Re cny nov 2014

THE

EAGLE

CNY’s source for news, views & things to do

MEMBER

Syracuse, New York • November 2014 • Volume 1 - Issue 1

EAGLE

NEWSPAPERS

David Hanlon GRI, CRS

Associate RE Broker - Luxury Collection Specialist Berkshire Hathaway Homes Services CNY Realty

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MORTGAGE F.Y.I

Which Loan is Right for You? Home Improvement Loan or a Home Equity Line of Credit local loan servicing where your loan will never be sold to the secondary market. And unlike some large lenders, Geddes Federal requires low documentation and has a quick turnaround time.” In most cases, a Home Improvement Loan with Geddes Federal Savings is closed within 7 days.

Whether you want to make home improvements, purchase a new car, consolidate debt, finance your child’s education or want to plan well-deserved vacation, Geddes Federal Savings and Loan has the right loan for you. Jeanne MathewsFox, SVP added, “We offer a variety of suitable options to allow you to use your equity to meet your personal goals.

We will take the time to get to know you and your needs to find the perfect loan option for you.”

Geddes Federal Savings is celebrating its 65th anniversary this year and was recently recognized by ICBA as a Top Loan Producer and ranked by

the FMC as having the least amount of fees charged to customers. Geddes Federal Savings has two locations:

Westvale Plaza in Syracuse and Limestone Commons in Manlius.

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A Home Equity Line of Credit (HELOC) and Home Improvement Loan are quite different.

When you apply for a Home Improvement Loan, you are required to provide a description of the project and detailed costs of the planned improvements. When you apply for a Home Equity Line of Credit, approval is based on the homeowner’s equity and ability to repay (income, employment and savings) only. Borrowers can use proceeds of the HELOC as they desire for debt consolidation, education, home improvements, emergencies or even automobile purchases. A home equity line of credit is a revolving line of credit that offers flexibility to access available funds for a set term. However, if all proceeds are to be used for home improvement, borrowers should be adding value to the Fair Market Value (FMV) of their home.

According to Chris Lauricella, AVP, “Geddes Federal is a local lender that provides

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RealEstateCNY.com

Cove r Home

DeWitt: Breathtaking design and finishes will welcome you throughout this incredible home. Highlights include: a sweeping curved staircase, 6 bed., 7 full & 2 half baths; Two full kitchens, 6 car garage; Granite tops; 2 decks with views; Master Suite with Fplc. & Screened porch & large walk in shower; brick paver diveway; set on 6.59 acres – Jamesville-DeWitt Schools and so much more!

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Welcome to RealEstateCNY.com! tral and western New York, as well as information about towns and neighborhoods across the area. There is also a library of helpful articles to further help inform your buying or selling decision.

In the coming months, both the print and online versions of RealEstateCNY. com will be enhanced with new features, including resources for renters, senior living, and expanded listings of homes for sale in the greater Syracuse area. We will also feature some specially-themed editions, with editorial and advertising based on specific living opportunities – so if downtown living or waterfront homes interest you, please keep an eye out for those themed editions coming out in 2015.

In the meantime, enjoy this first edition of RealEstateCNY.com, and as always, your feedback is appreciated.

Please email me at dtyler@eaglenewsonline.com with comments about how we can make this magazine even more helpful to you. And if you would like information on how to advertise in RealEstateCNY.com, please call (315) 434-8889.

Sincerely, David Tyler Publisher

EAGLE

THE

Welcome to RealEstateCNY.com, a new magazine inserted monthly into Eagle Newspapers and distributed to area Wegmans stores and select Tops Markets.

The purpose of this magazine is to provide you, our reader, with as much information as possible regarding the buying and selling of a home in the Syracuse market. We’ll feature specific properties, sure, but we also want to provide you with the nuts and bolts (or shingles and two-by-fours) that help in your buying or selling decision making.

