Tuesday, September 26, 2006
Flood Plains
Oon Sunday, September 24, the Philadelphia Inquirer published an article describing how the longstanding reference for flood plains (the army corps of engineers) is probably not accurate enough in outlining risk for property owners. It does not adequately take into account development and increases in paved surfaces, for example, that impede water absorption and runoff by the ground. THis has increased the numbers of homes that are at risk.
Monday, August 14, 2006
SELLING A HOME IN TODAY'S MARKET
The media has been full of stories about the slowing housing market --and although this kind of market normalization is commonplace in the real estate industry, there is no question that in many parts of the country, houses are currently on the market a little longer and there is more competition for buyers.
HIRE A PROFESSIONAL
If you want to sell your home fairly quickly, now is not the time to go at it alone. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with a qualified real estate professional, your home will be listed on an MLS database that other real estate professionals can access. In addition, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community.
When selecting someone to represent you, ask questions such as: How will your home be marketed to reach the greatest number of buyers? What price can you get for your home? What's the average time listings have been on the market. Your agent should be able to back up his or her answer with a Comparative Market Analysis and provide the names of two or three of their most recent sellers who you may contact for a reference.
PRICE IT RIGHT
A house priced just at market value piques the interest of real estate professionals and buyers, while overpricing chases them away. If your home is priced too high, interested buyers may never even tour your listing. It is true that you can always drop the price, but the first 30 days are the most critical. That is when interest is the highest, and it can be difficult to recapture people's interest later on. The longer the property is on the market, the fewer the prospects. The fact is that you will walk away with MORE money at the settlement table by pricing it right at the outset than by starting too high and reducing it later on.
GET YOUR HOME IN SHOW CONDITION
Get your home in tip-top shape before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter. Touch up the paint where needed. Clean the carpet. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price).
CURB APPEAL
Don't overlook the outside of your property. You don't want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) And don't forget to put away bicycles; toys and other items that may make your property seem cluttered.
OFFER INCENTIVES
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. If the buyer knows up front that there is an allowance for the worn carpet or paint, they may overlook those cosmetic flaws in order to choose their own color. You could pay for a professional home inspection or a home warranty -- and, depending on your market and budget, offer to pay some of the closing costs. Make it easy to be shown and don't restrict appointment requests whenever possible.
Don't be discouraged if there are competing homes for sale in your neighborhood. Making the right moves at the beginning of your home selling process can give you the upper hand you'll need in today's competitive market.
___
HIRE A PROFESSIONAL
If you want to sell your home fairly quickly, now is not the time to go at it alone. You want to make sure that your home gets the maximum exposure and the best marketing strategy. When you work with a qualified real estate professional, your home will be listed on an MLS database that other real estate professionals can access. In addition, you get the benefit of an experienced marketer and negotiator who is familiar with real estate issues in your community.
When selecting someone to represent you, ask questions such as: How will your home be marketed to reach the greatest number of buyers? What price can you get for your home? What's the average time listings have been on the market. Your agent should be able to back up his or her answer with a Comparative Market Analysis and provide the names of two or three of their most recent sellers who you may contact for a reference.
PRICE IT RIGHT
A house priced just at market value piques the interest of real estate professionals and buyers, while overpricing chases them away. If your home is priced too high, interested buyers may never even tour your listing. It is true that you can always drop the price, but the first 30 days are the most critical. That is when interest is the highest, and it can be difficult to recapture people's interest later on. The longer the property is on the market, the fewer the prospects. The fact is that you will walk away with MORE money at the settlement table by pricing it right at the outset than by starting too high and reducing it later on.
GET YOUR HOME IN SHOW CONDITION
Get your home in tip-top shape before any potential buyer views it. Remember, you only get one chance to make a first impression. Get rid of the clutter. Touch up the paint where needed. Clean the carpet. Consider having your home inspected, and make any recommended repairs. (If there are any repairs you decide not to fix, inform the buyers about the condition of your home and discount the repair cost from the selling price).
CURB APPEAL
Don't overlook the outside of your property. You don't want a buyer to rule out your home based on the outside appearance. The lawn should be trimmed, bushes and shrubs pruned, and leaves raked. The front of the house needs a clean, fresh appearance. Even the mailbox needs to be attractive and functional. (Believe it or not, a rusty, unhinged mailbox can turn potential buyers off.) And don't forget to put away bicycles; toys and other items that may make your property seem cluttered.
OFFER INCENTIVES
Offering incentives can be just the impetus a potential buyer needs to select your property over others. You may want to consider offering a carpet or paint allowance. If the buyer knows up front that there is an allowance for the worn carpet or paint, they may overlook those cosmetic flaws in order to choose their own color. You could pay for a professional home inspection or a home warranty -- and, depending on your market and budget, offer to pay some of the closing costs. Make it easy to be shown and don't restrict appointment requests whenever possible.
