Don’t know where the year went.

For me, it was a productive and successful real estate year.  For that,  I am totally grateful and thankful for the buyers and sellers who trusted me to handle their real estate transactions, and I am also extremely thankful and appreciative of the colleagues, friends and clients who referred real estate business to me.  I work really hard at what I do, and feel truly blessed to have so many people allow me to be a part of their lives during the real estate process, and beyond.

My personal outlook for real estate in the Yardley and Newtown area, and for all of Bucks County, is cautiously optimistic.  I have written previously about the fact that we have a lot less distressed property sales in Yardley and Newtown,  and in most of Bucks County, than in many other parts of the country.  There is clear evidence right now that prices for non-distressed homes are holding very steady.

While I don’t envision a sudden shift in the market, I do think that we will see, in 2012, in Bucks County, a market that becomes more balanced than it has been.  I think that sellers who are realistic about pricing will not have difficulty selling in 2012.  I think that there will continue to be excellent value in the market for buyers of homes in Yardley and Newtown in 2012, but I also think that buyers need to be realistic about our market, as well.  What I mean by that is that I know that there are buyers who feel as though they can make virtually any offer they want, and often expect that sellers will take anything.  Remember, the average discount from original asking price in Bucks County is about 8%.

More sellers are becoming more realistic about the market, and I think that will continue in 2012.  If sellers price homes realistically, given the current market conditions, then it will take a much shorter period of time to sell, and it will reduce opportunities for low ball offers, as well.

I have been able to enjoy a bit of down time over the holidays, which I always appreciate.  I have gotten in some basketball, which I do all year long.  We have seen a number of movies, including, “The Girl With the Dragon Tattoo,”  “We Bought a Zoo,” and “Young Adult.”  I loved “The Girl With the Dragon Tattoo,” although I thought the books were better because they went deeper than is possible with a movie.  We also totally loved, “We Bought a Zoo.”

Also had a chance to get into New York to see a show and have dinner.  We saw Priscilla, Queen of the Desert, which was wonderful.  Amazing costumes, great acting and music.  I love being so close to both Philadelphia and New York.  It is one of the great aspects of living in Yardley.

Finally, I wanted to wish you all a very happy, healthy and prosperous new year!  Enjoy New Year’s Eve celebrations, but stay safe, and I will see you in 2012!

Hard to believe that we are just a week away from Christmas!

From a Yardley real estate perspective, we are now 11 months into data for 2011. Let’s see where we are, both with Yardley real estate and Bucks County real estate.

Bucks County real estate

Units Sold: Looking at numbers for all of Bucks County, the number of units sold this year is about 4% lower than a year ago at this time. For those who suggest that no real estate sells in Bucks County, although the number of houses sold is a bit lower, there have been 4,052 homes that have closed through November this year!

Pricing: The average price of a home for sale in Bucks County is down by 5.5% from last year at the same time.

Pending Sales: This is the best forward indicator of real estate activity, and the number of pending sales has trended up for several months.

Inventory: This is also an extremely important metric, when considering Bucks County real estate market conditions. The number of houses for sale in Bucks County is 7% less this month than last month, and more than 11% lower than it was at the same time last year! This still represents more than 11 months of inventory in Bucks County. We consider a market to be balanced when there is about a six month inventory, so you can see that factors are still favoring buyers. It is important to note, that the average days on market has also increased this year, from 88 to 101.

Observations for Bucks County real estate market

My observation from all of these statistics is that the market, while still favoring buyers, has stabilized a bit in Bucks County. I posted an article the other day comparing distressed and non-distressed real estate sales. In the article, I pointed out that both locally and nationally, prices of non-distressed properties appear to have stabilized. In looking at Bucks County real estate, it is important to note that we have far fewer distressed property sales than in many other parts of the country. Houses can and will sell, if they are priced correctly, marketed properly, and if appropriate steps are taken to ensure that they show as well as possible.

