Archives for August 2013

Rising Rates Are Not Deterring Buyers

August 13, 2013 by admin

Wallingford PA Real Estate - Wallingford, PA - Consumers Positive About Housing Market

Study Indicates Consumers Are Still Positive About Housing Despite Recent Rate Hikes

Consumer attitudes towards the housing market are increasingly positive despite the recent rise in mortgage interest rates, according to a July’s National Home Survey by Fannie Mae.

The survey found that 62 percent believe interest rates will go up over the next year, an increase of five percentage points compared to June’s survey. In addition, 53 percent of Americans expect home prices to increase by an average of 3.9 percent over the next 12 months. Only six percent expect prices to fall, a new low in the survey’s three-year history. Seventy-four percent of those surveyed say now is a good time to purchase a house, and 40 percent say now is a good time to sell.

Consumers are aware of rising rates and are bracing themselves for higher interest rates: 62 percent of survey respondents say they expect rates to rise over the next year, while only five percent expect them to fall.

Americans are slightly less upbeat about homeownership. Only 45 percent feel it would be easy for them to obtain a home mortgage, down two percentage points, and there was a slight decrease to 64 percent of those who indicated they would buy if they were going to move. Three percent fewer people expect their personal financial situation to improve over the next year but the percentage of those reporting significantly higher household expenses fell from 36 percent to 30 percent.

Wallingford PA Real Estate – Wallingford, PA 19086

Garage Doors Add To A Home’s Curb Appeal

August 8, 2013 by admin

Garage Doors Enhance A Home’s Curb Appeal

Garage doors are often overlooked when considering what parts of your home to remodel or replace, and serve as a crucial component of a home’s curb appeal.

According to Remodeling Magazine’s 2013 Cost vs Value Report replacing a garage door will return 71.4% of the original cost in the Middle Atlantic region. Garage door replacement ranks as one of the highest return projects on the list.

In addition, garage doors can be a significant source of heat loss. Without breaking the bank, a typical wood or fiberglass garage door can be replaced with an insulated steel door that could save a homeowner hundreds of dollars a year in heating costs.

Installing an automatic garage door opener continues to be popular among homeowners. Newer automatic doors are quieter and many can be wired to run on a backup battery. Additionally, all new automatic openers have federally mandated safety features. For example, a photoelectric eye six inches from the bottom allows the door to immediately stop closing if a toy or child breaks the beam.

Garage doors should not be overlooked as they can increase curb appeal, protect against heat loss, and be an attractive feature to potential homebuyers.

Wallingford PA Real Estate – Wallingford, PA 19086

Cash Is Not Always King

August 5, 2013 by admin

Wallingford PA Real Estate - Wallingford, PA - Cash Deposits

Surprise Cash Deposits During The Mortgage Process Can Cause Problems

Cash is the ultimate safe haven right? Well if you are in the process of applying for a mortgage undocumented cash deposits can derail the process, and even lead to a denial of your loan.

Lenders want to see stability, the sources of your income, and all other funds which will support repayment of the home loan. Underwriters, the guys in the backroom who review all of your financial documentation, get really nervous when they see large sums of cash being deposited – particularly when it’s just prior to applying for a mortgage. The same goes for transferring large sums of money between bank accounts. Sometimes, such deposits and transfers are completely legitimate. Regardless, this will raise questions. So… if you make large deposits and/or transfers, you need to be prepared, and expect to not only answer questions regarding these bank transactions, but you must provide documentation as well.

Many many people receive the income from their second job in cash. Even if you deposit the cash in your bank account and declare the extra income on your W-2, lenders may not be willing to consider this income.

For instance if you have $7,000 in the bank, but $3,000 was a counter deposit two weeks earlier, the lender will consider you to have only $4,000, the additional money you deposited from under your mattress does not count – if it can not be documented, also known as sourcing, it does not exist!

Cash deposits can be difficult to document, so the best advice is not to deposit cash into your account during the mortgage application process. Lenders will require that all non-direct deposit payroll deposits be verified and documented.

If you have cash that you are planning to use for your home purchase, deposit the funds in your account at least 60 days before you apply for a mortgage. Your mattress money needs to be in your bank account well ahead of your mortgage application.

Your lender is going to want to source all deposits and transfers into your account to make sure you are not using borrowed funds. If you do transfer money from one account to another, be prepared to submit the statement illustrating from where you transferred the money. This paper trail is going to be documented.

