Marty Millner

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Update to Yardley, Lower Makefield Township, Bucks County, real estate market.

I will provide a much more detailed, statistical review of actual numbers for the real estate market in Yardley, Lower Makefield Township, and all over Bucks County, over the next few days.

In the meantime, check out these graphs, that are specific to real estate in Yardley and Lower Makefield Township, in Bucks County.

Please note that these charts, include all homes that fall within the 19067 zip code.

 

 

 

Interesting to see that the trend, regarding inventory levels, has been increasing, although average days on the market appears to be decreasing, and median pricing has held reasonably steady.

No question that the level of sales activity has slowed, since the tax credit expired at the end of June. 

I will take a closer look at the real numbers, in future posts.

As always, I welcome your thoughts and comments.

Want to appeal your taxes in Yardley, Newtown & Bucks County?

As many of you know, I have written a number of blog posts, about the process of filing a real estate property tax appeal, anywhere  in Bucks County.  I have had home owners calling me, about real estate tax appeals, everywhere from Lower Makefield Township, Yardley, Newtown, Upper Makefield Township, and all over Bucks County.

As we get closer to the filing deadline, for 2010, I thought it would be helpful to give you some updated information on the process.

I have actually posted, on my blog, the form that needs to be submitted to the tax office, in order to notify them of your intent to file an appeal of your real estate taxes.

The issue for the current year, however, is that the formula that the County will use, to equate your assessment to fair market value, from a tax standpoint, has changed.  This has been confirmed for me, through a couple of sources, but the change is pretty significant, and unfortunately, will drastically reduce the number of home owners that will be succesful in their appeals.

In order to determine how your assessment equates to fair market value, from the County tax assessor perspective, you will take your assessment, and divide it by .109.  The rate last year, was .097. 

For example, if your current assessment is 47,440, you would divide that by .109, which equals 435,229.  If, in your opinion, your house is worth more than that, it would mean that you can make a case for lowering your taxes.   Using the same assessment, and using last years equalizer, the amount would have been over 488,000!  You can see that the change, by approximately 12%, in the equalizer that the County is now using, will have a very significant effect on who is able to appeal their taxes, this year.

Although, as I have mentioned in previous posts, the process is extremely easy, it is a good idea to check your assessment, and look at the equalizer, to see whether it appears as though you have a case.

Please note, that I am not an appraiser, nor a tax advisor, so it may be wise to consult a professional, if you are considering filing a real estate tax appeal.  I offer this information, only as a public service, to provide direction for those people who are considering filing tax appeals.

As always, if you have any questions, please feel free to contact me.

Where are the Bucks County, Yardley, Newtown Farmers markets?

If you live in Bucks County, you have probably noticed how many more, seasonal farmers markets there seem to be.

In fact, there are currently at least 10 seasonal farmers markets, offering all sorts of locally grown fruits, plants and vegetables.  In addition, many of the local farms, offer farm stands, as well. 

According to Robin Hoy, executive director of Bucks County Foodshed Alliance, the number of farmers markets in the County, has quadrupled since 2006. 

Many of the farmers markets, have special events every week, that really create a festive atmosphere.

Here is a list of the Bucks County Farmers Markets, that I am aware of.  Be sure to check them out:

Lower Makefield – Thursdays, 3:30-6:30 through October 14th.  Edgewood & Heacock Roads. 

Langhorne - Tuesdays, 3:00 p.m.-6:30 p.m. June 28th through October 26th.  Jesse Soby American Legion Post, 115 W. Richardson Ave,  Langhorne. 

Wrightstown Farmers Market – Saturday’s, 9:00 a.m – 1:00 p.m. Through November 20th.  2203 Second Street Pike .

Warrington Farmers Market at Valley Square – Fridays 3:00 p.m. to 6:00 p.m. Valley Square, Routes 611 & 132 , Warrington.

Doylestown Farmers Market – Saturdays 7:00 a.m. to 12:00 p.m. Through November 20th. Hamilton Ave, near West State Street .

New Hope Farmers Market – Thursdays, 3:30 p.m. – 7:00 p.m. Through November 18th. NHS high school, 180 W. Bridge Street .

Plumsteadville Grange Farm Market – Saturdays 9:00 a.m. – 12:00 p.m. Through Oct 30th. Near 611 & Kellers Church Road. 

