That is a tough question that really varies on many things. Each home is different but the average in Haverford Pa. is 5 to 7% less than the original asking price. Here are the variances that will determine the final price.
1. Condition Of The Home & Price Relative To The Competition. If a home is move in condition, meaning everything has been upgraded recently and you just have to unpack and start enjoying your home that property is going to get close to it's asking price or a little more if more than one bid is on the home. It has to be priced within it's competition though. The seller cannot say " I have a great home and put $20,000 into it so my home is worth $20,000 more than the top priced home." Your home will not appraise if a buyer agrees to a high price. The appraisers look for comparables within a mile. They have to have settled at that price. If the home does not appraise the buyer can withdraw from the transaction. So normally the seller has to reduce the price to sell it at the appraised value anyway. You also will reduce the traffic of buyers who are intimidated by the high price.
2. Time on the market. This is related to condition of the home and pricing. A move in might go the first week on the market if it is priced right. A home that has a major negative like needing the basement dug up and repoured or waterproofed or a new roof or electric might sit for quite a while without any serious offers. The seller might be trying to get top dollar regardless of the negative, feeling it is still a strong home. After living with a problem in a home, over the years it becomes less important and the owner loses sight of it's importance on the value of the home. I know we have a particular skylight that drips when the rain is blown a certain direction that I have been moving down on my list of repairs as the years go by. Each month a home sits on the market it loses more of it's buyer base. Everyone that is interested in the home has already seen it and only a major price drop will bring them back in. So that home might be reduced 2 or 3 times at $5,000 or $10,000 at a pop. A home that started at $350,000 might be down to $330,000 after six months on the market so it is already down more than 5%. Now most buyers interested in the home will offer $10 or $15k less if a home has been on for quite a while because they feel there will be no other buyers to compete with. Naturally the seller will come back with a counter unless they are under a lot of pressure to get the transaction completed.
3. Short Sales & Foreclosures. These homes typically get substantially less than their competitors because the sellers are distressed financially or the bank owns the title now and wants to get it off of their books. They usually are sold "as is" meaning they will not fix anything the inspector finds. Even the township inspection is sometimes stipulated as the buyer's responsibility. These homes may need major updating since the funds available to keep them updated were not there. Buyers typically drop down 10 to 20% off of the latest asking price. The negotiations will be long and arduous as the bank tries to get the best price for it's asset. They could drag on for months instead of a matter of days in a normal transaction.
So know going in what similar homes to the one you are purchasing are on the market for and what they actually settled for. An informed client is the strongest client to deal with. Sellers react differently to lower offers. Some accept it as a business tool and some get insulted and have a knee jerk reaction. Even the agent's preconception of the home's worth may have a bearing. We have had agents tell us not to even bother bringing in a low offer but they should have the courtesy to check with their clients first before they make that decision.
One other factor determines the offer. If the buyer is sure that is their dream home and knows they are not going to find another like it anytime soon we advise them to give the seller what they are asking. A few thousand dollars over a thirty year mortgage is not going to have a huge impact.
Century21 Alliance Jim & Deborah Brady
610-853-2700 Ext 416
www.bradyhometeam.com
Wednesday, April 21, 2010
Saturday, April 17, 2010
Chang Mai Restaurant In Conshohocken Pa. A Nice Stop To Relax At
We went to Chang Mai http://www.mychiangmaicuisine.com/ Fayette St in Conshohocken last night and it was very pleasant. It is cozy ( about 20 small tables) and is a BYOB.The decor is pleasant and the noise was muted. The staff was courteous and sat us quickly and we had our food in about 15 minutes. Prices were reasonable between $12 and $15 for entrees at dinner time and I believe they have a luncheon special. I had drunken noodles and they were spicey and delicious. There were six of us so the entrees ranged from a Sweet Pineapple Chicken dish to the 3 pepper rating Bold & Spicey Shrimp. Everyone loved the food with no negative comments. We had a birthday cake with us and the server put it in the fridge for us and brought it out at the end of the meal and some of the diners joined in on our Happy Birthday Song. Overall it was great and we would go back again.
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GreenEggs Cafe In South Philly. An ecclectic menu worth the trip
Went to the GreenEggs Cafe in the 1300 block of Dickenson for lunch and it was outstanding. http://greeneggscafe.net/ is their website and you can download the menu. Read about it in Craig Lebain's article in the Philly Inquirer. They serve breakfast all day and have some interesting items on the menu. I had a cheesesteak that was not your normal South Philly one. It was chipped rib eye with carmalized onions, arugula mayonnaise, Gruyere béchamel, on a grilled ciabatta roll with fennel slaw. lol I told you not your regular sandwich. It was off the charts.
My wife had a cheeseburger that was better than one we had on Rittenhouse Square recommended in Food & Wine Magazine and half the price. We had house fries and sweet potatoe fries as our sides. How about this one.
Kobe slider trio 9.5
Blue cheese, maple glazed bacon • shiitake mushrooms, white cheddar • quail egg, arugula and truffle oil The menu is at http://greeneggscafe.net/GreenEggsCafe-BL-menus.pdf
It was about 15 tables, clean and quiet with helpfull staff and the food was on the table in about 10 minutes. We were there after lunch on a weekday but I heard on the weekends there is a line outside.
There breakfast looks fantastic. How about
The kitchen sink 8.5
Two eggs with cheese, our signature potato, choice of breakfast meat topped with homemade jumbo biscuit and sausage gravyin a cast-iron skillet
or
Crème brulee French toast 9
Vanilla bean custard, Fresh berry compote, drizzled with vanilla anglaise warm 100% maple syrup and topped with Chantilly cream
or
Breakfast burrito 8
Flour tortilla with eggs, olives, corn, chorizo sausage, signature potato, tex mex cheese, topped with Pico de Gallo, sour cream, avocado,
and fire roasted red pepper black bean sauce
Not your everyday coffee shop. I would go back again in a minute. Price was $25 for lunch with 2 drinks for the two of us.
My wife had a cheeseburger that was better than one we had on Rittenhouse Square recommended in Food & Wine Magazine and half the price. We had house fries and sweet potatoe fries as our sides. How about this one.
Kobe slider trio 9.5
Blue cheese, maple glazed bacon • shiitake mushrooms, white cheddar • quail egg, arugula and truffle oil The menu is at http://greeneggscafe.net/GreenEggsCafe-BL-menus.pdf
It was about 15 tables, clean and quiet with helpfull staff and the food was on the table in about 10 minutes. We were there after lunch on a weekday but I heard on the weekends there is a line outside.
There breakfast looks fantastic. How about
The kitchen sink 8.5
Two eggs with cheese, our signature potato, choice of breakfast meat topped with homemade jumbo biscuit and sausage gravyin a cast-iron skillet
or
Crème brulee French toast 9
Vanilla bean custard, Fresh berry compote, drizzled with vanilla anglaise warm 100% maple syrup and topped with Chantilly cream
or
Breakfast burrito 8
Flour tortilla with eggs, olives, corn, chorizo sausage, signature potato, tex mex cheese, topped with Pico de Gallo, sour cream, avocado,
and fire roasted red pepper black bean sauce
Not your everyday coffee shop. I would go back again in a minute. Price was $25 for lunch with 2 drinks for the two of us.
