Marty Millner

Archive for the 'Buying Real Estate' Category

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.

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.

Yardley, Newtown, Bucks County sellers, for goodness sake, let the agents in!

My most recent video rant, about sellers who make it difficult to show their home. 

Had a buyer today, who is very motivated.  House is sold, and they need to find a home in Yardley, Newtown or close by, by the end of March.  Had 7 houses to show them today. 

Sellers of 4 houses of the 7, decided that this was a bad weekend, bad time, bad morning, bad afternoon, bad month….you get the idea.  Here is a memo to sellers.  No one will buy your house, unless they are allowed in to see it.  I realize that it is not fun, to sell your house.  Why not price it right, make sure it shows as well as possible, improve the condition, wherever possible, and encourage showings.  That way, you won’t prolong the agony. 

As a postscript, to my video rant, the buyers did find something they liked, and we wrote an offer.  To the 4 sellers who were too busy, they lost a chance with a very motivated, and realistic buyer.  Is it any wonder that homes are often on the market for months and months and months.

As always, let me know your thoughts.

1458 Clinton Drive, Yardley, Pa. 19067 Yardley Hunt house for sale.

I wanted to share my recent slideshow of  this absolutely stunning, lovingly maintained and updated home in Yardley Hunt. Gleaming hardwood floors; fabulous, gourmet center island kitchen  with granite counters, sub-zero, stainless appliances, 42” cabinetry, truly a chefs delight. Glorious, large and bright, sun-room/Florida room, that can be enjoyed all year long! Warm and inviting family room, with wood burning fireplace. Master bedroom suite offers a comfortable sitting room, and sumptuous, expansive bath, with unique, custom shower. 2 huge, walk-in closets, including finished space above garage. Multi-tier deck overlooks the private, fenced rear yard. All major systems and mechanicals have been replaced and upgraded,including siding, hvac and roof. Large laundry/mud room.  Convenient location close to major highways, trains, township facilities and shopping.

Tax Credit for home purchase, revisited, Yardley, Newtown, Upper Makefield, Lower Makefield, Bucks County, Pa.

I thought it would be helpful, today, to take a more detailed look at the 2010 extension of the 8,000 first time home buyer tax credit, along with the new, $6500 credit that is available to existing home owners, who purchase a house.

I have pointed our in previous posts, that the statistics showed that the first time home buyer tax credit, that expired on November 30th, last year, clearly had an effect on the number of transactions that occured in November.

Here is a summary of the new and updated provisions of the tax credit, that was approved following the expiration of the original tax credit provision.

8,000 credit for first time home buyers who have a contract by April 30, 2010, and who close by June 30, 2010

6,500 credit for homebuyers who have lived in their current home for at least 5 years, and who wish to sell their home in order to purchase another primary residence.  This provision is new.   As above, the contract must be in place by April 30, 2010 and closing must occur on or before June 30, 2010.

Income limits have increased, so that couples earning as much as $225,000, and individuals earning up to 125,000 can quailify.  For single buyers with incomes between 125,000 and 145,000, the credit decreases, and for those filing jointly, it decreases with incomes between 225,000 and 245,000.

Homes purchased above 800,000, do not qualify.

If 2 or more unmarried individuals buy a primary residence, they can allocate the credit among the owners using any reasonable method.  The total amount allocated cannont exceed the 8,000.  A reasonable method is any method that does not allocate all of part of the credit to a co-owner who is not eligible to claim that part of the credit.  If you have questions about this, or any other provision in the tax credit rules,  you should speak with an accountant or attorney who is familiar with the tax credit provisions.

I think the most important element to keep in mind, is that in order to claim the credit, you must be under contract to purchase a home, by April 30th, 2010, and close by June 30, 2010.  I know this provision is impacting some of my clients, both buyers and sellers, who do want to be able to take advantage of the credit.  We are seeing houses come on the market sooner, and buyers looking for homes sooner than what is normally expected, at this time of the year.

Let me know what you think of the tax credit, and whether you think it will help the real esate market.

Does it make sense to sell or buy first, in Yardley, Newtown, Upper Makefield, Lower Makefield, Bucks County?

Just spoke with a client of mine, who purchased a town house several years ago.   They would like to take advantage of the market right now, to buy a larger, single family home.  They realize that interest rates are incredibly low, and there is a lot of inventory, since it is such a buyer’s market.  So, their question is, do we buy first or sell first?

