With one stroke of his pen, President Barack Obama signed into law the massive $787 billion stimulus package on February 17, 2009.  Many first-time home buyers will now be able to claim a tax credit of up to $8,000 for buying and closing on a home by December 1, 2009.  Though the government cost of the program of $3.7 billion is less than 1 percent of the overall stimulus package and may appear to be a minuscule benefit at first glance, the impact will be widely felt among consumers who are in the market to purchase a home.  (Note: Much of the stimulus package goes out broadly to the population in the form of tax cuts and unemployment/health care spending with no specific industry benefitting directly.)

The $8,000 tax credit is a “clean” refundable credit, unlike the one that was passed last summer.  The $7,500 tax credit made available last summer was not a true credit, as it required repaying the credit back to the government over a period of time.  Under the latest tax credit, qualifying first-time buyers (i.e., have not been a homeowner in the past 3 years), can claim the $8,000 to reduce their tax burden.  If the $8,000 is greater than the tax paid, then they will receive a refund check for the difference.  (Example:  You owe $2,000 in taxes on April 15, 2010.  If you purchased a home before the stimulus expiration, you will receive a tax refund check for $6,000 from the IRS.)  It is recommended that you consult with a tax professional, as individual variations will apply.

The current $8,000 tax credit is expected to boost home sales by 300,000 from first-time home buyers in 2009, which will further trigger trade-up purchases.  Home buyers requiring mortgages must still meet the current market qualifying standards.  Those who might not qualify, or those who are not financially prepared to assume the responsibility of homeownership should not enter the market.

The Woman’s Council of Realtors named Terri Granger, Co-Broker of Re/Max Plus, the WCR Business Woman of the year. Presenting the award was last year’s recipient Carolyn Stiffler and Kitty Van Bortel, founder of Van Bortel Ford & Subaru automobile dealership. In front of a packed house at Mario’s Italian Steakhouse, Terri was recognized for her lifetime achievements and dedicated service to the real estate community.

Terri started her real estate career in 1984. In May 2007, Terri and seven other RE/MAX Brokers started their own real estate company, RE/MAX Plus, located at 2171 Monroe Avenue. Terri has achieved many real estate awards, but she is most proud of The RE/MAX Platinum Club for 2006 & 2007.

Terri is a giver of time and a giver of resources. She has mentored many real estate associates along the way – giving time, knowledge and experience to them. With a strong sense of community, She volunteers her time to the Susan B. Anthony House, Christian Bible Church, Muscular Dystrophy, Habitat for Humanity, Strong Memorial Hospital-Children’s Miracle Network and the University of Rochester Asthma and Pulmonary Care.

“This award is a great honor” Terri says, “The WCR has truly helped my career.”

Other Nominees for the award were:

- Kimberline Barrett, Owner/Broker Magellan Real Estate Company

- Lynne Betlem, Sales Associate, RE/MAX Real Estate Group

- Janet Clark, Sales Associate, Nothnagle Realtors

- Ginny Napier, Napier Development Company

- Debbie Renna-Hynes, Sales Associate, Keller Williams

- Linda Wilson, Sales Associate, Nothnagle Realtors

WCR, Women’s Council of Realtors, is the twelve largest Women’s Professional Group in the nation. The largest chapter is Rochester, NY having 204 members. The average WCR Member’s income from real estate is $117,900 compared to full-time realtors who make $52,200. WCR supplies their members with education, networking, referrals, marketing, leadership development and professional support materials. WCR’s Rochester Chapter is in the process of launching a marketing campaign to educate the public about working with a WCR Realtor Member, as well as additional press to promote our members. Please contact Mary Anne Cimbricz, 585-703-7355 or Kimberlie Barrett, 585-233-6111 to talk more about becoming a member.

Linda Wilson, one of the nominees is the 2009 WCR President; said “If it wasn’t for WCR, I wouldn’t be the business woman I am today.”

Terry Granger, Broker, Re/Max Plus

Bob Malone, sales manager of the Chili-Ogden branch of Nothnagle Realtors, earned the prestigious “Certified Real Estate Brokerage Manager” (CRB) Designation presented by the Council of Real Estate Brokerage Managers. The CRB is recognized industry-wide as the measure of success for real estate brokers and managers. REALTORS® earning the designation have completed a comprehensive program combining experience with management education.

The Council is a not-for-profit affiliate of the National Association of REALTORS® with almost 7,000 members in North America. Innovative and result-oriented programs, products and services are continually being developed to enhance the productivity and profitability of Council members.

