Archives for November 2017

Wallingford Community Spotlight – Jordan Estates

November 17, 2017 by admin

Jordan Estates is a community of 42 two story single family homes located on 51 acres of the former Jordan Estate in Media, PA. There are 3 cul de sac streets in the development – Hidden Acres Lane, Wildflower Lane, and Wisteria Lane.

Thirty five of the homes are located in Nether Providence Township whose residents attend the schools in the Wallingford Swarthmore School District and 7 homes are located in Upper Providence Township whose residents attend schools in the Rose Tree Media School District.

Beatty Road Entrance

Jordan Estates was built by Bentley Homes during the years 1997 to 2002. There are 42 four bedroom and 5 bedroom homes averaging 5,085 square feet situated on lot sizes of approximately one third of an acre according to the Public Record.

Property taxes for the 7 homes in Upper Providence Township average $15,580 and the 35 homes in Nether Providence Township have an average tax bill of $23,885.

Jordan Estates is governed by a homeowners association whose Board Of Directors consists of 5 community members. The monthly association fee is $363 for 2017.

The development is accessed via Beatty Road, Twyckenham Road, and Meetinghouse Lane.

View all Jordan Estates Homes For Sale

Jordan Estates Sales Activity

**Jordan Estates Sales 2023**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
215 Wisteria Lane	5	3.1	$1,115,000	05/24/23	7
AVERAGE			$1,115,000		7

*DOM = Days On Market

**Jordan Estates Sales 2021**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
105 Wisteria Lane	5	4.1	$800,000	05/06/21	27
209 Hidden Acres Lane	4	2.2	$755,000	05/07/21	4
206 Wisteria Lane	5	3.2	$760,000	12/03/20	4
AVERAGE			$771,667		12

*DOM = Days On Market

**Jordan Estates Sales 2020**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
507 Wildflower Lane	5	3.2	$711,000	07/30/20	68
AVERAGE			$711,000		68

*DOM = Days On Market

**Jordan Estates Sales 2019**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
202 Hidden Acres Lane	4	4.2	$700,000	06/26/19	7
107 Wisteria Lane	5	4.1	$730,000	11/15/19	3
503 Wildflower Lane	5	4.2	$712,500	12/13/19	51
AVERAGE			$714,167		20

*DOM = Days On Market

**Jordan Estates Sales 2018**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
516 Wildflower Lane	5	3.3	$675,000	05/01/18	14
106 Wisteria Lane	4	2.1	$545,000	07/31/18	131
207 Hidden Acres Lane	4	3.1	$545,000	08/03/18	69
AVERAGE			$588,333		71

*DOM = Days On Market

**Jordan Estates Sales 2017**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
211 Wisteria Lane	5	4.1	$565,000	05/02/17	196
AVERAGE			$565,000		196

*DOM = Days On Market

**Jordan Estates Sales 2016**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
519 Wildflower Lane	4	3.2	$686,000	05/02/16	8
AVERAGE			$686,000		8

*DOM = Days On Market

**Jordan Estates Sales 2015**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
202 Wisteria Lane	4	3.1	$557,500	08/27/15	26
210 Wisteria Lane	4	4.1	$685,000	10/28/15	1
209 Wisteria Lane	4	3.2	$649,000	12/17/15	66
AVERAGE			$630,500		31

*DOM = Days On Market

**Jordan Estates Sales 2014**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
506 Wildflower Lane	4	4.1	$680,000	08/14/14	13
514 Wildflower Lane	4	3.2	$580,000	11/10/14	227
AVERAGE			$630,000		120

*DOM = Days On Market

**Jordan Estates Sales 2013**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
200 Wisteria Lane	5	3.2	$675,000	04/09/13	219
211 Wisteria Lane	5	3.1	$585,000	04/30/13	14
206 Hidden Acres Lane	5	4.2	$650,000	12/11/13	60
AVERAGE			$636,667		98

*DOM = Days On Market

**Jordan Estates Sales 2011**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
104 Wisteria Lane	4	4.1	$727,500	01/13/11	95
206 Hidden Acres Lane	5	4.2	$770,000	01/31/11	104
105 Wisteria Lane	4	4.1	$700,000	11/14/11	198
AVERAGE			$732,500		132

*DOM = Days On Market

Wallingford PA Real Estate – Wallingford, PA 19086

Mortgage Insurance – What Do PMI And MIP Stand For?

