Spring real estate market tips for sellers, in Yardley, Bucks County, Pa.
Here is a video that I created in spring of 2011. The tips are still very relevant today to home sellers in Yardley, Newtown and all of Bucks County, PA. Click to watch the video, or here is a quick synopsis:
Three Important Tips to Get your House Sold Quickly
Move-In Ready
Buyers are looking for homes that are ready to move into, with little or no updating or repairs needed. Make some easy and relatively inexpensive updates like paint and carpets to “neutralize” the color scheme of your home. Focus on the kitchen, family room and master bedroom. Also take some time to add a little curb appeal to your exterior to create a great first impression.
Beautiful Photos
Because so many buyers are starting their home searches online, it is very important to have great pictures that will show off the best aspects of your home.
Price
With the competition on the market today, be sure to price your house correctly. It can make the difference between a house selling in a few weeks, or lagging on the market for months and months.
I have a useful booklet titled “450 Ideas to Get Your Home Sold Quickly”. Please contact me at marty@martinmillner.com if you would like to receive this great step-by-step guide.
Continue Reading > Add a Comment |
Yardley, PA real estate market update
So what is happening in real estate in Bucks County, and Yardley?
First quarter real estate market results are in, so lets take a look at what is happening.
First, looking at Bucks County real estate, what is really striking, is that the number of houses for sale, was more than 7% lower at the end of March this year, than last year at the same time.
I have blogged a couple of times recently, about the changing dynamics in the market. It seems as though more houses are selling faster than they were last year, and based on the decrease in inventory levels, that makes sense.
The other extremely striking statistic, in the Bucks County real estate market, is in pending sales. Pending sales represent homes where the seller has accepted an offer, but the house is waiting for closing. Pending sales in Bucks County were up by an incredible 26% at the end of March, compared with last year.
I am not quite sure what to make of that number, yet. I sense that buyers are more motivated, and more buyers are coming to the realization that 4% interest rates will not be around forever.
Check the chart, for Bucks County real estate details.
Bucks County real estate market in a shapshot
Yardley Real Estate
In the Yardley, Lower Makefield Township real estate market, the number of homes on the market is actually about 2% higher at the end of March than it was last year at the same time.
Inventory was up by almost 12% from the end of February, which is to be expected, as we entered the spring market.
I think that there are still an abundance of houses in Yardley that have been on the market for a long time, because they are overpriced, given current market conditions. Even though inventory levels are higher, there is definitely more activity in the real estate market right now.
It is also interesting to note that the average price of a house on the market in Lower Makefield Township was $476,000 thie year, compared with $481,000 last year.
In addition to that, it may surprise people to know that the average price of a home sold in 2011, increased slightly in 2011, and is up by 5% this year, so far.
In Lower Makefield Township, there still is about an 8 month inventory supply, which indicates that factors are still favorable for buyers. We consider the real estate market to be balanced, when there is about a 6 month supply of homes on the market.
Yardley real estate appreciation chart
In summary, the real estate market in Bucks County, and especially in the Yardley-Newtown areas, is showing the most encouraging signs that I have seen in about 4 years. There are still homes that have been on the market for months and months, because they are overpriced. However, homes that come on the market that are priced realistically, based on current market conditions, are selling much fast than they have at any point in the past 4 years. If you are getting ready to put your house on the market, please ask me for a copy of my ebook, 450 ideas to help get your home sold quickly. Send me your email, and I will email it to you. My email is: Marty@MartinMillner.com.
Continue Reading > Add a Comment |Selling real estate in Yardley or Newtown; listing photo disaster?
When you’re thinking about hiring an agent to help you market and sell your home, it’s probably a good idea to ask to see listing photos of homes they’ve represented in the past. A true real estate professional will go the extra mile to make sure there are plenty of high-quality, detailed photos to help market your home online. This is true when doing video, as well. That is why I hire a professional photographer & videographer to ensure that my listings images are as good as they can possibly be.
