Fastest Growing Suburbs ...

The 'Burb Rush: Fastest Growing Suburbs

People are leaving the cities and moving to where the cost of living is lower and where they perceive the quality of life is higher. That’s the trend indicated this week by the U.S. Census Bureau when it released an analysis of the fastest-growing counties in the United States. The statistics reflect the period from April 1, 2000, to July 1, 2006, a time when interest rates were historically low, housing boomed, and home prices soared, particularly in metropolitan areas.At the same time, businesses and people packed up and moved to greener pastures, many of them in the Sun Belt. Texas, Florida, and Georgia boast some of the largest growth stories. Here are the top 10 fastest-growing counties and the percentage they grew by in that six-year time span:

1. Flagler County, Fla.: 66.7 percent. On the Atlantic Coast between Jacksonville and Daytona Beach, Flagler's population has boomed from 50,000 in 2000 to more than 83,000 last year. Its seaside location, balmy weather, and access to Interstate 95 are part of the reason for its boom.

2. Kendall County, Ill.: 61.7 percent. The Chicago suburbs that lie along Interstate 88 are all growing, but Kendall County, which is farther from the city, is growing the fastest.

3. Rockwall County, Texas: 60.5 percent. Rockwall, the smallest county in Texas, grew from 43,000 in 2000 to 69,000 in 2006, as people moved farther from nearby Dallas-Fort Worth.

4. Loudoun County, Va.: 58.5 percent. Loudoun's growth is partially due to the increasingly astronomical cost of living in nearby Washington, D.C.


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Existing Homes Sales Post Gains but ...

Existing-Home Sales Post 'Surprising' GainsTotal existing-home sales rose strongly in February, reaching the highest level since last April, NAR says. Find out what's happening by region.Read more >

Existing Home Sales Rose in January

Sales of existing homes rose in January, reaching the highest level in seven months, according to NAR. Total existing-home sales--including single-family, townhomes, condominiums and co-ops--increased 3.0% to a seasonally adjusted annual rate of 6.46 million units in January from an upwardly revised pace of 6.27 million in December. Sales were 4.3% below the 6.75 million-unit level in January 2006. David Lereah, NAR's chief economist, said observers shouldn't overreact to the sales gain, or to other short-term effects. "Although we’re expecting existing-home sales to gradually rise this year, and buyers are responding to the price correction, some unusually warm weather helped boost sales in January," he said. "On the flip side, the winter storms that disrupted so much of the country in February could negatively impact the housing market." (Source: NAR) Full Story . . .

WILL GREEN ROOFS BE THE NEXT HOT TREND?

If the term "green roof" evokes an image of a few potted plants arranged tastefully on the top of a building, then the time seems ripe to rethink that definition. Green roofs may be the next hot trend to cool down the urban landscape and lower the cost of controlling temperatures in the average suburban home. Green roofs are generally categorized by one of two forms. Extensive green roofs, also known as eco-roofs or low-profile roofs, are made with a few thin layers of soil, are lightweight, relatively less expensive, and require very little maintenance. Extensive green roofs are the correct choice, the experts say, when the primary desire is for an ecological cover with limited human access. Intensive or high-profile green roofs, on the other hand, look like traditional roof gardens because a much wider variety of plant material is usually included. They have soil depths ranging from 8 to 12 inches, with growth that can extend upward of 15 feet. They can include such architectural features as waterfalls, ponds and gazebos. Their construction and maintenance is much more costly. (Source: Bankrate.com) Full Story . . .