November 15, 2017 by admin

Mortgage insurance is required for borrowers that do not have at least a 20% down payment for conventional loans and for all FHA loans. It is bought and paid for by borrower, but it exists to protect the investor should the loan go into default.

Depending on what kind of loan you get, you will pay for mortgage insurance in different ways:

Conventional Loans:

If you are obtaining a conventional loan your lender will arrange for mortgage insurance with a private company, hence the name Private Mortgage Insurance (PMI).

PMI rates vary and range between 0.3% and 1.2% of the loan amount on an annual basis. PMI rates depend on several factors:

PMI will cost less if you have a larger down payment, and vice versa
The higher your credit score, the lower your PMI premium.
If you live in a market with declining property values, your PMI premium might be higher.
The riskier the loan is to the lender, the higher your PMI.
If the financed property will be owner-occupied your PMI premium will be lower than if it is an investment property

FHA Loans:

When you obtain a Federal Housing Administration (FHA) insured loan the mortgage insurance premiums are referred to as Mortgage Insurance Premium (MIP). Premiums are paid to the Federal Housing Administration and mortgage insurance is required for all FHA loans regardless of the down payment.

When you obtain a FHA mortgage you must pay an upfront premium of 1.75% of the loan amount. That premium can be paid at closing or it can be rolled it into your loan amount, which increases principal and interest payments up by $8 to $10 a month for every $100,000 being borrowed.

In addition to this upfront premium you will also pay an annual premium that is added to your monthly mortgage payments. Depending on your loan’s size and term, this expense ranges from 0.80% to 1.05% of the loan amount for loans with a term greater than 15 years.

For example a borrower who is purchasing a $100,000 home and is putting down the minimum down payment of 3.5% would pay $1,688.75 as an upfront premium – 1.75% of the $96,500 loan amount. On an ongoing basis a borrower would pay $84.44 monthly which amounts to $1013.25 annually at the highest premium level.

How Long Does A Borrower Pay Mortgage Insurance?

Conventional Loan With PMI:

To remove PMI you must have at least 20% equity in the home. You can request the lender to cancel PMI when you have paid down the mortgage balance to 80% of the home’s original appraised value. When the balance drops to 78%, the mortgage servicer is required to eliminate PMI as required by Homeowners Protection Act of 1998.

An independent appraisal must be conducted before a lender will cancel any mortgage insurance policy.

FHA Loan With MIP:

Not any good news here. Borrowers must pay annual insurance premiums for the life of the loan, regardless of your loan to value ratio. Refinancing into a conventional loan is the only way to eliminate MIP.

Wallingford PA Real Estate – Wallingford, PA 19086

When To Consider A FHA Loan

November 14, 2017 by admin

FHA loans present a viable borrowing alternative to conventional loans for potential home buyers. Congress established the FHA in 1934 during the Great Depression as a way for lower income borrowers to purchase a home. The FHA became part of the Department Of Housing And Urban Development in 1965. FHA loans are mortgages insured by the Federal Housing Administration (FHA). The FHA is not a lender, but an insurer. Because of their relaxed restrictions, they can sometimes offer borrowers a path to home ownership that a conventional loan may not.

When looking at loans, you may want to consider an FHA loan to avoid the more stringent requirements that often come with conventional mortgages. Since the FHA insures the loan lenders are able to loosen the qualification requirements since they are no taking on the risks associated with a borrower defaulting. A conventional lender will demand a higher credit score, larger cash down payment, and a lower debt to income ratio.

You should consider a FHA loan if:

You Have Less Than A 5% Down Payment
FHA loans require as little as 3.5% down.

Your Credit Score Is Less Than Perfect
If your credit score is less that 620 an FHA loan may be the most viable option for you. In some cases lenders will consider a credit score as low as 580. If your credit score is below 580 a 10% down payment is required.

You Are Funding Your Down Payment Entirely Via Gifted Funds
FHA guidelines allow for 100% of your down payment to be gifted. Conventional loans cap the amount of gift money that can be used as a down payment.

Your Debt To Income Ratio Is High
Your debt to income ratio (DTI) is a major determining factor in how much you can borrow. DTI is the sum of all of of your monthly debt payments divided by your monthly income. The FHA is much more lenient on maximum DTI ratios. The DTI for an FHA loan is typically 45%, but can be as high as 50% in some cases. Conventional DTI ratios carry a DTI maximum of 43%.

