In the next series of posts we're going to give you several reasons why buying a home is an opportunity you don't want to pass up in today's market.
In some parts of the country, prices have dropped by double-digit percentage points. In the Upstate region of NY, our prices have help fairly steady through the past couple of years. But regardless of the downward pressure on prices anywhere in the country, in the long term real estate will eventually return to historic returns. Even through the ups and downs of the the past decade, real estate was a better investment than the stock market....hands down.
RETURN ON INVESTMENT Jan 1, 2000 - Dec 31, 2009
DOW JONES -5.6%
S&P 500 -20.9%
NASDAQ -43.9%
REAL ESTATE +56.2%
So where would you want to invest your money, in stocks or real estate?
Friday, April 9, 2010
Wednesday, April 7, 2010
Geneseo Real Estate Firm Merges with Nothnagle Realtors
Youngs and Linfoot Real Estate is now Nothnagle Realtors! In a joint announcement, John Linfoot of Youngs and Linfoot and Nothnagle CEO Armand D’Alfonso shared the exciting news with their respective sales teams today.
Youngs and Linfoot has served the Genesee Valley region through their staff of highly professional agents since its inception in 1937. The Nothnagle Geneseo Branch will operate out of the current Youngs and Linfoot location at 81 Main Street.
Broker/Owner John Linfoot said, “Our company has always taken great pride in our ability to provide buyers and sellers with professional and personal service for over 70 years. In joining with Nothnagle, we will now be able to provide our clients with enhanced tools and technology. The end result will be that our clients and agents will Get More with Nothnagle.”
“Being able to bring the Youngs and Linfoot team under the Nothnagle umbrella adds tremendous value to the service we can now provide our Genesee Valley clients. They are a very productive and experienced sales team and we are thrilled to have them on board,” said Nothnagle CEO Armand D’Alfonso.
Andrew Kachaylo will serve as Branch Manager, and Michelle Schlossel, Senior Branch Manager, of the Nothnagle Geneseo Branch. John Linfoot will remain on as an Associate Broker and consultant. Nothnagle’s current branch location of 128 Main Street will be relocated to 81 Main Street later this month.
Youngs and Linfoot has served the Genesee Valley region through their staff of highly professional agents since its inception in 1937. The Nothnagle Geneseo Branch will operate out of the current Youngs and Linfoot location at 81 Main Street.
Broker/Owner John Linfoot said, “Our company has always taken great pride in our ability to provide buyers and sellers with professional and personal service for over 70 years. In joining with Nothnagle, we will now be able to provide our clients with enhanced tools and technology. The end result will be that our clients and agents will Get More with Nothnagle.”
“Being able to bring the Youngs and Linfoot team under the Nothnagle umbrella adds tremendous value to the service we can now provide our Genesee Valley clients. They are a very productive and experienced sales team and we are thrilled to have them on board,” said Nothnagle CEO Armand D’Alfonso.
Andrew Kachaylo will serve as Branch Manager, and Michelle Schlossel, Senior Branch Manager, of the Nothnagle Geneseo Branch. John Linfoot will remain on as an Associate Broker and consultant. Nothnagle’s current branch location of 128 Main Street will be relocated to 81 Main Street later this month.
Monday, April 5, 2010
The Stability of Upstate New York's Housing Markets
Recently the Federal Reserve Bank of New York published an article, Bypassing the Bust: The Stability of Upstate New York's Housing Markets During the Recession. While we frequently hear national media reports on the collapse of housing markets in some parts of the country, regions like Upstate New York have not been affected.
Buffalo, Rochester and Syracuse all ranked in the top 10% of metro areas in terms of home price appreciation in 2009. Yes, that's not a typo....it's supposed to say price appreciation! We also have had lower rates of delinquency and foreclosure the article states because we didn't have as many subprime (or nonprime as the article labels them) mortgages taken out during the year preceeding the recession.
Areas like California, Nevada, Florida had a lot of buyers securing subprime loans - many of which went into default. These are the same states that had a dramatic and steep rise in housing prices during the "boom" years. Combined with lenders issuing loans to individuals with poor credit scores and a high debt to income ratio, it was a disaster waiting to happen.
Nationwide, between 2005 and 2008, home sales dropped 30% nationwide. But the good news for Upstate NY was a decline of only 10% in sales across the region. If you look at Chart 1 on page 2 of the article, you can see the steady trend in sales over the past decade.
In terms of home prices, from 2000-2006 Rochester saw an increase of 3.8%; Buffalo 4.8%; Syracuse 6.2% and Albany 10.1%. Even during the recession years, Albany only saw a drop of 1% while the other cities saw an increase of 1% - 2.3% from 2008-2009. In fact, Elmira saw a 6% increase in home prices from 2008-2009. Looking at Chart 3 of metro areas home price appreciation from 2000-2008, you find cities in California and Florida down 15-25%. Some communities are still in a free fall and haven't hit bottom yet.
While homeowners and agents alike were envious of the home sales and price appreciation in other markets during the boom, sometimes slow and steady wins the race. Some communities have been devestated by the housing "bust," but in Upstate New York our housing market remains stable and is an important economic driver in our communities.
If you're thinking of buying or selling but have been hesitating because of the market conditions, contact a Nothnagle agent today to get the real story on our housing market....you may just be surprised at what you find!
Buffalo, Rochester and Syracuse all ranked in the top 10% of metro areas in terms of home price appreciation in 2009. Yes, that's not a typo....it's supposed to say price appreciation! We also have had lower rates of delinquency and foreclosure the article states because we didn't have as many subprime (or nonprime as the article labels them) mortgages taken out during the year preceeding the recession.
