New home building permits in the Rochester area were down in the 1st QTR of 2009 by 98 permits. In 2008, 239 permits were applied for in Monroe, Wayne and Ontario counties and in 2009, 141 permits were applied for. Part of the decline was due to an unusually snowy and cold winter that did no allow builders to get early starts for the spring selling season. Although this is not unusual, the past few winters have not been as harsh and building continued almost without interruption even in those winter months. “Although building starts are down, the builder confidence level is up”, said Dawn Aprile, Chairman of the Rochester Home Builders’ Association. “Builders are reporting that traffic at their model homes has been very good the last few weeks as the weather has improved and the drop in interest rates is certainly a positive factor as well. Contracts are being written and we should see part of the decline made up in the 2nd QTR.” Aprile said.

Figures for new homes dropped by 77 permits in Monroe County from 158 in 2008 to 81 in 2009. Wayne County permits decreased by 19 from 29 in 2008 to10 in 2009. Ontario County remained consistent with 50 new home permits in the 1st QTR of this year versus 52 in 2008.

Chief Executive Officer of the Rochester Home Builders’ Association Rick Herman indicated that overall the builders are pleased with business comparing it to other parts of the country. “Comparable markets in the south, mid-west and west coast are experiencing much different and not so favorable conditions. Our area is very stable economically in large part due to the stability of our housing market. Our area builders recognized that a slow down in building was likely to occur and planned accordingly. When final 2009 figures are tabulated, we do expect 2009 to be similar to 2008 and we further expect that 2010 will be back to normal. That’s good news for the builders, but also the hundreds of other local businesses and thousands of jobs that depend on new home construction in our communities.”

In 2009 the Rochester Home Builders’ Association (RHBA) and its nearly 400 business members are celebrating the association’s 75th anniversary. Incorporated in 1934 the Rochester Home Builders’ Association is one of the original eight associations that helped to form the National Association of Home Builders (NAHB) in Washington, D.C. Seventy five years later NAHB has more than 800 chapters across the country, and the Rochester Home Builders’ Association is one of the strongest and most active of the 16 chapters in New York State. The RHBA is a trade association of home builders, remodelers, general contractors, trades, suppliers, lending institutions and many other businesses that support the building and remodeling industries. Find out more at www.rochesterhomebuilders.com.

Uncertainty Kept Potential Homebuyers Guessing

REALTORS® Remain Optimistic About Housing Market’s Future

In spite of a sluggish 2009 First Quarter, local area REALTORS® continue to be optimistic about the future of the local real estate market. Statistics released by the Genesee Region Real Estate Information Services (GENRIS), the information subsidiary of the Greater Rochester Association of REALTORS® (GRAR), show that Greater Rochester REALTORS® sold 1,648 existing single-family homes in First Quarter 2009, a 33.4 percent decrease, compared to the Fourth Quarter 2008 and a 22 percent decrease, in contrast to First Quarter 2008. Although a reported decline in sales can be attributed to potential buyers’ concerns about the economy, initial expectations by the local real estate industry for the upcoming spring/summer season are pointing toward a more active market. GRAR also reported a pending sales surge of 23.5 percent in First Quarter 2009, as compared to Fourth Quarter 2008, which they attribute to an increase in first-time home buyers, in response to the recent federal tax credit stimulus and record low interest rates.

“We continue to be optimistic about the Rochester market,” said Ryan Tucholski, GRAR Chief Executive Officer. “Although our local real estate industry has been a little slow compared to last year at this time, the Rochester area has not experienced the dramatic downturn that many other cities across the country have encountered.”

Tucholski emphasized that the resilience of the Rochester area market can be attributed to stability in home values. “People believe that owning a home is still one of the best investment options they can make.”

“The soft housing marketing this past quarter was not unexpected, as many would-be buyers were stranded on the sidelines by the economic news of the day and held there by the uncertainty of the federal government’s response,” said Chuck Hilbert, GRAR Board of Directors president. “We are hearing from our members throughout the region that potential homebuyers are showing more interest and buying homes.”

The median sale price for the region dropped only slightly to 3.4 percent to $105,000 in First Quarter 2009, compared to the same time frame in 2008.

Nothnagle Realtors proudly announces that the company has been ranked the 34^th most productive company in the country on two national surveys. The surveys were released by REAL Trends 500 and RIS Media.

Both reports rank the largest residential real estate firms in the nation based on varying sales criteria. Nothnagle is ranked 34^th most productive company based on transaction sides for 2008. The surveys are considered the most trusted standard of measuring the performance of national real estate firms.

Last year, Nothnagle was ranked 36^th on the surveys. While some companies moved up on the list due to acquisitions and growth outside of their primary market area, the move up for Nothnagle was based solely on growth within Rochester.

While 2008 was a difficult year for real estate, Nothnagle’s market participation hit an all-time high. In the 61-year history of the company, the greatest growth spurts have occurred in challenging markets.

“It is a testament to the expertise of our local agents, combined with Nothnagle’s history of innovation and our comprehensive advertising programs, that our company could achieve this level of success at the national level,” stated Armand D’Alfonso, President and CEO. “Nothnagle is unique among some of the survey participants in that our business is based in the Greater Rochester region and we have fewer agents doing more transactions.”

