2010 July Heat Wave in Rochester, New York
As we headed into the July 4th weekend, we were all hopeful that we would have good weather to celebrate! Little did we know tha it would be this sunny and this HOT!
We are heading into our 4th day in a row over the 90 degree mark and everyone is feeling it. People who don’t have air-conditioning are heading to the lakes and swimming pools to cool off. The City of Rochester has a cool down program where in designated areas they will open the fire hyrants for the children and some adults to run through.
The Red Cross handed our 250 fans to seniors who had no air-conditioning to help them survive the heat wave. They were gone in 30-minutes! It appears that the entire country is going through this weather pattern and is trying to cope.
The weatherman is telling us that there is relief coming on Friday with a thunderstorm.
As a Realtor, I am inside showing homes more than I am outside, but even so, I can hardly stand these temperatures! For my buyers, a house with no air-conditioning is an immediate cross-off the list! I don’t know how people work outdoors in these temperatures! And of course, it becomes an easy conversation subject to bring up!
Here are some thoughts about how you can cope with this intense heat and help others.
1. Stay out of the sun!
2. Go to a movie.
3. Go to the library.
4. Slow down, avoid strenuous activity.
5. Drink plenty of fluids.
6. Limit the intake of alcoholic beverages.
7. Keep shades down on the windows toward the sun.
8. Wear lightweight, loose-fitting clothing.
9. Wear a wide brim hat.
10. Never leave pets or children in a closed vehicle.
11. Check on elderly family members.
Until the weather breaks, RochesterREguy says keep cool!
What are you doing for the 4th of July?
The talk around the office is that everyone is taking off some time this 4th of July weekend. The market has been good for us and we have all been working very hard, especially to get those sale contracts signed before the April 30th deadline and then to get them closed by June 30th so the buyers could take advantage of the Tax Stimulus.
The market has definitely slowed down and we are now in our summer mode. Our market does this every year as we approach the 4th of July.
Some agents that I know are going camping. There is the comforable full amenities way of camping by using a motor home or there is the “rough-it” way using a tent and cooking over a grill or campfire.
Then there are the locations to camp at. You can drive to the Adirondacks for some awesome camping sites, or a shorter drive to areas camps, such as Stony Brook or Letchworth State Parks.
Other agents are heading are heading to the lakes. This could be Charlotte Beach on Lake Ontario, or it could be Canandaigua Lake or Conesus Lake or one of the other Finger Lakes.
Others are staying home and catching up on some projects arond the house or gardens. The only thing to be aware of is the hot temperatures we are going to have! The weather forcast is calling for mid-nineties! For us this is hot!!
I just got a call from a customer to show him a house that recently came on the market. I’m sure other agents like myself are working in between taking some time off.
Either way, remember those who made this National Holiday possible and why we are celebrating July 4th!
On this day in 1776, the Declaration of Independence was approved by the Continental Congress, setting the 13 colonies on the road to freedom as a sovereign nation. As always, this most American of holidays will be marked by parades, fireworks and backyard barbecues across the country.
Whatever you are doing, be safe and have fun!
This past week I took a special course in Short Sales and Foreclosures from the creator of the course Frank Serio. Frank is a Broker owner of his own real estate firm in Deleware and has been in the real estate business for 26 years. He is also the President-elect for the Council of Residential Specialists (CRS).
To put it succintly, I was blown away by the incredible content of the couse as presented by Frank Serio! Hence the purpose of my blog, to try to present some of the info I received to help you to either avoid a bank foreclosure or to understand how to work thrugh it, if it has happened to you or you find yourself in this situation.
Here are some strategies to avoid foreclosure:
Be proactive about the problem when the first warning signs appear. Not only does this reduce the stres of not knowing what is going to happen, but it makes it easier for the creditors to work out a plan.
Contact your lender when you become aware that you have a problem. The last thing that a lender wants is to foreclose on the property. Financial institutions lose a significant amount of money by foreclosing on a property ($50,000+/-). Foreclosure is a lose/lose for the lender and the homeowner. It is important to be honest and forthright with your discussions and be prepared to discuss the reasons for your problems.
