Federal Involvment In Housing Market Expands

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On December 23rd Congress passed and the President signed the extension of the payroll tax cut law.  Included in that bill was an amendment that, for the first time, will divert funds from Freddie Mac and Fannie Mae to pay for general government expenditures.  This action will increase the roll of the Federal Housing Administration (FHA) in the mortgage market.  FHA reserves are at historic lows. 

At the same time Congress closed the tax break on private mortgage insurance for borrowers with low down payments, the tax break expired on December 31st.  Elimination of the tax deduction raises the cost of private mortage insurance (PMI) making FHA insurance a more attractive alternative. 

The FHA has paid out $37 billion in claims related to bad mortgages over the past three year.

Realtors® are an excellent resource for finding home financing for buyers.  They know which lenders are offering which products and most importantly which lenders are able to close the loan.  Far too many lenders are happily taking applications (and collecting fees) but do not seem to be able to close the deal. 

Visit www.excelrealtorsny.com for some questions buyers and sellers should be asking before starting the process.  Making an offer or accepting an offer with a pre-qualification that is unlikely to close benefits no one.

Central New York With No Snow, what to do !

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Central New York residents have woke up morning after morning since November waiting for the first snow shoe to drop….and no snow. No snow AND warm weather , we are all talking about it and some grateful, skiers/snowmobilers/ice fisherman not so much.  But what it gives us is the opportunity to take advantage of the awesome parks we have here. Walk or run, day long or 30 mins., no skies or snow shoes needed.  It is a great time to get out to Beaver Lake Nature Center, Onondaga Lake Park or Highland Forest.   Starting February 4th Highland Forest offers their annual Valentines in the Forest.  Central New Yorkers GET OUT and take in this phenomena of winter without snow. (so far !)

Existing homeowners should be making “home value” lemonade…

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I am a lemonade maker…I would rather take my efforts and apply them to a positive outcome rather than a negative, there is always someone around the corner ready to drag you down.  So lets take the current market for home sales and look at the positive side of the reduced home values.  As a Realtor® we monitor home values on a regular basis as part of our job and recent trends see more people trying to sell a home at a loss time and time again.  With the sour taste it leaves with those home owners I dare say they are left with a basket of lemons.   As established homeowners in the same area, and not having to sell right now, you need to mull these lemons into lemonade !  Current homeowners need to look at their assessment based on the home values in their area. With a little research you might be able to add a cushion to your home value for the future and an assessment that follows home values will also look much better to a prospective home buyer, lower taxes mean lower mortgage payment for the purchaser.  As home owners we can’t do much about the current home sale prices but we CAN leverage them to our advantage.  Then sit back and enjoy of  rewards of our fresh made  “home value” lemonade.

Monarch Butterfly’s Migration from Central New York

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Save those blossoms for the temporary or permanent home visitor...

Monarch butterfly migration has begun !  They are stopping at every butterfly bush and nectar blossom they can to feed and begin their journey again.  I noticed this same phenomena a few weeks back on a Friday morning in several residential areas in Baldwinsville, and again in North Syracuse and in Brewerton. There were moving vans, self rentals it seemed on every corner.  Ahhh, the “big moving day” had arrived and an early start to an exhausting weekend had begun.  This month the market numbers indicate that we too are embracing the migration.  Pending home sales in our area, real estate transactions that just need to work through the paper trail of home ownership, are up 2%.  UP, yes I said up as in positive, something the real estate market does see these days but is to often overshadowed by a negative attitude.  Movers are moving, buyers are buying and sellers are selling-people are born, people are passing and people are relocated.  Those things happen just as certainly as the Monarch butterfly migrates south, so keep those blossoms coming if not for the butterfly’s then for the new home owner.

 

Syracuse is now 2-0

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This is my second week in a row at an SU football game. At least this week we didn’t leave early! I could have killed my husband for wanting to leave early Last week just to beat traffic, and then see SU go into overtime and go on to beat Wake Forest. We are now 2-0! I love being part of Syracuse University football. It’s something to think about when buying a new home. You could attend all the Syracuse University events just like I do! Syracuse and surrounding areas are a great place to live & work!

Coming to Guinness Syracuse Irish Festival, take a look at homes on Tipp Hill

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The Glengarry Bhoys are FANTASTIC, saw and more importantly heard them last year, and from an O’Mara it was silk to my ears.  Never been disappointed with the line up of Irish music gathered for the event.  Check out all the festival events http://www.syracuseirishfestival.com/   A nice place to prime your Irish for the festival is our little slice of Ireland, Tipperary Hill off Milton Ave.  It won’t be rockin’ as it does on St. Patrick’s Day but the restaurants and shops are a great addition to the weekend. The homes in that area are sound buys, always has been a great traffic area and many people that live in Tipp Hill like to stay in Tipp Hill when they purchase. 113 Herkimer St is a single family with investment ( rental) possiblitties or owner occupant options. Over 1700 square feet, hardwoods, $58,000, for a better look ; http://www.realtor.com/realestateandhomes-detail/113-Herkimer-St_Syracuse_NY_13204_M40438-16213

 

 

 

 

 

 

 

 

 

Parade of Homes Opens Saturday

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The 2011 Parade of Homes is scheduled to open the morning of Sept 10th, Saturday with 10 exciting new homes to preview. The annual Parade is sponsored by the CNY Homebuilders and Remodelers and features new floor plans, the latest building options, and great decorating ideas.  Stop by the Excel, REALTORS office on South Bay Road for a $1 off admission coupon while supplies last.  

Excel is open M-F 9AM to 5 PM.