Call: (610)-322-6734
February 2018 – Page 3

Wallingford PA Real Estate

By Clark Kendus

Archives for February 2018

New Listing – 405 Michigan Avenue – Swarthmore, PA

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405 Michigan Avenue – Swarthmore, PA 19081

3 Bedrooms – 2 Full Baths  – $429,900

This charming and updated Arts and Crafts home is a must see. From the moment you walk up onto the mahogany covered porch you will be entranced. The new hardwood floors in the living room welcome you to the cozy wood burning fireplace. A French door leads to a bright and sunny office off the living room.

Living Room

Office

The kitchen and family room features refinished hardwood floors, a vaulted ceiling with 2 skylights, new quartz counter tops, a white subway tile back splash, white cabinetry, and stainless steel appliances. It opens to a small family room with a second wood burning fireplace and a French door out to the new deck and back yard.

Kitchen

Family Room

Side View

This house has had many recent improvement including: entire exterior has been painted (2017), new roof and skylights (2015), new Azek deck (2017), New hardwood floor in the living room (2018), refinished floor in the dining room and kitchen/family room (2018), upgraded electrical system (2014).

Back Yard

If you have any questions or would like to schedule a visit to this fine home give me a call – 610-322-6734 or email me.

Wallingford PA Real Estate – Wallingford, PA 19086

Higher Rates Could Derail The Plans Of Many Buyers

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Many Pundits Predict 5% Rates By Year’s End

Mortgage rates ended last week at a 4 year high, and are poised to move even higher. The timing could not be worse, as the usually busy spring housing market kicked into gear early this year amid higher home prices and strong competition for a record low supply of homes for sale.

The average rate on the popular 30-year fixed is now right around 4.5% , still low when looking historically, but buyers over the past six years become accustomed to rates in the sub 4% range. Mortgage rates last hit 5% back in 2011.

A 5% rate would cause more than a quarter of today’s home buyers to slow their plans, according to a Redfin survey of 4,000 consumers at the end of last year. Just 6% said they would drop their plans to buy altogether. About one-fifth of consumers said 5% rates would cause them to move with more urgency to purchase a home, fearing rates would rise even further. Another fifth said they would consider more affordable areas or just buy a smaller home.

Unlike during the last housing bubble in the mid 2000s, mortgage lenders today are required by new regulations to examine potential borrowers with greater scrutiny. Higher mortgage rates may mean some borrowers on the margins will not qualify for the size of the loan they need or want.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA Real Estate – February 5, 2018 To February 11, 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 47 homes listed for sale in Wallingford PA and Nether Providence Township on February 13, 2018 with an average asking price of $406,988.

As mortgage rates continue to inch higher, consumers are bracing for steeper home buying costs this spring. Households earning the national median income of $68,000 a year could afford about 59.6% of new and existing homes that were sold in the fourth quarter of 2017, according to the National Association of Home Builders. The trade group’s latest report looks at home prices, mortgage interest rates, and median household income across 238 U.S. metros.

View all Nether Providence Twp Homes For Sale

View all Homes Listed In The Last 7 Days

Wallingford Market Snapshot – 47 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$406,988 $400,000 $98,000 $885,000 111
Single Home Market Snapshot – 34 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$475,844 $462,000 $139,990 $885,000 108
Twin Home Market Snapshot – 1 Listing
AVERAGE MEDIAN LOW HIGH DOM*
$239,900 $239,900 $239,900 $239,900 447
Townhouse Market Snapshot – 8 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$278,672 $236,450 $197,777 $435,000 90
Condo Market Snapshot – 3 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$122,500 $124,500 $98,000 $145,000 90
Row Home Market Snapshot – 1 Listing
AVERAGE MEDIAN LOW HIGH DOM*
$113,000 $113,000 $113,000 $113,000 105

*DOM = Days On Market

3 Wallingford PA homes went under contract

7 new listings came onto the market

No listings expired

No listings were withdrawn from the market

22 homes are Under Contract at this time

2 Wallingford PA homes sold last week

Wallingford Homes Sold February 5, 2018 To Fenruary 11, 2018
ADDRESS BED BATH PRICE SETTLED DOM*
205 Fildes Lane 5 3.1 $565,000 02/08/18 186
113 Blackthorn Road 3 2.0 $333,500 02/09/18 1
AVERAGE $449,250 94

Both homes sold with a  Seller Assist

– 205 Fildes Lane – $10,000

– 113 Blackthorn Road – $10,005

Wallingford PA Real Estate – Wallingford, PA 19086

Remodeling Projects Are Not All Created Equal – Which Projects Pay You Back

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Percentage Of Project Cost Realized At Resale

Homeowners are expected to spend almost $340 billion in 2018 on home remodeling projects which represents a 7.5% increase over last year, according to Harvard’s Joint Center for Housing Studies. With the payback at time of resale averaging 56% of the project cost, a homeowner should carefully consider what types of projects to undertake.

Homeowners who decide to scale back their big projects are also seeing bigger returns. Minor kitchen remodels average an 81% return, while major high end cutting edge kitchen remodels just 59%. It’s the same for bathrooms. The reason is that not all buyers find the latest and greatest trends appealing. It makes more financial sense to rein in your creativity when remodeling. Not everyone likes the latest expensive trend, but they do like like basic projects like new appliances and fixtures that are functional and new.

Seemingly mundane projects such as a garage door or window replacement can reap some of the highest returns  – 75%. A new steel entry door can rturn as much as 91.3% of it’s cost.

The payback for a project also depends on geography as well. The highest remodeling returns are on the West Coast, where the average payback is 64% of the cost. In the Mid Atlantic, the return falls to 51%.

Wallingford PA Real Estate – Wallingford, PA 19086

Wallingford PA Real Estate – January 29, 2018 To February 4, 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 45 homes listed for sale in Wallingford PA and Nether Providence Township on February 10, 2018 with an average asking price of $397,123.

Mortgage rates jump higher after a positive jobs report last week. The average rate on a 30 year fixed is now at it’s highest level in 4 years.

View all Nether Providence Twp Homes For Sale

View all Homes Listed In The Last 7 Days

Wallingford Market Snapshot – 45 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$397,123 $394,900 $98,000 $885,000 113
Single Home Market Snapshot – 32 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$466,724 $454,945 $139,900 $885,000 111
Twin Home Market Snapshot – 1 Listing
AVERAGE MEDIAN LOW HIGH DOM*
$239,900 $239,900 $239,900 $239,900 444
Townhouse Market Snapshot – 8 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$278,672 $236,450 $197,777 $435,000 87
Condo Market Snapshot – 3 Listings
AVERAGE MEDIAN LOW HIGH DOM*
$122,500 $122,599 $98,000 $145,000 87
Row Home Market Snapshot – 1 Listing
AVERAGE MEDIAN LOW HIGH DOM*
$113,000 $113,000 $113,000 $113,000 102

*DOM = Days On Market

2 Wallingford PA homes went under contract

3 new listings came onto the market

No listings expired

2 listings were withdrawn from the market

22 homes are Under Contract at this time

3 Wallingford PA homes sold last week

Wallingford Homes Sold January 29, 2018 To Fenruary 4, 2018
ADDRESS BED BATH PRICE SETTLED DOM*
218 Willow Road 3 1.1 $205,000 01/29/18 73
203 Canterbury Drive 3 2.1 $295,000 01/31/18 72
708 Devon Lane 4 2.2 $405,000 02/02/18 45
AVERAGE $301,667 63

Two homes sold with a  Seller Assist

– 218 Willow Road – $5,000

– 203 Canterbury Drive – $8,850

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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