Main Line Pennsylvania Real Estate >> The PA Real Estate Specialist

How Billy Staples affected this Main Line Realtor.

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Wed, 01 Apr 2009 10:32:19 -0500

Have you ever gone to an event or party, expecting one thing, only to be completely surprised and changed by the unexpected? Well, that is what happended to me last week, and I thought it would make a good blog post.

During my weekly meeting at the Spring-Ford Rotary, a member of the Pottstown Rotary would come in, pitching for us member to come see Billy Staples, and hear his baseball stories. Now, I like baseball, but I am no die-hard fan. Of course, having the Philadephia Phillies win the 2008 World Series did make me more of a fan, but again, I am no die-hard. My client however is a coach for the Villanova University baseball team, so I thought, a signed book might not be a bad idea for a gift, right?

I was pretty set on trying to make it out so I could get this gift for my client. Part of me wanted to skip it as I wasn't feeling that great, but something kept tugging for me to go. As I finished dinner, I brought dinner to my wife who was sick with the flu. I decided to put our twin girls to bed, so I took them upstairs, looking at the clock and thinking I was running out of time to make it to Pottstown. Do I get two easy diapers to change? Of course not. Yuck. And my one daughter has really bad diaper rash, so out comes the pastey white Desitin, and I am trying like heck to get it on her, and of course I am getting it on my black pants. Now I am thinking there is no way I can go out in public looking like this. I washed my handes, rubbed the pants clean as best as I could and decided that late was better than never as I walked out the door.

I was lucky that I got up there in good time, and it worked out well, since as I walked in, dinner was almost over and Billy Staples was getting ready to speak. Mind you, I have NO idea who this guy is, what his book is about, or even what he looks like. Yet I am fortunate enough to be personally inroduced and seated at his table. I sit back and prepare to hear what I think are baseball stories. Was I in for a surprise.

Billy gets up, and he does start off with a few baseball stories. If you have ever heard him speak, you know he is very good at getting the audience's attention. Well. Billy starts to tell us why he wrote the book, and how he came to be a teacher in one of the worst projects near Allentown PA. For the next hour, I am blown away at hearing about where he teaches, and how he brings inspiration to kids who may not live to see their 30's due to drugs and violence.

From his website, let me use his words to describe what I found out that night:

"Bill Staples was born and raised in Phillipsburg, New Jersey, where he spent all available hours shooting hoops and listening to country and pop music. He spent three years at Phillipsburg Catholic High School, where he played varsity basketball and baseball and starred in a few school plays.

All through his childhood and teen years, Bill had the priviledge of spending time in the Phillies, Mets, and Yankees clubhouses. Among many other Major Leaguers, Bill got to meet Joe DiMaggio, Whitey Ford, Mickey Mantle, Yogi Berra, Pete Rose, Mike Schmidt, Willie Mays, and Tom Seaver, each of whom took the impressionable young man under his wing. These were experiences that never left Staples.

After his high school graduation, Bill spent two years at Northampton Community College and received his Associates Degree. During that time, he played varsity basketball and was heavily involved with the theater program. Bill also spent time in Los Angeles and New York pursuing an acting career. Along with other roles, Staples had a small part in the movie "Hairspray" starring Rikki Lake and played a news reporter in the movie "Gremlins 2". However, his favorite role was a younger version of Peter Falk's famous Lt. Columbo in a touring dinner theatre production.

Eventually Bill took a corporate sales position with AT&T Communications at the company's world headquarters in Basking Ridge, New Jersey. While this period was a financial success for Staples, his life changed forever shortly after he saw the movie "Dead Poets Society," Starring Robin Williams. Inspired to become a teacher and make a difference, whatever the financial sacrifice, Bill left the corporate world and enrolled at East Stroudsburg University. He graduated from ESU with a degree in education-secondary English-and the end of the following year, found himself teaching at Northeast Middle School in Bethlehem, Pennsylvania.

In many ways, Staples came into his own as a teacher. His goal was to use the various talents and contacts he had developed over the years to reach his students and make them really want to learn. Whether it was jumping on desks to underline a point, imitating TV and movie characters in class, or quietly showing up at every sporting event and dance recital his students were a part of, Bill immersed himself not just in teaching as a job, but in teaching as a mission.

In 1996, Staples introduced a new method to motivate his students. In return for perfect attendance, good grades, and outstanding behavior, Staples took his students to meet celebrities, including Michael Jordan, Derek Jeter, and Puff Daddy. The idea behind the trip wasn't simply to get an autograph. Instead, Staples required his students to ask the celebrities a question about their experiences growing up. The program was a hit, and not just because the kids enjoyed it. The celebrities enjoyed it too, and connections were being forged on a personal rather than a superficial level.

As word of the program spread, the media picked up on it and did not let go. It started with feature articles in local newspapers. By 1998, Staples had been nominated for the Disney National Teacher of the Year Award. A second nomination followed in 1999. Then in October 2003, CNN did a five-part feature on Staples and the students whose lives he had helped turn around.

About the same time, Staples experienced probably the most memorable and influential meeting of his life. After a few intense hours with Jack Canfield, author of the Chicken Soup for the Soul book series, Staples was inspired to accomplish two additional goals.

First, he set out to help pay for the college education of any Bethlehem high school student serious about contributing to society and needing financial assistance. This was an ambitious goal, but as the philosopher Goethe once said, "Act boldly and mighty forces will come to your aid." Those mighty forces turned out to include local businesses and Staples' dear friend Linny Fowler. In 2004, CAPERS of the Lehigh Valley, Inc. was founded. In 2005, the United Way was so impressed, the organization decided to support CAPERS. To date, the organization has sent over 70 financially challenged students to college without a single dropout.

The second goal set in motion by the Canfield meeting may have been an even longer shot, but it too has come to frution. Last year, Health Communications, Inc., publisher of the Chicken Soup for the Soul series, published Bill's first book: Before the Glory. The book is a direct outgrowth of Staples' relationship with some of the legends of the national pastime and his many years of helping shape the lives of students positively. The book was released in June of 2007 and sold out of its first printing reaching as high as number 5 on the national sportsbook charts.

With the publication of Before the Glory, Staples has begun to spread his message on education to a national audience. But he remains as accessible as ever locally and hasn't let any of the success get to his head. In reflecting on the past several years, Bill sticks religiously to the same quote: "I had help.""

I came that night to hear baseball stories, and left with a totally different message! I was drawn that night to meet Billy because I needed a dose of inspiration! I highly recommend you pick up and read a copy of his book, as all the proceeds go to his charity work helping these kids. You can visit his website at www.BillyStaples.com.