With the traditionally heavy home buying season just around the corner, you may be thinking about putting your house on the market. But before you do, it is important to think about home improvement projects that will not only add value to your home, but make it stand out in the crowd.

Brad Staggs, HGTVPro.com and DIY show producer and host, and a licensed contractor, offers tips for homeowners preparing to sell their home. “The most important thing is to update the most visible areas—common gathering rooms like the den and kitchen. But don’t forget the front and back yards. Prime home-buying season coincides with spring and summer, and that first impression, your home’s curb appeal, can make all the difference.”

1. Molding: icing on the cake.

“It’s amazing the difference a little bit of decorative wood molding can make,” says Staggs. “Frame out a picture window, add deep crown molding to a high ceiling, even a simple chair rail in a guest bathroom changes the entire look of a room.”

2. Front porch first impressions.

Your front porch is often the first thing a potential homebuyer will see. According to Staggs, it should be in perfect shape. “Add a fresh coat of paint to brighten the front of your house. Nice wooden Adirondack-style chairs are welcoming, especially when enhanced by bright flowers in colorful pots. You want your porch to signal the start of something wonderful!”

3. Look behind you.

Don’t neglect the backyard! Outdoor living spaces grow in popularity each year. Impress potential home buyers with a backyard to “die for”—overflowing garden boxes, some nice wooden outdoor furniture, a charming gazebo and perhaps a new deck. “Spend a few weekends dressing up your backyard before everything blooms,” suggests Staggs.

4. Floor them.

Nothing says “welcome home” like the feel of smooth real wood floors. Easily installed and completely affordable, wood floors enhance any decorating style.

5. Add a visual surprise.

“Find something cool to add to a room in your home, a little visual pop no one will expect,” suggests Staggs. “Like adding bead board panels to a kitchen island, then painting it a funky accent color.” Staggs also offers his thoughts on choosing appropriate building materials. “As a consumer, the most important thing you can do is to buy sustainable. Choose natural building products, those that truly fit the definition of ‘green.’ One of my favorite materials to use in any home improvement project is Southern Pine. It is real wood, so it’s not just strong and beautiful, it’s also recyclable. Southern Pine in the U.S. comes from well-managed and well-maintained forests; forests that are in better health now than they were a century ago!”

This article is courtesy of RISMedia.com. Looking to sell or buy a home? Contact your local REALTOR® today who can provide you with the necessary expertise to make your experience a positive one. 

The American Institute of Certified Public Accountants (AICPA), one of the nation’s largest non-profit professional organizations representing more 340,000 CPAs across the country specializing in the area of tax, accounting, auditing and personal finance, suggests the following steps to minimize the risk of foreclosure:

Step 1) Make your payments on time and call your lender if you’re going to be late
If you think you’re going to be late making a mortgage payment, the first thing you should do is to pick up the phone and call your lender. Often times, lenders are willing to work with you if you are upfront with them and tell them in advance when you are facing a problem. They will frown on you if you fail to pay on time and do not alert them to your current financial situation.

Step 2) Ask your lender how a foreclosure would impact your credit score
If you decide that foreclosure is the only possible solution for you, you need to understand that it will impact your overall credit score. Some experts say it could lower your score by more than 100 points. Be sure to ask your lender your credit score will be affected should you choose this option.

Step 3) Identify a decision maker at your lender; keep accurate records
Make sure you are speaking to the right person in the right department who has the authority to work out a solution with you. Be sure to take careful notes from each conversation you have, including the name of the person with whom you spoke, their contact details, and the key points from the discussion.

Step 4) Talk to your lender about alternatives
When you are in this kind of situation, don’t be afraid to ask for “forbearance.” Forbearance is a request to suspend your payments, or to temporarily reduce your payments for a short period of time.  If you request this option, be sure to have documentation that shows that you are trying your best to pay the bills. These documents may include recent pay stubs, a letter of intent if you recently accepted a new job, and bank account statements.

Step 5) Watch your monthly budget and expenses.
Managing your monthly budget can be difficult and frustrating, but it is nevertheless one of the ways to help you get a handle on your expenses when you are trying to figure out a solution to your mortgage situation. One of the most important aspects of controlling your budget is to determine where your money is going. The CPA profession has created free tools and calculators to help you better manage your monthly budget. This free calculator can be accessed on the 360 Degrees of Financial Literacy web Site: “Homeowners’ Tab” in the tools section (see address below).

By entering your income and monthly expenditures, you can see how much you have left to save and where your money is being spent. In addition, you can click the “View Report” button to compare your budget breakdown to ideal targets, which can help identify areas for improvement.

Step 6) Do additional research.
Visit the CPA profession’s Web site at www.360FinancialLiteracy.org for free articles, calculators and resources to help you with personal finance issues such as home ownership and debt management. In addition, the US Treasury has additional resources available to the public on this topic. This information can be accessed at: http://www.treas.gov/topics/financial-markets/.

Courtesy of RISMedia (www.RISmedia.com)

Looking to sell or buy a home?  Contact your local REALTOR^® today who can provide you with the necessary expertise to make your experience a positive one.

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