Yardley Real Estate Information

As I have pointed out many times in the past, real estate markets are very local, often varying from neighborhood to neighborhood. Let’s look at what is happening in the Yardley and Lower Makefield Township real estate market.

Inventory

• Inventory of homes Nov 2011 204
• Inventory of homes Oct 2011 226
• Inventory of homes Nov 2010 194

Although inventory is a bit less this month, compared with last month, it is higher by almost 10% from the same time last year. This is a bit of a contrast to the County as a whole.

Pricing

• Average price of a home for sale Nov 2011 489,000
• Average price of a home for sale Nov 2010 499,000

Asking price of a house for sale in Yardley/Lower Makefield Township is about 2% lower this year.

Units sold

• 261 homes sold through November this year
• 291 homes sold at the same time last year

It is also interesting to note that homes selling this year sold at an average of 92% of the list price, while they sold at an average of 93% of list price last year. Please note that when comparing the sold price to list price, we use the original asking price, where the price is reduced.

There is currently about a nine month inventory of homes for sale in Yardley. This is actually a bit better than for all of Bucks County.

Observations

There is no question that, looking at all of this information, it is still a buyers market. However, whether you are a buyer, seller, or just curious about real estate in Bucks County, or Yardley, houses are selling. Interest rates are at historic lows. Despite public perception, buyers are getting mortgages, and real estate is selling. If you are a potential seller, it is critical that you be realistic about pricing. It has never been more important to make sure that your house shows as well as it possibly can, and that it is marketed properly and thoroughly. I have a real sense that, especially for non-distressed homes, the market is a bit more stable right now, than it has been in quite a while.

If you think wiping down counters and fluffing a few pillows in advance of the guest onslaught will land you on Santa’s “nice” list this holiday season, maybe you should check that to-do list twice. You

Scrub your entryway. Wipe down your front door, give the doormat a good shake, and make sure dust and dirt haven’t collected on floors and furniture legs. These are the first things guests will see when they arrive, so keeping them clean will guarantee a good first impression.

Focus on the kitchen. People tend to gather around the food during the holidays, so make sure your kitchen looks and smells nice. Don’t forget to dust the light fixtures and flush sink drains with boiling water.

Whatever you do, don’t neglect the loo. Don’t just wipe surfaces; break out the stiff-bristled brush and scouring powder to really scrub things clean.

Sniff out bad smells. If you clean your home and something still doesn’t smell quite right, brew some coffee. The aroma will cover it up.

Give your garbage disposal some love, considering how much it will “consume” this season. To cut down on odors, chop up a whole lemon — rind and all — and let the disposal gobble it up. Throw in ice cubes to sharpen the blades.

Make sure you can see the guests coming. Keep windows clean and streak-free on the cheap with an easy mixture of vinegar and water in a spray bottle. Wipe down windows with a reusable microfiber cloth.

With all your holiday cooking, stove tops and ovens are bound to get dirty. Baking soda and water make a simple scouring solution that can scrub off that baked-on gunk.

What are your tips for keeping your Yardley home guest-ready during the holiday season? Leave your comments below!

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!

First, you will have a great opportunity to enjoy a  “Lake Afton Holiday” at  the Old Library building (see photo), situated on beautiful Lake Afton in the center of Yardley Boro.  Run by the Yardley Historical Association,  the Library will be open from 2:00 to 6:00 and, for holiday shoppers, there will be an opportunity to purchase a variety of Yardley themed gifts.

For more information about this, please contact the Yardley Historical Society at 215-493-6253 or email yardleyhistory@yahoo.com, or visit the following link, which will direct you to the Historical Association  website.

Hang around town on Saturday, until 3:30 and enjoy the annual Yardley Olde Fashioned Christmas Parade.  The parade will get under way at 3:30, from the American Legion building, which is on the South end of the Boro, and will proceed North on Main Street.  Yardley Boro will be filled with sights and sounds of the holiday season, for sure.

