5 Things to consider when making an offer on a Yardley area house.
The real estate market in the Yardley area in Bucks County, is showing very encouraging signs of life this spring. I have had 7 or 8 Yardley area houses, in the past couple of weeks, that have gone on the market and sold in just days. In a couple of cases, we received more than one offer!
Yesterday, a prospective buyer, who found my profile on-line, sent me a very interesting questionaire. He was basically conducting an interview, to see if we would be compatible. I am happy to say, that I am meeting he and his wife on Saturday, so I passed the first step in the interview process.
One of the interesting questions he posed, though, was how I would help them with making an offer on a house, once we found the right house? That question got me thinking about the steps to take in preparing an offer on a Yardley area house. There is no doubt in my mind, that the more information you have, the better off you will be in making an appropriate offer.
There is so much information available online, and your realtor should provide a tremendous amount of additional information.
1. In evaluating a sellers asking price, the first thing that I look at, is how long the house has been on the market, and whether there has been price adjustments. Markets find their proper balance, and if a house has been on the market a long time, it generally means that the asking price is too high. I realize that sellers may dispute this, but in my opinion, if the asking price is correct, for market conditions, then the house will not sit on the market for weeks and weeks.
2. Evaluate activity in the neighborhood. This can sometimes be difficult, depending on how large the neighborhood is, assuming the house is in a neighborhood, and also whether there has been a lot of recent activity in the neighborhood. The strongest comparison, which we would refer to as a comparable, would be a similar house in exactly the same neighborhood. If there have been recent sales, you would have a very solid frame of reference for structuring an offer.
3. Next, I would suggest looking beyond the exact neighborhood, for houses that are similar to the one you are looking to make an offer on. If you can find houses that are close to the same size, with similar amenities and upgrades, again, you are armed with useful information for an offer. This is very similar to the process that an appraiser would go through. When looking for similar houses, it would be important to stay within the same township and school district. Yardley housing is different from Newtown, for example, so homes in Yardley and Newtown, would not be priced the same, even if they had similar amenities.
4. Pay close attention to condition of comparable homes. Remember, a low priced home that needs lots of upgrading, may not be such a great deal, if the cost to do the upgrades makes the price higher than homes in a similar neighborhood that have been upgraded. Other vital elements to consider include location within the neighborhood. If a particular house backs to a busy road, clearly there will be a significant impact in the price.
5. Finally, armed with all of the above information, plan your negotiating strategy. I help buyers all the time, with this process. Depending on how the house is priced, the art of drafting an offer, from the buyer perspective, is to be as aggressive as possible, without being insulting to the seller, assuming the house is priced realistically in the first place. If you start the process with an offer that is perceived to be unrealistically low, you run the risk of not getting a counter offer back from the seller. Obviously if the house is significantly overpriced, then I would not be too concerned about that.
I work very hard to make sure that buyers have as much information as possible, so that we can make realistic offers, that buyers are comfortable with. I would be happy to discuss this further, and can be reached at 215-519-1399 or Marty@MartinMillner.com
Continue Reading > Add a Comment |Yardley, Bucks County, Early Spring
I can remember many times, where we still have snow on the ground, towards the end of March.
That is definitely not the case this year, in Yardley, here in beautiful Bucks County. After an incredibly warm winter,
we have experienced a very early spring. Here are a few early spring photo’s from the area I love so much,
Yardley, Pa in Bucks County
Yardley pond in early spring
Another one of my favorite spots in the Yardley and Lower Makefield area, is the canal towpath.
Colors are coming alive, along the canal towpath in spring
Lower Makefield Township. with tress in full bloom, is beautiful. Here is a picture of the gorgeous,flowering trees, along Edgewood Road, at the Library and municipal complex.
Lower Makefield Township is gorgeous.
Canal Street, in Yardley Boro. Narrow street, very charming.
Canal Street in Yardley Boro.
One of my favorite, local restaurants, the Continental Tavern, undergoing some exterior work. Hopefully getting ready for outdoor dining! We love the Continental.
