Predictions from NAR for 2012

Monday, November 14, 2011— This week the Miami Association of Realtors, in coordination with the National Association of Realtors (NAR), hosted the annual International Real Estate Congress in Miami, which was attended by hundreds of real estate professionals from far away as Russia, Brazil, Mexico, France, Spain and China.

Over the course of this 2-day conference many local, national and international real estate economists, practioneers, developers, bankers and lawyers learned what to expect from the U.S. housing market in 2012.

During a one-hour keynote presentation by Lawrence Yun, NAR’s Chief Economist, a detailed presentation showed current housing trends, historical stats and market forces at work at both the local, national and international levels.

According to Yun, U.S. home sales are now running parallel with sales levels from 13-years ago, yet there are approximately 3 million new people added to the U.S. population each year, creating an enormous pent-up demand yet to be realized in the marketplace.

Yun further stated that over 40 million multi-generational family members and friends are now “doubling-up” and living together because of tough economic times–such as, kids moving back in with parents or grandparents, or multiple families sharing a single residence — who would typically buy homes under normal market conditions.

Origin of Foreign Buyers for Florida Property Purchases in 2011

41% North America (Canada and Mexico)

26% Latin America (including the Caribbean)

23% Western Europe

10% All others

Yun also pointed out that current new home starts are at an all-time low, going back as far as the end of World War II, which indicates that the U.S. market will likely be experiencing a housing shortage in the coming years, once there is a positive turn in the economy and people start getting jobs and buying homes again at normalized levels.

HARP Mortgage Refinance Program

What is the Home Affordable Refinance Program (HARP)?

Announced in March 2009, HARP is a federal government program designed to help 5 million underwater or near-underwater homeowners refinance into a fixed loan with a lower monthly payment. However, as of Aug. 31, only 894,000 borrowers have refinanced through HARP. On Oct. 24, 2011, President Obama announced an overhaul to the HARP program with the intent of reaching more underwater homeowners. The expanded HARP program – also referred to as HARP 2.0 – will take effect on December 1, 2011 for borrowers with a loan-to-value ratio of less than 125 percent and in the first quarter of 2012 for borrowers with a loan-to-value ratio of greater than 125 percent.

Why didn’t the original version of the HARP program work?

The original version of HARP had many roadblocks that made it difficult for homeowners to refinance. For example, the program only assisted those with mortgages with a loan-to-value ratio between 80 percent and 125 percent, but in many hard-hit housing markets across the country, homes have lost more than 50 percent in value making those homeowners ineligible for the program. Read more about why so few homeowners have been helped by the program.

How will the HARP program change?

Some of the major changes to the HARP program include:
  • No underwater limits
    Borrowers will now be able to refinance regardless of how far their homes have fallen in value. Previous loan-to-value limits were set at 125 percent.
  • Eliminating appraisals and underwriting
    Most homeowners will not have to get an appraisal or have their loan underwritten, making their refinance process smoother and faster.
  • Modified fees
    Certain risk-based fees for borrowers who refi into shorter-term loans will either be eliminated or modified.
  • Extended deadline
    The end date to get a HARP refinance has been extended to Dec. 31, 2013.

How do I find out who holds my mortgage?

To be eligible for the HARP program, your mortgage must be held by either Fannie Mae or Freddie Mac. To “look up” your mortgage, check Fannie Mae. If you can’t find your mortgage there, check Freddie Mac.

How do I know if I am eligible for HARP?

You can find out if you are eligible for HARP by contacting me directly.

Penncrest Football Closing Strong

Penncrest football had a very slow start to their season but once the team got what their first-year coach was teaching, the Lions began to roll.

The improvement came in small increments, in little areas, and was very, very gradual. But once Penncrest got down what first-year coach Rick Stroup was teaching, the Lions began to roll.

After not scoring a point in its first four games, Penncrest finished 2-8 overall, but closed with two-straight victories—the second a fourth-quarter comeback that resulted in a 28-21 overtime victory over Radnor.

“It was a great way to go out,” said Lions’ junior quarterback Shane Donnelly, whose growth came with each passing week. “Our entire offense is returning next year, except for our fullback. I was extremely proud of our team, because we hadn’t scored a point in our first four games this year. We scored the one touchdown against Haverford, and once we did, it was a big thing of relief. After that, we just played. We started playing some pretty strong games.”

