Marty Millner

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Have you ever seen a home inspection in Yardley, Bucks County, Pa?

For those who have never seen what a home inspection is, I thought it might be fun, to actually watch some elements of a home inspection, as it is taking place.

I followed a home inspector, Vince Tecce, of the Building Inspector of America, while he inspected a lovely, older home, in Arblorlea, which is a very charming, tree lined street, in Lower Makefield Township, Bucks County.

If you follow the video, you will see Vince as he evaluates all the important components of the house, from the roof, to the basement, and everything in between.

The actual home inspection took almost 3 hours, but this is about 9 minutes of what he found.

Hope you find this interesting. As always, I welcome your thoughts and comments.

5 House Hunting Tips for buyers in Newtown, Yardley and all over Bucks County

Lots of first time home-buyers, become emotionally overwhelmed by the house hunting process.  I spoke, in a previous post, about 10 tips, to get the process started.

Here are 5 more tips, that will help provide you with a plan of action, and will help ensure that you don’t become emotionally overwhelmed.

Tip #1 Bring a friend

Since the house hunting process stirs up a lot of different emotions, from excitement and joy, to fear and anxiety, it makes sense to bring along someone a friend or family memeber, whose opinion you trust, to act as a sounding board.  This person can be an objective ally who can help identify pros and cons of each house. 

One caveat, is to be sure that the person or people who join you on house hunting trips, realize that ultimately the decision about what to buy, is yours.  I have been involved with buyers, whose family members are so opinionated, that they actually interfere with the process, by offering incorrect information.  The person should help you evaluate the pros and cons of each house, while still respecting your right to make your own decision.

Tip #2 Take Pictures of Each Home

This can be especially helpful if you are looking at a lot of homes, and find that there are lots of houses that meet your search criteria.  Take notes, and take pictures.  That way, from the comfort of your home, you can re-visit what you saw, and really focus on the pros and cons of each home. 

This also gives you a chance to see each house, after the initial excitement has worn off.

Tip #3 Compare the House to Your Budget

Make sure you understand all of the costs associated with owning each house you are considering.  What are the taxes?  How about the utility costs?  You really want to try and avoid becoming what we often refer to as, “House Poor”.  That is what happens when people spend too much money, and take on a mortgage that is more than what they can comfortably afford. 

Tip#4 Consider the Commute

Make sure that you have a realistic perspective on how long it is going to take you to get back and forth from work, from the house you are looking to purchase.  Make sure it is a commute that you can comfortably live with.  It is a good idea, if you are at all concerned, to make the trip from the house to your job, at the time of day, both morning and afternoon, that you would be making the trip after you move into the house. 

Commute time is an important quality of life issue, so don’t overlook it.

Tip #5 Avoid Snap Decisions

Remember, buying a home is probably going to be the largest financial decision of your life.  As such, it deserves careful thought and consideration, each step of the way. 

I always council my clients that there will always be another house, so even if you miss one becuase you are being cautious, it is ok.  Remember, the more you see, the more you learn.

Bonus Tip It is Okay to Snoop When House Hunting

Most buyers I work with, are a bit reluctant to open cabinets, closets, and to look at areas that may be covered by rugs or furniture.  Please be assured that it is perfectly ok, and even necessary to check out the following”

• Attic
• Basement
• Cabinets
• Garage
• Closets
• Sheds or outbuildings
• Areas hidden by furniture.

Remember, sellers were once buyers.  They know the drill.  The only thing to keep in mind, is to be respectful.  Return everything back to the way you found it.

Yardley, Newtown, Upper Makefield, Lower Makefield, and all of Bucks County, offer an incredibly divirsified array of houses, at all price ranges.  I love to help buyers learn about the area, as well as to guide them through the home buying process in a way that ensures that they understand every step, clearly.

Much of this informaiton was taken from the Home Buying Institute.  Feel free to check out the website, for other tools that you may find helpful.

Please feel free to leave me any thoughts or comments you may have.

Yardley, Newtown, Bucks County buyers & sellers ask….

Home buyers as well as sellers, always want to know, how is the market?

As we approach the heart of the spring season, especially in light of the tax credit, which requires that a contract be in place by April 30th,  one of the most important factors that we can track, to see whether there are any changes in the market, is inventory.  I observed in previous posts, that inventory levels were shrinking in most markets in Bucks County.

I just did an updated review of inventory levels for both Newtown (18940) and Lower Makefield Township (19067), and tracked both a 7 day as well as 90 day inventory review. 