Making large deposits or transfers without legitimate documentation is a BIG mistake!

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA Real Estate – The Month Of July 2013 In Review

August 4, 2013 by admin

Helen Kate Furness Library – Summer Blooms

July 2013 recorded 18 sales, down by 1 home compared to July 2012. Seven homes sold in 3 weeks or less, and of that group 5 homes sold for 100% of original asking price. The percentage of selling price to original list price saw a big jump, with homes sold in July 2013 receiving 94.86% of original list price on average, and 96.90% of last list price.

The average price for July 2013 was up when compared to last year by 4.9%, and average days on market was down by a substantial 41.2% to 67 days.

Single detached family homes posted a 6.2% gain when compared to the average price of the 17 single detached homes sold in July 2012. This year’s 16 single family homes sold averaged $320,013 compared to $301,253 last year.

WALLINGFORD PA HOMES SOLD – JULY 2013

Address	Bed	Bath	Price	DOM*	Settled
1 Hickory Lane	3	2.0	$292,250	96	07/02/2013
32 Green Valley	3	1.5	$292,150	57	07/08/2013
301 Barry Lane	4	2.5	$325,000	7	07/08/2013
700A Putnam Blvd	2	1.0	$107,000	142	07/12/2013
607 Morris Lane	3	2.5	$370,000	4	07/16/2013
211 Governors Drive	3	1.5	$285,000	10	07/18/2013
200 West Brookhaven Rd	4	2.5	$381,000	54	07/19/2013
908 Surrey Road	3	2.0	$350,000	42	07/19/2013
206 Cooper Drive	5	3.5	$465,000	354	07/24/2013
718 Scott Lane	4	2.5	$489,900	7	07/25/2013
109 Westminster Drive	2	2.0	$180,000	144	07/26/2013
704 Blue Hill Road	5	2.5	$390,000	11	07/26/2013
300A Saybrook Lane	2	1.0	$100,000	46	07/26/2013
404 Golfview Road	4	2.0	$335,000	21	07/26/2013
115 Meadow Lane	4	3.5	$324,900	22	07/29/2013
107 Walnut Lane	3	1.5	$230,000	83	07/30/2013
405 Burning Tree Drive	3	2.5	$295,000	91	07/31/2013
508 Ryanard Road	3	3.0	$200,000	9	07/31/2013

* DOM = Days On Market

Eight of the 18 Wallingford PA homes sold in July 2013 had a Seller Assist:

– 32 Green Valley Road – $10,000

– 607 Morris Lane – $5,000

– 989 Putnam Blvd – $2,000

– 211 Governors Drive – $8,550

– 200 West Brookhaven Road – $5,000

– 704 Blue Hill Road – $6,252

– 115 Meadow Lane – $13,000

– 405 Burning Tree Drive – $2,950

Financing Methods

– Conventional Mortgage -13 transactions

– FHA Mortgage – 3 transactions

– Cash – 2 transactions

There was 1 distressed sale this month – a Short Sale – 109 Westminster Drive

Wallingford PA Single/Twin Homes Sold July 2013 – 16 Sales

Avg Price	Median Price	Low	High	Days Listed
$320,013	$309,950	$180,000	$489,900	63

Wallingford PA Townhouse/Condos Sold July 2013 – 2 Sales

Avg Price	Median Price	Low	High	Days Listed
$103,500	$103,500	$100,000	$107,000	94

WALLINGFORD PA – JULY 2012 VS JULY 2013

	SALES	AVERAGE	DOM*	STL TO ORIG	STL TO LAST
2012	19	$282,121	114	91.26%	95.82%
2013	18	$295,956	67	94.86%	96.90%
	-5.3%	4.9%	-41.2%	3.60%	1.08%

* DOM = Days On Market

Looking ahead to upcoming activity, there are 22 homes scheduled to settle in August, and 9 in September.

JULY 2013 LISTING PRICE HISTORY

Wallingford PA – July 2013 Listing Price History

Wallingford PA Real Estate – Wallingford, PA 19086

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Archives for August 2013

WALLINGFORD PA HOMES SOLD – JULY 2013

Wallingford PA Single/Twin Homes Sold July 2013 – 16 Sales

Wallingford PA Townhouse/Condos Sold July 2013 – 2 Sales

WALLINGFORD PA – JULY 2012 VS JULY 2013

S. Clark Kendus