Donnelly senses bigger things will come next season, and he’ll be a better leader for the adversity he faced this season.

“I’ll be the first to admit I was a poor leader in the beginning of the year,” Donnelly said. “But I had a talk with [quarterback’s coach] Paul Milewski and he asked me a simple question that made me think, ‘Why are you playing football.’ He pointed out that I wasn’t working hard enough. My attitude changed. I started to look more at what I had to do to become better.”

Vice President Joe Biden came to Media

Scenes from around Delco…Vice President Joe Biden came to Media, everybody’s hometown to the delight of fans. The parade was a huge success honoring veterans. On the roof of the courthouse security kept everyone safe. The bands played on. Football is still being played on the fields as playoffs continue.

MEDIA, Pa. (CBS) — The annual Veterans’ Day parade in Media (Delaware County) was a little different this time around, with vice president Joe Biden in attendance.

Security kept the crowd in front of the courthouse down a bit.  Some 300 listened as Biden hailed those who served their country, particularly the two-million-plus young people who stepped up after America was attacked a decade ago.

“This is not Generation X,” he said.  “This is Generation Excellent.  These are the finest group of warriors that the world has ever seen, without exception.”

Biden noted that they had to “fight through hell” in Iraq and Afghanistan, only to “fight like hell” to find a job once they got home.  And that, the vice president said, has to change.

Private industry has pledged some 100,000 jobs to veterans, and Biden heralded the US Senate’s action in approving a veterans’ jobs bill.  He demanded the House do likewise.

 

 

Borough Council Legislative Meeting Votes, November 17th, 2011: No tax hike, 3rd Street Dam Status

Borough Council met on Thursday, November 17th, 2011 at 7:30 PM. Jim Cunningham was absent from the meeting.

All votes during the meeting were unanimously in the affirmative for all legislative actions.

3rd Street Dam Status

Pete Alyanakian gave an update regarding the 3rd Street Dam committee. He indicated that the committee met on November 3rd regarding design options with legal counsel. Mr. Alyanakian indicated that any change in the design would require approval by both parties involved in the stipulation, meaning Delaware County, and Broomall’s Lake Country Club. He indicated that the 20% funding promised by the state would be discussed in a meeting in the next week with Dominic Pileggi, regarding the RCAP funding, and discussing whether the funding would also apply to any changes made.

He indicated that on November 4th, a meeting of the 3rd Street Dam Committee, Schnabel Engineering, and PennDOT confirmed that the state 80% grant will pay for 80% of whatever the borough decides to do: A breach, a green-way, or a single or multi-lane roadway. He indicated that if council chooses other options, PennDOT will pay for the alternative options. He clarified that the design work was put on hold in July, and that the design is 50-60% completed. He indicated that the design was put on hold as the borough had not decided on the width of the road.

Lastly, he spoke regarding to the citizens advisory committee as requested by the Friends of Glen Providence Park and other residents. He stated that they have looked at various options for the committee suggested by the Friends group and by the borough manager. They have received 6 resumés, and the committee was in unanimous agreement that the citizens advisory committee should be appointed by the new council in 2012.

Preliminary Budget Approved

Peter Williamson presented the preliminary budget, and indicated that it does not have to be in balance, and that Borough Council must present a preliminary budget in November. The final budget, approved in December, must be in balance. He indicated that the preliminary budget was in balance.

Based on a direct question from Sue Serbin, reporter for Media Town Talk, he indicated that there would be no tax increases in 2012.

The highlights:

  • $7.4M operating budget, slightly higher than 2011, due to increases in gasoline costs, and salary increases.

He indicated that there were increases to groups the Borough makes contributions to, such as:

  • Library, Fair Trade Commission, Media Arts Council.
  • He added that there was a new line item for the Economic Development Committee

Capital budget is significant this year due to repairs needed in town infrastructure:

  • Repairs needed for Parking Garage: $125K into Parking Garage.
  • North Olive Street: due to storms, storm sewers in that part of town have failed. Our engineer has designed a significant replacement which will last a lifetime.
  • Regular ongoing expenses for 3rd Street Dam, while reimbursed by the state, need to be in the budget

Pete Alyanakian noted that this was the first balanced budget he had heard of in November, and highlighted the significant capital requirements next year. The preliminary budget was approved unanimously.

