Price is the Secret to Selling

According to several real estate professionals in the Rochester area, pricing your home right is what it will take to get it sold. The current market is more in favor of buyers than sellers, which is why they are not rushing to buy and are instead looking for the best deal. Now that all of the tax credits have been over for nearly a year, the panic to buy is not as strong, but there are definitely still buyers looking.
When listing your home, take into consideration the competition and don't concentrate on your assessed value. Chances are, your home will sell slightly under what it is assessed for, but the Rochester market is still strong compared to other areas in the country.

Other important factors to pay attention to are that buyers not only want a great deal, they want something that is move in ready with updates. Small cosmetic things like fresh paint, new cabinet hardware and fixtures can make a big difference to buyers, although it is relatively inexpensive and easy to do.

Buying is Cheaper than Renting in Most Areas

In most large U.S. cities it is cheaper to buy a two bedroom home than is it to rent one. According to Trulia, buying was cheaper than renting in 74% of the country's 50 largest cities. In just 12% of the cities, which include New York, San Francisco and Seattle, renting is cheaper. In the remaining 14%, rent and the cost of buying were almost on par.

Another factor that makes owning more affordable are mortgage interest rates being at records lows. Of course, your mortgage stipulations depend on your credit history and cash put down at closing, but lower rates help tremendously with monthly payments.

It makes sense to own if you plan on being in an area for more than a minimum of five to seven years. You do not get anything in return for your rent payments, but are putting money back into a home that you purchase.

Factors to take into consideration when deciding to rent or buy are:

How long you plan to stay. If you won't be staying in an area for long or have the potential not to keep a property for under five years, rent is probably a better option. Closing costs, commissions and initial homeowners costs would be cost prohibitive.

Do you have cash for closing? Nowadays buyers must usually have 20% for closing because of stringent loan restrictions. If a house is $150,000, you must have $30,000 cash available at closing.

The appeal of renting to many is that the landlord fixes any problems/issues that come along. If your dishwasher breaks, the landlord takes care of it. When considering a home purchase ask yourself if you have money for anything unforeseen. Other costs that come in addition to the home's sale price are property taxes, heating/cooling, utility bills, etc.

Mortgage Rates Hit Record Low!

Last week mortgage rates were as low as 3.25%! That probably explains the surge in mortgage applications, which are up 4.1% since last week. Now is a great time to refinance, proved by applications being up 78.8% from 75.6% a week earlier. Here are today's rates:

30-Year Fixed 4.125%
15-Year Fixed 3.375%
FHA 30 Year 4.000%
SONYMA Low Interest Rate Prog 30 Yr. 4.875%
VA 30-Yr. Fixed 4.000%
Jumbo Fixed Rate 30 Yr 5.250%
Jumbo Fixed Rate 15 Yr 3.625%

If you are thinking about purchasing a home, now is the time to get pre-approved and locked into an amazing rate. Call your mortgage professionals today to get started.

Fairport Branch Sponsors Music & Food Festival August 27th

The Fairport branch is sponsoring the Fairport Music & Food Festival, Saturday August 27th from noon until dark.
Stop by the Fairport office for tickets Monday - Friday 8:00AM-5:00PM.

The FAIRPORT MUSIC AND FOOD FESTIVAL is SATURDAY, AUGUST 27. Plenty of great live music, good food, children's activities and tons of fun. It's all for great cause!!! BE THERE OR BE SQUARE!

NORTH STAGE - RAILROAD
• 12:00 - Clearly from Negligence
• 1:00 - Goodness
• 2:15 - The Deep Blue Dream
• 3:45 - Uncle Plum (featuring Camp Roc Star)
• 5:15 - Brass Taxi
• 6:45 - The Buzzards
• 8:30 - Northside Johnny

SOUTH STAGE - CANAL
• 12:00 - Violet Mary
• 1:30 - The John Payton Project
• 3:00 - The Campbell Brothers
• 4:45 - Ryan Montbleau Band
• 6:45 - Tommy Brunett
• 8:30 - Big Eyed Phish

EAST STAGE - POWER
• 12:00 - 2 Left Feet
• 1:00 - Attitude Joe
• 2:15 - Demand
• 3:45 - Jumbo Shrimp
• 5:15 - Geoff Harder and the Moonlighters
• 6:45 - Wild Horses
• 8:30 - The Root Beer Beaver

COLONIAL BELL -
• Rodger Chennelly (Colonial Belle 2:30 PM)
• Mojo Mike and friends (Colonial Belle 4:00 PM)

Join our Team to Walk for Breast Cancer!

On October 2nd at 10:00AM, Nothnagle Realtors will be walking together to "Make Strides Against Breast Cancer". Together we are aiming to raise $5,000 to donate to the American Cancer Society. If you would like to join our team, please click here and follow the steps. There is no minimum amount of money to raise, but any amount you can get as a donation to support our cause is appreciated.

The walk begins at Frontier Field. It is a great time and over 10,000 people participate, if you haven't walked before or would like to walk with us, we would love to have you join us!