Swarthmore Real Estate – June 22, 2015 To June 28, 2015

Swarthmore Real Estate - Swarthmore PA - Real Estate Market  Update

A weekly review of recently sold homes in Swarthmore PA and current market statistics.

There are 34 homes listed for sale in Swarthmore on July 1, 2015, 2015. There is 1 settlement scheduled for this week.

As interest rates reached a nine-month high last week, mortgage applications took a big dip.

Overall mortgage applications — reflecting both refinancings and home purchases — dropped 4.7% week-over-week on a seasonally adjusted basis for the week ending June 2, according to the Mortgage Bankers Association reports. They are now at their lowest level since Jan. 2.

At the same time, the average 30-year fixed-rate mortgage increased to 4.26% last week, the highest average since October 2014, MBA notes.

Swarthmore Market Snapshot – 34 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$359,038 $362,400 $85,000 $1,075,000 115
Single/Twin Market Snapshot – 24 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$449,225 $399,700 $197,500 $1,075,000 114
Condo/Townhouse Market Snapshot – 10 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$145,590 $129,250 $85,000 $235,000 115

*DOM = Days On Market

1 Swarthmore home went under contract

No new listings came onto the market

No listings expired

1 listings was withdrawn from the market

8 homes are Under Contract at this time

Swarthmore homes sold last week

Swarthmore Homes Sold June 22, 2015 To June 28, 2015
ADDRESS BED BATH PRICE SETTLED DOM
718 Harvard Avenue 5 3.1 $528,700 06/25/15 362
801 Yale Avenue 2 2.0 $75,000 06/26/15 105
AVERAGE $301,850 234

Neither home that sold last week had a Seller Assist:

Swarthmore, PA 19081 Real Estate Update

Wallingford PA Real Estate – June 22, 2015 To June 28, 2015

Wallingford PA Real Estate - Wallingford - Wallingford Market Review

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 89 homes listed for sale in Wallingford PA and Nether Providence Township on June 30, 2015.

Buyers signed more contracts to purchase homes in May pushing pending home sales to their highest level in 9 years. The National Association of Realtors reports that it’s pending home sales index is just below the level of sales in April 2006.

Steady job growth and slowly rising mortgage rates have greater urgency among buyers. Contract signings increased in the Northeast and Western regions of the country while declining in the South and Midwest.

There are currently 43 homes under contract in Wallingford at this time

Wallingford Market Snapshot – 89 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$332,937 $329,900 $85,000 $819,000 113
Single/Twin Market Snapshot – 74 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$369,489 $364,450 $99,000 $819,000 104
Townhouse/Condo Market Snapshot – 15 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$152,616 $154,900 $85,000 $299,900 159

*DOM = Days On Market

6 Wallingford PA homes went under contract

5 new listings came onto the market

No listings expired

No listings were withdrawn from the market

43 homes are Under Contract at this time

9 Wallingford PA homes sold last week

Wallingford Homes Sold June 22, 2015 To June 28, 2015
ADDRESS BED BATH PRICE SETTLED DOM*
700 Avondale Rd #5C 2 2.0 $112,000 06/22/15 45
103 Willow Road 3 2.1 $255,000 06/22/15 14
705 Kincaid Mills Lane 4 3.1 $425,000 06/22/15 6
394 Turner Road 5 3.1 $568,050 06/24/15 10
28 Green Valley Road 3 1.1 $376,000 06/25/15 5
AVERAGE $347,210 16

*DOM = Days On Market

No homes sold had a Seller Assist:

Wallingford PA Real Estate – Wallingford, PA 19086

New Listing – 101 Avonbrook Road – Wallingford, PA

101 Avonbrook-Side Front USE as front-mm
101 Avonbrook Road – Wallingford, PA 19086

Exquisite and impeccably maintained 5 bedroom 3.5 bath stone Colonial home located in the community of Wallingford Hills. This home has 3 gas fireplaces, one which is located in the first floor master bedroom. Newly renovated bathroom featuring heated floors and towel racks. Living room with a beamed cathedral ceiling, hardwood floors, and a gas fireplace. High end kitchen with Sub-Zero refrigerator and Jen Air gas range and granite countertops.

101 Avonbrook-Fam Room-mm

Family Room With Gas Fireplace And Beamed Cathedral Ceiling

101 Avonbrook-In law Kit-mm

Basement In Law Suite With Renovated Kitchen, Walk In Glass Shower, And Outside Entrance

101 Avonbrook-Main Entrance-mm

Entrance Foyer

101 Avonbrook-Patio1-mm

The Impressive Stone Patio Is Located Off The Family Room

101 Avonbrook is a stately home with on a beautifully landscaped lot conveniently located within walking distance of the Wallingford Train Station.

If you have any questions or would like to schedule a visit to this fine home click here to contact me.

