Rochester- Finger Lakes Market Update
May 15, 2017
April Market Sees Strong Demand With Prices
Up, Sales Down
Buyer demand did not abate and competition remained fierce in
April driving Median Sales Prices up 5.9 percent to $125,000
compared to April 2016 in the Monroe/Finger Lakes/Southern Tier
"The percentage of original price received was 94.4% indicating
that buyers are motivated to make deals happen relatively
quickly once they have submitted an offer," says GRAR President,
New Listings in the GRAR area were down 17.9 percent from last
year to 2,020. Total homes on the market dropped 34.1 percent to
3,567 units, compared to 5,410 in April 2016. Closed Sales
decreased 12.5 percent to 939. "Positive economic conditions,
such as job creation, higher wages, and increased business
spending are improving consumer confidence and indicate that
housing demand will remain strong in the foreseeable future,"
The number of homes sold in 2016 hit a new high, the Greater
Rochester Association of REALTORS announced today. A total of
14,278 transactions were recorded in the Greater Rochester,
Finger Lakes, and Southern Tier markets last year, a remarkable
increase of 19.3% over 2015 sales of 11,971. Previously, the
most productive year was 2005 with 13,312 closings.
Prices also held steady across the area. Monroe county saw a
slight increase in median sales price to $133,000, up from
$132,000 the previous year.
"Even though the number of homes for sale has been declining, we
saw a record number of sales last year," noted GRAR President
Linda Wilson. "Significantly greater sales occurred in many
communities and in all directions of our 11-county region,"
The City of Rochester reported a 19.5 percent increase in
closings as compared to 2015. East Rochester saw a 40.5 percent
gain in sales and Gates a 31.1 percent gain. While Henrietta saw
a 4 percent drop in the number of closings year-over-year, it's
median sales price went up 7.4 percent from $134,950 to
Regionally, sales mirrored those in the Rochester metropolitan
area. Wyoming County (+12.2 percent), Livingston County (+11.2
percent), Genesee County (+10.8 percent) and Yates County (+8.2
percent), all reported healthy gains over 2015.
"Prices held steady across the entire region, but did not make
the gains one might expect given the conditions of low
inventory, low interest rates, multiple offers, and higher
demand," Wilson observed. "This trend has to do with the
stability of our regional market. We usually fall in the middle
of the road as compared to other areas in the nation, escaping
the high-highs and low-lows of the curve."
"Economic indicators, such as lowering unemployment rates and
gradually increasing wages, remain favorable. With continued
historically-low interest rates, and steady prices, it is a good
time to be purchasing a home." GRAR CEO Jim Yockel said. "Across
the region, Pending sales are also up, indicating a strong start
for the first quarter of 2017. If enough homeowners opt to put
their home on the market to fill the demand, we could see
another very strong year in 2017."
Mortgage Rates hit lowest in history!
3.36% for a 30 yr fixed.
Great time to sell for the highest price possible with
the low rates enabling buyers to qualify for more and
listing inventory not as high!
April 2016 - Good News!
NYS home sales rise to highest 1st quarter growth level in a
Legally you're allowed to take $10,000 from your Roth IRA to
help pay for a home but is that a smart decision?
Dave is a huge fan of Roth IRAs for retirement investing
mainly because of their tax-free benefits and flexibility.
But the Roth also includes provisions that allow you to
withdraw money from your account. While this might sound
convenient, taking money from your Roth IRA is a terrible
The $300,000 Down Payment
Roth IRA owners can withdraw up to $10,000 for a first-time
home purchase. But doing that can damage your finances in a
couple of ways: Obviously, it will take away from what you could have saved
for retirement. A lump sum of $10,000 can grow to $300,000
if it's invested for 30 years. Think of it this way: You're
not taking $10,000 from your account. You're taking $300,000
from your retirement.
Using money from your Roth IRA for a down payment on a home
could also set you up for disaster. It would be tempting to
use that $10,000 to buy a more expensive home, one that you
can't truly afford and while still saving for retirement,
Technically, you can withdraw the money you put into your
Roth IRA tax and penalty-free at any time. You can even
withdraw your earnings as long as your account is at least
five years old and you meet certain qualifying
circumstances. Some of those include hardships such as
disability or paying medical insurance premiums when you're
While it might give you some peace of mind knowing that if
push comes to shove, you can access your Roth IRA funds,
it's a bad idea to treat your retirement savings like a huge
If you follow Dave's Baby Steps, you know you should have an
emergency fund of 3-6 months of expenses saved before you
start investing. That way you can keep your retirement money
invested for retirement and still be prepared for life's
Find out about current market trends
and local conditions in the top 150 metropolitan markets in
NEW YORKERS RECEIVING THE STAR PROPERTY TAX REBATE WILL HAVE
The Associated Press, ALBANY, N.Y.
New Yorkers receiving the STAR property tax
rebate will have to re-register for the local
school tax breaks because of reports of
widespread abuse and fraud.
The law concerning the $3 billion New York State
School Tax Relief program is part of the state
budget bills now being passed in Albany.
Homeowners will have a year to re-apply for the
program, with a deadline ofApril
New York homeowners who make less than $500,000
and live in their property are usually eligible.
STAR exempts the first $30,000 of the full value
of a home from school taxes.
New Yorkers 65 and older may qualify for the
enhanced STAR program. That exempts the first
$63,300 of the full value of a home.
For many homeowners statewide, the result is a
tax break of hundreds of dollars.
