Archive for the ‘Real Estate Tips’ Category

The April issue of Philadelphia Magazine featured an article about the “hottest new neighborhoods” in Philadelphia. I would not characterize these neighborhoods as new, because they are quite established, but anyhoo… My list of the top neighborhoods for 2013 can be found here http://www.centercityrealestate.com/the-top-philadelphia-neighborhoods-to-invest-in-2013-part-1-of-5/

Graduate Hospital

The Graduate Hospital neighborhood of Philly offers convenience and lovely two and three-story Philadelphia townhouses. Known as G-Ho by the locals, Graduate Hospital has it all – clean streets, plenty of restaurant and nightlife opportunities and city living at its best. According to the Greater Philadelphia Tourism Marketing Corporation, this area is the home of more artists than anywhere in the city. If you’re the creative type, G-Ho could be the ideal new home for you!

Fairmount

Philly’s Fairmount neighborhood offers gorgeous parks, affordable homes and suburb charm. Residents have immediate access to Fairmount Park, river-views and tons of yummy restaurant choices. Whether you’re a young professional or part of a young family, Fairmount has something for you!

Northern Liberties

The city’s Northern Liberties neighborhood, known as NoLibs for short, has seen plenty of gentrification over the last few years. Funky galleries, plenty of restaurants, an exclusive pool, and quick access to Center City are just a couple of the draws to this charming neighborhood.

Rittenhouse

The Rittenhouse neighborhood has always been a coveted area in Philadelphia, but with the recent boom of limited space in University City, more people are turning their eyes to this Center City zip code. With safe streets, beautiful brownstones and access to everything Philly has to offer, Rittenhouse definitely has great attributes!

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

Bathrooms now exceed kitchens as the most remodeled room in the house because they’re smaller and don’t need expensive appliances. If you’re planning on selling your Philadelphia townhouse, you’ve got to get rid of that ugly black-and-white tile, pink linoleum, and yucky shower. Here’s how to do it in five quick, affordable and easy steps.

Streamline Your Sink

Double sinks are great, but having only one vanity can save you counter and storage space and makes your bathroom appear larger. Plus, it saves you money on plumbing costs for an extra sink and faucet.

Hide the Toilet

Separating the toilet from the rest of the bathroom adds privacy and aestheticism. Use a door or partial wall to create a more attractive bathroom.

Use Soothing Colors

Get rid of that ugly olive-green paint from the 70’s and create a peaceful and spa-like ambiance right at home by using blues, lavenders and other serene colors in your bathroom. Use accents like towels or shower curtains or go ahead and paint the walls an entirely new color.

Get Rid of the Tub

While whirlpool baths used to be a trend, the hot new ticket now is large showers. It provides easy access and universal use for everyone in the household and also conserves space.

Light It Up

Updating your light fixtures can add new life to your dull and dreary bathroom. Get LED lights to save on energy costs in your Philadelphia row home.

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

Philadelphia

The real estate market in the country is looking stronger and showing promising signs of price recovery!  Out of the top 100 largest metropolitan areas, 86 of them are seeing that the asking price for their home sale is up as much as 5.9% from a year ago. According to the graphs below from Truila.com, During the month of January 2013, asking price showed the highest monthly gain on record at 0.9% since the price recovery began. The rise in asking price, shows strong signals of home price recovery. With the Philadelphia real estate market getting stronger and interest rates still low (but slowly on the  rise),  its not just a great time to buy a home but also an ample opportunity to list your home and get what your asking.  Click here to see a full list of Philadelphia’s newest and most recent listings.

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

While taking a run on the very popular Kelly Drive we came across a sign from Philadelphia Parks & Recreation. Coming to the South Street, Schuylkill river area section of the city is a new and extended trail connecting to everyone’s favorite boardwalk/Kelly Drive path. Set to be completed in late 2014, this new addition is already on its way and will be a 2,000 ft long structure with 15 foot wide paths. With the brand new Dog park just renovated  in the area and easy access to the boardwalk, this will be a tremendous addition to the Philadelphia area. For more details visit Schuylkillbanks.org

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

The non-profit research group The Pew Charitable Trusts reports that no other city in recent years has made such significant tax changes ALL at one time, and if there was an overhaul it was due to state mandates or court orders. The Actual Value Initiative (AVI) if adopted in Philadelphia has the goal of taxing all properties at (the city’s perception) of market value.  The attached image indicates the city’s proposed dates for implementation.

1) change the certified market value of every piece of property,

2) alter the way individual assessments are used to calculate tax bills; and

3)reduce the types of tax relief available to property owners. There is no cap on how high the city can increase your taxes.

The report, The Actual Value Initiative: Overhauling Property Taxes in Philadelphia, examines how the city’s property tax assessment system evolved and how other cities have dealt with this situation. It also analyzes the current city proposals designed to mitigate the big spikes in property taxes that will effect many residents.

The main reason why property assessments in Philadelphia have gotten so far out of line with market values is that the  Pennsylvania has not regulated the assessment system. According to the report, Pennsylvania is 1 of only 9 states that impose no reassessment timetables or standard assessment methods on local governments and is 1 of just 3 states to receive a grade of F in “standardized procedures” from the Council on State Taxation, a Washington-based trade group. Moreover, according to the city’s chief assessment officer, Richie McKeithen, Philadelphia has never had a thorough citywide field inspection of every property and its characteristics, until now…

SO ITS NO WONDER WHY EVERY CITIZEN SHOULD BE CONCERNED. Now is the time to write your councilman, congressman and neighborhood civic association.

View the full report.

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

According to Fels Institute of Government at the University of Pennsylvania, the number of Philadelphia home sales greater than $1 million is the strongest it’s been since 2008 at 44 properties sold. With the average over the past 16 years rounding out around 9 properties, this year’s market shows great improvement and strong surge in the right direction for Philadelphia Real Estate.