Wallingford PA Real Estate – Wallingford, PA 19086

Swarthmore Real Estate – June 15, 2015 To June 21, 2015

Swarthmore Real Estate - Swarthmore PA - Real Estate Market  Update

A weekly review of recently sold homes in Swarthmore PA and current market statistics.

There are 36 homes listed for sale in Swarthmore on June 24, 2015. There are 2 settlements scheduled for this week.

Residential home prices have been climbing rapidly in the last few months, but this trend and forecasts for the rest of the year may mean a decrease in affordability for some buyers.

According to the latest FNC Residential Price Index (RPI), home prices have been rising since March, and April’s gains marked the largest increase between March and April since 2005, when the housing bubble was at full throttle and home prices were approaching peak levels.

FNC-index-1-1024x601

Swarthmore Market Snapshot – 36 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$369,099 $369,950 $85,000 $1,075,000 105
Single/Twin Market Snapshot – 26 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$455,400 $399,700 $197,500 $1,075,000 103
Condo/Townhouse Market Snapshot – 10 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$145,715 $129,250 $85,000 $250,000 108

*DOM = Days On Market

Swarthmore home went under contract

2 new listings came onto the market

No listings expired

No listings were withdrawn from the market

9 homes are Under Contract at this time

4 Swarthmore homes sold last week

Swarthmore Homes Sold June 15, 2015 To June 21, 2015
ADDRESS BED BATH PRICE SETTLED DOM
801 Yale Avenue #906  1  1.0 $81,000 06/15/15  227
122 S Princeton Avenue 8 3.1 $600,000 06/18/15 150
105 Forest Lane 4 2.1 $559,000 06/18/15 8
315 Chestnut Lane 2 1.0 $201,700 06/19/15 12
AVERAGE $360,425 99

There was 1 home that sold last week with a Seller Assist:

– 123 S Princeton Avenue – $35,000

Swarthmore, PA 19081 Real Estate Update

Wallingford PA Real Estate – June 15, 2015 To June 21, 2105

Wallingford PA Real Estate - Wallingford - Wallingford Market Review

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 95 homes listed for sale in Wallingford PA and Nether Providence Township on June 23, 2015.

The total number of mortgaged residential properties with equity stands at roughly 90% (44.9 million), with 10.2% of mortgaged homes (5.1 million) nationwide underwater or with negative equity.

According to a recent analysis from CoreLogic, overall borrower equity increased year over year by $694 billion in the first quarter of 2015, with 254,000 properties regaining equity. It’s worth noting that 19.4 percent of borrowers with equity have less than 20 percent equity, and 2.7% have less than 5%.

The bulk of positive equity for mortgaged properties is concentrated at the high end of the housing market. CoreLogic reports that 94% of homes valued at more than $200,000 have equity, compared with 85% of homes valued at less than $200,000.

The highest percentage of mortgaged properties in positive equity were found in:

Texas (97.7%)

Hawaii (96.7%)

Alaska (96.8%)

Montana (96.8%)

North Dakota (96.2%)

Negative Equity
The markets with the highest percentage of mortgaged properties in negative equity were:

Nevada (23.1%)

Florida (21.2%)

Illinois (16.8%)

Arizona (16.8%)

Rhode Island (15.7%)

Combined, these five states accounted for 31.4% of negative equity in the U.S.

Wallingford Market Snapshot – 95 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$339,810 $319,900 $85,000 $1,000,000 105
Single/Twin Market Snapshot – 80 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$374,945 $359,700 $99,000 $1,000,000 96
Townhouse/Condo Market Snapshot – 15 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$152,423 $154,900 $85,000 $299,900 152

*DOM = Days On Market

Wallingford PA homes went under contract

6 new listings came onto the market

No listings expired

No listings were withdrawn from the market

46 homes are Under Contract at this time

Wallingford PA homes sold last week

Wallingford Homes Sold June 15, 2015 To June 21, 2015
ADDRESS BED BATH PRICE SETTLED DOM*
211 Stanford Drive 5 3.1 $295,500 06/15/15 14
856B Putnam Blvd 2 1.0 $95,000 06/16/15 53
200 Garnet Lane 4 2.1 $415,000 06/16/15 7
41 Medbury Lane 3 1.0 $290,000 06/17/15 4
844A Putnam Blvd 2 1.0 $115,000 06/18/15 374
636 E Wiltshire Drive 3 2.1 $209,900 06/19/15 6
909 Winding Way 5 3.1 $650,000 06/19/15 10
811 Meredith Drive 4 3.0 $560,000 06/19/15 4
804A Putnam Blvd 2 1.0 $106,000 06/19/15 180
AVERAGE $304,044 72

*DOM = Days On Market

2 of 9 homes sold had a Seller Assist:

– 636 E Wiltshire Drive – $9,000

– 811 Meredith Drive – $1,650

Wallingford PA Real Estate – Wallingford, PA 19086

Swarthmore Real Estate – June 8, 2015 To June 14, 2015

Swarthmore Real Estate - Swarthmore PA - Real Estate Market  Update

A weekly review of recently sold homes in Swarthmore PA and current market statistics.