Continental Tavern in Yardley
Buttonwood Park, in Yardley Boro. Getting nice enough to relax in the park.
Buttonwood Park in Yardley
Couple of additional pictures of the pond.
Yardley pond
Old Library in Yardley
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Buying a Home in Yardley or Newtown, Bucks County? 10 Important Questions for Your Home Inspector
Maybe because the weather has been so warm and snow-free, it seems as though the so-called “spring” real estate market in Yardley, Newtown and all over Bucks County has started early. I have written a few recent posts on changes in the Yardley, Newtown area real estate market.
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.
Continue Reading > Add a Comment |Three Amazing Design Sites for Yardley, Newtown, Bucks County Homes!
I spend a great deal of time going in and out of houses all over the Yardley and Newtown areas in Bucks County. I talk to a lot of sellers, as well as buyers. I’ve posted recently about how the market dynamics have changed in our market, over the past month or so. Buyers are complaining again that there is “nothing to see.”
I suspect that there are potential sellers who, because of where the Yardley and Newtown real estate market has been over the past few years, have decided to put off selling.
If you’re are thinking about renovating the interior of your home, or if you are moving and want to create your own new fantasy home, I thought it would be fun to put together a list of three great sites to help inspire your imagination. So, when you have time, check out these great websites.
Houzz.com (http://www.houzz.com)
Houzz is a leading destination site for home design enthusiasts, both professionals and homeowners. The Houzz site and mobile apps feature more than 250,000 high quality interior and exterior photos, along with literally thousands of highly engaging articles written by design experts. It also includes product recommendations and social tools to manage the remodeling and decorating process.
Freshome.com (http://www.freshome.com)
This site was launched in 2007, and is a weblog devoted to finding and sharing the latest and greatest products in architecture and design. The primary focus of this design publication is to provide inspiration to make your home more beautiful, organized and healthy. I believe that a calm, healthy, beautiful home creates a great foundation for happiness and success.
Getdecorating.com (http://www.getdecorating.com)
This site is devoted to inspirational home ideas that you can choose, save and email to a friend or supplier. Every picture has a story, whether you are thinking about renovating, remodeling, decorating a new house or an existing home, perhaps buying new furniture, window treatments, or maybe just a color change, this is the place for you.
So, bottom line, stop flipping through pages and pages of magazines for a couple of interesting photos, and check out these sites with literally tens of thousands of fantastic, colorful ideas to spark your imagination. From staging to renovation, these are great places to get started.
If you are thinking about selling your old home before pursuing a new design, I would be happy to help. Connect with me this week at 215-519-1399.
Continue Reading > Add a Comment |Great Steps for Preparing Your Yardley Home to Sell
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.
Continue Reading > Add a Comment |Is It Spring in Real Estate in Yardley?
I realize that the weather so far this winter has been very pleasantly warm for Bucks County. But the calendar says that spring is still weeks away!
That is not the case in real estate in Yardley.
From a real estate perspective, we in the industry feel as though what we refer to as the “spring market” begins just after the Superbowl.
Happily for us Eagle fans, the Superbowl is over. On a different note, that was one of the most painful games to watch for those of us who are diehard Eagle fans. From a purely football perspective, I am happy that the game is over!
So what are we talking about when we say that the spring market starts after the Superbowl? What that means, in general, is that as we get closer to real spring, people begin to take steps to effect moves in June, July and August, which are the busiest moving times of the year. Many people, especially if they have kids in school, prefer if possible to move while their kids are out of school.
So, for those who want to either buy or sell beginning at the end of June, they often start the process in February or March, which is why in the real estate industry we say that the spring market starts now.
One of the very common questions that I get from sellers is whether it is best to sell in the spring. The reality is that real estate in Yardley, Newtown or anywhere for that matter, is essentially a function of supply and demand. The answer to the question about whether the spring is the best time to sell really is that it depends.
It depends on supply and demand factors. If the next month or so brings a flood of new sellers to the market in the Yardley area, without a corresponding increase in buyers, there will be further downward pressure on prices. If, on the other hand, there are lots of buyers but fewer sellers, the opposite will happen.