Each month’s edition will feature content focused on mortgages, insurance, moving resources and legal information that can help inform your decisions. We’ll also bring you some statistical info about what areas are hot and where you might be able to find a deal, and we’ll tell you who the Local Pros are in specific neighborhoods.

In the online version, at www.realestatecny.com, you’ll find thousands of local real estate listings in a searchable form. These listings are updated daily, so you’ll always find the most up-to-date information, and they feature a wealth of information as well as colorful photos of each listed home.

Through our partner, Zagpad.com, the site features single family homes and vacation properties from across cen-

CNY’s source for news, views & things to do

EAGLE

NEWSPAPERS (315) 434-8889 2501 James St., Suite 100 Syracuse, NY 13206 RealEstateCNY.com is published monthly by Community Media Group LLC. Each month, 30,000 copies are produced and distributed through Eagle Newspapers’ six community weeklies, as well as at high traffic locations throughout Onondaga and Madison counties, including selected Wegmans and Tops Friendly Market locations. All phone numbers are for the (315) area code unless otherwise stated on the advertisement. RealEstateCNY. com is a trademark of Community Media Group LLC, and is produced in conjunction with QuestCom Incorporated. Printed in Canada.

All real estate advertised in RealEstateCNY.com is subject to the Federal Fair Housing Act of 1968, which makes it illegal to advertise preference, limitation or discrimination based on race, religion, sex, age, national origin, disability, marital status or presence of children or an intention to take any preference, limitation or discrimination.

Community Media Group LLC will not knowingly accept for publication any advertising for real estate which violates the law. All dwellings advertised are available on an equal opportunity basis.

All rights reserved. Copying or reproduction of this publication, in whole or in part, is strictly prohibited.

Every effort has been made to assure the accuracy of the information contained herein. However, the publisher cannot guarantee such accuracy. All properties are subject to prior sale or withdrawal without notice.

Listings & advertising are subject to errors, omissions, and/or changes without notice.

Printed in Canada

RealEstateCNY.com

5

Ten things to know to before you purchase home insurance

2. Decide how much coverage you need The better your coverage, the less you will have to pay out of your own pocket if disaster strikes. In some cases, your lender decides how much coverage you need and may require you to buy a policy that covers at least the amount of the mortgage. It is important to note that the amount of coverage you buy for your house, contents and personal property will affect your cost.

3. Compare deductibles The deductible is the amount you have to pay out-of-pocket on each claim and applies only to coverage on your house and personal property. Make sure when choosing a policy that you are comfortable paying the deductible if you make a claim.

Remember, a policy with a $100 deductible will cost more than one with a $250 deductible. Higher deductibles may be available at a reduced price.

4. Replacement cost or actual cash value?

You have the option to choose to insure your home and belongings for either replacement cost or actual cash value. Replacement cost is the amount it would take to replace or rebuild your home or repair damages with materials of similar kind and quality, without deducting for depreciation. It is important to insure your home for at least 80 percent of its replacement value. Actual cash value is the amount it would take to repair or replace damage to your home after depreciation.

5. Shop around before you buy You are not required to purchase insurance from the company your lender recommends. There are a number of

unbiased sources available to find out what different insurers charge for identical products and services.

6. Ask your agent about discounts In some states, insurers offer lower prices for such things as insuring your home and car with the same company, installing deadbolt locks or alarm systems or replacing the roof.

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7. Basic coverages available Whether you own or rent, there are different packages of home insurance offered to protect your home and belongings.

Each package protects against a specified number of events that cause damage to property, such as fire, windstorm and theft. In addition, each package policy usually contains four additional types of coverage: property damage, additional living expenses, personal liability and medical payments.

8. Where to shop Check the newspaper and yellow pages of the telephone directory for companies and agents in your area. In addition, ask your neighbors, relatives and friends for recommendations on insurance companies and agents. Remember to shop around to get the best price and service.

9. Read your policy carefully You should be aware that a home insurance policy is a legal contract. It is written so that your rights and responsibilities, as well as those of the insurance company, are clearly stated. When you purchase home insurance, you will receive a policy. You should read that policy and make certain you understand its contents.

