Friday, September 12, 2008
Thursday, July 10, 2008
Homearama -- See what's new in home building!!!
If you would like to see all the pictures that I took ... e-mail me and I'll forward you the link.
Thanks,
Mike
585-721-9857
Wednesday, July 9, 2008
New Listing in Pittsford -- 20 Hardwood Hill Road
| You've hit the Trifecta here! Beautiful Setting - Rare combination Fairport Electric/Pittsford Schools/Perinton Taxes | |||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
    |  20 Hardwood Hill Pittsford, NY 14534 $ 249,900 |    | |||||||||
 Save $$$ with Fairport Electric, and enjoy 2 parks, 2 golf courses, shopping malls, restaurants, Wegmans, canal path -- all within 2 miles! This is a beautiful home on a private drive, a colonial tri-level 3 bedroom, 2.5 bath home in a wooded setting. Great open updated kitchen/family room area perfect for entertaining inside by the fireplace or wander out to the 2-level deck with a waterfall and enjoy the outdoors. Beautiful living room with great views!
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Tuesday, May 13, 2008
Rochester - number 2 on the ten fastest growing real estate markets! -- Money/CNN story
http://money.cnn.com/galleries/2008/moneymag/0805/gallery.resg_gainers.moneymag/2.html
This is showing what I've seen within our market. We've had a very steady couple of years. We unfortunately don't get the terrific highs in our market ... but we conversely don't get the lows either!
Enjoy!
Michael Walker
585-721-9857
Thursday, May 1, 2008
Property Management ...
Many of you may desire to own investment property but not have the time or desire to manage it. For a relatively low rate you can hire property managers to take the time consuming task of managing the ins and outs of the property for you. The monthly costs are typically 10% of the rent role to handle the phone calls/request for services. If repairs are needed -- the property manager would address those either themselves or hire the proper person for the job. Those costs would of course be passed on to the owner.
The property manager also prepares the property quickly and efficiently between rentals as well. I.E. when a tenant decides not to renew -- they organize the cleaning, painting, routine maintenance, etc. that might be needed. They then advertise and market the property to get it rented asap.
Once the property is rented the property owner would be responsible for one month's rent to cover the process of finding and placing a renter.
As you can see ... there are a lot of aspects of owning and successfully leasing an investment property. If you'd like more information on my services and what I provide for you ... please don't hesitate to contact me directly.
Michael Walker
585-645-1258
RochesterRentals@MikeWalkerHomes.com
Monday, April 14, 2008
Tax Time ...
Here are some last minute tax tips that I found that you might be interested in that I found on the IRS website:
Tips for Last-Minute Filers
IRS TAX TIP 2008-62
With the tax filing deadline close at hand, the IRS offers some tips for those still working on their paper tax forms:
Consider filing electronically instead of using paper tax forms
Put all required Social Security numbers on the return
Double-check your figures
Sign your form
Attach all required schedules
Send your return or request an extension by the April filing deadline
Choosing to e-file your tax return instead of preparing a paper tax form is the best step you can take to ensure that your return is accurate and complete.
When you file a paper return, the numbers to check most carefully on the tax return are the identification numbers — usually Social Security numbers — for each person listed. This includes the taxpayer, spouse, dependents and persons listed in relation to claims for the Child and Dependent Care Credit or Earned Income Tax Credit. Missing, incorrect or illegible Social Security Numbers can delay or reduce a tax refund.
Taxpayers filing paper returns should also double-check that they have correctly figured the refund or balance due and have used the right figure from the tax table.
Taxpayers must sign and date their returns. Both spouses must sign a joint return, even if only one had income. Anyone paid to prepare a return must also sign it.
People sending a payment should make the check out to "United States Treasury" and should enclose it with, but not attach it to the tax return or the Form 1040-V, Payment Voucher, if used. The check should include the taxpayer’s Social Security number, daytime phone number, the tax year and the type of form filed.
By the April due date, taxpayers should either file a return or request an extension of time to file. Remember, the extension of time to file is not an extension of time to pay.
Forms and publications and helpful information on a variety of tax subjects are available around the clock on the IRS Web site at IRS.gov.
