Swarthmore Real Estate

New Listing – 940 Harvard Avenue – Swarthmore PA

March 27, 2015 by admin

940 Harvard Avenue – Swarthmore, PA 19081

JUST LISTED By D. Patrick Welsh

OPEN HOUSE – Sunday March, 29, 2015 – 1 To 3

Enjoy this charming Tudor nestled in an amazingly special location in the borough. The peaceful views are abundant and the current owners enjoy this bird watcher’s paradise. From the minute you enter this treasure and see the Brazilian cherry floors you will be pleased with all of the upgrades combined with the original character. The large living room invites warm gatherings around the stone fireplace. The dining room has a lovely bow window overlooking the woods which makes extra space for entertaining.

The renovated eat-in kitchen comes complete with granite countertops, Bosch dishwasher and cork floors. There is a cozy den/office, a screened porch and a large mudroom/laundry room with slate floors that complete the first floor. The upper floor greets you with an amazing office which provides a spectacular panoramic view of the secluded back yard. The master bedroom has two closets. Relax in the expanded and luxurious new hall bath. Two additional bedrooms complete the upper level.

This cozy retreat is located just blocks from the center of the borough and Swarthmore College. Recent upgrades include: new roof and gutters on house and garage, renovated kitchen and full bath, 200 amp electric, new heater and air conditioning and new wood electric garage door.

Interested in taking a look, need some further information – Click here to contact me .

Swarthmore Real Estate – Swarthmore, PA 19081

Gift Funds – Rules To Follow

March 4, 2015 by admin

Follow The Rules When Using Gift Money

The National Association Of Realtors (NAR) reported in a 2012 home buyer survey that 24% of buyers utilized gift funds to help them purchase their home. If you are considering using gift funds in your purchase transaction there are some rules that must be followed in order for the funds to pass an underwriter’s scrutiny.

There are several guidelines that that need to be followed in order to properly process and deposit gift funds in your bank account for your purchase.

Complete a gift letter that will be supplied by your lender which must include the following:

– The amount of the gift

– Address of the property being purchased

– The relationship of the giver to the gift recipient – the donor must be a family member

– Wording that states that the gift is indeed a gift and that the funds are not a loan to be repaid

– Date the funds were transferred

– Signatures of donor and recipient

Create a paper trail of the money

– Deposit the funds into an account that will be used as the source of all funds for the transaction

– Keep all deposit receipts associated with the gift fund deposit

– Donor will need to show ability to produce the funds via bank account statements, etc.

– Donor will need to show the money has come out of their account, i.e. cancelled check

– Recipient will need to document the funds coming into their account, the funds that are deposited must match the amount specified in the gift letter exactly via account statements

Failure to adhere to the rules of gifting could result in the denial of your loan. Above all underwriters are interested in a detailed tracking of the funds from donor account to recipient’s account.

Rules for gifts vary by loan type:

Conventional Mortgages

– If you put down 20% or more, it can all be from a gift

– If you put down less than 20%, part of the money can be a gift, but part must come from your own funds. This minimum contribution varies by loan type

– Gift money can only be used on primary residences and second homes

FHA and VA Mortgages

– All of your down payment can be gift money

– If your credit score is below 620, at least 3.5% of your down payment must be your own money

– Gift money can only be used on primary residences

Wallingford PA Real Estate – Wallingford, PA 19086

Why Americans Are On The Move

February 28, 2015 by admin

If your home is on the market or you’re planning to sell in the future, it’s helpful to understand the reason why people choose to move from one home to another. According to the Demand Institute, which surveyed 10,000 households, location is the driving factor in most moves.

In fact, 75% of respondents cited one or more location-related reason for their move. On top of the list was the desire for a safer neighborhood, and other commonly mentioned reasons included being closer to family or work, seeking a change of climate and moving for a new job. Yet, 59% of household still expressed a desire to remain within 30 miles of their current home.

Additionally, the survey results provided insight about which location characteristics were most important to consumers. Having amenities and services within walking distance was deemed most important, followed by good schools, near proximity to work and public transportation, as well as the desire for diverse neighborhoods.

See more findings from the Demand Institute Survey.

Wallingford PA Real Estate – Wallingford, PA 19086

Delaware County 2014 Real Estate Tax Rates

July 21, 2014 by admin

In what may be a surprise to many people, residents in the Nether Providence Township do not pay the highest real estate taxes in the county. In fact their are 19 municipalities in Delaware County that have a higher tax rate then Nether Providence!