From several personal recent real estate experiences, I can tell you that right now, in the Yardley and Newtown area, inventory of houses is lower than it has been in quite a while, and there does seem to be an increase in the number of buyers.
I have had listings in Newtown and Yardley that have recently received multiple offers. I hear the same thing from other agents. I am also having a really difficult time finding quality houses to show buyers that I am working with in the Yardley area.
I have encouraged several sellers that I am working with to take advantage of the current dynamic, by getting their house on the market as soon as possible. I am not suggesting that suddenly we are in a sellers market, but I am suggesting that for those sellers who are realistic about their price, the real estate market in Yardley and Newtown is more favorable than it has been in quite some time.
Spring is in the air in real estate in Yardley!
Continue Reading > Add a Comment |People ARE Buying Homes, Here in Bucks County and All Over the Country!
Many folks believe that very few houses are selling, and that almost no one can get a mortgage. Along with Keeping Current Matters, I want to let everyone know that neither of these assumptions is true.
A few weeks ago, the National Association of Realtors (NAR) released their Existing Homes Sales Report. According to the report there are, on average, 12,109 homes selling in the United States EACH and EVERY DAY! That means that approximately 12,000 houses sold yesterday, approximately 12,000 will sell today and approximately 12,000 will sell tomorrow. So the thinking that homes aren’t selling just isn’t true.
Another interesting fact in the report was that 72% of these transactions were accompanied by a mortgage. That means that approximately 8,719 people qualify for a mortgage on a daily basis in this country.
There are over 12,000 homes sold and over 8,000 mortgages granted every day. The real estate market is doing better than many believe.
If you’d like more facts and figures, or information about buying or selling a home in Yardley, give me a call – I’d love to talk with you!
Continue Reading > Add a Comment |Yardley Insurance Expert Offers Ten Insurance Considerations For Every New Business Owner to Consider
I am part of an extremely productive and active networking group that meets every Tuesday morning at 7:00 am. We meet at the Yardley Inn for breakfast. Our single goal in our networking group is to generate business for each other. We have about 40 great professionals in our group, which is called Le Tip of Yardley. Check out the link to our Facebook page.
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.
Continue Reading > Add a Comment |Year End Real Estate Update for Bucks County & Yardley
Time to take a look at what happened in our real estate market in Bucks County and Yardley in 2011.
As noted on the Bucks County real estate chart below, we can see that the number of houses sold in all of Bucks County was 3% less than the number of houses sold in 2010. (There were still 4423 homes sold in Bucks County in 2011). The number of homes sold in December of 2011 though, was 11.6% higher than in December of 2010. This was the sixth consecutive month that unit sales in the County were higher than the previous year.
Prices of homes sold in 2011, in Bucks County, fell by 5.5%. As you will see in the Yardley data, home prices in Yardley/Lower Makefield Township did better than that in 2011.
Pending sales remained about the same as they were a year ago at the same time.
Bucks County real estate inventory is 9.2% less than it was a year ago, and more than 10% than it was in November of 2011.
Finally, the average listing price of a home for sale in Bucks County, is down by 3.5% from a year ago at this time.
What does this all mean? Specifically for Lower Makefield Township, there is now a 7.2 month inventory supply. We consider a market to be balanced, when inventory is about 6 months. It seems as though in the Yardley area, we are getting closer to balanced market conditions. Average days on the market is 87 right now, compared with 72 last year. Buyers are still negotiating an average of 8% discount from original asking price.
As I suggest on a regular basis, market conditions demand that sellers who are serious about selling, be realistic in their asking price. I see it over and over again, that over priced homes, help the realistic sellers get their home sold!
Continue Reading > Add a Comment |So, You Received a Low Ball Offer on Your Yardley, Bucks County House?
The issue of so-called “low ball offers” comes up relatively frequently these days, for both buyers and sellers of houses in Yardley, Newtown, and all over Bucks County.
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.
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