There was a 48% increase in Pending units in March 2012 versus March 2011 highlighted the month for Chester County. Settled units also reported an increase, nearly 11%, over the same time period.
Year-to-Date Market Snapshot:
Through March 2012, Chester County has settled 862 units at an average price of $324,000.
If you are interested in purchasing or selling a home in a town within Chester County, PA, such as Malvern (19335), West Chester (19380) or Devon (19333), contact me, Kevin Toll, a Realtor for Long and Foster, Devon, for more information at 610-609-1096, or Kevin.Toll@LongandFoster.com
Are you thinking about buying your first home? Have you narrowed down where you want to live and your reasons to live there?
On my drive home from Pittsburgh; I went out to see the Philadelphia Phillies vs. Pittsburgh Pirates on opening day, I had a very good conversation with my friend about buying his first home. He works in Lower Merion (19072) and would like to live close to work, possibly in Bryn Mawr (19010) or Ardmore (19003). When I asked him his motivation to live in Bryn Mawr or Ardmore, he said he liked the walk-ability of those towns and proximity to work. Not only would he be able to walk to restaurants or close shops, but he would be within a few minutes of work and able to ride a bike if he so desired.
Figuring out the location of where you want to live is very important, maybe you desire to be close to family, the train station, or a walkable community. Make sure when you are narrowing down the location for your home, you think about all the factors of location that are important to you to rule out neighborhoods that don’t meet your needs.
The market is actually improving and has done better in November and December than the previous year. January is off to a better start than last year. Inventories are the lowest they’ve been in almost 5 ½ years. Bank owned properties still make up about 1% of the market and short sales are about 5%, but these homes make up a significantly larger share of the sales. The biggest thing holding back the market is not jobs but the inability of 1,000’s of potential buyers selling their existing homes without having to write a $20,000 to $100,000 check at closing because they owe more than their home is worth, its called “house lock”. Also 1st time homebuyers are not as prevalent because they can’t find good paying jobs. This is a problem that is virtually unresolvable.
Here’s what’s happening.
1) If your house is being chased by the market then it won’t sell. The dilemma is as the Spring Market comes upon us it is better to wait. Inventories are low now and in a month or two they will rise 10%. So it’s better to position your house and have it be chased now or wait.
2) Housing affordability is at 190.8, in 2007 it was 115.4. That’s not the problem.
3) Mortgage rates are at 3.75%. In 2005 they were mid 6.25%. That’s not the problem.
4) 1 out of 3 sales is to an investor.
5) Inventories are down 5.5% from last January.
6) Thirty-nine percent of people say they will work past 70 or simply never retire, according to the annual survey from the Transamerica Center for Retirement Studies, a nonprofit private foundation. Fifty-four percent of those surveyed said they plan to retire between age 60 and 69 and 6% said they will retire between age 50-59.
7) 1000’s of building lots on the market equaling a 64 month supply.
8) The median building lot sold for $99,000 in January.
9) Getting a house under contract is actually the easy party. Getting the house to settlement is the hardest its ever been in my 32 years in the business. The appraisal, mortgage company, home inspection, title issues and demanding buyers make who you choose as your agent more important than ever.
10) The surprisingly long time period required to bring the housing market back into balance also carries significant implications for the overall economy and should serve as the rallying call to policy makers to develop policies to help accelerate the recovery process. Some of the more important implication s for the drawn out recovery process are that resources are likely to continue to flow out of the homebuilding sector and that more households are likely to remain renters for longer periods of time than what we have seen in recent years. The apartment market is already benefitting from this trend, and homebuilders and firms that produce and sell household items, such as building products, household furnishings and furniture are suffering. Many of these businesses’ will need to reposition their business models to serve and benefit from a larger pool of renters and a smaller pool of homeowners.
Policymakers will need to take a hard look at ways to clarify and speed up the drawdown of vacant homes on the market and those homes that are hanging over them market. There has been talk of selling large blocks of foreclosed homes held by Fannie Mae and Freddie Mac to investors under the stipulation that these homes would then be placed for rent. Such moves would have a positive effect on appraisals and mortgage underwriting, as they would remove some questions as to how much vacant and for-sale inventory is currently hanging over the market. Other policies aimed at addressing some of the issues surrounding the large number of homeowners with negative equity could also provide a lift to housing turnover and help speed up the recovery process.
11) In the fourth quarter 2011, the national homeownership rate declined from the previous quarter to 66.0 percent. The national homeownership rate fell back to near multi-year lows to end the year after rebounding slightly from its lowest levels since the first quarter of 1998 in the third quarter. The national homeownership rate has declined in four out of the past five quarters. The homeownership rate is lower compared to this time last year when it stood at 66.5%.
12) Posted by Philadelphia Fed President and CEO Charles Plosser: “On the housing front, I expect to see stabilization but not much improvement in 2012. We entered the Great Recession over-invested in residential real estate, and we are not likely to see a housing recovery until the surplus inventory of foreclose and distressed properties declines.