Friday, April 2, 2010
What Is An FHA Loan And Why Are They So Popular?
FHA does not make loans. Rather, it insures loans made by private lenders. The first step in obtaining an FHA loan is to contact several lenders and/or mortgage brokers and ask them if they originate FHA loans. Believe me, In this market you will be hard pressed to find a lender who does not write FHA loans. It is a no brainer for the lender. They write the loan, have it insured by the FHA and still get to charge interest and fees for writing the loan. If the buyer defaults on the loan they are covered.
Most lenders are requiring 10% down plus a credit score of at least 650 plus the closing costs. On a $300,000 home that is $30,000 down plus around $18,000 closing costs. How many first time buyers do you know with $48,000 available? The interest rate is around 5.25 right now and you would also have to pay PMI insurance that insures the lender gets his money if you default.
If you qualify for a FHA loan you only need 3.5% down and can finance some of the closing costs. On the $300,000 home that is around $10,500 for the down payment and $9000 if you finance half the closing cost for a total of $19,500 versus $48,000 for a conventional loan. If you have strong credit you can also beat that 5.25 interest rate and eliminate the PMI insurance since the FHA is insuring the loan.
FHA has more than doubled the number of mortgages given in the last three years and is now 30 percent of the
housing market’s mortgages. In 2007, FHA issued 400,000 loans and last year, two million were issued.
This trend is evident throughout our three local counties; Chester, Delaware andMontgomery. In 2009, 28.7% of homes purchased in these three counties used FHA
financing. Compare this to only 5.3% who used FHA financing in 2007 in this same area.
FHA had a reputation in the past for causing headaches for the sellers with a seperate inspection but they have eased up on some of their requirements. A typical home inspection is much more thorough than an FHA one. FHA just uses a checklist while a home inspector goes over the home from top to bottom. We have not seen any deals broken down by an unreasonable FHA home inspection.
I hope that clears up some of the confusion surrounding an FHA loan. Please contact us if you have any questions.
Century21 Alliance
Jim & Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700 Ext. 416
Direct: 610-853-8416
Cell: 610-613-3381
Fax: 610-853-4835
Website: http://www.bradyhometeam.com
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
http://www.haverfordblog.com/cgi-bin/yabb2p4/YaBB.pl?board=HT-Real-Estate
Network with me on Facebook
http://www.facebook.com/jimabrady
Most lenders are requiring 10% down plus a credit score of at least 650 plus the closing costs. On a $300,000 home that is $30,000 down plus around $18,000 closing costs. How many first time buyers do you know with $48,000 available? The interest rate is around 5.25 right now and you would also have to pay PMI insurance that insures the lender gets his money if you default.
If you qualify for a FHA loan you only need 3.5% down and can finance some of the closing costs. On the $300,000 home that is around $10,500 for the down payment and $9000 if you finance half the closing cost for a total of $19,500 versus $48,000 for a conventional loan. If you have strong credit you can also beat that 5.25 interest rate and eliminate the PMI insurance since the FHA is insuring the loan.
FHA has more than doubled the number of mortgages given in the last three years and is now 30 percent of the
housing market’s mortgages. In 2007, FHA issued 400,000 loans and last year, two million were issued.
This trend is evident throughout our three local counties; Chester, Delaware andMontgomery. In 2009, 28.7% of homes purchased in these three counties used FHA
financing. Compare this to only 5.3% who used FHA financing in 2007 in this same area.
FHA had a reputation in the past for causing headaches for the sellers with a seperate inspection but they have eased up on some of their requirements. A typical home inspection is much more thorough than an FHA one. FHA just uses a checklist while a home inspector goes over the home from top to bottom. We have not seen any deals broken down by an unreasonable FHA home inspection.
I hope that clears up some of the confusion surrounding an FHA loan. Please contact us if you have any questions.
Century21 Alliance
Jim & Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700 Ext. 416
Direct: 610-853-8416
Cell: 610-613-3381
Fax: 610-853-4835
Website: http://www.bradyhometeam.com
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
http://www.haverfordblog.com/cgi-bin/yabb2p4/YaBB.pl?board=HT-Real-Estate
Network with me on Facebook
http://www.facebook.com/jimabrady
Sunday, March 21, 2010
What Is A Short Sale?
A short sale is a transaction in which the lender, or lenders, agrees to accept less than the mortgage amount owed by the current homeowner. In some cases, the difference is forgiven by the lender, and in others the homeowner must make arrangements with the lender to settle the remainder of the debt. Yes even after your transaction is done unless it is specified in writing as part of the contract a lender can pursue you years later for the balance of the loan.
Why is the number of short sales rising?
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses. The cost of running the home including mortgage, taxes, utilities, upkeep etc are still squarely on the shoulders of the homeowner. In a foreclosure the lender will be responsible for those after the foreclosure is finalized.
A short sale can also be the best option for homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially. Check with a lender to see the ramifications of a short sale on your credit report.
What challenges have short sales presented for REALTORS®?
Absence of a uniform process and application
Currently, both short-sales documents and processes are lender-specific, making it very difficult and time-consuming for REALTORS® to become knowledgeable and efficient in facilitating these transactions. In other words there is not a standard process to follow. Each lender is requiring different forms and basically has their own rules on the transaction. Standard practices in the transaction are superseded by the lenders insistence on final say on all aspects of the contract. In a normal transaction you get an answer to your contract in a day or two. Once the lender takes over the procedure it could take months to get the transaction offer answered. There is usually a clause in the contract specifying that the buyer or seller can walk away from the deal with no penalties after a specified date like say a month after the contract is submitted but you are still tied up in a transaction for that time.
The buyer is usually responsible for all repairs including Township violations. Think of it like an auction where you are buying the home “as is”. We have even seen instances where the lender wants to renegotiate the commissions or make the buyer pay the realtor commission for their agent which is normally paid by the seller. You are still entitled to your inspection though and can specify you can walk away if you do not like the results. It must be stated in your contract that you are taking the inspection option allowing you to do that.
Multiple lenders
When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing
As a result of these challenges our members have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.
So the bottom line is yes you can get a deal on a home because normally the price is lower than the norm. You have to be prepared for the transaction to take much longer than a normal one. You have to have your inspections to see what all the repairs will cost. The township does not normally do their inspection until alter all the papers are signed by both parties so you could be surprised by another set of repairs prior to settlement. As a buyer you may be responsible for paying some or all of the buyer’s realtor fees. Remember you are basically buying the home “as is” and will not get any help from the seller because they are already in difficulty with their finances.
Century21 Alliance
Jim & Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700
Direct: 610-853-8416
Cell: 610-613-3381
Fax: 610-853-4835
Website: http://www.bradyhometeam.com/
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
http://www.haverfordblog.com/cgi-bin/yabb2p4/YaBB.pl?board=HT-Real-Estate
Network with me on Facebook
http://www.facebook.com/jimabrady
Why is the number of short sales rising?
Due to the recent economic crisis, including rising unemployment, and drops in home prices in communities across the nation, the number of short sales is increasing. Since a short sale generally costs the lender less than a foreclosure, it can be a viable way for a lender to minimize its losses. The cost of running the home including mortgage, taxes, utilities, upkeep etc are still squarely on the shoulders of the homeowner. In a foreclosure the lender will be responsible for those after the foreclosure is finalized.
