Marty Millner

Archive for the 'Selling Real Estate' Category

Yardley, Newtown, Bucks County Real Estate update

We are definitely in the dog days of summer, here in Bucks County.

I just got back from a very nice, long weekend in Chicago. 

For today’s post, lets look at a couple of charts that show inventory and average days on the market for homes in Yardley and Newtown.

What do the charts show?

Basically, in both Newtown and Yardley, the average days on the market has been trending lower, for the past 90 days.

In Yardley, the number of houses on the market seems to have peaked in early July, and is now trending lower.  It will be interesting to see what happens in the fall, which contrary to what a lot of people think, is actually the second busiest real estate time of the year, after the spring market.

In Newtown, inventory appears to still be on the upward trend. 

I suspect, in both Yardley and Newtown, we are seeing homes coming on the market, but there are still not a great deal of buyers.  Becuase of the new listings, the average days on the market, is a bit lower.  This all translates to market dynamics that still favor buyers.

Although interest rates are at unbelievably low rates, and show no signs of increasing in the near future,  in my view, the pace of sales has slowed down since the spring, which is normal, for this time of the year.

So, if you are looking to sell, price your home realistically.  Houses are selling, but only those that are priced competitively.

Buyers, lots of choices, and lots of competition for your dollars.

If you need an evaluation of the value of your home, please call me at 215-519-1399.

Can you recognize these 12 home maintenance cures for Yardley & Newtown Homes.

Based on the real estate market in Yardley, Newtown and all over Bucks County, over the past year or so, there appear to be many people who have recently purchased homes for the first time. As I have writen about previously, I love working with first time home buyers.

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.

Stress free real estate closings, in Yardley, Bucks County, Pa.

I recently completed 2 very smooth real estate transactions, in Lower Makefield Township, just minutes from Yardley, in Bucks County, Pa.

I represented a buyer in one of the transactions, and the seller in another.

Both the buyer and seller, had very similar comments following the transaction.  They both said that although they had been warned by family and friends, that real estate transactions these days are always difficult and extremely stressful, they found their transactions to be very smooth, and without much of the stress they anticipated.

They both attributed their experience to the fact that they followed my advice, and also that they worked with people that I recommended.

I thought it might be helpful to share with you the names of the people who help make me look good, and who contribute towards  such smooth real estate experiences.

Vince Tecce, of the Building Inspector of America, did the home inspection for the buyer.  As a result of his inspection, the buyer was able to negotiate a credit of more than 2,000 towards inspection repairs.

Lisa Stump of Mnet Mortgage, provided the mortgage for the buyer.  We received our mortgage committment right on time, and Lisa was there at closing, to be sure that the buyer understoond every document they were signing.

Kathy Weber, of the Laureson Agency, provided the buyer with insruance for the house they were buying.  Kathy took the time to explain, in detail, various coverage options, so that the buyers could make informed decisions about their home owners insurance policy.

On the sellers side, we were asked to make several repairs to the house, as a result of the home inspection on their house.

Ed Sutter, of Sutter House HVAC, certified that their HVAC system was in proper working order.

Ed Kaplan of EZ Bears Handyman Services, completed several, small, general repairs prior to closing. (215-300-4700)

Dominic Mormando, of Mormano’s Plumbing, took care of a couple of plumbing issues.

Rich Kohn, of SBS Electrical Services, solved a couple of electrical issues. (215-499-2255)
Isaac Pressley, of Isaac’s Cleaning Service, thoroughly cleaned the buyers house before they moved in, and the sellers house, before the new owners moved in.    Cleaner houses you will never see (215-431-1879)

Finallly, Rich Crocker of Broaday Moving and Storage provided a stress free move.

I greatly appreciate the hard work that all of the above people do, which helps me provide such wonderful support for my real estate clients.

Every one of the people who helped with the transactions that I referred to, have worked in my house, at one time or another.  This is just another way that I try and provide the best possible real estate experience.

Yardley, Lower Makefield Township, real estate market update

In today’s  post, I wanted to take a look at where the real estate market is, in Lower Makefield Township & Yardley, in Bucks County.

The end of April, represented a pretty important milestone, with regards to how real estate will perform, in the coming months.  As everyone probably knows, the tax credit expired at the end of April.  I also mentioned, in a previous post, that April for myself and my team, was extremely busy. 

In my own personal experience, of the 10 or 11 transactions that we were invloved with in April, there was really  only 1 that was particularly driven by the tax credit.  Having said that, all of the national real estate statistics, are showing that April, like November last year, was extremely busy. 

So where is the market heading, as we move into May, and into what is traditionally the height of the spring selling market in real estate?

My feeling about the real estate market in Bucks County, and specifically for the purpose of today’s post, in Yardley & Lower Makefield Township, is that we will continue to see relatively strong activity, at least in terms of the number of units that are sold.  If you look at the charts that I have created, for the single family home market in Yardley & Lower Makefield, you can see how the buyer activity of the past couple of months, has impacted the average days on the market.

