Many folks believe that very few houses are selling, and that almost no one can get a mortgage. Along with

A few weeks ago, the National Association of Realtors (NAR) released their Existing Homes Sales Report. According to the report there are, on average, 12,109 homes selling in the United States EACH and EVERY DAY! That means that approximately 12,000 houses sold yesterday, approximately 12,000 will sell today and approximately 12,000 will sell tomorrow. So the thinking that homes aren’t selling just isn’t true.

Another interesting fact in the report was that 72% of these transactions were accompanied by a mortgage. That means that approximately 8,719 people qualify for a mortgage on a daily basis in this country.

There are over 12,000 homes sold and over 8,000 mortgages granted every day. The real estate market is doing better than many believe.

If you’d like more facts and figures, or information about buying or selling a home in Yardley, give me a call – I’d love to talk with you!

For people moving in and out of the Yardley area, because of how hectic moving day can be, people often leave behind very important things, that will be sorely  missed at their new home.  In order to help prevent that, I put together this list of what I see as the six top forgotten items during a move.

1.  Jewelry, watches and small valuables.  These small, sometimes expensive and often irreplaceable items should be kept in a safe deposit box, or kept with trustworthy friends or relatives on moving day.

2.  Garage door opener.  Be sure to leave your old garage door openers behind, and be sure to get the garage door openers to your new house.  Most new cars have a button that you can program, that replaces the old fashioned garage door opener.  The problem is that in most of those cars, you need the garage door opener to program the button!

3.  Spare keys.  Make sure you leave behind all spare keys.  And like the garage openers above, make sure you receive keys to your new house.  I know that it sounds impossible, but I have heard stories of buyers closing on a house and then rushing to meet movers, only to realize that they never received keys to the new house.  Don’t let that happen to you.

4.  Old address books.  I realize that most of us use smart phones, Ipads etc., as our address books.  However, I know that there are still lots of people who use old fashioned address books.  Often, if a home owner has been in their house for a long time, the reliable old address book may be stashed in a drawer somewhere.  Be sure to bring it with you.

5.  Unfinished errands.  Again, this would seem to be fairly obvious, but I have heard stories.  Do you have clothes at the dry cleaner?  Books due at the local library?  For those who still rent things like videos or games, have they been returned?  It can be a mess to deal with those things, once you have moved, especially if you are moving any distance.

6.  Medical records.  Although there is a lot of medical information that is digital these days, you should be sure that you don’t misplace copies of medical records, including dental information and prescriptions.  It is very easy to lose those things when they are stashed at the bottom of a hastily thrown away box.

I try really hard to make sure that my clients’ experience as both buyers and/or sellers is as smooth as possible.  That includes the actual move.  If you are interested in a hassle-free home selling or buying experience, please get in touch today.  You can reach me at 215-519-1399 or Marty@MartinMillner.com

Any important items that I have overlooked?

I know that today is a holiday for many, but the wonderful world of real estate never sleeps, so I had an appointment to show one of my listings to a buyer.  Turns out, the buyer was a very nice, young, first time home buying couple. The listing they were seeing is a great house, very updated, and priced extremely competitively.  Buyers have potential interest, but they had a question. Their question was: “We are new to the process, and don’t even know where to start.”

I really enjoy working with first time home buyers.  I know that for most first time home buyers, the home buying process can be stressful, intimidating and confusing.  I very much enjoy helping those buyers learn everything possible about both buying and owning a home.  I welcome the chance to provide as much information as possible, so that by the time a first time buyer makes an offer, they are completely comfortable with the process and the decisions they make.

I think it is a great time to buy a home.  There are lots of houses to choose from, and interest rates are incredibly low.  It is a buyers’ market, which means that factors in the market clearly favor the buyer.

So, the buyers I met this morning asked, “Where do we start?”  Great question.

I would suggest to a first time home buyer looking for a house in Yardley, Bucks County, or wherever they are looking to buy, that they find a reliable mortgage person, and learn as much as possible about the process of obtaining a mortgage.  Any reliable mortgage person will be happy to speak with a prospective home buyer, so that the buyer can understand what type of  mortgage they will qualify for, and what steps they will need to take to obtain that mortgage.

I also remind buyers that I work with that in some cases, you could be approved for a mortgage that represents a higher monthly payment than you are comfortable with. That’s okay.  You should never take on a higher payment than what you are comfortable with, but at least you will have a clear understanding of where you stand.