A short sale can also be the best option for homeowners who are “upside down” on mortgages because a short sale may not hurt their credit history as much as a foreclosure. As a result, homeowners may qualify for another mortgage sooner once they get back on their feet financially. Check with a lender to see the ramifications of a short sale on your credit report.
What challenges have short sales presented for REALTORS®?
Absence of a uniform process and application
Currently, both short-sales documents and processes are lender-specific, making it very difficult and time-consuming for REALTORS® to become knowledgeable and efficient in facilitating these transactions. In other words there is not a standard process to follow. Each lender is requiring different forms and basically has their own rules on the transaction. Standard practices in the transaction are superseded by the lenders insistence on final say on all aspects of the contract. In a normal transaction you get an answer to your contract in a day or two. Once the lender takes over the procedure it could take months to get the transaction offer answered. There is usually a clause in the contract specifying that the buyer or seller can walk away from the deal with no penalties after a specified date like say a month after the contract is submitted but you are still tied up in a transaction for that time.
The buyer is usually responsible for all repairs including Township violations. Think of it like an auction where you are buying the home “as is”. We have even seen instances where the lender wants to renegotiate the commissions or make the buyer pay the realtor commission for their agent which is normally paid by the seller. You are still entitled to your inspection though and can specify you can walk away if you do not like the results. It must be stated in your contract that you are taking the inspection option allowing you to do that.
Multiple lenders
When more than one lender is involved, the negotiations are much more difficult. Second lien holders often hold up the transaction to exert the largest possible payment, in exchange for releasing their lien, even though in foreclosure they will get nothing
As a result of these challenges our members have reported difficulties with: unresponsive lenders; lost documents that require multiple submissions, inaccurate or unrealistic home value assessments, and long processing delays, which cause buyers to walk away.
So the bottom line is yes you can get a deal on a home because normally the price is lower than the norm. You have to be prepared for the transaction to take much longer than a normal one. You have to have your inspections to see what all the repairs will cost. The township does not normally do their inspection until alter all the papers are signed by both parties so you could be surprised by another set of repairs prior to settlement. As a buyer you may be responsible for paying some or all of the buyer’s realtor fees. Remember you are basically buying the home “as is” and will not get any help from the seller because they are already in difficulty with their finances.
Century21 Alliance
Jim & Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700
Direct: 610-853-8416
Cell: 610-613-3381
Fax: 610-853-4835
Website: http://www.bradyhometeam.com/
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
http://www.haverfordblog.com/cgi-bin/yabb2p4/YaBB.pl?board=HT-Real-Estate
Network with me on Facebook
http://www.facebook.com/jimabrady
Saturday, March 13, 2010
A Day In The Life Of A Realtor Showing Homes
We were contacted by a young couple over the phone looking for a home in Haverford Township. They seemed focused and already had a list of ten homes they wanted to see. After communicating with them some more over the phone and sending them the available homes they had a list of about 20 homes they wanted to see. Yikes that is a lot of homes so we narrowed it down to 9 homes that looked the best of the lot. They had nice pictures up and many were touting the fact they were move in condition which our clients were interested in since they both worked and had one child with another baby on the way.
We met at the first home and they were lovely people and had their child and grandparents with them to help out. The first home was decent looking if plain but as soon as they realized it had no rear yard but a driveway instead we left quickly after seeing the first floor. That is much easier on everyone if you have a lot of homes to see. Why look in every nook and cranny if you know the home does not work for you.
The second home was the same basically and it also had a driveway and garage in the lower level so we did not even go in. Both homes were brick twins and were kind of plain with nothing that really jumped out at you.
The third home was a single cape that had a lot of charm inside and a nice rear yard. Capes typically have a bedroom on the first floor and our clients decided that would not work with the children. It was also on a busy street which was a negative with no fenced in front.
The fourth home was a beauty. A huge twin that did not seem to need any work. Completely updated with new kitchen, floors, heater, the works. It had a nice rear yard and a family room for an office and playroom but for some reason the home did not click for them. It was brand new on the market. I think they were looking for a different neighborhood look than this one. You can tell when you are in a home if it grabs a client or not and this one they were subdued.
The fifth home was a small single that had a lot going for it but it to had no yard and instead a driveway and garage. It was also on a busy street. Had charm and was ready to move in but needed some updating.
The sixth home was another big twin that grabbed the clients as soon as they entered. It had the layout, colors, space and decorating style they identified with. It had a small office also. The neighborhood was more like they had in mind. They even thought the squirrel entering the roof facia through a hole was charming. It had trees shading the front and rear. But guess what? No rear yard again. It had a deck overlooking a driveway and garage.
The seventh home was in Bala Cynwyd and had a great rear yard but the steps out of the kitchen to the yard were missing! Inside was a nice open layout with lots of light and hardwood floors. The second floor had a beautiful bath and one bedroom. The third floor had two small bedrooms up a tight stairway that they decided it would be a hard trip at night carrying the children to bed. It was a 75 year old home so that layout was common. The street was also very steep making stroller navigation tough.
The eighth home was under contract already and the ninth home was for sale privately and they never returned our call to view their home. Makes it tough to sell if you will not let the clients see it.
So after viewing the homes on our list we had a great feel for what the clients wanted. They were leaning toward a neighborhood like Ardmore, or Wynnewood. Wanted a home with a fenced in rear yard on a quiet street with lots of charm, hardwood floors, open layout with an office or playroom and move in condition.
Of the homes we saw only one had what they were looking for but they did not seem to care for the neighborhood. All of the others had something wrong with them in their eyes and were not being considered. It only took about two hours because they were reasonable and when they realized the home did not have what they wanted we moved on. Only a couple of the homes were truly move in and updated. The other all needed updates in the kitchen and bath or needed other updating. Only one had a finished basement that I saw. Oh well back to the drawing board.
If you want to sell your home in this market you have to have it updated and ready to move in or you are not going to get top dollar. See our previous blog on getting your home ready to sell.
Our clients sent us five homes we picked out of the rest of the available and while we were out showing and drove by them and narrowed it down to 2 because of the yard requirement and a quiet street requirement.
Talked to our clients and they made arrangements to see them in two days. Then we got an email from them that night saying they were going to put their house hunting on hold for a while and contact us at a later date. Yikes, so we were back to square one with them. I think they were just frustrated at the shortage of homes meeting their requirements. Anyway they were lovely clients and we would work with them in the future but would narrow the search down considerably after meeting with them and see what they were really looking for.
Oh, on a side note the one twin we showed that was truely move in condition was on the market 3 days and had two strong offers which is unheard of in this market. It just shows a home where the sellers maxed out their potential and showed it properly will still move quickly even in a slow market.
Century21 Alliance
Jim and Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700
Direct: 610-853-8416
Cell: 610-613-3381
Fax: 610-853-4835
Website: http://www.bradyhometeam.com
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
http://www.haverfordblog.com/cgi-bin/yabb2p4/YaBB.pl?board=HT-Real-Estate
Network with me on Facebook
http://www.facebook.com/jimabrady
We met at the first home and they were lovely people and had their child and grandparents with them to help out. The first home was decent looking if plain but as soon as they realized it had no rear yard but a driveway instead we left quickly after seeing the first floor. That is much easier on everyone if you have a lot of homes to see. Why look in every nook and cranny if you know the home does not work for you.