Remember that for the genuine IRS Web site be sure to use .gov. Don't be confused by internet sites that end in .com, .net, .org or other designations instead of .gov. The address of the official IRS governmental Web site is www.irs.gov.
Links:
Form 9465, Installment Agreement Request (PDF 100K)
Form 1040-V, Payment Voucher (PDF 47K)
Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return (PDF 50K)
Official Payments Corporation
Link2Gov
Sunday, April 6, 2008
Understanding Capital Gains -- Real Estate edition
1. Purchase price: _______________________
The purchase price of the home is the sale price, not the amount of money you actually contributed at closing.
2. Total adjustments: _______________________
To calculate this, add the following:
Cost of the purchase — including transfer fees, attorney fees, and inspections, but not points you paid on your mortgage.
Cost of sale — including inspections, attorney fees, real estate commission, and money you spent to fix up your home just prior to sale.
Cost of improvements — including room additions, deck, etc. Note here that improvements do not include repairing or replacing something already there, such as putting on a new roof or buying a new furnace.
3. Your home’s adjusted cost basis: _______________________
The total of your purchase price and adjustments is the adjusted cost basis of your home.
4. Your capital gain: _______________________
Subtract the adjusted cost basis from the amount your home sells for to get your capital gain.
A Special Real Estate Exemption for Capital GainsSince 1997, up to $250,000 in capital gains ($500,000 for a married couple) on the sale of a home is exempt from taxation if you meet the following criteria:
· You have lived in the home as your principal residence for two out of the last five years.
· You have not sold or exchanged another home during the two years preceding the sale.
· You meet what the IRS calls “unforeseen circumstances,” such as job loss, divorce, or family medical emergency.
Saturday, April 5, 2008
OPEN House 4/6/2008 - 172 Lemoyn Ave., Rochester, NY
Thanks,
Michael Walker
Century 21 - Premier Properties
585-645-1258
http://www.mikewalkerhomes.com/
Mike@MikeWalkerHomes.com
Friday, April 4, 2008
Take the Stress Out of Homebuying
Buying a home should be fun, not stressful. As you look for your dream home, keep in mind these tips for making the process as peaceful as possible.
1. Find a real estate agent who you connect with. Home buying is not only a big financial commitment, but also an emotional one. It’s critical that the REALTOR® you chose is both highly skilled and a good fit with your personality. You'll be spending a lot of time with this person -- make sure that you like and trust them!
2. Remember, there’s no “right” time to buy, just as there’s no perfect time to sell. If you find a home now, don’t try to second-guess interest rates or the housing market by waiting longer — you risk losing out on the home of your dreams. The housing market usually doesn’t change fast enough to make that much difference in price, and a good home won’t stay on the market long.
3. Don’t ask for too many opinions. It’s natural to want reassurance for such a big decision, but too many ideas from too many people will make it much harder to make a decision. Focus on the wants and needs of your immediate family — the people who will be living in the home.
4. Accept that no house is ever perfect. If it’s in the right location, the yard may be a bit smaller than you had hoped. The kitchen may be perfect, but the roof needs repair. Make a list of your top priorities and focus in on things that are most important to you. Let the minor ones go. This is very important during the inspection phase. Often times new buyers want everything perfect ... that's not always possible.
5. Don’t try to be a killer negotiator. Negotiation is definitely a part of the real estate process, but trying to “win” by getting an extra-low price or by refusing to budge on your offer may cost you the home you love. Negotiation is give and take.
6. Remember your home doesn’t exist in a vacuum. Don’t get so caught up in the physical aspects of the house itself — room size, kitchen, etc. — that you forget about important issues as noise level, location to amenities, and other aspects that also have a big impact on your quality of life.
7. Plan ahead. Don’t wait until you’ve found a home and made an offer to get approved for a mortgage, investigate home insurance, and consider a schedule for moving. Presenting an offer contingent on a lot of unresolved issues will make your bid much less attractive to sellers. See a previous post I made about this - Click Here
8. Factor in maintenance and repair costs in your post-home buying budget. Even if you buy a new home, there will be costs. Don’t leave yourself short and let your home deteriorate.
