnagle's Relocation division received among the best scores of all Preferred Brokers on the 3rd Quarter 2009 SIRVA Relocation Broker Score Card. Nothnagle Realtors is affiliated with SIRVA, Inc., which provides end-to-end relocation services worldwide. From home purchases and sale services, to moving, mortgage services and program management, Nothnagle and SIRVA can do it all! Nothnagle's Relocation division exceeded goals for home sales, average days listed (15 vs. 90), and average days on market (66 vs. 120) during the 3rd Quarter.
Whether you are moving across the country or around the globe, Nothnagle Realtors can help you achieve your goals through affiliations with partners like SIRVA. SIRVA conducts more than 300,000 relocations every year and operates in more than 40 countries with an extensive network of agents and other service providers in over 175 countries.
In need of relocation services? We have experience moving individuals as well as entire companies to and from Rochester. Contact Nothnagle's Relocation division today.
Whether you are moving across the country or around the globe, Nothnagle Realtors can help you achieve your goals through affiliations with partners like SIRVA. SIRVA conducts more than 300,000 relocations every year and operates in more than 40 countries with an extensive network of agents and other service providers in over 175 countries.
In need of relocation services? We have experience moving individuals as well as entire companies to and from Rochester. Contact Nothnagle's Relocation division today.
Monday, November 23, 2009
As a repeat buyer, how do I qualify for the $6500 tax credit?
As of November 7, 2009, "repeat" or "move up" buyers now may qualify for 10% of the purchase price, up to $6500, in the form of a federal tax credit. This is part of the home buyer's tax credit that previously was only available to first-time buyers but now has been expanded. To qualify, a "repeat" buyer must have resided in a home they used as their primary residence for a minimum of five consecutive years out of the past eight years. The purchase price of the new home cannot exceed $800,000 and annual income cannot exceed $125,000 (single filers) or $225,000 (married filing jointly). The new home must be used as the buyer's primary residence and the cost of the new home being purchased does NOT have to be higher than the previously owned home. The buyer must be under contract by April 30, 2010 and close before July 1, 2010.
The tax credit is still available to first-time buyers of 10% of the purchase price up to $8000. A first-time buyer is defined as anyone who has not owned a home in the past three years. The April 30th deadline and income limits described above also apply to first-time buyers.
There are some exceptions for active duty U.S. military personnel, granting those deployed an extra year to claim the credit. For more information, visit Federal Housing Tax Credit.
It is a great time to buy and sell in Rochester! Our market continues to rank among the healthiest in the country - prices are stable, interest rates are low, homes are affordable and there's a good supply of inventory. Contact a Nothnagle agent today to discover how both buyers and sellers Get More using Nothnagle Realtors.
The tax credit is still available to first-time buyers of 10% of the purchase price up to $8000. A first-time buyer is defined as anyone who has not owned a home in the past three years. The April 30th deadline and income limits described above also apply to first-time buyers.
There are some exceptions for active duty U.S. military personnel, granting those deployed an extra year to claim the credit. For more information, visit Federal Housing Tax Credit.
It is a great time to buy and sell in Rochester! Our market continues to rank among the healthiest in the country - prices are stable, interest rates are low, homes are affordable and there's a good supply of inventory. Contact a Nothnagle agent today to discover how both buyers and sellers Get More using Nothnagle Realtors.
Sunday, November 22, 2009
5 Kitchen and Bath Features Buyers Want Most
According to the Profile of Buyers' Home Feature Preferences compiled by the National Association of Realtors, buyers ranked the following features as most desired:
1. Separate shower enclosure in the master bath (36%)
2. Eat-in kitchen (31%)
3. High-end appliances (24%)
4. Granite countertops (23%)
5. Kitchen island (21%)
Comments included a preference for kitchen islands that are not a simple square shape, but are attractive while incorporating a lot of storage. Shower preferences include multiple shower heads and outside vents to cut down on mold buildup on grout and behind the walls. Stainless steel appliances are still alluring to buyers and customized appliances -- like removable fronts and trivection ovens that simultaneously use thermal heat, convection and microwave cooking, are growing in popularity.
