Archives for November 2013

Average U.S. Housing Stock Is Aging

November 10, 2013 by admin

Wallingford PA Housing Stock – Average Price By Age Range In 2013

A recent realtor.com article cited a RealtyTrac study that found that more than 70 percent of the U.S. housing stock was built prior to 1990. On average, homes built prior to 1990 sold for $233,211 this year, compared to $256,292 for newer homes.

Fourteen states were found to have the largest number of homes built prior to 1990 (making up more than 80 percent of its home sales). Nearly all of those states were located in the Northeast, except for Louisiana, New Mexico, and Kentucky.

Whenever presented with data from a national perspective I like to compare it with local Wallingford data to see what similarities or differences can be found.

First of all – the average age of a home sold in Nether Providence Township in 2013 stood at 51.6 years.

In comparison with the national average price for homes built prior to 1990 of $256,292, homes locally in that age category sold for an average of $440,043.

It is no surprise that homes less than 10 years old in our community had the highest average sale price in 2013 at $504,217 with homes in the 11 to 20 year range coming in second at $447,925 – averages are based upon sales data through October 31, 2013.

Homes in the 41 to 50 year range composed the largest number of sales with 40, followed by the 21 to 30 year range with 19. That range is dominated by condos and townhomes in Weston and Putnam Villages, which accounts for the lower average sale price of $171,979.

The oldest housing locally, greater than 80 years old, comes in at an average of $444,247.

Wallingford PA Real Estate – Wallingford, PA 19086

Delaware County 2014 Proposed Budget Calls For 2.8%Tax Hike

November 6, 2013 by admin

The preliminary draft of the 2014 Delaware County budget includes a tax hike of 2.8 percent, bringing the county’s annual budget to $336 million dollars.

An average Delaware County taxpayer with a home assessed at $134,200 would incur a County property tax of $750.00 – an increase of $20 over last year.

The millage rate for 2014 would be set at 5.604 mills, up from the current rate of 5.452 mills. A mill represents 1 dollar for every 1,000 dollars in assessed value.

The County owned nursing care facility at Fair Acres, which is expected to cost $8.7 million dollars next year, is the costliest item in the budget. Projected operational cost for the facility is $2.7 million more than 2013, due in large part to a reduction of $1.7 million in Medicare funding and federal grants.

The County raised millage by 2.8% last year, and 2.3% in 2012.

The proposed hearing date for the budget is December 5, with December 11 set as the tentative budget adoption date.

Wallingford Real Estate – Wallingford, PA 19086

Packing Tips For Your Move

November 5, 2013 by admin

Moving to a new home is very exciting, but for many people the process of packing up a home is no fun. It’s time consuming and eye-opening when you realize just how much stuff you have. Should you keep it, donate it or throw it away? If a move is on your horizon, you might find these tips helpful in keeping yourself organized, using time efficiently and ensuring your items arrive safely in your new home.

In addition to packing and labeling your boxes by room, you’ll want to create an “open first” box with all the things you’ll need right away. For example, you might include dish soap, a sponge, a roll of paper towels, tissues, pens, scissors, disposable plates/forks, bath towels, an extra box cutter, etc.

You should also pack a suitcase for each family member with all toiletry and clothing items he or she will need for the first several days in the new house while you are unpacking. Make sure to set these aside so you can pack them in the car or take them on the plane for a long distance move.

To keep yourself organized, keep a “moving file” with important paperwork you will need throughout your move, such as your moving truck reservation, real estate agent contact information, etc. Keep this file in a safe place where you will not accidentally pack it in a box.

Get more moving tips from realtor.com on getting organized for a move.

Wallingford PA Real Estate – Wallingford, PA 19086

Flood Insurance Premiums Scheduled To Skyrocket

November 4, 2013 by admin

Wallingford PA Real Estate - Wallingford PA - Federal Flood Insurnace Premiums To Rise Sharply

Flooding Along Crum Creek During Hurricane Irene

Monthly flood insurance premiums for more than 1 million homeowners are scheduled to increase as a result of the passage in July 2012 of the Biggert-Waters Flood Insurance Reform Act of 2012. Key provisions of the legislation will require the National Flood Insurance Program (NFIP) to raise rates to reflect true flood risk, make the program more financially stable, and change how Flood Insurance Rate Map (FIRM) updates impact policyholders. The changes will mean premium rate increases for many policyholders. A byproduct of this change is the depression of home prices in flood zones, as potential buyers balk at sky high premiums.

Subsidies have kept rates as low as 10 percent of the actual cost. FEMA is reassessing its risk calculations, drawing flood maps that will bring higher rates to some areas.

The flood insurance program amassed more than $20 billion in debt after Hurricane Katrina slammed into New Orleans in 2005 and it borrowed more after superstorm Sandy hit the East Coast in 2012.

Potential sellers are often caught off guard when they learn that their home that has been paid off, and did not require flood insurance, now lies in a revised FEMA flood zone, or that a new owner will be forced to pay non subsided premiums at much higher rates. Even the smallest of creeks or streams can trigger a flood zone inclusion. A quick way to check to see if your home is in a flood zone is visit www.floodsmart.gov – enter your address, city, state, and zip code. You will be given a flood risk profile for your home.

