++

If you don’t like it, well buy it back!*

Ask your agent for Details!

Ithaca MLS#/Cortland MLS# *Lic.R.E. Salesperson **Lic. R.E. Broker

Amazing RanchMLS 313062/S1109415

* Shuryl MenapaceCell: 607-423-3842

Own One, Rent Other MLS 313027

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Want Privacy?MLS 313725/S1122734

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Enjoy the St. Lawrence!MLS 311547/S1079032

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** Jolene Rightmyer-Macolini

Cell: 607-339-1559

Low MaintenanceMLS 312236/S1094953

** Jolene Rightmyer-Macolini

Cell: 607-339-1559

Numerous ImprovementsMLS 313118

* Mary DeMunnCell: 607-345-5031

Beautiful 2013 HomeMLS 313627

** Claudia LagallaCell: 607-342-3749

Spacious ContemporaryMLS 313135

** Brian DeYoungCell: 607-275-1234

Want a Small Farm?MLS 312946/S1107465

** Joan PortzlineCell: 607-227-4219

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* Shuryl MenapaceCell: 607-423-3842

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** Brian DeYoungCell: 607-275-1234

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** Joan PortzlineCell: 607-227-4219

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Welcome HomeMLS 313383/S1115121

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One of a Kind Hobby FarmMLS 313637/S1120694

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EstateCortland StandardReal

Friday, July 6, 2018

Featured Listings

l Howard Hanna Real Estatel Hage

Real Estatel Heritage

Realtyl Yaman

Real Estate

Featured HomeRAISED RANCH. Hardwood �oors and excellent workmanship on 2.07 acres with amazing views. Enjoy spacious living with a large kitchen, center island and tons of counter and cabinet space. Lovely front foyer into a formal living room and 3 bedrooms. Includes a full basement with a 2nd kitchen, large bedroom and full bath! Laundry area + 2 car attached garage/walk-out basement. Additionally 2 heat sources, a hot water boiler and a wood burning furnace. Come see and enjoy. MLS# S1123927/313785. $249,000. Call Howard Hanna Real Estate Services at 607-257-0800. For more listings see our ad below.

– 2414 Ridge Road, McGraw

2A — Cortland Standard, Friday, July 6, 2018 Real Estate

Corrie OustadAssoc. RE Broker

(c) 607-745-0718

Rosemary TaboneAssoc. RE Brkr., CBR (c) 607-423-1068

David DonlickAssoc. RE Broker

(c) 607-279-3849

Diann Potter Assoc. RE Brkr., CBR (c) 607-745-1520

Sally Brown KurtzAssoc. RE Brkr., CBR, GRI(c) 607-345-5353

Marinda MeyersRE Salesperson

(c) 607-591-7824

Joanne M. SweeneyAssoc. RE Broker

(c) 607-423-5623

Carrie St.PeterRE Salesperson

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Michelle ReynoldsRE Salesperson

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(c) 315-378-2663

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(c) 607-591-5101

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(c) 607-597-9468

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Real Estate CornerCortland CountyBoard of Realtors

The Cortland County Board of Realtors®

— The Voice of Real Estate

June 2018

June marks National Homeownership Month, which recognizes the value of ho-meownership and its positive impact on families, communities and the nation’s economy. This month allows a time to celebrate and promote the American Dream of homeownership and identify the many benefits of owning that roof over your head.

“Most consumers know that hom-eownership is among the most sound

investments an individual can make to begin building their personal wealth. However, owning a home is not just in the best interest of the homeowner. Homeownership provides social stabil-ity, builds communities and is a driving force for the national economy,” said Tim Alger, CCBR President.

Below are some of the benefits of reaching the American Dream:

Social stability: Improved education-al performance, lower crime rates and improved health are a few social benefits linked to homeownership. “Homeown-ership allows households to accumulate wealth, which opens doors to more en-gagement in communities through vol-

unteer work, involvement in social ac-tivities and electoral participation,” said Alger.