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

Here  is some very good news for Philadelphia Real Estate.  Homes and condos in the Philadelphia area are trending down slowly. This means that even though inventory is down at the moment, property value continue to rise. Please see below graphs illustrating:

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

Graduate Hospital is a neighborhood located in southwest Center City that has been undergoing massive gentrification since the early 2000’s. The area, named after the original Graduate Hospital located in the region, is a real estate Mecca for Philadelphia residents seeking affordable and high quality living options. The well-maintained blocks, three-story townhouses, and quick access to Interstate 95 all make Graduate Hospital Real Estate a great place to live in the city.

2200 Block of Christian – The 21^st block of Christian Street has been majorly revamped in recent years and is a great area to live for people of every age. Featuring a small community park where neighbors host live musical performances and other events in the summer time, brand new three-story Philadelphia townhouses, and immediate access to Center City, Christian Street is quickly becoming a coveted block for home buyers.

2100 Block of South Street – It’s not only the eastern end of South Street that’s a hip area in Philadelphia. The corner of 21^st and South was dubbed the “Piazza of Graduate Hospital,” and realtors have big plans for this secret retail hub. An empty building on the corner will soon be home to restaurants, a fitness center, and loft-style apartments above the ground-floor shops. The 21^st block of South Street is also extremely close to the newly renovated South Street Bridge, giving residents a quick opening to Route 76. Also, some of the best bars and restaurants in Philadelphia are located right around this block, including Grace’s Tavern and the Sidecar Bar.

2200 Block of Pemberton Street – This charming little side street located between Bainbridge and South streets is home to some of the most gorgeous newly renovated townhouses in the city. The two and three-story townhouses feature sunny backyards, pretty detailing, and wide open rooms. The block itself is clean and fresh, offering friendly neighbors and plenty of on-street parking.

If you are looking into moving to South Philadelphia Real Estate, Graduate Hospital is a great choice.

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

Keywords: Philadelphia real estate blog, Philadelphia real estate listing, Philadelphia condos, Graduate Hospital real estate, Center City real estate, South Philadelphia real estate, Philadelphia townhouses,

Yep, it’s so new it doesn’t even have a name yet. Snuggled right in between the thriving, established neighborhood of Fairmount and recently well-developed Francisville, Lower North Philly is what is on every developer’s mind. The real estate is still cheap, the city’s most famous restaurateurs have opened or are opening restaurants in the heart of it and its convenient location just north of City Hall offers some of the most spectacular skyline vistas the city has to offer.

One developer, a Mr. Eric Blumenfeld who has already successfully developed a lot of abandon building on North Broad including: 640 North Broad, Osteria which became a destination restaurant a few years ago that many Philadelphia bragged they tried in the “‘hood”, an old card dealership was transformed into Stephen Starr’s tribute to the shore Route 6 and Vetri’s Alla Spina, as well as other properties he snapped up and is planning to develop including the Metropolitan Opera House. He know officially owns and will be developing the city’s most famous. blighted property The Divine Lorraine which will become 125 high-tech lofts anchored by new restaurants on the ground level. View an interview on his vision for North Broad.

Additionally, Bart Blatstein who has been very active in acquiring North Broad land for years. Now has hopes of developing a rooftop village and entertainment complex, possibly on top of a casino. It is a grandiose vision, but really no more so than the Piazza he developed in Norther Liberties that came to fruition despite all the naysayers.

There is also the bold Building on North Broad Initiative in the works which is a $13 Million dollar fund created from both municipal and private funding to beautify the area with unique 55 foot lighting and gorgeous landscaping from City Hall to Broad and Glenwood.

So Lower North Philly has the creative class, the city’s, and the developer’s interest and activity. It is located just west and north of vibrant areas. The time to buy is NOW, but you can bet as soon as this neighborhood gets a name (LoNo?) it will be too late for a steal!

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To view every Philadelphia Real Estate Listing, including homes in Lower North Philly and Philadelphia Condos visit www.CenterCityRealEstate.com

Specialized opportunities to afford a Beautiful Home in West Philadelphia!

Attention all Pennsylvania & Drexel University affiliates!!!! If you didn’t know already, let me give you some information on 3 magnificent programs that want to help you purchase your home in West Philadelphia! Because both Drexel and UPenn are so committed in helping their employees/students grow, they want nothing but the same with the area around them! By offering two new exciting programs respectfully, they hope to see much growth in the West Philadelphia Area.

1. Drexel’s Home Purchase Assistance Program is offering $15,000 forgivable loan.

For more information: http://www.drexel.edu/hr/benefits/voluntary/homepurchase/

2. Penn Home Ownership Services (PHOS) is offering $7,500 forgivable loan.

For more information: https://cms.business-services.upenn.edu/homeownership/

3. Philadelphia Home Buy Now (HBN) is offering a $4,000 grant.

For more information: http://www.uac.org/philadelphiahomebuynow

This is brought to you by Philadelphia Real Estate Blog

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

Everybody wants to spot and buy into the next “Northern Liberties” before it is too late, whether for financial gain or just to be able to live in a great neighborhood before it gets too expensive.  Finding these up and coming Philadelphia  neighborhoods is both challenging and risky.  What if revitalization that never happens and you now own the deed to a home  that no one even wants to rent?  These are the top 3 items to look for to in what Philadelphia Neighborhood it is Right Place and the Right Time, Right Now !

1-Is it Close to other Hot or Established Neighborhoods? Location, Location, Location! If the neighborhood touches an area that is already established chances are good that this area is next because when affordable housing is gone, the residents will likely move near by, i.e.Rittenhouse Square’s influence on Grad Hospital/SoSo.

2-Do Artists Abound? Most artists and musicians are not affluent, but oh are they influential.  They have the eye to see the potential, appreciate the cheap rent and use their creative juices to make the neighborhood trendy and attract entrepreneurs who will bring their restaurants, boutiques and galleries to the neighborhood, both establishing it and driving up sales prices.  Old City which is now the epicenter of Philly Galleries and Night life had like 1 decent bar not too, too long ago.

