Buying a home for the first time (or first time in a long time) can be daunting. I've prepared this podcast for home buyers so they can get a high level overview of the process and will feel more comfortable knowing what the progression of events are in buying a home. This may seem like an overwhelming amount of information, but remember your Realtor will guide you each step of the way and keep you on track.

Contact me if you have additional questions, visit my website at www.IthacaAreaHomes.com, or follow me on Twitter (http://www.Twitter.com/IthacaAreaHomes) for updates on the Ithaca NY Real Estate market.

If you would like to contact me directly for assistance with any real estate services, you can reach me msnow@IthacaAreaHomes.com or 607 220-5416.

Direct Download: FirstTimeHomeBuyers.mp3

Originally posted to http://IthacaAreaHomes.libsyn.com on December 24, 2008

I want to take this opportunity to wish you all a Happy Thanksgiving. I was emailing a client back and forth today, and I mentioned to her (as I often tell my business partner, Beth Ganem) that I have the best clients in the world. They are a pleasure to do business with and I enjoy each and every one of them (you).

Often when a transaction is completed and I have either sold a client's house or closed on their new home, it's a bit of an empty feeling not corresponding with them regularly. If you're a former client, stay in touch and let me know how you are doing!

Blessings to you all, and have a very Happy Thanksgiving.

Green Building and Green Houses (not the garden variety) are terms that we are hearing more and more about these days. Green houses are basically designed to be eco-friendly from the insulation, flooring and paint materials to appliances and landscaping.

Washers and dryers are energy saving (or hang your wet clothes on the line to dry) and faucets are low flow. In flooring, I was surprised to find that bamboo is the environmental hardwood of choice as it is technically not a wood, but a grass yet is a very hard surface and easily replenished. Linoleum is actually made from linen and other natural fibers.

Manufacturers are checking into the viability of milk-based paints as opposed to the paints with carcinogenic chemicals. Kitchen and bath tiles are being made with recycled glass.

And although solar energy conversion is a large initial investment, you will realize the savings each month in lower energy bills.

According to Wikipedia.com, Xeriscaping refers to refers to landscaping in ways that do not require supplemental irrigation and using plants that are appropriate to the area.  The word Xeriscaping was coined by combining xeros (Greek for "dry") with landscape.

I have not come across many truly green houses in the Ithaca area, but do know of a few that have been remodeled as such. I'm sure we'll hear more about this concept in the future.

I walked into my office a few weeks ago to find an esteemed colleague in a state of total shock, amazement and disbelief. To give you some background, my colleague had a fabulous old victorian listed that was totally renovated and was truly a showcase property, except for one thing. The trees planted in the front of the house to provide privacy from the road were dead, obviously doing nothing to enhance this lovely home's curb appeal. This was discussed with the sellers, and from a conversation with them it was assumed that the trees were replaced.

In a few hours the closing was to take place on this home. Now, as a normal part of the closing process, the buyer does a pre-closing walkthrough with their Agent. In the Ithaca area, this is usually done about an hour prior to the closing, but can be done the night before. Before signing on the dotted line, the buyer and their Agent check to make sure the home is in the condition that they expect it to be, that all conveyances contracted for are in the house (stove, refrigerator, etc.), that lights are working, the appliances are working, the seller has finished moving their belongings out, etc.

The Listing Agent is preparing to leave for the closing when the phone rang. It was the Buyer's Agent. The trees which had been assumed to be replaced looked a bit odd so they took a closer look and found they were instead spray painted green! (This is most likely the seller's only claim to having any sort of green thumb, and probably index finger.) I assured the Agent that someday we would laugh about this, and a successful closing ensued never the less.

This was a bizarre occurrence and I'm not suggesting that buyers walk the property to ensure that all evergreen trees are what they seem. By and large the pre-closing walkthrough goes off without  a hitch. This is presented more as a humorous aside to an otherwise normal part of the closing process. But I do take my digital camera to a walkthrough, just in case!

Low rates and extraordinary inventory have created perfect conditions for home buyers.

You've never had more homes to choose from

• There are currently 3.75 million homes for sale. Inventories in recent months have been at record levels, offering consumers the greatest choice in decades.
• However, inventory levels are falling, and the selection of homes will become limited once again.
• Former Federal Reserve Chair Alan Greenspan recently said that housing prospects are looking up. “Most of the negatives in housing are probably behind us. The fourth quarter should be reasonably good, certainly better than the third quarter.” According to industry estimates, 2006 will be the third-best year on record for home sales. 

Interest rates haven't been this low for nearly 40 years

• At 6.4 percent, the average 30-year fixed rate mortgage rate remains near 40-year lows. This is more than an entire percentage point below 2000 levels. For a $250,000 loan, a drop from 7.5 percent to 6.5 percent means an annual savings of $2,000.

• The average home value increased by 88 percent over the last ten years. In the decade to come, the number of US households is expected to increase by 15 percent, which means housing will stay in high demand.

While conditions for buyers are perfect now, that is likely to change next year as sales pick up, prices gain traction, and conditions improve for sellers. In today's real estate market, the best time to buy is now.

Reprinted from http://www.realtor.org/realtormag with permission of the NATIONAL ASSOCIATION OF REALTORS®.  All rights reserved.