Strong communities: Homeowners tend to stay in their homes longer than renters, dedicate more money to improve their home and are more engaged in en-hancing their community. “Homeown-ers are often more invested in their home and their surroundings, which leads to stronger neighborhoods and communi-ties and increased interaction between neighbors,” said Alger.

Economic force: Being a homeowner also has a positive local and national eco-nomic impact. That is because homeown-ership creates jobs through remodeling,

landscaping, lawn service, furniture and appliances, home improvement and real estate services. “When a home is sold in the United States, the income generated from real estate-related industries is over $20,000 and additional expenditures on consumer items is about $4,500 — a boom to the economy,” said Alger.

Brings families together: Along with being more involved in their communi-ties, homeowners are often active and connected to their own families. Family dinners and game nights at home could mean a more-connected, happier family.

“Home is where people make memo-ries and feel comfortable and secure. Homeownership Month is an opportu-

nity to reiterate that anyone who is able and willing to assume the responsibili-ties of owning a home should have the opportunity to pursue that dream and enjoy the many benefits that come along with it,” said Alger.

Consumers can learn more about National Homeownership Month and keep up with housing-related tips, news, stories and policy issues through Hom-eownership Matters: homeownership-matters.realtor/ and HouseLogic: www.houselogic.com.

For more information about buying or selling a home, finding a local Realtor, or to view local Market Reports, please visit: www.cortlandmls.com.

Why homeownership matters

By JaCk GuTTEnTaGThe Mortgage Professor

Mortgage borrowers with enough money to make a down payment larger than the mini-mum must decide whether to in-crease the down payment or pay points. This is an investment decision that should be based on which option yields the higher rate of return.n Borrowers with long time

horizons, who don’t have enough money to make a mean-ingful increase in down pay-ment (see below), should con-sider paying points. In today’s market, the 4.50 percent rate on a 30-year fixed-rate loan to a prime borrower could be re-duced to 4 percent by paying 2.6 points — that is 2.6 percent of the loan amount. Over the

next 12 years, that would earn a return of 11.5 percent. If the mortgage is terminated after five years, however, the inter-est saved would not cover the cost of the points, resulting in a negative rate of return.

The rate of return from an investment in points on a fixed-rate mortgage can be derived using calculator 11c on my website.n Investing a small amount in

a larger down payment yields a modest return. A borrower put-ting 5 percent down who elects to increase the down payment to 6 percent or 7 percent earns a re-turn equal to the mortgage rate, or just a little higher, regard-less of how long the mortgage is in force. The return is a little higher than the mortgage rate

because of upfront fees scaled to the loan amount.n To generate a higher yield,

the investment in a larger down payment must be large enough to flip the loan into a lower mortgage insurance premium or interest rate category. Mortgage insurance premium categories, expressed in down payments, are generally 3 percent to 4.99 percent, 5 percent to 9.99 per-cent, 10 percent to 14.99 per-cent, and15 percent to 19.99 percent. Where lenders pay for the mortgage insurance and price it in the rate, they use the same categories.

If the borrower taking a 4.5 percent mortgage at zero points with 5 percent down raises the down payment to 10 percent, the loan shifts into the 10-14.99 percent mortgage insurance premium category. Since the premium is lower, the return on investment over 12

years rises to 7 percent.The rate of return from an

investment in down payment on a fixed-rate mortgage can be derived using calculator 12a on my websiten Increasing the down pay-

ment on a loan slightly larger than the conforming loan limit increases the rate of return. The conforming loan limit is the maximum size mortgage that can be purchased by Fannie Mae and Freddie Mac. A loan for $453,101 will carry a rate about 0.25 percent higher than a loan of $453,100, which is the current maximum. Hence, a borrower contemplating a down payment that would result in a loan amount slightly above the conforming loan limit should consider raising the down pay-ment by enough to get under the limit.n Borrowers forced into a

non-qualified mortgage earn the

highest return on investment in a larger down payment. Last week I wrote about mortgages that for one reason or another did not meet the requirements established by Dodd-Frank for the standard mortgage desig-nation. One consequence of this designation is that we now have lenders specializing in non-qualified mortgages who operate in a manner very simi-lar to sub-prime lenders before the financial crisis. One striking point of similarity is that mort-gage insurance is not required but variability in interest rate associated with differences in down payment is very large. A result is that the rate of return to the borrower on an investment in a larger down payment is very high.

