| |
seller information: Beware This Scam That Almost Befell a Lancaster County PA Listing! - 06/22/09 07:43 PM
We recently got a call from an upset seller requesting that the lockbox be removed from her listing, which had just gone under agreement for sale. Of course, we did so immediately. But why was she so concerned? Because - someone had put an ad on Craig's List advertising her home for rent!
Potential renters called us requesting information on the ad, and one young woman actually stopped by the house, asking about the rental. This young woman was thoughtful enough to provide our seller with an email she had received when she responded to the Craig's List rental ad. It … (13 comments)
|
seller information: Lancaster County PA Mortgage Rate Analysis - 05/20/09 06:48 PM
Interest rates in Lancaster County PA continue to be quite low by historical standards. According to the Lancaster County Association of Realtors, a poll of local lenders as of April 27, the latest figures available, averaged 5.04% for fixed 30-year mortgages, and 4.71% for 15-year loans.
Of course, these low rates reflect a soft market - but if you are in the market for a home anyway, this is an unusually good time to purchase. And for first time buyers, the $8,000 First Time Buyer Tax Credit is still in effect. (Please feel free to contact me for details on this … (5 comments)
|
seller information: For Lancaster County Sellers With a Private Buyer - I Have an Idea - 05/07/09 08:02 PM
I have an idea for you to consider, which may reduce your risk in keepng your property off the market while you pursue a private sale to someone you know. In addition, if your private sale is successful, my idea won't cost you a cent.
If your private buyer writes a good offer, applies without delay for a mortgage, and is approved for their mortgage, then you will have achieved your goals. However, in today's unsettled economic conditions, lenders have become increasingly cautious in making mortgage commitments. If any problem happens to crop up in the mortgage process, your property could be off the market … (7 comments)
|
seller information: Lease With Option to Purchase - 02/09/09 08:40 AM
In today's uncertain economy, credit for traditional mortgages may be more difficult to obtain for buyers, and sellers may have more difficulty finding qualified buyers. In the early 1980s there were similar conditions, caused not by a lack of credit but by extremely high interest rates. The lack of mortgages from traditional institutions forced sellers to come up with creative solutions to enable buyers to purchase their properties.
In Lancaster County, PA, Rent to Own, Lease/Purchase and Lease with Option to Purchase were some of the creative solutions developed to work around temporary obstacles.
In certain cases with problem properties, or buyers … (4 comments)
|
seller information: We're 100,000 Real Estate Blogging Professionals Strong! - 07/26/08 11:40 AM
Imagine a place where you could go daily to find the finest, most up-to-date real estate opinions and information. A place where 100,000 of the best, most knowledgeable REALTORS, mortgage lenders, home stagers, virtual assistants, home inspectors, appraisers, title agents and more, share FREELY of their advice and secrets.
Of course, you don't have to imagine it. You've found it! www.ActiveRain.com now has over 100,000 members, most of whom contribute regularly to our ever-growing knowledge pool.
When I joined ActiveRain a year and a half ago, there were some 12,000 members. Blogging was relatively new, but I had a suspicion that this platform, … (8 comments)
|
seller information: Lancaster County PA Housing Market Report 7-13-08 - 07/13/08 03:06 PM
The figured compiled by the Lancaster County Association of REALTORS show a mixed picture for the local housing market. On one hand, for the month of May, 2008, only 462 homes settled, down 13% from the 531 homes which sold in the same month of 2007.
On the other hand, the average sale price of $193,741 in May is actually slightly up (0.1%) from the $193,633 average of the previous May. This may or may not signal a stabilizing of prices. New residential listings are down to 795, from 912 at the same time last year. That should be good news, … (4 comments)
|
seller information: Senate Passes Housing Stimulus Bill - 07/12/08 07:38 PM
Friday, July 11, 2008: The U.S. Senate passed a housing stimulus bill today. Among other things the bill increases the Low Income Housing Tax Credit, which supports building affordable rental housing for low income families.
The bill also creates a new regulator for Fannie Mae and Freddie Mac, while at the same time removing some of the more draconian measures which would have severely limited those Government Sponsored Enterprises from purchasing mortgage loans.