Areas like California, Nevada, Florida had a lot of buyers securing subprime loans - many of which went into default. These are the same states that had a dramatic and steep rise in housing prices during the "boom" years. Combined with lenders issuing loans to individuals with poor credit scores and a high debt to income ratio, it was a disaster waiting to happen.
Nationwide, between 2005 and 2008, home sales dropped 30% nationwide. But the good news for Upstate NY was a decline of only 10% in sales across the region. If you look at Chart 1 on page 2 of the article, you can see the steady trend in sales over the past decade.
In terms of home prices, from 2000-2006 Rochester saw an increase of 3.8%; Buffalo 4.8%; Syracuse 6.2% and Albany 10.1%. Even during the recession years, Albany only saw a drop of 1% while the other cities saw an increase of 1% - 2.3% from 2008-2009. In fact, Elmira saw a 6% increase in home prices from 2008-2009. Looking at Chart 3 of metro areas home price appreciation from 2000-2008, you find cities in California and Florida down 15-25%. Some communities are still in a free fall and haven't hit bottom yet.
While homeowners and agents alike were envious of the home sales and price appreciation in other markets during the boom, sometimes slow and steady wins the race. Some communities have been devestated by the housing "bust," but in Upstate New York our housing market remains stable and is an important economic driver in our communities.
If you're thinking of buying or selling but have been hesitating because of the market conditions, contact a Nothnagle agent today to get the real story on our housing market....you may just be surprised at what you find!
Saturday, April 3, 2010
Are You Considering a Career in Real Estate?
Nothnagle Realtors is hiring! Have you ever considered a NEW CAREER in Real Estate Sales? Have you already taken the licensing course and don't know what to do next? You've come to the right place!
If you're thinking of real estate as a career, we invite you to find out more about the licensing process and what Nothnagle has to offer you at one of our upcoming Career Day seminars. The seminars are free and there's no obligation, no pressure...just a source for information gathering.
What are some of the benefits of a career in real estate?
• Offers unlimited earning potential.
• Flexibility! As an independent contractor, you make your own hours.
• You are the boss of your own business…..we give you the support and guidance, but it’s your business.
Nothnagle has training and unprecedented support to ensure your success in a new career. If you already have your NYS salespersons license, our next exclusive Face Trac training course begins Wednesday, April 14th. There's still space available! Call 585-624-3370 x. 223 to register.
Our Fast Trac course offers comprehensive training on every aspect of real estate sales. Attendees graduate from Fast Trac and are prepared to hit the ground running. This course will teach you not just the fundamentals but will give you the confidence you need to be successful.
All real estate companies are not the same....Nothnagle can make the difference! See what our agents have to say about us.
If you're thinking of real estate as a career, we invite you to find out more about the licensing process and what Nothnagle has to offer you at one of our upcoming Career Day seminars. The seminars are free and there's no obligation, no pressure...just a source for information gathering.
What are some of the benefits of a career in real estate?
• Offers unlimited earning potential.
• Flexibility! As an independent contractor, you make your own hours.
• You are the boss of your own business…..we give you the support and guidance, but it’s your business.
Nothnagle has training and unprecedented support to ensure your success in a new career. If you already have your NYS salespersons license, our next exclusive Face Trac training course begins Wednesday, April 14th. There's still space available! Call 585-624-3370 x. 223 to register.
Our Fast Trac course offers comprehensive training on every aspect of real estate sales. Attendees graduate from Fast Trac and are prepared to hit the ground running. This course will teach you not just the fundamentals but will give you the confidence you need to be successful.
All real estate companies are not the same....Nothnagle can make the difference! See what our agents have to say about us.
Thursday, April 1, 2010
Routine Maintenance Best Prevention
Ongoing, routine maintenance is critical to preserving your home's value and preventing expensive repairs down the road. Homes that have not been maintained may lose 10% or more of their value when put on the market. Remember, you only have one chance to make a first impression and regular, preventative updates will make your home easier to show and easier to prepare for showings.
Be proactive instead of reactive by regularly cleaning gutters and replacing furnace filters. Touch up chipped and faded paint periodically. Other suggestions include selecting a different room to update each year, make it a practice to touch up all of the painted mouldings throughout your home each year, regularly shampoo your carpets to prevent wear and tear. A thorough "Spring Cleaning" to declutter, update and make minor repairs will pay off greatly down the road, from preventing serious damage resulting in replacement costs to making it easy to whip your home into shape to put on the market.
Don't have the time (or desire) to do these things? Check out our Home Service providers that have all been pre-screened for quality and service. We offer over 100 services, covering everything from pet containment to cleaning services to remodeling to landscaping....and much more!
Be proactive instead of reactive by regularly cleaning gutters and replacing furnace filters. Touch up chipped and faded paint periodically. Other suggestions include selecting a different room to update each year, make it a practice to touch up all of the painted mouldings throughout your home each year, regularly shampoo your carpets to prevent wear and tear. A thorough "Spring Cleaning" to declutter, update and make minor repairs will pay off greatly down the road, from preventing serious damage resulting in replacement costs to making it easy to whip your home into shape to put on the market.
Don't have the time (or desire) to do these things? Check out our Home Service providers that have all been pre-screened for quality and service. We offer over 100 services, covering everything from pet containment to cleaning services to remodeling to landscaping....and much more!
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