At the minimum, the photos should be well-lit, the homes should be tastefully presented, and the photographs should appear to be taken by a professional. Less than that, and you might want to consider looking for a new agent. I have seen some pretty funny house photos, and the price of the house often does not matter. There are, of course, major red flags you’ll want to look for in sample listing photos.
Consider some of the following:
- No owners sunbathing in the pool in Speedos.
- No attic rooms cluttered with personal massagers and ashes/dust.
- No master bedrooms with lingerie models lounging in a red velvet four-poster bed.
- No bathroom shots in which the photographer appears in her bra in the mirror.
- No pics featuring the owners engaged in questionable activities in the background.
- No creepy dolls by the fire place.
- Seriously, no creepy dolls anywhere, not even in the living room!
- No stains of murdered bodies on the bare floors.
Now, it may sound like I’m joking, but I’m being 100% honest when I say these are flaws seen in actual listing photos represented by real agents. What’s more, I can prove it.
See every single one of the above listing photo disasters in this slide show:
Incredible, isn’t it?
Please, whatever you do, be sure to hire an agent who takes their listing photos seriously. After all, you home is your largest investment! I’d be glad to treat it with the respect it deserves. Let me help you market your home the right way: Marty@MartinMillner.com 215-519-1399
Yardley Home Buyers and Sellers Update
I just received the National Association of Realtors (NAR) 2011 profile of home buyers and sellers. As we move further into the spring real estate market in Bucks County, I always enjoy reviewing the NAR survey, which comes out around this time every year.
Contrary to what the press would have us all believe, people actually bought and sold houses in 2011! NAR interviews literally thousands of home buyers and sellers every year, and generates a very comprehensive review of the prior year in real estate. What did we see in 2011?
Buyers
- 37% of recent home buyers were first time home buyers. This represented a drop from 50% in 2010. No doubt the high number of first time home buyers in 2010 was a result of the first time home buyer tax credit. To me, even 37% is a very high percentage. I know that personally, I worked with a number of first time home buyers in Yardley and Newtown in 2011.
- The typical buyer was 45 years old, which was a jump from 39 years old, in 2010
- The 2010 median household income of buyers was $80,900. Median income was $62,400 for first time home buyers, and $96,600 for repeat buyers.
- 64% of recent home buyers were married couples, which was the highest percentage since 2001. 18% of recent home buyers were single females, which was the lowest share since 2004. Not exactly sure why that was the case.
- For 27% of recent home buyers, the primary reason that they bought, was simply a desire to own a home!
Sellers
- The typical seller lived in their home for 9 years. The median tenure has increased in recent years. As recently as 2007, it was six years.
- 87% of sellers used a realtor when selling. (I love that statistic!)
- Recent sellers sold for 95%of the listing price, and 61% reported that they reduced the price at least once.
- 41% of sellers offered incentives to attract buyers, most often offering home warranties and help with closing costs.
The entire buyer and seller report is almost 200 pages, and includes interesting charts and graphs. I can email the report, if anyone is interested in seeing it.
I like to look at the report and see how the national experiences of buyers and sellers, compares with what I find in my real estate business in Yardley, Newtown and Bucks County. I will talk about the report in future posts, but it is always important for me to emphasize that, especially in our area, real estate is moving. I have had recent listings that have sold within a very short period of time, and the market is active.
If you would like to see the home buyer and seller report, please email me at Marty@MartinMillner.com.
Continue Reading > Add a Comment |Buying a Home in Yardley or Newtown, Bucks County? 10 Important Questions for Your Home Inspector
Maybe because the weather has been so warm and snow-free, it seems as though the so-called “spring” real estate market in Yardley, Newtown and all over Bucks County has started early. I have written a few recent posts on changes in the Yardley, Newtown area real estate market.
When working with buyers, I always stress how important it is to have a thorough and complete home inspection. For any buyer of real estate in Bucks County, it is critically important to know that any offer you make on a house, can be made contingent on the results of a home inspection. Over the years, I have worked with many area home inspectors. I thought it would be interesting to review what I think are 10 great questions to ask your home inspector.
