Realestatecny mar 1 12

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Syracuse, New York • March 2015 • Volume 2 - Issue 3

MERLE BUILDERS A Scott Merle Specialty Home

Sandy McQueen Associate Broker

315-671-3687

Linda Pelland

Licensed Real Estate Sales Person

315-430-2358

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3

MORTGAGE F.Y.I Reasons to Refinance

Lower the Monthly Payment: If interest rates have dropped, refinancing may lower your mortgage payment. This is the primary reason people refinance.

Reduce the Term (Length) of the Mortgage: A drop in interest rates may allow you to shorten the amount of time you pay the mortgage but leave the mortgage payment about the same.

Reduce the Risk on an Adjustable Rate Mortgage (ARM):An ARM mortgage may have enabled you to afford your home but if the interest rate has increased significantly, evaluate a fixed-rate alternative.

The risk of further interest rate increases is then eliminated.

Use the Home's Equity: As an alternative to a home equity loan, you may elect to refinance your home for an amount greater than the remaining balance of your mortgage. This is known as a "cash out" loan.

Consolidate Debts: An owner with outstanding loans or credit card balances that have high interest rates can consolidate these loans into one new mortgage.

Should You Refinance?

Whether or not to refinance depends on your own personal financial situation. There are many mortgage options available — examine each option thoroughly. Depending on your situation, the best option may be to do nothing at all.

Points To Consider: Do you have the funds that refinancing may require to cover up-front costs and fees?

Refinancing your mortgage may require you to pay substantial up-front costs and fees. If you do not have enough money to pay the up-front costs completely it may be possible to finance some of the up-front costs by including them in the new mortgage.

How long will it take to recover the costs of refinancing?

The rule of thumb is that refinancing costs are recovered within 2-3 years. If you plan to sell the house or pay it off shortly, you may not want to refinance because you will not recover the costs. Obviously, this depends on the up-front costs and the savings with the new mortgage.

Has your income increased substantially?

If your income has increased substantially you may be able to afford higher monthly payments. This may allow you to shorten the term of your mortgage. If the prevailing interest rate is lower for the shorter term mortgage, refinancing is a good option.

Alternatively, you may prefer to make larger principal payments against your current mortgage.

Is your current loan an Adjustable Rate Mortgage (ARM)?

If the current rates for fixed-rate mortgages are the same or slightly higher than the rate for your ARM, refinancing may make sense.

Much thought needs to go into the refinancing decision — re-evaluate this decision regularly to account for changes both in your financial situation and the economy. Perhaps your decision is not to refinance now; if it makes since to do so in a few years it may save you thousands of dollars.

Evelyn V. Emerson

3035 Claybourne Lane

CNY #S315582

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

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On a quiet cul de sac w/private backyard. Beautiful open kitchen, dining, & living room area w/ gas fireplace, corian counters, stainless appliances, breakfast bar, hardwoods & lots of natural light! 3 bdrms w/ 3 full baths, on demand hotwater. Family room in lower level & spacious 2 car garage. Call today & come see for yourself the quality & detail!

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Patricia M. Carmeli

Licensed R.E. Sales Person (315) 655-1025

4

RealEstateCNY.com

Cover Home

3415 LONG SHADOW DR., The home is A stone fireplace with/custom mantel located in the Timber Banks Development and compliment the great room with cathedral was built by Merle Builders. The Adirondack ceiling. styling offers a unique exterior with a great view A master suite with gas fireplace, tray ceiling of the Nicklaus Designed golf course. The interior and hugh walk-in closet is accompanied by a is highlighted with finest craftsman details in fabulous bath and oversized walk-in shower. every room, a Scott Merle specialty. This elegant The home is in the Baldwinsville School District, home has 3 bedrooms and 2.5 baths and 3 car close to shopping and right down the street from garage. the new YMCA being built on River Road.

For more information or to arrange a meeting, please contact Sandy McQueen 315-671-3687 or Linda Pelland 315-430-2358 with questions.

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 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 upto-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.

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.

RealEstateCNY.com

5

LEGAL F.Y.I

Tax-Related Identity Theft An unexpected message from the IRS could be a tip-off that an identity thief is misusing your Social Security number. Contact the IRS if you receive a notice that: 3 More than one tax return was filed in your name.

3 IRS records show you were paid by an employer you don't know.

Uncovering Tax-Related Identity Theft

Identity theft can affect the processing of your tax return in several ways. Most involve someone misusing your Social Security number (SSN), which the IRS uses to make sure your filing is accurate and complete, and that

you get any refund you are due. An unexpected notice from the IRS could alert you that someone else is using your SSN: 3 If someone uses your SSN to file for a tax refund before you do, the IRS might think you already filed and got your refund. You’ll get a letter from the IRS telling you that more than one return was filed for you.

3 If someone used your SSN to get a job, the employer may report that person’s income to the IRS using your SSN, and the IRS might think that you didn’t report all your income on your tax return. If so, the agency will send you a notice that says you seem to have received

wages you didn’t report – from an employer you don’t know.

Dealing with Tax-Related Identity Theft

If you think you have tax issues related to identity theft, let the IRS know as soon as possible, even if you don’t have any evidence that it’s affected your tax return. Visit the IRS Identity Protection Specialized Unit website or call 1-800-908-4490, from 7 a.m. to 7 p.m. time).