Bob’s career has spanned over 25 years and achievements include serving as Chairman of the Greater Rochester Association of REALTORS® in 2000, and winning multiple Sales Master and Sales Master Gold awards for sales production. An active volunteer, Bob is involved with numerous community activities including Easter Seals, Hospice House, the REALTORS® Charitable Foundation, and his church. Married to his wife Beth for over 25 years, Bob is the proud father of two girls. In addition to the CRB, Bob also holds the Certified Residential Specialist (CRS) and Graduate REALTOR® Institute (GRI) designations.

Bob can be reached at (585) 349-6000.

Nothnagle Realtors held its annual awards event on January 30, 2009, at the Doubletree Hotel. Marcia Glenn, Associate Broker with the Penfield branch, was recognized as the company’s top sales agent for 2008.

Licensed in 1992, Marcia has been affiliated with Nothnagle Realtors her entire real estate career. She has been in the “Top 30” since 1994 and has been the #1 agent in the Penfield branch for several consecutive years.

“Marcia’s hard work and dedication have placed her in the top 1% of all Realtors in the Rochester region,” said Armand D’Alfonso, President and CEO of Nothnagle Realtors. “Marcia is a dedicated professional and takes great pride in providing exceptional service to all of her clients. Her impeccable attention to detail and unique marketing strategies consistently exceed people’s expectations time and time again.”

“Marcia is very dynamic, passionate and fun to be with. She is a loyal friend and a proud mother and grandmother. In business, her clients are her top priority and she frequently goes above and beyond the duties of a Realtor. Marcia genuinely cares about each and every person she works with and takes great pleasure in helping them achieve their dreams. It is an honor to work with someone so determined, knowledgeable and professional,” said Marcia’s business partner and Nothnagle Realtors Sales Associate Christie Nasello.

Marcia serves all of Monroe County and the surrounding areas and has over $150 million in career sales. Since 1994, Marcia has been the recipient of numerous awards, including Sales Master, Sales Master Gold, Sales Master Platinum and the Zenith Award. She is an accredited Domestic and International Relocation Specialist. Marcia is a lifelong resident of Rochester and she strongly believes in the strength of our community and all that it has to offer. Her expertise, passion and ability to get the job done deliver a truly extraordinary experience to all of her clients.

Contact Marcia Glenn and The Glenn Advantage Team at 248-1064.

This past month there was a 0.6 percent increase in monthly closings and a 5 percent increase in homes listed for sale as compared to December of 2007 according to statistics released by the Genesee Region Real Estate Information Service (GENRIS), the information subsidiary of GRAR. The median sale price for our area is down 0.4 percent at $117,000 year-to-date. 

Locally, Monroe County finished 2008 down 12.8 percent in number of closings year-to-date compared to 2007 while the City of Rochester ended ’08 down 14.9 percent. 

The surrounding counties of the Greater Rochester MSA, specifically Yates County showed positive activity all throughout 2008 ending with a 3.2 percent increase in monthly closings year to-date. 

With holidays and the weather as it is this time of year, a seasonal slowdown in the market is to be expected. However, we urge residents of our region to be optimistic about our market – while we may not experience the housing booms that have occurred elsewhere, we are also fortunate that we do not experience the dramatic decreases in sales either, as other parts of the country currently are. Interest rates are historically low and real estate is local.

CONTACT:

Chuck Hilbert, President Greater Rochester Association of REALTORS®, Inc.

930 East Avenue, Rochester, NY 14607 • (585) 732-6181

Bob Maves was named “Mentor of the Year” and Patti Kesselring was honored as “Humanitarian of the Year” by the Rochester Chapter of the Women’s Council of REALTORS®. The awards were distributed at the WCR annual holiday event held last month.

Bob Maves, Associate Broker and Branch Manager of Nothnagle’s Pittsford office, was nominated for his coaching style and commitment to the success of every agent in his office. He also has served in the past year in a leadership capacity at the Greater Rochester Association of REALTORS®, on their Board of Directors and as Chairman of the Genesee Region Real Estate Information Service, Inc. (GENRIS), which manages the local Multiple Listing Service (MLS).

Patti Kesselring, an Associate Broker with the Pittsford branch of Nothnagle Realtors, won “Humanitarian of the Year” for her dedication and commitment to numerous organizations and causes within our community over the years. In 2008, Patti headed up a team for the American Cancer Society Walk and a fundraiser for the Al Sigl Center, in addition to activities to raise awareness and funds for breast cancer research.

Chuck Hilbert, President

To President Chuck Hilbert, the Greater Rochester Association of REALTORS® (GRAR) plays an important role not only in the success of its members, but also for the work it does on behalf of this community.

“GRAR and its members are the voice of real estate for the area,” Chuck says. “In a time when municipalities are adding taxes and raising fees to close budget gaps, GRAR’s members are fighting to protect the issues of home ownership and personal property rights,” he adds, “Our members are also strong advocates for Rochester not only through advocacy but also by way of volunteerism and community involvement.”