1. Separate shower enclosure in the master bath (36%)
2. Eat-in kitchen (31%)
3. High-end appliances (24%)
4. Granite countertops (23%)
5. Kitchen island (21%)
Comments included a preference for kitchen islands that are not a simple square shape, but are attractive while incorporating a lot of storage. Shower preferences include multiple shower heads and outside vents to cut down on mold buildup on grout and behind the walls. Stainless steel appliances are still alluring to buyers and customized appliances -- like removable fronts and trivection ovens that simultaneously use thermal heat, convection and microwave cooking, are growing in popularity.
Friday, November 20, 2009
7 Reasons to Own Your Own Home
1. Tax breaks. The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator.
Source: REALTOR Magazine
2. Appreciation. Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2005, and increased 88.5 percent over the last 10 years, according to the NATIONAL ASSOCIATION OF REALTORS®. In addition, the number of U.S. households is expected to rise 15 percent over the next decade, creating continued high demand for housing.
3. Equity. Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.
4. Savings. Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.
5. Predictability. Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.
6. Freedom. The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.
7. Stability. Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.
Online resources: To calculate whether buying is the best financial option for you, use the “Buy vs. Rent” calculator.
Source: REALTOR Magazine
Wednesday, November 18, 2009
5 Feng Shui Concepts to Help a Home Sell
To put the best face on a listing and appeal to buyers who follow feng shui principles, keep these tips in mind.
1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.
2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.
3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.
4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.
5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.
Source: From REALTOR Magazine, Sell Your Home Faster With Feng Shuiby Holly Ziegler (Dragon Chi Publications, 2001)
1. Pay special attention to the front door, which is considered the “mouth of chi” (chi is the “life force” of all things) and one of the most powerful aspects of the entire property. Abundance, blessings, opportunities, and good fortune enter through the front door. It’s also the first impression buyers have of how well the sellers have taken care of the rest of the property. Make sure the area around the front door is swept clean, free of cobwebs and clutter. Make sure all lighting is straight and properly hung. Better yet, light the path leading up to the front door to create an inviting atmosphere.
2. Chi energy can be flushed away wherever there are drains in the home. To keep the good forces of a home in, always keep the toilet seats down and close the doors to bathrooms.
3. The master bed should be in a place of honor, power, and protection, which is farthest from and facing toward the entryway of the room. It’s even better if you can place the bed diagonally in the farthest corner. Paint the room in colors that promote serenity, relaxation, and romance, such as soft tones of green, blue, and lavender.
4. The dining room symbolizes the energy and power of family togetherness. Make sure the table is clear and uncluttered during showings. Use an attractive tablecloth to enhance the look of the table while also softening sharp corners.
5. The windows are considered to be the eyes of the home. Getting the windows professionally cleaned will make the home sparkle and ensure that the view will be optimally displayed.
Source: From REALTOR Magazine, Sell Your Home Faster With Feng Shuiby Holly Ziegler (Dragon Chi Publications, 2001)
Monday, November 16, 2009
Brockport Branch Thanksgiving Food Drive
The agents in our Brockport branch are collecting non-perishable food items and monetary donations to be used towards purchasing turkeys to provide Thanksgiving dinners to those in need within our community. We welcome public donations! If you would like to drop off an item, please stop in at the Brockport branch between 9 a.m. - 2 p.m. or call 585-637-2810. There are a lot of families in need this holiday season and we hope to be able to provide several with a Thanksgiving feast this year.
Saturday, November 14, 2009
10 Ways to Prepare for Homeownership
1. Decide what you can afford. Generally, you can afford a home equal in value to between two and three times your gross income.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment, however options such as FHA and other programs will require a much lower down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a Nothnagle agent! They are experienced professionals who can help guide you through the process. Often, a buyer's agent is compensated by the seller so you will get representation, a skilled negotiator and a trusted advisor to help you navigate through the adventure of finding your new home.