Specialists will work with you to get your tax return filed, get you any refund you are due, and protect your IRS account from identity See IRS, page 7

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

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

Barbara B. Ferro

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

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

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Molly Robinson Licensed Real Estate Person

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RealEstateCNY.com

SKANEATELES SPAFFORD Linda A. Roche

Lic. Associate Real Estate Broker

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

SYR - UNIVERSITY AREA 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:

We have tons of local listing updated daily!

RealEstateCNY.com

IRS

7 from page 5

thieves in the future. You can document the identity theft by submitting a police report or the IRS ID Theft Affidavit (Form 14039). When you file the affidavit, you’ll have to prove your identity with a copy of a valid government-issued identification, like your Social Security card, driver’s license, or passport.

Other Steps to Repair Identity Theft

In addition to contacting the IRS, it’s important to minimize the potential damage from identity theft: 3 Put a fraud alert on your credit reports.

3 Review your credit reports.

3 Create an identity theft report by filing an identity theft complaint with the FTC and filing a police report.

Avoid Phishing Scams

Some identity thieves send emails that appear to be from the IRS to try to get you to divulge your personal information. The IRS does not initiate contact with taxpayers by email, text or social media to request personal or financial information. If you get an email, do not reply or click on any links. Instead, forward it to phishing@irs.gov.

RE/MAX offices join forces

Two of Central New York’s most prominent real estate offices, RE/ MAX Realty Plus (Clay) and RE/MAX Masters (Fayetteville and Skaneateles), have recently joined forces to create one of the most experienced and productive real estate brokerages in the area.

Martin Carpenter, who previously owned and operated RE/MAX Realty Plus, purchased RE/MAX Masters to join forces and fully take advantage of the power of the RE/MAX brand.

“We couldn’t be more excited about the opportunity in this market and the chance to combine efforts to provide the best service RE/MAX has to offer,” said Carpenter, (Broker/Owner). “The agents at RE/MAX Realty Plus and RE/MAX Masters have a proven record of outstanding service to their clients for years and with even more tools at our disposal, we’re confident we’ll continue to build on their reputation as one of the most respected brokerages in Central New York.”

RE/MAX is a locally owned and operated full-service real estate brokerage with 40 Realtors® specializing in residential and commercial real estate. The three offices – in Fayetteville, Skaneateles and Clay – will remain unchanged.

Locally, the agents from these three offices had more transactions per agent in 2014 than any other local company, according to a press release issued by the company.

RE/MAX Masters and RE/MAX Realty Plus also announced their support of Children’s Miracle Network Hospitals®, to which they donated more than $11,000 in 2014.

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REAL ESATE F.Y.I

2014 home sales ‘excellent’ in CNY Up 4 percent over 2013

By Jennifer Wing According to one real estate professional, 2014 home sales in Central New York as a whole were up four percent over 2013.

“2014 was an excellent year for RealtyUSA, with home sales up 10 percent over the prior year,” said Mark Re, vice president and general manager of the firm.

He also said he’s seen more people buying real estate as an investment.

“Investment buying [is] on the rise significantly in Central New York,” Re said. “Buying both single and multi dwellings now and ‘holding’ them in Central New York is very

affordable.”

Re said that also helping generate an increase in home buying is the fact that current interest rates are “incredibly low.”

“While borrowing has prudently seen more restrictions than before 2008, we have seen more reasonable restrictions put into place to protect everyone without being as overly restrictive [as well],” he said.

“If you had a job and a decent credit score you are wise, very wise, to buy a home in this economy if you plan on staying here for several years.”

He said pre-existing home sales have increased more than new home sales. “[Although] it has taken longer for

new home sales to rise up out of the fall from the fall of 2007, 2013 showed improvement and 2014 showed [even] more improvement [and] 2015 is showing still more steady improvement as well, just not at the same rate as pre-existing homes.”

MarkRe@RealtyUSA.com and read his blog at cnyrealestate411.com.

Mark W. Re, CRB, ABR, CBR, CEA,CRS,GRI, is RealtyUSA vice president and general manager. He serves on the board of The Central New York Information Services (CNYIS) Inc. a privately held mulitple listing service company owned and operated by a group of broker members of the Greater Syracuse Association of REALTORS (GSAR). You can email him at

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Downsizing - What does it mean?

by Linda Pelland, Lic R.E. Salesperson, SRES Coldwell Banker Prime Properties

For baby boomers “downsizing” is a term we hear everywhere. What does it mean? Google the term and you’ll find

many definitions. Let’s use this one: To simplify (one's life, for instance), as by reducing the number of one's possessions.

To live in a simpler way, especially by moving into a smaller residence.

O.K. that sounds like a nice idea but why should I downsize? You need to answer that question, because without a solid understanding of what you hope to achieve by moving into a smaller residence you may be disappointed.

DOWNSIZI

NG

Finances, medical needs or relocation to another area are but a few reasons. I am a big believer in using pen and paper or computer to find clarification and direction. You don’t need to do it all at once.

Collect your thoughts and mark them down as they come to mind that over time your plans and expectations will change and become clearer.

Family, friends, and others will offer advice but professionals will provide proper guidance for your plan. Financial advisers can review your plan and offer suggestions that will maximize your long term financial picture. A realtor can assess the value of your current home and explain the options for downsizing to a smaller home based upon financial, personal, and physical requirements. Realtors with a SRES Certification (Senior Real Estate Specialist) have been trained to understand and work with the emotions and challenges which will affect a move as well as the knowledge to maximize resources for your downsizing plans.

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INSURANCE F.Y.I

Home Inventory Checklist

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 www.naic.org/ documents/index_disaster_section_inventory_checklist.pdf to download the 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

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