As an example, one lender of non-qualified mortgages whose

Make a larger down payment or pay points?

By DEBoRah kEaRnSBankrate.com

First-time homebuyers might well wonder: Where are all the starter houses?

They’re right to ask because starter homes are becoming in-creasingly scarce in many hous-ing markets. Housing inven-tory is low and home prices are soaring.

What’s a first-time buyer to do?

Here are five tips for finding a starter home:n Be realistic about today’s

market: Sellers clearly have an advantage in the current market. Inventory is low, which keeps pushing home prices to record levels, according to the National Association of Realtors. Buyer competition is fierce as homes in the lower price ranges fly off the market.

Unfortunately, that leaves many first-time buyers –– espe-cially those with tight budgets –– on the sidelines. If you’re searching for your first home, be realistic about what you can afford and what amenities come with that budget. (Hint: You may have to forgo top-of-the-line ap-pliances and shiny quartz coun-tertops.)

A starter home isn’t neces-sarily your forever home. Be prepared to make some compro-mises to get your foot in the ho-meownership door.n Adjust your wish list: Buy-

ers shopping for their first home need to be open-minded about the location, size and condition of the home they want to buy, said Tim Deihl, associate broker with Gibson Sotheby’s Interna-tional Realty in Boston.

For many buyers, a classic starter home, which traditionally doesn’t have many amenities, is more achievable.

“If your first home is the place you’re going to have your fam-ily, maybe build an addition and stay there forever; that’s one set of criteria. If your starter home will be a financial launch pad into a larger, better home, that’s a different approach,” Deihl said.

Another strategy: Look for an older home in a well-established neighborhood. Resales typically cost less than brand-new homes, said Bradley Hunter, chief econ-omist for HomeAdvisor.com, a home-improvement matching service based in Golden, Colo.

Older homes typically need more maintenance and repairs, which offset some of the sav-ings. However, Hunter said, buyers who choose a used home might be able to do repairs and renovations over time, pacing themselves to make the cost manageable.n Hire the right real estate

agent: When you’re up against stiff competition, working with an experienced real estate agent who knows the local market is key.

Look for an agent who special-izes in the neighborhoods you’re interested in. Savvy agents should be able to answer your questions about neighborhood

5 tips to help find a starter

home

See STaRTER, page 4a

See PoInTS, page 4a

++

Cortland Standard, Friday, July 6, 2018 — 3AReal Estate

M

4034 HIGHLAND RD.4 Bedrooms/3.5 Baths

Gorgeous ranchEat-in kitchen, formal DR2 Fireplaces, fenced yardOversized 2 car garage

$269,900 MLS# S1124002Call Jaimie c. 283-6324

CORTLANDVILLE

6897 N. GLEN HAVEN RD.3 Bedrooms/3 Baths

2,400 sq. ft. lake house1BR/1BA guest cottage

225 ft. lakefront$649,900 MLS# S1072541Call Jason c. 283-6200

SKANEATELES LAKE

JoAnn ZechLic. Assoc. RE Broker

Jerry HartnettLic. Assoc. RE Broker

Jason HageLic. Assoc. RE Broker

Deanna DaleyLic. RE Slsp.

Rose “Marie” FerroLic. RE Slsp.

Sean MackLic. Assoc. RE Broker

John AspinwallLic. RE Slsp.

29 SPAFFORD LANDING RD.Upper and lower cottages

Upper 3BR/BAWater level cottage 1BR/BA

116 ft. lakefrontSuper buy

$419,000 MLS# S1121917Call Jason c. 283-6200

SKANEATELES LAKE

Team Hage ~ WhereKnowledge and Experience Count!

We Sell Results –Not Promises!

