Marty Millner
Have you ever seen a home inspection in Yardley, Bucks County, Pa?
For those who have never seen what a home inspection is, I thought it might be fun, to actually watch some elements of a home inspection, as it is taking place.
I followed a home inspector, Vince Tecce, of the Building Inspector of America, while he inspected a lovely, older home, in Arblorlea, which is a very charming, tree lined street, in Lower Makefield Township, Bucks County.
If you follow the video, you will see Vince as he evaluates all the important components of the house, from the roof, to the basement, and everything in between.
The actual home inspection took almost 3 hours, but this is about 9 minutes of what he found.
Hope you find this interesting. As always, I welcome your thoughts and comments.
Will new federal short sale guidelines, help the process?
Many buyers that I work with, when searching for homes in Yardley, Newtown, and all over Bucks County, eventually run into a house that they want to see, and we find out that the house is being sold as a, “short sale“.
For those not familiar with what a short sale is, a short sale basically happens when a seller owes more on a house, than what the house is worth. For example, if a seller in Yardley, owes 300,000 on their mortgage, and the house is worth 250,000, the mortgage on the house can not be satisfied with the sale price. The seller would have to bring money to closing, in order to sell the house. If the seller did not have the resources to do that, the only way the house could be sold, is through a, “short sale”. The bank would have to agree to accept less than the full amount owed on the mortgage.
In the markets that I focus on in Bucks County, we have fewer distressed property sales, than in many parts of the country.
However, I do encounter short sales, frequently.
In general, working with banks on short sales, has been extremely frustrating. As a generalization, the banks often take an unreasonable amount of time to make a decision. In many cases, the decisions they make, don’t make sense, from a market perspective. I had a client make an offer on a short sale, many months ago, on a house in Yardley Boro, and the bank refused to neogtiate the offer. The house sat on the markaet for many more months, and the bank eventually sold the house for about 50,000 less than what they turned down!
For the average buyer, buying short sale properties, is usually extremely stressful. As I mentioned earlier, the process often takes longer. In addition, the banks generally sell the house in its current condition, which means that a buyer can make the sale contingent on a home inspection, but the bank will not agree to fix anything.
I have been amazed at how dificult most banks make it, to deal with short sales.
This video outlines some new, federal guidelines on short sales, that will take effect in April.
I wonder if this will help?
Buying a home in Yardley or Newtown, Bucks County, let the home inspectors do their job.
I shot this quick video today, so that buyers have a better understanding of the home inspection contingency. I have seen buyers spend so much time evaluating things in a house that they are generally not qualified to evaluate, that they often overlook the fact that any offer they make, will include a home inspection contigency.
For example, unless you are qualified, can you really tell whether the roof is in good shape, just by looking at it.
As I observe in the video, there is certainly nothing wrong with making a complete and thorough evaluation of the house, as a buyer, try not to lose sight of the fact that there will be a home inspection that will cover all major systems and mechanicals in the house.
5 House Hunting Tips for buyers in Newtown, Yardley and all over Bucks County
Lots of first time home-buyers, become emotionally overwhelmed by the house hunting process. I spoke, in a previous post, about 10 tips, to get the process started.
Here are 5 more tips, that will help provide you with a plan of action, and will help ensure that you don’t become emotionally overwhelmed.
Tip #1 Bring a friend
Since the house hunting process stirs up a lot of different emotions, from excitement and joy, to fear and anxiety, it makes sense to bring along someone a friend or family memeber, whose opinion you trust, to act as a sounding board. This person can be an objective ally who can help identify pros and cons of each house.
One caveat, is to be sure that the person or people who join you on house hunting trips, realize that ultimately the decision about what to buy, is yours. I have been involved with buyers, whose family members are so opinionated, that they actually interfere with the process, by offering incorrect information. The person should help you evaluate the pros and cons of each house, while still respecting your right to make your own decision.