The second home was the same basically and it also had a driveway and garage in the lower level so we did not even go in. Both homes were brick twins and were kind of plain with nothing that really jumped out at you.
The third home was a single cape that had a lot of charm inside and a nice rear yard. Capes typically have a bedroom on the first floor and our clients decided that would not work with the children. It was also on a busy street which was a negative with no fenced in front.
The fourth home was a beauty. A huge twin that did not seem to need any work. Completely updated with new kitchen, floors, heater, the works. It had a nice rear yard and a family room for an office and playroom but for some reason the home did not click for them. It was brand new on the market. I think they were looking for a different neighborhood look than this one. You can tell when you are in a home if it grabs a client or not and this one they were subdued.
The fifth home was a small single that had a lot going for it but it to had no yard and instead a driveway and garage. It was also on a busy street. Had charm and was ready to move in but needed some updating.
The sixth home was another big twin that grabbed the clients as soon as they entered. It had the layout, colors, space and decorating style they identified with. It had a small office also. The neighborhood was more like they had in mind. They even thought the squirrel entering the roof facia through a hole was charming. It had trees shading the front and rear. But guess what? No rear yard again. It had a deck overlooking a driveway and garage.
The seventh home was in Bala Cynwyd and had a great rear yard but the steps out of the kitchen to the yard were missing! Inside was a nice open layout with lots of light and hardwood floors. The second floor had a beautiful bath and one bedroom. The third floor had two small bedrooms up a tight stairway that they decided it would be a hard trip at night carrying the children to bed. It was a 75 year old home so that layout was common. The street was also very steep making stroller navigation tough.
The eighth home was under contract already and the ninth home was for sale privately and they never returned our call to view their home. Makes it tough to sell if you will not let the clients see it.
So after viewing the homes on our list we had a great feel for what the clients wanted. They were leaning toward a neighborhood like Ardmore, or Wynnewood. Wanted a home with a fenced in rear yard on a quiet street with lots of charm, hardwood floors, open layout with an office or playroom and move in condition.
Of the homes we saw only one had what they were looking for but they did not seem to care for the neighborhood. All of the others had something wrong with them in their eyes and were not being considered. It only took about two hours because they were reasonable and when they realized the home did not have what they wanted we moved on. Only a couple of the homes were truly move in and updated. The other all needed updates in the kitchen and bath or needed other updating. Only one had a finished basement that I saw. Oh well back to the drawing board.
If you want to sell your home in this market you have to have it updated and ready to move in or you are not going to get top dollar. See our previous blog on getting your home ready to sell.
Our clients sent us five homes we picked out of the rest of the available and while we were out showing and drove by them and narrowed it down to 2 because of the yard requirement and a quiet street requirement.
Talked to our clients and they made arrangements to see them in two days. Then we got an email from them that night saying they were going to put their house hunting on hold for a while and contact us at a later date. Yikes, so we were back to square one with them. I think they were just frustrated at the shortage of homes meeting their requirements. Anyway they were lovely clients and we would work with them in the future but would narrow the search down considerably after meeting with them and see what they were really looking for.
Oh, on a side note the one twin we showed that was truely move in condition was on the market 3 days and had two strong offers which is unheard of in this market. It just shows a home where the sellers maxed out their potential and showed it properly will still move quickly even in a slow market.
Century21 Alliance
Jim and Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700
Direct: 610-853-8416
Cell: 610-613-3381
Fax: 610-853-4835
Website: http://www.bradyhometeam.com
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
http://www.haverfordblog.com/cgi-bin/yabb2p4/YaBB.pl?board=HT-Real-Estate
Network with me on Facebook
http://www.facebook.com/jimabrady
Thursday, February 25, 2010
When Was The Last Time Someone Gave You $8000?
Hi: We are making sure all of our clients & friends know that the $8000 first Time Buyer Credit and the $6500 Existing owner credit are about to expire. You must sign a contract by April 30, 2010 and settle by June 30 to qualify for this credit. Do not miss this opportunity if you are thinking of buying or selling. When was the last time the government offered you a $8000 credit?
Combined with historically low interest rates and FHA financing of most mortgages you need less money than ever to make your dream come true. With FHA you only have to put down 3.5% and can even finance some of the closing costs.
Prices on homes have been reduced over the last few years in most areas so you can finally get your home at a reasonable rate. Buyers no longer have to offer full price or above to get their home.
So combine the low prices, low interest rates, low down payment, loans guaranteed by the FHA and an $8000 Credit you must agree now is the time for Buyers. Hold onto your home for five years and you will show a sizable increase in the value of your home.
If you have decent credit you may be able to purchase a $200,000 home for as little as $7,000 down. At 5.5% Interest rate the mortgage payment would be $1100 if you finance the closing costs. Then you get the tax credit for $8000 next year and you have eliminated your initial investment.
Please do not miss this opportunity. Contact us today. These circumstances may never be duplicated.
Sincerely, Jim & Deborah
Century21 Alliance
Jim & Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700
Direct: 610-853-8416
Cell: 610-613-3381
Fax: 610-853-4835
Website: http://www.bradyhometeam.com/
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
http://www.haverfordblog.com/cgi-bin/yabb2p4/YaBB.pl?board=HT-Real-Estate
Network with me on Facebook
http://www.facebook.com/jimabrady
Combined with historically low interest rates and FHA financing of most mortgages you need less money than ever to make your dream come true. With FHA you only have to put down 3.5% and can even finance some of the closing costs.
Prices on homes have been reduced over the last few years in most areas so you can finally get your home at a reasonable rate. Buyers no longer have to offer full price or above to get their home.
So combine the low prices, low interest rates, low down payment, loans guaranteed by the FHA and an $8000 Credit you must agree now is the time for Buyers. Hold onto your home for five years and you will show a sizable increase in the value of your home.
If you have decent credit you may be able to purchase a $200,000 home for as little as $7,000 down. At 5.5% Interest rate the mortgage payment would be $1100 if you finance the closing costs. Then you get the tax credit for $8000 next year and you have eliminated your initial investment.
Please do not miss this opportunity. Contact us today. These circumstances may never be duplicated.
Sincerely, Jim & Deborah
Century21 Alliance
Jim & Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700
Direct: 610-853-8416
Cell: 610-613-3381
Fax: 610-853-4835
Website: http://www.bradyhometeam.com/
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
http://www.haverfordblog.com/cgi-bin/yabb2p4/YaBB.pl?board=HT-Real-Estate
Network with me on Facebook
http://www.facebook.com/jimabrady
Sunday, February 21, 2010
Real Estate holding firm in Haverford, Pa
According to The Trend MLS Listing Service the Realtors in this area use Quarter 4 2009 started to show some life. The average home price including all styles in Haverford was $271,900 for an increase of 2.8% from the previous year. 86 homes sold in the township for an increase of 22.8% from last year's quarter 4. Average days on the market was 76 but the interesting number is sellers got 96.7% of their final asking price. Final asking price is the list price after reductions to the original price. Many homeowners typically reduce the price if a home if it is not receiving any written offers.
All in all Haverford started to rebound a little and if you include the townhomes, condos, twins, and singles included in this report our average price is pretty solid compared to some other areas of the country. Short Sales and Foreclosures have reduced the average settled price in many parts of the nation so to actually show a small increase is good news.