Keep your policy in a safe place and know the name of your insurer.

10. Review vour home insurance needs every year Check with your insurance agent at least once a year to make sure your policy provides adequate coverage. The addition of a room, new insulation or remodeling add value to your home and, therefore, may increase replacement cost.

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1. You need home insurance Homeowners need to purchase insurance to protect their homes and personal property. Tenants need insurance to protect their furniture and other personal property. Everyone needs protection against liability for accidents that injure other people or damage their property.

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RealEstateCNY.com

R

EA

L ESTAT

E

CAL PRO LO

When Buying or Selling It’s Better To Use A

Local Pro!

Local Pros know their areas because that’s where they live and work!

Cazenovia

Fayetteville Manlius

Patricia M. Carmeli Lic. Real Estate Salesperson o: (315) 655-1025 | RealtyUSA

Deana Bollinger Ingram Lic. Real Estate Broker o: (315) 637-0555 | Weichert Realtors

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o: (315) 449-6732 | Hunt Real Estate ERA

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o: (315) 373-0440 | Berkshire Hathaway CNY

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RealEstateCNY is a

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Local PROs have comprehensive knowledge of their area because they’re always there! From schools to shopping, taxes to nightlife, they can give you all the information you need to make an informed real estate decision. For more Local PROs, visit the Local Info section at

RealEstateCNY.com

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HOME SALES STATS Municipality Camillus Cicero Clay Dewitt Elbridge Fabius Geddes Lafayette Lysander Manlius Marcellus Onondaga Otisco Pompey Salina Skaneateles Spafford Syracuse City Tully VanBuren County Cayuga Co. Cortland Co. Madison Co. Oneida Co. Onondaga Co. Oswego Co.

October Home Sales (Through 10/28/14)

YTD Home Sales (Through 10/28/14)

YTD Home Sales (Through 10/29/13)

Average Sale Price (Through 10/28/14)

Average Sale Price (Through 10/29/13)

21 34 61 15 1 0 10 8 25 28 5 23 0 1 23 8 1 65 4 10

253 304 507 197 42 8 108 33 245 357 50 156 8 34 245 80 12 642 20 100

221 282 508 222 37 7 132 30 195 336 43 160 15 35 246 96 11 634 26 82

$159,600 $156,700 $160,300 $206,800 $135,300 $137,300 $129,400 $179,800 $214,100 $227,300 $199,400 $187,800 $173,200 $282,600 $104,600 $401,400 $247,500 $95,700 $176,400 $138,300

$163,800 $168,100 $158,300 $202,600 $129,400 $173,500 $120,500 $223,500 $212,300 $228,700 $189,800 $194,200 $158,000 $232,500 $109,100 $466,500 $218,700 $96,300 $213,600 $139,800

October Home Sales (Through 10/28/14)

YTD Home Sales (Through 10/28/14)

YTD Home Sales (Through 10/29/13)

Average Sale Price (Through 10/28/14)

Average Sale Price (Through 10/29/13)

64 22 61 38 340 90

419 209 440 316 3,401 707

410 207 432 310 3,336 647

$142,800 $126,900 $180,000 $143,800 $165,400 $111,000

$138,800 $134,800 $182,100 $126,400 $169,400 $116,900

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RealEstateCNY.com

LEGAL F.Y.I What assessors and appraisers do Real estate appraisers and assessors estimate the value of real property—land and the buildings on that land— before it is sold, mortgaged, taxed, insured, or developed.

Appraisers and assessors typically do the following: ďƒź Verify legal descriptions of real estate properties in public records ďƒź Inspect new and existing properties, noting unique characteristics ďƒź Photograph the interior and exterior of properties ďƒź Use “comparables,â€? or similar nearby properties, to help determine value ďƒź Prepare written reports on the property value ďƒź Prepare and maintain current data on each real estate property Appraisers and assessors work in localities that they are familiar with so that they know any environmental or other concerns that may affect the property's value.

