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February 2018 – Page 2

Wallingford PA Real Estate

By Clark Kendus

Archives for February 2018

Wallingford PA Real Estate – February 12, 2018 To February 18, 2018

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Wallingford PA Real Estate - Wallingford - Wallingford Market Review

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

There are 54 homes listed for sale in Wallingford PA and Nether Providence Township on February 20, 2018 with an average asking price of $386,201.

Thirty four percent of new home buyers chose their home because of location, whether that was what they deemed a “good neighborhood,” proximity to schools, or easy travel to work.

New home buyers with children were more likely – 39% – than those without children – 30% – to say that location was the most important factor.

View all Nether Providence Twp Homes For Sale

View all Homes Listed In The Last 7 Days

Wallingford Market Snapshot – 54 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$386,201 $388,700 $98,000 $885,000 101
Single Home Market Snapshot – 38 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$454,494 $454,495 $134,990 $885,000 100
Twin Home Market Snapshot – 1 Listing
AVERAGE MEDIAN LOW HIGH DOM*
$239,900 $239,900 $239,900 $239,900 454
Townhouse Market Snapshot – 10 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$274,438 $242,450 $197,777 $435,000 79
Condo Market Snapshot – 4 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$120,750 $120,000 $98,000 $145,000 73
Row Home Market Snapshot – 1 Listing
AVERAGE MEDIAN LOW HIGH DOM*
$113,000 $113,000 $113,000 $113,000 112

*DOM = Days On Market

5 Wallingford PA homes went under contract

8 new listings came onto the market

No listings expired

1 listing was withdrawn from the market

26 homes are Under Contract at this time

2 Wallingford PA homes sold last week

Wallingford Homes Sold February 12, 2018 To February 18, 2018
ADDRESS BED BATH PRICE SETTLED DOM*
748A Putnam Blvd 2 1.0 $95,000 02/14/18 42
606 Pine Ridge Road 3 2.0 $364,000 02/16/18 51
AVERAGE $229,500 47

606 Pine Ridge Road sold with a  $15,000 Seller Assist

Wallingford PA Real Estate – Wallingford, PA 19086

2018 Nether Providence Township Summer Camp Sign Up

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Nether Providence Township has announced the return of it’s always popular Summer Camp for 2018. The camp is for children entering kindergarten through 5th grade as of September 2018. The camp will run from June 25, 2018 to July 26, 2018 and will be held at Nether Providence Elementary School (NPE). Camp hours run from 8:30 AM to 12:00 PM – Monday Thru Thursday.

Fees for the 5 week program are $280 for kindergartners and $255 for older attendees. Registration begins on Monday April 9, 2018 at the Nether Providence Township Building located at 214 Sykes Lane, Wallingford, PA. Hours for registration are from 9:00 AM until 5:00 PM – Monday thru Friday. The Township will not be offering a Pre School program this summer.

Nether Providence Township residents will be enrolled first and non resident applicants will be processed in the order in which they were received beginning Monday May 7, 2018, based upon availability.

Questions regarding the Summer Program can be diredted to Maureen Feyas, at 610-566-4516, or by email at mfeyas@netherprovidence.org

Wallingford PA Real Estate – Wallingford, PA 19086

A Buyer’s Secret Weapon – The Escalation Clause

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As the Spring market heats up and the supply of homes is being outstripped by buyer demand it is not uncommon for desirable listings to receive multiple offers. Buyers must be ready to make the best possible offer in order to secure their dream home. It is a big letdown when you lose a house to a better offer.

In an ultra competitive market a buyer can unleash a secret weapon that when executed properly will ensure their offer gets accepted. It is known as an escalation clause.

An escalation clause is an addendum to the Agreement Of Sale in which a prospective buyer says:

I will pay X dollars for this house, but if another buyer submits a bona fide offer that is higher, I will raise my offer in increments of Y dollars to a maximum price of Z

An escalation clause states that you are willing to outbid any other offers on the home by a predetermined amount, up to a ceiling price.

Example:

You offer $400,000 on a home with an escalation clause stating that you will outbid other offers by $5,000 up to a maximum offer price of $420,000. So if another buyer makes an offer of $405,000, your escalation clause will increase your offering price by $5,000 up to $410,000 for the home. If a buyer offers $425,000, then according to your escalation clause you are out of the bidding, because the offers have gone over your $420,000 cap.

The escalation clause addendum also requires the seller to produce the competing offer in writing that triggered the price escalation so you can verify that an additional offer did indeed exist.

An escalation clause is particularly useful when you have been informed that you are in a multiple offer situation for a home. The escalation clause will automatically raise your offer on the house by the predetermined increment, up to the maximum amount that you have authorized. It eliminates the back and forth of offer and counteroffer and can wind up saving you money by having a “floating” offer price instead of a fixed price.

I have successfully used the escalation clause in order to secure a property for several of my clients in multiple offer situations. Some agents shy away from it’s usage but maybe you should shy away from them.

Wallingford PA Real Estate – Wallingford, PA 19086

S. Clark Kendus

Sales Associate

Cavanagh Real Estate
112 West Front Street
Media, PA 19063
Cell: (610)-322-6734
Office: (610) 565-4100

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