This is a very common question, so I created this video blog, addressing the various options.

Check it out, and let me know what you think.

Home Buyer tips for saving for your first home

It can be one of the hardest things to do — save money for your first home. But now, more than ever, there’s incentive to buy. Government housing tax credits have been extended and that’s sparking buyers’ interest.

Reports show that U.S. homes sales increased 10 percent in October to the highest level since February 2007. The tax credit, less expensive homes, and lower mortgage rates are being credited. However, while the government is helping to support the purchasing of a home, many Americans still can’t afford to buy one.

So how do you get in a position to buy a home? For some the process can seem nearly impossible. First-time homebuyers are often fearful they’ll never be able to accumulate a down payment now that stricter guidelines are being enforced for taking out home loans.

Look over your finances and see where things can be cut back a little. For instance, maybe you have a gym membership that you really use only a few times a month; does that justify having it? Another big area to find savings, especially for single people, is the dining out category. Some people spend an enormous amount of money eating out, if you really want to save, take a look at the car you’re driving. Well, if you’re trying to save for your retirement or trying to save for a house and you go out and buy a $30,000 car by taking out an auto loan—you can’t afford it.  What you’re doing is borrowing against future income to be able to drive a car that’s more expensive than what you can really afford.

People spend an enormous amount of money on things like sporting events and while I understand their passion, if they’re trying to save for a home, something must go. “I’m not saying to cut it all out but how about cutting half of it out. It comes down to trade-offs.” Another trade-off might be to watch some of the events on TV rather than go to them. This brings us to the point of seeking savings in your utility bills by bundling cable, Internet, phone or maybe even cutting down to the bare essentials of channels. Shop around for services and see if you can combine them under one company and get discounts for doing so.

Have you checked your cell phone bill lately? A lot of times those charges add up very quickly. People are wasting an enormous amount of money in this area because of the Web surfing, the down loads, and the text messaging.

The bottom line is saving for a home is a very personal experience—what one person is willing to give up another person may not. If you keep your goal set on purchasing that home then you’ll find the effort to get there is not nearly as difficult and you’re likely to find that there are more places to cut costs than you realize.

National Real Estate Update-Nationwide housing affordability up!

Nationwide housing affordability, bolstered by affordable interest rates and low house prices, hovered for the third consecutive quarter near its highest level since the series was first compiled 18 years ago, according to the National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI) released today.

The HOI showed that 70.1 percent of all new and existing homes sold in the third quarter of 2009 were affordable to families earning the national median income of $64,000, down slightly from a near-record 72.3 percent during the previous quarter and up from 56.1 percent during the third quarter of 2008.

 ”At a time when housing is at its most affordable, we applaud the recent actions taken by Congress and President Obama to stimulate housing by extending the federal tax credit beyond its Nov. 30 deadline and expanding it to a wider group of eligible home buyers,” said NAHB Chairman Joe Robson, a home builder from Tulsa, Okla. “With interest rates now lower than last quarter, the tax credit will encourage even more home buyers to enter the market and help stabilize housing and the economy by creating new jobs, stimulating home sales, reducing foreclosures, cutting excess inventories and stabilizing home prices.”

It is a great time locally, to take advantage of these programs.  Please email or call me if you have any questions or would like to take advantage of the federal tax credit or low interest rates.

Green is in for homes for sale in Yardley, Newtown and all over Bucks County.

More and more buyers that I work with, are asking me questions about how enviornmentally friendly, homes are in the areas that I serve. 

I think that builders in Yardley, Newtown and throughout Bucks County, are beginning to pay attention to issues of enviornmental concern that many consumers are expressing.   Often buyers want to take steps to reduce their energy costs, as well as minimize their carbon footprint as well as improving indoor air quality. 

Compliments of Sari Kreiger, from the Wall Street Journal,  here are 10 questions that  prospective buyers as well as home owners, can ask to get a sense as to how green their house really is.

1.  How large is it?   Obviously, the larger the house, the more energy it uses.  The U.S. Green Building Council, considers a neutral size home, that is, basically what most people need without what might be considered luxury space, to be 900 sq. ft. for a one bedroom home, 1400 square feet for a two bedroom home, and 1900 for three bedrooms.  I found that very interesting, considering that the overwhelming majority of single family homes that I represent, in Bucks County, are generally 2500 sq. ft and larger. 