Read the mail! Not knowing does not solve the problem, it just delays the final result. By not reading the mail, a person avoids the opportunity to get help before it is too late.
Contact a HUD approved housing counselor or call a REALTOR for advice. Call 1-800-569-4287 to find a nearby counselor, or go to www.HUD.gov
Priortize your spending by paying for the necessities of life first. Always pay the house payment and health payment first.
Look for ways to generate cash. Sell those items that have value but are not used or needed, or seek a part-time job to get through the crisis. Not only does this reduce the emotional and financial stress, but it provides evidence to the lender that the borrower is proactively seeing a way to remedy a bad situation.
Don’t get scammed by a private “foreclosure prevention specialist,” instead go to www.HUD.gov to obtain valid information about foreclosure prevention.
Make an appointment with a REALTOR to discuss the problem and to get their advice.
The week of February 1st through February 4th, 2010, the New York Association of Realtors held it’s winter meetings in Albany, NY at the Desmond Hotel.
During the week, the Chair of the Technology Forum organized a workshop, very much like a Real Estate Barcamp to help educate the members on different areas of Social Media and technology. I was asked to participate in the area of Social Media for the agent.
The Technology Forum was under the Moderation of Bettie Meinel and the Round Table Discussion Leaders were:
Steve Babbitt, Broker Associate with ReMax Realty Group and 2010 President-elect of the Greater Rochester Association of Realtors Topic: Social Networking – Agent’s perspective
John Reinhardt, Fillmore Real Estate President/CEO and 2010 President of the Brooklyn Board of Realtors Topic: Social Networking – Broker’s perspective
Sean Dowling, NYSAR Network Administrator Topic: Mobility Devices
Austin Moran, NYSAR Director of Information Technology Topic: Video
Sal Prividera, NYSAR Director of Communications and Marketing Topic: NYSAR.com
According to Sal Prividera, the feedback from the event was extremely positive and there will be more events like this in the future.
As I was summarizing my thoughts on the sessions to the group at the end, I said to them that they had just attended their first rebarcamp!
For our State Meetings in September in Rye Brook, NY, I plan to help organize and host a rebarcamp.
FHA Makes Changes
On January 20, 2010, FHA announced major changes to ensure its long-term financial soundness. FHA is trying to balance three fundamental objectives: 1) financial soundness of the FHA insurance fund - ensuring that its capital ratio returns above 2 percent, 2) fulfilling its mission of serving borrowers not adequately served by the private sector and 3) facilitating the recovery of the housing industry and the over-all economy.
By all accounts the new changes are a victory for home buyers. FHA has carefully balanced the need to make financial reforms with the need to keep FHA available to a large segment of consumers. This is evident by retaining the 3.5 percent minimum down payment requirement and allowing the up-front mortgage insurance premium to be financed.
FHA announced changes in the following areas:
· The upfront mortgage insurance premium (UFMIP) will increase to 2.25 percent up from 1.75 percent. Contrary to reports, FHA will continue to allow the financing of the UFMIP.
· Borrowers with a credit score below 580 will be required to have at least a 10 percent down payment. The minimum down payment will remain at 3.5 percent for all other borrowers.
· FHA will seek legislative authority to increase the annual premium (currently capped at .55 percent). Over time, increasing the annual premium may allow FHA to reduce the up-front premium.
· Seller concessions will be reduced to 3 percent from 6 percent.
FHA will make the following lender enforcement changes:
· FHA will implement credit watch terminations at lender underwriting.
· Public reporting of lender performance through scorecard system will be implemented.
· FHA will implement, through notice and comment, indemnification against lenders. Indemnification will be expanded beyond fraud and misrepresentation.
· FHA will seek legislative authority to enforce indemnifications against direct endorsed (DE) lenders.
· FHA will seek legislative authority to sanction lenders nationwide based on performance of local branch.