RE/MAX Main Line Real Estate Agent earns PA Brokers License

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Wed, 25 Mar 2009 14:47:45 -0500

Paoli, PA, March 25, 2009 - RE/MAX Main Line - Paoli is pleased to announce that REALTOR Christopher Benedict, also known as the "Big Guy," has received his real estate broker's license for the Commonwealth of Pennsylvania. He will continue to specialize in residential and investment property sales in the Montgomery and Chester Counties, while expanding his property management services into parts of Delaware County.

"I am excited that Christopher has taken this extra step to acquire additional knowledge to deliver positive results in today's challenging Philadelphia and suburban real estate market," said Stephanie Benedict, Chris' wife and business partner. "Chris is a positive, confident REALTOR who puts people before profits, and strives to offer the best services to his clients."

Thom Toole, Broker of Record, of RE/MAX Main Line Real Estate is thrilled to announce that Christopher Benedict has just received his Brokerage License. "Chris has been a leader in the office and affords all his clients professional service both in Real Estate Sales and Property Management."

"The whole point in obtaining my Brokers License was to be able to offer our clients the highest level of customer service with knowledge and experience," said Christopher Benedict. "We at www.AskTheBigGuy.com put an emphasis on growing and part of growing involves learning and continual education."

Benedict just successfully completed extensive training and licensing through several learning options, including Polley & Associates in Newtown Square, as well as taking several intensive online courses through CareerWeb.com. To complete the Broker Course, you must be a fulltime agent for a minimum of 3 years, have completed 40 plus transactions, as well as complete all required courses. To sit for the state exam, Benedict had to complete 240 hours in courses that includes training in real estate law, management and commercial brokerage.

RE/MAX International Inc. (www.REMAX.com) is one of world's largest residential real estate sales organizations, with over 100,000 agents in over 7000 offices. 2009 RE/MAX International Inc. RE/MAX Is A Registered Trademark Licensed To RE/MAX International Inc. An Equal Opportunity Company. Equal Housing Opportunity. Each RE/MAX Office is Independently Owned and Operated.

Christopher Benedict, Broker-Associate - RE/MAX Main Line
Visit: www.AskTheBigGuy.com
Chris@AskTheBigGuy.com
610-935-3200 (office)
610-680-3688 (fax)

Suburban Philadelphia REALTOR Offers Free Tenant Placement To Accidental Landlords.

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Tue, 03 Mar 2009 23:54:26 -0600

As the housing market cools, homeowners are looking to renters to fill their unsold homes. Many of these owners have little or no knowledge about being a landlord and the legal issues it entails. Philadelphia suburban REALTOR Christopher Benedict is seeking to help those dubbed, "accidental landlords" by offering free advice and tenant placement.

Paoli, PA (PRWEB) 5, March, 2009 - Rather than kick homeowners when they're down, RE/MAX Main Line REALTOR Christopher Benedict offers to aid the "accidental landlord". These are people who cannot sell their personal residences and are seeking to rent their vacant or unsold properties. Home owners can find more information or contact Mr. Benedict through his portal, http://www.ThisAgentWorks.com.

As more properties remain unsold, owners are becoming landlords by accident, many of whom turn to property management companies or real estate agents, rather than deal with the headaches of being a landlord themselves. While agents can find the owners a tenant, once the lease is signed, the owners are often on their own. These newly minted landlords often have little or no knowledge about tenant-landlord law, fair housing issues, or local ordinances.

Most real estate brokerages charge a fee for tenant placement. Property management companies charge a tenant placement fee, and then take a portion of the rents as commission to manage the property for the owner. Neither of these options may be suitable to a distressed owner. That is why Mr. Benedict is offering to assist in tenant placement fee-free, so more owners can afford to take advantage of having their property properly managed. This is an ideal situation for owners on a tight budget who are dreading the thought of dealing with tenant issues.

For additional information on the news that is the subject of this release (or for a sample, copy or demo), contact Christopher Benedict or visit http://www.ThisAgentWorks.com.

About RE/MAX Main Line REALTOR Christopher Benedict:
Christopher Benedict coined the brand, Ask The Big Guy in 2001. Something of a maverick on the ritzy Main Line, Christopher is developing a network of young, high-energy professionals who share his "Strength In Numbers" philosophy. Christopher Benedict specializes in working with investors, as well as continuing to provide real estate services for buyers and sellers on the Main Line and the greater Philadelphia region.

Contact:
Christopher Benedict
RE/MAX Main Line - Phoenixville, Paoli & West Chester
610-935-3200
http://www.AskTheBigGuy.com

With a cooler real estate sales market, more owners are turning to renting.

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Sun, 01 Mar 2009 17:05:44 -0600

I wasn't to surprised to see the following article in the The Philadelphia Business Journal. Titled, "Too hard to sell the house? More turning to renting." Due to an influx of just too many homes on the market, it is this Main Line real estate blogger's opinion that sellers are artificially deflating the market. Not surprising, when owners can't sell their homes, they are turning to renting instead. Many hungry agents, snapping at too little money, are turning their business to renting homes instead of selling them.

From the article: 'From Tredyffrin to Gladwyne, homeowners who have struggled to sell their properties are finding that renting is an alternative in this sluggish real estate market.

While it has been more common and relatively easy for Center City developers who constructed unsold condominiums to make the switch to rentals, the trend has stayed at bay in the single-family market. In the last few months,that's changing as "for sale" signs have been replaced by "for rent" at hundreds of single-family homes throughout the region. Chester County has 355 houses listed for rent and there are 533 in Montgomery County, according to the Multiple Listing Service. Delaware County has 232 listed.

The abundance of houses on the market for rent has created a new phenomenon in the housing market: Competition among homeowners who are trying to get their houses rented.

"There used to be so few homes for rent that you were lucky to find anything habitable," said Lavinia Smerconish, an agent with Prudential Fox & Roach. "Now people are seeing rental as an alternative to selling at a number that is under value for the house."'

To read the full article, click here: Too hard to sell the house? More turning to renting.

The only surprise from the article I came away with is that it shocked me to hear a Main Line real estate agent say that to rent homes they are now staging. Staging a home is not cheap, and even if a home is renting for $10k a month, a $3000 - $5000 staging bill doesn't seem to appetizing to me. I would tell more homeowners, if you want you home to rent, listen to the market and adjust your price!

As a Main Line Realtor and Property Manager, one of the issues I also have with the current market is that I am concerned about so many "new" landlords. Being a rental property landlord is not easy. There are so many rules and laws to follow that homeowners could be breaking local ordinances and not ven know it. For example, one of them being a local rental permit. I know for a fact in Lower Merion township and Radnor township that they are cracking down on where students are renting. Many Realtors don't know about these student-rental restrictions and are not advising their clients properly. Long after the commission is paid and the tenants have moved in, it is the homeowner who may be stuck appeasing the township!

Words of wisdom: If you need to rent instead of sell, seek good advice from a property management company who will not only fill a rental, but manage it as well.

www.AskTheBigGuy.com wins out as Stuart Creek Farms property management!