10 Quick Fixes To Sell a Home Faster

Daily Real Estate News January 30, 2007

10 Quick Fixes To Sell a Home Faster

Here are 10 quick fixes that make a house more likely to be snagged up by buyers, according to home stager Lori Matzke, founder and president of Centerstagehome.com in Minneapolis:
1. Paint the trim, columns, front door, and the light fixture.
2. Replace the storm door with a full-view one.
3. Clean all the window screens.
4. Add new mulch and a potted plant by the front door.
5. Remove mirrors from over the fireplace so buyers focus on the fireplace.
6. Move furniture 1 1/2 to 2 feet away from the walls to create the illusion of more space.
7. Get rid of any movable storage pieces in the kitchen and take all the clutter off the refrigerator.
8. Clean and regrout the bathroom floor tile.
9. Replace dated bathroom vanities with trendy (and economical) pedestal sinks.
10. Put colorful bedding and matching window treatments in all the bedrooms.

Source: Star-Tribune, Aimee Blanchette (01/27/07)

AGING AREAS AROUND CITIES PUSH SUBURBAN RENEWAL

In recent years, newer US suburbs have flourished and big cities have lured business and residents back downtown. Caught in the middle are older suburbs, many in the Midwest where economic growth has been particularly slow. Their plight has attracted the interest of scholars and even earned them a name: inner-ring or first suburbs, as compared with the outer-ring suburbs or exurbs where developers can in many cases build from scratch. During his 12 years as mayor of Jennings, MO, a struggling suburb of 16,000 on the edge of St. Louis, Benjamin Sutphin has developed a simple philosophy for urban renewal: raze and rebuild. He's presided over the demolition of two regional shopping centers, dilapidated homes, abandoned tennis courts and a shuttered drive-in movie theater, promoting new retail, recreational and residential projects in their place. "Something had to be done," says Mr. Sutphin. (Source: RealEstateJournal.com) Full Story . . .

HOUSING GLUT GIVES BUYERS UPPER HAND

HOUSING GLUT GIVES BUYERS UPPER HAND

Amid a continuing glut of homes for sale in most of the country, buyers should have plenty of choices and lots of bargaining power in the spring selling season--typically the busiest time of the year. Many builders and real estate brokers, for their part, hope the housing market will start recovering this year as buyers respond to price cuts and other sweeteners offered by increasingly nervous sellers. In some markets, agents say, buyer traffic has picked up in the last month or two. But any recovery is likely to be gradual. Donald Tomnitz, chief executive officer of DR Horton Inc., a home builder, told investors this week that the market, which began slumping in 2005, may bottom out by mid-2007, but that "we don't see any rapid improvement thereafter."

(Source: RealEstateJournal.com)


Diane McLafferty
Associate Broker -ABR, GRI, e-Pro
www.soldonithaca.com

The future is now: Click here: E-Pro Your Internet Professional.

Warren Real Estate
830 Hanshaw Road
Ithaca, New York 14850
Office: (607) 257-0666 ext. 5243
Diret: (607) 330-5243
Fax: (607) 257-8801

Items to Consider Before Dropping the Price

Daily Real Estate News January 19, 2007


5 Items to Consider Before Dropping the Price
When a house won’t sell, the answer is often to drop the price, but how much and when?The following are some items to consider before dropping a home's price, according to several real estate professionals, mostly based in Long Island, N.Y.:

1. Price the house right to begin with — it will get the most activity when it first goes on the market.

2. Lower the asking price sooner rather than later while it's still fresh in buyers' minds.

3. If there has been no offer in one to two months — six at the most — consider dropping the price, then re-evaluate every two to four weeks.

4. When you drop the price, lower it by enough to make the home the top house in a lower price range rather than the bottom house in a higher range.

5. The more expensive the house, the greater the decrease needs to be to attract new buyers.


Source: Newsday, Abigail W. Leonard (01/19/07)

Gradual Rise Projected for Home Sales

Gradual Rise Projected for Home Sales
After bottoming in the fourth quarter of 2006, existing-home sales are forecast to gradually rise through 2007 and into 2008, while new-home sales should turnaround by summer, according to the latest forecast by the National Association of Realtors.

