Archive for the ‘FAQ’ Category

Visit msnbc.com for breaking news, world news, and news about the economy

• Benefits of renting: Easy in, easy out, low responsibility.  Can find rental with low credit
• 3 most important things on lease – security deposit, who’s responsible for repairs/maintenance, subletting.
• Ways to negotiate lower rent – take immediate home occupancy/pay 6 months upfront.
• Vet your landlord  Apartmentratings.com & streetadvisor.com

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Visit msnbc.com for breaking news, world news, and news about the economy

Record low interest rates makes it a great time to buy a home even though its the holiday season.  You really can get good deals this time of year because sellers are MORE likely to entertain low offers.

If you’re trying to sell, there is LESS competition!  Buyers are also more serious, have more time, and have greater incentives.  Some holiday buyers will want to wait until the spring to close.

Staging your home around the holidays:

• Do: Pay extra attention to lighting
• Do: Keep your home smelling good
• Do: Set your dining room table
• Do: Hang photos of your home looking great in spring and summer.

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Antonio Atacan’s top 10 recommended dishes in Philadelphia!

1. Octopus at Dimitris – Queen’s Village
2. Shrimp Scampi at Dimitris – Queen’s Village
3. Roasted Chicken with reduction sauce at Parc – Rittenhouse Square
4. Classic Burger at Village Whiskey Bar – Rittenhouse Square
5. Abel Sushi roll at Hikaru – Manayunk & Society Hill
6. Sashimi Lunch Combo at Morimoto – Washington Square
7. Gnocchi with Gargonzola Souce at Positano – Old City
8. Porter House Steak at Capital Grill – Avenue of the Arts
9. Macroni and Cheese at Latest Dish – Bella Vista
10. Barbeque Platter at Vietnam – Chinatown & University City

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Happy St. Patty’s Day! Why not celebrate by checking out some of Philly’s famous BYOB’s? We love our BYOB’s here at The Atacan group and we decided to take some time to ask ourselves which BYOB’s are OUR personal favorites around the city. Here is the top ten list of Philadelphia BYOB’s from The Atacan Group:

1. Melograno- This Rittenhouse Square Italian restaurant sits blocks away from the park at 20th and Sansom. Melograno was recognized with three bells by Philadelphia Inquirer food critic Craig Laban. They have also been featured in the New York Times and Bon Appetit Top Tables.

2. Lolita- Located at 13th and Chestnut in Washington Square West, is a Mexican BYOT (T-for tequila…) Lolita has been praised by Philadelphia Magazine and Where to go next by Food and Wine Magazine. They have very reasonable prices and they constantly draw large crowds. It is a very cool lounge-y atmosphere with incredibly authentic Northern Mexican cuisine.

3. Matyson- Another Rittenhouse Square spot on S. 19th between Chestnut and Market. This BYOB has great fresh food, only using local produce and livestock. They have very cool weakly tasting menus showcasing whatever is fresh and in season. No corkage fee and there is a Wine and Spirits located right around the corner at 19th and Chestnut.

4. Mercato- This BYOB focuses on “market-fresh, Italian-inspired food” and is located at Carmac and Spruce Streets, just East of Broad St in the old Camac Food Market building in Washington Square. Entrees change very often, reflecting seasons. They also offer three, four, or five course menus with wine recommendations. Mercato is a cash only establishment.

5. Sonata- Sonata resides in the heart of liberties walk in Northern Liberties. They are a very contemporary American style BYOB. Their dishes are always served using high-quality ingredients from local suppliers and they are presented in an imaginative style.

6. Fond- Is another contemporary American BYOB. It’s in the heart of South Philly in East Passyunk on E Passyunk Ave off Tasker St. They have received great reviews. Check out this short clip from the Today Show to hear the critic from Zaggat surveys praise the chef who is a former Le Bec Fin Chef. Fond was considered one of the “Top up and coming restaurants in America” by Zaggat.

7. Umai Umai- is a BYOB for you sushi connoisseurs. It’s considered the best sushi restaurants in the city by many. It’s located in the Art Museum Area at Brandywine and 22nd St.

8. Chloe- A cozy store front dining room with a 40 seat capacity that is almost always filled to the max. This quaint BYOB is located in the heart of Old City near 2nd and Arch. It has a homey feel and a new American style of cuisine.

9. Dmitris- is a tiny Greek Restaurant BYOB that has been around for years. This neighborhood favorite is cash only and located at 3rd and Catharine in Queen’s Village. Many consider it to be one of the best Mediterranean restaurants in Philly. Be sure to try the Octopus and Shrimp Scampi, which is their specialty!

10. La Viola- Another tiny BYOB located on 16th St. Between Latimer & Spruce in Rittenhouse Square. Its an Italian restaurant and is often crowded. They have great seafood. Be sure to ask about the fish of the day!

BON APPETIT!