Appraisers typically value one property at a

time, and they often specialize in a certain type of real estate. For example, - Commercial appraisers specialize in property used commercially, such as office buildings, stores, and hotels.

- Residential appraisers focus on appraising property in which people live, such as duplexes and condominiums, and appraise only those that house one to four families.

When estimating a property’s value, appraisers note unique characteristics of the property and surrounding area, such as a noisy highway nearby. They also consider the condition of a building’s foundation and roof or any renovations that may have been done. In addition to photographing the outside of the building to document its condition, appraisers might also photograph a certain room or feature. After visiting the property, the appraiser estimates the value of the property by considering things such as comparable home sales, lease records, location, view, previous appraisals, and income potential. During the

entire process, appraisers meticulously record their research, observations, and methods used in calculating the property's value.

Assessors mostly work for local governments and value properties for property tax assessments. Unlike appraisers, who generally focus on one property at a time, assessors often value an entire neighborhood of homes at once by using mass appraisal techniques and computer-assisted mass appraisal systems.

Assessors must be up-to-date on tax assessment procedures. Taxpayers sometimes challenge the assessment because they feel they are being charged too much for property tax. Assessors must be able to defend the accuracy of their property assessments, either to the owner directly or at a public hearing.

Assessors also keep a database of every property in their jurisdiction, identifying the property owner, assessment history, and size of the property, as well as property maps detailing the property distribution of the jurisdiction.

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MOVING F.Y.I

How to change mailing address When moving from one location to another, most people are more concentrated on things such as budgeting finances to accommodate the movers and packing that it’s easy to forget something as important as changing your mailing address.

Getting an early start on changing your mailing address before moving will avoid chaos in the long run. Just think about how chaotic it can be if you were to miss out on receiving your monthly bills at your new home because you haven’t changed your address in time. For one thing if that were to happen you would find yourself all moved in to your brand new home without the use of electricity, cable television and Internet access to name a few.

By applying for your change of address in advance, you are ensuring that your services would not be cut off. The process to having your mail sent to your new address is simple and very convenient. There was actually a time when you had to go into the post office to have your address changed. These days one

can change their address by logging on to the USPS website. From there you would be able to navigate to the “change of address” section where you would fill out your information.

You would be asked a few questions on the application which would include your former address, your new address and if you are setting up a temporary or permanent redirection of your mail among other things.

After submitting your information to USPS you will receive a confirmation of your request to change address at your old location. This is called a Change of Address Move Validation Letter. Similarly at the new address the postal office would send you a welcome kit as well as another confirmation letter.

If you have not done it months in advance before you move to your new location then you need to inform the utility companies of your new address so that they can transfer your service.

Depending on where you move, you may not get the same service provider

for cable, Internet or phone service as you did in your old home. If this is the case then you would have to call the companies that serve your new area and open a few new accounts.

Utility and cable services aside, there are a few other companies that need to be notified about your impending move. They include the banks, your creditors and not to mention your family and friends.

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11

MOVING F.Y.I Things to consider before downsizing your home The children have moved on and are now making homes of their own. The lawn seems to grow larger every time you mow it. You’re vacationing more, and little tasks like cleaning and home maintenance are getting in the way.

It may be time to consider moving into a smaller, more manageable space.

The decision to downsize a home is often bittersweet. Many couples who downsize their homes do so after raising a family and there are fond memories in every corner of that old house. But downsizing a home helps couples save time and money, and that financial flexibility often allows them to more fully enjoy their retirement.

In spite of the financial impact of downsizing a home, there's more than just money at stake for homeowners thinking of downsizing their homes.

The following are a handful of factors homeowners should consider before downsizing to a smaller home.