The Senate, probably wisely, barred zero-down (100% loan-to-value) mortgages from being purchased by Fannie and Freddie. The recent trend of foreclosures has been three times higher with 100% financing … (8 comments)
|
seller information: "Dear Brian, Thanks For Your Great Service, BUT..." - 07/03/08 07:01 PM
It makes me think of the old "Peanuts" comic strip where Lucy tells Charley Brown to kick the football. then pulls it away at the last second, causing poor Charley Brown to kick nothing but air and fall on his back!
We spend weeks or months showing properties to a prospective buyer. Or we spend days doing research or making up marketing materials for a prospective seller. And one day we get a call or a letter or an email:
"We just bought a home through XX Realtor. We knew you'd be happy for us."
Or, "We had to list our home … (79 comments)
|
seller information: Sellers - Disclose Everything! - 06/24/08 06:11 PM
In Pennsylvania there is a Seller Disclosure law that requires sellers to provide prospective buyers with fairly extensive information about the home they are selling. Among the types of information required:
How long you have owned the properrty
Whether you live in the property
Whether pets have lived in the property
Condition of the roof, whether there has been any leaking, repairs or replacement, and if you have documentation of such repairs or replacement
Condition of the heating, plumbing and electrical systems
Whether there has been any water, mold or mildew in the basement
If there are underground tanks, settling or … (7 comments)
|
seller information: What Really Motivates Buyers? - 06/22/08 01:09 PM
In a previous post, I wrote about sellers who inadvertently blew their chances for a sale by following showing agents and their buyers around the home. In this post I want to discuss what really motivates buyers, and how you as a seller can make the most of it.
Too many sellers, (and too many real estate agents for that matter), don't really understand what motivates buyers to make a purchase. The results of this misunderstanding can easily be seen in classified ads that merely recite a laundry list of features - beds, baths, square feet, gas heat.
Buyers don't buy features … (22 comments)
|
seller information: How One Seller Blew a Sale - 06/19/08 07:27 PM
Here's a true story of how a "helpful" seller lost a serious buyer because they didn't leave me alone to do my job!
I was showing a nice 1950s vintage ranch house to my buyers. The house was in good condition, with an average size rear yard. However, behind the house, with no fence separating it, was the vast rear lawn of an adjacent church.
My buyers were a young couple, both of whom were employed. They had no children. They were looking for a home with low maintaince to match their lifestyle.
The seller, who should have been absent for … (23 comments)
|
seller information: Open House "Tire Kickers" - 06/08/08 10:00 AM
I haven't been a big proponent of open houses for a long time. It seems to me that open houses have become less and less effective as a marketing tool.
However, when I did do open houses - and for a while I used to hold open houses fifty Sundays a year - I noticed a very consistent phenominon. The very first and the very last visitors were invariably not serious buyers!
The very first visitor would be waiting on the doorstep before the house was even open. They would be wanting to get in before I was even set up. … (22 comments)
|
seller information: Lancaster County, PA Home Sales Price Update - 05/30/08 04:28 PM
For a long time Lancaster County, PA home sales had been slowing, but with increased median prices. However, for the latest available report from the Lancaster County Association of REALTORS, the average sales price in April was $181,510, down 8.9% from the average price of $199,250 in April 2007.
In addition to the weakened average price, only 388 homes sold in April, a whopping 20.9% decrease from the 490 homes settled in April 2007.
On the positive side, new residential listings were actually down to 894, from 906 last April. This indicates that excess inventory is not getting worse.
What does … (4 comments)
|
seller information: Mortgage Insurance Underwriting Change - 05/30/08 02:38 PM
Mortgage insurance will be harder to get after June 1, 2008, now that MGIC, the Mortgage Guarantee Insurance Corporation, will stop insuring certain classes of loans.
Underwriting changes mean that the following classes of applications will no longer be eligible for mortgage insurance after June 1:
Reduced Documentation/No Documentation loans
Investment properties
Cash-out refinances
3- to 4-unit properties
Loans with potential negative amortization
What is the likely result of this underwriting change?