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Renovating could mean higher property taxes!

• Property taxes have increased by 45% in recent years
• Renovations create higher appraisals
• Renovations are often assessed incorrectly (30%-60%) and you can challenge it!
• Permits are red flags, you become a public record, and get charged for higher property taxes

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

“There are no internet buyers any longer.  All buyers are on the internet!” -Gary Keller, Chairman of the Board of Keller Williams Realty

• Link location to a specific place
• Key Words- Sunny, Beautiful, Landscaped, Turnkey, Gourmet
• High res pics are name of game – pick a sunny day – magic number 12
• Have trained professionals at  The Atacan Group do it all for you!

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Normally spring is when the real estate market is really hot.  This is often due to the fact that a big portion of buyers and sellers are families with schoolchildren and they want to make a deal with time to move in and get settled before the start of the next school year.  But that’s just one segment of homebuyers.  There are still those who for many different reasons want to get a deal done during the winter.  This market is generally smaller but the buyers and sellers within it often tend to be more serious and motivated to close a deal.

Obviously there are certain obstacles involved when putting a house on the market during the winter.  The snow and gloomy gray skies demote the attractiveness and buyers might struggle to get around on icy sidewalks and have trouble finding street parking during their housing hunt.  Keeping the house clean while people constantly track in snow and road salt is a tricky task as well.

But that’s why winter can be a good time for buyers, and here are a few of the most obvious benefits:

• High probability to find a better price because of less competition in a small market
• Sellers become more flexible when the house has been on the market a long time
• Mortgage processing tends to be faster with less people applying.
• Ability to sense draftiness of the house and see how well the heat works.

So to all you potential winter buyers out there… remember any time is a good time to buy the right real estate!

Check out the philly.com article for more on selling homes in wintry months.

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Everyone knows that your credit score is one of the most important factors that goes into buying a home and so many people’s scores have been lowered due to the nature of the recession.  The end of the sub-prime era has created tight credit requirements for home loans and any kind of loan for that matter.

“Your Credit Score, Your Money & What’s at Stake” is a book written by MSN Money’s Liz Pulliam Weston who just released an updated edition.  The book highlights the most important elements of people’s credit scores, how they work, and how to make them attractive to lenders by using step by step programs.

So if you’re planning to buy, refinance, or just attempting to rebuild your credit, definitely check out this book.

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

• Check your credit score
  • #1 factor in the tightened credit world
• Set your housing budget
  • You need to know how much you are personally able to spend on housing payments.
  • Financial experts recommend homeowners spend about 30% of monthly income on principal, interest, homeowners insurance, and taxes.
• Start saving and stop spending
  • Start saving the difference between your estimated mortgage payment and your current rent to get used to the higher housing payment.
• Meet with a lender
  • Make sure you ask about the variety of loan options available
• Find a reputable realtor
  • A realtor represents your interests during negotiations and helps buyers recognize value in homes and neighborhoods.
• Narrow your priorities
  • What kind of home are you looking for- single family/condo/particular neighborhood???
• Choose a neighborhood
  • Certain neighborhoods hold value better than others.
• Make a reasonable offer
  • Trustworthy realtors will walk you through this process.
• Have a home inspection
  • You might learn a lot about what to expect for repairing or replacing appliances and home maintenance as well as make sure there aren’t any serious flaws.
• Finalize the deal
  • Make sure to stay in touch with your realtor and lender to make sure your financing and insurance needs are properly taken care of.

Check out the article at MSNBC

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Check out the article Setting the stage for house-buying season on Philly.com.

1. Timing- Now is not the time to have your home on the market.  Buyers emerge after  Super Bowl Sunday. Take it off market and re-list it.
2. Price home wisely – 10-15% below competitive homes.
3. Get inspection of home before you list it.
4. Offer financial incentives up front.
5. Spend on three key spaces- kitchen, living room, front facade of house.

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Visit msnbc.com for breaking news, world news, and news about the economy

Visit msnbc.com for breaking news, world news, and news about the economy

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

Visit msnbc.com for breaking news, world news, and news about the economy

This is brought to you by Philadelphia Real Estate Blog

To view every Philadelphia Real Estate Listing, including Philadelphia Condos visit www.CenterCityRealEstate.com

If you a re first-time home buyer, the enacted legislation providing a tax credit of as much as $7,500 for first-time home buyers might just be the opportunity of a lifetime. 

• The tax credit is available for first-time home buyers or any homebuyers  who have not owned a principal residence in the last three y ears.
• The maximum credit amount is $7,500 or 10% of cost of home to be claimed on the annual tax return.
• The credit is available for homes purchased on or after April 9, 2008 and before
  July 1, 2009.
• Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
• The tax credit works like an interest-free loan and must be repaid over a 15-year period.

Find out updates and more details.