Tip #2 Take Pictures of Each Home
This can be especially helpful if you are looking at a lot of homes, and find that there are lots of houses that meet your search criteria. Take notes, and take pictures. That way, from the comfort of your home, you can re-visit what you saw, and really focus on the pros and cons of each home.
This also gives you a chance to see each house, after the initial excitement has worn off.
Tip #3 Compare the House to Your Budget
Make sure you understand all of the costs associated with owning each house you are considering. What are the taxes? How about the utility costs? You really want to try and avoid becoming what we often refer to as, “House Poor”. That is what happens when people spend too much money, and take on a mortgage that is more than what they can comfortably afford.
Tip#4 Consider the Commute
Make sure that you have a realistic perspective on how long it is going to take you to get back and forth from work, from the house you are looking to purchase. Make sure it is a commute that you can comfortably live with. It is a good idea, if you are at all concerned, to make the trip from the house to your job, at the time of day, both morning and afternoon, that you would be making the trip after you move into the house.
Commute time is an important quality of life issue, so don’t overlook it.
Tip #5 Avoid Snap Decisions
Remember, buying a home is probably going to be the largest financial decision of your life. As such, it deserves careful thought and consideration, each step of the way.
I always council my clients that there will always be another house, so even if you miss one becuase you are being cautious, it is ok. Remember, the more you see, the more you learn.
Bonus Tip It is Okay to Snoop When House Hunting
Most buyers I work with, are a bit reluctant to open cabinets, closets, and to look at areas that may be covered by rugs or furniture. Please be assured that it is perfectly ok, and even necessary to check out the following”
- Attic
- Basement
- Cabinets
- Garage
- Closets
- Sheds or outbuildings
- Areas hidden by furniture.
Remember, sellers were once buyers. They know the drill. The only thing to keep in mind, is to be respectful. Return everything back to the way you found it.
Yardley, Newtown, Upper Makefield, Lower Makefield, and all of Bucks County, offer an incredibly divirsified array of houses, at all price ranges. I love to help buyers learn about the area, as well as to guide them through the home buying process in a way that ensures that they understand every step, clearly.
Much of this informaiton was taken from the Home Buying Institute. Feel free to check out the website, for other tools that you may find helpful.
Please feel free to leave me any thoughts or comments you may have.
Yardley, Newtown, Bucks County buyers & sellers ask….
Home buyers as well as sellers, always want to know, how is the market?
As we approach the heart of the spring season, especially in light of the tax credit, which requires that a contract be in place by April 30th, one of the most important factors that we can track, to see whether there are any changes in the market, is inventory. I observed in previous posts, that inventory levels were shrinking in most markets in Bucks County.
I just did an updated review of inventory levels for both Newtown (18940) and Lower Makefield Township (19067), and tracked both a 7 day as well as 90 day inventory review.
Take a look at the charts, and you will see how inventory levels fell, through the end of the year. However, look what happened in both markets, starting with the start of the year. Inventory levels are increasing. The 7 day pattern shows that the pattern continued this week.
Whats it mean? Unless we see a large increase in buyer activity, looks like the factors favoring buyers, are still present. To me, it reinforces the concept that buyers can negotiate favorable terms, and with interest rates still at historic lows, I still believe that it is a great time to buy.
As always, if you disagree with my perspective or have other thoughts or comments, please feel free to comment or contact me.
Lower Makefield Township inventory
Inventory levels in Newtown
When should you get pre-approved for a mortgage, when moving to Yardley, Newtown & Bucks County?
A lot of the first time home-buyers I work with, ask me when they should get pre-approved for a mortgage, when they are looking to buy a house, in Yardley, Newtown, and anywhere in Bucks County.
Check out this video, which should make the process clear.
Realtor weekend in Yardley, Bucks County, Pa.
Thought it would be fun spending some time, letting you know how I am spending the last weekend in February.