Celebrate Media

Councilwoman Dawn Roe spoke briefly regarding the Celebrate Media event in the  past week went well. She stated that the event on Thursday went well and had a bigger turnout than expected. The Friday event with Blackthorn was also a great success, she said. She said that the committee would like to stay together and promote themselves, and to improve communication throughout the borough and within the non-profit groups.

She also wanted to thank the borough for the donation to the event.

She noted that the revenue numbers for the event were not available yet, but would be reported in the working meeting next month.

Pete Alyanakian commented, “Attendance was not what we hoped for,” but congratulated the non-profits for working together.

Ms. Roe said that they had 100% participation from the non-profit groups, and Mr. Alyanakian added that the events showcased the theater in a positive way. Eric Stein added as clarification that Media Borough donates funds to all of non-profits involved in the event in the annual budget.

Other Items of interest

Some items of interest for residents:

  • The CMAQ Project can be seen along Baltimore Avenue with new lights, and new curbs for wheelchairs at almost every intersection. A question was asked about an updated timeline for the project, and Borough Engineer Bob Johnston stated he would get an update. Dr. Eric Stein requested an updated status report to avoid having issues during the holidays. Mr. Alyanakian referenced the 5 points traffic lights and changes to be made to avoid having downward-pointing lights, and possible improvements to confusing signage.
  • Sewer System Smoke Testing in the Southeastern parts of Media: During storms, Little Washington Waste Water (LWW) has noted that sewage flow increases dramatically, indicating an issue with the sewage systems and the storm water management systems. Media Borough in cooperation with LWW will be testing the systems by literally blowing smoke through the sewage system to find where leaks are occurring. Residents south of Baltimore Pike and East of Monroe street should be aware of the testing in coming weeks, “in case they see smoke coming from their toilets” said Peter Williamson.
  • A new Parking Meter Debit Card Program will be introduced over the holidays, with $300 worth of cards issued to the MBA by Media Borough. Kevin Schramm, chair of the Media Business Authority, was asked to speak and said the program is worthwhile to help raise awareness of the card program, and to bring people back to Media. Councilwoman Monica Simpson asked how members of the public would reload the card. Borough Manager Jeffrey Smith indicated that the card could only be reloaded at the borough offices.
  • Media Borough is seeking to fill a vacancy on the Environmental Advisory Council
  • Media’s Jazz By Night celebration was named as one of the Top 8 Events by the PA Festival Association
  • Media/Upper Providence Library is needing repairs and is raising funds. Employees from Vanguard  cleaned up the library on Veterans Day, Spietzle architecture group working with the Library to raise money for library, and the MBA gave a check for $500 to the library for ongoing efforts
  • There will be Public Hearing next month before the legislative meeting for borough land subdivisions: Chairman of Planning Commission Kevin Matson has been working with Planning Commission and some Community Design Committee members to re-do land subdivision ordinance and land development ordinances.
  • Monica Simpson requested feedback on the new borough website, and added that anyone wishing to be notified in emergencies register their phone number and address on the  website to be added to the emergency contact list.

Public Comments

At the start of the meeting, after unanimously approving the meeting minutes from the Workshop Meeting on October 6th, the Special Meeting Minutes (regarding the 3rd Street Dam) on October 13th, and the Council Meeting minutes from October 20th, comments were taken from the public.

Luic Barnieu, a representative from the Media Business Authority, presented a check on behalf of Dining Under the Stars to donate turkeys to members of the community in need, in conjunction with the Media Police.

Paul Robinson, a resident and councilman-elect, congratulated borough employees, Jim Jeffery, Larry Bok, the highway crew, and Emergency Services Management crew for their handling of the Veterans Day Parade. He also extended congratulations to the Media Police Department, as well as the  veterans in the parade. Borough Council President Pete Alyanakian also congratulated Bob Dimond and Mayor Bob McMahon, and the attending crowd gave a round of applause.

Paul Indorf, a resident from 4th Street, also congratulated the borough on the Veterans Day parade. Then, referencing the October 13th Special Meeting for the 3rd Street Dam meeting minutes, Mr. Indorf had concerns regarding the audio recording of the meeting. Councilman Dr. Eric Stein interjected that a DVD of public meetings is available in the library, however, Borough Manager Jeffrey Smith mentioned that this meeting was not videotaped, and the official audio record had “technical difficulties.”