An estimated 20% of the 5.5 million flood policies nationwide are subsidized, in many cases meaning their rates were set before flood maps were adopted in the 1970s and remained that way until Biggert-Waters. As a result, owners of those older, subsidized properties could see rate increases of 17% a year until they reach a level that reflects their market risk. Even owners of nonsubsidized homes could see annual rate increases of 6 to 9% per year

Federal flood insurance covers $1.3 trillion of property in all 50 states, with Florida, Texas, Louisiana, California and New Jersey making up two-thirds of all policies, according to Federal Emergency Management Agency, which runs the program.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA Real Estate – October 2013

November 2, 2013 by admin

Halloween Along Providence Road

More homes sold in October 2013 than last year, they sold for a higher average price, it took less time to sell a home, and both the percentage to original and asking prices were higher than last October. This marks the fourth consecutive month that the average price has posted an increase over the previous year, and the number of homes sold has increased by 19 during that 4 month stretch since July – 77 this year vs 58 last year.

Sales this October bested last year by 1 home, 16 sold vs 15 last year, and the average price increased by $63,422 or 23.5% compared to October 2013. The average price of the core category of single detached family homes increased from $347,044 to $381,500, a $34,456 increase – there were 11 single family homes sold in October 2013 vs 9 last year.

WALLINGFORD PA HOMES SOLD – OCTOBER 2013

Address	Bed	Bath	Price	DOM*	Settled
800 Avondale Road #7G	2	2.0	$115,000	167	10/07/2013
405 Sheffield Drive	4	2.5	$200,000	8	10/07/2013
33 Waterford Way	4	3.5	$375,000	2	10/07/2013
215 Walnut Road	3	1.5	$240,000	22	10/10/2013
415 Woodward Road	6	2.5	$670,000	200	10/11/2013
497 Vernon Street	3	1.5	$196,000	368	10/11/2013
400 E Country Club Lane	3	2.2	$379,500	7	10/24/2013
122 Locust Lane	4	2.2	$460,000	15	10/25/2013
337 Plush Mill Road	4	3.5	$525,000	89	10/25/2013
733 Hemlock Road	4	4.5	$650,000	83	10/25/2013
212 Maple Road	4	3.5	$240,000	80	10/25/2013
3 Hickory Lane	3	1.0	$247,000	94	10/25/2013
1238 Putnam Blvd	2	2.2	$205,000	7	10/30/2013
216 Hillsboro Mills Lane	3	3.5	$479,000	10	10/30/2013
530 S Providence Road	5	3.5	$210,000	294	10/30/2013
1000 Putnam Blvd #304	2	2.0	$142,500	98	10/31/2013

* DOM = Days On Market

Five of the 16 Wallingford PA homes sold in October 2013 had a Seller Assist:

– 800 Avondale Road #7G – $5,000

– 215 Walnut Road – $7,500

– 733 Hemlock Road – $9,000

– 3 Hickory Lane – $7,410

– 212 Maple Road – $6,000

Financing Methods

– Conventional Mortgage -11 transactions

– Cash – 4 transactions

– FHA Mortgage -1 transaction

There were 2 distressed property sales in October:

497 Vernon Street was reported as a Short Sale, and 530 S Providence Road was a Bank Owned Foreclosure sale.

Wallingford PA Single Homes Sold October 2013 – 11 Sales

Avg Price	Median Price	Low	High	Days Listed
$381,500	$375,000	$200,000	$670,000	81

Wallingford PA Twin Homes Sold October 2013 – 1 Sale

Avg Price	Median Price	Low	High	Days Listed
$196,000	$196,000	$196,000	$196,000	88

Wallingford PA Townhouses Sold October 2013 – 2 Sales

Avg Price	Median Price	Low	High	Days Listed
$342,000	$342,000	$205,000	$479,000	9

Wallingford PA Condos Sold October 2013 – 2 Sales

Avg Price	Median Price	Low	High	Days Listed
$128,750	$128,750	$115,000	$142,500	133

WALLINGFORD PA – OCTOBER 2012 VS OCTOBER 2013

	SALES	AVERAGE	DOM*	STL TO ORIG	STL TO LAST
2012	15	$269,953	99	88.99%	94.01%
2013	16	$333,375	96	92.61%	96.32%
	6.7%	23.5%	-3.0%	3.62%	2,31%

* DOM = Days On Market

Looking ahead to upcoming activity, there are 11 homes scheduled to settle in October, 10 in December, and 1 in February.

Wallingford PA Real Estate – Wallingford, PA 19086

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Archives for November 2013

WALLINGFORD PA HOMES SOLD – OCTOBER 2013

Wallingford PA Single Homes Sold October 2013 – 11 Sales

Wallingford PA Twin Homes Sold October 2013 – 1 Sale

Wallingford PA Townhouses Sold October 2013 – 2 Sales

Wallingford PA Condos Sold October 2013 – 2 Sales

WALLINGFORD PA – OCTOBER 2012 VS OCTOBER 2013

S. Clark Kendus