Last night, we had wonderful Indian food, at the Indian Garden restaurant, in Lower Makefield Township . Indian Garden has become one of our favorite, local restaurants. They offer a wide selection of traditional Indian dishes, and everything we have had, has been delicious. I highly recommend that you try it.
Today, Saturday, I played basetball for about 3 hours this morning. I normally get to play basketball 3 times a week. I do try and stay in shape, so in addition to basketball, my wife and I work out with an incredible personal trainer, Dr. Kareem Samhouri, at his gym, Global Fitness, LLC, in Bucks County. Kareem has a doctorate in physical therapy, so he can address any sports injuries I develop, as well as helping us stay in shape.
Obviously weekends are busy times, for realtors. This weekend is no different for me. I spent the afternoon showing a couple of first time home buyers, houses in both Bucks County, and Mercer County.
Tomorrow, I am meeting with a client at 10:00 AM, to review a home inspection report, so we can draft a reply to the seller. Following that, I will be spending several hours with another first time home buyer.
The houses that I have listed, are getting some activity this weekend, so I am hopeful that I may have to negotiate an offer.
I also listed a house yesterday, so I am in the process of entering all the information in the MLS, and arranging for professional photography, and getting started with the various websites, that feature my listings.
All in all, not a bad weekend, considering we survived another major snow storm in the east.
I think most of us, here in Yardley, and all over Bucks County, are ready for spring!
If you are in the real estate market, please don’t forget that there are just over 60 days, until the tax credit expires. To qualify, you must have a contract in place, by April 30th, and close by June 30th.
10 steps to success for first time home buyers in Bucks County
As I write this post, here in Yardley, Pa, I am enduring the 4th major snow storm of the winter. If you are not from the area, we have already set the record for the most snow, since the weather people started keeping records!
Supposedly, the spring real estate market starts, just after the superbowl. Because of the tax credit, which requires that a contract to purchase a home must be in place by April 30, 2010, and the closing occur by the end of June, 2010, while the weather permits, I have definitely noticed an increased level of activity.
As a way of thinking of the spring selling season, I thought it would be helpful to review 10 steps that can help first time home buyers, make sense out of the home buying process and decision. In future posts, I will expand on each of these steps.
Establish Your Budget early
I suggest that before you even start looking at houses, you should have a clear understanding of what you can afford to pay each month. When working with first time home buyers, I want them to be aware that there are a couple of issues in this first step. First, is what the lender will quailify you for, and more importantly, is what you are comfortable paying each month. They are often not the same. It is quite possible that you can obtain a mortgage for an amount that is more than what you are comfortable paying. Set your budget realistically, before you start talking to lenders.
Get Pre-Approved for a mortgage
This is another critical step that should be taken care of early in the process. There is no sense in looking at homes, before you understand what you are comfortable paying, as well as knowing what sort of loan amount you will quailify for. There should be no cost for this service, and it can be done by phone with a lender. The lender will review all aspects of your financial situation, including income, debt, credit score, etc in order to determine what you can qualify for. I can write an entire post on this process, but I will leave that for future posts.
Research Neighborhoods and Home Prices
Thanks to the internet, this is a fairly easy thing to do. You can search home prices, school districts, etc, on a variety of websites. I also suggest actually driving through potential areas, to get a sense of how they feel to you. Do you perfer being in a town, for example, or a more suburban location?
Find a Local Realtor
Obviously I am biased, but I believe that it is extremely beneficial to buyers, to use the services of an experienced real estate professional. I recently represented a client who actually called me to set up an interview with me, before he commited to doing anything. As it turned out, he was looking to buy a house in the Yardley area, and also had a house to sell in New Jersey. I think it is a good idea to interview agents first. You should ask questions, and make sure that you are comfortable with the agent. Often times buyers will walk into an open house, not realizing that the agent sitting the open house is there as an agent of the seller, actually representing the sellers best interests. By interviewing agents before you start actually looking, you can help ensure that you will have a qualified professional looking at protecting your interests. In general, the fee is paid by the seller, from the proceeds of the sale.