3- Does Even the City take Interest? If you see a sudden interest in the area by the city to clean up parks or waterfronts that has been neglected for ages, that means developers are not far behind. Rarely do you see the city do anything out of the ordinary unless it is going to benefit a big campaign contributor or something to that extent. Neighborhood organizations are usually the first ones to find out, so it always a good idea to peruse their websites or go to their meetings to see what is coming to the community. Northern Liberties was a sleepy neighborhood until the Piazza and Waterfront brought the developers.

If these 3 items are present you can (almost) be 100% sure that this neighborhood is on the cusp of being trendy and desired.  If 1 or 2, but not all 3 are happening there is a good chance that neighborhood might turn, but it might take years and then again it might never happen.  However, if you have artists, increased commercial, city involvement and it is located near an already established Philadelphia neighborhood, Philadelphia real estate prices have already started increasing, but is no where near to hitting their potential.

In the articles in this series I share where those in the know are getting ready to go…

#4 Best Place to Buy Philadelphia Real Estate in 2013

#3 Best Place to Buy Philadelphia Real Estate in 2013

#2 Best Place to Buy Philadelphia Real Estate in 2013

#1 Best Place to Buy Philadelphia Real Estate in 2013

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’re thinking of doing a remodeling project in your home, you should follow these important 5 tips from Yahoo! Homes.

Choose a licensed contractor. A license ensures their qualified.  Make sure they have insurance that should cover any damage to your house, or if a worker gets injured on the job.
Get referrals and check online reviews. Ask friends and family.  Ask about their experiences.  If you don’t know anyone who has recently had work done, check the internet for reviews!  The Better Business Bureau is a good place to start.
Don’t be afraid to ask a lot of questions.

• How long have you been in business?
• Have you worked on projects similar to mine?
• How many times have you remodeled a bathroom/kitchen/etc. like this? What did the finished projects look like?
• How much do you think this project will cost?
• What happens if the project goes over budget?

Always make sure you have a contract. Contracts can and should cover all of the above, as well as the following:

• When the project will start and end
• How and when you or the contractor is in default of the contract
• How any disputes will be rectified
• What happens if there is a delay due to weather, available materials, etc.

Don’t pay too much up front. It is customary for many contractors to ask for 1/3 of the full payment before the actual construction work begins.  This cost will generally cover a lot of things such as the materials needed for the job and lining up the work force.  Don’t be afraid to ask what your upfront money is being used for.

This is brought to you by Philadelphia Real Estate Blog

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

I know, I know… it’s about 87 degrees out.  But still, it’s never too early to make some home improvements to prep for the upcoming winter months.  Last winter was rather mild, but you never know what lies ahead for this year.  Here are a few tips via Philly.com to help prep your home:

• Check your furnace.  1 in 4 U.S. homes have an operating furnace that is more than 20 years old.  Many new furnaces on the market are 25-40% more efficient than older models.   The most efficient types of furnaces use “condensing technology” according to Energy Star.  Make sure you check the energy rating sticker.  The higher the rating, the better.  If you do have a newer furnace and you think it needs to be serviced, now is the time to do it as you will find long waits in the winter.
• Weatherwize. Leaky windows and doors are some the the biggest sources of heat loss.  Weather stripping is a great way to fix that and can save up to 10% on energy bills.
• Seal before insulating.  It’s important to make sure you use foams and sealants to close all penetration to outside before you insulate, otherwise you’ve wasted your time.  White/black plastic bags can be put into crakcs to prevent heat from escaping and moisture entering the attic.
• Chimneys and fireplaces. Check your chimney to be sure that the mortar between the bricks isn’t loose or missing anywhere.
• All around troubleshooting.  Trim tree limbs that hang over the house, check and clean the gutters.

Here is the full article from Al Heavens at Philly.com.  Good luck and enjoy the last week of summer!

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

By Justin Bresson

The folks from grid – towards sustainability Philadelphia have a nice article about planting a small garden which can provide your family with lots of great ingredients for salads.  Mid to late August or early September is the time of year to begin harvesting, so grab your shovels!  Here is some of the advice from Char at grid:

There are only three keys to greens: fresh seeds, a little dirt and a little water. Leaf lettuce, in particular, has a very short root system, so shallow containers work just as well as larger ones. Birds love those tender leaves, so consider draping a loose netting over the pots to protect them from predators. Don’t worry too much about overcrowding, either. Plant seeds a scant quarter-inch deep, and leave an inch or so between seeds—once things start looking a little too tight, gently pluck out a few young plants, clean them and make a salad. This gives the remaining plants more room to move, and now you can simply harvest the outer leaves as needed. Be sure to plant a bunch of different varieties (Red Sails, Ashley, Arugula, Black Seeded Simpson are some favorites) and a few dozen radishes to ensure a tasty and aesthetically pleasing salad. Plant a new box of lettuce every couple of weeks and you’ll have an almost endless supply of fresh goodness arriving in your kitchen.

Check out the full article: A New Leaf (or Two): The greens that keep on giving

With summer winding down it’s easy to get discouraged that your house hasn’t sold yet.  Keep in mind that serious house hunters are becoming more anxious about closing a deal this time of year as well.   Check out these tips that might just get your listing sold before the kids go back to school!