9. Accept that a little buyer’s remorse is inevitable and will probably pass. Buying a home, especially for the first time, is a big financial commitment. But it also yields big benefits. Don’t lose sight of why you wanted to buy a home and what made you fall in love with the property you purchased. I often tell buyers that you will not sleep the night you make an offer. You'll be awake by 2-3 AM saying, "What have I done?"
10. Choose a home first because you love it; then think about appreciation. While U.S. homes have appreciated an average of 5.4 percent annually over from 1998 to 2002, a home’s most important role is to serve as a comfortable, safe place to live.
Reprinted from REALTOR® magazine (REALTOR.org/realtormag) with permission of the NATIONAL ASSOCIATION OF REALTORS®.
Copyright 2008. All rights reserved.
Sellers: Get an inspection first!
My answer: Get an Inspection First!If you're thinking of selling ... consider a pre-listing home inspection. You will benefit so much from a thorough evaluation by a professional inspector to help get your property into tip-top shape. Sure, it’s tempting for you to assume that they know everything about your home’s condition. But even people living in a house for 25 years may not realize they’ve been living with a dangerous electrical outlet or plumbing leaks. Taking care of problems early offers a competitive edge.
Buyers are going to do the same thing and get an inspection anyways you might say ... I'll just have to pay for it too! Some may think that but actually many buyers won't get that far if they themselves find deficiencies in the house and may not present an offer. They'll often think that a house that has maintenance issues must have bigger issues too.
Secondly, there is this phenomenon with buyers I affectionately call "over reacting." Let's say that there is a problem with the roof -- they'll often say that they aren't interested in pursuing the property even though they love everything else about it. So as a seller you lose that prospect. The other alternative might be to say that they want a credit at closing. Not too bad you might say as you were expecting to have to pay out something anyways. Here's the problem though -- often the estimate that the buyer comes up with is at least 1.5 times to 2 times what the fix should cost. For example the buyer doesn't know that a toilet is only $70 at Lowe's -- they figure it has to cost about $300!
So, if you can find out about these problems ahead of time and spend the small dollars up front ... you'll save bigger ones and more importantly save deals down the road!
Thursday, April 3, 2008
Sale Pending ... 195 Hewitt St., Charlotte
This one went pretty fast as well! I was able to secure the buyer and put it under contract in about 27 days! Not too shabby. Here's a picture of the property located at 195 Hewitt St. to the right!
As a result, the seller has placed another one of his properties for sale through me and it's available as well. 172 Lemoyn -- Charlotte. If you'd like to take a closer look -- go to: http://www.mikewalkerhomes.com/ and Click on featured listings.Wednesday, April 2, 2008
Four Common Home Hazards
FAULTY WIRING
Overloaded circuits, loose wires, missing covers on distribution boxes, abandoned appliances, or aluminum wiring (my last sale had this problem -- the seller had to credit for the replacement of the electrical service,) which can become problematic with age.
LOOSE GUARD RAILS
Stairway guardrails, especially on exterior stairways, that are not securely connected. Decks - often installed by homeowners unfamiliar with local building codes - that have loose boards.
SHOWER DOORS
Shower doors that lack safety glass and are not properly secured. A home owner who slips when stepping out of the bathtub and grabs a glass door that isn't properly fastened could be severely injured.
DRAINAGE PROBLEMS
Downspouts discharging next to an exterior wall or a negative grade that slopes toward the home (apparent on just about every home inspection I go on) and brings water toward the home, causing foundation deterioration. This can lead to water damage, often seen in the basement, and possibly mold growth. Look for cracks, foundation wall stains, and musty, damp smells.
Monday, March 31, 2008
Top 10 Showing Tips:
Here are some great tips for showing your home to a prospective buyer.
- Replace heavy drapes with lightweight sheers during warmer months to give a room a brighter, lighter feel.
- Make the fridge smell fresh instantly with cotton balls soaked in vanilla extract or orange juice.
- Make your bed more inviting and adding new fluff to the comforter by having a couple of people shake the quilt up and down to redistribute the stuffing.