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Wed, 25 Feb 2009 12:58:17 -0600

Christopher Benedict with RE/MAX Main Line and www.AskTheBigGuy.com have recently been awarded a 2-year contract to manage Stuart Creek Farms, a development of 156 townhomes in Ambler. You can see more about the community at www.stuartcreek.com.

From SCF's website:

"Meet our new property management team - RE/MAX Main Line and the BENEDICTS. About the Benedicts: Both Penn State graduates, Christopher(pic below) and Stephanie Benedict currently manage a $20+ million dollar portfolio of properties ranging from single family homes, multi-unit investment, mixed commercial, as well as small apartments ranging from 6-20 units. A licensed Realtor and (soon to be in March 2009) Broker-Associate, Christopher currently works at RE/MAX Main Line as well as managing a private real estate investment firm, The Benedict Investment Group, LLC. Christopher and Stephanie both reside in Collegeville with their son and twin daughters."

Here's to a great new year in 2009!

Main Line Mansion For Sale, in the heart of Villanova!

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Wed, 25 Feb 2009 12:47:03 -0600

Nestled in one of the most sought after areas in Villanova, this "2005 Landscape Design Award" winning home will surround you with peace and tranquility. Soothe away your stresses as you walk amongst the kitchen garden, listen to the babbling fountain or enjoy bird watching in your "Backyard Wildlife Habitat" as certified by the National Wildlife Federation. Upon entering this home, your senses will be surrounded by luxury as you are taken in by the grand curved staircase in the oversized foyer. Built in 2000, this light-filled and elegant home has every creature comfort you can expect from a Main Line manor, including a sun room and library, fully finished basement, and sky-lit 3rd floor au pair suite complete with kitchenette. End your day with a soothing bath in the owner's retreat, complete with a master bedroom, multiple walk-in closets, vaulted ceiling master bathroom, sitting room and bonus exercise room. This Lower Merion Township home is just minutes to Gladwyne, the shops of Bryn Mawr or Wayne, the R5 trains, I-476 and I-76.

Christopher Benedict, Realtor RE/MAX Main Line Visit: http://www.askthebigguy.com/
610-935-3200 (office)
484-433-3931 (direct cell)

The BIG Mortgage Co. 610-779-5300 (office)
http://www.thebigmortgageco.com/

Benedict Investment Group LLC
http://www.benedictinvestmentgroup.com/

Save a child's life! Visit http://alexslemonade.org/

RE/MAX Main Line Real Estate offers this Single Family Home for sale!

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Fri, 15 Aug 2008 08:57:09 -0500

A fantastic opportunity awaits the right buyer with an eye for all the potential this home has. This home is well maintained, with hardwood floors throughout, and not one but two fireplaces.

Close to shopping and transportation, this home is nestled amongst similar homes in a well kept neighborhood. Well manicured lawn with many mature plantings throughout the property, and many mature trees in the back yard.

This home has strong bones, an eight-year-old roof, and has been lovingly maintained for many years. Bring your decorating ideas, and see how much his home has to offer.

For your personal tour, please call me at 484-433-3931, or visit the virtual tour at: http://tours.tourfactory.com/tours/tour.asp?t=446154

Christopher Benedict, Realtor RE/MAX Main Line Visit: www.AskTheBigGuy.com
610-935-3200 (office)
484-433-3931 (direct cell)

Philadelphia Real Estate Investment - make money on your money!

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Fri, 25 Jul 2008 10:44:18 -0500

How would you like the opportunity to buy into an investment - one that is already up and running - where you could earn up to 16% on your money? Interested? Then please read on.

First, some background: 2008 marks the 11^th anniversary of the year my wife Stephanie and I purchased and then "flipped" our first home - long before the era of the myriad "Get Rich Quick in Real Estate!" schemes found on all over television of late. As my 36th birthday fast approaches, I remain amazed by the many changes in the real estate market over the past decade.

Often, someone wearing a long face asks me, "So, how has the real estate market been for you?" I surprise him or her with my answer: "Not too bad, actually." Their surprise fades with the simplicity of my explanation: "Buyers who want to buy take action: they buy. And sellers who want to sell adjust their prices in reaction to market forces, and sell." (Of course, sellers who refuse to lower their asking price or upgrade their home to meet that price do, indeed, find the market bearish.) Simply put, the market works for me because I have adjusted to the realities of the current market.

One major adjustment I have made is a change to my business so as to meet the needs and demands of the new market. One of the steps I have taken is a move into property management of rentals in single-family, multi-family and lo-rise units. My work experience led me naturally in this direction: I have 10-plus years in the real estate business and as being a landlord; and in August 2008 I will receive my Pennsylvania real estate brokers' license, thus giving me the opportunity to catch and ride the new wave of exploding growth in residential property management.

Why the exponential growth in rentals? Because ever-tightening credit standards, (minimum scores of 720-plus for Fannie and Freddie, and 650-plus for the FHA) along with a glut of unsold inventory means more property owners must resort to renting out the homes they can't sell. Thus, more consumers have become (or will remain) tenants.

ALL OF THIS CONFUSION PRESENTS A PROFIT OPPORTUNITY! Most property-management companies will not work with small owners (those with fewer than 3-5 units or those with single-family properties). Yet these are the owners who have the greatest need for management help. Many small investors bought into flips they cannot unload, or bought expensive units at the top of the market that have turned from gems into white elephants. For most of these investors, being a landlord was never their desire or goal. However, the only choices they have are losing money on a vacant property, or renting and recouping some of their losses until the market strengthens. But they face this daunting task with little or no experience in property management (i.e., dealing with tenants).

And that is where my business - and your opportunity - come together.

Through RE/MAX Main Line, my wife Stephanie and I began assisting some of our investors who came to us seeking help in property management. Without aggressively pursuing these investors, we were able to grow our business in the first half of 2008 to almost $5,000,000 in investor assets, with gross rental-collections of some $200,000 annually. We are presently negotiating with a multi-unit investor who, if he comes aboard, will double our business to some $10,000,000 in asset management, and gross rental collections of $400,000 annually. As property managers, we take a percentage of those gross rental collections - money that comes in month after month as residual earnings. The question is how can you benefit from the net cash flow mentioned above?

We are seeking investors who would like a return of between 8% and 16% on their cash investment so we can grow our business to the next level. First-stage funding of $100,000 will enable us to grow the asset management to $25 million. Second stage funding of $250,000-to-$1million will allow us to truly grow and potentially acquire an existing property-management company and stake our claim in the Delaware valley market as a major player in the business.

For those investors who have larger sums to invest, we are prepared to offer premium returns on their investments. At present, from just the properties we are currently managing, the passive net cash flow could easily pay 16% on a $100,000 investment in interest-only payments.