2.  Where is it located?  This question has to do with things like whether or not you can walk to public transportation easily?  Are there sidewalks or ways to get to shopping areas that don’t require the use of a car?  The website, walkscore.com, actually rates the walkability of cities, neighborhoods and actual street addresses and shhows the distances to stores, restaurants, schools and amusements. 

3.  How is it oriented?  Homes that face South, can reduce heating costs in the winter.  Shade trees in the proper orientation, can also help to reduce cooling costs in summer.

4.  Is it well insulated, and are doors and windows sealed tightly to prevent air leaks?  Check with the U.S.Energy Star website at energystar.gov, to use a calculator that will help determine how much insuation you need, based on your homes location.  Windows and doors should have energy star ratings, indicating standards of efficiency.  I know of contractors who are offering energy audits, that will help a home owner understand how much energy they are losing from leaks, etc.

5.  Has the indoor air quality been tested?  Homes that are extremely well insulated, not only hold in heat and cooling, but they can retain certain toxins, like mold and asbestos, among others.  A test can determine whether any toxins are present, in levels that exceed EPA guidelines.  It is also important to understand whether the home was built or renovated with nontoxic materials like low and zero emission paints and sealants and materials like strawboard for the subflooring.

6.  If it is an older home, have insuation, heating and colling systems as well as appliances been updated?  Newer products are more efficient.  You can also check to see whether higher efficiency lighting has been installed.

7.  How efficient is water usage? Are kitchens and baths equipped with water efficient plumbing?  You can install water conserving irrigation systems, and landscapping that minimizes the use of water.  Homes may also have a rainwater collection and storage system.

8.  How about the roof?  Lighter colored roofs reflect more heat than a dark colored roof, which absorbs heat, putting more strain on the cooling system.  Are their skylights that let in neutral light?

9.  Where do the home’s materials come from? Recycled or salvaged building materials reduce the homes environmental impact.  Also preferable are materials that are locally available, can be processed with less energy and water and are recyclable, durable and are abundant in the enviornment.

10.  Has it been certified green?  The U.S. Green Building Council, the EPA, and others offer ratings on homes, based on inspections by third party professionals.

I found these questions to be right on target, when thinking about how a home will effect our enviornment.  As I mentioned at the beginning, I am getting more and more questions from buyers and home owners, about what we can do to reduce our homes impact on the enviornment.  Addressing these questions, will go a long way towards making us all more enviornmentally aware.

Would love to hear your thoughts.

Homebuyer Tax Credit Changes, Yardley, Lower Makefield Township, Newtown, Upper Makefield Township, Bucks County.

Good news for anyone considering purchasing a home,  in Yardley, Newtown, Lower Makefield Township, Upper Makefield Township, or anywhere in Bucks County. 

Both the house and senate have overwhelmingly passed an extension and expansion of the homebuyer tax credit, and the revised provisions were oficially enacted, as President Obama signed the legislation, today. 

What was previously, limited to an opportunity for first time home buyers, has been expanded to include those current homeowners who are looking to purchase another home.  Even the first time homebuyer credit has seen some changes, the major one being the expansion of the income limits that allow a first time homebuyer to qualify.

The new homebuyer tax credit, extends the 8,000 tax credit to first time homebuyers.  To qualify, there must be a written, binding contract in effect on or before April 30, 2010, and the property must close prior to July 1, 2010. 

The biggest change for the first time homebuyer portion of the new provision, is that the income limits to qualify, have been increased.  The new limits are $125,000 for a single person, and $225,000, for married couples filing  jointly.  There is an additional phase out for people who earn up to $20,000 more than those limits.

The most significant aspect of the new credit, is that it now includes a credit of up to $6500 for current home owners, who purchase a home under the same time frames as I indicated above.   A home that costs more than $800,000 are more, will not qualify for the new tax credit.

The Governement has made it extremely easy to file for the credit.  I have posted the required form for your review.  I have also included a a brief outline of the changes to the new credit, and have also included answers to common questions.

Click here for the form needed to file for the credit.  (5405)

FAQ

Outline of changes in the new tax credit provision.