Take a look at the charts, and you will see how inventory levels fell, through the end of the year.  However, look what happened in both markets, starting with the start of the year.  Inventory levels are increasing.  The 7 day pattern shows that the pattern continued this week.

Whats it mean?  Unless we see a large increase in buyer activity, looks like the factors favoring buyers, are still present.  To me, it reinforces the concept that buyers can negotiate favorable terms, and with interest rates still at historic lows, I still believe that it is a great time to buy.

As always, if you disagree with my perspective or have other thoughts or comments, please feel free to comment or contact me.

Lower Makefield Township inventory

Inventory levels in Newtown

10 steps to success for first time home buyers in Bucks County

As I write this post, here in Yardley, Pa, I am enduring the 4th major snow storm of the winter.  If you are not from the area, we have already set the record for the most snow, since the weather people started keeping records! 

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.

Open houses as selling tool, Yardley, Newtown, Bucks County, Pa.

I saw a video the other day, done by a local agent, promoting all the reasons that sellers should hold open houses, as an effective marketing tool.

I was asked to do a video that explains the real reasons that agents hold open houses, and to explain why I generally do not think that they are very effective, as a marketing tool.

If agents were honest with sellers, they would explain that the real reason agents want to hold open houses, is in hopes of attracting buyers who are not otherwise working with a realtor. The agent sitting the open house, then has an opportunity of selling that buyer, something else. My feeling is that the seller has hired me, to get their house sold for the highest possible price, in the shortest amount of time, and with as little inconvenience to the seller as possible. The seller has not hired me to use their home as a tool to attract additional business. If you don’t believe this is true, stop into any real estate office during the week, and listen to agents offering to sit open houses, because they need business. The number of times that a buyer acutally buys the house they came to see, is extremely small.

An open house is the most passive type of marketing. Agents put a sign in the ground, and hope warm bodies show up.

Real important question; how do you know whether the people who show up are qualified? I find that buyers who wander aimlessly from open house to open house, tend to be the least motivated buyers. I feel that I have an obligation to the sellers whom I represent, to ensure that every person who steps into their house, is qualified.

I have also seen open houses, where there are sets of people wandering through the house, many times with kids, totally unsupervised. The realtor sitting the open house is really only able to help one person at a time. I don’t think I represent sellers interests very effectively, when groups of people whom I don’t know, and whom we really don’t know their qualifications to be in the house at all, are allowed to wander through my sellers house, alone.

I believe in pro-active marketing. Open houses are very traditional, and very passive. I think the best marketing strategy in today’s enviornment, requires professional photography, a massive on-line pressence to as many websites as possible, virtual tours, video as well as the use of social networking exposure, and direct communication to other real estate professionals.

I welcome your thoughts and comments about open houses.

Real Estate market trends, Bucks County, Pa.

Bucks County real estate market update, January 2010.

People ask me all the time, how is the real estate market, in Yardley, Newtown and all over the Bucks County area. 

For those who know me, you know that I do take the time to do very comprehensive statistical reviews.  With that in mind, I wanted to spend a few minutes, reviewing a few market statistics, from January. 

Obviously it is too early to develop any meaningful trends for the entire year, but we can compare where we stand as of the end of January 2010, with prior years.

Here are a few points, that generally apply to the entire Bucks County area:

• For the month of January 2010, volume of sold units, was positive in most markets, county wide.
• Total Bucks County January average sold prices were actually up 7%, over a year ago.
• Total unit volume for January was 14% higher than a year ago.
• Inventory was also up sequentially from December 2009, County wide, and some areas were up and some down, from a year ago.
• In virtually every market that I track, throughout Bucks County, months of inventory still suggest a buyers market.  We consider a balanced market to exist when there is approximately 6 months of inventory.  Less, indicates sellers markets, more means conditions favorable to buyers.  Bucks County wide, there is a 9.3 month supply of inventory. 
• Lower Makefield has a 9 month supply of homes, as of the end of January.
• Pending sales was stronger in most parts of the County, at the end of January. 
• Average list prices of homes in inventory as of January 2010, in all of Bucks County, was down somewhat, from last year.  Shifting inventory pricing trends, generally correlate to improving unit sales volumes.
• Sold/List ratios in most markets, continue to show that overall, buyers are achieving approximately 9% off the original asking price.

