SOCIAL BENEFITS OF HOME OWNERSHIP

Recently, the National Association of Realtors had identified the following benefits of home ownership and for public policies that promote home ownership. Among those pluses are: 1) Higher educational performance and better behavior of children; 2) Lower community crime rates; 3) Lessened welfare dependency among households; 4) More household participation in civic affairs; and 5)Better household health. You can read more about this at: REALTOR.org/realtormag.

STAGING YOUR HOME FOR SUCCESS!!

Staging is the new "buzzword" in real estate. It refers to the process of setting the stage, so to speak, when marketing your home. This means getting the property to show to its best ability in order to obtain a quicker sale at the best possible price. This can include but is not limited to re-organizing and straightening up and removing clutter - to actual redecorating, painting, clever furniture placement, "de-personalizing", and freshening. Since all of these things really work, many top agents are really paying attention and taking courses in professional staging. Of course, seller cooperation is mandatory in this endeavor and the team approach has been yielding great results for sellers!

KRT Wire | 04/06/2006 | Real estate and home improvement Q&A

KRT Wire | 04/06/2006 | Real estate and home improvement Q&A

Philadelphia Inquirer | 03/28/2006 | Housing boom moves east of Broad

Philadelphia Inquirer | 03/28/2006 | Housing boom moves east of Broad

STATISTICS REVEAL THAT CENTER CITY PRICES AND SALES ROSE MORE THAN ANY OTHER COUNTY IN THE GREATER PHILADELPHIA AREA FROM LAST YEAR TO THIS YEAR; AND THE TREND IS THAT THE EASTERN PORTION OF CENTER CITY IS GETTING MORE POPULAR THAN EVER.

Toll Brothers CEO sees real estate growth

Predictions of Gloom in the Housing Market are Overblown

VIRTUAL TOURS OF HOMES ON TELEVISION

Comcast has launched "Real Estate On Demand" within the past year. It enables viewers who have this service from Comcast to view real estate offerings and properties that are for sale from the comfort of their living rooms. The tours are audio/visual and feature 7-8 photos of each property inside and outside along with voiced over narration. In the Greater Philadelphia Area, Prudential Fox and Roach Realtors has an exclusive contract with Comcast and they are the only brokerage able to advertise their listings on Comcast cable TV. It is a free perc that sellers get who list their homes with Prudential Fox and Roach.

Important Insurance Add-On for Condo Owners

If you are thinking of buying a condominium or if you already own one, you should strongly consider purchasing a "condominium loss assessment rider." This is very inexpensive - perhaps on the order of $12 to $30 per year at most. It covers you in the event there is a large loss as a result of a lawsuit against the homeowner's association where the reserves are not enough to cover it. In this instance, it is possible that each unit owner could be charged with a costly special assessment. This type of coverage can pay this claim for you saving you lots of money.

Also, every condo owner generally pays for condo insurance as part of the condo fee. This is the master policy that covers the common areas and exterior in most cases. You also should have insurance for your interior and possessions and have your agent add on this LOSS ASSESSMENT RIDER as described above.

HOW TO GET YOUR OFFER ACCEPTED IN A COMPETITIVE BIDDING SITUATION:

Always make your best offer first – Give the seller something to “lose sleep over” in the event they turn it down. It may seem counter-intuitive but this truly is the best strategy. Give your full deposit UP FRONT with the initial offer – It costs no more and looks serious, setting your offer above those of other buyers. Make sure you have a strong pre-approval letter, or even better, an actual mortgage commitment. In fact, if you KNOW you can get a mortgage, you should consider eliminating the mortgage contingency clause completely and making it a “cash” offer. Find out what settlement date the seller needs and meet that date. All of these things can help you get the property for the best price possible yet still beat out other buyers.

Marlene Goldberg 

Home inventories rise sharply in many major markets

Rising inventory signals some falling real estate prices in Philadelphia and other major cities


In my own marketplace, which is Eastern Montgomery County, Lower Bucks County and Northeast Philadelphia, I have been observing this since Labor Day. Unfortunately, home sellers are frequently the "last to know" and try in vain to cling to the high prices that were being obtained seven-eight months ago. The good news is that this makes it more affordable to trade up, however!! Also, this is great news for first time home buyers.

Inman News - Real Estate News and Advice for Buyers, Sellers & Investors

Inman News - Real Estate News and Advice for Buyers, Sellers & Investors

Too much of a good thing? - 2006-02-06

Industrial Land Scarce in Phila area as Residential Devpt has Flourished.

Businsses looking to find industrial real estate in the Philadelphia area, especially new types of high-tech businesses are being faced with an intense scarcity on both sides of the Delaware. This imbalance does not bode well for economic development for our area as these new businesses that could provide jobs are forced to look elsewhere.

Trump Targets Philly Waterfront in new Condo Project

Donald Trump Planning a Waterfront Conndominium

The Daily Pennsylvanianreports that one of their more "infamous alums" - the Trumpster, is looking to transform the city waterfront. Others have suggested that this part of our city is vastly underdeveloped citing locales such as Baltimore and San Antonio that have done exemplary jobs at making their waterfronts destinations of their own.

No Bubble Bursting in Philly center city Condo Market

You won't get burned by Phlly's hot condo market, experts say

Real estate prices are definitely softening as inventory builds and buyer supply appears to have dwindled a bit, but at least some people feel that the center city condo market is still quite hot. See the following post concerning the new waterfront condo proposed by Donald Trump.

Home Buyer & Seller Survey 2006

MORE BUYERS USING THE INTERNET IN HOME SEARCHES

As time has passed, more and more people are using the internet to start their initial search for real estate - usually in the preliminary stages - afterwards, they are more likely to contact a Realtor when ready to begin searching in earnest. This article from NAR (National Association of Realtors) outlines this process in 2005-06.

FHA and VA Loans Back in Vogue in a Cooling Real Estate Market

FHA and VA Maximum Loan Limits Raised for 2006

FHA and VA maximum loan limits have been raised in the Philadelphia area. THe new loan limit is $270,500. Now that the market is "cooling", sellers are going to be more willing to accept FHA and VA deals, rather than insisting on only "conventional" financing (non-government). This is good news for home buyers!Credit requirements are generally more relaxed in these govermnment programs than in the conventional market since they are insured and guaranteed loans respectively backed by the federal government. In this way, they are actually more of a "sure thing" for home sellers than some conventional loans might be.

Suburban Sprawl

Suburban sprawl an irresistible force in U.S.

During my 22 years in real estate here, the entire corridor along routes 213 North (Bridgetown Pike), and route 532 (Buck Road), both in Northampton Township, Bucks County, has gradually been developed with new housing, but these roadways have not gotten any wider.

When considering a purchase in these areas, make sure to factor in driving time to and from work during busy rush hours. This will vary considerably from what you will encounter on a Sunday afternoon jaunt.

Getting Top Dollar - what's the secret?!

Guess what? - having all the upgrades in the world means diddly squat if you have a cluttered home. Buying a home is sort of like test-driving a new car. When a potential prospect walks through your property, if they are serious, they are mentally placing their own furniture and possessions into what might become their new property.

If your home is over-run with "stuff" they cannot do this! You also need to depersonalize by removing lots of family photos from the walls. A clean, spare spartan look always wins over the heavily decorated look and costs nothing!

Comments welcome!

WELCOME TO MY BLOG!!

Hello, welcome to my blog - this is my first post! As time goes by, I plan on posting insightful tidbits about what is new, exciting, interesting, or even amusing, about the real estate market in the greater Philadelphia area!

Please feel free to leave your comments, perceptions and questions.

Thanks for visiting!