The Brite House

SOLD On the Idea

2012-01-12T08:27:00.001-08:00

The most common type of listing agreement, the "Exclusive Right to Sell," is also likely to be the most effective. It entitles the listing agent to a commission regardless of who sells the property. If another agent comes up with a buyer, he or she splits the commission with the listing broker.

As far as the seller is concerned, this type of agreement assures that the agent (who is guaranteed a commission when property closes) will make a diligent effort on his or her behalf to find a buyer. Full service of this type involves analysis/research, advertising/marketing, displaying, counseling, and negotiating. The reward for both seller and agent is a sale within a reasonable period at the best possible price.

At Walther REALTORS our goal as real estate professionals is to help you be truly happy with any real estate decision you make.

Note: With an Exclusive Right to Sell, the owners cannot sell the property themselves without paying a commission unless an exception is noted in the contract.

NEWSLETTER- Fall/Winter Edition

2011-11-20T05:13:00.000-08:00

The Brite House has been in syndication for 15 years. The newsletter gets mailed three to four times a year to our mailing list.
We still mail the newsletter but also offer content to our readers on-line. This is our Fall/Winter edition for 2011.

Have a Happy Thanksgiving and enjoy the holiday season.

In this edition:

- I-Square Changing a Community
- Quick tips for selling during winter and the holidays
- Celebrating 40 years in business

Thank you to all of our ad sponsors.

I-Square Promising a Better Community

With demolition of the first building came a new sense of hope for Irondequoit town residents. I-Square, the project that seemed impossible was going to happen. Mike and Wendy Nolan are owners and partners in this plan to revive Irondequoit and give it the shopping, entertainment and cultural district residents have desired for so long. The announcement of the project was made in a rather small way with the introduction of a facebook page and the details painted on the front window of the old Titus Hardware building. Little by little word made way through the town and the Nolan’s were interviewed by the press. As with any major change there are questions. Many, many questions. And one of the greatest things about the Nolan’s is their willingness and even eagerness to answer all questions and receive feedback and ideas from residents. They truly want I-Square to be spectacular and fulfill the desires of those who will be patronizing the shops and restaurants. This is a community project. And they have already proven that to be true with the open house offering people time to speak with Mike face to face and answer inquiries.

I-Square held an “Art Bash” asking members of the community to come forward and show off their artistic abilities. People were able to vote for their favorite paintings and the winners received prizes at the auction. There are plans for many more community involved projects in the future. Now that the development is underway the time line is very important. The first part of demolition will continue with the 2 houses on the current street called Stranahan, 1 house on Union Park, and the commercial building on Union Park. There is much work to be done on the infrastructure such as 2 different sewers that are being re-built from scratch and taking down the telephone poles and putting all power lines underground. The first new building will be completed early next winter located on the back left of Cooper Road Extension.

One of the best things about the I-Square plan is the amount of creativity going into the project. It seems like waiting a long time to see our town center development is what we needed to get the right people to make something happen. Most of the buildings will have themes. For example, there will be a stage building with an outdoor amphitheatre facing into what will become the official “I-Square.” The music theme may be supported by chairs in the shape of music notes. There will be an art building with a gallery and art store. And also a personal services building where you can stop at the tailor or salon. Further details to unfold as the project progresses.

Mike and Wendy Nolan plan on owning and maintaining I-Square long after the it is complete (roughly 4 years). They have no intention of selling off any part of the development for many reasons. Namely they want the integrity of the development to stay in tact, be cohesive, and continue to be under the same management. In a sense I-Square will never really be complete; it will continue to grow and thrive as businesses move in and make their own mark on our new town center. There will be an evolution of ideas and a place in our town to gather as a community and enjoy everything Irondequoit has to offer.

Demolition of the former Titus Hardware Building October 19.

For more information in I-Square visit their website http://www.i-square.us/ and find them on facebook

Steve Walther receives recogntion from the Irondequoit Chamber of Commerce for 40 years in business and serving his community. Pictured here with son, Greg and daughter, Erica- both are Associate Brokers.

Five Quick Tips for Selling During the Winter and Holidays

Make sure driveway and sidewalks are always cleared of snow and ice.

Show off outdoor spaces such as decks and patios by clearing off snow. And keep furniture displayed to maximize these amenities as selling features.

Less is more when decorating during the holidays. Keep many of your decorations stowed away so as not to distract potential buyers.

Keep house temperature at a comfortable level during open houses and showings.

Place boot trays and floor mats at front and rear entrances to help keep your floors clean.

TO VIEW WALTHER REALTORS PROPERTIES FOR SALE VISIT OUR WEBSITE - WALTHER REALTORS.com

Referral Program 2012

2011-11-16T04:14:00.000-08:00

Here’s your opportunity to win a weekend getaway at a beautiful New York State resort.

Simple Rules and Lots of Fun

1. Referral year is December thru November
2. For each Referral we receive, either for a listing or house sale, the referring person’s name gets placed in our “jar.”

We hold a drawing for the winner at the end of the year. The one winner whose name is drawn receives:

2 night stay at one of the following: Mirbeau Inn & Spa in Skaneatlas, Mirror Lake Inn Resort in Lake Placid, Otesaga Resort Hotel in Cooperstown

Spa Treatment

$200. Visa gift card

The winner can go anytime from January 1st-October 31st, 2013
*subject to room availability

Remember, we love Referrals! Thank you for all your past, present and future referrals!

Steve Walther

To learn more about the destination places visit their websites:

mirrorlakeinn.com

mirbeau.com

otesaga.com

Safety Tips for Realtors

2011-10-03T17:06:00.000-07:00

The following are safety tips for real estate agents during open houses and property showings:

Before showing a property have the client come to your office and provide you with their information. Never meet a new client for the first time at a vacant property.
If possible keep at least one other person with you at all times.
Always let someone know where you are going and how long you plan on being there. Check in often.
Be sure your cell phone is charged and emergency numbers are programmed.
Show properties and hold open houses before dark whenever possible.
Inform neighbors you are showing the property. They can serve as a lookout for suspicious activity.
Drive separately to showings.
Never park your car where it can be blocked in.
Upon entering a home determine evacuation routes in the case of an emergency.
When hosting an open house have all visitors sign in. Allow visitors to access the property through one door- making sure to keep side, rear, and garage doors locked.
Always walk behind prospective clients.
Come up with a fake scenario that allows you leave the property quickly in the event you feel uncomfortable. For example," I need to take this call." And exit.

It is important to always be cautious and trust your instincts!

Six Steps to Owning a Home- Bank Side

2011-08-18T08:14:00.000-07:00

The following are six steps toward owning a home on the finance side. Your REALTOR can also assist you in obtaining a mortgage and consult with you on affording a home.

1.Determining a mortgage payment you can afford.

Many times you can qualify for a bigger mortgage than you may feel comfortable paying. Calculate how much of a house you can afford before looking. You don't want to find your dream home only to determine that it is out of your budget.

2. Pre-Qualify

Visit a local lender to determine the dollar amount of the mortgage or purchase price you qualify for. Pre-qualification is based on income, debts, available cash, and credit history. A buyer may also have to provide job history and a debt to income ratio.

3. Submit the Application for Mortgage

This typically happens after you have a signed purchase contract on a property.

4. Rate Lock

At the time you submit your application you have the option of locking your rate which means your mortgage will be based on the current mortgage rate that day. There is also the option of waiting or "floating" the rate. Check with your mortgage lender on terms and conditions.

5. Coordinate Your Closing

After your application is approved a closing coordinator will assist you as you get closer to your closing date to ensure that all documents needed are signed and given to the correct parties.

6. Closing

At closing you will sign all the legal documents and pay necessary fees. You will receive the keys to your new property.
Congratulations. You are a home owner.

http://www.realtor.com/realestateandhomes-detail/3620-Saint-Paul-Blvd_Irondequoit_NY_14617_M35671-6142

Mortgage Programs

2011-08-03T07:58:00.000-07:00

Conventional Mortgages

5% minimum down - five percent of purchase price
Fixed or adjustable rates available
Closing costs may be financed (check with your lender for terms and amount)

SONYMA

For first-time buyers or US Veterans* (those who have not owned a home within past 3 years)
Owner- occupied properties only
Minimum 3% down payment
Purchase price and income limits apply

For more information check out the NYS Homes and Community Renewal Website.

FHA Mortgages

FHA insured loans are a type of federal assistance and have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower's behalf. Depending on the loan-to-value ratio, there may be a monthly premium as well.

No income limits
Minimum 3.5% down payment
Required federal government mortgage insurance

VA Loan

The only mortgage product with NO down payment
No private mortgage insurance
Relaxed credit qualifications
All-time low interest rates
For more information click here

http://www.realtor.com/realestateandhomes-detail/3620-Saint-Paul-Blvd_Irondequoit_NY_14617_M35671-61421

The Property Must Sell

2011-07-25T13:26:00.001-07:00

Sellers have different reasons for listing their property. Often times the situation is not dire, they simply want to be in a different neighborhood, area of town, or would like more space. If their house does not sell, they may be disappointed, but not necessarily in a bad spot.