For Full Details on All Available Properties Visitwww.hagerealestate.com

On Your Computer, Your Smartphone or Your Tablet!4070 West Rd. (Rte. 281), Cortland, NY 13045 607-753-6766

6153 MAXSON RD.4 Bedrooms/2.5 Baths

2,500 sq. ft. living spaceOn over 2 acres

Huge deck, pond, more$229,900 MLS# S1107213Call Jerry c. 423-4278

HOMER

34 CLINTON ST.4 Bedrooms/3 BathsSpacious open kitchen

1st �oor laundry, HW �oors3 Porches, 2 car garage

$179,900 MLS# S1123777Call Deanna c. 345-7036

HOMER

1, 6, 8 MILL ST.4 W. MAIN ST., 8 WARREN ST.GREAT INVESTMENT OPPORTUNITY!4 Multi-units, 1 single family

Many updatesEconomical Marathon Electric$499,000 MLS# S1097268Call Marie c. 423-0888

MARATHON

11 TOWNLEY AVE.5 Bedrooms/2 Baths

Great city locationSolid surface kitchen countersLR, FR, office, gas �replace

$159,900 MLS# S1115228Call Sean c. 745-0200

CORTLAND

Michael “Mike” HartnettLic. RE Slsp.

Jaimie BeersLic. RE Slsp.

Ray Stevens, Jr.Lic. RE Slsp.

CONGRATULATIONSTo The Top Producers for JuneJohn, Jaimie and Jason!

1748 O’SHEA RD.3 Bedrooms/2 BathsRustic cedar homeWrap-around porchOn 53 scenic acres

$248,000 MLS# S1127584Call Jaimie c. 283-6324

HOMER

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710 HOLLOW RD.2 Bedrooms

Brand new kitchenSituated on 8+ acres

Surrounded by State Land$164,900 MLS# S1128689Call John c. 745-5407

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NEW

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333 WOOD RD.2 Bedrooms/2 BathsRadiant heat, open �oor plan

Situated on 3+ acresShort commute to Ithaca/Cortland$185,900 MLS# S1127403

Call Ray c. 351-2473

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NEW

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Nabih “Neb” Hage

Principal Broker

2 LEBANON DR.3 Bedrooms/2 Baths

Breezeway, att. garage1st �oor master

Great neighborhood$89,900 MLS# S1076156Call Mike c. 423-3685

CORTLAND

4011 COLLEGEVIEW DR.4 Bedrooms/2.5 Baths3,000 gorgeous sq. ft.

Beautiful granite countersCathedral ceilings, 2 FP

$340,000 MLS# S1097751Call Mike c. 423-3685

CORTLANDVILLE

2140 DARIUS DR. - 19A2 Bedrooms/1.5 Baths

Vaulted ceilingMinimal maintenance

Panoramic views$136,500 MLS# S1113771Call John c. 745-5407

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Heritage Featured Property

1010 West Sate Road, Virgil. $299,999. This beautiful home is situated w/ coun-try views from every window. 5 spacious BRs, 3BAs w/possibility of additional 1st �oor BRs. Wrap-around porch and deck w/hot tub. Master BR has it’s own deck w/sliders. Fireplace w/pellet stove insert. Radiant heat on 1st �oor, hot wa-ter baseboard on second and electric in walk-out partially �nished basement. Solar panels on garage subsidize electric. Formal DR and office on 1st �oor in addition to open kitchen and living area, full BA, mudroom and laundry. School bus shed, horse barn and storage shed. Horse barn is currently being used as workshop. Large garden area. This country home has much to offer and is an easy commute to Ithaca. MLS# S1128715. Call Sally Brown Kurtz, RE Associ-ate Broker, (607) 345-5353 c, at Heritage Realty. For this listing and more visit www.hometoheritage.com. Heritage Realty, 607-428-0708 office.