1. Keep marketing the property. The bargain hunter is a species that tends to pray on dropping demand during this time of year.  It’s time to highlight the value of your property!
2. Keep it shining. Keep the listing clean! Touch up paint, little home improvements, and a good deep cleaning are all things that can give your home the boost it needs this time of year.  Summer months get hectic, the kids are home, the house becomes messy, so take advantage now.
3. Allow it to show. It’s important for listings to be available for viewings as much as possible to avoid missing out on a potential buyer who also has a busy schedule!
4. Communicate with all parties. If you’re lucky enough to get an agreement put together, make sure you keep everyone in the loop regarding deadline changes.  People often have busy schedules this time of year and things get hectic!
5. Don’t procrastinate. Labor day and the end of summer vacation getaways makes it hard to stay on top of things for a lot of people.  Keep in mind that there are a lot of moving parts in a real estate deal.  Try to meet YOUR deadlines as far in advance as possible to leave some slack in case someone else involved in the deal drops the ball! It’s no fun scrambling the day before closing.

Hope this advice helps… I can almost smell that crisp autumn air.  If you are looking to sell your home, you’ve come to the right place.  Check out our testimonials and give us a call today! 215-592-9522

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

Check out the KCM blog for more on this topic.

This is brought to you by Philadelphia Real Estate Blog

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

Do you have a deck attached to your house?  You might want to get it inspected.  Every summer people get hurt due to collapsing decks.  Many decks are just not built correctly and are in danger of falling apart with zero notice.  There are a few basic things you can look for to spot trouble.  Here are those red flags:

• Deck’s attached to a structure by nails
• Rotting or splintering wood
• Wobbly deck railings

People with decks should check them once a year.  Make sure your deck is put together using bolts and screws and get a home inspection if you have any concerns!

Looking for a home in Philadelphia with a roof deck?  Check out all Philadelphia Real Estate Listings With Roof Decks

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

This article in Forbes titled, The Perfect Loan File, has great advice for homebuyers seeking mortgage approval.  It really summarizes the dilemma that people are dealing with at the moment with the mortgage industry.  For many, obtaining a mortgage loan is a grueling process requiring rigorous documentation  requirements.  According to this article, the trick is to listen to your lender and do exactly what he/she says.  Here are a few excerpts:

It’s no longer necessary to have excellent credit, a big down payment and stable employment with income sufficient to support your debt service to guarantee your loan approval. However, you must have a borrower profile that meets the credit underwriting guidelines for the loan you are requesting. And, more importantly, you have to be able to hard-copy-guideline-document your profile.

Every nook and cranny of your financial life has to be corroborated, double- and triple-checked, and reviewed again before closing. This way, if the originating lender has created a loan file that is exactly consistent with published underwriting guidelines and has documented while adhering to those guidelines, the chances are that your loan will not be subject to repurchase.

Every dollar in checking, savings, investments and retirement accounts, also known as assets to close, as well as gifts from relatives and non-profit grants, has to be accounted for. Essentially everything appearing on a borrower’s asset-radar-screen has to be documented and explained.

Check out the full article from Forbes: The Perfect Loan File

This is brought to you by Philadelphia Real Estate Blog

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

So you thought you were ready for your move, until you realized that you just don’t have the space needed at your new home to house all of your belongings. What do you do? Sell your stuff, or perhaps give it away? How about instead, consider seeking out the services offered at a Philadelphia storage facility. Storage units can provide the safe keeping of those non-essential items you just can’t seem to part with.

Change of residency can be a frightening, or exciting time for any person or family; there is no doubt that various emotions will be generated, depending on your given circumstances. If you are thinking about calling some new place home, there are a few things you should keep in mind to make sure that things go as smooth as possible.

What most people don’t realize is that renting a self-storage unit should be the very first thing on your moving agenda. Despite the stereotype associated with storage, these facilities are not only for hoarders with too much junk. Renting self-storage units are the best way to store your excess inventory during what is sure to be a hectic time. You have to make sure however, that you store things properly, or renting a unit could just add to the stress. Below is a list of the top 5 most important components of an organized, safe storage unit.

1. Locks. Despite the modern security features in many self-storage facilities, a sturdy lock should be your number one investment to ensure the safety and security of stored belongings. Discuss with your self-storage manager to determine which lock will be best-suited for your needs.

2. Boxes. Not only are boxes easier to stack and stow, but they will create much more usable space within your storage unit. You can find boxes for free at liquor stores and supermarkets (get there early in the week when fresh inventory usually arrives), or you can cough up a few bucks for new, more durable moving boxes available at your self-storage facility and most home improvement stores. Get uniformed sizing to avoid unbalanced mixing and matching, which will help facilitate a more accessible unit.

3. Tape. A good roll of duct and/or clear packaging tape is the perfect tool to seal your boxes. And be sure to stock plenty of it, you never realize how much you need until you run out.

4. Wrapping supplies. When it comes to padding, you can never be too safe. Save newspapers while you plan the move so you don’t have to go searching, and opt for bubble wrap to protect your more precious items. Small bubbles will reduce the shock of a dropped package to fragile items like glass, while larger bubbles are well-suited for protecting antique furniture items.

5. Shelving. An organized shelving system is what separates professional-grade storage spaces from amateur closets. Shelving makes your unit accessible, and facilitates your move by providing a designated spot for each item. Many storage facilities will equip your storage unit with shelving according to your specifications, or you can snag some on the cheap through Craigslist or Ikea. Just make sure to get the correct measurements first.

During your next move, try using the security and convenience of a self-storage facility. These units will have you rest assured that your belongings are safe and ready for you whenever it is you decide that you need them.

Moving to Philadelphia? Check out the 20 Things to Know Before Moving to Philadelphia.

This article was written by Matt Schexnayder. Matt is on the SpareFoot marketing team and writes for the SpareFoot blog. SpareFoot is the largest online marketplace for self-storage with more than 5,000 self-storage facilities listed nationwide.