However, there are many scenarios where the property must sell and owner's are feeling the pressure. For example, relocation, estate sales, medical issues, and job loss.

There are a few things to understand when selling under pressure. The sale price of the home years ago has no relevance today. Improvements that have been made will not bring back a dollar for dollar return. And improvements such as a roof, driveway, new furnace will make the property easier to sell but will not ensure a higher sale price.

It is important to keep in mind that a buyer will not pay a premium price simply because the seller feels their home is worth a certain amount.

If you are facing a deadline to sell, the Comparative Market Analysis (CMA) provided by your agent is the key to determining the initial list price because it reflects the average sale price - not list price. To sell quickly and stay ahead of the competition a seller should list the property below the average sale price or market value. Market value is what the buyer is willing to pay for a house. It is important to look at recent sales because a house that sold even a year ago may not reflect current market value.

If you need a quick sale, the best approach is to list under market value. An under priced home will seem like a bargain and attract more attention. It is always better to sell low sooner than to reduce the price and sell low later.

*image provided by google images

Cost v. Return

2011-07-13T09:38:00.000-07:00

What improvements give you the biggest return on investment? This can be a tough question to answer and quantify, however there are some definite ways to improve a property that will get a seller a better sale price.

HomeGain did their annual home improvement and staging survey. The marketing company surveyed nearly 600 real estate professionals to find out which DIY home improvement projects give sellers the biggest return on investment

The following are six projects under $1000 (amounts estimated) that made their list:

1) Cleaning and de-cluttering - Remove any personal items, clear off counter tops, organize closets and shelves, and make home sparkling clean

Cost $50-300
Return- $ 1,990

2) Brightening- Clean all windows inside and out, replace old curtains/blinds, update lighting fixtures, and remove any thing that blocks light from the windows (ie: china cabinet, bed frame)

Cost- $375
Return- $ 1,550

3) Smart staging- rearrange furniture, remove furniture to make room seem bigger and create a good flow, bring in new accessories and furnishings (could be from other rooms in the house) to enhance rooms.

Cost- FREE
Return- $2194

4) Landscaping enhancements- To create curb appeal and freshen up back yard add mulch, bushes and flowers. Maintain lawn and current plantings well.

Cost- $540
Return- $1,932

5) Repairing electrical or plumbing- Fix leaks under sinks, remove any mildew stains, and ensure all plumbing is in good working condition. Update the home's electrical with new wiring for modern appliances, fix any lights or outlets that do not work, and replace old plug points with new safety features.

Cost- $535
Return- $1,505

6) Replacing or shampooing dirty carpets- steam clean carpets, replace worn carpets, and repair any floor creaks.

Cost- $647
Return - $1,739

Other ideas for simple staging:
1) fresh flowers
2) sheer curtains
3) area rugs
4) outdoor furniture on decks and patios (even in winter)
5) bowl of fresh fruit in kitchen or dining room
6) new house numbers
7) new mailbox
8) wreath on front door

*image provided by google images

Improvements for Saleability

2011-05-20T03:31:00.000-07:00

When thinking of make improvements to your home, be very thoughtful as to where you are spending your money as well as time and energy.

If you are prepping your home for sale or know that you will not be in a home for more than a few years, it is important to understand what really adds value (money you may be able to recoup) and improvements that are necessary to make to ensure a quicker sale at a better price.

Many people make the mistake of spending money on their homes that they think will allow them to raise the potential list price. However, maintenance issues that come with every house such as exterior paint, roofs, driveway repair, and electric or plumbing issues that need to be resolved don't necessarily allow a homeowner to ask for more money with selling their. These items are called deferred maintenance. Buyers, especially today expect these things to be taken care of by the previous owner. They are not generally looked at as adding value but more as enhancing the overall saleability of the house.

Without maintaining the property, a seller is facing the lack of serious buyers, "low-ball" offers, or minimal prospective buyers willing to even view the property.

That aside there are improvements to be made that can allow a seller to add value to their property. Taking down wall paper and freshly painting rooms is not costly but makes any home more appealing. Ripping up old carpet and exposing hardwood floors is a huge plus. If the floors need to be refinished, it is recommended to spend some money doing this task and finishing the job with shoe moldings. Gleaming hardwood floors make the house look fresh and clean.

Outdated kitchens and baths are a huge sticking point with buyers. Remodeling these rooms does add value but you never get 100% return on your investment. In a kitchen it may be wise to choose parts of the kitchen that can be changed such as a new floor and back splash but leaving the cabinetry as is or perhaps painting it and adding new hardware.

Bathrooms are extremely costly to remodel. While a new bathroom will add value and will be very appealing to buyers, it may be risky to spend a lot of money to update a bathroom. This is a choice to be made very carefully perhaps with the help of a Realtor.

A seller has to ask themselves where is the best place to spend their money to improve saleability. Often times the answer is by taking care of deferred maintenance issues which can result in receiving a purchase offer closer to your asking price in a quicker amount of time.

Spending time and money to "clean up" the home and property is the most effective way to add value. Putting in all new windows- again, while attractive to buyers - will not give you a good return on investment.

In a real estate market where values are falling and there is an over abundance of homes on the market, sellers must be very conscientious of how to make their property stand out and increase traffic. It is extremely difficult in this market to get an offer. The goal is to get an offer from a buyer who really wants the property and is willing to pay a good price for the listing.

It is hard to sell any property as the homeowner because of the memories, time spent taking care of the home, and making improvements that you believe add value and should be appealing to potential buyers. Once the house hits the market many sellers are finding themselves disappointed by the reaction of buyers.

It is important to try and not be discouraged. Patience is key in a slow market. Listen to the advisement of your Realtor. Retain the feedback, and if there is something a seller can do once buyers have viewed the property consult with your Realtor as to whether it is necessary to make any changes to appease buyers.

*image provided by Google images

The Specialty of Specializing

2011-05-03T10:03:00.000-07:00

Walther REALTORS is proud to say that for 40 years we have been doing business with the residents of Monroe County. Being hired to facilitate the sale or purchase of a home is a huge responsibility. We are honored that so many people, sometimes multiple times have given us the opportunity to be their REALTOR. Throughout the years our office has become known as one who specializes in Irondequoit, Rochester and the northern suburbs. We formed a niche as an office that is extremely knowledgeable of Irondequoit– it’s homes, residents, schools, businesses and amenities.

From testimonials we have received feedback over the years that we provide excellent customer service, are attentive to our clients and customers needs, and our vast knowledge of the area makes us competitive. We specialize in Irondequoit, however a good REALTOR is one who knows the business, understands what buyers and sellers need, and helps make transactions go smoothly and close!

Examining each transaction whether it be in the suburb of Penfield or the city of Rochester, we focus on our agent’s capacity to serve the needs of the client.

We are proud to have our roots in Irondequoit. Our knowledge is unparalleled in the Rochester real estate market. We are also proud that customers and clients from all over the Monroe county area call us, refer us, and hire us to sell their property or purchase a home.

Think of your favorite restaurant. They have an amazing dish that gets people talking and in the door. There is also a complete menu of other items that are equally as popular and keep customers coming back. Success comes from being versatile, listening to your customers, and finding that one thing that makes you stand out.

Thank you for supporting us since 1971 and believing in the necessity of the small business and its place in the community. We appreciate all of our past, present, and future customers.

Why Isn't That House Selling?

2011-04-21T01:25:00.000-07:00

We hear this remakr all the time. "Something must be wrong with that house. It's been on the market for months."

In some cases, there are obvious reasons why a property has not sold- the list price started out too high, it needs things like a roof or is dated, or it is a unique property in need of a particular buyer like a home with an in-law set-up.

However, in the majority of cases at this time, houses are sitting on the market because there are fewer buyers looking to purchase a home. When the credit crisis hit and the nation saw banks and lending institutions closing left and right, the requirements for buying a house ie: good credit scores weeded out a vast majority of prospective buyers.

People with credit problems and insufficient cash to close found themselves locked out of the opportunity to get a mortgage. With banks having stricter policies to be approved for a mortgage the buyers that are able to get financing tend to be serious buyers. They are out looking at properties and they want to buy, especially to take advantage of the record low interest rates.

We have rebounded somewhat from the credit crisis. Prospective buyers from 2010 have been working on their credit and depending on how in depth their problems were, they may see resolve soon and will now be able to get financing.

But the lack of buyers is also due to the fact that people are nervous. They are anxious to make big purchases, upgrade for fear of job loss, the stock market, and other variables. We have seen an increase in activity in the Rochester market. This is a great sign not only for real estate but for the national economy. The status of the real estate market is a key indicator to our economy as a whole. If people are not purchasing properties (a very large investment) then they are probably not spending money on other things such as vacations, cars, home improvements.

There are many houses on the market right now. Buyers and sellers tend to get nervous about this. "Why are so many houses for sale?"

