Just wanted to send out a quick update on two items that recently came across our desks here at The Olear Team:
• STAR Program Update: Homeowners that purchased a home in New York State on or after March 1, 2015 will receive a STAR rebate check in September rather than a STAR credit against their school tax bill. Letters should be sent from their local assessor outlining this new process and how to apply. There is no change to the amount of the STAR benefit that homeowners will receive.
• Cheektowaga adopts law for inspection upon selling: The Town of Cheektowaga has adopted a law which requires anyone selling their improved real property to, prior to its sale, have an inspection done by the Town of the sump pump system, floor drains, downspouts, exterior drainage, etc. to ensure that unpolluted waters from these sources are not being discharged into the sanitary sewers.
Only those properties located in the Town of Cheektowaga Consolidated Sewer District must comply with this law, which took effect on March 1, 2016. Application for a Certificate of Compliance can be made to the Town of Cheektowaga Building Inspections Department, 275 Alexander Ave., Cheektowaga, N.Y. 14211 (Phone: 686-3470). The fee for this inspection is $100.
For some people, a house just isn’t the answer. They may like the concept of ownership, but maybe they’re just not interested in some of the responsibilities that go along with it, such as lawn maintenance and snow removal. For those individuals, a condo may be the way to go.
While most everyone knows what buying a house entails, some may be unfamiliar with the particulars of condo ownership, such as what you’re actually buying when you purchase a condo. Let me explain.
When buying a condo, you’re buying all of the interior space of a particular living unit, as well as a percentage of the common areas such as hallways, green space, driveways, garages, etc. A condo is similar to a townhouse, which is a style of construction that likely also includes exterior surfaces and the land the dwelling is built on.
When you purchase a condo, you also become a member of a homeowners’ association, which is comprised of all the individuals who own a unit in your condo development. An elected board of condo owners will meet regularly to set an annual budget for the upkeep of the building and common areas, implement policies, purchase insurance and plan for the future care and maintenance of the structure. As a member of the homeowners’ association, you will be expected to pay a set monthly fee.
If you have your heart set on the condo lifestyle, select a Realtor who has expertise in this area. He or she should work with you in a timely fashion to obtain and review a copy of the specific rules governing your homeowners’ association.
There are other differences when it comes to condo ownership, and the professionals on The Olear Team are more than willing to answer any questions you may have. Please contact us today for a consultation!
The following information is courtesy of the New York Association of REALTORS®, Inc.
Closed home sales in New York State jumped 7.1 percent in November 2015 compared to last November, reaching the highest total for the month in six years, according to the housing market report released by the New York State Association of REALTORS®. Key housing market measures including median sales price and pending sales also grew in November.
“With 11 months in the books, we can safely say that 2015 has been a solid year for the housing market,” said Duncan R. MacKenzie, CEO of the New York State Association of REALTORS®. “Home sales were nearly 8 percent ahead of last year’s pace and pending sales posted double-digit growth. The Empire State is poised for this to be the strongest market since 2007.”
“Looking forward, we do not expect this week’s action by the Federal Reserve to hike interest rates to have an immediate significant impact,” MacKenzie said. “While many economists expect mortgage rates to move marginally higher during 2016, the increase is not expected to be dramatic and neither should the consequence on home sales.”
The year-to-date (Jan. 1 – Nov. 30) sales total of 105,709 was 7.8-percent above the same period last year. The November 2015 sales total of 9,063 was up 7.1 percent from November 2014.
The year-to-date (Jan. 1 – Nov. 30) statewide median sales price was $230,000, which represents a 2.2-percent gain from the same period in 2014. The November median sales price was $230,000, a 2.2 percent hike compared to November 2014.
The months supply of homes for sale dropped 16.5 percent at the end of November to 8.1 months supply. It was at 9.7 months at the end of November 2014. A six month to 6.5 month supply is considered to be a balanced market. There were 83,155 homes listed for sale at the end of November, a decrease of 5.8 percent compared to November 2014.
Editor’s Note: All data is compiled from multiple listing services in the state of New York and the data include townhomes, condominiums and existing single-family homes.
The New York State Association of REALTORS® is a not-for-profit trade organization representing more than 50,000 of New York State’s real estate professionals. The term REALTOR® is a registered trademark, which identifies real estate professionals who subscribe to a strict code of ethics as members of the National Association of REALTORS®. These REALTORS® are also members of the New York State Association of REALTORS® as well as their local board or association of REALTORS®.
New state law takes effect on January 1
Effective January 1, 2016, it will be unlawful for any person to engage, advertise or hold themselves out as a mold assessor, remediation contractor or abatement worker unless they have a valid mold license issued by the New York State Department of Labor (DOL). REALTORS must be aware that any mold assessor or remediation specialist you refer to customers, clients, sellers or purchasers must be licensed with New York State.
This requirement is the same as those applying to licensed home inspector referrals. The state DOL website has a wealth of information available. The New York State Senate also recently highlighted several new laws that will prohibit discrimination against domestic violence victims in housing, ensure equal pay, reduce the business income tax rate, provide property tax relief for eligible veterans, and expand health care access through telehealth services. More information can be found here.
For more information on the WNY housing market, please contact The Olear Team today!
The American Dream is an ever evolving ethos that applies to nearly every facet of our lives; real estate is no exception. Check out the graphic below to see which style homes are the most popular these days, and which generations are attached to each,
It appears as though the buying frenzy the real estate market experienced this Spring, has carried over into the Summer. Check out the graphic below to see: month-over-month sales, median prices, inventory levels, and much more.