Archives for February 2014

It Is All About The Price!

February 25, 2014 by admin

The often heard saying of location, location, location, should really be altered to price, condition, and location with price being by far the most crucial factor.

Location and condition are definitely important factors when selling a home, but it is the price that sells a home. A home in a good location will sell at a fair price, and a home in a bad location will ultimately sell at a fair price, it just will not be as high as it would be for a great location. A home in the most desirable location in the world will not sell at the wrong price. The same can be said for the influence of a home’s condition.

But neither location or condition will sell a house. Only one thing does that – price.

Maybe you did not listen when your were told that you were pricing your home above the market, or perhaps you got upset at the potential buyers who commented that your home was over priced and did not make an offer

When the showings stopped completely, you might have accused your agent of not doing a good enough job.

Many sellers only need to look in the mirror to find the party at fault.

It is all about the price – the overriding reason why a home does not sell. Whatever the reason is that a home is not selling it can ultimately be rectified by adjusting the price.

Consider The Comps

“Comps” are comparable homes in your neighborhood that have recently sold – within the past 6 months – or are currently for sale and under contract. Comps are the most important factor in pricing your home. Comparable homes ned to be viewed in conjunction with local market conditions, including the supply of for-sale homes relative to buyer demand and factors such as the absorption rate that measures the rate of inventory turnover.

Adhering to the basic laws of economics, when inventory levels are low the price envelope can be pushed but not to a point where it defies market data.

Price To Appraise

Sold comps carry extra weight, because your sales price will be subject to an appraisal, unless your buyer agrees to pay cash or waives any appraisal contingency. The appraisal of your home will be based on sale prices of sold comps. If the appraisal doesn’t support your contract sale price your deal could be in jeopardy.

Just remember the listing price of a home can not be justified by the following:

– Price you paid for your house
– The amount you want to net from the transaction
– The price that homes in your neighborhood sold for in years past
– The amount you have spent on repairs, maintenance and improvements

Wallingford PA Real Estate – Wallingford, PA 19086

Tax Breaks For Homeowners

February 14, 2014 by admin

Owning a home invokes more than a sense of pride and freedom. It is also a long-term investment opportunity. With tax season here, the time is here to consult with your tax advisor regarding the tax advantages associated with homeownership.

Some of the tax benefits that homeowners enjoy are:

Mortgage Interest Deduction:
Interest you pay on a mortgage of up to $1 million – or $500,000 if you’re married filing separately – is deductible when you use the loan to buy, build or improve your home.

Mortgage Points:
Did you pay points to get a better rate on any of your various home loans? They offer a tax break, too. The only issue is exactly when you get to claim them. The IRS lets you deduct points in the year you paid them if, among other things, the loan is to purchase or build your main home, payment of points is an established business practice in your area and the points were within the usual range. Make sure your loan meets all the qualification requirements so that you can deduct points all at once.

Property Taxes:
You can deduct the real estate property taxes you pay each year, as well as any property taxes paid at the time you closed the purchase of your house.

Mortgage Insurance Premium Deduction:
If you had to take out private mortgage insurance, the premium on that insurance can be deducted, as long as your income is less than $100,000 (or $50,000 for married filing separately).

Energy Efficiency Upgrades/Repairs Deduction:
Homeowners can deduct the cost of the building materials used for energy efficiency upgrades to their home. This is actually a tax credit, one which is applied as a direct reduction of how much tax you owe, not just a reduction in your taxable income.

10 percent of the total bill for energy-efficient materials can be used as a tax credit, up to a maximum $500 credit. Insulation, doors, new roofs, and many other items qualify for the energy efficiency credit. There are also individual limits for certain items, such as $150 for furnaces, $200 for windows, and $300 for air conditioners and heat pumps.

Wallingford PA Real Estate – Wallingford, PA 19086

Refinancing – Still Worthwhile For Many Homeowners

February 14, 2014 by admin

According to Fannie Mae’s Economic And Strategic Research Group, nearly half of the homeowners who could refinance their homes have not done so. The study shows that not everyone is taking advantage of the extended period of historically low mortgage rates.

When reviewing data from their National Housing Survey from the first quarter of 2013, the group found that 40 to 50 percent of respondents had not refinanced the mortgage on their current home. What’s more, only 25 to 30 percent had done so in the past three years when rates had hit record lows.

Fannie Mae also analyzed the factors that could motivate homeowners to refinance over the next 12 months. They found that while those who had already completed a refinance were motivated by low mortgage rates, future refinancers are seeking to stabilize their financial situation. In addition, borrowers who have better financial literacy and who believe they can qualify for a loan are more likely to pursue a refinance.

This lack of knowledge about the refinancing process can also apply to purchase mortgages. Steve Madonna of Weichert Financial Services is a valuable resource for anyone looking to either refinance their home or obtain financing for a home purchase. If you would like to take advantage of an opportunity for a savings of up to $475 on mortgage processing fess contact Steve at 610-952-0989.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA – 635 Niblick Lane – Open House – February 16, 2014 – 1 To 3

February 13, 2014 by admin

Wallingford PA Real Estate - wallingford PA - 635 Niblick Lane - Open House - Sunday November 24, 2013

Avondale Springs – 635 Niblick Lane

OPEN HOUSE – FEBRUARY 16, 2013 – 1 TO 3

635 Niblick Lane – Wallingford, PA 19086

It takes a bit of vision given today’s brutal weather but image as you sit course side of the Springhaven Club on your brand new patio enjoying Spring as it emerges. You could be the new owner of this townhome with golf course views in time to watch the 2014 Master’s tournament which starts only 8 weeks from today!

You will love all the updates to this 2 bedroom 2.5 bath townhome in the popular community of Avondale Springs – a hidden gem of Wallingford PA. New carpeting throughout the house, all new kitchen appliances, new patio with great views of the Springhaven Club’s 7th fairway. Master bedroom retreat has an attached bath with jetted tub, stall shower, vanity with double sinks. There is plenty of storage in this room with a large walk in closet, a double closet, and another closet – perfect for a large wardrobe! Picture yourself relaxing on the master bedroom deck with a great view of the golf course.

Main level features a large living room/dining room combination, family room with wood burning fireplace. The kitchen and family room both has sliding glass doors that lead to the new patio overlooking the golf course. Updated kitchen with breakfast bar which opens to the family room.

Enjoy maintenance free living next to the golf course. Come to the Open House to see this move in ready townhome on Sunday!

Wallingford PA Real Estate – Wallingford, PA 19086

New Construction Projected To Increase This Year

February 11, 2014 by admin

The National Association Of Home Builders (NAHB) has profiled the average new construction home built in 2013. The average new home was built on a lot size of 14,359 square feet, which is approximately 1/3 of an acre, and the typical home featured 2,607 square feet of finished interior space. Buyers paid on average $399,352 for a new home in 2013 with the average construction costs of the home averaging 62% of the sales price.

New home sales are averaging 8.7% of total home sales – barely half the historical average of 16.1 percent, according to NAHB. The NAHB projects 1.15 million total housing starts in 2014, up nearly 25 percent from the 2013 total of 928,000 units. Single-family production is expected to increase 32 percent in 2014 to 822,000 units, and then rise an additional 41 percent to 1.16 million units in 2015.

In Wallingford PA new construction accounted for 2.1% of sales for 2013. The 4 newly built homes sold for an average of $418,825. There were was no new construction sold in Swarthmore during the past year.

Wallingford PA Real Estate – Wallingford, PA 19086

Archives for February 2014

OPEN HOUSE – FEBRUARY 16, 2013 – 1 TO 3

635 Niblick Lane – Wallingford, PA 19086

S. Clark Kendus