The answer is simple- despite a tough economy life goes on. People are downsizing due to age or personal finances, death, relocating, upgrading due to increase in family size. We are also in the "spring" market which tends to be busier because leases for apartments come up in late spring, people want to be settled in their new home for the upcoming school year, and in this part of the country we are unburied from our difficult winters.

Bottom line is that if you are looking to purchase, don't discredit a property simply because it has been for sale for what you deem a long time. Most often there is not a cut and dry explanation as to why a property has not sold. There is a buyer for every house. Maybe that cape-cod you've had your eye on for a few weeks is the one for you!

*image provided by Google images

Expectations When Listing Your Property

2011-04-17T08:53:00.000-07:00

The housing market in Rochester has not seen the drastic dips in property values like other places of the country. However, our home values have dropped. If you purchased your home less than 7 or even 10 years ago, it may be very difficult to get much more than you paid for it.

There are a few reasons for this. Rochester values only increased on average 3% per year. The recession has stalled those numbers and given us a stagnent market. Purchasing a property that was dilapidated and in need of some serious overhauling and getting it for way under market value may be one of the few ways to see an increase in what the market will bear at this point. Even then you have to look at the money you put into the property and weigh what allows you to list the house at a certain price. For example, putting a new roof on a home does not necessarily add value but it allows the homeowner to sell their home with less hassle. Buyers do not want to take on a previous homeowners deferred maintenance.

Determining your list price with the help of a real estate agent is the number one way to get your house sold. More and more agents are having to tell homeowners that the list price or sale price they had in mind may not be possible. Buyers determine the value of a property and one of our biggest problems right now is the lack of buyers. Many listings and few buyers mean that if a buyer thinks your house is overpriced or needs too much "work," they will move on to plenty of other potential listings for them to buy.

What to expect when listing?

Have patience.

There are some homeowners who are selling their properties rather quickly (within 2-3 weeks). But that is not the truth for the majority. This does not necessarily reflect the condition of the home but the simple fact that it is taking longer to find a buyer.

Get your home in shape.

Now more than ever homeowners need to step it up with repairs and overall appearance of the property before putting in on the market. Don't wait to get the "feedback" from buyers that the carpet is worn, the rooms need to be painted, or there is too much clutter. In a fickle market with buyer's who do not have a sense of urgency, you may only get one shot to make that first impression.

Look at the comparable sales.

What the current market is showing in terms of home sale prices and days on market will be a reflection on selling your own home. Even though each property is different, the same rules apply. The buyer has the advantage. If you list your house properly from day one, you have a better chance of getting a price closer to what your "bottom line" is and selling in fewer days or months.

Condition and price. Condition and price. The 2 most important things when selling a property.

Spring Prep

2011-04-04T16:18:00.000-07:00

Now more than ever it is important to have your property in top-knotch condition when putting it on the market. There are many inexpensive things a homeowner can do to get their property in shape before being viewed by prospective buyers.

Clean the windows- for crystal clear glass sponge on then squeegee off soapy water. Use horizontal strokes on one side of the pane and vertical strokes on the other to make streaks easier to spot. Buff out small scratches with toothpaste. To remove paint specks or sticky lables, dampen and scrape off with a plastic razor blade

Renail gutters- If your gutters are sagging, one of the spikes that secure them to the fascia board may have come loose.

Deep clean the house-

Here are some surprisingly good cleaning agents: 1) Baby wipes- use fragrance free wips to eliminate dust and dirt from antique furniture without marring fine finishes 2) Ketchup- polish dusty or dull spots in a copper sink. Ketchup acts as a mild acid. Sponge clean. 3) Nail-polish remover- Erase everything from paint splotches to ink stains from laminate floors by adding a few drops of an acetone formula to a rage and spot cleaning 4) Oven cleaner- dissolve drain stains on a white enameled cast-iron tub witha coat of oven cleaner. Let sit for an hour or two and then scrub with steel wool.

Add to your curb appeal

Make buyers want to come inside the house. Changing the color of shutters and the front door can create a whole new look for your property. Add a wreath and welcome mat to polish off the entry. Create more depth on the facade of your house by adding window boxes and shutters.

Liven up your landscaping- Prune and trim shrubbery, remove dead or unsighlty bushes. Add a splash of color to front gardens. Hanging baskets and planters at the entry or on a patio or deck make the home seem more inviting.

These are just some examples of simple ways to make your property stand out. With a large amount of houses on the market, you want buyers to keep your home on their list and potentially come back for a second look- and make an offer!

Calling Irondequoit Home

2011-01-14T06:52:00.000-08:00

Rory and Tracey Fitzpatrick are like many Irondequoit couples. Both originally from Irondequoit, they met in high school, married and started a family. However, Rory’s career as a professional hockey player allowed them the opportunity to visit and live in many different cities throughout the U.S. and Canada. After having children they bought their first home in Irondequoit. As their family expanded they purchased a bigger home in Irondequoit and seven years later have made many improvements to make the home their own.

Rory played hockey for the Montreal Canadiens, Rochester Amerks, Buffalo Sabres, Vancouver Canuks, St. Louis Blues to name a few. Many people in their position may have considered moving their family from where they have always called home to make life easier. Rory and Tracey both agreed that while many of the places they have visited have nice features, there is nothing like Rochester, especially Irondequoit. They both commented that having family support was always very important to them. Allowing their 4 children to make a life in the same town where they group up was a conscious choice.

“There’s something about Irondequoit that makes it different. Being able to hop on your bike and ride forever on the side walked streets make our town unique,” said Rory.

Rory is enjoying his first year of retirement after a 15 year career playing hockey. Their children are ages 6, 8, 9, and 12. Rory and Tracey are both content to continue building their life in Irondequoit, creating new memories and traditions.

Maximize Selling Features During Winter

2011-01-11T13:47:00.000-08:00

Every fall and winter we are questioned whether or not a seller should wait until the spring to list their house. The answer is no. Real estate transactions occur every day, every month of the year. In a climate with season change the perception is that the cold wintry months are a deterrent for buyers. The real estate market is cyclical. But season is not the only factor in this trend. The economy and interest rates are other contributing factors as to why a market may be slow at times. We always emphasize that while December can have less action than most months due to the holidays, prolonging the sale of you property or taking it off the market may, in fact be detrimental to your ability to sell your home.

Many sellers choose to list in the spring or take their home “off the market” after Thanksgiving. This reduces the inventory greatly. Take advantage of less competition by choosing to keep your home multiple listed during the holiday season and winter months you are increasing your chances of exposure because the inventory has shrunk. We have sold houses in snow storms, days before and after Christmas because if the house is for sale, there is always a potential buyer out their waiting to find the right home that suits there needs and situation. During the holidays we see many out of towners visiting family and friend who are looking to move back to the area. They are ready to buy and your home may be what they are looking for.
The following are some tips for staging your home during the holiday season and winter months to help maximize its value and showing potential. All at little to no cost!

Lighting-
Because most buyers will be viewing a property after sunset it is important to showcase the inside and the outside with proper lighting. Consider using a flood light to show off the architectural features of the home and enhance curb appeal. Add lamps to rooms and use higher wattage bulbs when necessary to brighten up interior rooms.

Seasonal Décor-
When selling during the holidays it is important to consider leaving some of your decorations tucked away. Less is always more when staging a home. You want to give a warm seasonal feel without inundating the buyer so that they cannot focus on the architectural features of the home. It is also important to have clear traffic patterns in the rooms and show off the space in the best possible way. Be choosey with your holiday decorations. You may have to stow away some of your bigger decorations while your house is on the market.

Show off exterior selling points-
Despite snow fall and cold temperatures highlight your deck, patio or outdoor sitting area. Remove the snow, set up outdoor tables and chairs, keep the grill out just like you would in warmer months. Help buyers envision themselves making your backyard part of their lifestyle. If you have a deck, make it an extension of your home. Staging the space with a table, chairs, and outdoor pillows that play off interior accents make the indoor space seem larger and more inviting.

Show off your spring and summer landscaping-
Display photos of your gardens and landscaping during warm months. A digital photo frame is an excellent tool for showing buyers what the exterior of the home and the yard are like when everything is in bloom. If the property has a garden(s), make a list of the perennials that are planted and where they are located. Landscaping can be very expensive and time consuming. Many potential buyers will be pleased to learned the seller has invested time and money on the yard.

Clear walkways and driveway-
Don’t’ forget to clear your front and rear walks; a snow-filled driveway is unappealing right from the start. A seller wants to make it easy and comfortable for a buyer to enter their home. Trudging up to an entrance in deep snow can be a turn off. Keep plenty of rugs at the entries so buyers can clean off and remove their shoes. Also, by clearing off driveway, decks, and patio you are giving a buyer the true sense of their size. A double wide driveway is a great selling feature but only if they know it is there.