By starting the home buying process with a lender, you will not fall into a trap of being disappointed with a house that you are not able to purchase.  You will focus on a price range that is realistic for you.  Just to be clear, there should be no cost and absolutely no obligation for the initial discussion with a particular lender. The mortgage person will ask a series of questions regarding your income, and debt and will get permission to run a credit report.  I could do an entire post on credit scoring, but for purposes of this post, based on your income, assets, debts, etc., the lender will be able to tell you exactly how much of a loan you would qualify for, and what terms the loan would take.  There may be several options, regarding the mortgage.  From this initial conversation with a lender, you will know exactly what price range to focus on, in trying to find that most perfect first home.

Contact me at 215-519-1399 or Marty@MartinMillner.com if you would like mortgage contact recommendations.

From a Bucks County perspective, why is this article so interesting?

There are always articles written that talk about how bad the real estate market is.  I have written pretty extensively about the real estate market in and around Yardley and Newtown, and all over Bucks County.  I have pointed out on numerous occasions, that our market is nowhere near as dire, as in other parts of the country, like Arizona, Florida, etc.

This Journal article is the first article that I have seen that makes a distinction between distressed sales, and non-distressed sales.  I think this could be a critically important distinction, because, as the article points out, according to CoreLogic, an important emerging trend is that home prices are actually stabilizing after excluding distressed sales.  If you are not familiar with the term, “distressed sale”, it essentially refers to bank owned properties, and/or short sales, etc.

It is clear, according to the statistics, that prices of non-distressed properties are actually stabilizing, even as the prices of distressed properties are still falling.

The reason this becomes so important to the real estate market in Bucks County, is because for Bucks County real estate, the percentage of distressed property sales, is very significantly lower than the national average.  In fact, for all of Bucks County, the percentage of distressed property sales is about 13% or so, while the national percentage is 28 to 30%.  I would actually suggest that in the Yardley, Newtown, Washington Crossing real estate market, that percentage is even lower.

In fact, many people are really surprised to learn that for the entire real estate market in Bucks County, following the height of the market, which was in 2007, prices fell by 6.7% in 2008, they dropped by 6.8% in 2009 and believe it or not, they actually went up by 4.3% in 2010.  Those statistics are based on the change in the average sold price, each year.

So, if you live in or are interested in real estate in Bucks County, spread the word!

We are expecting more snow, in Yardley later today and tonight.  Although we are in the middle of winter, in real estate, the spring  market isn’t too far away.Are you a first time home buyer, looking to buy in Yardley, or Newtown in Bucks County, this year?  In order to address the stress and worry, along with the excitement that most first time buyers that I work with feel, I thought it would be helpful to suggest the 9 things that first time home buyers in Yardley should be concerned with, but generally are not.  So here goes:

9  things that first time home buyers in Yardley should be concerned with, but aren’t.

1.  What is the real cost of owning a home?

In my experience with working with first time home buyers, I often find that first time buyers do not pay enough attention to the actual costs of owning a home.  I am referring to on-going maintenance costs.  Be sure to have enough funds in reserve to cover unexpected issues with the house that may come up.  Often times first time home owners are not aware of home warranties that can drastically reduce the costs of repairs.

2.  Research home prices.

It is definitely a buyers market.  Often times, first time home buyers can distracted by a homes ammenities, and from an investment perspective, can lose sight of how a home is priced, compared with others in the neighborhood they are considering.  As a generalization, you would not want to own the most expensive house in a neighborhood.

3.  Understand how the changes in the mortgage industry, can affect the buying process.

In the current financing climate, it is extremely important that first time home buyers, understand the mortgage process and understand their options.  Understanding credit scores, appraisals, etc, have never been more important than they are now.  It is a great idea for home buyers in Yardley or anywhere in Bucks County, to speak with a mortgage professional, before they begin looking at homes that may not work.

4.  How do I make a smart offer?The answers to this question can go hand in hand with mortgage questions.  What is a sellers assist?  Are there special financing options available for a particular area?  How much should I offer, and what amount should I put down.  All of these are questions that should probably be addressed early in the process, so that as a first time home buyer, when you do see the right house, you can move forward with confidence.  It is good to understand the offer process, very early on, so that once the time comes, you are totally comfortable with the steps that need to be taken to present an offer.

5,  What should I look at in the house?

This may seem like an obvious question, but I have had many first time home buyers say to me, when looking at homes for the first time, “what are we supposed to be looking at”.  I suggest focusing on the things in the house that you can not change easily, if at all. Sometimes people get distracted by cosmetic things, instead of the things like the lot, the view the size, etc.  