“Even as the economy rebalances, we should not seek, nor should we expect housing and related sectors to return to those pre-recession highs. Those highs were unsustainable, and the housing crash that ensued destroyed a great deal of wealth for consumers and the economy as a whole.
“The losses are real and the consequences severe for many individuals and many businesses. Moreover monetary policy cannot paper over these losses, nor should it try to do so. Households and businesses nevertheless continue to make progress on restoring the health of their balance sheets by paying down debt and increasing savings. Most economists, including me, believe that this process will continue into 2012.”
The good news is, as least for Pennsylvania and Delaware, is that the unemployment rate remains below the national average, Pennsylvania’s rate is 7.6 percent; Delaware’s is 7.4 percent, Plosser said
13)
While pending/under contract sales are improving these “house lock” situations may take years to correct. Inventories are down from one year ago but there are still many sellers who wait to buy but can’t because their home is worth less than the mortgage. However, houses are selling if put in a position for the buyers to chase the house. Proper pricing, marketing and negotiating are extremely important to get the sale. Experience and knowledge are needed to get the sale to the settlement. The most important thing is what happens after the agreement is signed and getting the house to settlement.
While there are 1,000’s of sales in our market each month 100’s of those sales never get to the settlement table. From now until Memorial Day we will see more sales than we’ve seen in a few years, and if you are able to sell your house and you have stable employment it’s an excellent time to purchase. Housing will improve when more sellers can get out of “house lock”, but it will take time.
Well maintained brick twin in a quiet cul-de-sac in Collingdale Boro. Conveniently located close to shopping, public transportation & major routes. Walking distance to swim club & park. Walk in to the straight-thru first floor with spacious living room, formal dining room & eat-in kitchen. Also powder room & mud room with rear exit to large deck off of the kitchen. Deck overlooks nice-sized, flat, very private backyard with views of large wooded area, shed in backyard included. Upstairs there are presently 3 large bedrooms & a full bath, plenty of closets, the master can be easily returned to two bedrooms or left in present condition as a single large bedroom. Finished walkout basement with large family room, bar & wood burning fireplace. Basement also includes storage/work area & laundry room with laundry tub. New roof installed in 2005. Home warranty included. Property being sold As-Is;but home has been meticulously maintained and move-in ready!Come see for yourself today!
Property Type(s):
Residential, Residential / Twin or Attached Home
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Today, while in a Wayne business office, I unexpectedly ran into a mutual acquiescent from the past. We got to talking, saying our how-do-you-do’s and filling each other in on our current life situations. I told her I was a Realtor for Long and Foster, based out of Devon, PA. As luck would have it, she was in need of selling her current home so that she and her family could upgrade to a larger home since they are outgrowing their current home. This is a another reason that I always remind myself that business is sometimes about being in the right place at the right time with the right people (and the more people who know what you do..the more potential clients and connections you will make). So, one office visit turned into a very productive impromptu client meeting. I hope to have several more runs with old friends in Delaware county in the near future, hopefully we can mutually benefit each other and help with each other’s business.
DEVON, PA – December, 2011—Janet Rubino, Vice President and Manager of Long & Foster’s Devon office is pleased to announce the top producers for the month of November.
The Top Overall Producer in sales volume is Kevin Toll. “Kevin had over $2 million dollars in sales during November”, said Rubino. “It’s a great testament to his hard work and the enthusiasm he has for the real estate business.”
An award-winning top producer, Kevin specializes in Chester, Montgomery, Delaware Counties, the Main Line and the Greater Philadelphia/Delaware Valley area. Although he specializes in residential resales, he is also an REO (real estate owned) specialist, and also has experience in new homes marketing. He is also licensed in New Jersey as a sales associate. Kevin serves as a wrestling coach at Harriton High School in Lower Merion, and volunteers for the Blind Sports Organization.
The Long & Foster® Companies is comprised of Long & Foster® Real Estate, Inc., Prosperity Mortgage® Company, Long & Foster Settlement Services, Long & Foster Insurance Agency, Inc., and VISION Relocation Group™. The firm also has the following divisions: commercial, new homes, property management, leasing services, relocation services, resort rentals, and the Home Service Connections® group.
Long & Foster® Real Estate, Inc. is the largest privately held residential real estate company in the United States. The company is part of The Long & Foster® Companies, which also includes Prosperity Mortgage® Company; Long & Foster Insurance Agency, Inc.; and Long & Foster Settlement Services. Long & Foster Real Estate, Inc. represents more than 13,000 agents in seven Mid-Atlantic states, plus the District of Columbia. The Long & Foster Companies 2010 combined sales for the year were in excess of $47 billion. Visit us a tlongandfoster.com.
In an article in the Philadelphia Inquirer, they wrote that construction of multifamily housing units, primarily rental apartments has seen an increase in 23.5 percent, the largest increase in over 19 months. Permits, not starts, are the factor economists take to heart, because they are much better measured, are less affected by weather, and are forward-looking.
Multifamily permits are at their highest level since October 2008. Rents are rising, vacancy rates are falling, and the economy continues to create enough jobs to sustain a modest recovery.