Haverford continues to attract buyers of all kinds. We have a good reputation in the real estate world and why not?People are nice, schools are good, and we live in a Metropolitan Area. This spring should see a burst of activity before the Federal Tax Credit expires in April 2010.
Century21 Alliance
Jim and Deborah Brady
Office:610-853-2700
Direct: 610-853-8416
http://www.bradyhometeam.com/
All in all Haverford started to rebound a little and if you include the townhomes, condos, twins, and singles included in this report our average price is pretty solid compared to some other areas of the country. Short Sales and Foreclosures have reduced the average settled price in many parts of the nation so to actually show a small increase is good news.
Haverford continues to attract buyers of all kinds. We have a good reputation in the real estate world and why not?People are nice, schools are good, and we live in a Metropolitan Area. This spring should see a burst of activity before the Federal Tax Credit expires in April 2010.
Century21 Alliance
Jim and Deborah Brady
Office:610-853-2700
Direct: 610-853-8416
http://www.bradyhometeam.com/
Saturday, February 13, 2010
A Variety Of Tax Credits Available
Was pouring over the tax credits available and wanted to make our neighbors aware of them. http://www.federalhousingtaxcredit.com/
First is the obvious one, the First Time Home Buyers and the Existing Home Buyer tax credit. Basically anyone who hasen't owned a home in 3 years can qualify up $8000 tax credit on a home purchase as your primary residence. $125,000 income limit for individuals and $250,000 for couples.
Existing Home Buyer Credit up to $6500 for anyone who has lived in a home 5 consecutive years out of the last 8 years can qualify on a primary residence.
To qualify you must have a signed agreement of sale by April 30,2010 and settle by June 30,2010
Now here are a few energy related credits.
Residential Energy Property Credit (Section 1121): The new law increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy-efficient heating and air conditioning systems
Windows and Doors
Tax Credit:
30% of cost with no upper limit
Expires:
December 31, 2016
Geothermal Heat Pumps:
Tax Credit:
30% of cost with no upper limit
Expires:
December 31, 2016
Here is a table listing 1. Geothermal , 2. High Energy Heating System, 3. Older Heating System on our home.
Geothermal
Heating/Cooling/Hot Water Operating Cost Comparisons
Chart and graph below are based upon data selected to the left and are considered to be estimates only. Home construction, occupant living habits, weather, and other variations may change the accuracy of this report. Operating costs include heating, cooling, and hot water only. Most homes have approximately 500 to 1,000 kWh of base electric use (electricity use for lighting and appliances). For this size home, the base electric use should cost approximately $38 to $75 per month, which must be added to the heating, cooling, and hot water costs.
System Comparisons:
1 Geothermal Heating and Cooling with Hot Water Generator
2 Natural Gas Furnace, 91% eff. / 10 SEER Air Conditioner / Natural Gas Water Heater
3 Natural Gas Furnace, 80% eff. / 10 SEER Air Conditioner / Natural Gas Water Heater
Annual heating, Cooling, and Hot Water Costs:
60 year old, 2000 sq. ft. home
Philadelphia, PA
System Heating Cooling Hot Water Totals Avg Monthly
1 $503 $142 $423 $1,068 $89
2 $1,760 $362 $873 $2,992 $249
3 $1,996 $362 $870 $3,228 $269
Electric rate: $0.075/kWh
Propane Rate: $2.75/gallon
Natural Gas Rate: $1.75/ccf
Fuel Oil Rate: $2.60/gallon
Installs a system of pipes 4 to 6 ‘ below ground filled with a coolant liquid that transfers hoter air in the winter and cooler air in the summer to system where it is heated up . Energy costs are $89 Per month estimated for heat and cooling. The site estimates it will take 5 years to recoup the extra expense of a GeoThermal system but I do know all high end energy systems are attractive to buyers so you may get some of that money back on the sale of your home.
SOLAR ENERGY SYSTEMS AND SOLAR PANELS
Tax Credit:
30% of cost with no upper limit
Expires:
December 31, 2016
Now here are some Vehicle Tax Credits:
AUTOMOBILE TAX CREDITS
Hybrid Gas-Electric and Alternative Fuel Vehicles
Individuals and businesses who buy or lease a new hybrid gas-electric car or truck are eligible for an income tax credit for vehicles “placed in service” starting January 1, 2006, and purchased on or before December 31, 2010. The amount of the credit depends on the fuel economy, the weight of the vehicle, and whether the tax credit has been or is being phased out. Hybrid vehicles that use less gasoline than the average vehicle of similar weight and that meet an emissions standard qualify for the credit.
This tax credit will be phased out for each manufacturer once that company has sold 60,000 eligible vehicles. At that point, the tax credit for each company’s vehicles will be gradually reduced over the course 15 months. See the IRS's Summary of the Credit for Qualified Hybrid Vehicles for information on the status of specific vehicle eligibility.
Alternative-fuel vehicles, diesel vehicles with advanced lean-burn technologies, and fuel-cell vehicles are also eligible for tax credits. See the IRS summary of credits available for Alternative Motor Vehicles.
Plug-In Electric Vehicles
The Recovery Act modifies the credit for qualified plug-in electric drive vehicles purchased after Dec. 31, 2009. The minimum amount of the credit for qualified plug-in electric drive vehicles is $2,500 and the credit tops out at $7,500, depending on the battery capacity. To qualify, vehicles must be newly purchased, have four or more wheels, have a gross vehicle weight rating of less than 14,000 lbs, and draw propulsion using a battery with at least four kilowatt hours that can be recharged from an external source of electricity. The full amount of the credit will be reduced with respect to a manufacturer's vehicles after the manufacturer has sold at least 200,000 vehicles. The credit will then phase out over a year
Low Speed & 2/3 Wheeled Vehicles
The Recovery Act law also creates a special tax credit for two types of plug-in vehicles - certain low-speed electric vehicles and 2- or 3-wheeled vehicles. The amount of the credit is 10% of the cost of the vehicle, up to a maximum credit of $2,500 for purchases made after Feb. 17, 2009, and before Jan. 1, 2012.
To qualify, a vehicle must be either a low speed vehicle propelled by an electric motor that draws electricity from a battery with a capacity of 4 kilowatt hours or more or be a 2- or 3-wheeled vehicle propelled by an electric motor that draws electricity from a battery with the capacity of 2.5 kilowatt hours. A taxpayer may not claim this credit if the plug-in electric drive vehicle credit is allowable. Please see IRS Notice 2009-58:
I know there is a state program that will give up to $1000 tax credit if you hire one of their contractors to do an energy audit of your home and have them do the repairs. They will also arrange financing for the work but I am skeptical of any program that makes you use their contractor and offers to arrange financing. I would be more in favor of a cash grant program for work done. If anyone knows of the local programs available please post them. I have never heard of any local agency offering any kind of program.
These figures are from the IRS site and the EPA site. I am confused by the language on some of the residential energy credits. On the IRS site it lists $1500 max but on the EPA site it lists some items at 30% credit with no limit and not expiring until 2016. I would ask any contractor doing the work before he starts what the ruling is and also ask them if they have any rebate programs available. I know some will offer up to $4000 contractor rebate on high end heating systems.
