Contemporary Country Living | Three Acre Lots Starting @ $72,000 | Fayetteville–Manlius Schools

Syracuse, New York • January 2015 • Volume 2 - Issue 1 EAGLE NEWSPAPERS

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CNY’s source for news, views & things to do

M E M B E R

A Supplement to Eagle Newspapers

Barbara FerroAssociate Real Estate Broker

315-391-5600barbferro@aol.com

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Helping To Make Your House A HomeFor Over 23 Years

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Thank you... Mike Frushell & Staff

MORTGAGE F.Y.I

Mortgage Qualifications ChecklistYou’ve found the perfect home, but have you considered all the expenses?This article will give you a better under-standing of what information is used to determine your ability to qualify for a loan. Lenders will review your in-come, debt, and savings information to determine how much money they are willing to lend you towards your home purchase.

Based on your lifestyle and needs, consider how much you are willing to spend on the purchase of a home. You may not be willing to invest as much of your income in buying a house as you can actually afford. See further details below about the kinds of informa-tion used by lenders to determine how much house you can afford to buy: Income, Debt, and Housing-related expenses.

IncomeYour income is critical in computing how much you can afford to

pay (using current lending guidelines) for housing related expenses. Your income information is included in the debt ratio calculations. Your ability to meet the monthly Principal, Interest, Taxes and Insurance payments (PITI) and your debt ratio score can impact a lender’s decision to offer you a loan.

Different loan programs have their own rules regarding the percentage of income that can be applied toward monthly house payments. For example, government loan programs such as FHA and VA have ratios that allow you to apply a higher percentage of your income toward the loan. While conventional loan front-end ratios generally run around 28 percent, FHA allows you to apply 29 percent and VA allows you to apply 41percent.

This means that your monthly loan payment should be no more the 28%, 29%, or 41% of total monthly income, depending on the loan program you use or qualify for.

DebtA lender carefully considers your debt obligations when assess-

ing your ability to repay a loan. Your debt information is included in the PITIO (Principal, Interest, Taxes, Insurance payments and Other monthly non-housing expenses) and debt ratio calculations. Loan programs have different rules regarding the percentage of income

that can be applied toward long-term debt. Your ability to meet the ratio requirements can impact a lender’s decision to

offer you a loan.Government loan programs such as FHA and VA allow you to apply a higher percentage of your debt obligations towards the loan. While conventional loan debt ratios generally run around 36%, FHA and VA allow you to apply 41%. Basically, this means that your long-term monthly debt payment plus

your monthly loan payment can equal no more than 36% or 41% of total monthly income, depending on the loan program.

Housing-Related ExpensesHousing-related expenses are another category lenders consider.

These expenses often depend on the location and type of home you are buying. These expenses will affect the size of the loan for which you qualify and may be one of the most critical factors in your decision to buy a home. Consider how housing-related expenses will impact your budget. The purchase of a home may increase your monthly expenses and reduce the amount of money you have remaining for other expenditures.

Typical home expenses include:Property Tax - This expense is dependent on the location of the home. Property taxes vary by county and state. As a homebuyer, consider how this additional expense will impact your total monthly expenses.Maintenance Costs - This expense includes anything from faucet washers to a new roof or heating system and varies by geographic location, size, and age of home.Utility Costs - This expense includes items such as electric, gas, water, and heating and air conditioning and varies by geographic lo-cation, size, season, and age of home. The type of construction (i.e. gas, electric) may also be a factor in your utility cost estimates.Mortgage Insurance (if applicable) - This expense can vary by mort-gage insurance company, lender, loan product, and loan-to-value percentage of the loan.Other Costs - These expenses vary depending on the type of home and geographic location, these costs can include: l Homeowner Association Fees l Flood Insurance l Other Required Property Insurance l Condominium Assessment Fees

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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 con-tent focused on mortgages, insurance, moving resources and legal informa-tion that can help inform your deci-sions. We’ll also bring you some sta-tistical 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 www.real-estatecny.com, you’ll find thousands of local real estate listings in a search-able form. These listings are updated daily, so you’ll always find the most up-to-date information, and they fea-ture 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 neighbor-hoods across the area. There is also a library of helpful articles to further help inform your buying or selling deci-sion.