- Shut some of your vents on the first floor and basement to push more cool air to the second floor in the summer (A/C weather.) Reverse the process in the winter as heat rises.
- Resist the temptation to spot-clean walls since it will make the rest of the wall dingy.
- Have a large box or basket that will allow you to go through the entire house in 10 minutes or less picking up items that shouldn't be out during a showing. Place the box in the closet and when you get home you can replace the items.
- Don't be home for the showing and make sure to turn on ALL the lights prior to you leaving for the showing. Sure, the agent can turn them on ... but your home is much more inviting if you have it done for them already! This avoids the agent fumbling for the switch or worse not turning on the light and making your house seem drab!
- Curb Appeal: If possible have your lawn mowed every 5 days during the marketing of it to keep it manicured perfectly. This projects a great first impression of your home when the buyers walk up to or drive by your property. If time permits -- water the lawn for 10 minutes before the showing.
- Make sure your kitchen and bathrooms are spotless. Remove the sponges and dish soap from the sink. Remove the shampoos and soaps from the tub. Put everything away and by all means -- wash the dishes in the sink!
- Staging - if you haven't seen or heard what a difference this can make ... you'd be surprised. Selling your home is a difficult time for you as it's hard to live there at the same time as well. In order to project the best look for the prospective buyer -- there are specific ways to place the furniture, knickknacks, pictures, rugs, etc. If you have questions ... I have people that you can speak with.
Sunday, March 30, 2008
7 Secrets to Successful - and Legal - Landlording
Slower sales are compelling more home owners to rent their properties, at least for a while. If you are thinking of renting ... follow these tips from attorney Kenneth M. Roth.- RUN RENTING LIKE A BUSINESS. Even if you are planning on leasing only until the house sells, or the tenant is your second cousin, keep leasing on a professional basis. Establishing rules that policies allows you to maintain objectivity if a tenant makes demands or is late with the rent.
- TREAT EVERYONE EQUALLY. Federal fair housing law, which prohibits discrimination on the basis of race, color, religion, sex, national origin, family status, or handicap, applies when licensees (Realtors) advertise or lease and residential property. Although it's completely legal to ask questions about a prospective tenant's rental history, current employment, and financial history, it's important to ask every applicant the same questions to avoid the appearance of discrimination. If you have a problem renting to anyone in a protected class -- it might be best not to rent the home, says Roth
- USE THE RIGHT TERMS. Although there are all-purpose leases available at office supply stores, it makes more sense to use a lease tailored to your specific property type and state laws, including landlord-tenant laws. I'm a great source for the proper forms as we have them from our local Realtor Association.
- MAKE YOUR LEASE AS SPECIFIC AS POSSIBLE. Spell out exactly what is expected of the tenant and the owner or manager. Who's going to mow the lawn - shovel the driveway or sidewalks? How should emergency repairs be handled? Roth suggests making tenants responsible for repairs of less than $100 and letting the owner cover major repairs.
- WRITE OUT A ROAD MAP FOR DEFAULTS. Your lease should spell out all the particulars and penalties of rent payment. If should state when the rent is due, where it must be paid, what late fees and interest you will charge, and at what point late payments will result in an eviction notice.
- DON'T TREAT SECURITY DEPOSITS AS A POTENTIAL FOR PROFIT. Security deposits are intended to cover only repairs needed because of excessive damage to the property. They can't be used to cover routine cleaning of the unit prior to releasing or to add upgrades. Also remember that in many states, security deposits must be kept in a separate account (NYS this applies) and you must pay interest to the tenant. Ask for the first & last months rent plus a security deposit, advises Roth.
- DON'T BE FOOLED BY APPEARANCES. A fancy car and lots of bling do not necessarily make a good tenant. Run a credit check on every prospective tenant. Tenants must sign an authorization to permit you to check their credit, and you can charge them for the cost. Also remember to keep credit information confidential. Don't disclose what you know to others, says Roth.
Saturday, March 29, 2008
That one went fast -- Just 6 days!
Friday, March 28, 2008
Electronic Lockboxes ... should you allow them on your home?
