Tuesday, September 10, 2019

Local August Real Estate Market Stats


What Can We Expect from The Fall Real Estate Season?






More Demand 

Buyers are simply in a better place to buy homes today than they were even just a few short years ago for two reasons; they know locking in a low interest rate now is a smart move for long term wealth. And, increased job stability is spurring a desire for homeownership. 

Tight Inventory 

It’s no secret: inventory levels have been the one factor preventing the housing market from realizing its full potential. Buyers need to be ready to act with a mortgage preapproval in hand and an expert local Realtor. Sellers, if you have been considering a move, now is an optimal time to list your home. 

Low Mortgage Rates 

Mortgage interest rates are on a tear. In the bigger picture, 2019 has been the best year in more than a decade. If we include late 2018's higher rates the overall move is now bigger than the one seen in 2008/2009. - According to Mortgage News Daily, Sept 4, 2019. 

Fast-Paced Activity 

Competition is expected to be fierce over the properties that are available. As a result, the average home for sale may receive multiple offers, making time of the essence for interested parties. Case in point: On local listings this year thru August, the average days on market fell 13% compared to last year. 

Stay Ahead of The Competition 

Buyers - Team up with a professional, full-time local Realtor who is dialed in the market and what’s coming for sale soon. Additionally, having your ducks in a row with financing is vital. Know your price range so you don’t waste time looking at unattainable homes. A preapproval is essential for strengthening your offer. 

Sellers - An active market does not mean an easy sale! Now more than ever, listing your home with a local Realtor who has forward-edge marketing and technology at their fingertips, along with effective negotiating skills is paramount to a successful sale. 

Ready to get started? Here are some helpful links:





Monday, August 12, 2019

LOCAL MARKET STATS YTD COMPARISON





Our local fall real estate market promises to be a strong one! Here’s why:

#1 TIGHT INVENTORY

Tight inventory creates an urgency in buyers resulting in an active market. You can expect a home to sell quickly and you’re more likely to receive multiple offers and sell for full price. An active market makes it imperative to list your home with a local Realtor who will be efficient and responsive.

#2 LOW MORTGAGE RATES

Today’s rates are inspiring new buyers to purchase homes. Mortgage interest rates have been falling since May, so borrowers, especially millennials, are anxious to buy now and lock in a low rate.

#3 A SERIOUS BUYER POOL

Come September, buyers who did not find their ideal home in the spring will be feeling the pressure to make their move before the holiday season or bad weather hits.

#4 DIFFERENT BUYER DEMOGRAPHICS

While families are more likely to make their move in the spring, millennials and empty nesters usually buy in the fall. Additionally, employers who need to relocate their workers often wait for the fall.

#5 LOW UNEMPLOYMENT RATE

The local job market is strong with a low 3.8% unemployment rate. This deepens the pool of buyers since solid employment is a large influencer in home ownership.

#6 FINANCIAL BENEFITS

If your home has gained substantial equity, the value you’ve built may be enough to get you a healthy down payment on your dream home or give you a comfortable cushion for retirement.

#7 THE BEST REASON OF ALL ~ Your readiness!

No matter the season, the best time to sell is the best time for you. Does your current home still meet your needs? Do you need more bedrooms, or are you ready to spend less time maintaining a lawn and home? Various personal factors play into your decision to sell, from job changes to family changes to just generally feeling ready. If you're ready to sell this fall you need to start now!

The first step is knowing the value of your home in today’s market. Contact the local experts who have served this area for over 45 years; Beiler-Campbell Realtors & Appraisers. 

Tuesday, July 9, 2019

LOCAL REAL ESTATE MARKET HOLDS STEADY


The first part of 2019 shows the local market remaining consistent in new listings and above last year in sales. Here at Beiler-Campbell Realtors, listings and sales are markedly outperforming both local and national markets. Inventory remains tight making now an optimal time to list your home if you are considering a move.





Taking good care of your home with regular maintenance is necessary to preserve its value and summer is a great time to do it! A well-maintained home will bring a better price than a home with years of maintenance neglect. While maintenance takes some money and work, in the long run you save money. A small problem like clogged gutters can lead to a big issue like water damage with a high price tag. Consider hiring a professional to complete these maintenance tasks and keep your home in top shape!


