Realestatecny dec 1 12

MEMBER

Syracuse, New York • December 2014 • Volume 1 - Issue 2

Patricia M. Carmeli

Licensed Real Estate Sales Person

315-546-4514

www.realtyusa.com/agent/Patricia-Carmeli Cazenovia | $590,000 | Bed & Breakfast | Caretaker’s House | 2 Bed Cottage | 5 Stall Tack Room

Patricia M. Carmeli • Licensed Real Estate Sales Person • 315-655-1025 • www.realtyusa.com/agent/Patricia-Carmeli A Supplement to Eagle Newspapers

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MORTGAGE F.Y.I

Which mortgage to choose?

Fixed-rate vs. adjustable rate

year fixed loan to a homebuyer at a 7 percent interest rate. The loan is locked in to the 7 percent interest rate, even if the market interest rate rises to 9 percent. Conversely, if the market interest rate decreases to 5.5 percent, the borrower will continue to pay the 7 percent interest rate.

Fixed-rate mortgage A fixed-rate mortgage applies the same interest rate toward monthly loan payments for the life of the loan.

Fixed-rate mortgages are more straightforward and easier to understand than Adjustable Rate Mortgages (ARMs), are more secure for the buyer, and are popular with first-time homebuyers. Since the risk to the lender is higher, fixed-rate mortgages generally have higher interest rates than ARMs. For example, a lender can offer a 30-

Fixed-rate benefits include: No change in monthly principal and interest payments

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Patricia M. Carmeli Licensed Real Estate Sales Person

Office: (315) 655-1025 Mobile: (315) 546-4514 www.realtyusa.com/agent/Patricia-Carmeli Lovely colonial

CAZENOVIA

S323356

$199,000

44 Farnham - Lovely colonial situated conveniently close to schools, library, and the shops and eateries of Cazenovia Village. This stately home retains its historic charm throughout. Upon entering its marbled foyer, an impressive curved staircase leads to four good-sized bedrooms and second story laundry room. Brand new water heater in furnace! The basement has nice headroom and is walk-out to the backyard. Charming details are evident on the homes exterior and side porch and the nice-sized backyard will afford enjoyment for barbeques and play.

Loveliest setting

CAZENOVIA

S295027

$590,000

4117 Burlingame - Outstanding example of period architecture in the loveliest setting imaginable. A once in a lifetime opportunity to own a piece of history and live the life of a “gentlemen farmer,” equine professional, Bed & Breakfast Host, or just enjoy private life and breathtaking views. Property includes additional Caretaker’s House and a sweet little cottage with two beds and a full bath for guests. Horse facilities include 5 stalls, tack room, hay storage, and numerous pastures. A 10,500 sf beef barn earns income as a storage facility for boats etc. Income from B & B operation exceeds $58,000/yr.

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RealEstateCNY.com

Cover Home

CAZENOVIA: 4117 Burlingame - Outstanding example of period architecture in the loveliest setting imaginable. A once in a lifetime opportunity to own a piece of history and live the life of a “gentlemen farmer,” equine professional, Bed & Breakfast Host, or just enjoy private life and breathtaking views.

Property includes additional Caretaker’s House and a sweet little cottage with two beds and a full bath for guests. Horse facilities include 5 stalls, tack room, hay storage, and numerous pastures. A 10,500 sf beef barn earns income as a storage facility for boats etc. Income from B & B operation exceeds $58,000/yr.

Call Patricia M. Carmeli, Licensed Real Estate Sales Person for more details.

315-655-1025; www.realtyusa.com/agent/Patricia-Carmeli

Welcome to RealEstateCNY.com!

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-

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 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

(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

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regardless of fluctuations in interest rates.

More stability may give you "peace-of-mind"

Fixed-Rate considerations include: Higher initial monthly payments compared to those of adjustable rate mortgages.

Less flexibility

• •

Adjustable rate mortgage An adjustable rate mortgage (ARM) does not apply the same interest rate toward monthly payments for the life of the loan. Throughout the life of that loan, the homebuyer’s principal and interest payment will adjust periodically based on fluctuations in the interest rate.

For example, a lender could offer a 30-year ARM loan to a homebuyer at an initial 6.5 percent interest rate. During an adjustment period for the ARM loan, the market interest rate could rise to 8 percent, resulting in a significantly larger interest payment.

Similarly, the market interest rate could decrease to 6 percent, resulting in lower interest payments.

ARM benefits include: Initial payments lower due to lower beginning interest rate, usually about 2 percentage points below the fixed rate.

Ability to qualify for a higher loan amount due to lower initial interest rates.

Lower interest payments if the interest rate drops over time.

Interest rate caps limit the maximum interest payment allowed for the loan.

• •

ARM considerations include: Initial lower interest rate and monthly payments are temporary and apply to the first adjustment period. Typically, the interest rate will rise after the initial adjustment period.

Higher interest payments if the interest rate rises over time.

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Three acre lots starting @ $72,000

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RealEstateCNY.com

When Buying or Selling It’s Better To Use A

Local Pro!

RealEstateCNY is a

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

Cazenovia

Fayetteville Manlius

Patricia M. Carmeli

Deana Bollinger Ingram

Barbara B. Ferro

Nancy Vesling

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

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

Lic. Associate Real Estate Broker o: (315) 373-0440 x.224 | Berkshire Hathaway Home Services

Lic. Associate Real Estate Broker

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

David Hanlon

JAMESVILLE DEWITT

Lic. Associate Real Estate Broker

Barbara B. Ferro

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

Lic. Associate Real Estate Broker o: (315) 373-0440 x.224 | Berkshire Hathaway Home Services

SKANEATELES SPAFFORD Linda A. Roche

SYR - UNIVERSITY AREA

Lic. Associate Real Estate Broker

o: (315) 685-0111 x.315 | RealtyUSA

Esther Zorn Lic. Real Estate Broker

o: (315) 410-7653 | Exit Eagan Real Estate

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

We have tons of local listing updated daily!