It appears from the charts, that median pricing is remaining stable, but there has been a very clear, downward trend in the amount of time that it is taking homes to sell. 

I think that buyers today, are motivated by concern over the potential of rising interest rates.  For those buyers who are on the fence, there is very real worry, that if they wait until next year, interest rates could be higher than where they are, currently.  In the Lower Makefield and Yardley market, we are still seeing an inventory backlog of significantly more than 6 months, which means that conditions still favor buyers.  I have seen neighborhoods where a couple of months ago there were 3 and 4 homes for sale, and now they are all sold.  One of those neighborhoods, is Arborlea, in Lower Makefield.  We had a couple of listings in Arborlea that sold in just days. 

I think what the chart is showing, since inventory levels seem to be rising, is that there are a number of homes that are on the market, that are overpriced.  They remain on the market for months and months and months, in many cases.  Those sellers who are realistic, and want to sell, price their homes competitively, given current market conditions, and they often get strong offers, very quickly.

Check out the charts, and let me know what  you think.

 

Top 5 things that devalue your house, when selling real estate in Bucks County

I have written a number of posts in the past, about various ways to improve the value of your house, if you are considering selling real estate in Yardley, Newtown or anywhere in Bucks County.

In this post, I am going to take the opposite approach, and suggest 5 things that decrease a home’s value, when compred with other properties.

Clearly, there are a lot of factors that go into trying to decide what a house is worth, in a given area and market.  Things like location, overall condition, size, ammenities, etc, help to determine how one house compares with another.  Lets look at 5 things that will devalue your house:

1.  Location

This would seem obvious, but if you have a house that is in a weak position in a neighborhood, it can significantly decrease the value.  For example, a few years ago, I sold a house for a seller, that back to railroad tracks.  The house sold for approximately 15% less than it would have, had it been on the opposite side of the street. 

The same can occur is a house is on a main road. 

The other issue, in terms of the neighborhood, is how are the surrounding homes maintained?  If you are trying to sell a house, and it is next to a property that is an eyesore, it will afect a properties value.

2.  Curb Appeal

Again, this may seem obvious, but when I am showing real estate in Yardley or Newtown, I can often tell how a house will show inside, by what the exterior looks like.  If the gardens are full of weeds, and the exterior needs painting or other upkeep, it will absolutely affect how much the house is worth.  If your house makes a poor first impression, it will impact how much a prospective buyer is willing to pay.

3.  Paint

This sort of goes along with the observation above, which is that first impressions, are critically important.  If a buyer walks into a house, and finds peeling wall paper, or rooms that need to be painted, it often sends a signal of distress, that can translate into lower values.  The same can be true, if your house is painted with garish color schemes.  The lesson is, make sure that your house is freshly painted, if you want to maximize its value, and if you do need to paint, pick soft, neutral and warm colors, that will appeal to the widest audience.

4.  Kitchen

Once potential buyers get inside your home, the kitchen represents one of, if not the most critical space in the house.  Sinks, contertops and cabinets, are extremely worthwhile investments, when getting houses ready for sale.  If the kitchen is cluttered and disorganized, it will negatively effect the value of the house. 

If your counters and/or backsplash are stained, it will impact the perception of value that the buyer has. 

Even minor kitchen improvements, can make a big difference in the value of a house.  You really want your kitchen to sparkle, when you are selling a house.

5.  Baths

As with kitchens, old and tired bathrooms, will detract from the value of a house.  It is well documented, that the best investment that one can make in a house, is in kitchens and baths.  These are important spaces, and when a buyer looks at bathrooms with chipped or old tile,  or sees areas in need of new grout, etc, they will lower their sense of what a house is worth.  Again, these things send a message of distress, which reduces a homes value. 

These suggestions were taken from a wonderful website called, “How Stuff Works“.  Check it out for lots of other good ideas.

As always, I welcome your thoughts or comments.

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.

Home buyers & sellers 2009; Yardley, Newtown, Bucks County, Pa.

The National Association of Realtors (NAR) recently released their report of home buyers and sellers, for 2009.  Thought it would be interesting, to review some of the highlights of the report, with you.

Characteristics of Home Buyers

• 47 percent of recent home buyers were first time home- buyers.
• The typical first-time home buyer was 30 years old, while the typical repeat buyer was 48.
• The 2008 median household income of buyers was $71,300.  The median income was $61,600 among first time buyers and $88,100 among repeat buyers.
• Twenty-One percent of recent home buyers were single females and 10 percent were single males.
• For one-thhird of recent hohme buyers, the primary reason for the recent home purchase was a desire to own a home.

Characteristics of Homes Purchased

• New home purchases were at the lowes level in eight years-down to 18% of all recent home purchases.
• The typical home purchased was 1800 sq. ft and was built in 1991
• Seventy-eight percent of home buyers purchased a detached single-family home.
• The median price of home purchased was $210,000 in the Northeast, $158,000 in the Midwest, $175,000 in the South, and $240,000 in the West.
• When considering the purchase of a home, commuting coosts were considered very or somewhat important, by 78 percent of buyers.