This is probably one of the most important and frequently asked questions for buyers/investors. Especially now more than ever in our current economic situation. However, the market and/or the economy has not much to do with the answer.

With so many homes on the market, many potential buyers believe into the biggest myth of a shifting market. They think that they can time market. The fixation on finding “the greatest deal ever” causes many to miss out on the deals that are possible.

There are essentiallly two types of buyers/investors. Those who believe they can time the market and those who believe timing will find them. History supports the latter. If you’re always in the market actively paying attention, although you may never sell at the highest peak or buy at the absolute bottom, you can buy right and always do well over time. Logic says that you can’t predictably time the market to be able to buy at the absolute bottom and sell at the absolute top.

The following figure demonstrates this concept:

Timing the Market

You cannot perfectly time a market-no one can. You can look at indicators that will point out the direction in which a market is going and you can absolutely mark how far it has fallen or risen, but after that the only way to know a market has bottomed or topped out is after it has. In other words perfect timing is luck.

One other thing: Headlines will only let you know when the best time to buy has passed.

Some concepts and figure in this article are courtesy of the SHIFT from Millionaire Systems.

When the Federal Reserve cuts the rates, many buyers and sellers call their mortgage representatives expecting a lower interest rate.  Others who have been waiting to refinance are confused as to why mortgage rates have not moved lower during the recent Fed rate cutting spree. 

Is a Fed rate cut really good news for mortgage rates?  Contrary to the media and general publics understanding, history has proven that the Fed Rate cuts typically have an adverse affect on mortgage rates.  This is the due to the fact that when the Fed cuts the rates, it is to spur on the U.S. financial markets and the stock market.  When this is done, our dollar typically weakens which causes inflation.  Inflation leads to negative movement for mortgage bonds which means mortgage rates tend to increase rather than decrease.

The ability to learn faster than your competitors may be the onlyu sustainable competitive advantage – Arei De Geus

When the market shifts, it may resemble something like a monster truck crushing the cars on its path in one of those monster truck rallies. It has a stream roller effect on the market. The survival instintcs kick in and you end up with less and pickier buyers. Those who remain claim that if they can’t get a steal now, they’ll just wait a longer until the market ‘bottoms out’. Only properties that appear to be serious bargains get serious attention. 

This shift in buyer’s perspective is one of the most challenging aspects of pricing a property in a buyer’s market. Sellers must realize now that they must stand out or they’ll be chasing the market. However, Sellers naturally fear underselling their house, and rightfully so. But make no mistake, nothing is more detrimental to selling your property than overpricing your home in a buyer’s market. Unlike the golden ages, the market will no loger come to rescue on a declining market. Now you have to outthink the other sellers, the ‘tryers’ and speculators by getting ahead of them. The time is not on your side.

This figure below demonstrates the concept of pricing ahead.

Bottom line: Whether it’s a buyer’s market or a seller’s market, you should always price to the market you are headed.

Some concepts and figure in this article are courtesy of the SHIFT from
Millionaire Systems.

It can hurt you! It will stay on the market forever, and that’s your number one enemy. There is a direct relationship between what a home sells vs. how long it has been on the market. Well priced homes always sell first no matter what type of market it is. Everyone looks at comparables and there is a wealth of homes for sale. 

You may become desperate and take a low-low-ball price. Look at some Sellers who priced too high…

For 2 reasons: First, it so 20th Century! Today’s buyer shops on-line. They go to professional websites like centercityrealestate.com or nationally, Trulia.com or Realtor.com to virtually tour homes 24 hours a day and to view pictures of EVERY home for sale, to analyze statistics, compare prices, check out the neighborhood, review legal docs & more. Which is why I spend so much time and capital regularly developing the best site on the web.

Second, advertising does sell, it sells the brand, it sells the image. Which is why in every real estate ad, you see the Realtor’s picture and brokerage. Every experienced Realtor knows that the only reason to advertise is to promote yourself and get more leads. It is a rare, rare, rare occurrence to have someone call on an advertised listing and buy it. Have you ever bought a house you saw in the paper? I have not! Have you ever bought a house you saw on-line? I have & my clients too! In fact, according to the National Association of Realtors, today almost all urban, buyers start their search on-line.

In my entire career, I have never seen a better time to buy in Center City, Philadelphia. It is a Buyer’s Market! There is an excellent selection of properties, sellers are willing and eager to negotiate and interest rates are nearing an all time low! Act now, especially, if you are throwing away your money in rent and not receiving tax deductions or equity.

Wharton School’s nationally renowned real estate scholar, Kevin Gillen,  recently released a report indicating that Philadelphia is as a whole stable and its real estate value continues to see gradual increases.  Furthermore, he does not see any factors that would indicate that values would take a dramatic downturn in the future. 

Moreover, we discovered that due to extremely low interest rates now, even  if values did dip precipitously, buyers would still fare better paying more now with lower interest rates, than at lower prices with higher rates later.