Century21 Alliance
Jim & Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700
Direct: 610-853-8416
Website: http://www.bradyhometeam.com
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
Network with me on Facebook
http://www.facebook.com/jimabrady
First is the obvious one, the First Time Home Buyers and the Existing Home Buyer tax credit. Basically anyone who hasen't owned a home in 3 years can qualify up $8000 tax credit on a home purchase as your primary residence. $125,000 income limit for individuals and $250,000 for couples.
Existing Home Buyer Credit up to $6500 for anyone who has lived in a home 5 consecutive years out of the last 8 years can qualify on a primary residence.
To qualify you must have a signed agreement of sale by April 30,2010 and settle by June 30,2010
Now here are a few energy related credits.
Residential Energy Property Credit (Section 1121): The new law increases the energy tax credit for homeowners who make energy efficient improvements to their existing homes. The new law increases the credit rate to 30 percent of the cost of all qualifying improvements and raises the maximum credit limit to $1,500 for improvements placed in service in 2009 and 2010.
The credit applies to improvements such as adding insulation, energy efficient exterior windows and energy-efficient heating and air conditioning systems
Windows and Doors
Tax Credit:
30% of cost with no upper limit
Expires:
December 31, 2016
Geothermal Heat Pumps:
Tax Credit:
30% of cost with no upper limit
Expires:
December 31, 2016
Here is a table listing 1. Geothermal , 2. High Energy Heating System, 3. Older Heating System on our home.
Geothermal
Heating/Cooling/Hot Water Operating Cost Comparisons
Chart and graph below are based upon data selected to the left and are considered to be estimates only. Home construction, occupant living habits, weather, and other variations may change the accuracy of this report. Operating costs include heating, cooling, and hot water only. Most homes have approximately 500 to 1,000 kWh of base electric use (electricity use for lighting and appliances). For this size home, the base electric use should cost approximately $38 to $75 per month, which must be added to the heating, cooling, and hot water costs.
System Comparisons:
1 Geothermal Heating and Cooling with Hot Water Generator
2 Natural Gas Furnace, 91% eff. / 10 SEER Air Conditioner / Natural Gas Water Heater
3 Natural Gas Furnace, 80% eff. / 10 SEER Air Conditioner / Natural Gas Water Heater
Annual heating, Cooling, and Hot Water Costs:
60 year old, 2000 sq. ft. home
Philadelphia, PA
System Heating Cooling Hot Water Totals Avg Monthly
1 $503 $142 $423 $1,068 $89
2 $1,760 $362 $873 $2,992 $249
3 $1,996 $362 $870 $3,228 $269
Electric rate: $0.075/kWh
Propane Rate: $2.75/gallon
Natural Gas Rate: $1.75/ccf
Fuel Oil Rate: $2.60/gallon
Installs a system of pipes 4 to 6 ‘ below ground filled with a coolant liquid that transfers hoter air in the winter and cooler air in the summer to system where it is heated up . Energy costs are $89 Per month estimated for heat and cooling. The site estimates it will take 5 years to recoup the extra expense of a GeoThermal system but I do know all high end energy systems are attractive to buyers so you may get some of that money back on the sale of your home.
SOLAR ENERGY SYSTEMS AND SOLAR PANELS
Tax Credit:
30% of cost with no upper limit
Expires:
December 31, 2016
Now here are some Vehicle Tax Credits:
AUTOMOBILE TAX CREDITS
Hybrid Gas-Electric and Alternative Fuel Vehicles
Individuals and businesses who buy or lease a new hybrid gas-electric car or truck are eligible for an income tax credit for vehicles “placed in service” starting January 1, 2006, and purchased on or before December 31, 2010. The amount of the credit depends on the fuel economy, the weight of the vehicle, and whether the tax credit has been or is being phased out. Hybrid vehicles that use less gasoline than the average vehicle of similar weight and that meet an emissions standard qualify for the credit.
This tax credit will be phased out for each manufacturer once that company has sold 60,000 eligible vehicles. At that point, the tax credit for each company’s vehicles will be gradually reduced over the course 15 months. See the IRS's Summary of the Credit for Qualified Hybrid Vehicles for information on the status of specific vehicle eligibility.
Alternative-fuel vehicles, diesel vehicles with advanced lean-burn technologies, and fuel-cell vehicles are also eligible for tax credits. See the IRS summary of credits available for Alternative Motor Vehicles.
Plug-In Electric Vehicles
The Recovery Act modifies the credit for qualified plug-in electric drive vehicles purchased after Dec. 31, 2009. The minimum amount of the credit for qualified plug-in electric drive vehicles is $2,500 and the credit tops out at $7,500, depending on the battery capacity. To qualify, vehicles must be newly purchased, have four or more wheels, have a gross vehicle weight rating of less than 14,000 lbs, and draw propulsion using a battery with at least four kilowatt hours that can be recharged from an external source of electricity. The full amount of the credit will be reduced with respect to a manufacturer's vehicles after the manufacturer has sold at least 200,000 vehicles. The credit will then phase out over a year
Low Speed & 2/3 Wheeled Vehicles
The Recovery Act law also creates a special tax credit for two types of plug-in vehicles - certain low-speed electric vehicles and 2- or 3-wheeled vehicles. The amount of the credit is 10% of the cost of the vehicle, up to a maximum credit of $2,500 for purchases made after Feb. 17, 2009, and before Jan. 1, 2012.
To qualify, a vehicle must be either a low speed vehicle propelled by an electric motor that draws electricity from a battery with a capacity of 4 kilowatt hours or more or be a 2- or 3-wheeled vehicle propelled by an electric motor that draws electricity from a battery with the capacity of 2.5 kilowatt hours. A taxpayer may not claim this credit if the plug-in electric drive vehicle credit is allowable. Please see IRS Notice 2009-58:
I know there is a state program that will give up to $1000 tax credit if you hire one of their contractors to do an energy audit of your home and have them do the repairs. They will also arrange financing for the work but I am skeptical of any program that makes you use their contractor and offers to arrange financing. I would be more in favor of a cash grant program for work done. If anyone knows of the local programs available please post them. I have never heard of any local agency offering any kind of program.
These figures are from the IRS site and the EPA site. I am confused by the language on some of the residential energy credits. On the IRS site it lists $1500 max but on the EPA site it lists some items at 30% credit with no limit and not expiring until 2016. I would ask any contractor doing the work before he starts what the ruling is and also ask them if they have any rebate programs available. I know some will offer up to $4000 contractor rebate on high end heating systems.
Century21 Alliance
Jim & Deborah Brady Realtors
Licensed in Pa #RS276048
Office: 610-853-2700
Direct: 610-853-8416
Website: http://www.bradyhometeam.com
Our Blog Pages: http://yourrealestatequestionsanswered.blogspot.com/
http://www.trulia.com/blog/jim_brady/
Network with me on Facebook
http://www.facebook.com/jimabrady
Thursday, February 4, 2010
Getting Your Home Ready To Sell
Today we will break down the process of getting ready to sell and what has a high impact on buyers.
1. DECLUTTER, Declutter, Declutter. All of that stuff we accumulated over the years has to go either to storage or yard sale or give it away. We cannot stress this enough. Take at least one piece of furniture out of each room to open it up. Clear out the basement and attic. You are looking to make your home look as big and wide open as possible. Clear away the tables except for essentials.