Home loans for owner occupants with good credit and documented income will not be affected.
Since MGIC is the most influential mortgage insurance institution, other mortgage insurance companies are likely to … (0 comments)
|
seller information: I Don't "Sell" Houses - 05/20/08 04:47 PM
Don't misunderstand me! I come from a sales background, and I believe that honest sales is a noble, useful and necessary profession.
Having said that, buying or selling a home is one of the most complex transactions that most individuals get involved with. It's not comparable to a barker selling the latest slice-and-dice kitchen tool at a fair.
What we as REALTORS do, is consistently more than selling. In fact, "selling" houses sounds manipulative, and may be one of the reasons that real estate agents are regarded with some wariness by buyers, who may feel that they have to keep their guards up … (12 comments)
|
seller information: Why You Need a LOCAL Real Estate Agent - 05/01/08 09:31 PM
There are several country-wide internet sources that purport to give you a long-distance estimate of what your home is worth. Many of these sources rely on public records and owners' estimates of what their homes are worth.
I'd like to give you a glaring example of why many of these estimates are almost useless and even dangerous.
Zillow.com sent me an "update" on April 28 of a Lancaster, PA city listing that I had sold earlier this year. The house had been in need of renovation, and sold, in a slow market, for $36,000.
Here's Zillow's analysis:
Recently Sold: $36,000.
… (17 comments)
|
seller information: Misleading Real Estate Statistics - 04/04/08 04:12 PM
Every month new statistics are published regarding the state of the housing industry. Recently these statistics seem quite depressing! While not discounting the fact that the real estate market has been soft in most areas of the country, several factors combine to make these statistics somewhat sensational and rather misleading.
In the first place, all real estate is local. Just like the old joke about location, location, location. National statistics don't tell the story of what conditions are like in your area.
Furthermore, even if you separate the local statistics into average sold price or median sales price, it still doesn't … (17 comments)
|
seller information: SRES Candidate - Seniors Real Estate Specialist - 11/13/07 08:33 AM
I have recently completed training for the SRES designation of Seniors Real Estate Specialist(R), and am now a candidate for the designation, pending the results of the final examination and acceptance by NAR. I had the privilege of taking this 14-hour course as part of the very first class ever held in the brand new RAYAC headquarters (Realtors Association of York and Adams Counties) in York, PA.
Seniors Real Estate Specialists are Realtors(R) qualified to address the needs of home buyers age 50-plus. Those Realtors who earn the designation have demonstrated the knowledge and expertise to counsel clients age 50-plus through … (28 comments)
|
seller information: Are You The Windshield or the Bug? - 09/26/07 04:57 PM
Some days you're the windshield; other days you're the bug... I was reminded of this old saying recently as I read all the hand-wringing stories of how bad the housing market has become.
If you don't have a long term perspective, I'm sure it looks like the worst of times. Sub-prime mortgages drying up, housing prices going down, builders pulling in their horns on new construction, too many listings on the market.
Do you feel like the windshield or the bug? Are you a "doer" or a victim? Are you reacting to the situation actively or passively?
I've been in business … (6 comments)
|
seller information: Tips For Flippers - 09/07/07 04:48 PM
I remember the real estate market in 1981 and 1982, when adjustable rates soared to 18% and more. I was caught with some of those terrible mortgages on investments, and I learned some valuable lessons.
I found out that the limit of your profit, if you are planning to fix and flip properties, is determined not at sales time, but at the time you purchase. If you can't buy right, walk away. Especially in today's atmosphere.
But that's not all. Something I learned the hard way that I should have done, is spend more time analyzing who would be the most … (10 comments)
|
|
|
|
|
|
Brian Schulman - Your Lancaster County, PA Real Estate Expert
Lancaster,
PA
More about me…
Coldwell Banker Select Professionals, Lancaster PA
Address: 1000 N. Prince Street, Lancaster, PA, 17603
Office Phone: (717) 735-6265
Cell Phone: (717) 951-5552
Email Me
Lancaster County PA real estate news, homes, communities, information, local events plus useful advice on buying and selling your home!
 Listings
Links
Archives
|
;)
;)
;)