Mr. Indorf went on to discuss a letter he distributed prior to the election. He continued to discuss a meeting held between the 3rd Street Dam committee and PennDOT. He asked if Mr. Alyanakian had lied to him regarding the time of the meeting. Mr. Indorf had asked at the workshop meeting if there was “a meeting with the engineers,” and Mr. Alyanakian responded in the negative. He then asked if Mr. Alyanakian had lied to him regarding the meeting, to which Mr. Alyanakian responded, “No.”

Mr. Indorf went on to request that Mr. Alyanakian recuse himself from any and all 3rd Street Dam matters, due to a conflict of interest of Mr. Alyanakian and the 3rd Street Dam project.

Councilman Peter Williamson interjected that typically members should recuse themselves from voting on matters when there is a financial interest at stake. Mr. Indorf continued and said he had read Section 12 of the Borough Code, and referenced Mr. Alyanakian’s known association with the County and his association with the swim club. Mayor Bob McMahon interjected and indicated that Mr. Alyanakian‘s associations are well known among council, and asked for some specific evidence from Mr. Indorf, and asked him to move on. After some further discussion, Mr. Indorf ended his statements.

Bob Dimond, tax collector for Media Borough, wanted to personally thank everyone who worked on the parade, and knowing his wife was watching, he referenced a quote from the speech where Vice President Joe Biden said that he and Bob Dimand had one thing in common: They were both in love with his wife, Dale. Mr. Dimond then made a humorous reference that he was speaking up so she wouldn’t be on her way to Washington.

Letitia Jeavons, a resident of Media, asked if anyone from the PA Department of Environmental Protection had weighed in on Dam Safety committee and on the ownership issue with the 3rd Street Dam. Mr. Alyanakian referenced the stipulation and said that the borough would not have been able to move forward without settlement of the ownership issue and that he felt that the state felt settled in that matter.

Mr. Alyanakian congratulated the Councilmen-elect in the room, Kent Davidson, Brian Hall, and Paul Robinson, and wished them luck in the coming term.

Other Votes Approved

  • The liquor license for Spasso’s Inc. (at 1 West State Street) was updated to reflect the accurate comany name. The License Number is R-4813.
  • Updates to traffic codes to reflect changes made in the past year (for example, the stop sign at 3rd and Lemon Street)
  • Approved the mass gathering permit for Veterans Day Parade after the fact
  • Authorize amendments to the residential parking ordinance (to reflect changes in residential parking changes, added and removed spaces, etc.)
  • Dean Sherwin resigned from the Environmental Advisory Council due to moving out of town.
  • Payment of bill for $650,216.67 from the General Fund, $460.22 from the Recreation Fund, and $18,118.29 from the Capital Fund.
  • Approved repair work on Leaf Collection Machine: Accept low bid for $7700.16.
  • Accept Resignation/Retirement of Sandra Bennett from Police Department. She was a Parking Enforcement Officer, and Information Services officer within the department.

Final Comments

The meeting ended with public comments from Bob Dimond, the tax collector for Media, who thanked Sue Serbin for publicity for coverage of Veterans parade, and Courtney Elko for videos and coverage of the Veterans Day parade.

Addie Cianella gave thanks to Monica Simpson for her work with the Media Farmers Market and looked forward to the third year for the market.

Paul Indorf was the final speaker during the public comment and privilege of the floor and made a suggestion regarding the Parking Card and linking it directly to one’s bank account. He then  went on to talk about the Vice President’s comments at the Veteran’s Day Parade regarding the Vow to Hire Hero’s Act, and suggested that the house go through and approve it, and that Pat Meehan put forward the law in the house. He encouraged everyone to talk to Rep. Meehan to support that Act. He then went on to discuss recent meetings and talked at length, saying, “A lot of [us] … felt bruised and battled in this process, I think it’s a matter of looking at all possible options are and with regard to the dam …” and went on to introduce the concept of breaching the 3rd Street Dam.

After Mr. Indorf spoke for approximately 8 minutes, Bob McMahon requested Mr. Indorf not take as much time as he has said that in his years on council he has never heard anyone accuse a member of council of lying, and requested that he make his points in a more succinct manner in the future.

The meeting was adjourned after 1 hour and 27 minutes.

Zillow Zestimates differ greatly from Actual Appraisals

Zillow Zestimates differ greatly from Actual Appraisals.

Zillow Zestimates are every  homeowner’s best friend (and in a lot of cases their worst enemy). Hardly a week goes by that someone doesn’t say “Zillow Zestimate told me my home is worth (fill in the blank).”