1. CLEAN OUT GUTTERS and downspouts at least once a year to curb water in the basement. 

2. REPLACE AIR CONDITIONER FILTERS and clean the drain line. 

3. POWER WASH mold and mildew off siding, walkways and porches. 

4. PATCH CRACKS AND HOLES in the driveway with a concrete repair caulk or asphalt crack sealer. If the driveway is showing age, you may want to pressure wash it, repair holes, and then apply a sealer to give it new life. 

5. PRUNE SHRUBS AND TREES Air conditioning units and heat pumps require plenty of air circulation to work efficiently – that’s at least 18” of room around the sides, and 3’ or more above the unit. Tree limbs should be kept 8’ away from the home. 

6. DUST CEILING FAN BLADES and reverse the direction. If the fans spin counterclockwise, they’ll push the air straight down to keep the home cool. 

7. CLEAN THE DRYER VENT and exhaust duct to avoid fires. 

8. CHECK THE DECK for water. Pour a little water on it. If the water beads into little puddles, it’s good. If it sinks into the wood, get the deck resealed. 

9. WASH WINDOWS AND INSPECT CAULKING around the windows and doors. This helps with energy efficiency and keeps ants and bugs at bay. 

10. DRAIN THE HOT WATER HEATER every year to clear sediment buildup that can shorten the life of a water heater and raise energy bills. 



The material contained in this article is provided for general information purposes only and does not constitute professional advice. You should conduct your own research and/or seek the advice of qualified professionals with regard to your specific circumstances before you take action. Beiler-Campbell Realtors assumes no responsibility, and specifically disclaims all liability, for your use of any and all information contained herein.

Thursday, May 23, 2019

Should I overprice my home to "test" the market?



In this active market with tight inventory, it may be tempting to overprice your home to see if you can score a windfall. Testing the market by setting your list price above market value is not a sound strategy. Here's why;

You waste your early days 
The first month a house is on the market is when activity is highest. A new listing has the market’s attention. An accurate list price will increase the probability of selling in the first two weeks and improve your chance of multiple offers.

You lose credibility 
Savvy Buyers have done research and know what homes like yours are worth. When you price too high Buyers might not even look at your property.
You’re giving offers away
When your property is overpriced, you’re helping sell other homes that have accurate prices. After seeing your high-priced home, Buyers may be eager to get the better-value house nearby.

Days on market will increase
Buyers will start wondering if something is wrong with a property that sits on the market. Ironically, when you do drop the price repeatedly, you often get less for your property than if you offered a realistic price from the start.
Not everyone likes to play Let’s-Make-a-Deal 
Overpricing a home to ensure plenty of extra room for negotiations may backfire. Buyers will generally not engage in “low ball” offers and negotiations that drag out. Additionally, if Buyers overlook your house because it’s out of their budget, there will be no one to negotiate with.

You miss reaching your target audience 
Buyers generally search by price range when looking online. If your property is worth $319,000, but you’re asking $330,000, you won’t capture buyers who search for houses within the $300,000 to $325,000 range.

The house won’t appraise at the inflated price 
If you do get that inflated offer, your Buyer’s lender will need an appraisal to approve a mortgage. If comparable home sales over the last six months don’t support your sale price, then your Buyer won’t get the mortgage.

Today's lower interest rate just added more money to the mix for those shopping for a home


There is good news for home buyers who have been in the market for some time. Let's say you have been looking for a house at a $300,000 price point.  Today, thanks to historically low interest rates, your payments are lower than what you would have paid last year on the same house. We're talking $2,376. less a year which adds up to $71,280. over the life of a 30 year loan.

Home buyers can choose where to put that extra money; purchase a bigger house, secure a college fund, fatten a retirement account or car purchase?  Savvy buyers will not want to miss this opportunity to secure a low rate. When interest rates increase, these savings will disappear. 

Speak to a trusted, local mortgage broker to run your numbers. Delaware Valley Financial Mortgage, LLC can quickly evaluate your financial position and help you determine how much you qualify for. 

Illustration based on $300,000.00 purchase 80% loan to value and credit score of 760. 4%: APR 4.039%. 5.375%: APR 5.447%. Monthly payments reflect principle and interest and do not include property taxes and home owners insurance. Life of loan: 30 year. Rates subject to change without notice.