If these returns on investment have piqued your interest, and if you want to know more, please call me directly at 484-433-3931. Or you may visit our web site at www.AskTheBigGuy.com

"IN CONFUSION THERE IS PROFIT!" --Tony Curtis, Operation Petticoat

RE/MAX Main Line offers this "close to shopping" home

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Tue, 01 Apr 2008 22:23:29 -0500

Single home with large rooms located on the edge of the historical district and close to the growing Phoenixville shopping area. Home boasts a newly renovated kitchen and master bathroom as well as fully refinished hardwood floors. Be a part of the Phoenixville renaissance!

Christopher Benedict, Realtor RE/MAX Main Line
When you have real estate questions, www.AskTheBigGuy.com

Read my blog at: www.MainLineRealEstateNews.com

Chris@ChrisBenedict.com
610-935-3200 (office)

The BIG Mortgage Co.
610-779-5300 (office)
www.theBIGmortgageco.com

Benedict Investment Group LLC
www.BenedictInvestmentGroup.com

Save a child's life! Visit www.alexslemonade.org

1031 Exchanges: How to avoid capital gains on the sale of an investment property.

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Fri, 28 Mar 2008 10:41:46 -0500

Do you have an investment property that you would like to sell, but defer the capital gains taxes? If so, then you need to consider a 1031 exchange:

A 1031 exchange, otherwise known as a "tax deferred exchange" is a strategy and method for selling one investment property and then proceeding with an acquisition of another property, all of which must happen within a specific time frame as set by the rules of the Internal Revenue Service. It is because you will be "exchanging" and not simply buying and selling a real estate investment property that allows the taxpayer(s) to qualify for a deferred gain treatment. Sales of real estate are taxable with the IRS and 1031 exchanges are not.

NOTICE: Due to the fact that exchanging a property represents an IRS-recognized approach to the deferral of capital gain taxes, it is very important for you to understand the rules involved. It is within the Section 1031 of the Internal Revenue Code that you can find the appropriate tax code necessary for a successful exchange.

Why consider a 1031 Exchange?

If you are a real estate investor, or have real estate investment properties, you should consider an exchange when you expect to acquire a replacement "like kind" property subsequent to the sale of your existing investment property. A simple sale of the property would necessitate the payment of a capital gain tax to our friends at the IRS, which can range from 20% to 40% depending on the federal and state tax rates. By selling your property using a 1031 exchange, you are leveraging your purchaing power by keeping all of your funds intact.

To qualify as a 1031 exchange, you must adhere to these two rules:

The total purchase price of the replacement "like kind" property must be equal to, or greater than the total net sales price of the relinquished, real estate, property.
All the equity received from the sale, of the relinquished real estate property, must be used to acquire the replacement, "like kind" property.

Should either of these rules (above) be violated, then then a qualified tax attorney will have to help you determine the tax liability accrued to the person executing the Exchange. In any case which the replacement property purchase price is less, there will be a tax responsibility incurred. To the extent that not all equity is moved from the relinquished to the replacement property, there will be tax. This is not to say that the (1031) exchange will not qualify for these reasons. Keep in mind, partial exchanges do in fact, qualify for a partial tax-deferral treatment. This simply means that the amount, of the difference (if any), will be taxed as "non-like-kind" real estate property.

THE 1031 Exchange Rule

A property transaction can only qualify for a deferred tax exchange if it follows the 1031 exchange rule laid down in the US tax code and the treasury regulations.

The foundation of 1031 exchange rule by the IRS is that the properties involved in the transaction must be "Like Kind" and Both properties must be held for a productive purpose in business or trade, as an investment.

The 1031 exchange rule also lays down a guideline for the proceeds of the sale. The proceeds from the sale must go through the hands of a Qualified Intermediary and not through your hands or the hands of one of your agents or else all the proceeds will become taxable. The entire cash or monetary proceeds from the original sale has to be reinvested towards acquiring the new real estate property. Any cash proceeds retained from the sale are taxable.

The second fundamental rule is that the 1031 exchange requires that the replacement property must be subject to an equal or greater level of debt than the property sold or as a result the buyer will be forced to pay the tax on the amount of decrease. If not he/she will have to put in additional cash to offset the low debt amount on the newly acquired property.

1031 Exchange Rules and Timelines:

There are 2 timelines that anybody going for a 1031 property exchange:

The Identification Period: This is the crucial period during which the party selling a property must identify other replacement properties that he proposes or wishes to buy. It is not uncommon to select more than one property. This period is scheduled as exactly 45 days from the day of selling the relinquished property. This 45 days timeline must be followed under any and all circumstances and is not extendable in any way, even if the 45th day falls on a Saturday, Sunday or legal US holiday.

The Exchange Period: This is the period within which a person who has sold the relinquished property must receive the replacement property. It is referred to as the Exchange Period under 1031 exchange (IRS) rule. This period ends at exactly 180 days after the date on which the person transfers the property relinquished or the due date for the person's tax return for that taxable year in which the transfer of the relinquished property has occurred, whichever situation is earlier. Now according to the 1031 exchange (IRS) rule, the 180 day timeline has to be adhered to under all circumstances and is not extendable in any situation, even if the 180th day falls on a Saturday, Sunday or legal (US) holiday.

For more information about exchanging your investment real estate, please contact Christopher Benedict at 610-779-5300.

Main Line Real Estate Agent Encourages SIN When Investing

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Thu, 27 Mar 2008 21:59:00 -0500

You can view the Main Line Real Estate Press Release here.

Christopher Benedict, one of the top real estate agents in the Main Line area, has launched a new campaign via his main line PA website. The Main Line real estate investment agent focuses on providing investors, new and seasoned alike, a chance to practice investing in SIN, or "Strength In Numbers."

While the weakening dollar and sub-prime mortgage meltdown has depressed real estate prices, the tightening credit crunch is making it harder even for well-heeled investors to land investment properties without putting in substantial down payments, as high as 25 - 40%. To offset the typical "go it alone" mentality of investing in real estate, Main Line REALTOR Christopher Benedict, most notably known as "AskTheBigGuy.com," is encouraging investors to pool their cash and buy larger, more stable commercial and residential apartment investments while the prices are in good territory.

Mr. Benedict is angry at how many pockets have been picked, often helped by buyers' own greed. "I was surprised to find out how many well-intentioned new investors flocked to seminars, forked over cash and immediately lost money in the real estate market," Benedict said. "I knew several good people, some with much more than $100,000 to invest, take on real estate investing as a part-time job, with the hopes of making their real estate riches, forgetting that the race is a marathon, not a sprint. If I had been able to pool those people together, I could have structured a sound investment plan for many of them, possibly helping them as a group purchase apartment buildings in the price range of tens of millions that they would not have ordinarily even considered a potential as a solo investor. Larger investments tend to be more stable in an area of high demand like center city Philadelphia and the Main Line. They are more easy to leverage and can produce a nice steady cash flow or tax shelter if packaged properly."