There are 35 homes listed for sale in Swarthmore on June 17, 2015. There are 2 settlements scheduled for this week.

Following a recent surge in loan demand, mortgage applications inched back down in the latest week as mortgage rates continued to climb.

Total mortgage applications – for both refinancing and home purchases – dropped 5.5% on a seasonally adjusted basis for the week ending June 12, the Mortgage Bankers Association (MBA) reported Wednesday.

Refinancing applications dropped 7% from the previous week, while applications for home purchases fell 4%. Applications for home purchases, however, remain 15% higher than they were one year ago.

MBA reports that the 30-year fixed-rate mortgage rose to a 4.22% average last week, a rise from 4.17% the week prior. This also marks the highest rate since October 2014, MBA notes.

Swarthmore Market Snapshot – 35 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$376,649 $370,000 $85,000 $1,075,000 111
Single/Twin Market Snapshot – 25 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$459,256 $424,500 $275,000 $1,075,000 99
Condo/Townhouse Market Snapshot – 10 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$145,130 $131,250 $85,000 $250,000 142

*DOM = Days On Market

Swarthmore homes went under contract

1 new listing came onto the market

No listings expired

No listings were withdrawn from the market

12 homes are Under Contract at this time

No Swarthmore homes sold last week

Swarthmore Homes Sold June 8, 2015 To June 14, 2015
ADDRESS BED BATH PRICE SETTLED DOM
– No Homes Sold –

Swarthmore, PA 19081 Real Estate Update

Wallingford PA Real Estate – June 8, 2015 To June 14 2015

Wallingford PA Real Estate - Wallingford - Wallingford Market Review

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 98 homes listed for sale in Wallingford PA and Nether Providence Township on June 16, 2015.

Median Priced Home – School Tax Bills In Delaware County
SCHOOL DISTRICT 2010/11 2014/15 2015/16 1 Yr 5 Yr
Wallingford PA Real Estate - Wallingford PA - School Tax Bill Increases

Philadelphia Inquirer – June 14, 2015

Wallingford Swarthmore School District again took dubious top honors in an article entitled Tax Hikes Become A Rite Of Summer. The district posted the largest average tax bill for a median priced home among Delaware County’s 14 school districts. The median tax bill was in fact the largest among the entire list of 53 districts in Bucks, Chester, and Montgomery as well. WSSD also had the highest dollar increase in taxes over the last five years in Delaware County.

Wallingford Market Snapshot – 98 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$351,242 $339,900 $85,000 $1,000,000 102
Single/Twin Market Snapshot – 80 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$390,619 $374,750 $99,000 $1,000,000 91
Townhouse/Condo Market Snapshot – 18 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$176,236 $180,950 $85,000 $389,900 150

*DOM = Days On Market

3 Wallingford PA homes went under contract

7 new listings came onto the market

1 listing expired

No listings were withdrawn from the market

50 homes are Under Contract at this time

6 Wallingford PA homes sold last week

Wallingford Homes Sold June 8, 2015 To June 14, 2015
ADDRESS BED BATH PRICE SETTLED DOM*
10 Irving Road 3 2.0 $390,000 06/10/15 8
AVERAGE $390,000 8

*DOM = Days On Market

Wallingford PA Real Estate – Wallingford, PA 19086

Condominium Financing Can Be Challenging

Crum Creek Valley Condos

Crum Creek Valley Condos

Condominium financing poses some unique challenges including stricter lender requirements and higher costs than typical residential purchases.

Both the buyer and the condominium must qualify in the eyes of the lender to obtain a mortgage approval for a condo purchase.

A lender is looking for a condominium that has healthy finances, high owner occupancy rates, and a low percentage of association fee delinquency rates.

Lenders follow guidelines from the Federal Housing Administration, Fannie Mae and Freddie Mac for condo mortgages.

Some of Fannie Mae’s requirements for condominium financing are:

– More than half of the condo units must be owner-occupied.

– No owner may own more than 10% of the units.

– No more than 15% of owners can be delinquent on condo dues.

– All amenities must be completed if the development is more than 12 months old.

– Buyers who make a down payment of less than 25% will generally pay an additional 0.75% of the loan amount at the closing or a higher interest rate of about 0.25%.

Lenders will also take a close look at any pending litigation involving the condo association that might threaten it’s financial well being.

It is difficult for borrowers with a small amount of money available for a down payment to obtain financing since the majority of condos in our are not approved by the Federal Housing Administration (FHA) and thus not eligible for low down payment loans. Check for a condo’s FHA approval status.