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

1. Lowball Offers: One of the biggest mistakes buyers are making these days are sticking with lowball offers.  This was common during the lowest points of the housing bust but there has been a resurgence.  Buyers and Sellers often have different ideas of what constitutes a ‘lowball offer’.
2. “Sleeping on it” too long: The reality of the market right now is that inventory is low. The National Association of Realtors has reported the numbers of homes listed for sale has fallen by more than one-third since the peak in July 2007.  Homes that are priced appropriately in desirable neighborhoods can easily go under contract in days or weeks, even hours.
3. Too many contingencies in the contract: Avoid unnecessarily long inspection periods and other unnecessary contingencies such requiring the sale to be contingent on a family member touring the property.
4. Not attempting any personal impression on the seller: It’s very likely the seller will have 2 semi equal bids on their home.  Sometimes submitting a personal letter with the contract that describes parts of the home you like and why buying the home is important to you can warm the seller up a bit.  This makes you more than just another number to them.
5. Failing to get preapproved for a mortgage before starting the search: Mortgages aren’t easy to get anymore.  Standards are much more strict and the process can take weeks or even longer.  It’s important to know exactly what you can afford and receiving a commitment for a specific mortgage from a lender is a crucial step in the home buying process.

More on these mistakes at Philly.com’s Mistakes homebuyers make in a seller’s market.

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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

Pricing problems: Try to find out which 5 houses in your area you will be competing with and price your home 10-15% lower than those listings.

Insulted by low offer: Realize that most low bidders will come up to a reasonable price.  So swallow your pride and don’t get angry, then make a counteroffer.  Remember that 4 out of 5 times the first bid is the highest you’ll see.

Hanging out at Open House: Get out of your house during showings and open houses.  Buyers have trouble psychologically picturing themselves living in the house when the current owners are present.

Refusing to make needed home repairs early: It’s hard for people mentally to put money into a house when they are trying to get money out.  But in reality if you wait until after the home inspection, the buyers will likely make you pay $3 for every $1 in repairs.

Haggling over Broker’s Commission: The first houses shown are usually the houses with the high commission.

Not doing a home inspection: A home inspection only costs $300 dollars.  That’s money well spent to potentially avoid thousands of dollars in future costs down the road.

Not doing your homework: Visit potential new home on a Saturday night and during rush hour. That’s the best way to find out about noise makers. Search your home and neighborhood on Google maps.  Visit town’s clerk’s office for property tax info.

Negotiation blow-ups: A great starting offer is roughly 10-15% less than actual value of the home.  Put your offer in writing and do not let negotiations go beyond three days.

This is brought to you by Philadelphia Real Estate Blog

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

Home inspections are one of the most important parts of the home buying process.  They offer very valuable information about the general condition of a home by highlighting areas of the home that may require minor or major repairs and even deficiencies in building structure.  There are a lot of various misconceptions about the home inspection. Here are some of the most common:

The Inspection Report

A lot of people assume that everything you need to know will be included in the inspection report.  The best way to get the most out of a home inspection is to physically tag along for it. It’s the best way to get valuable advice and maintenance tips.

Appraisal vs. Inspection

People often think that if they have an appraisal they don’t really need a home inspection.  Or that the appraisal was the home inspection.  The reality is that an appraisal and home inspection are entirely different things.

Predicting Potential Future Problems

A home inspector cannot always tell a buyer everything that can potentially go wrong with the home in the future.  The home inspector can only report what isn’t functioning properly and warn the buyer of worn out systems that may need to be replaced soon. They can’t accurately predict exactly when something will go wrong though.

Licensed Home Inspectors

Not all home inspectors are even licensed. In fact, only 30 states require licensing.  Licensed inspectors will always very in regards to qualifications.  There are many programs available that allow people to say they are certified but it doesn’t necessarily mean they have the proper experience and training.

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First Time Home Buyer Tips

• Take advantage of the record low mortgage rates.
• Has housing market reached bottom? Probably 2 months ago… Inventory is up.
• Townhouse investments are good, tend to be the cheapest homes in most markets.
• Homes with children, better to grow into a bigger home.
• Get in the market before it runs away from you, if you have to settle it’s not the end of the world because you can always trade up later.

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This is why you should consider buying Philadlephia Real Estate Now!

 1. It’s ever been a better time to get a deal!  As featured on NBC 10 Consummer Reports KW Center City is holding a Foreclosure/Short Sale Class on April 18th from 6:00-7:00 hosted by national real estate Speakers Antonio Atacan and Matt Fetick and Short Sale Specialist Kevin Barrman.  Now that the $25 billion foreclosure settlement is done RealtyTrac estimates that there will be one million completed foreclosures/ REOs, in 2012 — a 25% increase from 2011. Email marketing@atacangroup.com with questions or click here to register for 1 of only 35 spaces in our Rittenhouse Square office.

 2. Housing affordability is at a record high

 3. There is a wealth of Philly properties to choose from …www.CenterCityRealEstate.com

 4. Sellers are eager to negotiate

 5. Developers are ready to throw in loads of incentives

 6. Concessions, repair requests and leave behinds are readily negotiated

 7. Rents are rising! There has never been a more expensive time to rent in Philly

 8. The National Association of Realtors says 2012 will the strongest year for real estate sales in 5 years. Sales in the northeast are already up 19% over last year

9. This is like old news, but rates are still nearly historically low @ 4% for 30 year fixed. Every extra point can cost more than $1000 a monthly mortgage.

10. And as always… the Tax Deductions, Equity Build Up, Appreciation and Pride of Ownership are still compelling factors!

The National Association of Realtors expect 2012 to be strongest years in home sales in the past 5 years.  They are expecting up to a 10% increase nationwide in existing home sales. In the Northeast alone sales are up over 18% from last year! The chart below details sales by area. 

Antonio Atacan, broker of Keller Williams Philadelphia agreed, stating, “I have not seen the market this busy in years. Consumer confidence is up, interest rates are down and the house in condo supply in Philadelphia is decent.” According to the Philadelphia MLS Trend,  Keller Williams Center City agent sales are up over 50% since last year.