- Access when the agent isn't able to be present for the showing
- Secure & Safe -- agents must be "cleared" through the association each and everyday to access the lockboxes. If someone leaves the profession today -- tomorrow their key cannot be activated. Much better than the electronic lockboxes that some agents still use. Certainly better than the keys under the mat procedure!
- Convenient -- you won't have to wait around for the agent to show up. If an appointment comes in with short notice -- agents can still show the property.
I'm a firm believer in the lockbox as a tool to help get the listing sold. I try to show all properties that I list myself as there's noone that knows it better than me. That being said, in a pinch or when I have conflicting appointments it's best to allow the other agents to show their clients the property with short notice.
If you have any questions about these lock boxes ... feel free to contact me and I can answer them for you.
Michael Walker
Century 21 Premier Properties
585-645-1258
Thursday, March 27, 2008
NEW Listing - West Henrietta - 26 Delaney Drive
Wednesday, March 26, 2008
How important are your pictures?
So ... if the buyers are online -- how important are the pictures? If you don't have terrific pictures with great light and a good angle - you won't get the buyers to come and visit the house in person. To make the best impression -- you need to make sure that you use a great photographer and display them in the best manner on the web.
For most of the properties that I represent I use Obeo Virtual Tours (www.Obeo.com/MikeWalker.) The minute you log into one ... you'll see the value in it! In this product I am able to show up to 15 pictures and 4 panoramas to prospective buyers. Within the MLS we are limited to just 8 pictures. With the tour I am also able to track the number of pages that buyers are clicking on and give the seller a list of the statistics and what the buyers looked at the most.
If you have any questions ... please don't hesitate to contact me!
Regards ~
Michael Walker
Mike@MikeWalkerHomes.com
585-645-1258
Monday, March 24, 2008
I can't sell my house until I find my next one ... Can I?
.
I hear this a lot. It is a difficult scenario ... but it can be accomplished with success.
In order to effectively accomplish this goal -- the buyer (who needs to sell) must when writing a purchase offer on a property they would like to by select the: Sale and Transfer Contingency (S&T Contingency.) Essentially, in the purchase and sale contract there is a contingency that states that the buyer has to sell and close on their current home in order to purchase the new home. In this scenario, the seller is taking a chance that the buyers the house will not sell quickly in the time frame the buyer stated it would sell in. They are also bringing another party into the transaction -- the buyer of their buyers property. (Sound confusing yet?)
The Terms: Within a S&T Contingency is what's called a "Bump Clause." This clause ensures that the seller has an "out" within the contract. This clause states that if the seller gets another offer that has a better price, terms, or anything else -- they can "bump" the current buyer of their home. The terms of this "bump" are spelled out in the initial purchase offer and are usually 1-3 days. This essentially means that if you are buying a home with a S&T Contingency and the seller receives another purchase offer you could lose the house.
As the initial buyer, this "bump" doesn't necessarily mean that you lose the house -- during this period of the next 1-3 days you have the option to either: A. Show that you have a contract to purchase your home and remove the S&T Contingency; B: Secure a mortgage to cover the loan amount without the need to sell the current home and remove the S&T Contingency; or C: Come up with the cash to close and remove the S&T Contingency.
The main thing to remember is if you are purchasing a property that is very desirable (i.e. priced right, in great condition, and in a desirable area) you may not even get the seller to negotiate your offer. You may have to attach better terms to your offer, a higher purchase price than you'd consider otherwise, or a combination of both.
Additionally, you have to make sure that your home is ready to put on the market immediately. Time is of the essence in this case as any delays sprucing up your home are not well spent when you have a contingent offer on another property. It may also be a good idea to talk to your mortgage specialist to see if you can have ready a pre-approval to purchase the new house without the need to sell the current one. This is risky ... but if you absolutely have to have the new house - it may be worth it. After selecting this option ... it's imperative that you offer incentives to get your house sold so that you don't have 2 houses to call home!
So as you can see ... it is possible to make a buying decision on a property and then sell your home.
If you have any questions ... please don't hesitate to contact me at 585-645-1258 or via e-mail: Mike@MikeWalkerHomes.com
Regards,
Michael Walker