Lower Makefield Township Results

• Inventory of homes for sale in January 2010 was 188
• Inventory of homes for sale in December 2009 was 174
• Inventory of homes for sale in January 2009 was 170.
• Unit inventory up 10.6% year over year, and up 14 homes sequentially from December 2009
• Average  price of a home for sale in January 2010 was $492,000.
• Average price of a home for sale in January 2009 was $558,000.
• List price in inventory was down 11.8%
• 14 homes sold in January 2009 at 90% of list price.
• 15 homes sold in January 2010 at 91% of list price.
• Units sales volume up 7.1% year over year, contrasted with full year 2009 unit sales volume which was up 1.6%.
• Inventory is currently at 8.8 months, which indicates that the buyers market continues. 
• Average days on the market is now 86 versus 68 last year.

I have all sorts of graphs and charts, that will show a statistical overview of every market I cover.  I will report on those areas, like Newtown, Upper Makefield Township, Newtown and Newtown Township, in future posts.  If you would like to see any of the charts or graphs, for a specific area, please let me know.

What does all of this mean for buyers and sellers?  Basically, market dynamics continue to favor buyers.  Sellers, as always, need to be realistic, if they intend to sell.  Still uncertain, as to what will happen when the tax credit expires, at the end of April.

What are the top 10 home repair tips, for home owners in Yardley, Newtown & Bucks County.

I write this post from my home in Yardley, Pa,  Bucks County, waiting for the arrival of the third major snow storm of the season.  I came across this wonderful video, that details the top ten home repair tips, for home owners in Yardley, Newtown and all over Bucks County.  Hope that you find this video helpful.

Staging your home for sale, in Bucks County, winter.

home staging

I have written a couple of posts, explaining why the spring  real estate market seems to be getting off to an earlier start than usual, in Yardley, Newtown  and all over Bucks County, this year.  Regardless of when the so called,  spring market starts, in the North East, it generally means getting a house on the market while still in the winter season.

So, the question for real estate sellers in Bucks County, how do you make your house look as good as possible, in the winter months.

I am going to detail a few suggestions, that will help ensure that your property looks as good as possible.  These suggestions are compliments of Charlene Storozuk, from an article in Realtor Magazine.  Charlene is the owner of Dezigner Digz, a professional home decorating and staging company, based in Burlington, Ontario.

• This is a summary of the suggestions for staging your home, in winter.
• Make sure that all seasonal decorations are put away. 
• Place a few frost resistant planters, or urns,  outside.  Decorate them with twigs, and witner greenery, and sparkly baubles.
• Statues look great in an outdoor winter garden.  Make sure that the pieces are frost resistant, so they don’t crack.  Place them strategically around the gardens, to help draw attention to outdoor spaces.
• For showings in darkness, a few outdoor lights, (clear, not colored) shining on statues and urns, or other interesting architectural details, help create drama.
• Invest in a digital photo frame, and load pictures taken in summer months.  Buyers will have a sense of what is in the gardens, during warmer months.  You can also include photos of family and friends, enjoying outdoor spaces, if they are available.  Put the photo frame, in a conspicuous place, and play on continuous loop.
• Buyers want to appreciate a patio or deck.  Make sure snow is removed as quickly as possible.
• If at all possible, leave your barbecue out in winter.  It is even helpful to uncover it for showings.  Many peple enjoy barbecuing in winter, and this will help them see that it is possible.  You can go a step further, and set out a plate and some barbecue utensils along side of the grill.  Can’t hurt to assist in the visualization process.

These are just a few of the ideas mentioned, to help with real estate showings in winter.  I have mentioned it before, but I have a wonderful book, “450 ideas to help get your home sold quickly”.  If you are interested in getting a copy, please send me an email, and I will email you a copy.

As always, your thoughts and comments are welcome.

So you have an underground oil tank in Yardley, Lower Makefield Township, Newtown, Upper Makefield Township, Bucks County, Pa.

I represented a seller on a house that closed in Lower Makefield Township, recently, that was heated with oil, and had a tank burried in the ground. 

Yardley, PA pond skating, a beautiful winter scene.

Anyone living in the Northeast, knows that is has been cold, so far this winter.  If you are familiar with Yardley, Pa, in Bucks County, you know of the famous, “Lake Afton ”, in the center of town.  

Locals know it better as  the pond.  It makes for a very idylic spot, in all seasons.  Here are  a few pictures, of  the pond on a nice, winter day.

Yardley pond in winter

Yardley pond on a beautiful winter dayPerfect day for lacing up the skates.

Still room for the infamous, Yardley ducks.

Another view across the pond in Yardley, Pa.