Start House Hunting
Now comes the exciting and fun part! When working with buyers, I feel that buyers learn something with each house we see. It is important to understand the market, values, etc. The only way that happens, is to look at houses. Again, it is easy for buyers to search for houses on-line, and as your realtor begins to understand your tastes, he or she should also suggest homes that are worth visiting. It will not take you long to begin to get a good sense of what houses are priced realistically, and what houses are not priced realistically. A common question that I am asked, especially by first time home buyers, is how many homes they should see. Usually once we start the process, the answer becomes clear, when we find the right house. First time home buyers tend to look at more homes, than buyers who re-locate all the time. As I said, this is part of the learning process. Generally your tastes become clearer the longer you look, and the more you see.
Focus on the Permanent Features of the House
Remember, cosmetic changes are generally easy to make. This like paint and carpet can ultimately be changed. Focus on the things that you feel that you must have. For example, if a basement is important to you, don’t compromise. You can’t realistically add a basement. Pay attention to the lot, the view, style of house, square footage, etc.
Ask Plenty of Questions.
I can’t emphasize this point enough. I really love working with first time home buyers, and I encourage them to ask every question they can think of. There is no such thing as a stupid question, in my mind. Becuase, as realtors, we go through this process every day, we can overlook things that to us are obvious. I love answering questions, and feel that my experience and knowledge should be a resource for those that I work with.
Make a Smart Offer
Again, with the help of an experienced agent, you should make smart offers. You should expect to review other recent sales in the neighborhood in which you are buying, so you can feel comfortable that you are making a fair offer. A fair offer has nothing to do with what the seller paid, or even in some cases, what the seller is asking. In general, your offer will be based on several contingencies. The most important of those contingencies are the mortgage, and home inspection contingincies. That means that if you are not satisfied with the home inspection, you will have the right to cancel the contract, and any deposit money you have paid will be returned to you.
Be Prepared to Negotiate
You should have a plan in mind, in the event the seller does not accept your initial offer, which is very common. How much will you ultimately pay for the house? Be prepared to walk away if the seller is not realistic. At the end of the day, you must be comfortable with the outcome, or move on. Right now it is a buyers market, which means that conditions are favorable for buyers. There are more houses on the market, than there are buyers for those houses. In most cases, buyers are in a strong negotiating position.
Home Inspection
I mentioned this briefly, earlier. It is critical to get a good home inspection. This happens after your offer has been accepted, and the cost will range from 500 to 600, depending on exactly what components of the inspection are required. The inspector will evaluate the foundation, roof, electrical system, plumbing, HVAC, among other things. Following the inspection, you have the right to cancel the contract, or negotiate with the seller, as to who will pay for any repairs, if there are things wrong with the house. You should feel comfortable with this process, as well.
I believe that by following these steps, you will help ensure that you will understand the home buying process and will make smart decisions.
These steps were compliments of the HomeBuyingInstitute. Check out the website for great information about the home buying process.
New Hope, PA Restaurant Week-March 21st-26th
Restaurant Week, March 21st-26th – New Hope
The Greater New Hope Chamber of Commerce has pulled together 17 restaurants in the local community for the first ever New Hope Restaurant Week. The event begins Sunday, March 21 and runs through Friday, March 26. The special includes a three- course, (prix-fixe) meal at any of the participating vendors for only $29.95.
The town’s people hope local and tourist diners take advantage of the promotion and patronize additional businesses in the historic river community. “We are thrilled to have received such great enthusiasm from our local restaurateurs,” said Carol Ann Della Penna, chamber spokeswoman. “New Hope is home to many of Bucks County’s finest restaurants, making this a rare opportunity to taste exceptional cuisine at an exceptional value.”
Sponsors of the week include E&J Gallo Winery, Effen Vodka, Stella Artois, National Penn Bank and Bucks Life Magazine.