In the coming months, both the print and online versions of RealEstateCNY.com will be enhanced with new fea-tures, including resources for renters, senior living, and expanded listings of homes for sale in the greater Syracuse area. We will also feature some spe-cially-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 edi-tions 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 informa-tion on how to advertise in RealEstate-CNY.com, please call (315) 434-8889.

Sincerely,

David Tyler

Publisher

Cover Home

Welcome to RealEstateCNY.com!

(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 ori-gin, 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 accu-racy. All properties are subject to prior sale or withdrawal without notice. Listings & advertising are subject to errors, omissions, and/or changes without notice.

EAGLE NEWSPAPERS

EAGLETH

ECNY’s source for news, views & things to do

TOWN OF POMPEY: Unique residential setting offering some of the areas most scenic and dramatic building sites. 15 minutes to hospitals, universities and downtown Syracuse. Mature woodlands, gentle rolling hills. Privacy, serenity and spectacular views. Utilities installed underground. Fayetteville–Manlius schools. Three acre lots starting @ $72,000

Call Barbara Ferro, Associate Real Estate Broker for more details. 315-391-5600; barbferro@aol.com

Spring is coming... Plan ahead!

LEGAL F.Y.I

Providing quality and personalized legal representation for all your real estate and business needs.

Contact me today for all your small businessand personal needs in these areas:

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What happens at closingClosing day is the day the

homebuyer and the seller complete the legal transfer of the house. The last steps in that process is for the keys to the house to be given to the buyer and for the seller to have access to the sales proceeds.

If the Buyer is obtaining a

mortgage loan to finance the house purchase the Buyer will have had to present a receipt for one year of Homeowners Insurance and a copy of the insurance binder that names the Lender as a Mortgagee. This is necessary for the lender to establish the escrow account to pay the insurance

in the future and to prove that homeowner’s insurance has been obtained for the prop-erty.

Review HUD-1 Settlement Statement - The Buyers Attor-ney and the Bank Attorney will review the HUD-1 settlement statement with the Seller’s Attorney and with the buyer

and seller to verify that the agreed upon dollar amounts have been entered and the buyer and seller sign the form to confirm this.

Closing Costs Check - The Closing Costs will be shown on the HUD-1 settlement

Continued on page 9.

5RealEstateCNY.com

Attention Agents...

Are You a Local PRO?Local PRO packages now feature the Open House Toolkit app FREE!

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6 RealEstateCNY.com

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:

RealEstateCNY.comWe have tons of local listing updated daily!

M E M B E RM E M B E R

REAL ESTATE

LOCAL PROLocaL Pro!

WHEN BUyINg OR SELLINg IT’S BETTER TO USE A

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

RealEstateCNYis a

RealEstateCNYis a

FAYETTEvILLE MANLIuSDeana Bollinger IngramLic. Real Estate Brokero: (315) 637-0555 | Weichert Realtors

Nancy VeslingLic. Associate Real Estate Brokero: (315) 449-6732 | Hunt Real Estate ERA

David HanlonLic. Associate Real Estate Brokero: (315) 373-0440 | Berkshire Hathaway CNY

CAzENOvIAPatricia M. CarmeliLic. Real Estate Salespersono: (315) 655-1025 | RealtyUSA

Barbara B. FerroLic. Associate Real Estate Brokero: (315) 373-0440 x.224 | Berkshire Hathaway Home Services

SKANEATELES SPAFFORDLinda A. RocheLic. Associate Real Estate Brokero: (315) 685-0111 x.315 | RealtyUSA

SYR - uNIvERSITY AREAEsther ZornLic. Real Estate Brokero: (315) 410-7653 | Exit Eagan Real Estate

JAMESvILLE DEWITTBarbara B. FerroLic. Associate Real Estate Brokero: (315) 373-0440 x.224 | Berkshire Hathaway Home Services

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HOME SALES STATS

Municipality October Home Sales YTD Home Sales YTD Home Sales Average Sale Price Average Sale Price (Through 10/28/14) (Through 10/28/14) (Through 10/29/13) (Through 10/28/14) (Through 10/29/13)