Ottsville Farmers Market at Linden Hill Gardens – Fridays 3:00 p.m. – 7:00 p.m. Through Oct 29th.8230 Easton Road. 

Springtown Farmers Market – Thursdays 4:00 p.m. – 6:00 p.m. Through September 30th.  Springtown Firehouse, 3010 Main Street. 

Indian Valley Farmers Market – Saturdays, 8:30 a.m. – 12:30 p.m. Through October 16th. Penn Ave & Main Street, Telford. 

In addition to the above, there is a wonderful, indoor farmers market, in Newtown, that is worth checking out.  The Newtown indoor farmers market offers a great variety of vendors, from Amish to Middle Eastern, Asian and Mexican.

Be sure to check the following website, to get more information about which farms offer farm stands: Penn State Cooperative Extension.

If you know of other, interesting, local farmers markets, please let me know.

Enjoy the best of local foods!

Do you like Beer? Head over to Yardley Beer Fest, on May 22, 2010

The place to be, this Saturday afternoon, will be at the 3rd annual, Yardley Beer Fest.

This years event, will be bigger than ever. The past couple of years have been so succesful, that the event has been moved to the grass field, next to Fitzgeral-SommerFuneral Home, at 17 S, Delaware Ave, in Yardley . It will take place from 1-5.

The Yardley Beer Fest is sponsored by the Yardley Business Association. (YBA)

As it has in the past, this year, a portion of the proceeds, will be donated to charity. Last year, the cause was the Bucks County Heroes Scholarship Fund, which benefits the children of fallen police officers, firefighters and emergency medical services personnel who gave their lives in the line of duty. The year before, some of the proceeds were donated to the Yardley-Bucks Disaster Mitigation and Relief Fund.

This year, a donation will be made to A Woman’s Place in Doylestown.

This year’s event will have more beer than the previous two years combined, with Earth Bread & Brewery, Sly Fox, Weyerbacher, Boaks, Stone Brewing Co., Dogfish Head, Heavy Seas, Magic Hat, Great Lakes Brewing Co. among the breweries attending this year’s Beer Fest. Clsoe to 50 breweries, are expected to participate in the event.

As usual, there will be great food and music.

The New Continental Tavern, High Street Grill, Righteous Pretzel, The Original Delancey Street Peanut Co., Kerrygold (Irish importer of cheese), and Yardley-based Churchill Cigar will all be selling food at the event.

Music will be provided by The Tune Dude, who is a friend of mine, and an excellent musician, and by Six String.

The day is all about good fun, good food, music and beer, as well as supporting a good cause. What doesn’t go to Women’s Place, will be used for other community programs and events that are sponsored by YBA.

Tickets can be purchased for $35 at the entrance and online at www.YardleyBeerFest.com. There are also, less expensive, designated driver tickets available.

Should be a great day!

Bucks County Real Estate, county update

So we are down to the last couple of days, before the tax credit expires.

  Before we get into what effect that will have on the market, I thought this chart was an intersting table, that breaks down home sales, median price, and days on the market, throughout the county, by municipality.

If you look at the chart, you can see that there are differences in how each municipality has fared in the real estate market.

I have been fortunate to have had an incredibly busy April.  In future posts, I will talk about that.

In the meantime, let me know what you think about this chart.  It comes compliments of Prudential Fox and Roach Realtors, home export market report.

Upper Makefield Township real estate, luxury & elegance, defined

Great listing in Upper Makefield Township, that was sold through networking connections, virtually before it hit the market.  This house is truly spectacular, featuring 4/5 bedrooms and 4 1/2 baths, on a beautiful, 2 plus acre lot, in Upper Makefield Township, Bucks County.

I thought the photographer, Jared Polin,  did a fabulous job with this quick video.  I will upload all the photo’s to my Flickr account, later today.

The house features 5900 Sq. Ft, of sophistication and elegance. The  home retains the feel and charm, of a country estate, and shows like a model.

Still photos to follow, but check out this great video of the house.

Please contact me if you are looking for something similar to this wonderful home.

Lower Makefield Township, Bucks County, Pa., real estate update

Time to take another close look at statistics for the real estate market, in Bucks County, through the first quarter of 2010.  If you follow my blog, you know that I keep very close track, of a variety of statistics, every month, for various communities in Bucks County, that I serve.

Today, we will review the real estate market for Lower Makefield Township.

Bucks County real estate saw an overall increase of 13.3%, for the number of units closed through the first quarter of 2010, compared with the first quarter of 2009.