Howard Hanna Featured Property

BREATHTAKING CUSTOM BUILT. 2809 S. Cortland Virgil Rd., Cortland. This home boasts a large, open kitchen and formal dining area making great space for entertaining. The gracious master suite with walk-in closet has private bath-room. Home sits on 10 acres of scenic landscape, beau-tifully manicured lawn that offers huge barn and deck, a welcome escape from the city bustle. Come see it, so you can appreciate its true value. MLS# 313494 $299,500. Call Howard Hanna Real Estate Services at 607-257-0800.

By Jack GuttentaGthe Mortgage ProfessorWith interest rates no lon-

ger at rock-bottom levels, few borrowers still have an opportunity to profit by refi-nancing into a lower interest rate. However, the escalation of house prices in many areas raises the possibility of prof-itable refinances directed to lowering other costs.

For example, borrowers who purchased mortgage in-surance when they took out their current mortgage may now have enough equity in their house that they can re-finance into a mortgage that will not require mortgage insurance.

Similarly, borrowers who took out a pricey second mort-gage in order to avoid mort-gage insurance can refinance into a larger first mortgage.

And borrowers with sub-stantial amounts of high-interest short-term debt may now have enough equity to pay it off with proceeds from a cash-out refinance.

This column is limited to refinancing designed to elimi-nate mortgage insurance.

Refinancing to eliminate mortgage insurance pays if the monthly premiums that are eliminated exceed the cost of refinancing plus the higher interest cost of the new mort-gage over its future life. In making this comparison, the monthly premiums that are eliminated should be mea-sured over the period until in-surance on the existing mort-gage is terminated. When that can happen depends on the termination rules to which the mortgage is subject. There are two sets of rules.n Federal rules applicable

to all home mortgages: Bor-rowers can request their lender to terminate their in-surance when their loan bal-

ance reaches 80 percent of the original property value — the value when the loan was originated. For example, a 30-year fixed-rate loan at 3.5 percent that was 95 percent of property value at origination will hit the 80 percent mark in 88 months. If the mortgage is now four years old, the sav-ings from refinancing it would consist of the premiums over 88 – 48 = 40 months. The older the loan, the smaller the potential saving.

If the borrower fails to re-quest termination at 80 per-cent, the insurance will ter-minate automatically at 78 percent, or 10 months later. The maximum possible sav-ing in that case would be 50 months of premiums.n Fannie Mae/Freddie Mac

rules: If the loan was origi-nated under Fannie Mae or Freddie Mac guidelines, ter-mination is based on current

appraised value rather than original value. The minimum period is two years if the cur-rent loan-to-value ratio is 75 percent or less, five years if the ratio is 80 percent or less. The borrower must request termination and pay for an appraisal.

If the house has appreci-ated in value, these rules al-low mortgage insurance to be terminated earlier than the general rule, reducing the po-tential benefit from refinanc-ing. For example, if the home referred to above appreciates by 4 percent a year, the loan balance will hit 80 percent of current value after only 35 months rather than 88 months. Since the loan is four years old, the insurance should al-ready have been terminated.

In sum, the savings in in-surance premiums from refi-nancing Fannie/Freddie loans is small, and especially so in

areas that have experienced marked house price increases. Of course, there is the proviso that borrowers exercise their right to have the insurance terminated. Some don’t do it because of the hassle and the appraisal cost, but get-ting rid of the insurance by refinancing is much more of a hassle and the costs are much higher.

The cost to which the sav-ing in insurance premiums should be compared consists of upfront origination costs and higher interest cost over the future life of the new mortgage. The interest cost depends not only on the dif-ference between the rate on the old and the new mortgage, but also on how long the new mortgage will be in force. For most borrowers, this is a guess with a large margin of error.

The first priority for bor-rowers paying for mortgage insurance is to determine whether they can get it termi-nated. If they can’t, they can use calculator 3a on my web-site to see if they will benefit from refinancing. They can find the origination costs and interest rate on a new mort-gage, which the calculator needs, by going to the “Shop Your Loan” page on my site.

Next week I will look at the prospects for a profitable refi-nance aimed at eliminating a high-cost second mortgage.