Fed's Housing Concerns Behind Rate Decision

Daily Real Estate News January 4, 2007

Fed's Housing Concerns Behind Rate Decision

Policymakers’ concern over the housing slump kept them from raising the key short-term interest rate, according to the minutes of the Federal Reserve Board's most recent meeting in December, which were released Wednesday.One Fed member, who wasn’t identified in the minutes, wanted the public statement to include a suggestion of a potential rate cut, but his wording didn’t make the final version.The Fed is expected to let the benchmark rate stand at 5.25 percent at its next meeting at the end of this month. But many analysts predict a rate cut in the coming months.

Source: Washington Post, Jeannine Aversa and Tim Paradis (01/04/07)


Diane McLafferty
Associate Broker - GRI, e-Pro
www.soldonithaca.com
The future is now: Click here: E-Pro Your Internet Professional.

Warren Real Estate
830 Hanshaw Road
Ithaca, New York 14850
Office: (607) 257-0666 ext. 5243
Cell: (607) 280-6664
Fax: (607) 257-8801

Home price correction bringing buyers back to the market

Lereah: Home price correction bringing buyers back to the market

Home sales appear to be bottoming out with lower home prices, attracting buyers in many areas of the country, according to the National Association of REALTORS.
“Many potential home buyers who have been taking a wait-and-see attitude or taking their time and being methodical in the search process are being enticed by lower home prices,” said NAR Chief Economist David Lereah.
Existing-home sales are forecast to be fairly stable in the fourth quarter and sales for all of 2006 are expected to drop 8.9 percent to 6.45 million – still the third strongest year after consecutive records in 2004 and 2005. New-home sales are forecast to fall 17.3 percent this year to 1.06 million, the fourth highest year on record.
With a recent correction in the market, the national median existing-home price is likely to rise 1.6 percent to $223,000 for all of 2006; it’s anticipated prices will remain slightly below year-ago levels before gaining positive traction in the first quarter of 2007.