These Zestimates that homeowners often present to appraisers can produce some interesting (and misleading) results.  So much so, that I thought we could do a comparison of 12 randomly selected appraisals that were completed by our office and match them up against their Zillow Zestimates.  Keep in mind that the appraisals have the benefit of a full property inspection by a human being.   Zillow uses public records and complex algorithms.  Here are the results.

Lafayette Hill house Appraisal: $600,000 Zillow: $529,000

(-11.83%)

Oreland house Appraisal: $230,000 Zillow: $209,500

(-9.78%)

Gladwyne house Appraisal: $585,000 Zillow: $633,500

7.66%

Roxboro twin Appraisal: $206,000 Zillow: $186,300

(-10.57%)

Conshohocken house Appraisal: $350,000 Zillow: $279,600

(-25.17%)

Blue Bell house Appraisal: $335,000 Zillow: $314,900

(-6.38%)

Chestnut Hill twin Appraisal: $300,000 Zillow: $334,200

10.23%

East Falls twin Appraisal: $411,000 Zillow: $427,100

3.77%

Center City condo Appraisal: $755,000 Zillow: $634,200

(-19.05%)

Penn Valley house Appraisal: $585,000 Zillow: $561,000

(-4.28%)

Rittenhouse Square townhouse Appraisal: $1,900,000 Zillow: $898,700

(-111.4%)

Chester Springs home Appraisal: $1,000,000 Zillow: $871,700

(-14.72%)

As you can see there are  pretty significant deviations between the appraised value and the Zillow Zestimate.  In one case, Zillow was off by more than 111% (this seems like a fluke) but, in other examples as close as 3.77% (not bad!).

Bottom line, Zillow is a tool…a starting point.  It’s wonderful for neighborhood data, graphs and general sales information.  It’s probably not the best place if you’re looking for assistance with making definitive decision.

Housing Must Be a National Priority

(SOURCE: National Association of Realtors) – The struggling housing market needs to be a priority on the nation’s public policy agenda, because housing and homeownership issues affect all Americans. That was the message from speakers at the Legislative and Political Forum yesterday at the 2011 Realtors(R) Conference & Expo.

Realtors(R) at the National Association of Realtors(R) annual conference heard from Washington Post columnist Eugene Robinson and political media consultant Alex Castellanos, who both agreed the housing market is hurting and needs to be a top priority for the 2012 presidential candidates.

Both speakers said that while much of the debate focuses on the financial aspects of homeownership, there is no denying that owning a home has many social benefits and is important to the fabric of society.

“Owning a home represents the best of America, is a goal for many families and has many benefits beyond the financial. We build the economy on homeownership, however, and until the housing market is restored, the nation and economy can’t move forward,” said Castellanos. He said that instead of taking money from hardworking, middle-class Americans by reducing or eliminating the mortgage interest deduction, the government should to cut its spending and give back to the American people.

“Taking away the mortgage interest deduction would let even more air out of the balloon and be devastating to the housing market and economy. I don’t anticipate changes to mortgage interest deduction,” said Castellanos.

Rep. Gary Miller (R-Calif.) also spoke at the forum and urged Realtors(R) to reach out to their members of Congress and encourage them to get involved in stabilizing the housing market.

“A healthy housing industry helps everyone in the country. The housing market has led this nation out of every downturn we’ve had in the past. Congress needs to focus on stabilizing the market, and that must be dealt with today and in a comprehensive fashion that will serve homeowners today and in the future,” said Miller.

He said that legislation and regulations to fix the housing market must do no further harm. Miller said reduced loan limits for conforming loans, proposals that would eliminate Fannie Mae and Freddie Mac, and calls to eliminate or reduce the mortgage interest deduction are having a negative impact on consumer confidence and the housing industry, and could lead to less liquidity and possibly more foreclosures.

Miller talked about the future of the secondary mortgage market and said that while private capital must be the dominate source of mortgage credit, government involvement is necessary to ensure investor confidence and mortgage liquidity.

NAR supports the principles of a bill introduced by Reps. Miller and Carolyn McCarthy (D-N.Y.) earlier this year, H.R. 2413, the “Secondary Market Facility for Residential Mortgages Act of 2011,” that offers a comprehensive strategy for reforming the secondary mortgage market and gives the federal government a continued role to ensure a consistent flow of mortgage credit in all markets and all economic conditions.