———aBOut tHe WRIteRJack Guttentag is profes-

sor emeritus of finance at the Wharton School of the University of Pennsylvania. Comments and questions can be left at www.mtgprofessor.com.

———(c)2018 Jack GuttentagDistributed by Tribune

Content Agency, LLC.

By Steve BROWnthe Dallas Morning newsLAS VEGAS — Higher lum-

ber costs, labor shortages and growing regulations are holding U.S. builders back as they try to ramp up construction to meet the huge demand for housing.

After starting about 850,000 single-family homes nationwide last year, builders around the country are forecast to construct almost 910,000 houses this year and increase production to 1 mil-lion homes by 2020, says Robert Dietz, chief economist of the National Association of Home Builders.

The rise in construction still won’t be enough, Dietz said at a meeting of the National Associa-tion of Real Estate Editors.

“We probably need about 1.2 million single-family starts,” Dietz said at a gathering this week in Las Vegas. “We contin-ue to under build single-family housing.”

Homebuilding in North Tex-as is still more than 30 percent below where it was before the Great Recession.

Last year, Dallas-Fort Worth builders started almost 34,000 single-family homes.

“I’m thinking we will see starts in the 35,000 to 36,000 range this year,” said Ted Wil-son, president of Dallas-based homebuilding analyst Residen-tial Strategies.

That’s still nowhere near the almost 50,000 houses started in D-FW in 2006.

Wilson said that the factors affecting market growth has shifted.

“Previously it was lack of la-bor that limited starts. Today, it is more the lack of afford-able lots,” he said. “Inflation is the foe in the fight to maintain affordability.”

Higher materials costs are also hammering the industry.

A spike in lumber prices caused by the Trump administra-tion’s tariffs on Canadian wood products is one of the biggest burdens on builders, Dietz said.

Lumber prices in the U.S. have risen 62 percent since January 2017, Dietz said.

“We get a third of the lumber we use in the U.S. from Cana-da,” he said. “A lumber tariff is very much a tax on homebuyers. It’s pushed up the price of a typi-cal home by $9,000.”

Dietz said a lack of construc-tion industry workers is also limiting homebuilding in many U.S. markets.

“Labor has been an issue of

the industry for the last four or five years,” he said. “The job openings rate in the construc-tion industry is now is actually higher than it was at the peak of the building boom,” even though builders are producing fewer houses than in the early 2000s.

Almost 230,000 building sec-tor jobs are unfilled, Dietz said.

Local building regulations and zoning requirements are also adding to higher new home pric-es and resulting in fewer starts.

“A quarter of a typical newly built homes purchase price is due to regulatory concerns,” Dietz said. “These are zoning requirements, impact fees, delay costs — all of these factors are built into the cost of a home.”

He said local building regula-tions and requirements add up to about a quarter of the cost of a typical U.S. single family house and more than 30 percent of the cost of an apartment. And, the higher costs of building have re-stricted the industry’s ability to produce lower cost new homes — the price point that is most in demand by younger buyers.

In previous cycles, entry-level homes accounted to about 30 percent of national home build-ing, Dietz said.

“Today it’s less than 20 per-cent,” he said. “It’s the hardest level for the builder to reach.”

Jim Boyd, a regional president with nationwide builder Toll Brothers, said longer production times caused by fewer workers and more local requirements are adding to construction costs.

“We are certainly experienc-ing a labor shortage — every-where from California to Boise, Idaho, “ Boyd said. “What used to take six months to build now takes seven or eight months to build.

“It used to take a year or two to take a new project from incep-tion to shovels in the ground,” he said. “Now in a lot of markets it’s three to five years.”

Boyd said that “demand is pretty exceptional right now,” even though home mortgage rates are rising.

“Moderate interest rate in-creases are the reflection of a good economy,” he said. “We’d rather see 5 percent interest rates and a good economy than 3.5 percent and a lousy economy.”

———(c)2018 The Dallas Morning

NewsVisit The Dallas Morning

News at www.dallasnews.comDistributed by Tribune Con-

tent Agency, LLC.