Don't be discouraged if there are competing homes for sale in your neighborhood. Making the right moves at the beginning of your home selling process can give you the upper hand you'll need in today's competitive market.
___
Thursday, June 22, 2006
WHY A CONDO MIGHT BE RIGHT FOR YOU
An option often overlooked by those desiring homeownership is purchasing a condominium or condo. But, the traditional detached single family home is not the ideal situation for everyone. For those just starting out, affordability may be an issue. An empty nester may want to downsize and not have the hassles of yard work and other maintenance. Or it can simply be that the traditional family home doesn't suit your lifestyle.
When you own a condo, you own the title to the space within the walls of your living quarters. Common areas such as hallways, roofs, parking lots, green areas and pools are shared with the other owners in the complex. The more common type of condo is the apartment-style, in which you may have units on either side of you and above and/or below. However, there are other styles. There are units that are designed more like townhomes, with single or multiple levels and one or two common walls with neighbors. You may even find a condo in a building that was a multi-unit apartment converted to condo units.
Condos are attractive to many buyers because they offer them a chance to own their residence and build equity at what is usually a lower cost than a single-family detached home. Of course there are exceptions, such as the luxurious condominiums that many developers are building in downtown and affluent neighborhoods.
One factor to consider is that condominum owners generally must pay a condo association fee monthly. These fees defray the cost of maintenance, repairs and upgrades to the community's common areas as well as the cost for the services of a property management company.
However, if you would rather spend your free time doing something besides mowing the lawn, painting the outside of your home, or waiting at home for the pool maintenance person, then a condo may be for you.
Other advantages of owning a condo are the amenities that may be part of your complex such as a pool, tennis courts, fitness center or clubhouse. These are some of the perks you might not be able to afford or even have room for if you were to purchase a single-family home.
Of course, as with all things, there are some disadvantages to owning a condominium, such as the lack of privacy that a single-family detached home affords. You are also confined to the rules and laws of the community association, which can run the gamut from how to display a satellite dish to the type of animals you can keep.
Is a condo the right living arrangement for you? Make an informed decision by weighing the pros and cons. Talk with a real estate professional who is familiar with condominiums and the laws that govern them. Preview the various condos in your area to get an idea of how the properties are run. If your real estate professional has sold condos in any of these complexes, find out the type of feedback he or she has received from clients.
Condo living isn't for everyone, but can be an attractive option for those who want to own instead of rent.
When you own a condo, you own the title to the space within the walls of your living quarters. Common areas such as hallways, roofs, parking lots, green areas and pools are shared with the other owners in the complex. The more common type of condo is the apartment-style, in which you may have units on either side of you and above and/or below. However, there are other styles. There are units that are designed more like townhomes, with single or multiple levels and one or two common walls with neighbors. You may even find a condo in a building that was a multi-unit apartment converted to condo units.
Condos are attractive to many buyers because they offer them a chance to own their residence and build equity at what is usually a lower cost than a single-family detached home. Of course there are exceptions, such as the luxurious condominiums that many developers are building in downtown and affluent neighborhoods.
One factor to consider is that condominum owners generally must pay a condo association fee monthly. These fees defray the cost of maintenance, repairs and upgrades to the community's common areas as well as the cost for the services of a property management company.
However, if you would rather spend your free time doing something besides mowing the lawn, painting the outside of your home, or waiting at home for the pool maintenance person, then a condo may be for you.
Other advantages of owning a condo are the amenities that may be part of your complex such as a pool, tennis courts, fitness center or clubhouse. These are some of the perks you might not be able to afford or even have room for if you were to purchase a single-family home.
Of course, as with all things, there are some disadvantages to owning a condominium, such as the lack of privacy that a single-family detached home affords. You are also confined to the rules and laws of the community association, which can run the gamut from how to display a satellite dish to the type of animals you can keep.
Is a condo the right living arrangement for you? Make an informed decision by weighing the pros and cons. Talk with a real estate professional who is familiar with condominiums and the laws that govern them. Preview the various condos in your area to get an idea of how the properties are run. If your real estate professional has sold condos in any of these complexes, find out the type of feedback he or she has received from clients.
Condo living isn't for everyone, but can be an attractive option for those who want to own instead of rent.
Monday, May 01, 2006
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.
Thursday, April 20, 2006
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!
Saturday, April 08, 2006
Wednesday, March 29, 2006
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.
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.
Saturday, March 18, 2006
Tuesday, March 07, 2006
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.
Thursday, March 02, 2006
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.
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.
Sunday, February 19, 2006
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.
Monday, February 13, 2006
Sunday, February 12, 2006
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.
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.
Friday, February 10, 2006
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.
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.
Tuesday, January 31, 2006
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.
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.
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.
Sunday, January 29, 2006
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.
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.
Saturday, January 28, 2006
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.
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.
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.
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