At the minimum, the photos should be well-lit, the homes should be tastefully presented, and the photographs should appear to be taken by a professional. Less than that, and you might want to consider looking for a new agent.  I have seen some pretty funny house photos, and the price of the house often does not matter.  There are, of course, major red flags you’ll want to look for in sample listing photos.

Consider some of the following:

• No owners sunbathing in the pool in Speedos.
• No attic rooms cluttered with personal massagers and ashes/dust.
• No master bedrooms with lingerie models lounging in a red velvet four-poster bed.
• No bathroom shots in which the photographer appears in her bra in the mirror.
• No pics featuring the owners engaged in questionable activities in the background.
• No creepy dolls by the fire place.
• Seriously, no creepy dolls anywhere, not even in the living room!
• No stains of murdered bodies on the bare floors.

Now, it may sound like I’m joking, but I’m being 100% honest when I say these are flaws seen in actual listing photos represented by real agents. What’s more, I can prove it.

See every single one of the above listing photo disasters in this slide show:

Incredible, isn’t it?

Please, whatever you do, be sure to hire an agent who takes their listing photos seriously. After all, you home is your largest investment! I’d be glad to treat it with the respect it deserves. Let me help you market your home the right way: Marty@MartinMillner.com 215-519-1399

28 restaurants will be offering some of their popular appetizers, entrees and desserts to diners as three-course prix fixe meals with several selections available for each course. Some eateries are even offering a four-course meal. Two different price options are available to match your budget: $19.95 for casual restaurants and $29.95 for fine dining establishments.

The varied fare is sure to tempt the taste buds of every patron.  Choices range from Corn-Crusted Tofu Wedges at Café Galleria at Lambertville House to Crab Strudel with Seared Scallops at Logan Inn across the bridge in New Hope.

This is not just an event for local area residents. Visitors from out of town and out of state have been known to spend a vacation week in the New Hope/Lambertville region, exploring our community by day and enjoying a different restaurant every evening.

Reservations are recommended. Visit http://www.visitnewhope.com/restaurant-week/ for more information on participating restaurants and their menus. Great food for great prices; it’s an mouth-watering opportunity that you don’t want to miss!

When working with buyers, I always stress how important it is to have a thorough and complete home inspection.  For any buyer of real estate in Bucks County, it is critically important to know that any offer you make on a house, can be made contingent on the results of a home inspection. Over the years, I have worked with many area home inspectors.  I thought it would be interesting to review what I think are 10 great questions to ask your home inspector.

There are a number of highly qualified, experienced home inspectors in the Yardley, Newtown area, and there is nothing wrong with interviewing more than one.  Here are the questions:

1.  What does your inspection cover?

At the time of the inspection, most home inspectors will give you a document to sign, that explains, among other things, the limits to what they will be inspecting.  The inspector should ensure that their inspection and report meets all applicable requirements for Pennsylvania.  They should also ensure that the report will comply with the local standards of practice and code of ethics.  If you have specific concerns about something in the house, or an area in the house that you are concerned about, make the inspector aware and be sure that those things are covered in the inspection.

2.  How long have you been practicing in the home inspection professions and how many inspections have you done?

This should not be a problem for the inspector to answer.  You should be able to review their history in the profession, and perhaps get referrals.

3.  Are you specifically experienced in residential inspection?

If the inspection is for a commercial property, you should ask the same question.  The inspector may have a construction or engineering back round. but there is no substitute for training and experience in the unique discipline of doing home inspections.

4.  Do you offer repairs or improvements based on the inspection?

In some states, this is specifically outlawed.  Years ago, in Bucks County, inspectors often did work on repairs, and I never liked that idea since there was an obvious conflict of interest.  For the most part, this is no longer an issue with home inspectors in the Yardley and Newtown area.

5.  How long with the inspection take?

I have found that the average inspection in our area takes between tw0 and three hours.  For the purposes of budgeting your time, you should have a general understanding of how long the inspection should take.

6.  How much will it cost?

Costs can vary from inspector to inspector, and it is one of the questions that you should ask, so that you are not surprised the day of the inspection. There are also some variables in terms of what inspections are needed, that will impact the cost.  If you need a septic and/or water and well inspections, the cost will be somewhat higher than if those inspections are not needed.  When I meet with buyers, I include an approximate cost for the home inspection in my closing cost estimate.

