Realestatecny may 2015

MEMBER

Syracuse, New York • May 2015 • Volume 2 - Issue 5

OPEN HOUSE 1-4 pm May 17

Glenn Riemenschneider N.Y.S. Licensed Real Estate Salesperson Joseph J. Saya Real Estate

315-559-0696

glenn@sayarealestate.com

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3

MOVING F.Y.I

Five tips for

relocating the family

Moving is seldom an easy task, and is often ranked among the most stressful events in a person’s life. The Employee Relocation Council cites it as the third most stressful event in life, following only death and divorce. That stress is only heightened when an entire family is making the move and an adult is starting a new job simultaneously.

Various factors prompt people to move, from job opportunities to the desire to be closer to family members to wanting to live in a nicer climate. To make the process go more smoothly, consider the following tips.

1. Gradually introduce the concept of moving. Moving is a decision to be discussed with the whole family, even with young children who may not fully understand the process. Kids who are involved in looking at new homes or voicing opinions about which amenities they desire in a new neighborhood will feel empowered and in control.

Did you know?

The average person moves 11.4 times in his or her lifetime, according to the most recent information from the U.S. Census Bureau.

An estimated 43 million Americans move each year.

Those moving are often married couples between the ages of 25 and 44 with one or two children between the ages of 2 and 11.

2. Research potential new neighborhoods carefully. It’s not entirely about buying a home that fits the family and its needs. It also is about finding a desirable neighborhood and community. A good school district is an important factor, as is proximity to recreation, local culture and transportation. Drive around a neighborhood during different times of the day to gauge how active it is. Investigating businesses in the area can also help gauge the personality of a given neighborhood.

See moving tips, page 7

Evelyn V. Emerson

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Cover Home

7675 Windsor Drive North, Welcome to Windsor Drive N. cul de sac! The foyer greets you to this open floor plan, with an office on one side and formal dining with trayed ceiling on the other. The great room is spectacular with high coffered ceilings, gas fireplace with stone surround. Curl up and read a book or

catch the game. The cherry cabinets, marble backsplash, ss & graphite appliances are just some of the features of the open eat-in kitchen. Painted with neutral colors and modern fixtures.

And wait until you see the Master Suite. This is single level living at its finest! Get ready to feel right at home.

For more information or to arrange a meeting, please contact Glenn Riemenschneider at 315-559-0696 or glenn@sayarealestate.com 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

R

1 0 1:

An overview for beginners

eal estate has historically remained a sound investment, boasting a long-term appreciation rate that makes it a worthwhile investment for those who can withstand temporary setbacks in housing prices and hold on to their properties over the long haul.

The following are a few things to consider when deciding if investing in real estate is right for you.

Personal ability Real estate investors typically have tenants, and those tenants inevitably have needs. Investors with no contracting experience will need to hire contractors to do the work for them, cutting into potential profits down the road. In addition, investors who don’t have the ability and/or the time to address minor issues like a clogged drain or a drafty window on their own will need to hire a property management firm to tend to such needs.

Such firms are effective, but also expensive, further cutting into profits. Similarly, investors with little or no knowledge of how the leasing process works will be forced to rely on a real estate firm to write up leases and ensure all leases stay current. This, too, can cut into an investor’s profits.

Time Investors must be sure they have the time to address their tenants’ concerns, especially investors

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with no plans to hire property management firms.

Time also must be considered when considering profits. Though real estate is a sound investment, it is not a get-rich-quick type of investment.

Size First-time real estate investors might be wise to choose a smaller property for their initial investment.

Larger properties can be overwhelming to manage, and investors often rely on property management firms to tend to these properties. Such firms charge more to manage bigger properties, which can eat into investors’ finances. A good rule of thumb for first-time investors is to stick to smaller properties, only moving on to larger buildings once fully comfortable with investing in real estate.

Costs In addition to the mortgage on the property, investors must pay the taxes and insurance on the property, as well as any costs associated with maintaining and managing the property. Certain tax breaks are available to real estate investors depending on where they live. Potential investors need to consider all of these costs, and might want to hire a real estate lawyer to help them make the most of their investments and any profits they yield.

But even hiring an attorney is an additional cost investors must consider before investing.

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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

BALDWINSVILLE

Judy and David NuHavun

Patricia M. Carmeli

Lic. Real Estate Broker o: (315) 372-3028 | Central NY Real Estate Group

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 CNY Realty

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

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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:

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7

Moving tips

From page 3

3. Work with an experienced agent. A real estate agent who is familiar with a variety of communities is a great asset. A buyer’s agent will find homes and negotiate on the part of the buyer, having your best interests in mind. Because the agent will be paid a commission on a portion of the sale price, which doesn’t come out of your pocket, it is in the real estate agent’s best interest to help you find a home you can call your own. In addition, the agent will handle many of the tasks that may be overwhelming if you were doing them on your own, such as scouring available listings, waiting for inspections or filling out pertinent paperwork. With a real estate agent handling these tasks, families can remove some of the stress from the moving process.