Here is a quick breakdown of Lower Makefield through the first quarter:

• 49 homes sold through March of 2010, at an average of 92% of asking price.
• 34 homes through the same period, last year, at 91% of asking price.
• There were 220 homes on the market in Lower Makefield Township, at the end of March 2010.
• There were 222 homes on the market in Lower Makefield Township, at the end of March, 2009.
• There were 191 homes on the market in Lower Makefield Township at the end of February, 2010.

Inventory remains stable, compared with last year, although up from the end of February.  The increase in inventory from February, is to be expected, based on the time of the year.  More people generally put their home on the market, in the spring.  There are generally more buyers in the spring, as well.

• The average price of a home for sale at the end of March, 2010, was $499,000.
• The average price of a home for sale at the end of March, last year was $542,000.

This suggest to me, that as we continue with the buyers market trend, sellers may be getting more realistic with their asking prices.  The asking price of homes, is down 8%, in Lower Makefield Township, this year, compared with last year.

What does all of this mean to buyers and sellers of real estate, in Lower Makefield Township?   There is still almost a 10 month supply of homes on the market.  We consider a market to be balanced, when there is about a 6 month supply.  Based on inventory, market still favors buyers. 

The average days on the market is higher than last year at the same time.  Currently average days on the market is 88 compared with 66 last year.  

In terms of average sale price, keep in mind that the average sold price for 2006 was 3.6% higher than the previous year, 2007 saw a 6.4% decrease, 2008 saw an increas of 3.1% and 2009 saw a decrease of 6.7%.  See the chart showing average sale prices for a 10 year period, to put all of this in perspective.

It is critically important that seller be realistic when setting a price.   If you price homes appropriately, there are buyers.  I have recently had listings that have received more than one offer, and I had a recent listing sell for more than the asking price!  For buyers, there are lots of choices, although it is important to distinguish between homes that are unrealistically priced, and those that are priced correctly.  Homes correctly priced, will sell relatively quickly. 

Pleaese feel free to share your thoughts and comments with me, about anything you agree or disagree with.

In the next few posts, I will take a look at other communities.

1735 Jockeys Way, Yardley, Pa., Bucks County.

Just listed an amazing, 5 bedroom, 4 1/2 bath home, in Yardley, Pa, Bucks County.  (Actually in Lower Makefield Township.)  Priced at 725,000, check out the video.  You can see additional pictures on Flickr, just click on the link.

8 tips to take advantage of soon to expire, home buyer tax credit when buying homes in Bucks County

I wanted to remind anyone looking to buy real estate in the Yardley, Newtown area, or anywhere, for that matter, that the home buyer tax credit, will expire at the end of the month.

In order to qualify for either an 8,00o tax credit, if you are a first time home buyer, or a 6500 tax credit if you already own a house, you must have a contract in place by the end of April, 2010, and go to closing by June 30, 2010. 

There are certain income limits, as well as requirements as to how long you have owned a house, if you already do own a home.  Please contact me, if you want to know the specifics of qualifying for the credit.

Here are 8 tips to keep in mind, if you are looking to buy, before the end of the month.

1.  Be sure you know the market. 

With the vast amount of information available on line, and with the help of a qualified real estate professional, a buyer is able to do a tremendous amount of research on market specifics, in a relatively short amount of time.  It is really important to understand the market, and understand values, in a given community and even neighborhood. 

2.  Get your financing out of the way early.

Talk to a lender right away.  Once you find the perfect house, you will need, at a minimum, a pre-qualification letter from a lender.  I have blogged before, about my strong preference to have buyers use local mortgage brokers or at least a local bank, in order to avoid possible confusion and stress at closing.  The process of obtaining a preliminary qualification letter from a lender, is very easy, and does not cost anything.  A mortgage lender, will take basic financial information from you, often over the phone, and can provide you with what is necessary, very quickly.  The information that you will need to provide, will include assets, debts and your income.  The lender will run a credit report, and based on all of that information, will be able to give you a pre-qualification letter that will accompany any offer you make.

3.  Start to narrow your search.

This goes along with my first suggestion.  I believe that it is a great time to buy a house.  Interest rates are extremely low, and there are lots of homes to see.  The market favors buyers, becuase there are more people who want to sell, than want to buy.  The amount of homes available, can be overwhelming.  With the tax credit deadline approaching, be sure that you focus on things that are really important to you.  If it is important to have a short commute, try not to get hung up on homes that are further away from your job locations, etc.