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There’s no denying it: moving is stressful.  It doesn’t get easier over time, and no matter what you do, something always breaks!  What can you do?  Fortunately, there are a few things that can make moving significantly easier on you and your household.  Here are a few tips to help you get organized for your next move and make things less miserable for all parties involved

1. Downsize

The first thing you want to do before you even consider getting boxes and packing tape is to get rid of as much stuff as you can stand.  If garage sales aren’t your thing, put an ad on Craigslist or post things on eBay.   Still too much to deal with?  No problem. That’s what Goodwill and thrift stores are for. Just drop off everything you don’t use or no longer want, and it’ll be out of your hair forever and being put to great use by someone else.

2. Moving Supplies

If you’ve ever tried to help a friend move, and you’ve picked up a garbage bag that fell through the bottom, you know that there’s a reason for different sized cardboard boxes.  Use small boxes for books, dishes and other heavy or fragile items and large boxes for light things like pillows and sweaters.  Rent a dolly or hire movers to help you, so that you’re not making a separate trip for every box that has to go out of the old place and into the new.  It’s a marathon, not a sprint. You’ll be glad you packed everything in the right sized boxes in the end. It will make all the difference

3. Stay Organized

Get a sharpie and mark each box with a number as you’re packing things into it, and then on a separate sheet of paper write down what is in the box in correspondence to that number.  You can reuse boxes that way.  You will also know exactly what’s in the box, so when you’re unpacking you can get to your favorite mug immediately instead of unpacking a food processor you won’t need for weeks.

Moving isn’t nearly as much of a task when you make the effort to downsize and get organized.  Chaos is the enemy.  Keep all your ducks in a row and you’ll find that the next time you have to move, you might not want to pull your hair out at any point.

Guest Author’s Bio: Working with self storage users all over the United States, Tim Eyre helps customers store their stuff in places like a Brooklyn self storage unit and in a Cerritos self storage facility.  In his spare time, Tim likes to get outside for a game of basketball or a round of golf.

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Boost your Home’s Value:

• Appraisals can be a make or break issue
• More skilled appraisers have been leaving the industry
• In some cases you will be able to request a skilled appraiser but usually it will be strictly 3rd party
• Know your Comps! (Recent home sales in past 6 months, similar location, size, age, additions… start at Zillow)
• Some appraisers will use outdated comps.
• Make sure you know what makes your home different from the comps.
• Point out any home improvements to the appraiser.
• Takes a few weeks to get the appraisal back
• If you are going to try to appeal the appraisal than you better have evidence to back it up!

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

Whether saving money or saving the planet is the motivation, there are thousands of simple “green” choices we can each make in our lives, and our homes, that will provide for a healthier, wealthier, more sustainable future.

Here are some quick tips to help you conserve water, energy (and money) in your home!

1. If you don’t have it in your budget to upgrade to a low-flow or dual–flush toilet, put a brick or full 2-liter bottle in your toilet tank. These will take up volume and help you save water every time you flush!
2. Turn down the temperature on your hot-water heater by at least 2 degrees and wrap your unit in a blanket.
3. Replace your burned-out incandescent light bulbs with CFLs or LEDs. Simply swapping out the most commonly used incandescent bulbs in your home can save you $60 to $100 a year.

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

Home Sales

Housing activity has increased 1.7% in 2011.  Latest home sales pattern offers signs of finding bottom.  Home sales by state decreased in every state in the third quarter of 2010 but they have fortunately increased in every state in the third quarter o 2011.

Home Prices

Home Prices are currently at the lowest level since 2003.  The median home price contracted 3.9% in 2011. If home prices had followed the 4% historical appreciation rate, the median price would be $219,372 – 24% above today’s prices.

Inventory (month’s supply)

Number of months it would take to sell all the homes on the market at the current rate of sales.  Stronger demand and fewer new listings brought inventory of existing homes down to the lowest level since 2007 at 8.3 months in 2011. In December, months supply stood at 6.2 months, pushing the market closer to the balanced market threshold.

Mortgage Rates (30 year Fixed)

Mortgage rates averaged 4.45% in 2011, an all-time low since Freddie Mac started tracking in 1971. In 2011, mortgage rates ranged as high as 4.95% and ended in December at a low of
3.96%. During the week ending February 9, 30-year fixed rate averaged 3.87%.

Construction Costs

The average construction cost of a single-family home in 2011 is $184,125. This average
is significantly lower than the 2009 average construction cost of $222,511.

Affordability (% OF INCOME)

Percent of mean family’s income required to make mortgage payments on a median-priced home.  Housing affordability was the most favorable on record in 2011.

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• Increasing prices for 3 months in a row… has never happened before.
• Many people think bottom has passed us.
• Don’t want to own 2 houses, don’t buy second before getting rid of 1st.
• People are actually making money by trading up because you get a discount on the house your buying as well.
• Short Sale- ruins credit for 3 years but it gets the house sold. Get a broker who specializes in short sales.
• You always save money if you can refinance to a lower term.

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

The Philadelphia Department of Parks & Recreation’s TreePhilly campaign is enabling residents to beautify their homes and blocks, improve their health, reduce their energy costs, and reduce stormwater runoff all in one shot, at NO COST. The deadline for getting your new yard tree THIS APRIL is March 31st, so be sure to CLICK HERE and fill out a form asap! They’re in 7 different languages, so make copies and pass them around your block - your health and your property values will thank you!

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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

• 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

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

If you are searching for a Condo right now, make sure you read this article; Condo buyers frustrated in hunt for FHA mortgages.  These days the federal housing administration is being just as strict in the judgement of the building’s financial history as the borrower’s.  The number of rejected buildings is adding up.  This can be due to bad paperwork and bad balance sheets as lots of condo associations are struggling with rentals, short sales, and foreclosures.

“It’s a critical year for buildings,” said David Hartwell, a Chicago attorney who represents condo and homeowner associations. “This is a whole new world that we live in now. I see more rejections than acceptances, and the reasons I see clients rejected aren’t quickly curable.”