Camillus 21 253 221 $159,600 $163,800Cicero 34 304 282 $156,700 $168,100Clay 61 507 508 $160,300 $158,300Dewitt 15 197 222 $206,800 $202,600Elbridge 1 42 37 $135,300 $129,400Fabius 0 8 7 $137,300 $173,500Geddes 10 108 132 $129,400 $120,500Lafayette 8 33 30 $179,800 $223,500Lysander 25 245 195 $214,100 $212,300Manlius 28 357 336 $227,300 $228,700Marcellus 5 50 43 $199,400 $189,800Onondaga 23 156 160 $187,800 $194,200Otisco 0 8 15 $173,200 $158,000Pompey 1 34 35 $282,600 $232,500Salina 23 245 246 $104,600 $109,100Skaneateles 8 80 96 $401,400 $466,500Spafford 1 12 11 $247,500 $218,700Syracuse City 65 642 634 $95,700 $96,300Tully 4 20 26 $176,400 $213,600VanBuren 10 100 82 $138,300 $139,800

County October Home Sales YTD Home Sales YTD Home Sales Average Sale Price Average Sale Price (Through 10/28/14) (Through 10/28/14) (Through 10/29/13) (Through 10/28/14) (Through 10/29/13)

Cayuga Co. 64 419 410 $142,800 $138,800Cortland Co. 22 209 207 $126,900 $134,800Madison Co. 61 440 432 $180,000 $182,100Oneida Co. 38 316 310 $143,800 $126,400Onondaga Co. 340 3,401 3,336 $165,400 $169,400Oswego Co. 90 707 647 $111,000 $116,900

MOvING F.Y.I

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We’ll be your friend. We have apartments for everyone.

M E M B E R

ATTENTION RENTAL COMMUNITY MANAGERS: Ask us about our rental grid and website package! Call (315) 434-8889 today!

Every home is different, but here’s a basic guide to help you plan the number of boxes you’ll need to efficiently complete your move:

Moving day is coming. How many boxes do I need?You’ve chosen a new house, agreed on the price and are

quickly moving toward your closing date. It’s time to start packing.

But where to begin, and what do you need to get the job done?

Each household is different and has diverse moving needs. For instance, if you have a large book collection, you’re likely to have far more smaller boxes. If you are a “collector” or “pack-rat,” you’ll need a lot of boxes, similar to those who have been living in the same place for a long time.

To save money on moving boxes you can buy them in bundles. Most self-storage, moving companies, and truck rental places sell boxes in bundles. Some even have moving bundles for the number of rooms you’re moving that include a variety of boxes, moving tape, bubble wrap, packing paper, markers and other items.

It’s important to know the return policy on moving boxes. It’s better to purchase extra boxes and not need them than run out when you’re in the moving process. Knowing you can return boxes takes the worry out of having too many.

1-2 Rooms9 Small Boxes5 Large Boxes2 Cell/Dish Boxes2 Wardrobe Boxes1 File Box Per File Cabinet

3-4 Rooms15 Small Boxes8 Medium Boxes9 Large Boxes4 Cell/Dish Packs3 Wardrobe Boxes1 File Box per File Cabinet

5-6 Rooms24 Small Boxes18 Medium Boxes12 Large Boxes6 Cell/Dish Packs5 Wardrobe Boxes1 File Box per File Cabinet

8 RealEstateCNY.com

MOvING F.Y.I

RADISSON $179,900On a quiet cul de sac w/private backyard. Beautiful open kitch-en, 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! (315) 652-3773

CNY #S3155823035 Claybourne Lane

Imaginative Home S321594

ONONDAGA $170,0004451 Lafayette Rd - Step into this unusual home and be amazed by the imaginative and wonderful use of the views. Lovely hardwoods, many bookcases, a total of 3 bedrooms, 2 on the �rst �oor, updated kitchen and baths and an exciting 2 level space for all your plants. Adjacent 2 car garage. All this is on 0.63 of beautiful land. There is an additional 5.88 acres next door for $80,000.

Charming, Vintage Home S321587

LAFAYETTE $89,9003636 Eager Road - Welcome to this charming, vintage home built in 1820. Yes, it needs some atten-tion but it has been loved and lived in for 63 years. Wide plank �oors, wonderful kitchen cupboards. Wavy glass in the windows, towering maple trees and an overgrown garden complete with perennials and herbs are only a few of the �ne attributes. Living room, dining room, eat-in kitchen and half bath make up the 1st �oor. The second �oor has 6 bedrooms that could be reimagined. There is a large un�nished area that longs for a purpose. Sit on the large and welcoming porch and relax.

