Mary Shelsby

When the weather outside is frightful, you can usually count on the real estate phone going to sleep. Not this year! I worked with three different buyers yesterday during the raging snow storm. And of the 7 houses I showed, three of them were new to the market this week. That's not a typical December day for Rochester, NY.
With less than 140 days to be under contract to qualify for the home buyer federal tax credit, it seemed like a good time to highlight the program. Of course, you will want to consult with your tax advisor or attorney for more specific advice, as the following points are very general.

· Your purchase agreement for a home must be signed no later than April 30, 2010, and the transaction must close before July 1.

· First-time buyers receive a credit of 10 percent of the purchase price, up to $8,000. A first-time buyer is defined as an individual and/or spouse that has not owned a principal residence in the U.S. within the last three years.

· Buyers who owned and lived in their principal residence for at least five consecutive years of the last eight can receive credit of up to $6,500 when they contract to purchase a home before April 30, 2010, and close before July 1.

· The upper income limit to receive the full credit is raised to $125,000 for individuals and $225,000 for couples.

· If the purchase price is more than $800,000, the buyer is not eligible for the credit.

· There is no minimum income for claiming the credit. You qualify for the full credit even if you won't owe any taxes for 2009 or 2010.

· You can claim the credit when you file your 2009 or 2010 tax return. The law does allow you to apply the credit to your down payment but currently, I know of no bank in New York that will provide such a loan.

If you or someone you know is considering a purchase in time to qualify for the tax credit, please call me as soon as possible. We anticipate an early spring rush this year with lots of competing offers and so now to the time to get pre-qualified and define your search criteria.



Keep warm!

Mary Shelsby

ReMax First

585-756-7457

In some parts of the country, it's not unusual to pay a million dollars or more to buy a nice house but in the Rochester, NY area it is a rarity. In fact, for a measly million dollars you get a really, really, REALLY nice house!

For just over a million, $1,059,000 to be exact, you can purchase a 6 bedroom, 3.5 bath waterfront front home with a 36 foot indoor pool, hot tub and three fireplaces. For details and photos, click here: Canandaigua.

While most of the million dollar plus properties are waterfront, not all of them are. In Caledonia, the historic Wadsworth estate is on the market for $1,800,000. The estate includes a main house with owner's quarters plus three apartments, a pond-side cottage and a two-story barn/party house on a 30 acre lot. To see the listing, click: Caledonia.

For a whopping $4 million, there is a 37-acre home built in 2008 that boast 11,000 sq feet of living space. (I hope they issue a map at the front door because I have visions of getting lost here!) Located in Penfield, this property was originally listed at $6 million! The listing is rather vague in details and photos, but here it is: Penfield.

To see all of 48 or so listings with a price tag over a million, check out this link Million. In fact, if you enjoy watching the local real estate market, don't hesitate to register with the site, develop a search and have listings delivered right to your computer in-box. And if I can be of assistance, don't hesitate to call.

Mary Shelsby
ReMax First
585-756-7457

Did you vote yesterday? I hope so. When I showed up at the polls at 8:40 last night, we had less than a 20 percent turnout. And then we complain about not liking what's going on around here.

Anyway, speaking of politics, this seems like an excellent time to endorse the efforts to extend (and possibly expand) the tax credit for first time homebuyers that is scheduled to expire on November 30, 2009. It is obvious why I want this to be extended since my business is directly impacted by the ebb and flow of the real estate market. But even if I didn't work in real estate, I would be pushing for this extension.

I didn't know this but each time there is a transfer of title of a property in America, it contributes, on average, $62,000 to the gross national product! That's huge! I'm guessing the average is slightly lower in the Rochester area just because our property values are very economical, but the impact is huge. When a house is bought or sold, a ton of people earn a paycheck, including inspectors, mortgage loan officers, surveyors, lawyers, movers, appraisers and Realtors. And as soon as the transaction closes, the new homeowners buy paint, curtains, furniture and lots of other goodies to make the house a home. So, a strong real estate market is good for the local economy.

If you believe this as strongly as I do, I hope you will call or e-mail your Congressman and urge them to get this extension through the House ASAP.

Last night, a young couple that I've been working with for several months found a beautiful home in their price range. The kitchen was simply stunning with Shaker style cabinets and a beautiful tile backsplash and floor. Both bathrooms were updated and the hardwoods were in great condition. It was so beautiful that it was easy to overlook that Rt. 490 was in its back yard. The highway was so noisy that we found ourselves yelling at each other in the driveway.




My advice to my clients was to forget the house. Granted, it is unlikely that we will find another house this attractive in their price range but if they buy a house in good condition, they will be able to do the cosmetic improvement and upgrades as their economic situation improves. On the other hand, if they purchase this house, they will never be able to do anything about the highway regardless of how much money they make. From the sullen looks on their faces, I don't think they liked my advice.



There are almost always compromises involved in buying a house and so I offer the following general guidance for consideration in choosing a property.

Location - While it is possible to pick up a house and move it, it is not very practical. Therefore, I encourage clients not to compromise on location. If you're not wild about having a gas station next door, chances are good that neither will future home buyers when you go to sell the house.

Layout - It is possible to tear out walls or build on an addition, but it's not cheap. When you are shopping for a house, take time to assess the layout. Are there enough bedrooms and baths? How's the traffic flow? Does the kitchen have a good design and room for storage?

Mechanicals - When I bought my first home, the first major improvement was to install a liner in the chimney. It was expensive and I couldn't even see it. There just was no inviting people over to see my new chimney liner! Eventually, everything in a house wears out. Roofs, furnaces, windows all have to be replaced from time to time. When home shopping, assess the mechanicals and be very conscious of their lifespan and cost to replace.

Cosmetics - Everyone falls in love with a beautiful home, myself included, and so it is difficult to convince buyers that this should be their last consideration and first item to compromise on. Think about it. If you had $10,000 to spend on your home would it be more fun to pick out roof shingles or kitchen fixtures? Almost every house can be made attractive, especially if you paid attention to layout. And if you don't feel that you have the talent or vision to make your home beautiful, there is an abundance of good designers in the Rochester area.

Again, I point out that these considerations are very general and there are special circumstances. Buying a house is a big decision. Hopefully, you can find a house that is perfect in every way. But if not, be very aware of what your compromises are.



Mary Shelsby

ReMax First

585-756-7457

Rochester has many great neighborhoods but one of my favorites has to be the Neighborhood of the Arts. Jammed packed with culture, the NotA features the Memorial Art Gallery, George Eastman House, Village Gate and ARTWalk. The neighborhood also offers great shopping, restaurants and drinking holes. If you've not checked it out, ARTWalk is a permanent urban art trail that connects the art centers and public spaces. An expansion to the ARTWalk has been approved and funded through federal stimulus money and so there is a lot of anticipation that a good thing is going to get even better. The Neighborhood of the Arts encompasses University Avenue, Atlantic Avenue and East Ave and features many high-end residential streets such as Granger Drive and Portsmouth Terr. The area offers many investor opportunities with multi-family dwellings and apartment buildings coming on the market on a pretty regular basis. Medium priced single family homes are a rarity and tend to sell very quick. If you'd like more information about real estate in the Neighborhood of the Arts, don't hesitate to give me a call. Mary Shelsby ReMax First 585-756-7457