A Rochester native, Chuck began his 22 years in real estate as part of a family firm — Hilbert Realty Inc. — and went on to run its Webster office.  In November 2008, Hilbert Realty merged both of its offices into Keller Williams Realty Greater Rochester.  Chuck is the Operating Principle/Broker in charge of this office.

Prior to being elected as GRAR’s President, Chuck was on the board of directors for six years. He has been very active on many committees at the Association.  He is also very active with the New York State Association of REALTORS® (NYSAR) and is on its Board of Directors as well as on the Board of Directors of the Delegate Body of the National Association of REALTORS® (NAR).

Chuck has earned the GRAR Sales Master Gold and Platinum awards, and the 2003 GRAR REALTOR-Associate® of the Year.  In 2005 REALTOR® Magazine, a national publication for the real estate industry did a feature article on Chuck and his wife Tiffany and two children CJ and Rachel.

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Carolyn Stiffler, President-Elect

Carolyn Stiffler, ABR, e-Pro, SRES, has served on the GRAR Board of Directors since 2004. Becoming a Real Estate professional in 1989, Carolyn has owned and operated her office – Carolyn Stiffler Realty – in Greece serving her clients with dedication and expertise since 1999.

In 2006, Carolyn was named the Business Person of the Year by the Greece Chamber of Commerce.

Citing her as a success story and an example for others, in June 2006 State Senator Joe Robach named Stiffler a 2006 New York State Senate “Woman of Distinction.”

“Carolyn is one of those success stories that we can proudly share with our daughters, sisters, and neighbors and who will serve as an example for achievement and excellence for our entire community,” stated Senator Robach. “Her name now joins that of other women such as Lucille Ball and Eleanor Roosevelt, whose accomplishments, sacrifices and deeds on behalf of others are deserving of special honor,” he added.

Carolyn was also the recipient of the Women’s Council of REALTORS® – Rochester Chapter’s first ever “Businesswoman of the Year” Award in 2007. Presently Carolyn is part of the New York State Association of REALTORS® “Leadership Academy” and is in training for a future leadership role at the state level. She currently serves as a NYSAR Board of Director and will sit on several committees for 2009.

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Steve Babbitt, Treasurer

Licensed since 1979, Steve is an associate broker with RE/MAX Realty Group. With 30 years experience in real estate, Steve Babbitt has demonstrated a longstanding commitment to the real estate industry and holds numerous prestigious designations: Certified Residential Specialists (CRS), Internet Specialist (e-PRO), Graduate Realtors Institute (GRI), Transnational Referral Certified (TRC), and most recently Certified International Property Specialist (CIPS). Steve has earned the GRAR Salesmaster Gold and Salesmaster Awards and has sold over 1,500 homes in his career.

Prior to being elected Treasurer, Steve was on the Greater Rochester Association of REALTORS® Board of Directors for two years. He is also currently in the middle of serving a 3-year term of Director for the New York State Association of REALTORS®. As Certified Residential Specialist (CRS), Steve was president of the CRS Chapter of New York State for 2004-05 and last year was on the Chapter Policy Review Board for the National Council of Residential Specialists.

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Rob Reimer, Secretary

Licensed in 1983, Rob is an associate broker and has been a Senior Manager for the last 15 of his 25 years with Nothnagle REALTORS®.  Over his career, Rob has demonstrated a longstanding commitment to GRAR serving on numerous committees including Communications, Member Services and Grievance to name a few.

Rob is a Certified Real Estate Exchange Advisor and has been a member of the Appraisal Institute since 1986.  Aside from having his Certified Buyer Representative (CBR) designation, Rob has the recipient of many real estate awards: Nothnagle “TOP 25”, Gold Circle New Home Award, and Nothnagle Home Securities “TOP 30” Award.

As the Board Secretary, Rob’s responsibilities include monitoring the accuracy and timely distribution of meeting minutes; presiding at meetings in the absence of the President and President-Elect, as well as, serves as a voting member of the REALTORS® Charitable Foundation (RCF) Board of Directors. \

RISMEDIA—A federal mortgage interest buy-down program would help spark the housing market, the National Association of Realtors® said in a letter sent Monday to James B. Lockhart, chairman of the Oversight Board of the Federal Housing Finance Agency. NAR seeks a 4.5% mortgage interest rate buy-down program financed through the U.S. Treasury Department’s Troubled Asset Relief Program.

In the letter to FHFA, NAR shared three potential implementation procedures for a federal buy-down plan:

- TARP would fund the payment of points at the individual level.