There are a number of highly qualified, experienced home inspectors in the Yardley, Newtown area, and there is nothing wrong with interviewing more than one. Here are the questions:
1. What does your inspection cover?
At the time of the inspection, most home inspectors will give you a document to sign, that explains, among other things, the limits to what they will be inspecting. The inspector should ensure that their inspection and report meets all applicable requirements for Pennsylvania. They should also ensure that the report will comply with the local standards of practice and code of ethics. If you have specific concerns about something in the house, or an area in the house that you are concerned about, make the inspector aware and be sure that those things are covered in the inspection.
2. How long have you been practicing in the home inspection professions and how many inspections have you done?
This should not be a problem for the inspector to answer. You should be able to review their history in the profession, and perhaps get referrals.
3. Are you specifically experienced in residential inspection?
If the inspection is for a commercial property, you should ask the same question. The inspector may have a construction or engineering back round. but there is no substitute for training and experience in the unique discipline of doing home inspections.
4. Do you offer repairs or improvements based on the inspection?
In some states, this is specifically outlawed. Years ago, in Bucks County, inspectors often did work on repairs, and I never liked that idea since there was an obvious conflict of interest. For the most part, this is no longer an issue with home inspectors in the Yardley and Newtown area.
5. How long with the inspection take?
I have found that the average inspection in our area takes between tw0 and three hours. For the purposes of budgeting your time, you should have a general understanding of how long the inspection should take.
6. How much will it cost?
Costs can vary from inspector to inspector, and it is one of the questions that you should ask, so that you are not surprised the day of the inspection. There are also some variables in terms of what inspections are needed, that will impact the cost. If you need a septic and/or water and well inspections, the cost will be somewhat higher than if those inspections are not needed. When I meet with buyers, I include an approximate cost for the home inspection in my closing cost estimate.
7. What type of inspection report do you provide and how long will it take to receive the report?
I think it is a good idea to ask for samples of the inspectors report, so that you are comfortable with the format, and that you can understand the report language and style. You also need to be sure that the time parameters meet your needs. In our Pennsylvania agreement of sale, there is a time limit to the inspection contingency. It is critically important that the report be available to you in enough time that you can evaluate it and respond to the seller appropriately.
8. Will I be able to attend the inspection?
I always encourage buyers to attend the home inspection, and I would be highly suspicious of any inspector who did not encourage that. I have never actually encountered a problem with an inspector suggesting that a buyer not attend the inspection, but you should ask the question, just to be sure. The inspector will share maintenance information, as well as explaining any defects, and attending the inspection gives you a great chance to learn about the house.
9. Do you maintain membership in a professional home inspector association?
There are actually tw0 national home inspection associations, and in Pennsylvania, the inspector needs to be a member of one of them in order for their report to be used as a basis to negotiate with the seller as a result of an inspection report. There should be no problem asking the inspector whether they are a member of one of the organizations.
10. Do you participate in continuing education?
I think this is a good measure of the inspectors professionalism and service. The more knowledge an inspector has, the better they should be in evaluating any unusual or unique condition in a house.
I hope that these suggestions are helpful if you are considering a home inspector for a house in Yardley, Newtown or anywhere in Bucks County. I would love to hear your thoughts. I can be reached at 215-519-1399, or Marty@MartinMillner.com. If you are considering buying a Yardley or Newtown home, please let me know if I can help you.
Continue Reading > Add a Comment |Three Amazing Design Sites for Yardley, Newtown, Bucks County Homes!
I spend a great deal of time going in and out of houses all over the Yardley and Newtown areas in Bucks County. I talk to a lot of sellers, as well as buyers. I’ve posted recently about how the market dynamics have changed in our market, over the past month or so. Buyers are complaining again that there is “nothing to see.”
I suspect that there are potential sellers who, because of where the Yardley and Newtown real estate market has been over the past few years, have decided to put off selling.
If you’re are thinking about renovating the interior of your home, or if you are moving and want to create your own new fantasy home, I thought it would be fun to put together a list of three great sites to help inspire your imagination. So, when you have time, check out these great websites.