4.   Try and seperate needs from wants.

When trying to decide what to see, try and focus on those components in a house, that I would refer to as needs, or must haves.  How many bedrooms do you absolutely need.  Is a basement absolutely critical to you.   If you can focus on those elements that are absolutely essential to you and your life style, it can start to narrow your search, and bring you closer to making a final decision.

5.  How important is the condition to you?

This may seem fairly obvious, but buyers should consider, fairly early on, how much work they are comfortable taking on.   As a buyer, once you start seeing homes, you can get a pretty quick sense of how much, and what type of work, you will be comfortable with.  A big part of the answer to that question, is how handy are you?  Those folks who are very handy, often are not as intimidated by taking on more significant repair or remodelling projects.

6.  Keep things in perspective.

I think this is critically important.  As nice as it would be to take advantage of the tax credit, don’t make a home buying decision in a time frame that is quicker than you are comfortable with.  As nice as the credit is, if you rush into a decision that is wrong, it can cost you a lot more than what you will save with the tax credit.  It is also true, that home buyers differ drastically, in how quickly they make decisions.  I have had first time home buyers look at 6 houses, and make an offer on one, and I have had others who looked at 50 homes, before making a decision.  You really do need to be comfortable with whatever your style is.  If your realtor can’t work within your comfort level, find someone else!

7.  Do leave time to handle the routine contingincies.

Basically, whenever you do decide to make an offer on a house,  the offer will have a number of standard contingincies.  If the contingincies aree not met to your satisfaction, and within the terms of the contract, you will have the right to cancel the contract, and get any deposit monies returned to you.  Things like an inspection contingency, can take a couple of weeks, and the mortgage contingency can take longer. 

Make sure that you allow enough time in the contract, for all of the contingincies to take place, while still allowing for time to find another house,  within the time frame to take advantage of the tax credit.

8.  Be careful with short sales, and other distressed property sales.

This is another piece of advice that is extremely important.  If you are not familiar with what a short sale is, it basically means that a bank is willing to allow a seller to sell the house for less than what is owed on the mortgage.  Becuase the bank must give permission to accept anything less than the mortgage, it can take a lot of time for that process to occur.  I have had banks take weeks to make decisions.  It can be extremely stressful, and time consuming, and as a buyer, you should be aware of the challenges up front. 

In many cases, short sales, or distressed property sellers, will not agree to do anything if the home inspection reveals any deffects in the property.  Often your only option is to either accept or reject the property, after your home inspection.  If you are trying to meet the tax credit deadline, you may find yourself spending weeks, dealing with a bank who is working with a short sale.  If something comes up, you could find yourself with no time to move on to another property, and still take advantage of the tax credit.

If you have any questions about any of this, please contact me.

Newtown, PA-First Saturday Street Event in Newtown, not to be missed!

Newtown, PA-First Saturday Street Event in Newtown

 A pair of First Saturday events between rival business associations offers a unique experience in Newtown.

While Newtown area businesses are preparing for not one, but two, First Saturday events this weekend, organizers focus on catering to customers instead of “tension” between two local business associations.

The Newtown Corporation and the newly formed Newtown Borough Business Connection are behind the separate First Saturday celebrations that planners hope will promote area restaurants and retailers and become a successful tradition in Newtown Township and Newtown Borough.

NBBC’s First Saturday State Street event will feature live music, face painting, various discounts offered by participating businesses, sidewalk sales and an appearance by the Easter Bunny, all taking place between 1 and 5 p.m. this Saturday and every first Saturday of each month through October.

The Newtown Corp.’s rival event offers musicians, street performers, sidewalk sales, carriage rides and discounts at local restaurants. The plan is to unite the township and borough by including businesses located on both Sycamore Street and State Street.

First Saturday Newtown, as it is being called, will be held between noon and 7 p.m. every first Saturday, beginning this week until December.

Both organizations will provide many similar sales and attractions, and shoppers likely will stroll around town enjoying both events simultaneously.

All  businesses were welcomed to participate and close whenever they please . It’s a  really great event going on here in a fantastic little town.

For details about the Newtown Borough Business Connection’s First Saturday State Street, visit www.newtownbcc.org

For more information about Newtown Corp.’s First Saturday Newtown, visit www.allaboutnewtown.org