Q: I am a first-time buyer, not in any rush, looking for a Northeast house, but my real estate agent seems to be in a rush to find me something. He is very nice and knows the area, but I feel like he maybe just wants
to make the sale. Do you think I should just find a new agent?
A: If you’ve signed a Business Relationship Agreement with him, then you need to ask him to let you out of the agreement. If not you can just go find another agent if you want. My question to you is why aren’t you in any rush? There are very real time sensitive, monitary-related reasons for homebuyers to want to purchase sooner rather than later: continue reading »
Q: So they’re finally planning on tearing down Liddonfield Homes. Do you think the home values will really improve in Upper Holmesburg?
A: Yes.
Last year, the average sold price on the closest blocks adjacent to Megargee Street and Tolbut Street was $127,000, more than 5 percent lower than the rest of the 19136 zip code. This is a good example to show that all real estate is local. Very local. continue reading »
The real estate market held its own in Northeast Philadelphia last year as home prices and sales dipped in most neighborhoods, somewhat due to many foreclosures. But it looks like the market may be close to leveling off.
The average Northeast home listed for $173,000 in 2009 before selling at the average price of $161,500, dropping slightly from $166,400 in 2008. The number of sales also went down with just 3,073 homes sold compared to 3,161 in 2008. The average number of days on the market was 65 in 2009 — not much different than 64 in 2008.* continue reading »
Q: I am buying my first house and I was told I needed “title insurance.” Do I have to get it? How much is it and what is it for?
A: If you are buying a home, whether is it your first or your last, you need to purchase title insurance. An abstract company with a real estate lawyer will conduct a “title search” in order for the sale to proceed properly. It protects the insured from any losses sustained from defects in the title. Also, it’s required by most mortgage lenders.
Here are five other things you should know about title insurance. continue reading »
Q: My real estate agent has suggested some home improvements to help me sell my late father’s home faster, since it is very outdated. I am afraid of getting conned and putting out money before I get the money from the sale. How can I make sure the person I hire does the job and doesn’t charge me too much?
A: Here are 10 tips for hiring a remodeling contractor so you won’t get burned: continue reading »
Q: My boyfriend and I are looking for a house together. I have good credit, but his credit score is bad. We are thinking about going to credit counseling before applying for a mortgage. How long do you think it will take to repair his credit? Do you think we will make the June tax credit deadline?
A: Most mortgage banks and brokers are looking for credit scores in the 600s, so how long it will take to repair your boyfriend’s credit really depends how low his credit scores are. It could take a couple months or a couple years, depending on the severity of the situation. continue reading »
Q: I am planning on buying a home next spring. I have been driving around looking at houses for sale and have stumbled upon a couple neighborhoods I really like, but I don’t see any houses for sale there! Do you think there will be some for sale in spring?
A: It’s so much fun to drive around looking at homes, especially during the holidays. Some neighborhoods are really decorated for the season, but some aren’t yet. Likewise, there are some houses up for sale and some that aren’t yet. continue reading »
Q: I am looking for a home to buy in Northeast Philadelphia but I am worried about who my neighbors will end up being. Is there a place to research neighborhoods for sex offenders? How about crime statistics?
A: It is not that difficult to find a house for sale you’ll love. The market supply is plentiful, and prices, mortgage rates and tax incentives make it the perfect storm to buy. But what if the neighbors turn out to be a problem, or it’s next door to a sex offender? Luckily Megan’s Law requires sex offenders to register their addresses, but the research falls on you. continue reading »
President Obama has signed a new Homebuyer Federal Tax Credit. And it’s not just for first-time buyers anymore.
The First-time Buyer Tax Credit of up to $8,000 has been extended, and qualifying income limits have been raised to $125,000 for single taxpayers and $250,000 for joint taxpayers, up from $75,000 and $150,000, respectively. continue reading »
Q: I heard they are extending the First-time Buyer Tax Credit and making it $15,000 for everyone. True?
A: There is new legislation in the Senate right now to extend and expand the tax credit. It should be up for a vote this week, so we’ll find out soon. continue reading »