7.  What type of inspection report do you provide and how long will it take to receive the report?

I think it is a good idea to ask for samples of the inspectors report, so that you are comfortable with the format, and that you can understand the report language and style.  You also need to be sure that the time parameters meet your needs.  In our Pennsylvania agreement of sale,  there is a time limit to the inspection contingency.  It is critically important that the report be available to you in enough time that you can evaluate it and respond to the seller appropriately.

8.  Will I be able to attend the inspection?

I always encourage buyers to attend the home inspection, and I would be highly suspicious of any inspector who did not encourage that. I have never actually encountered a problem with an inspector suggesting that a buyer not attend the inspection, but you should ask the question, just to be sure.  The inspector will share maintenance information, as well as explaining any defects, and attending the inspection gives you a great chance to learn about the house.

9.  Do you maintain membership in a professional home inspector association?

There are actually tw0 national home inspection associations, and in Pennsylvania, the inspector needs to be a member of one of them in order for their report to be used as a basis to negotiate with the seller as a result of an inspection report.  There should be no problem asking the inspector whether they are a member of one of the organizations.

10.  Do you participate in continuing education?

I think this is a good measure of the inspectors professionalism and service.   The more knowledge an inspector has, the better they should be in evaluating any unusual or unique condition in a house.

I hope that these suggestions are helpful if you are considering a home inspector for a house in Yardley, Newtown or anywhere in Bucks County.  I would love to hear your thoughts.  I can be reached at 215-519-1399, or Marty@MartinMillner.com.  If you are considering buying a Yardley or Newtown home, please let me know if I can help you.

Every Yardley seller wants their home to sell fast and bring top dollar. It’s not luck that makes that happen. It’s careful planning, and knowing how to professionally spruce up your home that will send home buyers scurrying for their checkbooks. Here is how to prep your house and turn it into an irresistible and marketable property.

Disassociate Yourself From Your Home.

Say to yourself, “This is not my home; it is a house — a product to be sold just like a box of cereal at the grocery store.” Make the mental decision to “let go” of your emotions and focus on the fact that soon this house will no longer be yours. Picture yourself handing over the keys and envelopes containing appliance warranties to the new owners.

De-Personalize It.

Pack up your personal photographs and family heirlooms. You want buyers to imagine their own photos on the walls, and they can’t do that if yours are there. You don’t want to make any buyer ask, “I wonder what kind of people live in this home?” You want buyers to say, “I can see myself living here.”

De-Clutter!

People collect an amazing amount of junk. Consider this: If you haven’t used it in over a year, you probably don’t need it.

• If you don’t need it, why not donate it or throw it away?
• Remove all books from bookcases.
• Pack up those knickknacks.
• Clean off everything on kitchen counters.
• Put essential items used daily in a small box that can be stored in a closet when not in use.

Rearrange Bedroom Closets and Kitchen Cabinets.

Buyers love to snoop, and will open closet and cabinet doors. Think of the message it sends if items fall out! Now imagine what a buyer believes about you if they sees everything organized. It says you probably take good care of the rest of the house as well.

Rent a Storage Unit.

Almost every home shows better with less furniture. Remove items that block or hamper paths and walkways and put them in storage. Since your bookcases are now empty, store them. Remove extra leaves from your dining room table to make the room appear larger. Leave just enough furniture in each room to showcase the room’s purpose and plenty of room to move around.

Remove/Replace Favorite Items.

If you want to take window coverings, built-in appliances or fixtures with you, remove them now. If the chandelier in the dining room once belonged to your great grandmother, take it down. If a buyer never sees it, they won’t want it. Once you tell a buyer they can’t have an item, they’ll covet it, and it could blow your deal. Pack those items and replace them, if necessary.

Scrutinize.

Go outside and open your front door. Stand there. Do you want to go inside? Does the house welcome you? Linger in the doorway of every single room and imagine how your house will look to a buyer. Examine carefully how furniture is arranged and move pieces around until it makes sense. Make sure window coverings hang level. Tune in to the room’s statement and its emotional pull. Does it have impact and pizzazz? Does it look like nobody lives in this house? You’re almost finished.