Refinancing in a time of rising ratesEconomist: Tariffs add $9k to house build costs

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4A — Cortland Standard, Friday, July 6, 2018 Real Estate

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KarlaService

Salesperson310-625-0115

SteveCinquantiAssoc.Broker/

Commercial Sales423-7800

NickiWynn

Assoc. Broker/Sales Manager745-3942

SandyLudwig

Assoc. Broker745-5181

AnitaBryan

Salesperson220-4727

IngridDunham

Salesperson591-9216

The Premier Name in Real Estate185 Clinton Avenue, Cortland, NY 13045

(607) 753-9644For a complete list of homes for sale, visit:www.yaman.com

Nestled in awooded area.MLS #S1122114

$297,000Call Connie Mack/Terry Howell

HOMER

Ranch home features 4BR and 2.5BA.MLS #S1129514

$124,900Call Pamela Cullip

HOMER

First level bedroom, updated kitchen. MLS #S1127994

$89,900Call Joan Plew

CORTLAND

Large, fully fenced back yard.

MLS #S1129415$99,900

Call Tracy Koenig

CORTLAND

Modern andupdated kitchen.

MLS #S1093213$199,500

Call Nicki Wynn

VIRGIL

Build this gorgeous 4BR, 2.5BA Cape Cod-style home!

MLS #S1096038$259,000

Call Jamie Yaman

CORTLANDVILLE

Country home with 5½ acres, barn and pasture.

MLS #S1128804$149,900

Call Ingrid Dunham

MORAVIA

Features first floor bedroom or office.

MLS #S1097040$69,900

Call Nicki Wynn

CORTLAND

2 Story cathedral ceilings in the dining area and kitchen.

MLS #S1121921$238,000

Call Jamie Yaman

HOMER

Fantastic side-by-side homes with spectacular views.

MLS #S1126104$409,000

Call Tim Alger

CORTLANDVILLE

Spacious roomson a double lot.MLS #S1104313

$179,900Call Karina Murphy/Tim Alger

Well maintained, 1971 singlewide mobile home.

MLS #S1113126$56,900

Call Tracy Koenig

McGRAW

Situated onover 3 acres.

MLS #S1094572$99,900

Call Pamela Cullip

CINCINNATUS

Enclosed porch, sun-room and attic space.

MLS #S1124564$157,500

Call Nicki Wynn

McLEAN

Ranch home hasan open layout.MLS #S1124693

$79,900Call Tim Alger

CINCINNATUS

Largeliving room.

MLS #S1126061$107,900

Call Tim Alger

CORTLAND

First floorlaundry area.

MLS #S1122540$149,000

Call Terry Howell

CORTLAND

“Mirror image”city duplex.

MLS #S1123016$125,200

Call Nicki Wynn

CORTLAND

Desirable cul-de-sac in the City of Cortland.

MLS #S1124350$149,000

Call Connie Mack

CORTLAND

2 Bedrooms withan additional loft.

MLS #S1092906$128,500

Call Pamela Cullip

VIRGIL

53+ acres of privacy in your own getaway.

MLS #S1070049$100,000

Call Tim Alger

FREETOWN

Amazing newmaster bathroom.

MLS #S1075585$299,900

Call Tracy Koenig

MARATHON

Kathie Wilcox

Assoc. Broker423-2638

TerryHowell

Assoc. Broker423-2385

JamieYaman

Principal Broker423-1369

Our mission at Yaman Real Estate is to be the most respected, reliable, and effective real estate service provider available.

TOP AGENT OF PERFORMER THE MONTH

Peace, quiet and private.

MLS #S1069605$39,000

Call Tracy Koenig

CORTLANDVILLE

TimAlger

Assoc. Broker423-6174

HOMER

1,500 Sq. ft. ranch in City of Cortland.