Barbara FerroLicensed Assoc. R.E. Broker

Of�ce: 315-373-0440 Mobile: 315-391-5600www.bhhscnyrealty.com

Additional 5.8 acres adjacent to 4451 Lafayette Rd. MLS# S321645 $80,000

Statement and the Lender’s Attorney will provide checks to cover the closing costs. The Buyer will bring a Certified Check to cover all costs for the purchase price and the closing expenses that repre-sent the down payment on the purchase of the house.

Review All Other Documents - The Seller’s Attorney will

have obtained all the neces-sary documents to allow the seller to transfer title to the house and provided them to the Buyer’s Attorney for review and issuance of, at mini-mum, a title insurance policy in favor of the Lender. The seller will sign all the docu-ments that transfer owner-ship to the Buyer, either at or

before the closing and they will be delivered to the Buyer to be recorded in the County Clerk’s office where the house is located when the closing is completed. The Buyers at-torney and the Banks attorney will have reviewed all these documents before the clos-ing. The documents that are part of the closing process from the Bank will be signed by the Buyer with the Buyers

Attorney will review them with the Buyer.

Establish an Escrow Ac-count - The Bank Attorney and the Lender will establish an escrow account for the buyer to cover property tax, homeowner’s insurance, and possibly private mortgage insurance and will also collect interim interest. All this will be on the HUD-1Settlement Statement.

What happens at closing continued from page 5.

9RealEstateCNY.com

Evelyn V. EmersonO: 315-446-8291C: 315-243-7305F: 315-446-0018eve@realtyusa.com

Licensed Associate Real Estate Broker

MANLIUS $167,9003BR brick ranch on 1.4 acres! New roof, gorgeous hrdwds, spa-cious rooms, w-o bsmt. 2nd gar w/4 bays great for storage or workshop! Great Location! Your decorating will make this home a knock-out!Nancy veslingLic Assoc R.E. Broker (315) 530-3053

Opportunity Knocks! CNY #S323278

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Lower your insurance costs this yearAt the start of a new year,

many people reflect on the year that just passed and look for ways to improve their lives over the course of the next 12 months. For some, that means making resolutions. For others, it means finding ways to save money.

For the latter group, saving money doesn’t have to mean pinching pennies. In fact, there are ways to save money without altering your lifestyle or making any sacrifices. One such way is to peruse your insurance policies and determine if there are any ways you can reduce insurance costs. The following are some of

the ways consumers can save on their home insurance policies.

l Improve home security. Improving a home’s security is a relatively inexpensive way to reduce homeowners insurance premiums. Adding new smoke detectors and carbon monoxide detectors won’t cost much but can trim some of the fat off the cost of homeowners insurance.

Another security item to consider is an alarm system that automatically calls the police and sounds an alarm if a break-in oc-curs. Such systems don’t come cheap, but insurance companies might reduce your insurance pre-mium by as much as 20 percent

if a sophisticated security system is installed.

l Make a home more resistant to natural disasters. Nowadays it seems no area of the world is immune to natural disasters, which were once considered regional but now seem to strike regardless of geography. Insurance companies will typically work with policy holders to develop ways to make a home more disaster-proof, be it reinforcing a roof, installing storm shutters or a host of other improvements that can lead to substantial savings.

l Be loyal. Simply staying with an insurance company might

make a policy more affordable. Insurance companies often reward longstanding customers with loyalty discounts, offering tiered discounts depending on how long a customer has held a policy. For example, customers who have had a policy for five years might be eligible for a 5 percent discount.Ask your agent to review your policy and deter-mine if there are any possible loyalty discounts or bundling dis-counts with auto or life insurance to reduce your annual costs.

The dawn of a new year is a great time to reassess insurance policies and look for ways to save this year and beyond.

10 RealEstateCNY.com

INSuRANCE F.Y.IHave You Seen our

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ATTENTION BROKERS: Feature Your Listings on Our Website FREE! Ask Us How!

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