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 »

Stacey McCarthy is off this week, and will return next week with an all new installment of Real NEastate. Today, we look back at one of her tips from Winter 2011.

Q: I decided to sell my home in Wissinoming but I don’t want the neighbors to know because they are so nosy. I do not want a “for sale” sign or any open houses or the home advertised in the paper. My realtor told me that wouldn’t be a problem, but said he still wants to advertise online. Will my neighbors find out I have my house for sale if I let him advertise on the Internet?

A: You might be able to sell your home without a “for sale” sign, holding open houses or advertising in the paper, but according to the National Association of Realtors, nine in 10 buyers used the Internet to search for their home in 2010. Don’t you want to capitalize on that and find a buyer? continue reading »

Q: The buyers of my home in Bustleton were supposed to make settlement today; however, their mortgage company says they cannot do it until Friday. I took off today and I can’t take another day off to do this. I am worried that it’s not going to happen at all. Is there a way to make them do it today?

A: The seller in every real estate transaction hopes to make it to settlement on the day promised, and that the mortgage company and the buyers have been submitting the paperwork necessary to close the loan on time. But sometimes, and with some buyers or lenders, it just doesn’t work out that way. continue reading »

We did a little consulting before running this one, worried we’re being too hard on news outlets that appear not to own maps or computers.

But friends in the neighborhood and the local media told us to persevere. A mistake is a mistake, after all, and we’ve corrected this one multiple times.

It’s the curious case of Frankford, in which large media outlets apply their lack of neighborhood knowledge to news reports by calling places Frankford. continue reading »

Aside from the actual thing that went wrong Dec. 9 when a bus hit a teenage boy at Hunting Park and Kensington Avenue, the TV media outlets made sure some other things went wrong, too.

First, we know the crash happened on the other side of the Frankford Creek, meaning it didn’t occur in the Northeast. Strike one for Action News. continue reading »

An area of green space on Griscom Street adjacent to a vacant property. These areas are targets of the PhillyRising Collaborative in Frankford. Photo by Pamela Seaton.

This is the second of a two-part look at revitalization in Frankford. You can read the first part here.

In the early 20th century, Frankford was a bustling neighborhood. With a growing middle-class population, it attracted residents from throughout the tri-state area, many of whom shopped at the popular businesses on Frankford Avenue.

In the 1950s, however, it lost a large amount of its population due to a great number of Philadelphians moving to the suburbs. White flight became a major problem in the 1970s and by 1990, more than 30 percent of the storefronts on Frankford Avenue were vacant, with more becoming vacant as the years went by.

Janice McDuffy, a former resident of Frankford for more than 11 years, witnessed Frankford’s downslide firsthand.

“When I lived there as a kid, it didn’t seem so dirty and there weren’t so many abandoned houses and businesses,” McDuffy said. “On the block where I used to live, there are now two empty lots that used to be homes. People dump their trash there.”

“All of Frankford is dirty and filled with litter . . . it’s a mess,” McDuffy said.

McDuffy said she quickly realized that there was a lack of economic opportunity in Frankford and moved out of the neighborhood after graduating from college, pursuing a law degree and an acting career. She said she hopes her family can move out of Frankford as quickly as possible.

“They [her family] couldn’t open a business in the future, if they wanted to . . . just look at all of the vacancies on Frankford Avenue,” McDuffy said.

“I don’t know why Frankford has deteriorated so drastically, but it’s a shame.”

Fortunately for McDuffy’s family and other Frankford residents, a few local organizations in Frankford are working to revitalize the neighborhood, including the PhillyRising Collaborative, the Frankford Special Services District and the Frankford Community Development Corporation. continue reading »

 Q: Someone told me that the house down the street from mine in Parkwood was foreclosed on and for sale by the bank. I am not happy about the foreclosure, but I would love for my son to buy it. There is no for sale sign on the property, but I can tell it’s vacant. How can I find out if it is for sale?

A: It’s unfortunate to have a foreclosure in a neighborhood. But while it’s a drag on home values, the flip side is that it could be a deal for some lucky homebuyer. Many times there is a lapse between the time a home is officially foreclosed on and the time the bank lists it for sale. It could be months or even years, depending on the bank. continue reading »

Photo of the Market-Frankford Line by Kirsten Stamn

This is the first of a two-part look at revitalization efforts in Frankford.

For the residents of Frankford, neighborhood revitalization efforts are nothing new.

The once thriving historic community has fallen on hard times and has succumbed to blight in the past few decades, evidenced by the empty storefronts, the graffiti and trash that decorate the street, and the lack of pedestrians going out and buying wares from the local shops.

Business is not booming, that much is clear. But the bigger problem is no matter how many programs have come through the area, not much has changed for the people who still linger in the area.

“We’ve been going over this since the ‘80s,” said Gilbert Pons, owner of Gilbert’s Upholstery. “I hope there’s change.” continue reading »

2011 seemed to fly by and if you did not do any planning this year, it is not too late. Some of the opportunities are related to taxes, while others are more retirement estate planning oriented.

I usually counsel folks that if they are going to do anything, it is really important that they make their 401k and/or IRA contributions. For many, it may make sense to make Roth IRA contributions, as these contributions will grow tax free into the future – and any distributions will be completely tax free. The benefit of making these contributions will be significant over time and this money will be their primary means of support in retirement. continue reading »

Upper Holmesburg resident Dan Yencho hopes he can win a Pepsi Refresh Project grant to open a fitness center for teens.

All Dan Yencho needs is a large, warehouse-type space and a little money — say, $50,000.

The Upper Holmesburg resident with a personal training background needs both to open what he calls the Holmesburg Power Company, an after-school fitness center for teens.

“Having a positive place where kids can go can be a great place for the community,” Yencho says.

He’s hoping the Pepsi Refresh Project can help.

No stranger himself to exercise, Yencho was running through his neighborhood over the summer to train for the Spartan Race at Blue Mountain when he bumped into his inspiration.

A teenage girl, running on the same street but in the opposite direction, stopped Yencho to ask him for pointers when she saw his gym sweatshirt. Yencho says he offered her tips, including one to be careful running by herself early in the morning.

What she told him next became a jumping off point. continue reading »