Houzz.com (http://www.houzz.com)
Houzz is a leading destination site for home design enthusiasts, both professionals and homeowners. The Houzz site and mobile apps feature more than 250,000 high quality interior and exterior photos, along with literally thousands of highly engaging articles written by design experts. It also includes product recommendations and social tools to manage the remodeling and decorating process.
Freshome.com (http://www.freshome.com)
This site was launched in 2007, and is a weblog devoted to finding and sharing the latest and greatest products in architecture and design. The primary focus of this design publication is to provide inspiration to make your home more beautiful, organized and healthy. I believe that a calm, healthy, beautiful home creates a great foundation for happiness and success.
Getdecorating.com (http://www.getdecorating.com)
This site is devoted to inspirational home ideas that you can choose, save and email to a friend or supplier. Every picture has a story, whether you are thinking about renovating, remodeling, decorating a new house or an existing home, perhaps buying new furniture, window treatments, or maybe just a color change, this is the place for you.
So, bottom line, stop flipping through pages and pages of magazines for a couple of interesting photos, and check out these sites with literally tens of thousands of fantastic, colorful ideas to spark your imagination. From staging to renovation, these are great places to get started.
If you are thinking about selling your old home before pursuing a new design, I would be happy to help. Connect with me this week at 215-519-1399.
Continue Reading > Add a Comment |Home Buying 101 in Yardley, Bucks County
I saw an interesting article this morning from MSNBC entitled, “What you should know before buying a home”.
The author of the article described the journey from moving 9 times in 9 years, from college dorms to various apartments, before deciding to look for something a bit more permanent in the form of a house. In 2009, the author purchased a home, and based on that experience, has suggested five important pieces of advice.
This story resonated with me, because I have three kids who, I suspect, are within a couple of years or so of the author.
Each of my three kids has already purchased a home, or is currently in the process of purchasing a home. I have learned first hand, from their experiences, how daunting and potentially confusing the home buyer process can be, especially for fist time home buyers.
Yardley, Newtown and the entire Bucks County area offers great opportunities for owning real estate. Especially now, with prices lower than they have been in years, and with interest rates at historic lows, it is a great time to buy real estate. However, if you have not been through the process before, it is scary!
I appreciated the advice given in the MSNBC article, and thought that these are five great suggestions.
1. Have a good realtor. I know that I am biased, because this is what I do. But personally, I love working with first time home buyers. I feel that it is my responsibility to be sure that first time home buyers are comfortable with the process, and at each step in the home buying process clearly understand their options and what is happening. I enjoy guiding and educating first time home buyers through the experience, and I know that as we move through the experience, they will understand the process completely.
2. Educate yourself. Again, I think this is great advice. There is a tremendous amount of information that you can find on-line. I actually have a book called, “Before You Buy”, that I can send to people who are interested while my supply lasts. It is a great book on buying a home. The National Association of Realtors also has a buyers guide. It is important to learn as much as you can.
3. Talk to neighbors. I think that this is a great suggestion, and it isn’t done often enough. Before finalizing an offer on a house, it is a great idea to speak with neighbors. Ask them what they like about living in the neighborhood, and ask whether there is anything they don’t like. You may be surprised by what you learn.
4. It is OK not to do everything in the house in the first month you own it. I have worked with buyers who become a bit overwhelmed by thought that they have to furnish, decorate and update an entire house. Remember, there is nothing wrong with taking on projects in stages. Start with rooms and spaces that are most important, and do not feel that it is necessary to everything at once. It will all come together, eventually, and that is fine.
5. Be aware of, and prepared for, hidden costs. When you are a home owner, unexpected costs will occur. Try and be prepared. Could be plumbing issue. Maybe the heater needs a repair. When working on a budget, try and allocate a reserve for these, sudden, and unexpected costs that will come up.
Finally, in searching for your first home, you should love it. It is exciting, it is a lot of money, but in the end, should all be worth it.
If you want a copy of the book, “Before You Buy”, send me your contact information, and I will get a copy out to you. I have about five or six copies left.
Continue Reading > Add a Comment |Great Steps for Preparing Your Yardley Home to Sell
Every Yardley seller wants their home to sell fast and bring top dollar. It’s not luck that makes that happen. It’s careful planning, and knowing how to professionally spruce up your home that will send home buyers scurrying for their checkbooks. Here is how to prep your house and turn it into an irresistible and marketable property.