2. Develop your home wish list. Then, prioritize the features on your list.
3. Select where you want to live. Compile a list of three or four neighborhoods you’d like to live in, taking into account items such as schools, recreational facilities, area expansion plans, and safety.
4. Start saving. Do you have enough money saved to qualify for a mortgage and cover your down payment? Ideally, you should have 20 percent of the purchase price saved as a down payment, however options such as FHA and other programs will require a much lower down payment. Also, don’t forget to factor in closing costs. Closing costs — including taxes, attorney’s fee, and transfer fees.
5. Get your credit in order. Obtain a copy of your credit report to make sure it is accurate and to correct any errors immediately. A credit report provides a history of your credit, bad debts, and any late payments.
6. Determine your mortgage qualifications. How large of mortgage do you qualify for? Also, explore different loan options — such as 30-year or 15-year fixed mortgages or ARMs — and decide what’s best for you.
7. Get preapproved. Organize all the documentation a lender will need to preapprove you for a loan. You might need W-2 forms, copies of at least one pay stub, account numbers, and copies of two to four months of bank or credit union statements.
8. Weigh other sources of help with a down payment. Do you qualify for any special mortgage or down payment assistance programs? Check with your state and local government on down payment assistance programs for first-time buyers. Or, if you have an IRA account, you can use the money you’ve saved to buy your fist home without paying a penalty for early withdrawal.
9. Calculate the costs of homeownership. This should include property taxes, insurance, maintenance and utilities, and association fees, if applicable.
10. Contact a Nothnagle agent! They are experienced professionals who can help guide you through the process. Often, a buyer's agent is compensated by the seller so you will get representation, a skilled negotiator and a trusted advisor to help you navigate through the adventure of finding your new home.
Friday, November 13, 2009
Cartons for Christmas 2009
The Nothnagle Spencerport branch will be serving as an early drop-off location from November 9 - December 4 for non-perishable food items. The goal of this community project is to provide food and toys for local families in need at the holidays. Last year the Cartons for Christmas project delivered almost 12,000 food items and 280 toys to 121 families (490 people). Nothnagle is helping to collect food items for the cartons that will be delivered at Christmas. Non-perishable items such as canned fruits and vegetables, jarred/canned gravy, boxed items such as pasta, rice or side dishes, or other items that will not expire and do not require refrigeration are being sought. Monetary donations are also being accepted. Checks should be made payable to "Cartons for Christmas" and can also be dropped off at the Spencerport branch, located at 85 South Union Street.
Wednesday, November 11, 2009
More on the Home Buyer Tax Credits
The first-time homebuyer's tax credit has been extended beyond the original deadline of November 30, 2009. Under the new program first-time buyers have to be under contract by April 30, 2010 and close before July 1, 2010. First-time buyers may qualify for 10% of the purchase price, up to a maximum of $8,000.
The tax credit has been extended to qualified move-up/repeat buyers purchasing a principal residence after November 6, 2009. The same deadlines apply, the purchaser must be under contract by April 30, 2010, with a close date before July 1, 2010.
Some commonly asked questions about the tax credit:
Who qualifies as a first-time buyer?
Who qualifies as a move-up/repeat buyer?
What are the new income limits?
Is there a partial tax credit for higher incomes?
What types of homes qualify?
Is there a minimum amount of time I must remain in the home?
The tax credit has been extended to qualified move-up/repeat buyers purchasing a principal residence after November 6, 2009. The same deadlines apply, the purchaser must be under contract by April 30, 2010, with a close date before July 1, 2010.
Some commonly asked questions about the tax credit:
Who qualifies as a first-time buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
Who qualifies as a move-up/repeat buyer?
The law defines this type of buyer as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. Repeat buyers do not have to purchase a home that is more expensive than their previous home to qualify for the tax credit. Also, if the buyer sold their previous home and has been living elsewhere for up to three years, they may still qualify for the tax credit if they meet the residency requirement of living in the previous home for five consecutive years out of the past eight.
What are the new income limits?