Baby Boomer Study Shows Changing Housing Needs, Uncertain Retirement

Baby Boomer Study Shows Changing Housing Needs, Uncertain Retirement
WASHINGTON, October 16, 2006 -
Baby boomers have a wide variety of housing needs in the future, depending on their retirement plans – or lack thereof – according to a study by the National Association of Realtors®.
Most of the 78 million baby boomers are far from retirement, with diverse plans and timelines, resulting in different housing requirements and significant shifts from patterns established by earlier generations. The comprehensive study is based on a survey of nearly 2,000 American baby boomers born between 1946 and 1964 – the largest generation in U.S. history; the survey was conducted for NAR by Harris Interactive®.
David Lereah, NAR’s chief economist, said baby boomers are living longer and are different from previous generations because they have no set path for retirement and have more varied circumstances in life. “The differences from past generations – and between baby boomers themselves – will have a significant impact on housing needs over the next 10 to 20 years that is very different from the World War II generation, and many boomers simply don’t know how they’ll retire,” he said.
“A significant portion of baby boomers married later in life and had children at a later age, which means many will continue to work beyond the traditional retirement age. Older boomers are thinking about retirement, but one-third expect to go back and forth between periods of work and periods of leisure, and another 35 percent want to work at least part-time or start a business – all of this will have an impact on the kind of homes they buy as well as where they buy them.” The median age at which baby boomers expect to stop working is 70, but 27 percent say they never intend to stop working.
He said most baby boomers are currently in the workforce, a good portion of them have children living at home, and boomers remain a driving force in the housing market. “Just over a quarter of the boomer generation is aged 55 to 60, which is when many people traditionally begin to focus on their retirement plans, but analysis of the survey suggests they are more likely to stay in the workforce longer and will be less likely to downsize than previous generations – the leading edge of the boomer generation is the key to future housing impact.”
“Because they will be in the workforce longer, boomers will postpone purchase of retirement property and won’t be making those moves as early as assumed,” Lereah said.
Forty-two percent of survey respondents would like to retire in the South, 32 percent in the West, 15 percent in the Midwest and 12 percent in the Northeast. “This tells us that the Sunbelt will remain a traditional draw for retirees,” Lereah said.
Most boomers live in two-income households, with a median income in 2005 of $64,700, which is 31 percent higher than the median for all households. This generation makes up 37.5 percent of U.S. households, but receives nearly half of all aggregate household income. “This translates into a lot of purchasing power, and helps to explain why 8 out of 10 boomers are homeowners,” Lereah said.
For baby boomers earning $100,000 or more, the study shows that more than 9 in 10 are homeowners. Among middle-income boomer homeowners, home equity accounts for fully half of their net worth. Even so, 19 percent of respondents are renters, 37 percent say they have just enough to make ends meet and 17 percent say they are having financial difficulty.
A quarter of baby boomers own one or more other kinds of real estate in addition to a primary residence: 13 percent own land, 8 percent own rental property, 7 percent a vacation home or seasonally occupied property, 2 percent commercial real estate and 3 percent some other kind of real estate.
Four out of 10 respondents intend to convert their vacation home into a primary residence in retirement. Analysis by NAR shows baby boomers are proportionately more active in the second home market, owning 57 percent of all vacation/seasonal homes and 58 percent of rental property.
Ten percent of boomers indicate they plan to buy some form of real estate within the next year, which corresponds with U.S. Census Bureau data that shows 3.5 million boomer households moved during the last year. Two-thirds are considering a primary residence, but the rest are thinking about land, second homes or commercial property.
NAR President Thomas M. Stevens from Vienna, Va., said the survey shows most boomers want professional services when they buy real estate. “Baby boomers expect professional service and guidance from real estate agents, and they value those services,” said Stevens, senior vice president of NRT Inc. “When buying a home, they want agents to represent their interests in the complex transaction process, and when selling they want help to establish the right asking price. Regardless of whether they’re buying or selling, boomers want agents to explain all of the complicated contracts, forms and agreements, to manage the closing process from start to finish, and to negotiate on their behalf.”
Most survey respondents were unsure of their financial future, with three-quarters saying they are not financially prepared for retirement and many expressing anxiety about their ability to retire. Some boomers said they might withdraw retirement funds for housing or real estate expenses.
Peter Francese, an independent demographic trends analyst and founder of American Demographics magazine, consulted on the findings. “For the vast majority of baby boomers, retirement is somewhere off in the future,” he said. “Considering that boomers are healthier than their predecessors, and are more likely to work in an office setting, many of them may work five or 10 years beyond the traditional retirement age of 65,” he said.
Half of boomers who live in an urban area would like to retire in a small town or rural area. Their ideal retirement location characteristics include a lower cost of living, being near family, quality health care, better climate and being near a body of water.
More than a third of all baby boomers want to retire in an urban or suburban setting, motivated by quality health care and cultural activities. Half of boomers said they would consider living in an age-restricted community.
Given a longer tenure in the work force baby boomers may choose a larger home than earlier generations, speculates Francese. “Boomers may want or need a somewhat larger dwelling that includes one or two home offices, and a low-maintenance home on a single level would have broad appeal to this group,” Francese said.
Almost one in four boomer households have a high net worth of $500,000 or more, and this ratio is expected to increase in the future as the generation ages. Virtually all high-net-worth households are homeowners (97 percent), and 47 percent are likely to also own other real estate in addition to their primary residence. More than a third expect to help children or grandchildren with a downpayment on a home. Wealthier boomers want amenities where they retire, including cultural activities such as museums and art galleries. As a result, they are more likely to retire in an urban area or city.
Although most boomers are married couples and 27 percent have children under the age of 18, nearly two out of five baby boom households are nontraditional households, most of which are headed by women.
Non-traditional households may have different needs and desires about where they want to live. For boomers with children, neighborhood schools are of obvious concern, but for those without children, security may be a bigger issue.
Twenty percent of boomer households are headed by women, but because women aged 60 to 69 account for a quarter of homeowners in that age group, the number of women boomer homeowners is likely to increase much faster than average as they age.
Francese said there’s little doubt that the vast majority of baby boomers will delay retirement. “Some will put off retirement because they have to, but many because they want to,” he said. “Many will have a larger income stream to purchase possibly two homes, which they may use to move back and forth between their retirement life and their working life.”
“However, some caution should be exercised here regarding retirement preferences,” Francese said. “Surveys of future intentions often include a dose of wishful thinking, and attitudes can be influenced by the media and other outside pressures. For example, many are probably not going to be able to, or even want to, retire in a small rural town far from their current home, even if they may dream about it currently.”
Preliminary study results were released May 18 at NAR’s Midyear Legislative Meetings & Trade Expo, with a focus on the real estate and second-home appetite of boomers. The more extensive analysis released today is also supplemented with context and data from the Census Bureau’s mid-2006 estimates of population characteristics; it offers an abundance of information helpful for planning to Realtors®, builders, mortgage lenders and others connected to the housing industry.
The survey for the 2006 National Association of Realtors® study, BABY BOOMERS AND REAL ESTATE: Today and Tomorrow, was conducted online by Harris Interactive® between March 31 and April 6, 2006, among a nationwide cross section of 1,969 U.S. adults born between 1946 and 1964. Figures for age, sex, race, education, region and household income were weighted where necessary to bring them into line with their actual proportions in the population. With 95 percent certainty, overall results have a sampling error of plus or minus 2.2 percentage points; the sampling error for various sub-sample results is higher and varies.
The study can be ordered by calling 800/874-6500, or online at: http://www.realtor.org/babyboomerstudy. The cost is $50 for NAR members and $125 for non-members.