Wednesday, May 8, 2019

Wheatland Farms SOLD OUT!


April, 2019 marks the sale of the last new home available in Chester County's premier new home community of Wheatland Farms! Site Agent Bill Raymond (left), and Cedar Knoll Builders Dave Hibbard, Project Manager and Craig Martin, Chief Operating Officer have been at Wheatland Farms from the first ground breaking back in 2005 until today. Bill has tirelessly helped clients in Wheatland navigate the home building process with efficiency and compassion. From the first Wheatland Farms new home buyer to the 143rd, Cedar Knoll Builders has delivered high value homes and superb customer service. This thoughtfully planned community with tree lined streets and 100 acres of scenic open space is a thriving neighborhood.

"When I think back to our initial plan meeting at the Beiler-Campbell Longwood office in October 2005 Wheatland Farms was nothing more than a field and no public utilities in sight. Along the way we dealt with a down-turn in the economy, added new models, adjusted pricing and construction standards, introduced new marketing, and learned a new pricing system all in an effort to present our clients with the very best opportunity in Avon Grove" ~ Bill Raymond.

Market Overview of Local School Districts Combined


Should I fix up my home before selling?


Most home sellers asks themselves: Should I spend more time and money on fixing it up or just try to sell it as is?

The answer depends on variables. What's the condition of competing homes for sale? Is it a hot market? What's the likelihood of a return on your investment?

Most buyers want a home that's in move-in condition. You can limit the number of buyers who might be attracted to your home by not making repairs.


Before Fixing Up Your Home

Smart sellers will weigh the cost of the proposed improvements against the home's market value after the repairs or upgrades are completed. Before you decide to lift the roof and install skylights in the master suite, realize that kitchens and baths carry the highest return.

Compare homes in your price range to yours. If most of them have upgraded kitchens, you should concentrate on fixing the kitchen. This doesn't mean that you have to tear out the cabinets but a minor kitchen remodel might be a good investment. 


Where to Start

Make a list of everything that's defective, broken, or worn out. Buyers might wonder what else in the home has been neglected if they spot problems or malfunctioning systems as they tour your home.

Minimum improvements to consider making include patching holes and cracks in the walls and ceilings and fixing broken appliances and HVAC systems. Repair leaky faucets.

Replace broken window glass and repair the roof if necessary. Change any dated light fixtures or ceiling fans.  


Cosmetic Touches

Replace carpeting, repaint with neutral paint—not white. Tidy landscaping, a fresh coat of paint on the front door and a clean front porch will make a great first impression.

Keep in mind that empty homes don't show as well as furnished rooms, but battered furniture and clutter can detract from your home's appeal. Consider upgrading your furniture if it's in bad shape. You can always take it with you when you go. 



Talk to your agent before making any repairs to weigh the pros and cons with your particular home and your personal situation. Your agent has his/her thumb on the market, so ask him/her for advice.


Tuesday, April 9, 2019

Weekly Market Overview Shows Increasing Spring Activity


Data includes school districts: Unionville/Chadds-Ford, Kennett Consolidated, Avon Grove, Oxford, Octorara, Coatesville and Solanco. Data reported in BRIGHT MLS


What difference does just .5% make?


A savings of over $25K on the life of the loan!
Will these low rates last? Not likely.

Federal Reserve Chairman Jerome Powell emphasized at a March 20 news conference that many things are going right: wages are growing, consumer confidence has rebounded, and financial conditions are good. He said that economic fundamentals are strong.

According to Kiplinger’s latest forecast on interest rates: “Long rates are likely to pick up a little as the U.S. economy improves later this year. The 30-year fixed-rate mortgage will likely reach 4.5%.”

The takeaway: If you are planning to buy, now is the time to take advantage of the current low interest rates and enjoy thousands in savings.

Contact Delaware Valley Financial Mortgage, LLC to take the first step and learn what mortgage amount you will qualify for.

Illustration based on $300,000.00 purchase 80% loan to value and credit score of 760. 4%: APR 4.039%. 4.5%: APR 4.541%. Monthly payments reflect principle and interest and do not include property taxes and home owners insurance. Rates subject to change without notice.