4. Pack children’s rooms last. Young children who see favorite items disappearing into bubble wrapping and boxes may start to feel anxious.

It’s not uncommon for preschoolers to act out or experience nightmares during the moving process. Maintain a sense of normalcy in the home as long as possible. Begin by packing nonessential items, only packing kids’ items when your moving date is right around the corner. Let children say good-bye to familiar haunts and even to their old home.

5. Plan a school orientation. Take advantage of any programs schools offer to acclimate kids to their new environment. Kids often leave friends behind when moving to a new home. The faster they get back to a normal routine, the better it will be for them. Schools are where children will make new friends and participate in social occasions, so tour their new schools before the school year begins, and meet with a few residents and current students to learn about special programs that may make a move less stressful for youngsters.

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RealEstateCNY.com

REAL ESATE F.Y.I

How to choose the right builder Building a new home is an exciting, yet often agonizing, experience. The reasons for building a new home are many, but regardless of the reason, the process of choosing a builder should remain the same.

Andrew Nadalin, president of Pace 2000 Inc. and a fourth generation builder and craftsmen, offers the following advice to prospective homeowners with their eyes set on building a dream home to call their own.

Pick a builder with a solid reputation.

A builder who has spent years providing personal service, innovative design and quality workmanship will no doubt have a host of

happy former customers ready and willing to offer their input. If during the interview process a builder appears reticent to share his work or experiences with previous customers, this should be a red flag.

Find a builder who is flexible.

You will be paying to build your home, not the builder’s home. A builder should be flexible and ready and willing to meet your needs, no matter how unique they might be.

Look for a builder with skills.

A good builder should do more than just build. A builder should provide a network of qualified professionals to make the process go

more smoothly. This network should include real estate and building consultants, interior designers, architects and engineers. Such connections can provide peace of mind and will also illustrate that a builder is respected in the community.

Don’t build on the cheap.

Buyers who plan to build their own home are in the unique position to ensure their home is as safe and high-quality as possible. Make the most of your opportunity and use only top-ofthe-line construction materials and features.

Don’t sacrifice on quality when building a new home.

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9

MORTGAGE F.Y.I

Mortgage terms to know Closing costs Any time a real estate transaction occurs, that transaction is accompanied by certain expenses, which are known as the closing costs, which may include attorney fees, loan origination fees, title insurance and escrow payments. Buyers can sometimes negotiate with the seller so the seller will agree to pay the closing costs, or the costs can be shared by the buyer and the seller.

But buyers may also pay the closing costs in their entirety on their own.

Escrow Escrow is a bond, deed, document or money kept in the custody of a third party until a

real estate transaction has been completed.

In addition, escrow accounts are used to hold the property tax and insurance fees that are collected via your monthly mortgage payment.

Fixed-rate or adjustable rate mortgage A fixed-rate mortgage is one in which the interest rate on the mortgage remains the same for the life of the loan. An adjustable rate mortgage is one that typically comes with a lower interest rate than a fixed-rate mortgage, but that lower rate is usually only locked in for a relatively brief period of time, such as one year.

Once that initial time period is over, the interest rate will then increase and may increase several

times thereafter over the life of the loan.

PMI Stands for private mortgage insurance, must be purchased by home buyers who are financing more than 80 percent of their homes.

See page 10 for more on this insurance.

Title insurance Protects buyers and the lender from the possibility that the seller was not legally permitted to transfer ownership of the property to the buyer. Title insurance may also protect sellers from any issues that may arise that threaten his or her ability to sell the home.

10

RealEstateCNY.com

INSURANCE F.Y.I

What is primary mortgage insurance?

Primary mortgage insurance, or PMI, protects lenders in the event that borrowers default on their primary mortage by ceasing to make payments, resulting in homes ending up in foreclosure. But all borrowers do not have to pay PMI. Typically, home buyers must make a 20 percent down payment on a home when they buy it. However, some borrowers are unable to put down 20 percent. In such instances, the lender will require they pay PMI. This is because the lender views a borrower who cannot make an initial 20 percent down payment as a riskier investment, and lenders charge PMI in an effort to protect themselves should the borrower prove worthy of their skepticism.

PMI will be factored into the monthly mortgage payment, but

borrowers should know they do not have to continue paying PMI once they have paid enough toward the principal amount of the loan.

For most, this means once they have paid 20 percent of the principal, then they can ask that the monthly PMI payment be removed.

Many borrowers are unaware of this or even Once most borrowers have forget to ask, but it’s within paid 20 percent of the their rights as borrowers principal they can ask that and can save a substantial amount of money over the the monthly PMI payment course of the mortgage loan. be removed.

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