Scott Ingalls

For everyone that qualifies for the $8,000 Federal Tax Credit, the clock's ticking down....

The credit will expire on Dec. 1rst of this year, meaning that for a person to qualify for it, besides the other requirements, the property will have to close by Nov. 30th this year. Typically, it may take up to 3 months to close a contract, so an offer should be in place by Sept. 1-15 of this year. The response has been very strong in the market and opportunities are starting to disappear.

For those clients of mine looking in the Henrietta, Pittsford and Mendon, NY area, now's the time.

Feel free to contact me at singalls@nothnagle.com if you need more information.

The amenities offered in any area that impact the quality of life go far beyond local parks, attractions, schools, and employment opportunities. In the Henrietta, Mendon and Pittsford, NY areas, we are fortunate to have Wegman's Food Markets as one choice to shop at. They have just won recognition as the best Supermarket in the country and are family owned and based in Rochester, NY.

For those outside of our area, visit their site at www.wegmans.com and see why it's a pleasure to shop there, it looks like the secret's out! Congratulations Wegmans!

The most recent statistics for the Henrietta, Mendon and Pittsford, NY areas has just recently become available. It points to a relative stable area of the country and may show that a bottom has been reached here. Overall, the Rochester, NY median sales prices of existing homes on a year-to-year basis ('07-'08) show a decline of -0.8%, over a 5 year period ('03-'08) a gain of 17.7%.

In Henrietta, NY this is a one year decline of -3.8%, in Mendon, NY a gain of 2.7% and in Pittsford, NY, a decline of -3.9%. Median sales prices for these areas are $125k, $241k and $248k, respectively. NAR's report by zipcode shows a balanced market, rated 3 on a scale of 1-5.

Activity has increased in these areas, a busy Spring market is underway and the $8k tax credit is having an effect, numbers will be forthcoming in the next couple of months.

For those first time buyers in the Henrietta, Mendon and Pittsford, NY areas, the bill has passed for a $8,000.00 buyer's credit, filed on your tax return. The terms are similar to the recent $ 7,500.00 credit, except that this one doesn't have to be repaid, if you live in the principal residence for 3 years or longer.

There are phase outs for singles that earn $75k or more, or for married couples earning $150k or more, details are still coming in.

For tax purposes, a purchase between the qualifying timeframe of Jan.1, 2009-Dec.1, 2009 can be considered as purchased on Dec. 31, 2008, so that it may be claimed on your 2008 forms.

While the above is considered accurate, check with a tax professional for full information.

As a quick update for my clients in the Mendon, Henrietta and Pittsford, NY area, despite what you may have heard or read, there's still plenty of money available for mortgages.

Some highlights from NHSC are:

VA loans are offered at 100% financing for qualified veterans.

SONYMA loans are available with 97% financing for first time homebuyers.

FHA loans are offered with 97.5% financing for all buyers.

Conventional loans are offered with 95% financing available.

Several programs have income limits, purchase price limits and minimum credit scores--yet most borrowers meet the criteria.

Contact me today for a confidential review of your situation, it really is a good time to buy!