D-D-Deflation

2010-10-13T08:27:00.000-07:00

There are so many reports and articles about the state of our economy and the future of our economy. It is hard to keep up with the massive amounts of opinions regarding where we stand right now and what it means for the future.

As with all topics that run rampant through the media there are buzz words, new terminology, and down right scary statistics.

But what are the facts?

This information comes from DeflationAlert.com

What is deflation?

It is a general decline in prices, income, and credit. Right now our country is experiencing all three. Times have drastically changed and the shift is toward a time of less credit use- at least in the private sector.

Even though incomes did not increase, the amount of spending did and in order for this to happen consumers relied on credit. For twenty years this was how our economy thrived and not surprisingly, the bubble burst.

This harsh reality has changed the temperament of our country. We went from spend, spend, spend to penny pinching and frugal. I have never seen so many people returning cans and bottles at the grocery store or cutting out coupons to use when going out to eat for dinner. People are paying off debt such as vehicles, credit cards, etc. either by choice or because they must (foreclosure).

Allocating funds to pay off debt instead of pouring money into the marketplace is killing our economy. Therefore, the government is borrowing at a record pace, pouring funds into the economy as fast as it can.

"The action-the destruction of capital through the repayment of debt- is what is causing deflation."

"Over the past 2 years our debt outstanding as a nation has declined! Deflation is already occurring, and more is ahead. As banks continue to fail, and as lenders confront the reality of the loans on their books, more losses will be taken."

What Now?

2010-05-09T09:27:00.000-07:00

The stimulus is over. We will now have to see how the real estate market weathers the economy. There is now less incentive for first time buyers to purchase a property. Without the $8000. tax credit many potential buyers may not want to risk purchasing a property in an unsteady economy. Many people are still unsure about their employment.

Sellers may be less inclined to make a move up without the $6500. tax credit. The interest rates continue to be low, but buying a pricier home may be have to wait until we see the economy stabilize more.

That being said real estate transactions will always take place. People have to buy and sell for many different reasons- relocation, death, downsizing for budgeting reasons, etc. There are many parts of Monroe County that continue to have very affordable housing in wonderful neighborhoods with great schools. As stated in the past Rochester has been noticed across the country as a very desirable place to live. Many people complain about the taxes in NYS but our home pricing and quality is unmatched compared to most parts of the country.

Currently there is high inventory of properties on the market. More for buyers to choose from but this can also create a greater number of days on market. Consult with a Realtor who specializes in your area because right now pricing your home properly from the beginning is key in getting a quicker sale for the most money.

Check out the 2 surveys to the right. Your feedback is important to us.

Referral Program

2010-01-30T19:08:00.000-08:00

2010 marks our 39th year in business. We are so grateful to all of our clients and customers for supporting us through the years.

To help show our appreciate for referrals we receive, we have a Referral Program.

For every referral that we receive that results in a sale, we put the referring person's name in a jar. The drawing happens in December of every year.

What can you win?

A trip to Key West, Florida.

2 airline tickets
6 nights in a local hotel/B&B

If you refer someone to Walther Realtors make sure they let us know. You could be spending a nice vacation in the warm and sunny keys.

The Real Estate Stimulus

2010-01-14T09:10:00.000-08:00

We are on the second round of the stimulus package to first time buyers and now current homeowners who have owned a residence for at least 5 years. The $8,000 tax credit to first time buyers opened up our real estate market in 2009 and instilled confidence in buyers, sellers, and those who work in the real estate and mortgage industry. A stagnant real estate market in our area received a much needed boost, and homeowners who had been thinking of selling or attempting to sell were able to be successful. I explained to sellers that even though (at the time) they were not receiving a tax credit, the stimulus would affect them because there would be more buyers out there ready, willing, and able to purchase their home. And they were buyers with excellent credit! The stimulus package worked on many levels allowing people to stop renting and make an investment and those who needed to downsize or upgrade to sell their current home and purchase a property that better suited their needs.

The stimulus has been extended and now that the holiday season is officially over, the market is picking up. We hope to see a successful outcome with the addition of the $6,500 tax credit to homeowners or the Repeat Buyer Tax Credit. Another important fact is the owner does not need to sell their current property to receive the credit. They can keep their current residence, purchase another property (i.e. a cottage or summer home), and still receive the tax credit.
Also SONYMA has announced an alternative to their Down Payment Assistance Loans. Advancing the full tax credit towards the purchase of a home, the Tax Credit Advance Loan (TCAL) may be used towards the down payment, closing costs, and prepaid expenses. The borrower will repay the loan from the Federal Tax Credit which they will receive after filing their 2010 tax return. They have until June 30, 2011 to repay the loan in full amount without interest.

We are lucky to have affordable housing in Monroe County compared to other parts of the country. Business Week ranked Irondequoit as one of the “best places to raise your kids.” Low interest rates and the buyer tax credit should give our local economy a surge in confidence. Remember, however that banks and lenders have tightened their criteria for obtaining loans. If you have questions about your credit score or what you can do to clean up your credit, make an appointment with a REALTOR. For more information on the First Time Buyer and Repeat Buyer Tax Credit visit The National Association of Realtors website- http://www.realtor.org

To Lease or Own

2009-12-28T08:29:00.000-08:00

As seen in Erica's monthly real estate column, "Real Property Realism"
in Connecting Rochester Magazine.

America is built on entrepreneurship, small businesses sprouting out of someone’s basement or garage-low overhead, lower risk. When it comes time to consider moving your growing business to a storefront, you must consider the difference between leasing versus owning a space. There are pros and cons to both alternatives.

If you have an established business, making the move to rent or purchase office space may be a little less stressful. You should be able to put together a budget and figure in the cost of the lease or mortgage payment. The following are some thoughts on purchasing a property. When you own your business space, you are free to make any changes, including making room for another office or rental apartment to help share the overhead. You are in control of your property when it comes to parking, maintenance, and improvements. Also, you have obtained an investment. Most people in small business build personal wealth by buying a piece of property because often times the value of real estate goes up more than the business itself.

However, in order to purchase a property for business purposes you are tying up a significant amount of cash. You will be taking on a debt service that includes insurance and cost of maintenance like plowing, garbage pick-up, etc. Owning a commercial property or purchasing a building/house to use for business may be good for some but not worth the commitment for others. It does depend on what type of business you operate.

Kevin Mulcahy, owner and operator of Mulcahy Landscape and Design currently leases a building to house his trucks and equipment. Ultimately he would prefer to purchase a property but location is what made him decide to lease. “Most of my business is in the Irondequoit area, and there are few options for purchasing property,” he states. “The lease works for me because it keeps me close to my customers.”

One thing to take into consideration for a lease contract is length of the term, usually 2-5 years. The landlord wants to secure space for a certain amount of time. If you need to change the office area and make improvements to suit your business, make sure you consult with the landlord before signing the lease. The owner will often do the work for you and divide the cost by the terms of the lease over the duration of your agreement; this is on top of your lease payment. In other words, an extra cost per month. Small landlords may make you do the improvements on your own dime. When you leave the space, you do not receive back any of the money you invested in someone else’s property.

However, leasing allows you to come up with less cash, and you are not tied to the space for the long term. Usually there is an option to leave after 2 years. There should be a payment schedule set for the length of the lease in advance. An important consideration is whether there is expandable space for your business. Is there a chance you will you outgrow the space? It can be hard to predict how quickly your business will grow if this is a concern. This is why a 2 year lease that has the option to be renewed may be your best bet.

Steve Walther, broker/owner of Walther Realtors moved his real estate business from his home to a converted house in 1986. The house was a former doctor’s office, with the other half used as a rented residence to balance out the costs of owning the property. “I purchased the property due to its highly visible location and the ability to convert the existing dwelling into what suited my needs. “ In 2000, Mr. Walther expanded his real estate office, created another office to rent out and made a smaller apartment on the second floor.

There is a lot to consider when you need to have a storefront for your business. The option you choose, lease or purchase, and where you choose to lease or purchase can play a huge role in your business’ success. Consider all of your options and do not settle on a location. There are many things out of a business owners control such as the economy, but this decision is all yours and may just be the reason why your business flourishes.

Facts About Radon Testing

2009-11-20T07:18:00.000-08:00

Usually radon tests are performed on an "as requested" basis by a buyer. Over the years there has been an increased concern of radon levels in the home. Radon testing has become commonplace in the home buying process. However there are often many questions surrounding radon screening tests. The following information is intended to help answer some of the common questions and to address confusion that is frequently expressed.

What is Radon gas?

Radon is a radioactive gas. It is the result of a natural breakdown of uranium in the ground, including soil, rock and even water. This gas seeps into a house because most homes periodically have negative air pressure. In other words, they are sucking in air.

Testing for radon is not a test to determine whether there is or is not radon in the house, but instead it is a test to determine how much radon exists. It is also important to understand that any home is susceptible to a radon problem. This includes homes with or without basements, old homes, new homes, etc. The EPA (Environmental Protection Agency) has indicated that when a person breathes air containing higher concentrations of radon, they have an increased risk of acquiring lung cancer.