California Governor Jerry Brown was also a featured speaker at the forum and told attendees that while it’s important for consumers to live within their means it also critical that they invest in their futures, and one important way is through homeownership. He also said there needs to be more help for underwater homeowners through refinancing their mortgages or reducing their debt burden.

Brown hopes Congress can come together soon and develop solutions that will solve many of today’s housing and economic challenges. “The nation needs to have restored confidence in the housing market and economy,” he said.

The National Association of Realtors(R), “The Voice for Real Estate,” is America’s largest trade association, representing 1.1 million members involved in all aspects of the residential and commercial real estate industries.

Information about NAR is available at www.realtor.org. This and other news releases are posted in the News Media section.

REALTOR(R) is a registered collective membership mark which may be used only by real estate professionals who are members of the NATIONAL ASSOCIATION OF REALTORS(R) and subscribe to its strict Code of Ethics. Not all real estate agents are REALTORS(R). All REALTORS(R) are members of NAR.

Thanksgiving meal costs 13 percent more in 2011

The American Farm Bureau Federation (AFBF) announced that the total cost of a Thanksgiving dinner for 10 will increase by $5.73 to $49.20 — about 13 percent higher than last year.

The AFBF reports that the increase is the largest it has seen in 26 years of this informal price survey.

The biggest bump in price comes from the turkey itself, the AFBF survey notes. A 16-pound turkey will run consumers $21.57, up 22 percent from 2010. A combination of factors has led to the increased cost in America’s favorite holiday mainstay, from higher demand for turkeys worldwide to higher costs for feeding them.

AFBF president Bob Stallman says Americans are still getting a deal on Thanksgiving dinner.

“The cost of this year’s meal remains a bargain, at just under $5 per person,” said Stallman, a rice and cattle producer from Texas. “The quality and variety of food produced for our dinner tables on America’s diverse farms and ranches sets us apart from our contemporaries around the world. It is an honor for our farm and ranch families to produce the food from our nation’s land for family Thanksgiving celebrations.”

Another factor in the AFBF survey that may affect its numbers, the group concedes, is that their shoppers look for the best available deal without taking advantage of coupons or promotions. The AFBF’s shopping list included turkey, bread stuffing, sweet potatoes, rolls with butter, peas, cranberries, a relish tray of carrots and celery, pumpkin pie with whipped cream, and beverages of coffee and milk.

John Anderson, an AFBF senior economist, said retailers are passing costs on to consumers, leading to the overall trend in rising prices for the holiday meal.

“Retailers are being more aggressive about passing on higher costs for shipping, processing and storing food to consumers, although turkeys may still be featured in special sales and promotions close to Thanksgiving,” he said.

The survey notes a number of other items have increased costs in 2011, reflecting the growing trend of increased food prices overall. They found that a gallon of whole milk had increased by 42 cents to $3.66. A 30-ounce can of pumpkin pie mix is running at $3.03, up 41 cents from last year. A pound of green peas was up 24 cents to $1.68; and a 14-ounce package of cubed bread stuffing will run consumers $2.88 this year, up 24 cents from 2010. A dozen rolls jumped 18 cents to $2.30, while three pounds of sweet potatoes is going for $3.26, an increase of 7 cents from 2010.

Thanksgiving Trimmings

Thanksgiving Trimmings

BUYERS: Benefits Of Owning Your Own Home!

There are many financial and personal reasons why you should own your own home rather than rent. The obvious reasons include pride of ownership, building your own equity instead of someone else’s, no more landlords, and of course the tax benefits you reap. There are a multitude of other reasons why owning your own home can make your life better.

One of the most overlooked reasons for owning a home is the freedom you get once you have achieved this major goal in life. Many first-time homebuyers find that once they have bought a house, many other aspects of their personal life seem to fall in place. The security and piece of mind that come with home ownership is a great accomplishment in many people’s lives, and once they have overcome the obstacles, they find that other goals they had set out to achieve become much easier to attain.

There is a great sense of belonging to the community once you own a home. You begin to feel more attached to the city and its people. You will find yourself more involved with community events – what is happening with the schools, roads and shopping centers in your area. Some new homeowners find themselves getting into local politics in order to create better surroundings, which is something renters seldom do.

Home ownership is a strong anchor for your life. You have something that represents a strong commitment and a sense of stability. Again, the aspect of freedom comes up – you won’t have to worry about a landlord telling you it is time for you to move, your children won’t have to worry about whether they will have to change schools, and you are blessed with the ability to plan for the future.