Strength in the multifamily market comes from an inability for some to buy homes, so more people are renting. Another factor is the changing demographics, with many baby boomers now looking for condos.
In the Philadelphia region, “a relatively strong recovery in apartment performance continues to unfold,” said analysts with real estate investment-services firm Marcus & Millichap. Although only 100 new rental units will have been brought to the market by the end of 2011, projects totaling 1,100 units will be completed in 2012, the analysts said.
The number of multifamily permits issued in the region spiked in this year’s second quarter to one of the highest levels in two years.
The Campbell-Inside Mortgage Finance survey said the average November price for a short sale – in which the lender agrees to take less than is owed on the mortgage – was $209,200. Move-in-ready bank repossessions sold for an average $189,700, the survey said, while neglected and/or damaged homes went for an average $98,600.
Home-buying sentiment remains high, yet sellers still struggle with accepting lower-than-expected prices. Some sellers might be tied to past market values or owe too much on their houses to accept less.
Many economists anticipate continuing price declines. More than 100 polled by Zillow, the real estate search engine, maintain that the nation is “working through a bottoming-out process,” said the company’s chief economist, Stan Humphries.
Those polled said they expected prices to drop 1.57 percent in the fourth quarter and to continue to decline until the market’s bottom is reached in late 2012 or early 2013.
After 2013: A steady annual appreciation rate of 3 percent through 2016, they said.
‘Tis the season for holiday gatherings, celebrations and sitting around the fireplace; but how can you make it the season to sell your home? The right price, great online photos and staging your home are just a few…
Are you interested in selling your home, but cautious about listing it during the holiday season? Most real estate professionals will advise sellers to list their home during the holiday season, rather than waiting, because both more serious buyers and less competition can help sell your home faster.
Serious buyers is the biggest benefit of listing during the holidays, less competition among homes and your home may look cozier during the cold weather for potential buyers. No doubt you may face challenges such as inclement weather, vacation and celebration schedules. The biggest challenge you will probably face is keeping your home “open house ready;” clean and staged during this time of year.
So, how can you overcome the challenges of selling your home during the holiday season? Online listing photos, setting the right price, staging your home, and being flexible contract terms such as move-in dates are essential in selling during the holiday season. When listing your home, the online photos will be crucial for attracting potential buyers to your home; buyers are relying more on online photos than attending open houses during this time of the year. Also, the way your home is staged is significant; many professionals vary on their opinion about how a home should be staged during the holidays, but most suggest seasonal and nonreligious decorations to make your home feel festive. If you have a fireplace, make sure you have a fire when potential homebuyers come through your home and update outdoor lighting because most buyers will be checking out your home at night due to shorter days.
If you have more questions about listing your home during the holiday season, contact Kevin Toll, at Long and Foster in Devon, PA for more information.
Are you thinking of buying a home? Well, what are you waiting for? Let’s work together to start planning your future. I would like to help you do what I do best — find the perfect home for you and your family. Here are a couple of questions you should think about before we meet.
Are you ready to buy a home? Some factors to consider when preparing to buy a home are whether or not you have a steady source of income and if you have been employed on a regular basis for the last two years. Also, how much money do you have saved for a down payment, closing costs, taxes and insurance? How can you determine what would be a realistic amount of money that you could spend on a mortgage each month? If you are already budgeting $1200-$2000 a month for rent, and you are will to pay the same amount for a mortgage each month, this will help us establish the price range for a home you are able to purchase.
A lender will calculate your debt-to-income ratio, which is a comparison of your expenses to your gross (pre-tax) income. Monthly mortgage payments should total no more than 29% of your gross income, while the mortgage payment, combined with other long-term debts (such as car payments) should not exceed 41% of your gross income. The lender will also take into consideration your credit history and cash available for a down payment when determining your maximum loan amount. If you don’t currently have a lender, I can recommend a few whom I have dealt with in the past and have referred previous clients.
Once we have established the price range of homes to look at, we can discuss your needs. Think about where you would like to live (specific counties; like Delaware County, or Chester County, and which towns within those counties, such as Rosemont, Bryn Mawr, Radnor, Havertown, Glen Mills, etc) and how much space you would like to have. When considering possible locations, think about distance to your job, schools, family, etc. It’s best to make a list of your priorities, such as location, size, and amenities. Determine the minimum requirements that the house must have for you to consider it as well as a wish list of perks you would like it to have. We will be able to select properties that not only meet your requirements but fall into your price range.
I am dedicated to meeting your needs and the more information you share with me, the better I will be able to serve you. Please contact me at 610-609-1096 or Kevin.toll@longandfoster.com to schedule an appointment so we can discuss more about your dream home.
The data relating to real estate for sale on this website appears in part through the TREND Internet Data Exchange program, a voluntary cooperative exchange of property listing data between licensed real estate brokerage firms in which Long and Foster participates, and is provided by TREND through a licensing agreement.
The information provided by this website is for the personal, non-commercial use of consumers and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing.
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