Last month, Rockland County District Attorney
Thomas Zugibe reported that his detectives found
$679,000 of fraud or incorrect filing in just
five towns. He said the tax break was illegally
applied to second homes, and some landlords were
taking the credit for their homes and for rental
properties and rooming houses, too.
State Comptroller Thomas DiNapoli said abuses
and faulty filings cost the state $13 million in
the 2011-12 fiscal year and will cost an
estimated $73 million by the 2015-16 fiscal year
unless changes were made.
apply for the STAR exemption on the website of
the state Taxation and Finance Department.
Here's a 2 minute look at our
successful $395 Flat
Fee MLS Program if you want to
save HUGE bucks on the sale of your house!
NY STAR Program will reduce your property
York State School Tax Relief Program or STAR lowers
property taxes for owner-occupied primary residences. There
are two types of benefits, Basic STAR and Enhanced STAR.There is no age limit to Basic STAR and the program is
available to property owners earning less than $500,000 per
year. Basic STAR exempts the first $30,000 of the full
value of a home from school taxes and once approved, you
need not reapply each year, unless you move to a new primary
Property owners who are turning 65 or older this year with a
total annual income of $79,050 or less are eligible for
Enhanced STAR. Enhanced STAR provides even greater savings
for homeowners by exempting the first $63,300 of the full
value of your home from school taxes.The STAR program is administered locally, you can obtain and
file applications at your town assessors office throughMarch
1st. The deadline for residents in the City of
Rochester is February 1steach
can also clickhere (http://www.tax.ny.gov/pit/property/star/index.htm)
or call the STAR hotline at 1-877-678-2769 for more
Want to try selling your
house on your own "For Sale By Owner" ? It's not great
odds but you have a chance. Here is a simplified list of what you need to do. It took 30 years of real
estate experience to put this together from the school of
be fooled by ridiculously low flat fee MLS offers by online
flat fee middlemen & FSBO websites. There are several. They
have multiple names, out of state area codes, and no address
listed. They collect your money and refer you to an unknown
broker. After they collect your money, they don't care what
kind of service you get. They share what you pay them with
the broker and the broker gets very little of the charge but
makes up for it by selling
you extras like
photos, open house listings, description changes, contract
review, personal support, CMA pricing reports, extra website
listings, renewals beyond 6 months, etc. Your end price will
not be the advertised price. The same holds true for lowball
competitors. We do none of that deception, you are dealing
with the broker/owner Robert Piazza an honest local NYS
licensed Realtor in Hilton, NY. We have a proven track
record in Western & Central NY and tell you up front what
you get, there are no surprises! You are already going to be
saving $3,000-$6,000 in commissions on average, don't make
the mistake of dealing with the online middlemen to try to
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Know who you are dealing with and deal with us directly. The
old saying is true...you pay for what you get! When you get
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60 Minutes Has to Say About 6% Commissions
A 2 minute look at
Syracuse & Central NY's best Flat Fee MLS
value. If you are a "for sale by owner", you have to see
It's the best of both worlds!
Syracuse Area Tax Bills and Statistical Data
This site is helpful for Onondaga County if you want to see
tax bills like school or town & county. There also is a
section on finding statistical info on properties like
square footage and lot sizes.Click
Do" List for sellers on repairs and maintenance when
condition of your home's exterior is most important when it
comes to buyer appeal.- House number should be easy to read-
Lights on timers to ensure house is lit up after sunset-
Eaves troughs, and down spouts in good repair- Garage/car
port clean and tidy- Litter picked up- Cracked or broken
window panes replaced- Doorbell and door hardware in good
repair- Touch up trim paint on doors, window frames, fascia,
etc.- Mow, edge and weed the lawn frequently until the home
is sold.- Overgrown shrubbery should be cut back to show as
much of the exterior as possible.- A low-cost investment in
seasonal flowers or ground cover will add a personal touch.-
Inspect the roof for necessary repairs and any visible
broken shingles or tiles.- Stucco water stains can be
repaired using a mild bleaching agent.- Fences should be
mended and painted.- Wash all windows inside and outside.
Warm and welcoming!- Lights should be on and drapes should
be left open during daylight- Heat set at a comfortable
temperature- Fresh flowers/plants in various rooms- Chipped
plaster and paint touched up and repaired- Doors and
cupboards properly closed- Leaky taps and toilets repaired-
Burned out light bulbs replaced- Squeaky doors oiled-
Mirrors, fixtures, and taps cleaned and polished- Seals
around tubs and basins in good repair- Floors cleaned,
garbage containers emptied- Inside of closets and cupboards
neat and tidy- Valuable property, out of reach, out of
sight, or locked away- Pets absent, where possible, or
contained during showings- All torn screens should be
repaired or replaced.- Avoid repainting the entire house
unless current colors are very loud or offbeat.- White or
light pastels are the easiest to work with and they make
your rooms look larger.- Fireplace lit in cooler weather-
Air conditioner turned on in warm weather- Countertops neat
and polished- Appliances cleaned- Inside of closets and
cupboards should be neat and tidy.
Helpful Site About Property Taxes And Info In Monroe County
this site to find your true taxes for the Northern Star
Realty Flat Fee MLS Program. Also allows you to type
in a address and get public information like true taxes,
assessment info, previous sale information etc. All hard
to find stuff on one site.
Div. of Northern Star Real Estate, LLC
25 Hill Rd.
Hilton, NY 14468