Archives for March 2014

How Did Zillow Come Up With That Price For My House?

March 31, 2014 by admin

Wallingford PA Real Estate - Wallingford PA - Biltmore Mansion - Aheville NC

How Much Is Your Castle Worth Online?

If you are a seller you need to be prepared for buyers citing the valuation of homes that is produced by Zillow’s Zestimate model. Zillow and other web sites such as Trulia use what is known as an AVM (Automated Valuation Model) algorithm that utilizes Public Records to produce an estimate of a home’s value.

There are inherent issues with any AVM mathematical model in that no matter how sophisticated they claim to be they can not factor in a home’s condition, improvements, and other factors that can only be ascertained by a professional that make a personal visit to a property. Automated estimates are also subject to differences in Public Records with respect to important aspects of a home such as square footage and the number of bedrooms and bathrooms. I have often observed significant differences in these data points in Delaware County Public Records.

I did a quick review of 4 homes that recently settled in Wallingford and compared Zillow’s Zestimate against actual selling prices. The range of accuracy was quite varied, the closest being 3.6% lower than the actual selling price and the largest variance coming in at 16.3% lower than the actual selling price. In other words that variances amount to real money – a 16.3% variance on the average selling price of a single family hone in Wallingford this year of $290,888 comes to almost $47,500, a 3.6% variance amounts to almost $10,500.

In Zillow’s published accuracy tables the Zestimates produced for home in Delaware County claim to have a median error of 6.2%, with 40.9% of estimates coming in within 5% of the selling price, 71.2% being within 10% of the selling price, and 88.3% of estimates within 20% of a homes selling price.

I think is wise for a seller to be aware of the estimated value of their home that buyers are seeing and searching for on the web, but the word estimate makes up a majority of the word Zestimate and it is just that – an estimate.

Wallingford PA Real Estate – Wallingford, PA 19086

Thomas Leiper House To Get New Roof

March 20, 2014 by admin

Wallingford PA Real Estate - Wallingford PA - Thomas Leiper House Roof To Be Replaced

The Condition Of The Leiper House Roof Has Been A Concern Of The Township

With funding from a federal Community Development Block Grant the deteriorating cedar shingle roof of the Thomas Leiper House on Avondale Road will be replaced. The proposal to solicits bids for the roof work was unanimously approved by the Board Of Commissioners in a meeting earlier this month.

The Leiper House on the south west bank of Crum Creek was built as a summer home in 1785 by Thomas Leiper, patriot and prominent merchant. Leiper named the house Avondale and his descendants occupied the home until 1959. It is currently owned and operated by Nether Providence Township.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA – New Listing – 405 Bickmore Drive

March 17, 2014 by admin

Wallingford PA Real Estate - Wallingford PA - 405 Bickmore Front View

405 Bickmore Drive

405 Bickmore Drive – Wallingford, PA

$395,000

OPEN HOUSE Sunday April 13, 2014 1 To 3

Well maintained 4 bedroom 2.5 bath 4 level split level with over 2,400 square feet of living space is one of the most spacious homes in the neighborhood. Lower level features a 20 x 15 family room with corner bar that has sliding doors that lead to a front patio,a small office area, finished utility room with half bath, laundry facilities and outside exit. There is access to the oversized 26 x 24 garage with abundant storage space inside and in the attic above. Stairs lead up to the living room on the main level with hard wood floors, a large bay window, dining room, and kitchen. A door from the dining room leads to a three season sunroom with windows all around measuring 19 x 11 with slate flooring that is filled with afternoon sunlight.

Wallingford PA Real Estate - Wallingford PA - 405 Bickmore Drive - Sunlit Porch

Porch With Slate Floors Gets Plenty Of Afternoon Sun

The upper level has 3 bedrooms with hardwood floors, linen closet, and a full bath. Retreat to the master suite on the third level with an attached bath with a pedestal sink and stall shower. Two extra deep closets provide lots of storage space. A shed dormer alcove creates a cozy setting for a bed. There is a door for convenient walk up access to the attic which is floored and provides plenty of storage space. The level backyard is a perfect area for outdoor play and entertaining. A convenient location close to public transportation with two train stations nearby for an easy commute to the city and quick access to major highways.

Wallingford PA Real Estate - Wallingford PA - 405 Bickmore Drive - Family Room

20 x 15 Lower Level Family Room

Wallingford PA Real Estate – Wallingford, PA 19086

Assessing Winter’s Damage To Landscaping

March 14, 2014 by admin

As the snow begins to melt after a long, harsh winter, homeowners will soon be able to catch their first glimpse of the weather’s impact on their landscaping. Between the ice, cold temperatures and plentiful use of melting salt, there is likely to be a few casualties from the winter weather.

The good news is that many areas had a consistent snow cover lasting several months. This blanket of snow is actually good for plants and grass since it insulates them and keeps them protected. At the same time, ice is bad for grass because it can freeze plant cells and crush blades of grass, causing it to die. Ice can also lead to broken or damaged branches.

While the full impact of the winter weather won’t be known until late spring or early summer, certain tasks can be done as soon as the snow and ice melts. These include removing broken branches and winter-damaged leaves from the yard and assessing the grass for dead spots. As the weather warms up, grass changes from brown to green; however, if grass has died, it won’t change color.

As the spring progresses, it will be easier to make decisions about how much pruning to do and to see if any grass or plants need replacing.

Wallingford PA Real Estate – Wallingford, PA 19086

Senate Passes Bill Limiting Increases In Flood Insurance Rates

March 14, 2014 by admin

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

Flooding Along Crum Creek During Hurricane Irene

It has taken nearly 6 months but the Senate on Thursday approved a bill that will limit rate increases for federal flood insurance to 18% per year. The passage of the bill essentially reverses the 2012 law that was aimed at overhauling the nearly bankrupt National Flood Insurance Program (NFIP). Under the previous legislation some home owners in flood prone areas were facing flood insurance premium increase of up to 1,000%. The meteoric rate increase were seen as another stumbling block to the housing market in affected areas such as Florida.

The bill calls on FEMA to attempt to reach the goal that most policyholders have a premium of no more than 1% of the value of their coverage – for example $2,000 for a $200,000 policy. The legislation also restored the “grandfathering” of rates meaning homes that complied with previous flood maps would not be hit with large increases when new maps show greater risk of flooding

If grandfathering was terminated, property owners mapped into higher risk would have to either elevate their structure or have higher rates phased in over 5 years.

Wallingford PA Real Estate – Wallingford, PA 19086

Archives for March 2014

405 Bickmore Drive – Wallingford, PA

$395,000

OPEN HOUSE Sunday April 13, 2014 1 To 3

S. Clark Kendus