Real estate market The real estate market can be a seller's friend or foe. Many sellers have a sale price in mind when they decide to sell their home, but the real estate market can be fickle, so homeowners should do their research before putting their home up for sale. Will the current market make it easier for you to get the most for your home, or will you have to settle for less than you prefer? How fast are similar homes in your area selling? When studying the real estate market, it's also a good idea to study the market for smaller homes.

Condominium living provides many of the features you might find attractive, but in the Syracuse market, where there isn’t a glut of condos, mid- to high-end condominiums are often priced at or above the cost of suburban family homes. You may end up paying more than you want to for your new home, which would negate the savings you can expect from downsizing.

Furniture When downsizing to a smaller home, many couples realize their current furniture is unlikely to fit into their new space. That means couples will have to sell or donate their current furniture and then buy all new items for their new home. If it's been a while since you purchased new furniture, you might be in for some sticker shock on

your first visit to the furniture store.

Another thing to consider regarding your furniture is which items you simply can't live without. An antique dinner table might have been the centerpiece for your family holidays over the last several decades, but there's no guarantee it will fit into your smaller home.

You may want to pass this down to your son or daughter, but that's only possible if he or she has the room for it. Before deciding to downsize, consider your attachment to certain items that you may or may not be able to take with you to your new home Older couples and the emotional toll that selling such must conitems might take if you're left with no sider a host other options. of factors before deciding to downsize their homes.

Proximity to family

When downsizing to a smaller home, many couples move out of the suburbs and into cities or towns with more ready access to culture and restaurants. While that accessibility is great, grandparents may find that it comes at the cost of less time with their grandchildren.

That's a steep price to pay for doting grandparents, and it may also impact your children if they frequently rely on grandma and grandpa for babysitting. Before downsizing, consider if you're willing to move further away from your family. If not, you likely can still find a smaller home in close proximity to your current home and any nearby family members.

Medical care Many older men and women must also consider the effect that moving may have on their medical care. While you may feel fit as a fiddle now, and wouldn’t mind a longer drive to meet with your current physician, remember that this is a long-term decision, and you may regret over time moving further away from the your medical practitioners. In addition, if you have been visiting the same physician for years, you may not want to move and have to start all over again with a physician who is unfamiliar with your medical history.

Consider how much maintaining your existing relationship with your physician means to you, and if your next home will provide the kind of access to medical care you're likely to need.

Downsizing a home is not just about moving into a smaller property. Before forging full-steam ahead, consider these and other factors and consult with a realtor to ensure you’re making the right decision.

12

RealEstateCNY.com

INSURANCE F.Y.I Be prepared with a home inventory checklist Catastrophe can strike at any time, but before it does, you can be prepared with a home inventory checklist.

We urge homeowners and renters to make an accurate account of their possessions by filling out a home inventory checklist.

Having a list of your possessions makes it that much easier to file an insurance claim in the event of damage or theft.

The home inventory checklist provides

homeowners and renters a tool that allows them to record their possessions in each room of their house. Each page has examples of items that may be found in each room. The home inventory checklist allows the homeowner or renter to include the item’s manufacturer, model or serial number, date of purchase and purchase price. Homeowners and renters are also encouraged to include any sales receipts

of items listed, and you may want to also include a picture of the item.

Once completed, the home inventory checklist should be kept in a safe, fire-proof place. The checklist can always be revisited and updated when new purchases are made.

Visit the National Association of Insurance Commissioners website at naic.org to download the checklist.

Home insurance: How much coverage do you need?

When it comes to your home, make sure to have enough insurance to cover: Your property and belongings: The better your coverage, the less you will have to pay out of your own pocket if disaster strikes.

Self-protection: You need enough liability coverage to protect yourself from lawsuits resulting from your negligence or events that could occur on your property. Lender requirements: Your housing lender will require

you to cover the house for at least the amount of the mortgage or the replacement cost of the dwelling. Policy requirements: Insurers may impose some coverage requirements for replacement cost protection.

Preferred plans usually require policy limits at 100% of replacement cost. Standard plans usually require policy limits of at least 80% of replacement cost.