The Home Search Process

• For more than one-third of home buyers, the first step in the home buying process was looking online for properties.
• 94% of home buyers used the internet to search for homes.
• Real Estate agents were viewed as a very useful information source by 81% of buyers who used an agent while searching for a home.
• The typical home buyer searched for 12 weeks and viewed 12 homes.

Home Buying and Real Estate Professionals

• Seventy-seven percent of buyers purchased their home through a real estate agent or broker.
• Ten percent of buyers purchased a home in foreclosure, up from 3% in 2008.
• Forty-Four percent of buyers found their agent through a referral from a friend or family member.

Financing the Home Purchase

• Ninety-two percent of home buyers financed their home purchase.
• The percentage of first-time buyers who financed 100 percent of the purchase price with a mortgage, dropped to 15% from 23% last year.
• Nearly half of home buyers reprted they have madae some sacrifices such as reducing spending on luxury items, entertainment or clothing.
• One-fifth of first-time home buyers reported their mortgage application and approval process was somewhat more difficult than they expected, and one-in-ten reported it was much more difficult than expected.

Home Sellers and Their Selling Experience

• About half of home sellers traded up to a larger size and higher priced home and slightly more than one-fifth traded down to a smaller and less expensive home.
• Eighty-five percent of sellers were assisted by a real estate agent when selling their home.
• Recent sellers typically sold their home for 95 percent of the asking price and 60 percent reported they reduced the asking price at least once.
• Forty-two percent of sellers offererd incentives to attract buyers, most often assistance with home warranty policies and closing costs.

Home Selling and Real Estate Professionals.

• Forty percent of sellers who used a real estate professional found their agents through a referral by friends or family, and 26 percent used the agent they previously worked with.
• Ninety percent of sellers reported that their home was listed or advertised on the internet.
• Among recent sellers who used an agent, 81 percent reported they would definitely or probably use that real estate agent again or would recommend that person to others.

For Sale By Owner (FSBO) Sellers.

• The share of home sellers who sold their home without the assistance of a real estate agent was 11 percent.  About half of them, 45 percent, knew the buyer prior to home purchase.
• The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee.
• Nearly one-third of FSBO sellers took no action to market their home, and 57 percent did not offer any incentives to attract buyers.
• Eighteen percent of FSBO sellers reported preparing or fixing upu the home for sale was their most difficult task, while 15 percent reported getting thte price right and and additional 15 percent reported understanding and performing paperwokr was the hardes part of selling their home.

So how does all of this compare with our market in Yardley, Newtown and throughout Bucks County?  A couple of quick observations.  Our prices tend to be higher than the National median, for sure.   In most of the areas I cover, our median income is higher than the national average.  It is certainly true that there were more first-time home buyers in 2009, than in previous years.  I expect that trend to continue, for at least as long as the first-time home buyer tax credit exists.  Also, for most of the markets that I cover, the number of foreclosures and distressed property transactions is higher than I ever remember, it is not as high as the national averages. 

Hope you found this information helpful.  Wonder what we will be saying about 2010, this time next year.  Please feel free to share your thoughts.

Real Estate Update From Yardley, Pa., Bucks County-My recent experience with Multiple offers!

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My video recap of a recent experience with a listing where we had 2 offers within  one week of listing the property.  How and why? what can you do to sell you house faster?

Brokers Open house in Yardley, Pa., Bucks County

Whenever I put a house on the market, one of the first things we schedule, is an open house for realtors, called a brokers open house.  I created a short video, showing what goes on, at a typical brokers open house.

Realtors attend brokers open houses, so that they are familiar with what is on the market.  Often they are trying to determine whether a particular house will suit the needs of their client. 

My brokers open houses are generally catered, but will always include food.  We invite realtors to join me for lunch, while previewing the house.  This strategy ensures a strong turnout.  Realtors love to eat, and I find that the better the food, the more people come.  The interaction with agents, gives me a good opportunity to get a sense from other realtors, about their reaction to the price, and also to get feedback about any suggestions for improving the way the house shows.  I can often get a very strong indication, just from the brokers open house, whether or not it will take a long time for the house to sell. 

The video was taken at a brokers open house at 225 Arborlea Ave, in Lower Makefield Township.  We had almost 50 agents join us, which is a great response, and actually had 4 agents bring buyers with them! 

Overall,  I got just what I was hoping for, from this brokers open house. 

Thoughts and comments are welcome.

So you’re thinking of selling your house in Yardley, or Newtown, Bucks County.

I just uploaded a new video, discussing the best time to put your house on the market, given current market conditions.

A lot of people are not aware, that the current tax credit for both first time homebuyers, and those buyers who already own a house, but are looking to move, requires that a contract be in place by April 30th, and that closing occur on or before June 30, 2010.  What effect will that have on sellers this year?