At the present time the EPA has recommended efforts to reduce radon levels in a home if testing indicates that the levels are currently at or above 4.0 pico Curies per liter. Some questions have been raised recently about whether the EPA intends to lower the "accepted level", but at the present time 4.0 pico Curies per liter remains the threshold level.

The EPA has also indicated that radon testing should be performed under "closed house" conditions. Specifically, all windows and exterior doors must be closed at least twelve hours prior to the start of the test, and also for the duration of the test. Testing lasts a minimum of forty-eight hours. Normal "in and out" traffic is allowed during that time, but the doors and windows must not be left open. Once again, it is important to understand that EPA establishes these rules in order to ensure accurate testing. All windows must be kept closed during the test, not just those windows in the immediate vicinity of the testing device. This is basically done to simulate how the house normally is (on average) throughout the year.

In regards to the use of air conditioners we would offer that central air conditioning systems can be used during radon testing since they do not allow for the free exchange of air between the exterior and the interior. Some window and wall mounted air conditioning units do not assure conformance with closed house conditions and, as a result, in many cases window-mounted air conditioners should not be used during radon testing.

Where is the test done?

According to the EPA, radon testing should be performed in the lowest livable level of the home. In most cases this means that the basement becomes the test site, assuming that it is a full depth basement. Whether the basement is currently finished living space or not, it is considered a livable level even if the basement does not have an abundance of headroom. Crawl spaces would not meet these criteria. In many old farm houses basements are of minimal depth and, as a result, could not be used as workshop space or "livable space". In these instances the first floor would then be tested.

The radon testing device should be placed in a somewhat central location of the lowest livable level. It should be placed an appreciable distance above the floor (typically at least 20 inches). It should not be placed directly adjacent to an exterior wall, near windows, near venting appliances (furnaces, water heaters, clothes dryers, etc.), in a closet, or next to a drainage crock or sump.

There are various testing devices that can be utilized for radon screening. Charcoal canisters are the simplest type of testing device. They are accurate, but they have their limitations and can be prone to false-positive readings in some situations. They are clearly not tamper-resistant. Most reputable radon testing firms utilize electronic monitors. These monitors take air samples continuously throughout the duration of the test period, measuring the levels of radon in the air during the test. The levels of radon will vary throughout the test, and the final result is the average level during the test. The highly accurate monitors that are utilized by our office also monitor temperature, relative humidity and barometric pressure. In addition, the monitors have a tilt-detecting mechanism. This provides some tamper-resistance.

It is important to understand that the radon levels in a home vary over time. In fact, the levels vary from hour to hour, let alone day to day, week to week or month to month. As a result, the screening tests that are performed are essentially a forty-eight hour "snapshot". A similar test performed at a different time in the same house will usually render a slightly different result, although it would probably be a result in the same range as the first result. There have been times when we have performed tests that have resulted in radon levels just above the 4.0 piCu/l threshold. Sometimes, buyers or sellers will opt for a second test. The second test result might be higher or lower than the first result. This is not because one test is more accurate than the other, but instead because the tests were performed at a different time. One logical approach would be to average the two test results to determine the average level of exposure in the house over the two 48 hour snapshots.

What do you do if your radon level is over 4.0-

Active radon mitigation systems are routinely installed when testing shows radon levels above 4.0 pico Curies per liter. These systems are relatively easy to install, and the cost of operation is minimal. Essentially, most radon mitigation systems provide a means to suck air from beneath the basement or slab floor and exhaust it to the exterior through the use of a simple PVC pipe and an in-line fan.

Radon levels are quite unpredictable, and it is not possible to predict with any appreciable accuracy what the levels of radon might be in one home versus another. One house on a street may have a level of radon higher than 4.0 and the house across the street or next door may have a reading below 4.0.

For more information visit this website:
http://www.health.state.ny.us/environmental/radiological/radon/maps_statistics.htm

Any individual or firm performing radon tests must do so in concert with an approved and licensed laboratory and all testing devices must be calibrated and approved for use. You should specifically ask anyone under consideration for radon testing whether their testing equipment and protocol meets these criteria.

This is an example of what a testing device looks like. You can also buy home kits.

Homebuyer Tax Credit Extension

2009-11-11T07:29:00.001-08:00

With the extension of the homebuyer tax credit we hope to see the real estate market continue to have steady activity. The new credit was lowered from $8000 to $6500 but homeowners who have lived in their residence for five years are also eligible to the tax credit.

*There must be a written, binding contract to purchase a property in effect on April 30, 2010. The purchaser will have until July 1, 2010 to close.

Frequently Asked Questions:

Q: I am an existing homeowner. On October 25, 2009 I signed a contract to purchase a property. I have lived in my current home for more than five consecutive years and am within the new income limits. I will close on November 25. Will I qualify for the new credit?

A: YES. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of the contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Q: I am an eligible first time buyer. I entered into a contract to purchase on November 1, 2009. Do I have to close before December 1? How does the extension affect me?

A: You do not have to close before December 1. Due to the extension it is as if the November 30 deadline never existed.

The Flood of Foreclosures

2009-11-05T06:37:00.000-08:00

It is no secret that the number of foreclosures on homes has reached an all time high. However, why have they not reached the Multiple Listing System?
In a normal market a bank will repossess a property a usually process it through a listing agent within 30 days. Today with roughly 400-500,000 properties repossessed over the past year, they are not yet on the market.
Lenders and servicers office explanations as to why it is taking longer to process foreclosed properties that it has in the past:

Many of the properties have title issues that need to be resolved
Many of the properties are in states of extreme disrepair
A number of states have strict redemption-rights periods which prevent the lender from reselling the property.
A few states have extended the length of eviction proceedings
The volume of REO's (foreclosed properties going into the MLS) has slowed down the process; there will be roughly 10 times the number of REO's this year as in the last "normal" year, 2005

There are many agents and buyers waiting for these potential "bargain" properties to come on the market. The banks often price them according to market condition but are also willing to take less than a homeowner to increase their chance of unloading the property and saving as much money as possible.

The New Credit Card Act

2009-10-19T08:48:00.000-07:00

I am sure many of you have seen one if not all of the following things occur regarding your credits cards:
1. interest rate
2. unfair fee
3. decrease in credit line

These changes were probably made without any notification and have negatively affected your credit scores. Credit card companies have been in control making the consumer feel ineffective at managing their credit.

To make matters worse it was reported that credit card providers collect around $15 billion in penalty fees each year!

There could be some good news.

The Credit Card Accountability, Responsibility and Disclosure Act of 2009
( aka The Credit Card Act)
Signed into law on May 22, 2009. Provides some of the most proactive credit card consumer legislation in 60 years. "The Act" is important and anyone who has a credit card should understand it's basic principles.

There are 2 key provisions:

1. Until August 19, 2009 consumers were only given 15 days notice of their interest rate change. Now, they must alert you 45 days prior to any change. This gives you the chance to call your credit card company and offer an explanation for the whatever situation may have arose. Try and renegotiate your interest rate. If they won't budge, take your business elsewhere.

2. Card holders will now have 21 days instead of 14 to make their payments. This is a huge plus for consumers who are fighting to keep on top of their bills and those who travel a lot.

The most significant portions of the law go into effect on February 22, 2010. Here are some details:

No unfair changes-
Credit card issuers will not be able to change your credit status at anytime, for any reason. If you miss a payment with one creditor, another cannot automatically increase your interest rate or drop your credit limit, which can often affect your credit scores.

Restrictions under 21 years of age-
Consumers under the age of 21 will need a co-signer or a job in order to get a credit card. This will help limit the number of young, college age card holders.

Over-limit Fee Control-
Card holders will no longer be able to exceed their limit without having the card holder's permission to do so. If you have not agreed to allow over-limit exceptions, your card will be declined thus saving your credit score.

Late fees-
If your credit card provider charges late fees, they must clearly disclose them on your monthly statement.

Credit Card Agreements-
Creditors will now be required to have a copy of your credit agreement for you on a website.

As we have seen it is crucial to actively mange and monitor your credit profile to ensure you are fully aware of any changes.

Historic Rehabilitation Tax Credit

2009-09-30T08:00:00.000-07:00

The New York State Historic Rehabilitation Tax Credit program was enhanced from 2008. This is thanks to the Preservation League of NY. They led a diverse coalition of business and municiple leaders, preservation organizations and environmental groups to help enhance this program. The goal is to stimulate downtown and neighborhood revitalization in municipalities that need meaningful economic development tools.