FHA is an integral part to the continued recovery of the real estate industry and the overall economy. NAR will continue to work with FHA, the Administration, and the Congress to ensure FHA can fulfill its mission while providing for the safety and soundness of the insurance fund. NAR is committed to assisting FHA as they balance risk management with creating homeownership opportunities across the country.
For NAR’s one-page summary brief on this issue, click here.
A factor in getting our economy back up an running is to get many of the componets of the real estate industry back to work. One aspect of this is the buying of distressed or foreclosed properties, rehabing them and putting them back on the market! I talked in an earlier blog about the benefits to the market by having this process in place.
Up until today, there was a 90-day Seasoning Rule which meant it could not sell until after 90-days from the day the investor had purchased it. There were some legitimate reasons for this but it also hampered the ability for investors to make a profit.
Apparently HUD saw the advantages and realized that removing this restriction would help speed up the recovery process. this would be especially helpful in communities where the foreclosure activity is high.
HUD Secretary, Shaun Donovan, announced a temporary policy that will expand access to FHA mortgage insurance and allow for the quick resale of foreclosed or distressed properties. This is part of President Obama’s commitment to addressing these types of properties. Secretary Donovan announced there would be $2 billion in Neighborhood Stabilization Program grants to local communities and non-profit housing developers to combat the effects of vacant and abandoned homes.
This is all good news at a time when it will be well positioned to have a huge impact on the real estate industry as it surges forward! My hat goes off to HUD Secretary Shaun Donovan for his efforts on our behalf!
This house which was just purchased by investors will be back on the market in two weeks because of this new action by FHA.
SIMI VALLEY, Calif., January 6, 2010 – Inman News (Inman), one of the leading sources of independent real estate news and information in the United States, recently named Andy Rapattoni, Chairman and CEO of Rapattoni Corporation (Rapattoni), to its list of the 100 Most Influential Real Estate Leaders for 2009.
According to Inman, its list reflects the real estate industry’s “best and brightest” and it presents those visionaries who “embody leadership, innovation, ingenuity, power and persistence.” Included with Andy on the list are leaders and visionaries such as Craig Newmark (founder of Craigslist.org), Ben Bernanke (Chairman of the Federal Reserve Board), and Bob Hale (President and CEO of the Houston Association of Realtors®).
Andy, who co-founded the company with his wife Niki Rapattoni in 1970, was an early pioneer of computerized business applications, and he has led Rapattoni to become one of the leaders in real estate association management software and multiple listing service software. Serving as one of the most prominent visionaries in the real estate industry, Andy is a frequent speaker at industry events and has received numerous accolades and awards throughout the years.
Upon learning of Inman’s recognition, Andy said, “It is an honor to be named to Inman’s Most Influential Real Estate Leaders list. I have participated in the growth and evolution of this industry for 40 years, and I am proud to have founded and led a company that continues to succeed in each and every decade.”
A most deserving acknowlegement of his contribution to the real estate industry and we applaud him for it!
Happy New Year!
2010 is here!
A new decade has started! A fresh year to improve upon last year! A new beginning from some old habits. A chance for putting in place our New Year’s Resolutions!
If one of these applys to you, how are you going to keep on track?
There are many systems and methods for assisting us in our efforts to be true to our goals for the new year!
Great News!
We just heard yesterday that Congress has voted to continue the tax rebate stimulus for the real estate market! It still awaits the President’s signature for final approval.
Here is how it will go:
The legislation extends the availability of the tax credit to purchases before May 1, 2010. Prospective purchasers with binding contracts in place as of April 30, 2010 will be allowed an additional 60 days to complete the transaction. The credit will remain $8,000 for first-time buyers, while repeat buyers who purchase between December 1, 2009 and May 1, 2010 will be eligible for a credit of $6,500. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years. Income limits are expanded to $125,000 on a single return and $225,000 on a joint return.
This stimulus has been a big factor in the activity of real estate this year and we are glad that Congress is helping in the manner.