Check Curb Appeal.

If a buyer won’t get out of their agent’s car because they doesn’t like the exterior of your home, you’ll never get them inside.

This morning Gabe Schick, who is the business insurance professional that I refer to on a regular basis, gave us a great presentation that I thought would be worth sharing, since I often work with people who are moving because of business start ups in Bucks County. Gabe is with the Makefield Agency in Yardley.  This morning, he shared with us 10 insurance considerations for every new business owner to consider.  This list is not all inclusive, but it is definitely a great place to start for anyone considering starting a new business.

1.  Consult a licensed insurance professional during the business planning phase.  The time to work on structuring insurance is in the planning stage, not the day your business will open.

2.  Make sure that you consider the physical condition of the building that you are about to buy or lease.  Things like square footage, age, flood zone, construction type, condition, etc, can all directly affect your premium.

3.  Workers Compensation.  Gabe suggested that you should assume that you will need it.  The information and classification rates can be found on the State website, but it is important that you speak with an insurance agent as well as an accountant and/or attorney in the state in which you’ll be doing business.

4.  Have a general idea of what you anticipate your gross annual sales and payroll will be.  This will help your insurance professional determine your business interruption and workers comp coverages.

5.  Call an insurance professional at least one (1) week prior to signing a mortgage or lease.  More lead time gives the agent a better chance to find the best possible rates.  Many real estate transactions have been delayed due to insurance requirements not being met.

6.  Consider elements of your business that may be better left to vendors, sub-contractors or even competitors.  For instance, if you are opening a restaurant, you can save a huge amount by establishing a BYO as opposed to a full service, liquor-licensed establishment.

7.  Will your business have a board of directors?  Special coverage may be necessary to protect the board from suits brought by employees, shareholders, etc.

8.  Do you hold a professional license, designation or credential?  If so, you may need errors and omissions insurance.

9.  Should your car be titled in the company name?  Again, this may be a question for your accountant or attorney, but commercial auto rates tend to be 18-30% higher than personal rates, according to Gabe.  Will employees be required to use your vehicles, or their own, on the job?  Those questions will effect rates.

10.  Make a list of risks to your industry that you are aware of.  Share the list with your insurance professional so that you are sure you are being protected.

As I mentioned, I have worked with personally and referred many clients to Gabe Schick at the Makefield Agency.  Gabe and his agency are absolutely wonderful to work with. Click on the hyperlink at Gabe’s name, to get to the agency website.  His direct number is 215-321-0281.

If you are considering starting a business, or are buying a business, I hope that this information is helpful.

I have worked with buyers, who erroneously feel as though the real estate market in Yardley is similar to the real estate market in Arizona. Those buyers often think that they can take an asking
price and immediately knock off 15% because in their mind, sellers are desperate.

I have represented sellers who are on the receiving end of these low ball offers.

So, the question for today is, if you are selling your house in Yardley and you get what you perceive to be a low ball offer, what should you do about it?

1. Leave your emotions at the door! I can’t emphasize this enough. I have been involved with successful transactions, where the initial offer was literally tens of thousands of dollars lower than what we ended up agreeing to. Part of my job as an agent representing a seller, is to try and take the emotion out of the process. An offer means that someone wants to buy your house. Considering the competition, that is a good thing.

2. Counter! Again, as I mentioned before, I have seen Bucks County real estate transactions go to closing, where the initial offer was thousands of dollars less than what was ultimately accepted. Without a counter offer, you never really know what the buyer is willing to do. There are buyers in today’s real estate climate who feel as though they are expected to make very low offers. As long as buyers and sellers are communicating, and getting closer to an agreed-upon price, progress is being made. Don’t close the door, by refusing to counter.

3. Consider more than just the price. Make sure, when evaluating an offer, that you consider the terms. Is the closing date good for you? Is the buyer bringing a lot of cash to the transaction, so that the appraisal may be less of a factor? Although it doesn’t always seem so, there is a lot more to an offer than just the price.