By owning a home, you will find yourself in more control of your immediate surroundings. You can change things and decorate to your tastes, and not be limited by the standards of a landlord. You do not have to seek someone else’s approval if you decide to remodel or alter the landscaping. Your home truly is your castle.

If you have children, you will find that they feel more secure when coming home to a house that is not owned by someone else. There are no worries that they will be suddenly forced to change schools and reestablish their lives at the decision of someone else. You can also get to know your neighbors, and if they have children, lifelong friendships can be formed because everyone knows that they will be around each other for years and years.

One final aspect that cannot be overlooked is the pride that you feel when you own your own home. You have proven to yourself that you can achieve monumental goals and can give your family the security it needs to move forward in life. Once you have built up equity in your first home, you can leverage your equity to purchase a nicer home later.

Choose your agent wisely. Working with a full-time professional real estate agent is a must. Ask questions of your agent. Find out how knowledgeable he or she is about houses currently for sale in your price range and also of houses that have recently sold. Can your agent recommend a good lender that has the reputation of excellent customer service and low rates? Does your agent ask questions of you to have a full understanding of what you are looking for to help you get the most home for the money?

Owning Your Own Home

Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104

Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104

MLS #: 5929052
Price: $147,900
This is a Fannie Mae Homepath Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104 is eligible for HomePath Renovation Mortgage Financing. Purchase for as little as 3% down. Four bedroom end row, recently improved, some cosmetics still needed. Modern kitchen, hardwood floors, convenient 2nd floor laundry. Third floor of this Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104 is a loft with zoned air conditioning, rear deck and rear fenced yard. Owner occupant and NSP offers only considered the first 15 days on market. Addendums on line for offer submission.
Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104

Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104

Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104 Features:

Basement Description: Full, Unfinished
Hot Water: Natural Gas
LAUNDRY TYPE: UpprFlrLndry
STYLES: EndUnit/Row
Exterior Features: Fencing, Sidewalks
Parking Description: Street
Exterior Finish: BlockExt, Brick
Sewer: Public Sewer
Water: Public
Pool Description: NoPool
Heating: Gas
Cooling: Central A/C
New Construction: N

Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104 has the following specifications:

Age: 1941
Beds: 4
Baths: 2.50
Date List: 8/2/2011
Date Modified: 11/16/2011
Garage: 0.0
Lot Size: 0.02
Property Type: Condo/Townhome
SqFt: 780.0
State: Pennsylvania
Stories: 2-Story
Subdivision: Mantua
Tax Amount: $160
Zoning: R10
School District: Philadelphia

Schools near  Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104:
[schoolsearch lat=”39.9647614″ lng=”-75.1911791″ distance=”3″ groupby=”gradelevel” output=”table”]
[yelp lat=”39.9647614″ lng=”-75.1911791″ radius=”3″ sortby=”distance” term=””]

PLEASE NOTE: Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale.  Please Contact Me for more information about this Home for sale in Philadelphia PA, 3329 MOUNT VERNON ST Philadelphia, Pennsylvania 19104and other Homes for sale in Delaware County PA and the Wilmington Delaware Areas:

Anthony DiDonato
ABR, AHWD, RECS, SRES
CENTURY 21 All-Elite Inc.
Home for Sale in Delaware County PA Specialist
3900 Edgmont Ave, Brookhaven, PA 19015
Office Number
: (610) 872-1600 Ext. 124
Fax: (610) 771-4480

 

Selling a Home in the winter to maximize your success

With the end of the year fast approaching, it’s time to ask the question of whether it’s worthwhile trying to sell your home now. Could this be a waste of time? Will the house stay on the market and become shopworn? Should I remove my real estate from the market for the holidays? Will the real estate / home-sale market be better for sellers in 2012?

The BEST question you need to ask yourself is: Are you emotionally prepared to sell this real estate? Selling a home in general is a challenge for most sellers, although some markets are better than others. Unless you bought the real estate more than eight to 10 years ago and preserved the homes equity, you may not be able to sell for enough profit to pay off the mortgages secured against the property and the other costs of selling.

For sellers who have no additional assets, a short sale or foreclosure of the real estate may be the only option. If so, first look into government programs that might help you out financially. Also, talk to your attorney and tax adviser about your best options in these instances.