You Have Had A Foreclosure Or Short Sale In Your History
FHA guidelines are much more lenient than conventional loans with respect to the waiting time prior to applying for a loan following a foreclosure, short sale, or deed in lieu of foreclosure by a potential borrower. The period following the discharge of a foreclosure and a new FHA application can be as little as 3 years as opposed to 7 years for a conventional loan.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA Real Estate – November 6, 2017 To November 12, 2017

November 14, 2017 by admin

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

There are 70 homes listed for sale in Wallingford PA and Nether Providence Township on November 14, 2017 with an average asking price of $402,971.

Housing prices have returned to the “boom levels” of a decade ago, but this time around, the fast appreciation is being fueled by strong supply-and-demand dynamics rather than predatory lending practices, investor speculation, and too much construction, according to new realtor.com® data released Monday.

The national median price for a home in 2016 was $236,000 – 2% higher than in pre-recession 2006 – according to realtor.com®. Out of the country’s 50 largest housing markets, 31 have returned to their levels during the last housing bubble. Realtor.com® researchers found that Austin, Texas has posted the largest increases in home prices – 63% – over the past 10 years.

In 2006 the average selling price for Wallingford was $302,059. For the first 10 months of 2017 the average selling price was $348,670 – a 15.4% increase.

Wallingford Market Snapshot – 70 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$402,971	$399,900	$115,000	$790,000	95

Single/Twin Market Snapshot – 57 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$438,956	$439,900	$174,900	$790,000	95

Townhouse/Condo Market Snapshot – 13 Listings
AVERAGE	MEDIAN	LOW	HIGH	DOM*
$245,191	$197,777	$115,000	$490,000	95

*DOM = Days On Market

6 Wallingford PA homes went under contract

4 new listings came onto the market

No listings expired

No listings were withdrawn from the market

37 homes are Under Contract at this time

4 Wallingford PA homes sold last week.

Wallingford Homes Sold November 6, 2017 To November 12, 2017
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
915 Putnam Blvd	3	2.1	$183,000	11/07/17	87
114 Walnut Road	3	2.0	$150,000	11/09/17	185
405 S Providence Road	5	2.2	$505,000	11/10/17	156
105 Beatty Road	3	1.1	$312,650	11/10/17	80
Average			$287,663		127

3 homes sold with a Seller Assist

– 915 Putnam Blvd – $500

– 114 Walnut Road – $5,000

– 405 S Providence Road – $5,000

Wallingford PA Real Estate – Wallingford, PA 19086

E-Waste And Shredding Event – Saturday November 18, 2017 – Media Acme Parking Lot

November 13, 2017 by admin

Unwanted E-Waste Will Be Collected At The Recycling Event

Nether Providence Township and Media Borough are sponsoring an electronic recycling and shredding event on Saturday November 18, 2017 from 9 AM to 1 PM in the Acme parking lot located at 527 East Baltimore Pike, Media, PA.

E-Waste: Recycle almost anything with a plug for free! Old-style TV’s and CRT monitors do require a $30 disposal fee.

Shredding: documents with sensitive information that need to be shredded in a safe, secure, and environmentally friendly method on site. No CDs, or DVDs.

The trucks will be on the Beatty Road side of the shopping center. For questions, contact Dave at dgrady@netherprovidence.org or Karen at ktlux@mediaborough.com.

E-Recycling service is provided by PAR RECYCLE WORKS – a local nonprofit that sells reusable materials collected from electronic devices to help pay for salaries and job skill development for formerly incarcerated men and women, in order to support their productive re-entry back into society. For more information on PAR, please see par-recycleworks.org.

Shredding provided by J&K Trash.

The following items will be collected at no charge:

Computer towers Laptop computers

Tablets Servers

Printers Flat screen monitors

Phone systems Game consoles

Flat screen TVs Stereos/Radios

Small appliances Cell phones/calculators

Because of environmental issues that make safe disposal expensive, we require a $30 fee per unit for the following items:

CRT monitors Conventional TVs

Air conditioners and large appliances will not be accepted.

Don’t toss it, recycle it!

Wallingford PA Real Estate – Wallingford, PA 19086

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Archives for November 2017

View all Jordan Estates Homes For Sale

Jordan Estates Sales Activity

Conventional Loans:

FHA Loans:

How Long Does A Borrower Pay Mortgage Insurance?

Don’t toss it, recycle it!

S. Clark Kendus