Check out the full article: Condo buyers frustrated in hunt for FHA mortgages.

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• 95% of metro areas expecting to see increase in home prices this year
• Not going back to bubble prices
• Buyers- act quickly before rates go up.  Avg under 4%, historic lows! Rates will only stay at this level and higher.  Have good credit score 760+. Focus on smaller homes – think about resale value.
• Sellers- Price it right! 75% of homeowners think their home is worth 10% more than it actually is! Higher an appraiser if you can.

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

If you work at one of the participating providers below, your company will provide up to $2000 ($4000 in University City Area) and the City of Philadelphia will MATCH that amount up to $4000. So you get back $4000-$8000 in closing costs!!!

To go along with this, KW Center City has offered to provide 10% credit from our commission.  So if the home is $300,000 with a 3% Commission we would provide $900 in closing costs to the client!

Finally, if you work (not attend) PENN OR DREXEL in addition to everything above, you are eligible to receive another $7500 to $15,000 respectively for buying in the University City catchment area!

If you know someone that might be eligible for this grant, please tell them to contact us today!  It probably will not be available next year…  Here are links to more information:

Philadelphia Home Buy Now Employee Kit

Urban Affairs Coalition – Philadelphia Home Buy Now Program

PENN Home Ownership Services

PENN Current – Penn Partners With City To Help Employees Buy a Home

Drexel Human Resources – Home Buy Now Program

Participating parties:

• Cancer Treatment Centers of America
• Chick’s Café and Wine Bar
• Diamond and Associates
• Drexel University
• Energy Coordinating Agency
• Episcopal Community Services
• Gypsy Lane Technologies
• Horizon House
• Keller Williams Center City
• Martin Banks
• Mid-Atlantic
• NewCourtland
• Nochumson PC
• Re:Vision Architecture
• Special People In Northeast, Inc.
• University of Pennsylvania
• Urban Industry Initiative
• Weavers Way

Be sure to check out our University City Real Estate Listings page to see every active property in University City! Or search by YOUR PRICE RANGE below:

• University City Real Estate Listings: -$100,000
• University City Real Estate Listings: $100,000-$200,000
• University City Real Estate Listings: $200,000-$300,000
• University City Real Estate Listings: $300,000-$400,000
• University City Real Estate Listings: $400,000-$500,000
• University City Real Estate Listings: $500,000-$600,000
• University City Real Estate Listings: $600,000-$700,000
• University City Real Estate Listings: $700,000+

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According to a recent  survey by the National Association of Realtors, 15 percent of buyers are rejected for mortgages after they’ve already submitted a purchase contract on a particular home.  Here are a few important tips to keep in mind in order to reduce the risk of rejection when buying a home.

Pre-approval- Pre-approvals from a loan officer carry more weight than a pre-qualification.  Make sure you get the pre-approval and don’t go taking out other loans and charging large amounts to your credit card during this time period.

Be Honest- Be precise with your numbers, don’t try to polish facts and haze the truth.  The approval will be stronger the more the lender is able to get from you.

Spot trouble in the home- If the buyer is applying for FHA loans and even some conventional loans, needed repairs might hinder the approval.

Check out more on this topic at Philly.com’s Reduce the risk of rejection

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Over 4 million homes on market means lots of competition.  Here’s how to make your house shine!

• Light = Happy = Offers
• Turn on all lights use higher watt bulbs
• Show legs on furniture
• Plants are good
• Clutter is bad, contain it!
• Show off assets! Take pictures in the spring and have them on display.
• Take a photo of exterior of house at night
• Buyers associate messy drawers and closets with a poorly maintained home
• Remove curtains, add moldings, add snap-in window panes.
• Ceiling fans should be same color as ceiling
• Area rugs should be proportional to space
• Refrigerator is least expensive appliance that will make the most impact on a buyers decision.

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Where is America moving?

As it does every January, Atlas Van Lines reviews data on the origins and destinations of interstate moves during the last 12 months. The 2011 Migration Patterns study results provide a snapshot of relocation patterns, showing an overall increase in the number of moves over last year.

Southwestern and Mid-Atlantic coastal states were popular destinations in 2011. The Midwest continues to lose residents, but Michigan became a balanced state after six consecutive years of steady outbound moves. For the sixth year in a row, Washington, D.C. had the highest percentage of inbound moves, while Ohio came out the clear leader in the highest percentage of outbound moves.

Other migration trends:

Northern States

With the exception of New Hampshire, which went from an inbound to a balanced state, and Massachusetts, Connecticut and West Virginia, which transformed from balanced to outbound states, the Northern States saw relatively few changes in moving patterns from 2010 to 2011.

Southern States

The Southeast remains balanced with the exception of Louisiana, which switched from a balanced state to an outbound one in 2011. Southwest states Texas and New Mexico continue to be inbound states, as well as Mid-Atlantic states Virginia and North Carolina. After becoming a newly inbound state in 2010, Kentucky is now balanced.

Midwestern States

Again seeing the majority of its states with more outbound than inbound moves, the Midwest region only has three balanced states – Iowa, South Dakota and Michigan. Despite uncertain economic conditions, Michigan became a balanced state following a six-year streak as an outbound state. Wisconsin, Nebraska and Kansas finished 2011 as outbound states – all of which were previously classified as balanced states for seven, nine and 10 years in a row, respectively.

Western States

The annual study shows that the majority of the Western states remain balanced with only two states changing status. Utah is now an outbound state and Wyoming is now balanced.

See more about this topic at Atlas Van Lines

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Foreclosures:

• 1.5 million homes in the foreclosure process
• 3.5 million homes with delinquent mortgages
• 10 million properties underwater

Median Home Prices:

• Northeast – down 5.5% –  $224,400
• Midwest – down 4.7% – $132,800
• South – down 1.6% – $145,700
• West – down 1.6% – $207,500

720 Credit rating required for home loans today.  Mortgage rates are still at an all time low and could go even lower

Rise in home sales at the end of 2011 – prices will likely go up translating in more deals.  Overall in the coming year real estate should be better:

• Foreclosed homes will take longer to hit the market
• Vacation properties will sell for less
• Underwater homeowners will get more help from Uncle Sam

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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.