For sales occuring after November 6, 2009, the new limits allow individuals to earn up to $125,000/year and married couples up to $225,000/year. For sales that closed between January 1, 2009 and November 6, 2009, the income limits were $75,000 (single taxpayers)/$150,000 (married filing jointly).
Is there a partial tax credit for higher incomes?
The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $125,000 (single)/$225,000 (married). The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $145,000 (single) or $245,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts. If you fall within this limit, consult with a tax adviser to determine the actual amount of your tax credit.
What types of homes qualify?
Any home that will be used as a principal residence will qualify for the credit, as long as the purchase price is less than or equal to $800,000. This includes single-family (existing and new), townhouses, condos, manufactured homes and houseboats. Homes purchased from family members are not eligible.
Is there a minimum amount of time I must remain in the home?
You must remain in the home using it as your primary residence for a minimum of three years. If you sell the house within the initial three years, you will be required to return the tax credit.
Monday, November 9, 2009
Nothnagle Realtors Expands to Buffalo
Nothnagle announced today the launch of Nothnagle Realtors Property Center, a franchised office under the ownership and management of industry veteran Mark Pagano. Nothnagle Realtors Property Center will open in two locations by early 2010, in the City of Buffalo and in the Clarence/Williamsville area.
“Our current growth strategy focuses on establishing partnerships with other like-minded brokers to provide them with a successful platform to become market leaders in their area. The franchise arrangement allows brokers to maintain their independence while tapping into our successful infrastructure. Mark Pagano is an experienced broker with an exceptional business-sense. We share the same vision and believe that by empowering agents with the most innovative tools in the industry, we can offer the best buyer and seller experience in the Buffalo market,” said Armand D’Alfonso, President and CEO of Nothnagle Realtors.
This is the first franchise sale for Nothnagle Realtors. However, Nothnagle Realtors is familiar with franchise operations having launched the first real estate franchise system in the country back in the 1950’s. At its peak, the “Gallery of Homes” franchise had an international network of 1,100 offices prior to being sold off in the 1980s.
“Nothnagle not only creates innovative tools, they use them every day as a real estate company, so they understand the challenges I face in today’s market because they face them too. From the award-winning consumer-focused website, Nothnagle.com, to the comprehensive marketing tools and agent systems, Nothnagle’s advanced technologies have not been available in one platform in our market before now. It is a great fit for us. Our clients and agents will all benefit as a result,” said Mark Pagano, President of Nothnagle Realtors Property Center.
Nothnagle recently hired Jay Teresi, Director of New Business Development, to handle our franchise operations. Jay has over 20 years experience in the financial and real estate industries. He owned his own real estate company in Manhattan and before joining Nothnagle, he worked for Weichert Real Estate Affiliates, growing their franchise company in several Northeast states.
Nothnagle's goal is to initially concentrate on franchise sales in New York State and then move beyond into New Jersey and Pennsylvania. This will not affect the company-owned branches; all 24 will remain under the same ownership and management.
“Our current growth strategy focuses on establishing partnerships with other like-minded brokers to provide them with a successful platform to become market leaders in their area. The franchise arrangement allows brokers to maintain their independence while tapping into our successful infrastructure. Mark Pagano is an experienced broker with an exceptional business-sense. We share the same vision and believe that by empowering agents with the most innovative tools in the industry, we can offer the best buyer and seller experience in the Buffalo market,” said Armand D’Alfonso, President and CEO of Nothnagle Realtors.
This is the first franchise sale for Nothnagle Realtors. However, Nothnagle Realtors is familiar with franchise operations having launched the first real estate franchise system in the country back in the 1950’s. At its peak, the “Gallery of Homes” franchise had an international network of 1,100 offices prior to being sold off in the 1980s.
“Nothnagle not only creates innovative tools, they use them every day as a real estate company, so they understand the challenges I face in today’s market because they face them too. From the award-winning consumer-focused website, Nothnagle.com, to the comprehensive marketing tools and agent systems, Nothnagle’s advanced technologies have not been available in one platform in our market before now. It is a great fit for us. Our clients and agents will all benefit as a result,” said Mark Pagano, President of Nothnagle Realtors Property Center.