The following are the changes made:

Rehabilitation of Historic Properties -Commercial:

credit percentage increases from 6% to 10% of qualified rehabilitation costs (NYS credit is now 50% of the federal credit rate)
Credit cap increases from 100K to $5 million
Establishes transferability among business partnerships

Historic Home ownership Rehabilitation:

credit cap increases from $25K to $50K per residence
Qualifies historic housing census tracts at or below 90% State Median Family Income (SMFI)
Establishes credit rebate provision for homeowners earning less than $60,000

More Help for First Time Buyers

2009-09-28T15:26:00.000-07:00

In the state of New York first time buyers will receive more financial help. Governor Paterson announced on September 1 that New York will offer a federal income tax credit. The NYS Mortgage Credit Certificate (MCC) will enable first time buyers to claim a tax credit equal to 20% of their annual mortgage interest costs, potentially saving the average home buyer about $1,500. each year.
MCC can be used to reduce a home buyer's tax burden for every year the mortgage loan remains outstanding. With an MCC, 20% of the amount paid in mortgage interest becomes a tax credit than can be deducted, dollar for dollar, from a homeowner's federal income tax liability.

Sample savings:
$150,000 purchase at 5.25%- principal and interest= $829.50
$829.50 x 360 months = $298,620.00
$298.620 - 150,000 purchase price = $148,620 interest
Tax credit over life of loan equals 20% of interest
20% of $148,620 = $29,724 income tax credit

For more information consult with your mortgage lender or REALTOR.

Sign Up, Sign Down

2009-05-14T13:17:00.000-07:00

A Realtor's job is easy to sum up- sell a property in the quickest amount of time for the most money possible. One of the reason's Walther REALTORS is remains a strong presence in the very competitive industry of real estate is because we have the basic job a Realtor mastered. There are many other job descriptions of a Realtor that classify one as effective or ineffective. For example, knowledge and expertise help to keep deals together. This is the biggest job of a Realtor. Once the contract is signed there are other negotiations to deal with like the Property Inspection or Well and Septic Test. But a sale is not complete until it closes. A good Realtor will keep tabs on their contracts until it closes because there are many things that can arise during the wait time to close. In this tough economy some buyers get scared of losing their jobs and consider backing out of the deal. However, it is important to inform the buyer of all the positives of buying a home right now- $8000 tax credit to first buyer's, historically low interest rates.

When working with sellers Walther REALTORS is an asset. The consumer knows we are experts, have years of experience, provide the best customer service, and get houses sold. Our listings tend to sell quickly and smoothly so you won't see our FOR SALE signs lingering around for months at a time. Some people think it is a good thing to see tons of signs on properties; they believe it reflects that company is doing a good job. However, the sign should go up and come down in the quickest amount of time possible. As stated before that is what marks the success of a good Realtor.
**But, remember a good Realtor needs the help of the seller in order to be successful. Price and condition are the most important factors in selling a home. The Realtor knows what price point will get the house sold because they have the experience of selling properties. Suggestions to help the property show better should be strongly considered. Buyers are very picky and will pass on a house for what may seem like the littlest reason such as old carpet.

Prepping Your House For Sale On The Cheap

2009-04-30T16:05:00.000-07:00

Here are some suggestions for getting your house ready to put on the market at little or no cost.

1. Clean- Do a deep cleaning of your house. Scrub grout and seal natural stone. Scrub flooring. Rub out scratches and nicks on walls and wood floors (Magic Eraser works very well). Wipe down kitchen cabinets, back splash and appliances. Steam clean carpeting.
A clean, fresh smelling home will win you points with buyers every time. Sense of smell is one of the biggest senses to play on. If your house smell musty, stale or like pet odor, often times buyers will not even pay attention to anything else about the house.

2. Lighting- Filling rooms with natural light is crucial. Using bright light bulbs in every room enhances the overall look of the rooms and has a major impact on buyers perception of the home. You don't want rooms to be gloomy and dark.

3. Paint- This is the most inexpensive way to spruce up a room in your house. However, don't spend too much time and effort on painting every room because a potential buyer may not like your color choice and simply re-paint when they move in.
When is it a good idea to paint?
-If a room is full of scuff marks and/or holes
-If the color is very bright and unappealing (like neon or super dark), then choose a very neutral color like beige or light brown
- Do touch ups if you have leftover paint. No need to paint the entire room.

4. Rearrange or remove furniture- Make clear traffic patterns throughout the rooms. Don't make your living room or dining room an obstacle course. Take out large pieces of furniture that make the room seem small.

5. Clean out closets- Cramped and full spaces make them seem smaller than they really are. This goes along with the idea of de-cluttering your home.

6. De-clutter- You want people looking at the architectural aspects of the home and not your stuff. Clear off counter tops and dressers. Show off book shelves and cabinets by limiting the amount of items in them. A little goes a long way.

7. House plants and flowers. They add texture and warmth

8. Make the entry inviting. It is the buyer's first impression. Change out your mailbox. Paint the door if necessary. Place a brand new welcome mat at the door.

9. Replace Some Items
-cabinet handles and pulls can be money well spent. They update the look of the cabinets with out having to replace them. You can even spray paint the old hardware of kitchen cabinets. If they are bright brass, you can can bring them up to date by spraying them a more modern color like pewter or dark bronze.
-Replace worn door knobs and handles
-Sink faucet and fixtures
-Toilet seats and rugs in bathroom

10. Power wash the house and wash windows.

11. Clean up the yard and gardens. Buyers will drive by listings before deciding to make an appointment. Don't let them get turned off and eliminate your home because the outside looks unkempt.

Landscaping Tips

2009-04-13T16:00:00.000-07:00

Staging the outside is just as important as the inside. Here are some tips I picked up from REALTOR Magazine

1.Light up the outside

Good lighting allows buyers to see a home and also adds drama. Sellers should use low-voltage lamps to highlight branches of specimen trees, a front door, walk and corners of the house. However, less is better.

2. Use decorative architectural elements.
A new mailbox, planted window boxes. Colors should complement the landscape and home. Be careful not to overdo it.

3. Maintain a perfect lawn.
A perfectly manicured a lush lawn demonstrates tender loving care.

4. Add splashes of color.
Try and incorporate plantings that bloom in different seasons. Having color throughout your lawn and landscape during all seasons will ensure a beautiful looking yard.

Foreclosure Prevention Plan

2009-04-04T20:00:00.000-07:00

Along with the stimulus package, President Obama has made up to $200 billion available to boost investor confidence in the mortgage secondary market. He also made available $75 billion in incentives to encourage lenders and borrowers to refinance troubled loans. This is critical because of the destabilizing impact of high foreclosures and disresses sales, according to The National Association of REALTORS.
Plan details include the following:

Help for home owners making their payments but at risk of default. Home owners with a conforming loan could be eligible to refinance as long as their mortgage doesn't exceed 105% of the home's current market value
Help for home onwers already in default and in need of loan modification. For lenders that voluntarily agree to lower a borrower's payment so that it makes up no more than 38% of the borrower's income, the government would share the cost of lowering the mortgage burden further.
Doubled resources to Fannie Mae and Freddie Mac. To encourage investors to buy the secondary market companies' mortgaged-backed securities, the government promises to back them to up to $400 billion, twice the current amount.

The stimulus package and foreclosure plan are a good beginning to help solve the nation's economic distress. "By helping good people caught in bad mortgages, we are keeping inventory from being added to a market already under stress," commented NAR 2009 president Vick Cox Golder.

Go to the National Association of REALTORS website for more information

The Economic Meltdown

2009-04-01T08:17:00.000-07:00

“Economy does not lie in spending money, but in spending money wisely.”
- Thomas Huxley

The $8,000 tax credit to first time buyers seems to be working. This incentive coupled with record low interest rates (below 5% for 30 year mortgage) have made people get out into the marketplace and seriously consider buying a home. Their credit must be in good standing, and their score needs to be at least 680 to receive the benefit of the lower rates. We have seen first time buyers in their 40’s decide to take the plunge. We have also seen multiple offers on houses for sale. These are all good signs that the real estate market is perking up; it does not mean, however that our values are on the rise or that things are completely turning around. It is simply a step in the right direction.

Fortunately for us, Rochester seems to be weathering the storm better than many areas of the country. We are still facing higher unemployment rates, company downsizing and an overall nervousness about our personal economic condition. But, the thread we are hanging by may be a little stronger than others. Being a small business owner for 38 years I have been through 3 recessions. Times have been good and bad throughout my career. Understandably I am an advocate for supporting small– medium businesses. During times of economic crisis small businesses are the benchmark for our economy. Entrepreneurs often see a recession as an opportunity to start a new venture whether it is because they have been forced into retirement, laid off or simply want to try and capitalize on specialized loans and incentives out their to stimulate the economy. Now more than ever we should be paying attention to the small businesses in our community and elsewhere to support Americans earning a living by providing goods and services against the grain of the Big Box stores. Irondequoit has a wonderful Chamber of Commerce that supports the businesses in our community. Visit their new website to find out more information www.totallyirondequoit.com.

During times like this there is a feeling of helplessness and anger. With all that is coming out in the news about individuals taking advantage and stealing from people, it is hard to boil down the information and figure out what to do to change our lives and make it through this tough time. Every magazine on the shelves is talking about cost-cutting solutions. Investors are speaking about how to save your retirements and savings. Overwhelming is probably not even an appropriate word. Americans should be learning how to re-think their spending, living within their means, stop using credit as an alternative for living. When it comes to goods and services however, there are some things we cannot cut out, and this is the time to try and boost our local economy. Or at the very least, boost those Americans making and producing products and services in America– from a storefront or running a small business from their home.