2. FRESH PAINT. Nothing makes a home look cleaner and ready to move in like a fresh coat of paint in all the rooms. It dosen't have to be all bone white color but stay away from some of the brighter colors.
3. INSPECT. Walk around your home inside and outside like an inspector would and be prepared to have some of the defects repaired or give a cash credit at the settlement table to the buyer. Be informed about the strong points and weak points of your home. Every inspector finds something in a home that they focus on for one reason or another. They are professionals and are trying to protect both the buyer and themselves from litigation. You can offer a free home warranty to the buyer to make them feel a little more comfortable about the responsibilities of home ownership.
4. CURB APPEAL. Have your home sparkling on the outside and have flowers and plants evident and have your landscape well taken care of. That is the first impression of your home and it is a lasting one. A new or freshly painted front door and windows goes a long way to creating a good impression.
5. PRESENTATION. For your appointments have the lights on, curtains open to let in as much light as possible, have the home straightened and clean, pets toys and stuff put away, and have some information about the neighborhood, schools, community groups, restaurants, etc available with your realtors presentation packet. Get your Realtor to post high quality photos of your home on all his websites and the multiple listing service. 90% of buyers start looking on the web and they base their impressions on the price and the photos of the home. Without a fair price and superior photos your showings will suffer.
6. PRICE IT RIGHT. Listen to your realtor and try to keep the price the same or a little lower than the competition. Nothing drives traffic to a home like an attractive price. Try not to be the highest priced home in the neighborhood unless you have a long list of upgrades that were done and it is absolutely move in. This is a tough market right now and the buyers and their agents are well informed on the settled prices in your area.
If you spend a little money on paint and repairs and put some sweat into getting your home ready you will reap the rewards with lots of showings and positive feedback from the agents and buyers . Word spreads quickly on a nice home ready to move into. We hope this helps you in getting your home ready.
1. DECLUTTER, Declutter, Declutter. All of that stuff we accumulated over the years has to go either to storage or yard sale or give it away. We cannot stress this enough. Take at least one piece of furniture out of each room to open it up. Clear out the basement and attic. You are looking to make your home look as big and wide open as possible. Clear away the tables except for essentials.
2. FRESH PAINT. Nothing makes a home look cleaner and ready to move in like a fresh coat of paint in all the rooms. It dosen't have to be all bone white color but stay away from some of the brighter colors.
3. INSPECT. Walk around your home inside and outside like an inspector would and be prepared to have some of the defects repaired or give a cash credit at the settlement table to the buyer. Be informed about the strong points and weak points of your home. Every inspector finds something in a home that they focus on for one reason or another. They are professionals and are trying to protect both the buyer and themselves from litigation. You can offer a free home warranty to the buyer to make them feel a little more comfortable about the responsibilities of home ownership.
4. CURB APPEAL. Have your home sparkling on the outside and have flowers and plants evident and have your landscape well taken care of. That is the first impression of your home and it is a lasting one. A new or freshly painted front door and windows goes a long way to creating a good impression.
5. PRESENTATION. For your appointments have the lights on, curtains open to let in as much light as possible, have the home straightened and clean, pets toys and stuff put away, and have some information about the neighborhood, schools, community groups, restaurants, etc available with your realtors presentation packet. Get your Realtor to post high quality photos of your home on all his websites and the multiple listing service. 90% of buyers start looking on the web and they base their impressions on the price and the photos of the home. Without a fair price and superior photos your showings will suffer.
6. PRICE IT RIGHT. Listen to your realtor and try to keep the price the same or a little lower than the competition. Nothing drives traffic to a home like an attractive price. Try not to be the highest priced home in the neighborhood unless you have a long list of upgrades that were done and it is absolutely move in. This is a tough market right now and the buyers and their agents are well informed on the settled prices in your area.
If you spend a little money on paint and repairs and put some sweat into getting your home ready you will reap the rewards with lots of showings and positive feedback from the agents and buyers . Word spreads quickly on a nice home ready to move into. We hope this helps you in getting your home ready.
Sunday, January 31, 2010
A Sunday Stroll Through Ridley Creek State Park
Wow, what a day. We woke up to a small dusting of snow and couldn't resist a drive to Ridley Creek State Park after we got done some work on real estate and read the Sunday Paper with some muffins and coffee. The park is huge and only about 25 minutes from Havertown. It is one of the many destinations within 30 minutes of our town.http://picasaweb.google.com/jb5440/RidleyCreekStateParkEdgemontPa?feat=directlink is for the pictures.
The site is http://www.dcnr.state.pa.us/stateparks/parks/ridleycreek.aspx. The villages there were from the early 1700's and some of their foundations are still there along with a few of the original homes including the plantation which is a replica of a colonial farm and is open for tours. The guides are role playing so be prepared for the Old English. We got a few pictures strolling and will link the album in a sec.
We stopped at La Laconad 2 Go http://www.lalocanda2go.webs.com/ Right outside the park for a veggie wrap and a green tea for lunch in the park. It is a small take out associated with the LaLocanda Dining Institution a few doors away. The place is tiny with a few tables to eat in but the size of the menu is overwhelming. I read about the stop in this month's issue of Main Line Today which had nothing but good things to say about the place. It has both fast food and a striped down menu from it's main establisment. The wrap was prepared quickly on the grill of all places and served on a warm wheat wrap with a side of pasta salad. It was delicious. Definately going back there.
The park itself was deserted and put us in relaxed, dreamy mood as we rode and strolled around. The horses were out in the pasture around the riding stable that boards a lot of privately owned mounts. We drove down to the village where the original mill was for the photos of the falls. It was called Bishop's Mill & Sycamore Mill & Providence Mill over the years and has a great hiking path with no autos allowed. The oldest property is the 1683 Worrel House http://en.wikipedia.org/wiki/Ridley_Creek_State_Park is a nice site with info on it.
It was a day to remember with my lovely wife Deborah. One of many.
Little Known Facts About The Tax Credit For Existing Home Buyers
The tax credit for existing home buyers comes with a couple restrictions that some may not be aware of. Everyone knows you must have lived in the residence for 5 years, but you also must have 30% equity in the home and agree to use the new home as your primary residence. You must also agree to sell your original home unless you have a six month reserve of the mortgages, taxes, insurance premiums etc. for each home. So if you are carrying a $1500 payment for each home you are looking at a $20,000 reserve minimum left after your new home purchase. This information was shared by our mortgage broker in the Century21 Alliance office this past week.
Will 2010 & The Tax Credit Bring The Buyers Back?
Real Estate got a sorely needed shot in the arm when they extended and expanded the tax credit for home buyers. Now that existing home buyers as well as first time home buyers can qualify it should bring back the buyers that have been sitting on the fence. So if you had a home that did not sell keep it on the market. Buyers must have signed a contract by April 30 to quailify and as we saw with the credit that was supposed to expire in November most clients will wait until that last month to put in their offer.
January is always slow in real estate and it starts to get busier each month up to June and then it normally slows down for the summer months with a flurry in October with clients picking up properties that did not sell over the summer. This year might show a different pattern. The tax credit, a resurgence of FHA loans, and pent up demand might show heavy traffic this winter and early spring.
Even through an economic downturn the real estate cycle still goes on. New buyers become eligible to purchase, existing buyers want to upgrade for size or lifestyle reasons, transfers happen in the workplace and estate sales go.