Nothnagle recently hired Jay Teresi, Director of New Business Development, to handle our franchise operations. Jay has over 20 years experience in the financial and real estate industries. He owned his own real estate company in Manhattan and before joining Nothnagle, he worked for Weichert Real Estate Affiliates, growing their franchise company in several Northeast states.
Nothnagle's goal is to initially concentrate on franchise sales in New York State and then move beyond into New Jersey and Pennsylvania. This will not affect the company-owned branches; all 24 will remain under the same ownership and management.
Saturday, November 7, 2009
More on Homebuyer Tax Credit Changes
Lots of questions are coming in about the changes to the Homebuyers Tax Credit! This is great news for buyers and sellers in the Rochester marketplace. We are providing Nothnagle agents with a wealth of resources and information about the changes to the tax credit so they can be prepared to help you. In the interim, we've compiled a list of FAQ's to help you better understand the new tax credit provisions.
I signed a contract to purchase a home on October 1, 2009 (prior to enactment of the new rules). My anticipated closing date is December 15, 2009 (after original deadline). Will I qualify for the tax credit?
Must the new house cost more than the old house?
I am a first-time buyer but was not within the prior income limits at the time I entered into my contract. I do fall within the new higher income limits. When I go to closing later this year, will I be eligible for the tax credit?
I owned my home for 10 years, but sold it two years ago and am currently renting. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility requirements?
I am an eligible existing homeowner. I have found a home with a non-negotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
I signed a contract to purchase a home on October 1, 2009 (prior to enactment of the new rules). My anticipated closing date is December 15, 2009 (after original deadline). Will I qualify for the tax credit?
YES! The new rules go into effect on the day the President signed the bill. It's as if the November 30th deadline never existed. It does not matter when you entered into the contract, what matters is the closing date. Further, in the above scenario if the person is a not first-time buyer and meets the income and residency requirement, they too will qualify for up to a $6500 credit regardless of when they entered into the contract (a first-time buyer will qualify for up to $8,000).
Must the new house cost more than the old house?
NO!
I am a first-time buyer but was not within the prior income limits at the time I entered into my contract. I do fall within the new higher income limits. When I go to closing later this year, will I be eligible for the tax credit?
YES! The new income limitations ($125,000 (single)/ $225,000 (married)) take effect as soon as the President signs the bill into law. As long as your closing date occurs after the enactment date, you will be eligible.
I owned my home for 10 years, but sold it two years ago and am currently renting. If I purchase a home, will I be eligible for the $6500 tax credit if I meet all the other eligibility requirements?
YES! Because you lived in the home for more than 5 consecutive years of the previous 8, you will qualify. Regardless if you rent or bought another home, you qualify because you owned a home and occupied it as a principal residence for 5 consecutive years out of the last 8. The key word is "consecutive."
I am an eligible existing homeowner. I have found a home with a non-negotiable price of $825,000. Will I be able to use any of the $6500 tax credit?
NO. The $800,000 cap on the cost of the purchased home is firm. Any amount above $800,000 makes the home ineligible for any portion of the credit.
Thursday, November 5, 2009
BREAKING NEWS! Congress Passed Tax Credit Extension and Expansion
Congress has passed legislation that will extend the first-time home buyer's tax credit through April 30, 2010 AND extend the tax credit to repeat buyers. For first-time buyers, the credit will remain at 10% up to a max of $8,000. For repeat buyers, it will be capped at $6,500. A buyer who has owned their home and used it as their primary residence consecutively for 5 of the past 8 years can qualify (if meet the income limits). You do not have to sell your current home, but it won't apply to vacation homes and the purchased home must be used as your primary residence. Income limits have been increased to $125,000 (individuals)/ $225,000 (couples). Buyers must be under contract by April 30, 2010 and close by June 30, 2010. The President is expected to sign the bill into law on Friday, November 6th.