If you have a present to buy, think about visiting a local shop instead of going to Target or Amazon for a quick find. It may take a little more effort, but if we try and buy local or buy from those who are providing a much needed service to our economy, we can rebuild our economy one step at a time. I am always trying to help out my fellow business owners by providing referrals in the hopes that the favor will be returned. I am a patron of our local restaurants and shops.

Check out our local printing companies instead of going on-line for business cards, etc. There is a wonderful toyshop in Fairport that may be one of the last of its kind locally. Also, handmade goods are everywhere. Visit www.etsy.com. You would be amazed at how many talented artists and craftspeople are out there doing what they love, working out of their homes and trying to make a living. Right here in Rochester we have a nationally known Stationary Studio that makes invitations of all kinds, announcements, etc. Visit her at www.bellacartastudio.com. Need a painting job done call J Coatings Painting and Design at 509-1280. They are an established business but have revamped and “set up shop” in Irondequoit. There are business owners that offer excellent framing for affordable prices. If you need something framed, you don’t have to go to one of the big craft stores here in town. Contact Klem’s Framing– maureenklem@msn.com. She runs a shop out of her home in Irondequoit. There is also an abundance of local artists who do fantastic work. You can find them through local art clubs and sales. We are also lucky to have such festivals as Corn Hill and the Clothesline Festival. And, for a little entertainment, there are many resources here in Rochester that are free or inexpensive. Pick up a free copy of City Newspaper for event listings. When buying groceries, take a trip to the public market and the local farmer’s markets. Here in Irondequoit we have several options for fresh produce and vegetables. We are lucky to have these resources right at our fingertips.

We can all make a difference in our economy when thinking twice about how and where we spend our money.

Median Sales in Irondequoit

2009-03-18T12:41:00.001-07:00

The median sale price is dropping as well as the number of sales in Irondequoit for 2009. Why is this if Rochester area sales are supposed to be steady?

Upon speculation I can come up with two reasons. The first is that Irondequoit is very affordable and generally attracts many first time buyers. They generally buy a property that costs under $110,000 or even under $100K. The majority of these sales normally happen early in the year while the "move up" sales ($150,000 and greater) tend to happen in the spring and summer.
The second reason for lowered sales prices in Irondequoit is the first stimulus started in the fall; some people took advantage then, and those deals who included many first time buyers closed January-March 2009.

Both of these factors are bringing the median sale price up until now. Watch it go up as we get further into the year, especially if the economy started to level off and people feel more secure about their jobs.

Economic Stimulus- Higher Loan Amount

2009-03-12T08:31:00.000-07:00

The stimulus package also includes a raise of the conforming loan limit to that of last year. The higher loan limit will permit more home buyers and homeowners to access lower interest rate loan as Fannie and Freddie will now be able to buy those loan. Jumbo loans (loans in the amount of $500K and up) yield very high interest rates. More people getting the ability to refinance at a lower rate and more people able to lock-in lower interest rate loans for home buying is great news for those in the higher-end of the market.

The high-end market had been stalled and some relief (at least up to the new higher loan limit) is now underway. The higher loan limit is likely to raise home sales on the high-end by 150,000 qualified home buyers in 2009.

*info provide by NAR

A Career in Real Estate

2009-03-10T16:28:00.000-07:00

Walther REALTORS is looking for new agents.

Why is now a good time to begin a career in real estate? The market has slowed down but real estate transactions never cease. Life changing events such as relocation, expanding families, death, and the need to downsize continually occur; thus, houses go up for sale and people are in the marketplace looking to buy. The mortgage rates for loans have dropped to historical lows and may continue to drop. The tax credit for first time buyers has motivated new buyers to consider buying a home. For those that have been indecisive about buying a house, now is their opportunity. We have seen it working already. The spring market is opening up and people will be buying and selling.

If you have lost your job and are close to retirement but cannot afford to retire, being a real estate agent is a great alternative to supplement your income. If you would like to work at a second career part time and earn extra cash, real estate is also the perfect alternative. The independent contractor status allows individuals the freedom to make their own hours and build their business according to how much time they want to put in. The flexibility of hours also makes it appealing to many stay at home moms as well.

It is important to understand that building a career in real estate can take time.
Taking advantage of a slower market to build your name and get experience will work to your benefit. When things turn around, you will be ready to go with more knowledge and hopefully a
good client base. We have been in business since 1971. Our expertise and and reputation make us a great company to work with. We provide one on one training and on the job training where new agents "shadow" a more seasoned agent accompanying them to open houses and meetings with clients.

For more information please email us: info@waltherREALTORS. Put "career" in the subject line. We can outline how to become an agent and expenses involved in the investment of building a career in real estate. Consider now to be the time to take advantage of beginning a great career.

If you already have experience as an agent and would like to consider affiliating with us, please call or email us today. 585.266.5941. Ask for Erica Walther.

What is a short sale?

2009-03-09T10:43:00.000-07:00

Short sales are becoming a popular way to get out from under the debt of a mortgage without completely ruining your credit. The bank holding your mortgage agrees to receive a payoff amount that is less than what you owe on your mortgage allowing the bank to retrieve some of its investment. It is beneficial to the seller because it prevents them from going into foreclosure and completely ruining their credit. And, the REALTOR and lawyer are able to get paid for their services.

If you know that you owe more than your house is worth (or you even suspect that you will not receive a high enough sale price to cover your expenses), and will not be able to pay your REALTOR, attorney and other closing costs, a short sale should be investigated with your attorney before listing your home with a REALTOR.
Not all short sales are approved. The following is the list of items the bank requires in order to seek short sale approval.

Some of the steps below should be done ahead of time like collecting data regarding pay stubs, tax returns and talking with a lawyer. Other steps happen once a signed contract is received for the property. The bank wants to see that the buyers are credible and the price is competitive with other sales in the area.

A checklist for short sale foreclosure:

Cover letter on law office letterhead
Copy of summons and complaint
Copy of default letter with arrears and legal fees
2 most recent pay stubs
Hardship letter that is handwritten
2 most recent bank statements
Most recent tax return
Worksheet with gross monthly expenses
Listing agreement
Contract of sale
Copy of proposed settlement statement/ closing statement (HUD-1)
Appraisal of property
Signed Retainer agreement
Signed authorization
Repair estimates with photos
Comparables
Proof of funds/ pre-qualification letter

For more information on Short Sales, visit the National Association of Realtors website

If you have any further questions or comments, please post a comment below and we will answer in a timely fashion,

Where Rochester Ranks Nationally

2009-03-05T17:31:00.000-08:00

Our market is labeled as stable because Rochester never saw the skyrocketing prices like other places in the country. Forbes Magazine listed Rochester as #15 out of 25 on their list of strongest markets. Buffalo, Syracuse and Albany join Rochester on the same list. There were hundreds of markets analyzed and none of them are expected to see a rise in values. Rochester's median price is expected to lower in 2009 but see an upswing in 2010; this is not expected in the vast majority of U.S. markets. The big cities seeing the largest decrease in median price are Phoenix, Las Vegas and San Francisco.

Tax Credit for First Time Buyers

2009-03-05T10:53:00.002-08:00

How the tax credit works:

must be a first time home buyer (haven't been a homeowner in the past 3 years)
it is a clean refundable credit. If the &8,000 is greater than the tax you paid, then you will get a refund check for the difference. Example: you owe $2,000 in taxes on April of 2010. But, if you bought a houose before the stimulus expiration (Dec. 1, 2009) then you will get a tax refund check for $6,000 from the IRS. Some individuals variations will apply, so consult with a tax expert.

Even if you are not a first time buyer, this tax credit can have a positive affect on the ability to sell your home in a soft market. If you own what is considered a move up home, you too should feel the affects of this stimulus on the sale of your home. If the buyer who want to purchase a more expensive home need to do it subject to the sale of their current property, they may be relying on the tax credit to bring more buyers to look at their home. Hopefully this large tax credit (that does not need to be paid back) will give first time buyers confidence to purchase a home. The lower interest rates also make buying a home more affordable. Buyers have to make sure that their credit is in good standing or it will be nearly impossible to get approved for a mortgage. However, there are many potential buyers out there who have been holding off on purchasing real estate because of fear of losing their jobs. They have good credit and savings; they need a boost of confidence to make the move.

For those that need or want to buy a bigger home and/or more expensive home, this may be your opportunity. The lower interest rates can give you more buying power, and it may be easier to sell your current home if there is an influx of buyers coming into the marketplace.
Something to keep in mind is the deadline of the tax credit. The property must close by December 1, 2009. That seems far away now ,but it will close in fast if buyers don’t begin to get out in the marketplace soon. If there is a long line of contingencies starting with a first time buyer, the time needed to close all of these transactions can be lengthy. It may be a good idea to get your house on the market sooner than later. If it takes you 60 days to get a contract on your home and it is contingent on the sale of another property, it may be another 60-90 days before it closes. That is five months from now.

