Mendon, NY

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!

One item of interest to many moving into the Pittsford, Mendon and Henrietta, NY area is information about the local school systems.

There are many resources available, one to use is www.nysed.gov , also, you can find links on my website at www.scottingalls.com . Mendon, Pittsford and Henrietta, NY all have excellent schools and in Newsweek magazine, Pittsford has been in the top 100 over the past several years.

For any other demographic information, feel free to contact me.

Second Quarter statistics from NAR and July's monthly Real Estate activity report from GENRIS are in. For Mendon, Henrietta and Pittsford, NY, once again a mixed bag.

For zip code 14506 in Mendon, days on market have improved--10 days average! Price appreciation is 2.68% average. For zip code 14467 in Henrietta, days on market is averaging 30 days and -6.22% drop, for zip code 14534 in Pittsford, 35 days on market and -6.71% drop.

For the MLS area as a whole, closings rose over June by 14.4%, but are off 11% year to year. Median sales price is up 5.7% over the month, but off 0.4% year to year.

According to NAR's scale of 1-5 (1 being a pure buyer's market and 5 being a pure seller's market), Monroe County is 3, balanced between buyers and sellers.

With interest rates at continued lows and the awareness of the new $7500 refundable tax credit, the market should improve through the Fall into next Spring.

If your thinking of buying or selling in the area, or want more information, contact me at singalls@nothnagle.com .

Still a mixed bag, some good and some could be better.

For the Greater Rochester area in the month of April vs. March, there's been an increase of 27.9% in closings, 12.8% increase in purchase offers accepted and a 7.4% increase in the median sales price. For the period of April '07 to April '08, there's been a -5.5% in closings, -8.6% in purchase offers accepted and a 4.4% gain in median sales price.

YTD there are -2.0% in homes listed for sale, 2.8% median sales price, -12.3% in closings and a 0.9% gain in average sales price.

It seems there are good/bad news points for both buyers and sellers. It'll be interesting to see the results for May, if there's a turn happening in either direction.

All statistics courtesy of the GRAR.

Real Estate markets in Mendon, Pittsford and Henrietta have all gotten positive national press, as has all the greater Rochester area. We are one of the few markets that has price appreciation, average turnover has been between 45 to 63 days in these submarkets, yet the perception on the parts of buyers and sellers in the area remains cautious. Now, even many of the hardest hit areas are starting to report the possibility of a bottom, the local paper's starting to report on the positives in the market and sales are showing on the average a 95% or better sales price to asking price. Buyers should take note--low interest rates and the best climate in several years to make an offer. Sellers should take note--low interest rates and a large pool of potential buyers waiting to make their entry into the market. Either side that waits too long may miss the opportunity to get the best deal possible. It's time to get out of the comfort zone and stop listening to popular misconceptions.