6.  What is a home inspection and how much does it cost?

This is something else that very few fist time home buyers in Yardley and Newtown, are familiar with.  I find many buyers focusing their attention on things that will be evaluated and dealt with, through a home inspection.  It is important to look at homes carefully, but it is also important to understand what happens during a home inspection, along with the process of negotiating any issues that do come up in the inspection.

7.  What happens at closing?

Most first time home buyers do not have any idea what takes place during a real estate closing.  I believe that buyers would have much less stress, if they knew what to expect at their closing, early in the process.

8.  Its ok to ask lots of questions?

I think this may be the most imortant of all of the above.  I love working with first time home buyers, and I always encourage people to ask questions.  As a first time home buyer, the more you see, and the more questions you ask, the better educated you become, and the more you know.  I really believe that the more you learn and know, the more comfortable you will be in making sound real estate decisions.  The only dumb question, is the one that is not asked!

9.  How should I find a realtor I am comfortable with?I kept this for last.  All realtors are not the same.  It is really important that as a first time home buyer in Yardley, you are completely comfortable with the realtor you work with.   It is totally fine to schedule a time to interview realtors, before you even begin looking at homes.  I do not reommend going into open houses, early in the process, because the realtor sitting the open house, is really at the open house as an agent of the seller.  As a buyer, I suggest that you have more control over the process of who you will work with.  You can ask friends for recommendations.  You can read blogs, etc, but please note number 8.  It’s ok to ask questions.  If you are not totally comforable, move on to someone else.  

That is my list for today.  If you are a first time home buyer in Yardley or Newtown, it is a very exciting time.  It’s a great time to buy, and I would be more than happy to answer any questions that you may have about the whole buying and home ownership process. You can reach me, at 215-519-1399.  If there are things I left off of this list, I welcome your comments. ]]> http://buckscountypatoday.com/9-things-first-time-home-buyers-in-yardley-should-be-concerned-about-but-arent/feed/ 0 http://buckscountypatoday.com/make-sense-to-buy-yardley-newtown-bucks-county-real-estate/ http://buckscountypatoday.com/make-sense-to-buy-yardley-newtown-bucks-county-real-estate/#comments Fri, 03 Sep 2010 01:32:31 +0000 Marty Millner http://buckscountypatoday.com/?p=1600 I read a great article this morning in the New York Times, about home ownership in the United States.  Click on this link for

Click here to view the embedded video.

I found this article on a great website, called House Logic. The site is defintely worth checking out. There are dozens and dozens of great articles that pertain to real estate. Today, lets look at 12 common home maintenance clues, and solutions.

Your house sometimes acts as if it’s alive—making strange sounds, emitting odd odors, and giving visual cues that say something might be amiss. Often, these are signs of home maintenance issues that need to be addressed, and decoding these sometimes puzzling clues could prevent minor problems from turning into major home repairs.

Here’s how to interpret what your house is trying to tell you, and how to recognize the early warnings of common home

Peeling exterior paint

Cause: Moisture is probably getting underneath the paint, perhaps from a leaking gutter overhead or from a steamy bathroom on the other side of the wall.

Cure: If you catch the problem right away, you might just need to address the moisture issue and then scrape off the loose paint, prime bare spots, and repaint that wall, for a total of a few hundred to a couple thousand dollars. Delay too long and the siding might rot. Patching and repainting the whole house might cost $10,000.

To prevent a chronically steamy bathroom, consider installing a new ventilation fan with a humidity-sensing switch that automatically exhausts moisture-laden air. Cost is about $250.

Flickering lights

Cause: If only a single bulb flickers, it might be loose in its socket or in need of replacement. If lights always dim when the refrigerator or other appliance turns on, the circuit might be overloaded. If groups of lights flicker, connections at the electrical panel or elsewhere might be loose, causing power to arc—or jump—over the gaps. Arcing is a serious problem; it starts fires.

Cure: Anyone can tighten a bulb. Handy homeowners can shut off circuits and tighten loose connections within switch boxes. If you’re not comfortable doing that, or if you suspect an overloaded circuit or loose connection at the panel box, call in a licensed electrician. You’ll pay $150 to $250 for a new circuit, and $500 to $700 for a new electrical panel—way less than what you’d spend to recover from a fire.

Rustling in a wall

Cause: Sure, termites usually signal their presence by building pencil-thick mud tubes up from the ground or by swarming from pinholes in floors or walls. But did you know it’s also possible to detect them by sound? Tap on a wall and then press an ear against it. See if you hear rustling that matches recordings of Formosan or other termites. A sound like crinkling cellophane could mean carpenter ants.

Cure: Call a pest-control professional. Cost is $65 to $100 for an inspection.