MLS #S1122297$119,000

Call Connie Mack

CORTLAND

TracyKoenig

Salesperson423-9745

Constance MackAssoc. Broker745-8802

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PamelaCullip

Salesperson261-0439

PamWilliamsSalesperson745-3731

KarinaMurphy

Salesperson379-9815

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Joan PlewAssoc. Broker275-7072

Hage Featured Property

NEW LISTING! Private Retreat Minutes from the Vil-lage! Beautiful 3BR/2BA cedar home featuring breathtaking views from the master BR private deck and wrap-around porch, 1st �oor BR/BA and much more. If you love hunting, outdoor activ-ities and nature, this will be your new paradise. This rustic home is situated on over 53 acres of hardwoods, complete with stream and waterfall. $248,000 ~ MLS# S1127584. 1748 O’Shea Rd. ~ Homer. Call Jaimie Beers, Lic. RE Slsp., c. 607-283-6324, Hage Real Estate. For this listing and others visit www.hagerealestate.com or call 607-753-6766.

amenities, local schools, crime and nearby home values.

A good agent shines when it comes to negotiating the deal and writing a strong offer let-ter backed with solid data. Your agent can suggest certain strate-gies to win in a competitive mar-ket, such as limiting contingen-cies or writing a personal letter.

Ask friends and relatives to recommend agents they have used and were happy with. Also, interview two or three different

agents. Find out how they prefer to communicate with clients and how often you’ll get updates. Fi-nally, research the agents you’re considering online to see what past clients have said about their work.n Rethink location: If you’re

thinking about starting a fam-ily in the future, don’t focus too much on your home’s location, size and school district just yet, Deihl said. Resetting those pa-rameters can make it easier to buy a first home.

“Buyers may be in a position

where schools won’t impact them for six or seven years,” Deihl said. “That’s a good op-portunity to buy in the city, make some money and roll that into a community where they want to be longer-term with the kids.”

Buyers who sacrifice location for affordability can find them-selves in a neighborhood far from major job centers with a long daily commute and expen-sive transportation costs.

Sometimes that trade-off makes sense, but not always, said Cathy Coneway, a broker

for Stanberry & Associates Re-altors in Austin, Texas.

“You have to look at how much you make and how much you can afford to spend for gas,” Coneway said. “You might actu-ally be better off buying a house that’s closer to town so you have more cash flow for prop-erty taxes, insurance and living expenses.”n Make a strong offer: When a

well-priced starter house comes on the market, the quest to buy it can be “super competitive,” Deihl said.

One way to strengthen an offer is to present a loan preapproval that includes everything but a title search, appraisal and haz-ard insurance, said Jay Dacey, a mortgage broker at Metropoli-tan Financial Mortgage Co. in Minneapolis.

A strategic phone call might help, too.

“We call the listing agent and say, ‘Mr. and Mrs. Jones submit-ted an offer on your property. Not only are they preapproved, but they’ve gone through the un-derwriting approval process with

our bank,’” Dacey said. “That makes the offer stronger.”

Other ways to entice sellers: Offer above asking price (if you can afford to), keep repair requests to a minimum, make a larger down payment or give them more time to move after closing.

———Visit Bankrate online at www.

bankrate.com.———

(c)2018 Bankrate.comDistributed by Tribune Con-

tent Agency, LLC.

STARTERcontinued from page 2A

price sheets I managed to access quoted 6.625 percent on a high credit score transaction with 10 percent down, and 5.375 percent with 20 percent down. The rate of return to the borrower on the down payment increase would be 12.2 percent calculated over 12 years. With a low credit score borrower, the rates were 8.375 percent and 7.375 percent, re-sulting in a return on investment of 15.9 percent.

The bottom line is that mort-gage borrowers who fall into the highest price categories, whether because of their credit history, weak documentation or what-ever, can earn the highest rate of return on investments in larger down payments.

———ABOUT THE WRITER

Jack Guttentag is professor emeritus of finance at the Whar-ton School of the University of Pennsylvania. Comments and questions can be left at www.mt-gprofessor.com.

———(c)2018 Jack GuttentagDistributed by Tribune Con-

tent Agency, LLC.

POINTScontinued from page 2A

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