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real estate agent has suggested some home improvements to help me sell my late father’s home faster, since it is very outdated.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 »

Q: My agent wants me to reduce the price of my home in Pennswood Park. It’s been on the market for eight months and I’ve had 11 buyers see it. I want $239,000 but he says that the market is “rejecting” that price. What is that supposed to mean? I want what I want.

A:  Nearly 15 percent to 25 percent of all listings do not sell. The market rejects them. Buyers did not accept the price, condition, location, or marketing effort, or a combination of these areas, or perhaps all four of them. continue reading »

Q: My home has been for sale in East Torresdale for 5 months and I’ve had more than 32 showings. It’s on a great street and it’s priced right, even lower than a couple others. So why is it so many people want to see it but none have made offers?

A: The three main components that make up a sellable house are: location, price and condition. If you have the first two going for you, then take a look around. Your home may need a few tweaks to make it more appealing to potential buyers. continue reading »

Q: I know for a fact that the market sucks and I can get a bargain. But my agent says I can’t just offer 25 percent less for any house I like. He says sellers in the Northeast will never take “lowball” offers like I want to do and I am wasting my time. What do you think?

A: Can you make a lowball offer and see what happens? Sure, but be sensible about it. Simply offering 25 percent less for a house as a general rule of thumb is not making an educated decision. continue reading »

Q: I am a first-time buyer and I am torn between two houses I would like to buy – one in Burholme and one in Holmesburg. They are the same price and I love them both so I don’t know how to decide. My agent says I only have about a week or two to decide which house I want if I want to make settlement in time to get the $8,000 First-time Buyer Federal Tax Credit. I am so torn, what should I do?

A: Don’t let a decision be made for you if someone else buys one, or both of these houses, before you choose. With the tax credit expiring Nov. 30, and while it may be urgent that you accelerate your decision making, you can still make your decision wisely. continue reading »