The new buyers are actually a stronger client than the ones we saw previously when real estate was booming. The days of 100% financing and a gift letter from family members are over so after the initial shock or loan refusal they are coming back to the search with better credit scores and an actual down payment and settlement cash. They are more focused and determined to be an informed buyer and negotiate a stronger deal in this buyers market.
So you sellers out there stay with it, price your home competitively, and have your home ready to show at all times. The worst thing to be right now is the highest priced home sitting on the market. You want to stand out from the pack and the best way to drive traffic to your home is to be just a little bit lower in price than your neighbors. Believe me, the present day buyer is looking hard but he is not willing to pay top dollar in this market.
You can email me any questions at bradyscentury21@gmail.com
January is always slow in real estate and it starts to get busier each month up to June and then it normally slows down for the summer months with a flurry in October with clients picking up properties that did not sell over the summer. This year might show a different pattern. The tax credit, a resurgence of FHA loans, and pent up demand might show heavy traffic this winter and early spring.
Even through an economic downturn the real estate cycle still goes on. New buyers become eligible to purchase, existing buyers want to upgrade for size or lifestyle reasons, transfers happen in the workplace and estate sales go.
The new buyers are actually a stronger client than the ones we saw previously when real estate was booming. The days of 100% financing and a gift letter from family members are over so after the initial shock or loan refusal they are coming back to the search with better credit scores and an actual down payment and settlement cash. They are more focused and determined to be an informed buyer and negotiate a stronger deal in this buyers market.
So you sellers out there stay with it, price your home competitively, and have your home ready to show at all times. The worst thing to be right now is the highest priced home sitting on the market. You want to stand out from the pack and the best way to drive traffic to your home is to be just a little bit lower in price than your neighbors. Believe me, the present day buyer is looking hard but he is not willing to pay top dollar in this market.
You can email me any questions at bradyscentury21@gmail.com
Making Your Home Purchase As Stress Free As Possible
Let's Face it, buying a home is both exciting and stressfull. Here I would like to give you some tips to make it a little less stressfull. First and foremost check your credit scores since that will be the initial item your mortgage company will use to determine your credit worthiness and will have a major bearing on how much you will be paying each month for your home. If there are negative comments from an institution or any unpaid bills from collection agencies address them to clear them up. Contact these companies and come to an agreement with them on any outstanding bills or loans as they will have to be taken care of before you go can get your final mortgage committment. Ask your lender for a written pre-approval before you start looking so you will know what you can afford. Nothing is harder than falling in love with a home and finding out your lender will not approve the loan.
After doing your homework on the internet ( www.bradyhometeam.com can be a huge help) checking neighborhoods, schools, taxes, travel time to work focus in on one particular area so you do not become overwhelmed with potential homes. Next establish a relationship with one realtor. Calling and emailing multiple realtors will cut down on the service you receive. Realtors can tell which clients are focused and committed and will work harder for clients they feel are ready to buy in the near future. Communicate your wants and needs via email and for goodness sake call your realtor so both of you can get a feel for each other and find out if you are a good match. Let the Realtor do the work for you. They have a vast array of tools to find the home you want. Do not waste time looking at every home on the market. Let your agent sift through the homes available and find ones that match your request and go see 4 or 5 in a day. After your agent sees your reaction to the homes they picked they will know what you are looking for.
After finding your home ask to see comparible homes in that neighborhood that are on the market and homes that settled in the last six moths to determine your price. The actual settled price is a better comparison as a home's value is really only what the buyer is willing to pay. Put your offer in with a timeline of 24 to 48 hours for an answer so you are not left hanging. A little back and forth on the final price is part of the process so be prepared for it and have a number in your head you are willing to pay and let your realtor know it. Reserve the final say to any agreement and do not sign any contract until you are comfortable with the agreement.
Get your inspections done quickly and as we say do not sweat the little stuff and focus on any major repair like roof, electric, plumbing, heat, termite damage etc. Do not lose the home you want over something minor. Most sellers are prepared by their agents to either fix a legitimate repair or arrange a cash credit to the buyer. The seller will just have to fix the problem for the next buyer anyway and everyone knows that.
Stay in touch with your mortgage broker so they can meet the committment date. Prior to settlement ask for a written copy of your HUD statement which will detail all charges involved with settlement. Once you get to the table it is harder to get something changed. Ask your agent to go over the settlement sheet prior to the final day so they can explain everything to your satisfaction.
Call your lender the day before and ask if they are ready to go and find out when they are delivering the papers and more importantly the cash to the title clerk at the settlement office. Wiring money takes a few hours so make sure it is done the day before.
Go to settlement informed and relaxed and enjoy the day. It will take a couple hours so be prepared. Everyone there will be professional and focused on making the transaction as smooth as possible. We have seen sellers and buyers who did not get along at all during the negotiations hug and kiss at the settlement table. Get your keys and enjoy your new home with your family. I hope this helps relieve some of the stress involved in the purchase of your dream home.
After doing your homework on the internet ( www.bradyhometeam.com can be a huge help) checking neighborhoods, schools, taxes, travel time to work focus in on one particular area so you do not become overwhelmed with potential homes. Next establish a relationship with one realtor. Calling and emailing multiple realtors will cut down on the service you receive. Realtors can tell which clients are focused and committed and will work harder for clients they feel are ready to buy in the near future. Communicate your wants and needs via email and for goodness sake call your realtor so both of you can get a feel for each other and find out if you are a good match. Let the Realtor do the work for you. They have a vast array of tools to find the home you want. Do not waste time looking at every home on the market. Let your agent sift through the homes available and find ones that match your request and go see 4 or 5 in a day. After your agent sees your reaction to the homes they picked they will know what you are looking for.
After finding your home ask to see comparible homes in that neighborhood that are on the market and homes that settled in the last six moths to determine your price. The actual settled price is a better comparison as a home's value is really only what the buyer is willing to pay. Put your offer in with a timeline of 24 to 48 hours for an answer so you are not left hanging. A little back and forth on the final price is part of the process so be prepared for it and have a number in your head you are willing to pay and let your realtor know it. Reserve the final say to any agreement and do not sign any contract until you are comfortable with the agreement.
Get your inspections done quickly and as we say do not sweat the little stuff and focus on any major repair like roof, electric, plumbing, heat, termite damage etc. Do not lose the home you want over something minor. Most sellers are prepared by their agents to either fix a legitimate repair or arrange a cash credit to the buyer. The seller will just have to fix the problem for the next buyer anyway and everyone knows that.
Stay in touch with your mortgage broker so they can meet the committment date. Prior to settlement ask for a written copy of your HUD statement which will detail all charges involved with settlement. Once you get to the table it is harder to get something changed. Ask your agent to go over the settlement sheet prior to the final day so they can explain everything to your satisfaction.
Call your lender the day before and ask if they are ready to go and find out when they are delivering the papers and more importantly the cash to the title clerk at the settlement office. Wiring money takes a few hours so make sure it is done the day before.
Go to settlement informed and relaxed and enjoy the day. It will take a couple hours so be prepared. Everyone there will be professional and focused on making the transaction as smooth as possible. We have seen sellers and buyers who did not get along at all during the negotiations hug and kiss at the settlement table. Get your keys and enjoy your new home with your family. I hope this helps relieve some of the stress involved in the purchase of your dream home.
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