As banks restructure their lending practices and hedge their bets on more conservative loans, Mr. Benedict believes that the SINful approach will be the next wave in real estate investments. "I would love to say that I am the first to encourage people to work together, but we have been told this time and again. Just like in Aesop's fables, the strength of many twigs is firm, while a single twig can be snapped with the greatest of ease."

About AskTheBigGuy.com:
Christopher Benedict coined the brand, Ask The Big Guy in 2001. Something of a maverick on the ritzy Main Line, Christopher is developing a network of young, high-energy professionals who share his "Strength In Numbers" philosophy. Christopher Benedict specializes in working with investors, as well as continuing to provide real estate services for buyers and sellers on the Main Line and the greater Philadelphia region. Visit www.AskTheBigGuy.com to learn more.

If you'd like more information about this topic, or to schedule an interview with Christopher Benedict, please call Stephanie Benedict at 610-779-5300 or e-mail Stephanie at PR@AskTheBigGuy.com

How Dragon Naturally Speaking can help you be a better real estate blogger!

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Thu, 27 Mar 2008 17:26:32 -0500

Hello to all of my fellow active rainers, this is a very exciting post that I am putting up. No, not exciting in that it's some great piece of new information that's going to make you a bazillion dollars, but this is my first post where my tired overworked hands do not have to tip tap type away at the keyboard to write this post.

Several months ago, I bought Dragon NaturallySpeaking software in the hope that I would be able to write more effectively, more quickly and be able to get my thoughts out on paper and move on to my next topics long after my fingers have finally caught up. If any of you are slow typers and I am by no means a type crawler, then you know the frustration of losing thoughts as you hurry to finish typing the last sentence. Well, with this new software I am writing this blog post in mere seconds as opposed to long minutes.

The software was a bit pricey and I am still teaching it to recognize my voice, but for the most part, considering how many times I have to go back and correct my misspelled words, I would have to say all in all I am extremely pleased with how fast I can put my thoughts down on paper.

Main Line Real Estate for RENT! Located in Bryn Mawr, minutes to Villanova!

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Wed, 26 Mar 2008 18:48:18 -0500

Main Line Properties >> Main Line Real Estate

Under new management and available for rent by RE/MAX Main Line, this 2 bedroom 1 bath apartment with private parking. Clean apartment building with just 4 units in total, located across from the Ferrari dealership and walking distance to the Main Line Amtrak train station. Minutes to Villanova, I-476, Bryn Mawr Hospital or the heart of the Bryn Mawr shopping district.

Plenty of storage in basement with washer/dryer hookups. All units have their own gas hot air heat and AC, storage area in basement, individual laundry facilities and parking.

Please contact us for more information:

Christopher Benedict, Realtor RE/MAX Main Line
Visit: www.AskTheBigGuy.com

Chris@ChrisBenedict.com
610-935-3200 (office)

The BIG Mortgage Co.
610-779-5300 (office)
www.theBIGmortgageco.com

Benedict Investment Group LLC
www.BenedictInvestmentGroup.com

Save a child's life! Visit www.alexslemonade.org

If you’re not branded, you may as well get lost!

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Tue, 25 Mar 2008 17:15:46 -0500

No matter what your line of business, branding may well be your most important tool or getting consumers to remember you long after your advertisement budget is spent and forgotten. Now before I start touting companies like Coca-Cola, or branding masters like Donald Trump and Martha Stewart, I want to assure you that branding does not necessarily mean spending lost of money on marketing or cool logos. Branding is about getting the public to remember your brand, even if they can’t remember who you are or how they heard about you.

As a new Main Line REALTOR trying to make a name for myself in the most sought after area of the Main Line real estate market, I knew I Had had to make a name for myself in the business. I learned quickly how easily I was discarded and forgotten. Countless hours were spent trying to convince the consumer that I was good at what I did, that I could give them great service or why I was the best choice. The only thing the consumer heard was white noise. Even if I was able to penetrate their minds, no one remembered who I was in the long run. Then, in a real estate training class, we were told to try and come up with a brand. Of course, being the maverick that I am, I avoided the cheesy brands like Bob King, the “King of real estate”, or Judy Pete, the “Key to your new home”. I wanted to stand out from the competition, so what was I to do?

Thinking back to one of my favorite sushi chef’s, I remembered that he always called me the “Big Guy.” And so it was born. I re-christened my brand as, “Ask The Big Guy.” I put it on everything. My business cards, website, mugs, pens, shirts, even my truck. You name it and AskTheBigGuy.com was on it. Sure, the creeping self doubt would invade my mind. Is it professional enough? Does it make me look hokey? Will it work? I branded, and branded and branded. Then I waited, and waited and waited. Of course, unlike the get-rich-quick mentality of most Americans, I was disappointed that things did not take off as quickly as I hoped. But soon, a funny thing happened. My website got more and more hits. My phone began to ring more and more. Slowly but surely my brand began to creep into the local markets consciousness.

It has now been 6 years since I began my branding, and the longest call I ever had after someone forgot my name was 3 years! Imagine how good it felt to be remembered after such a long time. I was dumbfounded as I asked this person, how did you remember me, and she was honest, but told me what I had thought all along. She had forgotten my name, but she remembered “Ask The Big Guy!” Want o see it in action? If you were to do a Google search for Main Line Real Estate, or Main Line properties, you will see that branding has brought up my name high in the ranks.

I now regularly do business with people 1 to 2 years after they first heard about me, and invariably they tell me when asked that my web brand is what they remembered, NOT my name! So be creative, dare to be different, and use something unique in your branding, and you too can stand out from the crowd!

Main Line Real Estate developer sentenced to prison

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Tue, 25 Mar 2008 12:36:14 -0500

Today in the news:

DEVELOPER SENTECED TO PRISON:
PHILADELPHIA - "Real estate developer Mark Mendelson was sentenced this morning to two months in prison and a $1 million fine after pleading guilty to conspiracy and bribery charges for a deal involving the purchase of a former flea market in Montgomery County."

This is a good article on why it doesn't pay to cheat! The worst part about it is that even after the fine, I think he will still make a decent profit, and he only has to spend a lousy two months in prison? Move over Martha, here comes Mark!

Main Line Real Estate offers this Villanova Mansion for sale by RE/MAX Main Line

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Mon, 24 Mar 2008 11:44:16 -0500

Christopher Benedict, Realtor RE/MAX Main Line Visit: http://www.askthebigguy.com/
610-935-3200 (office)
484-433-3931 (direct cell)

The BIG Mortgage Co. 610-779-5300 (office)
http://www.thebigmortgageco.com/

Benedict Investment Group LLC
http://www.benedictinvestmentgroup.com/

Save a child's life! Visit http://alexslemonade.org/

Real Estate Agent killed by stranger she met at a vacant home.