Condos that are not approved for FHA or Fannie Mae financing are known as “nonwarrantable” and offer few options for buyers or refinancers.

Even if the condo meets the Fannie Mae guidelines, buyers may find that they must make a down payment of 20% or more because mortgage insurance companies are less willing to provide mortgage insurance on condo loans, since they are considered riskier.

Wallingford PA Real Estate – Wallingford, PA 19086

Swarthmore Real Estate – June 1, 2015 To June 7, 2015

Swarthmore Real Estate - Swarthmore PA - Real Estate Market  Update

A weekly review of recently sold homes in Swarthmore PA and current market statistics.

There are 34 homes listed for sale in Swarthmore on June 10, 2015. There are no settlements scheduled for this week.

The National Association of REALTORS® reported that distressed sales – including foreclosures and short sales – accounted for 10% of existing-home sales in April, below the 15% share a year ago. Seven percent of April sales were foreclosures and 3% were short sales. On average, foreclosures sold for an average discount of 20% below market value in April while short sales were discounted, on average, by 14%.

According to CoreLogic, the following markets had the largest share of distressed sales in March:

  • Michigan: 22.1%
  • Florida: 22%
  • Illinois: 20.1%
  • Maryland: 19.5%
  • Connecticut: 19.1%

Year to date in Swarthmore there have been no distressed sales – foreclosures or short sales.

In 2014 there were 2 foreclosures in the Swarthmore market accounting for 2.8% of the transaction for the year – there were no short sales reported.

Swarthmore Market Snapshot – 34 Listings 
AVERAGE MEDIAN LOW HIGH DOM*
$369,713 $369,500 $87,000 $1,075,000 108
Single/Twin Market Snapshot – 24 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$462,956 $424,700 $209,850 $1,075,000 97
Condo/Townhouse Market Snapshot – 12 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$145,930 $131,250 $87,000 $250,000 135

*DOM = Days On Market

No Swarthmore homes went under contract

1 new listing came onto the market

No listings expired

1 listings was withdrawn from the market

11 homes are Under Contract at this time

1 Swarthmore home sold last week

Swarthmore Homes Sold June 1, 2015 To June 7, 2015
ADDRESS BED BATH PRICE SETTLED DOM
55 Forest Lane  6  3.1 $520,000 06/03/15 151
Average $520,000 151

55 Forest Lane had a $18,000 Seller Assist.

Swarthmore, PA 19081 Real Estate Update

Wallingford PA Real Estate – June 1, 2015 To June 7, 2015

Wallingford PA Real Estate - Wallingford - Wallingford Market Review

A weekly review of recently sold homes in Wallingford PA and current market statistics.

There are 90 homes listed for sale in Wallingford PA and Nether Providence Township on June 9, 2015.

Home owners tend to overestimate the value of their properties by about 8%, according to a study published in the Journal of Housing Economics.

Researchers say that the overvaluations often are from owners who miscalculate their estimations over the capital gains they’ve accumulated in the house. The study echoes similar findings from a recent survey conducted by Quicken Loans, which found a widening gap between what home owners think their home is worth and appraisers’ valuations.

Appraisers also note that home owners often don’t realize that they may have over-improved their home compared to others in the neighborhood, which can lead to overestimated values. Owners may spend thousands of dollars for upgrades when nobody else in their price point has done so.

Wallingford Market Snapshot – 90 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$348,813 $339,900 $85,000 $1,000,000 108
Single/Twin Market Snapshot – 72 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$390,994 $384,750 $99,000 $1,000,000 99
Townhouse/Condo Market Snapshot – 18 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$180,086 $180,950 $85,000 $389,900 143

*DOM = Days On Market

Wallingford PA homes went under contract

1 new listing came onto the market

No listings expired

2 listings were withdrawn from the market

51 homes are Under Contract at this time

Wallingford PA homes sold last week

Wallingford Homes Sold June 1, 2015 To June 7, 2015
ADDRESS BED BATH PRICE SETTLED DOM*
204 Ronaldson Street 3 2.1 $245,000 06/01/15 366
29 Willow Road 3 2.0 $237,500 06/03/15 94
115 Willow Road 3 2.1 $252,450 06/05/15 2
7 Medbury Lane 3 1.0 $283,000 06/05/15 9
725 Kincaid Mills Lane 3 2.1 $370,000 06/05/15 425
308 Colonial Drive 4 2.1 $600,000 06/05/15 2
AVERAGE $331,325 150

*DOM = Days On Market

4 of the 6 homes sold had a Seller Assist:

– 29 Willow Road – $150

– 7 Medbury Lane – $5,000

– 725 Kincaid Mills Lane – $2,000

– 308 Colonial Drive – $3,000

Wallingford PA Real Estate – Wallingford, PA 19086