Disassociate Yourself From Your Home.
Say to yourself, “This is not my home; it is a house — a product to be sold just like a box of cereal at the grocery store.” Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours. Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners.
De-Personalize It.
Pack up your personal photographs and family heirlooms. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there. You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”
De-Clutter!
People collect an amazing amount of junk. Consider this: If you haven’t used it in over a year, you probably don’t need it.
- If you don’t need it, why not donate it or throw it away?
- Remove all books from bookcases.
- Pack up those knickknacks.
- Clean off everything on kitchen counters.
- Put essential items used daily in a small box that can be stored in a closet when not in use.
Rearrange Bedroom Closets and Kitchen Cabinets.
Buyers love to snoop, and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if they sees everything organized. It says you probably take good care of the rest of the house as well.
Rent a Storage Unit.
Almost every home shows better with less furniture. Remove items that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around.
Remove/Replace Favorite Items.
If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, they won’t want it. Once you tell a buyer they can’t have an item, they’ll covet it, and it could blow your deal. Pack those items and replace them, if necessary.
Scrutinize.
Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you? Linger in the doorway of every single room and imagine how your house will look to a buyer. Examine carefully how furniture is arranged and move pieces around until it makes sense. Make sure window coverings hang level. Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz? Does it look like nobody lives in this house? You’re almost finished.
Check Curb Appeal.
If a buyer won’t get out of their agent’s car because they doesn’t like the exterior of your home, you’ll never get them inside.
Continue Reading > Add a Comment |Is It Spring in Real Estate in Yardley?
I realize that the weather so far this winter has been very pleasantly warm for Bucks County. But the calendar says that spring is still weeks away!
That is not the case in real estate in Yardley.
From a real estate perspective, we in the industry feel as though what we refer to as the “spring market” begins just after the Superbowl.
Happily for us Eagle fans, the Superbowl is over. On a different note, that was one of the most painful games to watch for those of us who are diehard Eagle fans. From a purely football perspective, I am happy that the game is over!
So what are we talking about when we say that the spring market starts after the Superbowl? What that means, in general, is that as we get closer to real spring, people begin to take steps to effect moves in June, July and August, which are the busiest moving times of the year. Many people, especially if they have kids in school, prefer if possible to move while their kids are out of school.
So, for those who want to either buy or sell beginning at the end of June, they often start the process in February or March, which is why in the real estate industry we say that the spring market starts now.
One of the very common questions that I get from sellers is whether it is best to sell in the spring. The reality is that real estate in Yardley, Newtown or anywhere for that matter, is essentially a function of supply and demand. The answer to the question about whether the spring is the best time to sell really is that it depends.
It depends on supply and demand factors. If the next month or so brings a flood of new sellers to the market in the Yardley area, without a corresponding increase in buyers, there will be further downward pressure on prices. If, on the other hand, there are lots of buyers but fewer sellers, the opposite will happen.
From several personal recent real estate experiences, I can tell you that right now, in the Yardley and Newtown area, inventory of houses is lower than it has been in quite a while, and there does seem to be an increase in the number of buyers.
I have had listings in Newtown and Yardley that have recently received multiple offers. I hear the same thing from other agents. I am also having a really difficult time finding quality houses to show buyers that I am working with in the Yardley area.
I have encouraged several sellers that I am working with to take advantage of the current dynamic, by getting their house on the market as soon as possible. I am not suggesting that suddenly we are in a sellers market, but I am suggesting that for those sellers who are realistic about their price, the real estate market in Yardley and Newtown is more favorable than it has been in quite some time.
Spring is in the air in real estate in Yardley!
Continue Reading > Add a Comment |People ARE Buying Homes, Here in Bucks County and All Over the Country!
Many folks believe that very few houses are selling, and that almost no one can get a mortgage. Along with Keeping Current Matters, I want to let everyone know that neither of these assumptions is true.
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!
Continue Reading > Add a Comment |