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Sun, 23 Mar 2008 00:32:08 -0500

As rare as it is, every so often we hear the tragic news of a Realtor being killed when showing a home to a complete stranger. Now that my wife Stephanie has joined my practice, I can't help but suddenly feeling thrust into safety issues. As a 6 foot tall big guy, I don't normally think of safety issues except when showing homes in high crimes areas, which of course I like to avoid! However, as my business is growing, and I bring on more staff, I will have to take this matter more seriously than when thinking of just myself.

The National Association of Realtors, or NAR normally holds a Realtor safety week in the late summer, but in light of the recent killing of a 71-year-old real estate agent in Jefferson, Wisconsin, I would not be surprised if they move it up to sooner in the year. Ann B. Nelson, of RE/MAX Community Realty, was killed after meeting a man at a vacant property.

Rest in Peace, Ann, I am sorry you had to suffer at the hands of a mad-man, and one, who like most repeat offenders, probably should not have been free on the streets in the first place.

From his past: (The complaint says Hole was imprisoned in the Stateville Correctional Center in Joliet, Ill., from July 11, 1997, to Jan. 13, 2006, for attempting to rape and then stabbing a woman in Chicago Ridge.) Nice guy, huh?

Main Line news, served fresh, just for you...

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Thu, 20 Mar 2008 19:05:55 -0500

Main Line Real Estate News

If you own a Main Line home, or just like to follow the news there, then the word for 2008 is redevelopment. All across the Main Line, businesses are pushing for changes to both expand and protect the interests of local businesses and Main Line properties. Below is a smattering of recent articles and opinions about the goings on around the Main Line.

In order to bring balance, hundreds of students in the Lower Merion School District will be heading off to new schools...
"Hundreds of Lower Merion students will soon be packing up their bags and books and heading to new schools as the district begins considering redistricting students. It is an issue that hasn't needed to be touched in the school district since 1998." To read the whole story, click here.

And for those who have been keeping watch, "New master plan almost ready for Bryn Mawr." If zoning variances on the Main Line are your cup of tea, you will love this article. I found it a little dry myself, but hey, that's why it isn't a TV Reality Show.

If that isn't enough, then you can also read Sharon Eckstein's opinion piece "Commissioners, let's stop and assess what Ardmore really needs." I grew up on the Main Line (in Ardmore) on Glenn Rd, right in front of Suburban Square, and I can tell you, the redevelopment they need to do cannot be just another thrown together bloated project. "Which runner-up will win Ardmore's crown?" is a good question.

No Main Line properties can compare to this Main Line Mansion being sold at half price!

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Thu, 20 Mar 2008 18:34:15 -0500

Looking for Main Line Real Estate at a bargain of just $6,000,000?? If anyone is bored on April 19th and you would like to go see one of the most exciting Main Line real estate auctions of the decade, then please, by all means, give me a call! Of course, if you are in the market for a Main Line mansion, I will gladly help you buy this 17,000 SF estate home, and rebate half of the commission, which could be as much as $90,000 to you! Not bad for a day's work if you ask.

"At 11 a.m. April 19, Accelerated Marketing Group of Newport Beach, Calif., and the Main Line Realtor who goes by Linda "Z" will auction it off. Bidding will open at $3 million; reserve is $6 million." as reported by Michael Klein, Philadelphia Inquirer columnist, in the March 23rd column.

Can't wait until the day of auction to see this place? Then view the video from NBC.com: http://video.nbc10.com/player/?id=227909
or you can read up about the sale in Forbes magazine in the Home of the Week!

FOR SALE: The Bonfield Estate, a true piece of Main Line real estate history!

BRYN MAWR -- Bonfield Estate, the former home of businessman Warren V. "Pete" Musser and his ex-wife, is scheduled to be auctioned in April.

PROPERTY:Gatsbyesque Magnificence in 17,000 +/- SF of living space on an unheard of 24+/_ acres in the "Main Line", Bryn Mawr, PA.

Formerly offered at $12,000,000; Will Sell to the Highest Bidder at or above $6,000,000 reserve. Seller has right to lower reserve during bidding.

710 SPROUL ROAD, BRYN MAWR, PA

AUCTION DATE: April 19, 2008 / 12:00 noon

Click here to download the terms of sale (PDF).

Click for brochure (PDF).

Click Here to View Photographs (PDF).

"Bonfield" was built next to the old Radnor Hunt Club in the 1870's by the Clyde family. Many Fox Hunts were held here in the 1880's and later, until Radnor Hunt moved out to Malvern. Later maps show that the property was owned by Henry Breyer of the ice cream family. Henry Stewart bought the property in the 1960's and helped conserve this magnificent 24 acre property by restoring the original Estate House and keeping all the grounds in a charming and rural setting that is unparalleled on the Main Line today. This is one of the most private estates for sale on the Main Line today. It's proximity to schools and local areas of interest is one of its primary selling points.

The current owners have transformed the Estate House, Guest house, Pool House, and Greenhouse, Art studio & office into a family compound that is a quite special and unique on the Main Line. There are nearly 17,000 square feet of totally finished living areas in the four structures. The master suite contains over 1530 square feet in six rooms decorated to perfection with no compromises made. See rooms by clicking on Main Line Estate details.
Tennis players will love the indoor/outdoor lighted Har-tru tennis court on the left side of the photo above.

There are numerous nature trails through-out the property. One can visit the 2 ponds and then hike up the sloping trails to see unspoiled vistas of the countryside. Horses are possible.

Is Matt Lauer Is Wrecking The Main Line Real Estate Market?

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Wed, 19 Mar 2008 13:46:13 -0500

If you own Main Line Real Estate, are looking to buy Main Line Real Estate or are just a fan of Philadelphia Magazine (aka Philly Mag, or www.phillymag.com) then I think you should read Lavinia Smerconish's lastest article about the national media's influence on the local buyers and sellers.

While I do not have the local audience she does, I think sites like Active Rain and Localism.com are a great place to spread her recent message, and that message is that the national media is killing the local real estate markets.

Real estate is a very personal and local commodity. What happens in Miami or Phoenix, or for that matter in Reading PA, does not usually impact your local market. Cyclical changes in the market usually are confined to school districts, or even counties, but to assume that a simple blanket formula can be applied to real estate in all parts of the country is sheer nonsens!

Read the full article here: How Matt Lauer Is Wrecking the Philly Real Estate Market

"In any market, people are interested in the value of their home. But I've been in real estate for 24 years, and today, the intensity of interest in the market is unprecedented. It's gotten so I can't go anywhere on the Main Line without being buttonholed by some panicked acquaintance worried about the so-called "real estate crisis." I've fielded inquiries over dinner at the Guard House in Gladwyne, in the Cosi coffee line in Bryn Mawr, in the frozen foods section at the Genuardi's in Radnor, and at the movies in Edgmont.