Hope to see a lot of you out for both of these wonderful, holiday events.  The weather is supposed to be crisp and clear, so it will be a really fun afternoon.

Our lovable American Eskimo, Quincy

We have had Goldens, Burmese Mountain Dogs, and currently have an  American Eskimo, Quincy. We are very fortunate in the Yardley area to have a wonderful array of very qualified, and caring vets to choose from.

We have recently been dealing with very troubling, and confusin,g symptoms with Quincy.  Unfortunately, we learned firsthand about a local emergency care service, that does an absolutely amazing job caring for all sorts of pet emergencies and diseases.

Quincy had Lyme disease a number of months ago, and was treated without further incident.  He looked and acted normally, until about 10 days ago.  He suddenly became very lethargic and wasn’t eating the way he normally does.  Our local Vet ran several tests, but we could not find a cause.  We ended up taking him to a place called Veterinary Specialty and Emergency Center.  I can’t say enough good things about how caring they are, and how amazing their service is.

Quincy had to stay there for a couple of nights, while they ran additional tests.  All of the staff at VSEC are incredibly caring and respectful.  We were able to visit Quincy whenever it was convenient, and they are wonderful about following up, and keeping owners informed about what is happening. VESC is a wonderful resource for pet owners in the Yardley, Langhorne, Newtown area, and for anyone owning pets in Bucks County and beyond. It is a place that you would like to avoid, but when necessary, it is just a fabulous resource.

At this point, Quincy is doing better, but we are still searching for a final diagnosis, although it is possible that his symptoms will resolve, and we will not know what caused his symptoms.  We are hoping for that.

Cold weather is right around the corner! Did you know that the average Yardley home loses up to 30% of its heating and cooling energy through air leaks? The worst leaks tend to occur around windows and doors. To stop air leaks and prevent your home heating dollars from vanishing in the wind, it’s important to seal any air leaks around windows and doors. Follow these handy tips from houselogic.com:

First, check for air leaks. With windows and doors closed, hold a lit stick of incense near window and door frames where drafts can sneak right in. Watch for smoke movement. Note which areas need attention.

Next, seal air leaks around windows. If you have older windows, caulking and adding new weatherstripping goes a long way toward tightening them up. The easiest to apply is the self-stick plastic type, but it doesn’t last very long. Bronze weatherstripping ($12 for 17 feet) lasts for decades, but is time-consuming to install. A good compromise is adhesive-backed EPDM rubber ($8 for 10 feet), which is rated to last at least 10 years.

Now, seal air leaks around doors. Check for leaks, and replace old door weatherstripping with new. Foam-type tape has an adhesive backing; it’s inexpensive and easy to install. If it comes loose, reinforce it with staples. Felt is either adhesive-backed, or comes with flexible metal reinforcement. It must be tacked or glued into place. It’s cheap and easy to install, but it has low durability. Be sure to check exterior trim for any gaps between the trim and your door frames, and the trim and your siding. Caulk gaps with an exterior latex caulk ($5 for a 10-ounce tube).

Finally, seal door bottoms. If a draft comes in at the bottom, check the condition of the threshold gasket. Replace worn gaskets. If you can see daylight under the door, you may need to install a new threshold with a taller gasket ($25 for a 36-inch door). Or, install a weather-resistant door sweep designed for exterior doors ($9). Door sweeps attach directly to the door and are easy to install.

Keep your Yardley home toasty warm this winter by taking steps to stop drafts now!

A professional floor refinisher will charge $1 to $4 per sq. ft. to apply a new coat of finish. No worries. We’ve got inexpensive ways to remove wood scratches and repair deep gouges in a few easy steps.

Camouflage scratches

Take some artistic license to hide minor scratches in wood floors by rubbing on stain-matching crayons and Sharpie pens. Wax sticks, such as Minwax Stain Markers, are great scratch busters because they include stain and urethane, which protects the floor’s finish.