Loud knocking

Cause: If the knocking occurs when you turn off water, you have “water hammer,” caused when fast-moving water comes to a sudden stop and there is no air chamber (a short, specially designed piece of pipe) to cushion the shock wave. If knocking occurs when your furnace switches on or off, metal ducts are expanding or contracting as temperature changes.

Cure: If water pipes are the issue and there is an air chamber near the faucet, it may be filled with water and needs to be drained. You might be able to do this yourself. If you’re not confident of tackling that or if there is no chamber, call a plumber ($65 an hour) to add one. Those snapping ducts? Just get used to them.

A toilet tank that refills all on its own

Cause: Worn interior parts may be causing water to trickle through the toilet constantly, causing the water level in the tank to lower and eventually triggering the refill mechanism. A leaky toilet potentially wastes 1,500 gallons a month.

Cure: Untangle or loosen the chain—it may be too tight and preventing the flapper from seating fully, letting water leak out the flush valve. Or, try bending the tube connected to the float ball. If those don’t work, replace the valve and flapper inside the toilet tank (under $25 if you do it yourself, and a little more if you upgrade to a water-saving dual-flush valve).

Creaks and groans

Cause: All houses creak and groan a little as parts expand and contract with temperature fluctuations and with changes in levels of humidity.

Cure: None—it’s normal for house to make a few snaps and pops. But don’t ignore really loud groans when there’s been an unusual amount of snow or rain, especially if your house has a flat roof. There may be an excessive or even dangerous amount of weight on your roof. If you suspect that may be the case, be prudent: Get everyone out of the house and call in a professional to check the roof.

Musty odors

Cause: Mildew, a fungus, is growing because indoor air is humid enough to allow condensation to form on cold surfaces. Basements are favorite haunts for mildew.

Cure: Keep surfaces dry by one or more strategies: increase air movement with a $20 fan, keep relative humidity below 50% in summer or 40% in winter with a $175 dehumidifier, or make surfaces warmer by adding insulation.

Rotten-egg smell when you run water

Cause: Bacteria that produce hydrogen sulfide gas (the scientific name for “rotten egg smell”) are in your plumbing, or there is a problem with your water heater. Fill a glass with hot water, step away from the sink, and take a whiff; if you detect no sulfur smell, they’re in the drain.

Cure: Disinfect the drain by pouring in a $1 bottle of 3% hydrogen peroxide solution, sold at drug stores. A sulfur smell in only hot water points to the water heater as the problem; call a plumber to disinfect the system or replace the tank’s magnesium anode. If hot and cold water both smell, call your water supplier (or health department if you have a well).

Strange-tasting tap water

Cause: Mineral content of drinking water varies, so taste does too. But if the water tastes metallic, iron or copper may be leaching from pipes. If you taste chlorine, your water supplier may have overdosed on disinfectant, or a correct level could be interacting with organic material within your plumbing system.

Cure: If chlorine seems high at all taps, or if you taste metals, call your water supplier or have your well water tested. If only one tap has water with high chlorine or if the taste goes away after you run water for a few minutes, flush your system or call a plumber.

An under-the-counter water purifier with a top-quality activated carbon filter will remove heavy metals, bacteria, and other contaminants. In addition, it removes odors and bad tastes. Expect to pay $150 to $200 for a purifier with a replaceable cartridge.

Sour milk

Cause: With today’s hyper-pasteurized dairy products, milk doesn’t sour easily. So if it or other refrigerated food spoils unusually fast, the temperature in your refrigerator could be too high.

Cure: Get an $8 refrigerator thermometer and adjust the control so on each shelf stays below 40 degrees. If you can’t achieve this, consider buying a new Energy Star-rated refrigerator. Fridges are pricey, $450 to $2,000 or more, but you’ll save energy as well as food and might qualify for rebates.

Trembling floors

Cause: If items on tables and shelve jiggle and shimmy when you walk past, or if your floor feels like it gives under your weight, the floor joists might not be sturdy enough or past remodeling might have removed a support wall.

Cure: Have a structural engineer or experienced contractor see whether you can add more joists, bolster existing ones with an additional layer of plywood subflooring, or add a post to support the floor better. You’ll pay up to $500 for a structural engineer to evaluate your problem.

Mysterious breezes

Cause: If a ground-floor room seems drafty, air may be seeping in along the foundation or through an improperly sealed window or door. A drafty attic can make things worse, as warm air currents will rise naturally and exit through any gaps in the attic, pulling colder air in through lower-level cracks.

Cure: Starting in the attic and working your way down, seal all gaps.

Click here to view the embedded video.

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.

Click here to view the embedded video.

Check out this video, which should make the process clear.

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.