Recently Sold - Ithaca Area

Sold from 5/25/2006 to 5/26/2006

SD:5/25/2006
R110514S
List Price: $95,000
GROSS SOLD PRICE: $90,710
CLOSING DATE: 11/10/2005
62 E Tioga St, Spencer
Spencer/Van Etten
Days on Market: 59

SD:5/25/2006
R120184S
List Price: $169,900
GROSS SOLD PRICE: $160,000
CLOSING DATE: 4/19/2006
411 S Titus Ave, Ithaca
Fall Creek
DOM: 187

SD:5/25/2006
R120351S
List Price: $159,900
GROSS SOLD PRICE: $155,000
CLOSING DATE: 5/17/2006
4028 Sheldrake Park Rd, Ovid
South Seneca
DOM: 182

SD:5/25/2006
R120819S
List Price: $198,000
GROSS SOLD PRICE: $197,700
CLOSING DATE: 5/25/2006
594 Firelane #5, King Ferry
Southern Cayuga
DOM: 93

SD:5/25/2006
R120852S
List Price: $99,000
GROSS SOLD PRICE: $85,000
CLOSING DATE: 5/24/2006
4131 Dugue Road, Hector
Odessa Montour/Watkins Glen
DOM: 85

SD:5/25/2006
R121075S
List Price: $235,000
GROSS SOLD PRICE: $227,500
CLOSING DATE: 5/23/2006
418 Winthrop, thaca
Northeast
DOM: 67

SD:5/25/2006
R121154S
List Price: $149,000
GROSS SOLD PRICE: $151,000
CLOSING DATE: 5/25/2006
1937 Slaterville Road, thaca
Caroline
DOM: 63

The Importance of Your Credit Report

When you apply for a loan, your lender will look at several things:* Down payment amount* How long you have been employed in your current position* Whether you have the funds on deposit for your down payment and closing costs* Your income-to-debt ratio and your credit report
Lenders nowadays place much emphasis on the credit report. Credit bureaus compile a record of debts from credit card companies, banks, department stores, and other firms. This information appears on your credit report, so it shows whether you pay your bills on time. Lenders develop credit ratings based on how well you manage this function. The higher your credit score, the more flexible lenders will be in loan approval and specific requirements.
When you meet with lenders, ask how they decide if you are a good credit risk. It is likely to be from a credit report. Lenders can order the credit report for you and discuss your score. If your credit is less than sterling, they can usually offer suggestions on how to strengthen your credit position.
Please feel free to call or email me if you have any questions or would like additional information on financing.