- The Federal Home Loan Banks would raise funds by selling below-market-rate bonds to the Treasury Department for them to make the 4.5% interest rates available to lenders.

- Fannie Mae and Freddie Mac would purchase mortgages at the 4.5% interest rate but pay lenders the market rate.

“The buy-down program would complement other initiatives and help stabilize, stimulate and revitalize the housing market,” said NAR President Charles McMillan, a broker with Coldwell Banker Residential Brokerage in Dallas-Fort Worth. “We must address the foreclosure crisis and increase housing demand. Lower interest rates and foreclosure mitigation are two sides of the same coin. Together they represent the key ingredients to stabilizing the housing market and preserving communities and homeownership.”

NAR has calculated that a 1 percentage-point decrease in mortgage rates would result in an additional 500,000 home sales.

In addition to suggesting that TARP assets be used to buy-down mortgage interest rates, NAR has recommended other principles that would help create long-term stability by ensuring that safe and affordable mortgages are available throughout the nation:

- The higher loan limits passed in the economic stimulus bill earlier this year should be made permanent.

- The federal government should ensure sufficient capital to support mortgage lending in every type of market.

- The temporary $7,500 tax credit for first-time home buyers should be extended to all home buyers and the repayment requirement eliminated.

Courtesy of RISMedia.com  

RISMEDIA—Buying and selling residential real estate can be complex and confusing, particularly amid a process rife with misconception. To dispel common real estate myths, Robert Jenson, CEO of The Jenson Group at RE/MAX CENTRAL, offers some “truths” to help real estate consumers better navigate the home buying and selling process:

MYTH: All Realtors are created equal

TRUTH: Real estate agents vary widely in terms of experience, skill, ingenuity, accessibility and ability to produce results quickly and smoothly, among other key factors. Interview at least 3 agents, and come prepared with a list of questions you plan to ask. What is their track record? How do they market listings? Do they have a team to help show your home or does the responsibility fall on one particular agent? Due diligence is key to finding a representative prepared to work hard and who will be available to answer your questions along the way.

MYTH: Home inspections should wait until an offer has been presented

TRUTH: Even before listing a home, sellers should hire professionals to inspect the property including the roof, pool, and other structural elements, as well as for termites and other important buyer considerations. Make all repairs before you list the house on the market. Today’s buyer is discriminating and has many choices – don’t give them a reason to have concerns. A complete list of the completed inspections and repairs should be made available to serious buyers, which will go a long way in expediting the process at large.

MYTH: All negotiations start with a buyer submitting an offer

TRUTH: Sellers do have ways to kick start a negotiation, such as a “Reverse Offer.” Consider that one buyer who has been back for a second or possible third look, but hasn’t pulled the trigger. Make them an offer! Yes you, as the seller, should put something in writing and submit it to the buyer’s agent. This will create an opportunity for the buyer’s agent to sit down with his or her client and potentially help close the deal.

MYTH: Only home sellers – not buyers – need a real estate agent

TRUTH: Purchasing a home could be the most important and complex financial transaction you engage in, and going it alone is risky. Indeed, a buyer’s agent can save you time, hassle and thousands of dollars. Take time and care when selecting a real estate buyer’s agent – find someone you can trust, and that you have a good rapport with.

MYTH: Buyers should wait to secure loan approval until they’ve found a home they want to buy

TRUTH: Many buyers want to find the “perfect” home before having their credit pulled, which can backfire when an offer is on the table and time is of the essence. It’s wise to get pre-approved for a loan even before you view your first home. Your credit report may contain inaccurate information that you were not aware of, which can be a time consuming process to rectify. Or, you might not like what loan program you qualify for, or you might qualify for a higher loan value than you thought. Ultimately, you will need a pre-approval letter with your offer, so do yourself a favor and do this in advance. It’s free, after all.

MYTH: There is no real benefit to “shopping” for a mortgage among multiple lenders

TRUTH: A difference of even half a percentage point can mean a considerable savings over the life of a loan. For example, the difference in the monthly payment on a $100,000 mortgage at 8% vs. 7.5% is about $35 per month. Over 30 years, that’s $12,600. Be a smart consumer and comparison shop for the most favorable mortgage rates and terms.

MYTH: All real estate agents charge the same commission percentage

TRUTH: Not all agents – and agent packages – are created equal. From full-service agents to discount agencies, make sure you know the type of professional you are hiring and what EXACTLY they are going to do to sell your home. An agent that can professionally market your home above and beyond the MLS listing will increase your exposure within the marketplace, which will lead to a higher selling price and less days on the market. Will your agent incur costs to give your home that visibility? Find out, so that you may take everything into consideration when establishing the commission percent. Despite what an agent might say otherwise, commissions are always 100% negotiable.

Courtesy of RISMedia.com