I tell the curious what I know: Yes, the Main Line market has indeed softened, but it's a far cry from any crisis. The softening has nothing directly to do with the sub-prime market, or the availability of quality real estate or mortgage money. The market forces in effect here are Matt Lauer, Diane Sawyer, Ann Curry and their ilk. Of course, not everyone in the media has nefarious motives. (I should know; I'm married to a member of their ranks.) But the media-driven perception of what's going on in the marketplace has me concerned. " To read the full article, click here: How Matt Lauer Is Wrecking the Philly Real Estate Market

Real Estate news from the Main Line Homes Agent

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Wed, 12 Mar 2008 09:06:17 -0500

Here is a list of some great new real estate articles....

Chicago's 'Foreclosure Capital'
Why Real Estate Reality TV Is Still Booming
In this week's survey of news from across the Web, we reveal why real-estate is still hot on TV, a building in the Windy City that is rife with foreclosures, who's buying up Manhattan condos and the latest marketing campaigns from real-estate brokerages.

Credit Scorers Find
New Ways to Judge You
Don't be surprised if a lender wants to know if you pay your rent on time or bounce checks before it will let you borrow money.

A Good Time to Buy a House
If You Can Afford One
Finally, it's a buyer's market. But before you begin visiting open houses, you'll have to realize that the old home-buying rules no longer apply.

No Money Down?
You're Out of Luck
Falling prices have improved affordability for first-time home buyers, but financing the purchase has become a bigger challenge.

HOME & GARDEN
A Spring Checklist For Your House

MARKET TRENDS
Housing, Bank Troubles Continue to Deepen

MARKET TRENDS
Open Season For Bargain Hunters

How to Choose the best MAIN LINE REALTOR or real estate agent in Pennsylvania

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Thu, 31 Jan 2008 08:43:35 -0600

HOW TO CHOOSE THE MAIN LINE REALTOR THAT FITS YOU BEST

Finding the ideal Main Line Realtor doesn't just happen by accident. It takes some research on your part. An important rule of thumb is to shop for the Realtor first, the house second.

First, you want to talk with several Main Line Realtors from several companies to learn about the different options they offer. If you aren't completely satisfied with what one has to offer, talk to another. The important thing is that you want a Realtor who will represent you to get the best home for the best money if buying, and if selling, provide a smooth transaction for the best offer.

One proven method for finding a qualified real estate agent is by using referrals. If you have a friend or family member who recently had a positive experience while shopping for a house or selling their home, get the realtor's name and number.

However, even if you meet with a referred Realtor, you should make sure that Realtor is right for you.

Keep in mind that the real estate market has two very distinguished sides - the buyer's side and the seller's side. If you are selling your home, you are represented by a listing agent while if buying, you are represented by a selling agent, also known as a buyer's agent. The selling agent seldom lists a lot of homes and focuses primarily on people buying homes. These real estate agents are the ones that sell homes on the Multiple Listing Service (MLS), by the listing agent.

In most cases, an agent is on one side or the other, although some do split their time between the selling and buying sides.

One question is what happens if you find the perfect Realtor to help you buy your home. They have the same focus and priorities as you, they are very professional, and exactly what you've been looking for. Great! Now what happens if this Realtor has a house for sale - the ideal house - everything you want? The bottom line is, this Realtor is working for the seller of that home to ensure the seller gets the best deal. Should you use this Realtor or find another one?

Unfortunately, this situation sets up the potential for a conflict of interest. Since the Realtor is under contract with the homeowner, they have an agreement to use their negotiating skills in selling the home. This can be done, but it's a little tricky. If you should run into this situation, the agent would become more like a transaction facilitator than that of an agent and could work on behalf of both parties, however, this is not the ideal situation and should be considered carefully to ensure both seller and buyer, get the best representation.

Keep in mind that even when you find the "perfect" Realtor, there can, and will, be challenges. Very seldom does the sell or purchase of a home go flawlessly. So be prepared to be met with obstacles and be patient as the Realtor works them out.

WHAT YOU SHOULD EXPECT FROM YOUR REALTOR

Working with a reputable Realtor is a huge advantage. Unfortunately, there have been many horror stories of first-time homebuyers being promised the greatest deal ever only to discover that the "Realtor" isn't even licensed or qualified to sell homes.

Although many people are successful in finding the perfect home on their own, most aren't. A qualified Realtor knows and understands the industry and therefore knows how to negotiate the best deal for you. Their role goes beyond just helping the buyer find a nice home. They also act as a "sanity check" to ensure right decisions are being made and things are in order before, during, and after the deal.

Realtor's areas of expertise include:

Advertising

The Realtor can advertise properties if you're selling your home, for the buyer, the Realtor can show you listings on the Multiple Listing Service (MLS) as well as other media.

Marketing Strategies

Based on accurate information and specific properties, a Realtor will create marketing strategies.

Open Houses or Home Tours

The Realtor will hold a minimum of one, possible two open houses.

Recommendations

Throughout the process, the Realtor should be open to making recommendations and offering information.

Documentation

This covers the negotiations, contract, handling appraisals, closings, etc.

Keep in mind that when you decide to work with a Realtor, you aren't just working with one, you're working with thousands. Realtors network together, which strengthens the position of both seller and buyer. If you're buying a home, you won't just be looking at houses being handled by your Realtor, but the whole network of Realtors, thus increasing your odds of finding exactly what you want at the price you need.

A good Realtor will help you in setting up appointments with lenders as well as meet you at the appointment. They can offer great expertise in this area and will be a huge assistance. Once you locate your home, your Realtor can help you locate housekeepers, gardeners, and babysitters. Their work doesn't stop as soon as the closing is done. Good Realtors will remain in contact with you over the years should you ever decide to sell.

Additionally, below are some important guidelines you should follow when selecting your real estate agent:

Talk with your friends, neighbors, and co-workers who recently sold in your area.
Whom did they work with, and were they happy? Would they use this agent or company again?
Go to open houses in your area and observe the listing agents. Do you like the way they are marketing the house? How knowledgeable are they about the house and the market? Are you comfortable with the answers they have to your questions? Are you impressed with their professionalism?
Take note of SOLD signs in your area. This is a sure indication of an active, successful agent.
Interview at least three agents. Try to find out as much about each as possible. Because you will be working closely together, you want to be absolutely certain that you are comfortable with your agent's style of doing business.

Here are some very important questions to ask your real estate agent

1. What are your qualifications, experience, and education?

2. How long have you been selling real estate? How long in this area?

3. What is your track record? How many houses have you sold in the last three months? Will you supply three references from these sales?

