Erie Canal Properties

Erie Canal Properties Your local Real Estate connection for buying and selling commercial or residential property. A broker who is also an attorney who combines innovative marketing strategies, legal knowledge & local expertise in the Real Estate Market.
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02/03/2012

5 Housing Markets Expected to Outshine All the Rest

DAILY REAL ESTATE NEWS | TUESDAY, JANUARY 31, 2012
Inman News released a report highlighting metro areas that are expected to “outshine many other markets in real estate performance this year.”

In its report, Inman News scanned metro areas with populations over 150,000 to find where real estate sales volume is rising, job markets are growing, foreclosure activity is low, sales prices are appreciating, and home affordability is at high levels.

Here are the metro areas topping the list, including the third quarter 2011 median sales price and the percentage change in sales price year-over-year.

1. Raleigh-Cary, N.C.

Median sales price: $224,300

Median sales price change year-over-year: 7.3 percent

2. Wichita, Kan.

Median sales price: $120,900

Median sales price change year-over-year: 5.5 percent

3. Rochester, N.Y.

Median sales price: $123,400

Median sales price change year-over-year: 1.4 percent

4. Des Moines-West Des Moines, Iowa

Median sales price: $157,900

Median sales price change year-over-year: 0.8 percent

5. Chattanooga, Tenn.-Ga.

Median sales price: $128,700

Median sales price change year-over-year: 7.3 percent

Find out the other cities that made the top 10 list as well as more about each metro area’s real estate market and why it’s one to watch in the new year.

Source: “10 Real Estate Markets to Watch in 2012,” Inman News (January 2012)

EXISTING HOME SALES UP! HOWEVER CONTRACT FAILURES DUE TO LOW APPRAISALS AND FAILURE TO OBTAIN MORTGAGE ALSO UP. PLEASE S...
01/04/2012
Existing-Home Sales Continue to Climb in November

EXISTING HOME SALES UP!
HOWEVER CONTRACT FAILURES DUE TO LOW APPRAISALS AND FAILURE TO OBTAIN MORTGAGE ALSO UP. PLEASE SEE ARTICLE BELOW:

Existing-home sales rose again in November and remain above a year ago, according to the National Association of Realtors®. Also released today were periodic benchmark revisions with downward adjustments to sales and inventory data since 2007, led by a decline in for-sale-by-owners.
Although rebenchmarking resulted in lower adjustments to several years of home sales data, the month-to-month characterization of market conditions did not change. There are no changes to home prices or month’s supply.
The latest monthly data shows total existing-home sales1, which are completed transactions that include single-family, townhomes, condominiums and co-ops, increased 4.0 percent to a seasonally adjusted annual rate of 4.42 million in November from 4.25 million in October, and are 12.2 percent above the 3.94 million-unit pace in November 2010.
Lawrence Yun, NAR chief economist, said more people are taking advantage of the buyer’s market. “Sales reached the highest mark in 10 months and are 34 percent above the cyclical low point in mid-2010 – a genuine sustained sales recovery appears to be developing,” he said. “We’ve seen healthy gains in contract activity, so it looks like more people are realizing the great opportunity that exists in today’s market for buyers with long-term plans.”
An elevated level of contract failures continues to hold back a broader sales recovery. Contract failures2 were reported by 33 percent of NAR members in November, unchanged from October but notably above a year ago when it was 9 percent.
Contract failures are cancellations caused by declined mortgage applications, failures in loan underwriting from appraised values coming in below the negotiated price, or other problems including lower conforming mortgage loan limits, home inspections and employment losses.

12/15/2011

The New York State Bar Association has issued an opinion that Attorneys cannot participate in a Real Estate Transaction with Seller's concessions with a grossed up sales price. In other words any real estate transactions involving concessions will require that the Purchaser, Loan Officer and Real Estate Broker disclose the actual sales price and concessions. The days of pumping up the sales price & then add in concessions so the purchaser can qualify for a mortgage are gone.

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1934 W Ridge Rd
Rochester, NY
14626

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