Sellers who have the resources to make up the difference between the sale price and the amount they owe on the home need to ask themselves if they are willing to pay the additional cash in order to sell and move on.

There are a few reasons why you might prefer bringing cash to closing. One is that your credit will not be negatively impacted, as would be the case with a short sale or foreclosure. Another would be that many buyers shy away from short sales because of the lengthy and uncertain process involved in this type of home purchase.

Another thing to consider is the condition of your home. Is the real estate ready for the market? The most salable homes are those that are in move-in condition.

Before racing to the hardware store, ask your Realtor about how much competition there would be for your home if you put it on the market before the holidays. Some areas are shy on inventory of good homes on the market. If so, now could be a great time to sell in those markets.

HERE’S A HOUSE HUNTING TIP: The supply vs. demand ratio plays a significant role in the health of a local real estate market. No matter what is said about the housing market nationally, it’s the local picture that tells the tale in terms of the possibility of selling your home at any given time.

Most sellers don’t put their homes on the market during the last or first couple of months of the year. The inventory of homes for sale will usually dwindle during the winter months. Interest rates are usually low. So, if there are buyers in your local market, you may be at an advantage selling when most sellers are waiting till the summer or spring.

Some sellers feel that if they’ve waited this long to put their property up for sale, they should put the process on hold until spring and get the house ready to sell in the meantime. Certainly, it’s not a good idea to put your house on the market until it looks great and is move in ready. But if you and your house are ready to sell, move ahead.

The market in general tends to slow down over the holidays. But rather than pull your house off the market and miss a likely prospect, change the showing procedures to require advance notice. And enjoy your holidays. A sale before year end could be a great holiday present for yourself and your family.

There is a lot of demand, on both the buyer and seller sides of the equation. Sellers have been waiting for a better time to sell their homes. Buyers have been waiting for more quality inventory and a sense that prices have bottomed or are close to it.

IN CLOSING: Recent projections call for another five or so years of bouncing along close to the bottom of this real estate market cycle. Although it should be mentioned that many experts believe that the big price declines are behind us.

Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018

Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018

MLS #: 5917655
Price: $149,900

Description of this Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018:

This is a Fannie Mae Homepath property Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018, eligible for Homepath Renovation Mortgage Financing. Purchase this Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018 for as little as 3% down. First floor features a living room, dining room, expanded kitchen and family room addition. Second floor master bedroom with full bath and 2 other bedrooms with hall bath. Pull down attic access. Basement is partially finished. Rear fenced yard with deck, detached carport. Close by October 31, 2011 and receive up to 3.5% of the final sale price to be used for closing cost assistance. A $1200 bonus is being offered to selling agents who represent an owner occupant and meet the eligibility requirements. Agents must ask for these items at initial offer presentation.
Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018

Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018

This Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018 features:

Basement Description: Full, Fully Finished
Hot Water: Natural Gas
Lot Description: FrontYard, RearYard
Roofing: ShingleRoof
LAUNDRY TYPE: BsmtLaundry
STYLES: Colonial
Exterior Features: Sidewalks
Parking Description: Street, Drvwy/Off Str
Exterior Finish: Vinyl Siding
Garage Description: Carport
Sewer: Public Sewer
Water: Public
Pool Description: NoPool
Heating: Gas
Cooling: Central A/C
New Construction: N

This Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018 has the following specifications:

Age: 1946
Area: U Darby Township
Beds: 3
Baths: 2.00
Date List: 7/11/2011
Date Modified: 10/27/2011
Garage: 0.0
Lot Size: 0.19
Property Type: Single Family
SqFt: 2030.0
State: Pennsylvania
Stories: 2-Story
Subdivision: Secane
Tax Amount: $7,642
Zoning: RES
School District: U Darby

Schools near this This Home for Sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018:
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PLEASE NOTE: Some properties which appear for sale on this website may no longer be available because they are under contract, have sold or are no longer being offered for sale.  Please Contact Me for more information about this Home for sale Delaware County, 1004 LAMB RD Clifton Heights, Pennsylvania 19018 and other Homes for sale in Delaware County PA and the Wilmington Delaware Areas:

Anthony DiDonato
ABR, AHWD, RECS, SRES
CENTURY 21 All-Elite Inc.
Home for Sale in Delaware County PA Specialist
3900 Edgmont Ave, Brookhaven, PA 19015
Office Number
: (610) 872-1600 Ext. 124
Fax: (610) 771-4480