Attention Agents...

Are You a Local PRO? Local PRO packages now feature the Open House Toolkit app FREE!

Call (315) 434-8889 for more information!

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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

MOVING F.Y.I

Questions to ask when hiring movers

When a moving company is walking through your home and giving an estimate it’s an ideal time to ask these questions below.

Ask for their registration number.

All legitimate moving companies will have a registration number. This registration number is a sign that they are a legal business and meet the standards and requirements of FMCSA / USDOT. Ask about how they determine their moving rates and what they are.

Some companies you will find go by how much weight there is and perhaps a distance rate. If you find that they go by anything else, for example, cubic feet, you should avoid them.

This can be a way of overpricing their services if you are traveling a long distance with your items. You may find a suitable company that charges by the hour if you are only going a short distance.

Ask if they subcontract their work out.

You may find that a lot of the larger companies will contract some of their work out to smaller companies. If you find this to be the case

with the company you are contacting, ask them for the subcontractor’s name that they will be using. If they are uncertain or have multiple ones that they use, ask for them to get back to you with the name(s). Typically, the companies will have this information available for those who ask about it. Do not hesitate to request specific subcontractors that you might be aware have good driving records or provide good service.

Ask about additional fees.

After receiving an hourly rate or estimate, you should ask about any additional fees that might be incurred. For example, some companies may require additional fees for very awkward items. You also might find that they will charge more if they have difficulty getting in to the new location or if there are stairs, etc. Make sure that you are well organized and have arranged for appropriate parking so that this does not become a problem for the movers.

If the movers are not going to be able to access the new or old premise with a large

truck, you should make them aware of this upfront. This way, you receive an accurate estimate.

Insurance It’s one of the most important steps in this whole process. Ask them to provide detailed information about insurance; whether they provide it or not. Before you decide to purchase any additional insurance from the moving company, take a look at your homeowner’s or renter’s insurance.

Ask if there will be additional transfers of your belongings.

If you are moving a very long distance, you might find that the movers will move the items from one truck to another before reaching the destination. This increases the chances of having things broken or items found to be missing. If they do have intentions of doing this, ask if they will be taking measure to protect against water damage or anything in the course of the transfer. You should be made aware of this prior to signing anything with a moving company.

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We’ll be your friend.

We have apartments for everyone.

ATTENTION RENTAL COMMUNITY MANAGERS: Ask us about our rental grid and website package! Call (315) 434-8889 today!

RealEstateCNY.com

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LEGAL F.Y.I

Choosing the right attorney Buying a home is a significant financial decision. Having a lawyer whose practice focuses in real estate law just makes sense. Your attorney is a key member of your real estate team; these tips will help choose the right attorney.

One of the best ways is to talk to

Evelyn V. Emerson

friends and family who have recently purchased a home. Their personal recommendation from people whose opinion you respect is a great place to start.

Ask your real estate agent to recommend a few attorneys.

Go online and research the recommended names. Type their name into a search engine and visit some results.

Also visit the law firm’s website and view the attorney’s bio page that displays their specialties, credentials and years of experience.

Experience matters. You should have real estate focused attorney! Lawyers who practice outside of real estate likely have limited contact with real estate transactions. The laws, procedures, regulations and required documents of real estate are continuously updated and changed. It’s important to retain an attorney who works within the area of real estate law, who understands those changes and is able to incorporate the updated procedures in your deal.

There is no substitute for local knowledge so choose legal representation with a physical office in your city or town.

Contact your top attorney choices and ask them what their fees will be and how you will be charged. Also ask if they can provide you with references.

126 Longwood Dr - Franklin Park

CNY #S322436

5817 Nobleton Circle

CNY #S322091

Licensed Associate Real Estate Broker

O: 315-446-8291 C: 315-243-7305 F: 315-446-0018 eve@realtyusa.com EAST SYRACUSE

$108,000

+DUGZ R R GV DQG ) DP LO\ 5R R P Z LWK ÀUHSODF H &DOO WR GD\ IR U \ R XU private showing!

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Evelyn Emerson

Evelyn Emerson

Lic Assoc R.E. Broker (315) 243-7305

Lic Assoc R.E. Broker (315) 243-7305

Opportunity Knocks!

MANLIUS

CNY #S323278

$167,900

3BR brick ranch on 1.4 acres! New roof, gorgeous hrdwds, spacious rooms, w-o bsmt. 2nd gar w/4 bays great for storage or workshop! Great Location! Your decorating will make this home a knock-out!

Nancy Vesling

Lic Assoc R.E. Broker (315) 530-3053

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RealEstateCNY.com

INSURANCE F.Y.I

Why you need insurance There are two major reasons to buy homeowners insurance: To protect your assets Homeowners insurance covers the structure of your home and your personal property.

Homeowners insurance protects you if you are legally responsible for damage to another person’s property or for injuries to another person.

To satisfy your mortgage lender Most mortgage lenders require you to have insurance as long as you have a mortgage and to list them as the mortgagee on the policy.

If you let your insurance

lapse, your mortgage lender will likely obtain its own insurance.

You may be required to pay for this insurance until you get your own homeowners policy again, and the cost could be added to your loan. Such coverage is often quite costly, generally is limited to damage to the structure of your home, and protects only the lender.

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