RealEstateCNY.com

13

Real Estate F.Y.I Tips for cutting the costs of home ownership cies and simply pay the premium each month. But homeowners looking to save money should periodically reexamine their policies and compare these existing policies to those they might be able to get from other providers. Comparison shopping can save homeowners substantial amounts of money. Homeowners willing to purchase their homeowners and auto insurance policies from the same provider also can save a considerable amount of money, sometimes as much as 15 percent depending on the provider.

Make safety upgrades.

Owning a home is a dream for many people. But even the most affordable homes can be a considerable expense, which is why many homeowners are on constant lookout for ways to cut the costs of home ownership.

Those who have owned their homes for years may already know of various ways they can save money each month.

But first-time homeowners may not be so savvy, which can leave them scrambling for ways to save each month.

Fortunately, homeowners can reduce the cost of owning their homes in a variety of ways.

have no leeway with regard to lowering that payment, but that’s not necessarily true. Interest rates fluctuate every day, and homeowners might be able to take advantage of that fluctuation by refinancing their mortgages to earn lower interest rates.

Depending on the amount of the loan, a homeowner might be able to save hundreds of dollars per month and tens of thousands of dollars over the life of the loan after refinancing his or her mortgage. Research current interest rates to determine if refinancing is in your best interest.

Refinance your mortgage.

Reexamine your insurance policy.

The average homeowner would point to his or her mortgage payment as his or her biggest monthly expense. Firsttime homeowners may assume they

When borrowing money to buy a home, borrowers need to have homeowner’s insurance. It’s easy to forget these poli-

Another way to cut the cost of home ownership is to upgrade your home’s safety features. Many insurance companies offer discounts to homeowners who install alarm systems, sprinklers or storm shutters in their homes. But homeowners should confirm their eligibility for such discounts before making any upgrades, as policies may differ depending on the provider.

Purchase eco-friendly appliances for your home.

The appliances in your home at the time of purchase will inevitably wear down, and replacing such items can be expensive. But replacing older appliances with more eco-friendly alternatives can save you money on your monthly utility bills, as more and more appliances are now made with energy savings in mind. Cutting your energy consumption leads to lower utility bills, and you may even be eligible for government rebates when buying products that meet certain energy-saving standards.

The cost of home ownership is on the rise, but homeowners can take several steps to alleviate those costs.

14

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CUSTOM FABRICATED IRON, MAINTENANCE - FREE ALUMINUM, GALVANIZED OR STAINLESS STEEL t */5&3*03 &95&3*03 3"*-*/(4 t '&/$*/( t 41*3"- 45"*34 t 3&4*%&/5*"- $0..&3$*"INSTALLATION AVAILABLE

40655_5

'".*-: 08/&% "/% 01&3"5&% IN SYRACUSE FOR 60 YEARS

For your convenience, Raulli & Sons accepts most major credit cards.

A Cozy Hearth Fireplace & Stove

LARGE SELECTION OF GAS, WOOD & PELLET STOVES, FIREPLACES & INSERTS

1086 State Fair Blvd, Syracuse, NY 13209 - Conveniently located off Interstate 690 exit 5

(315) 487-3473 - www.acozyhearth.com

40654_5

660 Burnet Ave. | Syracuse | www.raulliiron.com | info@raulliiron.com | 474-1370

YOUR SOURCE FOR

FARM, LANDSCAPE & TURF IMPLEMENTS

CONSISTENTLY LEADING THE WAY...

ATLANTA, NY

CARRYI

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PRODUCTS

150 Rte. 371 585-534-5935

5072 East Main Street 585-343-1822

BATAVIA, NY

CAZENOVIA, NY

CICERO, NY

CORTLAND, NY

WATERLOO, NY

5788 Crabtree Lane 315-288-5125

638 Rte 13 607-753-9656

2893 Route 20 E 315-655-8146 1437 Route 318 315-539-7000

W W W. E M P I R E T R A C T O R . C O M

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