Q: For several years, I’ve been seeing the prices of homes in the Northeast going down. Last year was supposedly the “best time to buy.” But this year it seems like prices are even lower. When and how will I know when is the right time to buy a home for sure? I don’t want to buy this year if prices will be lower next year.

A: No one can predict the real estate market. Prices may be lower next year. And last year was the best time to buy, until this year. A home’s price isn’t everything you need to consider, however, when making the important decision to buy or not to buy. continue reading »

Q: I just signed an agreement for my home in Millbrook. It is a short sale now. Will it go to settlement? I am so worried I will end up in foreclosure. I don’t know what to do.  

A: Prepare yourself for a long road ahead between signing this agreement and going to settlement, if it happens. Your mortgage lender will need to give you approval to sell your home since you will not be paying back the entire loan. Lenders are not quick to agree many times and this could take a while.   continue reading »

Home sellers in the Northeast have yet to experience a turn-around in the housing market. Foreclosures and distressed property sales (short sales) are the hardest problem to overcome in terms of sold price and days on the market. These sales definitely brought the sale price down in our neighborhoods and the average days on the market up last year.

2011 Residential Statistics in the 19111, 19114, 19115, 19116, 19149, 19152, and 19154 zip codes combined: continue reading »

For four years of our lives – definitely some of the most formative years of our lives – high schools become our second homes. In addition to classes, we might spend additional time there for extracurricular activities. Then when we go home, we do additional work for school that essentially permeates into the rest of our lives. With so much time dedicated to school, we doubtless have an endless amount of stories and other memories, many of which are hopefully positive.

If we are ever forced to part ways with our childhood homes – whether due to moving, foreclosure or something more negative – we would feel like a part of us has been destroyed. We feel as if our identities are being stripped away, identities that soon exist as nothing more than memories.

I believe the case is the same in terms of how we view our school years. Now I am lucky enough to have gone to a high school, Archbishop Ryan, that will hopefully be immune to closure for a long time due to it being co-ed and its accessible location with the Archdiocese of Philadelphia – right on the edge of Northeast Philadelphia and almost right down the street from the suburbs.

Not everybody is so lucky. Take my parents, for instance. My father graduated from Northeast Catholic, which closed in June 2010. And the Archdiocese suggested at the beginning of the month that my mom’s alma mater, St. Hubert’s, be one of nearly 50 schools to close at the end of the school year. The future will be certain once the Archdiocese announces its official decision in mid-February. continue reading »

Q: The year started off with an offer on my home in West Mayfair after 295 days on the market. I was very excited to finally feel like things were going to start rolling, but the buyer is having a problem with the mortgage. The mortgage company said is will need to postpone settlement until May because of an issue with the buyer’s pay raise – it wants to see a full year of pay stubs at his current wages. Ugh! Do you think I should wait it out or put it back on the market? I thought I’d be out of here by now.

A: If you decide to put your home back up for sale, your dilemma is finding another buyer. There is no guarantee that, even if you do put it right back on the market, you’ll find another buyer soon and that buyer will want to settle before May. continue reading »

The markets have risen over the past few weeks, but many strategists and economists think that this market does not have legs. While we have seen positive earnings, seemingly lower unemployment and a small improvement housing starts, we have a long way to go globally.

The troubles in Europe have not added a lot of volatility to the market over the last few weeks, but the same problems still persist. It seems probable that there will be some amount of default (probably in Greece first) based on the fact that the countries cannot cut their spending enough to reduce their debt levels.

The market has already priced this in with yields as high as 7 percent in Italy, which is very high for the debt of a sovereign country. Due to this pressure, many experts are predicting a European recession. The downgrades by S&P this week just added fuel to the fire. continue reading »

Real NEastate’s Stacey McCarthy has the week off. Today, enjoy a column of hers from this time last year. If we can’t escape this winter without snow, at least make sure you’re prepared.

Q: I am buying a home in Castor Gardens that has a flat roof. My home inspection took place this weekend and my home inspector said because of the snow he could not give me any input on the roof. I have two days left to decide if I even want the house or want the seller to make repairs. And they are calling for more snow! What should I do?

A: Undoubtedly, Philadelphia row homes with flat roofs can collect as many inches of snow on their roof as the ground does during snow storms. Sellers and home inspectors can’t be expected to shovel the roof before an inspection elected by a homebuyer. But I don’t recommend a homebuyer up there shoveling either.

Homebuyers deserve to know everything there is to know about a house before purchasing it, especially if there is a problem that is going to cost them money. If your inspector was not able to draw a conclusion about the roof, don’t just accept it and buy the home not knowing what’s up with the roof. continue reading »

Stacey McCarthy is off this week, so we’re taking a look back at her column that ran one year ago today.

Q: I am the landlord of a duplex in the Far Northeast. I have a tenant moving out who only paid $500 a month in rent for the last nine years. I want to raise the rent for the next tenant but I am not sure how much to charge. What’s fair rent these days for two bedroom apartments?

A: How much you’ll be able to fetch for rent depends on size, condition and how many bedrooms and bathrooms. Location will also play a big role in how much tenants are willing to pay for a duplex. Rents vary throughout the Northeast and even across the Far Northeast. continue reading »

With the start of the new year many people would like to get their financial house in order. One of the challenges is that you may not know where you stand at any given time.

What if you could go to one place to see what your account balances were, what bills were coming due, where you are spending your money and how your investments are performing?

That place is Mint.com. The first step in the process is to set up the linkage to your bank accounts, investment accounts and credit cards. Then, every time you have a financial transaction, Mint will categorize the expense based on the name of the company/store where you made the purchase. continue reading »

Q: The interest rate on the mortgage on my home is 5.9 percent. I was thinking of moving this year, but I would like to see if I can refi first. My credit has been better, but I am working on it. I would like to have a lower payment so I can bank the extra.

A: Mortgage rates are incredibly low. Much lower than your rate. If you’re thinking about refinancing, I can assure you this is the best time to go for it.  continue reading »