Participating restaurants
Cafe Europa 215.862.9600 11 Market Place Logan Square New Hope, Pa
Golden Pheasant Inn 610.294.9595 763 River Road Erwinna, PA www.goldenpheasant.com
Havana 215.862.9897 105 South Main St. New Hope, PA www.havananewhope.com
Italian Cucina 215.862.3818 95 South Main St. New Hope, PA www.cucinanewhope.com
Karla’s 215.862.2612 5 West Mechanic St. New Hope, PA www.karlasnewhope.com
Marcella’s 215.862.1700 7 East Ferry St. New Hope, PA www.marcellasrestaurantnbar.com
Marsha Brown 215.862.7044 15 South Main St. New Hope, PA www.marshabrownrestaurant.com
Martine’s River House 215.862.2966 14 East Ferry ST & River New Hope, PA www.martinesriverhouserestaurant.com
Mother’s Wine Bar 215.862.5857 34 North Main St. New Hope, PA www.mothersnewhope.com
Sandbar at 90 Main 215.862.3030 90 Main St. New Hope, PA www.sandbarnewhope.com
The Landing Restaurant 215.862.5711 22 North Main St. New Hope, PA www.landingrestaurant.com
Logan Inn 215.862.2300 10 West Ferry St. New Hope, PA www.loganinn.com
The Mansion Inn 215.862.1231 9 South Main St.New Hope, PA www.themansioninn.com
Harlans Restaurant & Cabaret 215.862.5221 6425 Lower York Road New Hope, PA www.harlansrestaurantnewhope.com
Triumph Brewing Company 215.862.8300 400 Union Square Dr New Hope, PA www.triumphbrewing.com
Tuscany at the Towpath House 215.693.1599 18 West Mechanic St.New Hope, PA www.tuscanytowpathhouse.com
Villa Vito Restaurant 215.862.9936 26 West Bridge St.New Hope, PA www.villavitorestaurant.com
Open houses as selling tool, Yardley, Newtown, Bucks County, Pa.
I saw a video the other day, done by a local agent, promoting all the reasons that sellers should hold open houses, as an effective marketing tool.
I was asked to do a video that explains the real reasons that agents hold open houses, and to explain why I generally do not think that they are very effective, as a marketing tool.
If agents were honest with sellers, they would explain that the real reason agents want to hold open houses, is in hopes of attracting buyers who are not otherwise working with a realtor. The agent sitting the open house, then has an opportunity of selling that buyer, something else. My feeling is that the seller has hired me, to get their house sold for the highest possible price, in the shortest amount of time, and with as little inconvenience to the seller as possible. The seller has not hired me to use their home as a tool to attract additional business. If you don’t believe this is true, stop into any real estate office during the week, and listen to agents offering to sit open houses, because they need business. The number of times that a buyer acutally buys the house they came to see, is extremely small.
An open house is the most passive type of marketing. Agents put a sign in the ground, and hope warm bodies show up.
Real important question; how do you know whether the people who show up are qualified? I find that buyers who wander aimlessly from open house to open house, tend to be the least motivated buyers. I feel that I have an obligation to the sellers whom I represent, to ensure that every person who steps into their house, is qualified.
I have also seen open houses, where there are sets of people wandering through the house, many times with kids, totally unsupervised. The realtor sitting the open house is really only able to help one person at a time. I don’t think I represent sellers interests very effectively, when groups of people whom I don’t know, and whom we really don’t know their qualifications to be in the house at all, are allowed to wander through my sellers house, alone.
I believe in pro-active marketing. Open houses are very traditional, and very passive. I think the best marketing strategy in today’s enviornment, requires professional photography, a massive on-line pressence to as many websites as possible, virtual tours, video as well as the use of social networking exposure, and direct communication to other real estate professionals.
I welcome your thoughts and comments about open houses.
Network With Us
Submit your information to get your market status report.