Use this tax credit to your advantage whether you are a first time buyer or a seller looking to find the buyer. But, the government put a deadline on it for a reason- to boost the economy and restore consumer confidence. Don’t wait until June to put your house up for sale because you just may lose out on the benefits of the tax credit.

Irondequoit's Real Estate Market

2009-03-05T10:53:00.001-08:00

I have seen numerous cycles in the real estate market since 1971. Irondequoit is attractive in the down cycle because it is affordable. Irondequoit is good for move up homes and first time buyers. We are a very diverse community ethnically and economically. The schools are excellent,and it is a great place to raise a family.People often ask us why our values don’t increase more and yet our taxes continue to rise. Home values in Irondequoit rose steadily in the booming real estate market in 2002-2004. During today’s down turn, we are still seeing a small rise in value while other suburbs are either stagnant or experiencing negative growth. Our tax rates are high because we have little industry and commercial property in Irondequoit. We are unique in the fact that we are a closed in suburb - surrounded by water (which is an attractive asset to our community). A suburb like Henrietta has lower taxes because of the amount of commercial property in that area. Irondequoit is growing and prospering with many projects in the works including The r\River and the Lake and the Bay in the Seabreeze area. Another factor to point out as we move ahead is that Irondequoit has already renovated most of its schools, while other communities are now trying to find ways to pay for these projects.

Is Bigger Really Better?

2009-03-05T10:52:00.002-08:00

We have seen stocks plummet on Wall Street over the past few grueling weeks. Big national banks and financial institutions are going bankrupt or being bought out. However, smaller locally owned banks and credit unions that have been serving the public for 50-100 years are still going strong, lending money and keeping their customers happy. There is a lesson to be learned about smaller businesses in general; in order to have continued success they need to work harder to keep your business. Customer service supersedes everything, and it is the key to longevity. Small to medium businesses build their reputation on performance and word of mouth. Walther Realtors has been in business for 37 years helping people make wise decisions about real estate transactions Anyone can spend a ton of money building their “brand.” However, trends show that the television market is fractured because digital cable offers hundreds of options for people. Surveys done by the National Association of Realtors reflect that the Internet is often times the first place buyers find the home they purchase or they find it through their agent. Print advertising is no longer an effective way to market a home because fewer people are paying attention to that medium to find homes for sale. In economic times like this what really sells homes? Success is attributed to the skill and experience of real estate agents & their office. Deals are harder to make and keep together. Time on market is extended and Walther REALTORS will guarantee the same high level of service throughout the entire listing period.We get paid for performance!
Contact us today for a consultation: 585-266-5941 or email us at info@waltherrealtors.com.

Buying Up in a Down Market

2009-03-05T10:52:00.001-08:00

It seems obvious that a first time buyer can take advantage of getting more bang for their buck in this real estate market. But, if you are looking to purchase your second or third home, how can you take advantage of a down market when selling? It is possible.
All prices go down, but not always equally. If you are looking to purchase in the same area then the values are most likely reflecting the same down-turn (or up-turn). The value of real estate tends to decrease or increase in percentages. For example, in today’s market we are seeing a 10% decrease in value of properties. If you want to upgrade your home, you too can take advantage of getting a good deal on a home because of the decrease in overall sale prices. You may receive less money on the sale of your home, but you will receive a bigger savings on your purchase. For example, if your property sells at $100,000-10% less than what it would have sold for at a loss of $10,000, and you purchase a home for $200,000 (a house that potentially would have sold for $220,000 in a different market) what you are gaining more than you are losing on the sale of your house.
When you are a buying and selling, you can take advantage of a “buyer’s market.” Interest rates are lower and sometimes the inventory is greater; therefore, you will have more houses to choose from. However, you must be the best possible buyer in order to receive that “deal” you are seeking. This means being able to go non-contingent. If you are approved for purchasing a home without selling your house first, that is the best way to compete. Or get your house on the market! Be realistic and price it competitively! Get a firm purchase contract, and then put your offer on the new property.

A Cyclical Business

2009-03-05T10:51:00.001-08:00

In the real estate market there are two different kinds of cycles where we see a slow down in the market, seasonal and economic. Seasonal cycles happen around the same time every year- July when people are vacationing and December due to the holiday season. These vary depending on the price range of properties. After the first of the year first time buyers start looking because their leases generally end in early Spring and they want to become homeowners. But, contrary to public opinion the mid-winter months are still a good time to put your house up for sale.
The cyclical economic slow-down is based on consumer confidence. As of now people are wary of making any large purchases. And, Rochester is also now facing the tightening of the credit market. Many people who once qualified for a mortgage are finding themselves deadlocked and unable to purchase a property. We have not seen a real estate market similar to this since the early 90’s prior to the first war in Iraq. But, even then the market bounced back fairly quickly. It seems as though this economic slow down in the real estate market may take a longer period of time to work itself out.
If you have to sell there are two key elements to try and maximize your sale price and ability to get a purchase contract: 1. Price according to the market; remember buyers determine the value of a property and 2. It is worth taking the extra time and a few dollars to spruce up your home. Buyers are very picky because they can be. If they don’t like one thing about your home, they can move onto the very large selection of other properties for sale.
At Walther Realtors we have seen the various cycles of real estate over our 37 years of business. We know how to handle buying and selling properties during a fickle real estate market. Call or e-mail today. 585-266-5941 or info@waltherREALTORS.com

Choosing a Real Estate Agent

2009-03-05T10:49:00.000-08:00

The public is often misled regarding the best way to choose a REALTOR. Often times they choose their agent based on ads in the paper or internet and much of the time, because they had no prior knowledge of that agent, they end up disappointed. Choosing a REALTOR, like most other professionals, should be based on receiving a referral from someone you trust. This can ensure that you will receive the service and results you hope to find when hiring an agent. Equate this decision to choosing other professionals such as a pediatrician. Would you choose your doctor based on an ad in the paper? When selling your home, most likely your largest investment, you need to be in the hands of a REALTOR who has longetivy for serving their clients with expertise and professionalism. A reputable agent will work hard for their clients because they want to continue receiving referrals, which makes up a large portion of their business. And, they receive many referrals because they have a long history of pleasing their clients and producing positive results. Walther REALTORS has been in business since 1971. We have prospered for 36 years due to our knowledge of the marketplace, honesty and professionalism.

Adding Value to Your Home

2009-03-05T10:47:00.000-08:00

Many homeowners wonder what improvements will add value to their home. It is wise to also think about what will be a good return on your investment and not “over improve” your home and price yourself out of the market. Even if you have no plans of moving, life’s unpredictability may find you selling your home unexpectedly. There are certain improvements that will almost always add value to your property, but keep in mind that it is nearly impossible to get a 100% return. While the Rochester area is not experiencing a decrease in property value, the market is stagnant and some areas of Monroe County are not seeing more than a small increase if any at all. Irondequoit was published as a 3% increase in 2006. Even if you purchase a “fixer upper,” be careful of overspending on your home improvements.If you are thinking of adding on to your home, give careful consideration to design. Many homeowners assume that more is better and that any addition that increases floor space will provide a great return on original investment at the time of sale. However, while prospective buyers may welcome additional square footage and amenities, they also pay careful attention to aesthetics. If an addition does not seamlessly blend with the original structure in terms of proportion, style and materials, it may actually be detrimental to a sale. A home addition should harmonize well with the original structure and neighborhood. Before building any addition or starting any remodeling be sure to consider the affect on value. At Walther REALTORS we can discuss possible additions and remodeling before you make a decision. This will help prevent you from wasting time and money on a project that will not increase the home’s value. We also know local architects and engineers whose services may be beneficial to you. If you would like to set up a consultation, give us a call 585.266.5941.It is essential to keep in mind that buyers do not consider new roofs and furnaces as improvements but necessary maintenance. Making these repairs and updates does not normally increase the value of a home dollar for dollar. When mechanicals are outdated and the exterior has peeling paint, etc. it is considered deferred maintenance and buyers expect to pay significantly less.Some of these repairs and improvements will help to get a quicker sale but do not always mean a higher price. They will allow your home to remain competitive against other listings. The “big budget” improvements such as kitchens, baths and additions may allow you to sell your home for top price, but even they are not a guarantee. Keep in mind that a home’s value is determined by many factors including location and current market conditions.Do not forget that minimal expenditures can still improve your chance of selling. This includes removing old wallpaper, touching up chipped paint and scuff marks, cleaning out closets, de-cluttering surfaces, removing extra furniture to make rooms appear larger, deep cleaning, washing windows inside and out, fixing odds and ends that may seem cumbersome to buyers such as missing outlet covers, etc. Changing hardware on cabinets and buying some new inexpensive light fixtures can also greatly improve the appearance of a home.