Wednesday, November 4, 2009
17 Tips for Better Home Showings
When preparing to put your home on the market, follow these simple and inexpensive tips to improve your chances for a quick sale at full price. Now is the time to make your home shine, setting it apart from the competition!
1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help....but don't overdo it! If buyers are overpowered by air fresheners, they may be suspicious about the smells they think you may be trying to hide.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements (especially important with it getting dark so early!). Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard and walkway. Clean up your landscaping before winter arrives, rake the leaves, clean the gutters, keep walkway and front porch and/or steps neat and clean.
8. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.
9. Buy a flowering plant and put it near a window you pass by frequently.
10. Make centerpieces for your tables. Use brightly colored fruit or flowers.
11. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.
12. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.
13. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.
14. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.
15. Send your pets to a neighbor or take them outside during showings. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.
16. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.
17. Leave the home during showings. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
Source: REALTOR Magazine
Your Nothnagle agent will help you maximize your showings and will provide you with easy solutions to prepare. Call, email or text a Nothnagle agent directly to get started!
1. Remove clutter and clear off counters. Throw out stacks of newspapers and magazines and stow away most of your small decorative items. Put excess furniture in storage, and remove out-of-season clothing items that are cramping closet space. Don’t forget to clean out the garage, too.
2. Wash your windows and screens. This will help get more light into the interior of the home.
3. Keep everything extra clean. A clean house will make a strong first impression and send a message to buyers that the home has been well-cared for. Wash fingerprints from light switch plates, mop and wax floors, and clean the stove and refrigerator. Polish your doorknobs and address numbers. It’s worth hiring a cleaning service if you can afford it.
4. Get rid of smells. Clean carpeting and drapes to eliminate cooking odors, smoke, and pet smells. Open the windows to air out the house. Potpourri or scented candles will help....but don't overdo it! If buyers are overpowered by air fresheners, they may be suspicious about the smells they think you may be trying to hide.
5. Brighten your rooms. Put higher wattage bulbs in light fixtures to brighten up rooms and basements (especially important with it getting dark so early!). Replace any burned-out bulbs in closets. Clean the walls, or better yet, brush on a fresh coat of neutral color paint.
6. Don’t disregard minor repairs. Small problems such as sticky doors, torn screens, cracked caulking, or a dripping faucet may seem trivial, but they’ll give buyers the impression that the house isn’t well-maintained.
7. Tidy your yard and walkway. Clean up your landscaping before winter arrives, rake the leaves, clean the gutters, keep walkway and front porch and/or steps neat and clean.
8. Add a touch of color in the living room. A colored afghan or throw on the couch will jazz up a dull room. Buy new accent pillows for the sofa.
9. Buy a flowering plant and put it near a window you pass by frequently.
10. Make centerpieces for your tables. Use brightly colored fruit or flowers.
11. Set the scene. Set the table with fancy dishes and candles, and create other vignettes throughout the home to help buyers picture living there. For example, in the basement you might display a chess game in progress.
12. Replace heavy curtains with sheer ones that let in more light. Show off the view if you have one.
13. Accentuate the fireplace. Lay fresh logs in the fireplace or put a basket of flowers there if it’s not in use.
14. Make the bathrooms feel luxurious. Put away those old towels and toothbrushes. When buyers enter your bathroom, they should feel pampered. Add a new shower curtain, new towels, and fancy guest soaps. Make sure your personal toiletry items are out of sight.
15. Send your pets to a neighbor or take them outside during showings. If that’s not possible, crate them or confine them to one room (ideally in the basement), and let the real estate practitioner know where they’ll be to eliminate surprises.
16. Lock up valuables, jewelry, and money. While a real estate salesperson will be on site during the showing or open house, it’s impossible to watch everyone all the time.
17. Leave the home during showings. It’s usually best if the sellers are not at home. It’s awkward for prospective buyers to look in your closets and express their opinions of your home with you there.
Source: REALTOR Magazine
Your Nothnagle agent will help you maximize your showings and will provide you with easy solutions to prepare. Call, email or text a Nothnagle agent directly to get started!
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