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

Want free passes to this year’s Philadelphia Home Show? Send me an email at marketing@atacangroup.com! These tickets are worth $13 face value and The Atacan Group is offering our loyal readers passes for FREE!  No catch, we have a bunch to give away.  First come, first served… limited supply – so act fast!

Meet Kimberly Lacy of HGTV’s Curb Appeal and Todd Davis of HGTV’s Room Crashers and tour the Celebrity Designer Rooms!

The Philadelphia Home Show is THE BEST place to find fresh ideas and smart advice for home improvement, decorating and more!

When & Where

Location

Pennsylvania Convention Center
Exhibition Hall F
12th & Arch Streets, Philadelphia PA 19107

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If you’re planning to string up lights this year for the holidays, be sure to check out these safety tips below via networkx.com

●  Before you string up a single strand of lights, carefully check them for cracked cords, frayed ends or loose connections.

●  The combination of shorts in electrical lights and a tinder-dry tree can be deadly.There are 250 Christmas tree fires and 14 related deaths each year, according to the U.S. Fire Administration. So keep your tree well-watered. Not only will it stay fresh and green, but it might also keep your house from burning down.

●  Modern lights have fused plugs, preventing sparks in case of a short circuit. Ditch old strands of lights that don’t have fuses and get a set of newer, safer lights.

●  If bulbs have burned out, replace them right away, but make sure you use the correct wattage bulbs.

●  Water and debris can get into outdoor sockets, so make sure outdoor lights are plugged into aground fault circuit interrupter outlet to reduce the risk of shorts and shocks.

●  Keep an eye on extension cords, as they can occasionally overheat. Just touch-test the cord. If it’s hot, unplug it.

●  Don’t use tacks, nails or screws to hang lights, which can pierce the cable and become electrified. Use insulated hooks instead.

●  When running extension cords along the ground, make sure to elevate plugs and connectors with a brick to keep snow, water and debris out of the connections.

●  Tape down any ground-level extensions cords to prevent people from tripping over them.

●  Check to make sure lights have been rated by a testing laboratory. You can see a list of federally recognized labs on the Occupational Safety & Health Administration’s website.

●  Not all lights are rated for outdoor use. Indoor lights often have thinner insulation, which which can become cracked and damaged when exposed to the elements outdoors. So make sure the ones you string up on the house belong out there.

●  Don’t leave Christmas lights running when you go to bed at night or when you leave the house.

●  When you put your lights back into storage after the holidays, make sure to put them in a well-sealed container to prevent possible water damage and to block hungry rodents looking to turn the cords into lunch. My final advice? Be careful with ladders.

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

Greening your home conserves energy and can save money too! Check out these three big tips regarding going Green at home:

• Energy efficiency Location: don’t put HOT items like a stove next to COLD items like a refrigerator!
• Properly insulating your home by having an energy audit performed so you can increase efficiency when sealing or insulating – could save up to 30% on your energy bill.
• Install a Rain Barrel: Helps conserve water by using mother nature to water your garden and reduces run0off at the same time!

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Banks vary on what they charge, make sure you ask questions!

• Mortgage brokers are the best route, they specialize in it, bank loans are complicated, specialist to explain details.
• Ask the mortgage broker if they have dealt with people with bad credit.
• Good Faith Estimate should be asked for.
• Shouldn’t be paying more than 1 to 2 points.

sec.gov

mortgage.nationwidelicensingsystem.org

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pic courtesy www.film.org

A lot of homeowners attempting to sell will pull their house off the market during the winter months.  The holiday season, Thanksgiving through New Years, is generally a very slow time for Real Estate.  People who do have to sell have the benefit of less competition.  So if you are attempting to sell your home in the next few months, here are a few tips to make your home stand out:

• Basics! – make sure the house is clean and clutter free just like any other season and price aggressively.
• Warm and Cozy! – Use staging techniques to make your house look bigger, brighter, warmer and more appealing.  Turn up the heat and light a fire in the fireplace during open houses.  Warm colors like orange or crimson help for decorating.  Make sure you have photos of your home in the summer ready for buyers to see as well.
• Shovel the Walk! – Do a thorough job of keeping sidewalks and driveways clear of ice and snow.  It’s important for safety as well as aesthetics.
• Let There Be Light! – Less daylight in the winter months often creates a gloomy feel.  If you have to show your home in the evening then make sure you turn on all your lights and open all the blinds to get the most possible natural light during the day.  After work showings during the winter are not recommended.
• Decorate for the Holidays – Use tasteful, conservative decorations like a red bow on the for sale sign and a few twinkling lights.  Colorful winter wreaths are good ideas as well.

Check out more on this at MSNBC.com – 5 tips if you have to sell your home in winter

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Picture courtesy crowandrose.com

Most leases allow for “normal” wear and tear. This definition however tends to differ between landlord and tenant and even between states. Here are some basic tips to make sure you get your security deposit back:

• Make sure you are provided with some kind of ‘Apartment Condition Statement’ at the time of the lease signing.
• Take photos of everything as soon as you move in. Document all existing damage so that you don’t get stuck with a previous tenant’s mistakes.
• Get as much as you can in writing and save the documents. If you can document repair requests then the landlord can’t turn around and bill you for it later.
• Don’t leave the place a mess. Give it a thorough cleaning before you turn in the keys. Take photos before you leave.
• Make sure you get a detailed receipt for all repairs that the landlord is taking out of your security deposit.
• Keep copies of all lease documents so if a problem occurs down the road you are equipped.

See the full article from philly.com How to Get Your Security Deposit Back

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