Colwyn has held the dubious distinction of having the highest millage rates in the County for several years, this year at 75.09 mills, and the bottom spot has been the honor of Thornbury Township for a number of years – their rate this year is a measly 19.25 mills.

The millage rate refers to the amount of tax that is paid per thousand dollars of the assessed value of a home. For example a home with an assessment of $100,000 would pay a total tax bill of $7,509 in Colwyn on the high end of the scale in the County, and a home in Thornbury Township assessed at the same value would pay a total tax bill of $1,925 on the opposite end of the spectrum. A Nether Providence Township home would have a tax obligation of $5,091.

Note: Millage rates shown only to the 100th place

2014 TOTAL MILLAGE RATES FOR LOCAL COMMUNITIES

Wallingford PA Real Estate - Wallingford PA - 2014 Total Tax Millages

Local 2014 Millage Rates – With County High And Low Rate

The total tax obligation is composed of three components:

– Delaware County Taxes – all Delaware County communities pay the same 5.60 mills

– School Taxes – the largest component of the tax structure

– Municipal Taxes – each community levies a local municipal tax

Wallingford Swarthmore School District does hold the distinction among surrounding local communities with the highest school taxes in the area. Nether Providence and Rose Valley residents have a slighty lower millage for school taxes than Swarthmore and Rutledge within WSSD. Swarthmore and Rutledge residents pay an additional amount for support of Delaware County Community College, bringing their millage up to 40.94.

At the high end, residents of the William Penn School District – the Boroughs of Colwyn, Aldan, Lansdowne, and Yeadon, shoulder a school tax millage rate of 42.90 mills.

Thornbury Township residents, where students attend the West Chester schools, have the lowest school in Delaware County at 13.65 mills.

2014/15 SCHOOL TAX MILLAGE RATES FOR LOCAL COMMUNITIES

Wallingford PA Real Estate - Wallingford PA - 2014 School Tax Rates

2014 Local School Taxes – With County High And Low Rates

Ridley Township again takes the local top spot in the municipal tax category at 8.51 mills. Middletown Township has a very low muncipal millage of 1.6 due to the fact that they have no local police force to support.

Countywide Colwyn has the top spot again, this time literally off the charts with a municipal tax rate of 27.20 mills, and Thornbury Township residents are at the low end of the municipal tax spectrum – they pay no municipal taxes.

2014 MUNICIPAL TAX MILLAGE RATES FOR LOCAL COMMUNITIES

2014 Municipal Tax Millage Rates

If you would like a complete 2014 Delaware County tax rate table contact me and I will be glad to provide you with one.

Wallingford Real Estate – Wallingford, PA 19086

Philadelphia Region Not Participating In Housing Recovery

May 28, 2014 by admin

Philadelphia Inquirer 05/28/14

Splashed across the Business Section of the Inquirer last week was the headline “Analysis: Housing prices in region fell in 1st quarter“. Counter to the nationwide trend of increasing housing prices the suburban areas surrounding Philadelphia saw an average prices drop an average of 5.3% in the 1st quarter of 2014. Delaware County saw a steeper decline with a drop of 8.6%. The regional housing market is struggling to recover from the post recession blues.

Wallingford and Swarthmore saw increases in closed sales over the 1st Quarter 2013 – Wallingford units increased from 27 last year to 39 this year, and Swarthmore saw a net increase of 1 closed sale from 10 last year to 11 this year. The Media market saw sharp declines in closed units across the board.

Just how did our local markets – Wallingford, Swarthmore, and the Media area fare during the 1st quarter 2014:

1st Quarter 2014 Local Market Performance

*AREA*	*2013 AVG*	*2014 AVG*	*CHANGE*
Wallingford	$347,494	$240,010	-30.9%
Swarthmore	$340,540	$320,036	-6.0%
Media Boro	$283,638	$270,448	-4.7%
Middletown Twp	$332,365	$304,821	-8.3%
Upper Providence Twp	$340,023	$307,703	-9.5%

June represents the high water mark of housing activity for the year so we will be able to ascertain if the market has made any significant departure from a weak 1st quarter locally. As mortgage rates have hit 7 month lows recently that excuse no longer is valid, lack of marketable inventory is more likely a culprit, but with a tight supply the expected result would be higher prices right?

Wallingford PA Real Estate – Wallingford, PA 19086

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940 Harvard Avenue – Swarthmore, PA 19081

FHA and VA Mortgages

1st Quarter 2014 Local Market Performance

S. Clark Kendus