Don’t be afraid to mix a couple of colors together to get a good match. And don’t sweat if the color is a little off. Real hardwoods mix several hues and tones. So long as you cover the contrasting “white” scratches, color imperfections will match perfectly.

Homemade polish

Mix equal parts olive oil and vinegar, which work together to remove dirt, moisturize, and shine wood. Pour a little directly onto the scratch. Let the polish soak in for 24 hours, then wipe off. Repeat until the scratch disappears.

Spot-sand deep scratches

It takes time to repair wood gouges: Sand, fill, sand again, stain, and seal. Here are some tips to make the job go faster.

• Sand with fine-gauge steel wool or lightweight sandpaper.

• Always sand with the grain.

• Use wood filler, which takes stain better than wood putty.

• Use a plastic putty knife to avoid more scratches.

• Seal the area with polyurethane, or whatever product was used on the floor originally.

• Apply the polyurethane coat with a lambs wool applicator, which avoids air bubbles in the finish.

Fix gaps in floor

Old floorboards can separate over time. Fill the gaps with colored wood putty. Or, if you have some leftover planks, rip a narrow band and glue it into the gap.

I am also including with this post an appreciation (or depreciation) chart for Lower Makefield Township housing, starting with the year 2000. If you follow the numbers, you will see that our area has lost about 15% of value since the height of the market. The real estate market in virtually all of Bucks County has held up considerably better than many other parts of the country.

Real Estate Update for Yardley/Lower Makefield Township.

Inventory:

• Houses for sale at the end of September 2011 246
• Houses for sale at the end of August 2011 254
• Houses for sale at the end of September 2010 214

Inventory is up by about 15% from last year at the same time.

Pricing:

• Average price of a home on the market September 2011 $475,000
• Average price of a home on the market September 2010 $521,000

Based on average pricing, the asking price of a house on the market in Lower Makefield Township, is down by almost 9%. Could sellers be getting a bit more realistic?

Units Sold:

• The number of homes sold, year to date in Lower Makefield Township, through September 2011 was 222
• The number of homes sold, year to date in Lower Makefield Township, through September 2010 was 253

Buyers are getting approximately 8% off of the original asking price, on average. This is very slightly higher than last year at the same time. Most importantly, there is an 11-month supply of houses on the market in Yardley, and the average days on the market has increased, as well. All of these factors show that the market is still weighted in favor of buyers.

One statistic that was interesting to note, though, is the number of pending real estate transactions for all of Bucks County, was up by more than 18% at the end of September, compared with the same time last year.  That is the best forward-looking trend line. A pending sale means that the seller has accepted an offer, but the house has not yet gone to closing. I would expect to see this reflected in the number of houses in Bucks County that go to closing over the next few months.

Again, please keep in mind that houses are bought and sold every day of the week. There are buyers looking, and if you are considering buying, there are absolutely great opportunities in the market right now. You can reach me at 215-519-1399 to get any additional information.

Housing appreciation schedule for Lower Makefield Township

According to the Friends of the Delaware Canal website, http://www.fodc.org, in the most productive years of canal use (just prior to the Civil War), over 3,000 mule drawn boats traveled up and down the canal route, carrying over a million tons of coal a year! If you aren’t familiar with this wonderful website, you should definitely check it out. It is full of interesting history, charts and photos about the Canal.

The towpath offers a wonderful opportunity for area residents and visitors to walk, run, bike, stroll, fish or just relax along the miles and miles of Canal. You can access the towpath at various points throughout Lower Makefield, Yardley, Upper Makefield and New Hope. It is fun to bike on the towpath from Yardley to New Hope.

With the leaves changing, it is a great season to observe spectacular colors along the Canal. If you aren’t familiar with the Canal and the towpath, I highly recommend checking out the Friends of the Delaware Canal website, and then taking advantage of this wonderful local resource.