4. How will you find buyers for my house? May I see a marketing proposal? Are you connected to a relocation network?

5. What if I'm not satisfied with your service?

Make sure you ask these questions to ensure you are working with a good agent.

This information courtesy of:

Christopher Benedict, Realtor RE/MAX Main Line
Learn how to sell your home fast, and for top dollar!
Visit: www.AskTheBigGuy.com

Chris@ChrisBenedict.com
610-935-3200 (office)
484-433-3931 (direct cell)

The BIG Mortgage Co.
610-779-5300 (office)
www.theBIGmortgageco.com

Benedict Investment Group LLC
www.BenedictInvestmentGroup.com

Save a child's life! Visit www.alexslemonade.org

Are you making the right down payment on your home? | Pennsylvania Real Estate Tips

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Tue, 29 Jan 2008 22:48:21 -0600

ARE YOU MAKING THE RIGHT DOWN PAYMENT?

Okay, you're getting ready to to work with your professional Realtor look at houses to buy.

You have a pretty good idea what price range you need to look in, but what about the down payment?

How much will you need to be prepared to put down and what should you put down?

The standard in buying a house is between 5% and 10% down payment. For example, if you were looking to buy a$100,000 house with 5% down, which would be $5,000, the remaining$95,000 would be financed with a mortgage company. Let's say you have owned that house for one year and the property appreciates in value by 10%, making it's value at $110,000. What that means is that you have gained $10,000 on your initial investment of $5,000. That is considered high-leverage and is a great return on borrowed money.

However, with any investment, especially real estate, profits can go up and down. Going with this same example of a $100,000 house and a 10% down payment, if the value of the house goes down in that first year by $10,000, you now own a house worth $90,000, meaning you have lost 100% of your investment. Just remember, that if value does go down, there are several factors that can just as easily bring it right back up.

The more you put down, the less money will be financed in your mortgage, meaning your monthly payment will be lowered. If you can put more down, the better. However, not everyone is in that position so rather than putting yourself in a tight financial situation each month, you might consider waiting another year to save a little more.

Remember, if your down payment is minimal, the choice of loan problems will be limited. In addition, if you are using a gift as your down payment, there are other limitations, and if you need the lender or seller to help cover some or all of the closing costs, there will be even further limitations. Finally, if you plan on using money from your 401-K or retirement plan, there will be different loan programs and rules.

In addition, be sure you account for all your expenses. Whether you buy a new or used home, there will be expenses once you move in. For new homes, there are appliances, draperies, and for used homes, there are usually repairs. When deciding the amount to use toward a down payment, just keep in mind that you should have a little tucked away for those other expenses.

If you aren't sure about which direction to go, you can always take some time to meet with a loan officer or financial consultant to determine how much of a down payment is best for your specific situation.

Collegeville PA real estate market report for Q4 - 2007 | Main Line Realtor stats

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Mon, 28 Jan 2008 22:08:41 -0600

Growing up on the Main Line, and attending Lower Merion High School, Collegeville was considered a land far, far away. Fast forward 10 years later, and I would follow my parents out to western Montgomery County as the Route 422 corridor exploded with new housing growth. Now it is a short 30 minute commute for people working in King of Prussia and Great Valley, Chester County, who moved west for a lower cost of living. The Spring Ford Area School District is a good place to find a good home in a good school district at an affordable price.

As far as real estate is concerned, compared to high ticket areas like Lower Merion, Collegeville is about a good of a bargain as they come. The lowest sales price in Q4-2007 was $255,750 with the highest at $470,000, and an average sales price of $324,900 which is less than half for the average sales price on the Main Line in Lower Merion.

Courtesy Of : Christopher Benedict 484-433-3931

RE/MAX Main Line 610-935-3200

Monthly Statistics for the Date Range Selected

Date	Units Listed	Listed Volume	Listed Average	Pended	Units Sold	Sold Volume	Sold Average	Average DOM
Dec 2007	3	664,800	221,600	1	1	318,750	318,750	200
Nov 2007	1	389,000	389,000	0	2	575,650	287,825	79
Oct 2007	5	1,669,595	333,919	2	3	1,055,000	351,666	45

Totals:	9	2,723,395	302,599	3	6	1,949,400	324,900	82

Pricing Details of Sold Units for the Date Range Selected

Minimum Prices	Maximum Prices	Average Prices
Original List Price : $238,900	Original List Price: $499,500	Original List Price: $348,033
Sold Price : $225,750	Sold Price: $470,000	Sold Price: $324,900

Inventory Accumulation figures are only calculated when Report End Month is the current month

Market Statistics Criteria Used
Date Range:	10/2007 to 12/2007
Price Range:	$0 to $9,999,000
Property Category:	Residential
Area:	Collegeville

Main Line Real Estate Stats for Radnor Township Q4-2007 | Main Line Homes

Main Line Real Estate - Christopher Benedict (RE/MAX Main Line) — Mon, 28 Jan 2008 21:50:42 -0600

In the Radnor Township section of the Main Line, the housing market data from October 2007 to end of September 2007 showed some surprisingly similar results to those of Lower Merion, as compared to the negative data we have been bombarded with from the main stream media. Then again, nothing sells like bad news, except worse news.

The lowest sales price for a home in Radnor township was $120,000 with the highest selling home (or should I say Main Line Mansion) sold at $3,142,955.

If you are thinking of buying a home on the Main Line, better get out your checkbook and get ready to pay. The average (yes, AVERAGE!) listed price for homes on the market was $742,842. That means half of the homes on the market for sale were for higher than $740,000, and half lower. And to think, I was worried about paying for my three kids' college funds!

The positive news: The average days on market (DOM) was 66 days, just 15 days more than the previous quarter in 2007.

Market Statistics

Courtesy Of : Christopher Benedict 484-433-3931
RE/MAX Main Line 610-935-3200

Monthly Statistics for the Date Range Selected

Date	Units Listed	Listed Volume	Listed Average	Pended	Units Sold	Sold Volume	Sold Average	Average DOM
Dec 2007	17	17,369,400	1,021,729	13	14	14,413,206	1,029,514	84
Nov 2007	15	19,849,700	1,323,313	10	18	11,237,605	624,311	90
Oct 2007	46	58,547,530	1,272,772	23	23	15,205,537	661,110	36

Totals:	78	95,766,630	1,227,777	46	55	40,856,348	742,842	66

Pricing Details of Sold Units for the Date Range Selected

Minimum Prices	Maximum Prices	Average Prices
Original List Price : $139,900	Original List Price: $2,998,630	Original List Price: $769,586
Sold Price : $120,000	Sold Price: $3,142,955	Sold Price: $742,842

Inventory Accumulation figures are only calculated when Report End Month is the current month

Market Statistics Criteria Used
Date Range:	10/2007 to 12/2007
Price Range:	$0 to $9,999,000
Property Category:	Residential
Area:	Radnor