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 »
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 »
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 »
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 »
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 »
Q: I bought my house earlier this year. I’m putting my taxes together early and my accountant said he needs the HUD-1 from settlement. I don’t know what that is and can’t seem to find anything like that in my paperwork. Maybe they didn’t use one. Help!
A: The HUD-1 is the government form used by the title company or lawyer at settlement to document the transaction. It’s a standard form that spells out all the charges to the buyer and the seller, how much money a buyer needs to bring to the table, and how much money a seller will receive, if anything. continue reading »
Q: I own a few row homes in Castor Gardens that I rent out to tenants. I am aware there is currently a bill in City Council that would require certification that the property is lead free before a tenant moves in. I am hearing this will be costly, but I am a smart investor, so I will just pass this cost down to the new tenants. My question is will I have to certify the properties currently rented are lead free?
A: There is a public hearing on this bill today at 1 p.m. I believe the legislation that is currently proposed calls for lease renewals, as well. Check Lead Based Paint Ordinance #100011. The bill, as proposed, would also require home sellers to obtain a certification prior to selling a home built before 1978 in the City of Philadelphia. continue reading »