Diane McLaffertyAssociate Broker -GRI, eProWarren

Real Estate(607) 330-5243

diane@warrenhomes.com

www.soldonithaca.com

Recenlty Sold

3351 Gunzen Dr., Cortland (incl Crtlndvl), Cortland, List Price $109,500, Sold Price $109,000 Assessment $90000, 4 bedrooms, 2 baths

Recently Sold

174 Burns Rd., Caroline, List Price $119,500, Sold Price $115,000, 5 bedrooms, 2 baths

129 Burleigh Dr., Ithaca (Town), Northeast, List Price $349,000, Sold Price $338,000 Assessment $249000, 5 Bedrooms, 3.5 baths

295 Irish Settlement Road, Dryden (Town), Dryden Central, List Price $224,900, Sold Price $220,000, Assessment $179000, 3 bedrooms, 2 baths

Negotiate a Winning Offer

When you are ready to purchase a home, I will negotiate on your behalf to help you get the best house your dollar can buy. I can act as a buffer to minimize the emotional elements so you can enjoy the process.
When you make an offer on a house, the seller can accept it, reject it, or counter it. If the offer is too low, the seller may reject it outright. Or the seller may counter the offer, naming a price or other specifications that are more in line with his or her expectations.
If a property is in strong demand, it may receive several offers. Then the seller may choose to accept the highest one or the one from the most qualified buyer.
Here are some tips to make sure your offer is accepted in any market:

* Be pre-approved by a lender, not just prequalified. This strengthens your position.

* Provide a substantial earnest money deposit. This is “good faith” money that shows the seller you are serious about the property.

* Limit your contingencies to those most important to you, such as financing, inspections, and the sale of your current home if necessary.

I'll be happy to answer any questions you might have about the property, the offer, negotiating, or the buying process. Part of my expertise is negotiating. I will work diligently to help you find and purchase your new home. Call or email me when you are ready.

Diane McLaffertyAssociate Broker -GRI, ePro
Warren Real Estate(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com
http://soldonithaca.blogspot.om

Listings Sold 2/21/06-2/22/06

577 Main St., Enta, 3 Bedrooms, 2 Baths, SqFt. 2409, List Price $139,900, Sold Price $133,000

10 King Rd., Ithaca, 3 Bedrooms, 2 Baths, SqFt. 912, List Price $115,000, Sold Price $100,000

15 Groton Ave., Freeville, 3 Bedrooms, 1.5 Baths, SqFt. 1482, List Price $109,900, Sold Price $108,000

1700 Slaterville Rd., Ithaca, 3 Bedrooms, 1 Baths, SqFt. 1625, List Price $144,900, Sold Price $144,900

STEPS TO A SUCCESSFUL CLOSING

Here are the steps to close the sale once the purchase and sale agreement has been signed by both parties. Please know I will walk you through this step by step to make sure this is a smooth and enjoyable process.

Step 1 - Removing contingencies: The most common contingencies are financing and the sale of your current home. These conditions must be removed or waived before the sale on your new home can close.

Step 2 - Appraising the property: Your lender requires a formal appraisal to confirm the value of the home you’re buying, to be used as collateral to secure the loan.

Step 3 - Preparing closing documents: Most often real estate attorneys prepare documents that confirm the transaction, pro-rate funds, and so on.

Step 4 - Signing closing documents: Even after both parties have signed closing documents and deposited funds, the sale may take a few more days to close.

Step 5 - Recording the deed and disbursing funds.

Step 6 - Welcoming the moving van.

Step 7 - Receiving the keys from the seller.

There are many opportunities for surprises or delays in the transaction. Part of my expertise is troubleshooting problems that may arise. Please email or call me if you have any questions or you would like more information.

Diane McLaffertyAssociate Broker -GRI, ePro
Warren Real Estate
(607) 330-5243
diane@warrenhomes.com
www.soldonithaca.com