4. Evaluate comps. As a seller, if you get what you consider to be a low ball offer, use the offer as an opportunity to re-evaluate what we refer to as comps. Basically that means taking a look at other houses in your neighborhood which may compare with the house you are selling to try and make sure that your asking price is realistic.

5. Don’t be desperate. Sometimes, buyers take signs like an empty house as an indication of desperation. If your house is empty, you may want to consider staging, or leaving some furniture and clothes, so the house doesn’t look empty.

If you have reviewed the comps with your agent, and you are confident that your price is realistic, given the market, then you should make your best effort at negotiating the low offer, but if it isn’t realistic, be prepared to move on.

I know that today is a holiday for many, but the wonderful world of real estate never sleeps, so I had an appointment to show one of my listings to a buyer.  Turns out, the buyer was a very nice, young, first time home buying couple. The listing they were seeing is a great house, very updated, and priced extremely competitively.  Buyers have potential interest, but they had a question. Their question was: “We are new to the process, and don’t even know where to start.”

I really enjoy working with first time home buyers.  I know that for most first time home buyers, the home buying process can be stressful, intimidating and confusing.  I very much enjoy helping those buyers learn everything possible about both buying and owning a home.  I welcome the chance to provide as much information as possible, so that by the time a first time buyer makes an offer, they are completely comfortable with the process and the decisions they make.

I think it is a great time to buy a home.  There are lots of houses to choose from, and interest rates are incredibly low.  It is a buyers’ market, which means that factors in the market clearly favor the buyer.

So, the buyers I met this morning asked, “Where do we start?”  Great question.

I would suggest to a first time home buyer looking for a house in Yardley, Bucks County, or wherever they are looking to buy, that they find a reliable mortgage person, and learn as much as possible about the process of obtaining a mortgage.  Any reliable mortgage person will be happy to speak with a prospective home buyer, so that the buyer can understand what type of  mortgage they will qualify for, and what steps they will need to take to obtain that mortgage.

I also remind buyers that I work with that in some cases, you could be approved for a mortgage that represents a higher monthly payment than you are comfortable with. That’s okay.  You should never take on a higher payment than what you are comfortable with, but at least you will have a clear understanding of where you stand.

By starting the home buying process with a lender, you will not fall into a trap of being disappointed with a house that you are not able to purchase.  You will focus on a price range that is realistic for you.  Just to be clear, there should be no cost and absolutely no obligation for the initial discussion with a particular lender. The mortgage person will ask a series of questions regarding your income, and debt and will get permission to run a credit report.  I could do an entire post on credit scoring, but for purposes of this post, based on your income, assets, debts, etc., the lender will be able to tell you exactly how much of a loan you would qualify for, and what terms the loan would take.  There may be several options, regarding the mortgage.  From this initial conversation with a lender, you will know exactly what price range to focus on, in trying to find that most perfect first home.

Contact me at 215-519-1399 or Marty@MartinMillner.com if you would like mortgage contact recommendations.

I think everyone would agree that the worst investing advice in the world would be to buy high, sell low!  To me, that is the very definition of losing money on an investment.  Not too smart, if you can help it, right?

So, my question for those considering buying real estate in Yardley, or Newtown, or anywhere in Bucks County,  is why would you wait for the housing market to improve, before buying a house?  Seriously, I understand that there is a lot of uncertainty out there right now.  Job security is still questionable, unemployment is too high, and there is general fear about getting approved for a mortgage.  it can be scary.  But, here’s the thing.  In my opinion, letting fear dictate your financial stragegy for the future is a guaranteed way to pay too much for a house in years to come.

Put fear aside for just a moment, and consider:

• Interest rates are at or close to all time historic lows.
• Prices for homes have plunged to the lowest levels we have seen in a generation.
• There are distressed property sales.
• Rents are rising, and in most cases, rental inventories are shrinking, which limits rental options

Shouldn’t you, rather than a landlord, be the one who benefits from owning a home?  In my opinion, right now is the “buy low/sell high cycle!  I love helping renters and first time home buyers explore their purchasing power.  People are often surprised at just how qualified they are for home ownership.

If you are curious, simply email me at Marty@MartinMillner.com or call me at 215-519-1399, and I would be happy to discuss your home buying options with you.

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.