If you're interested in taking advantage of the $8000 FIRST TIME HOME BUYER TAX CREDIT*, you should hurry.  The new Mortgage Disclosure Improvement Act (MDIA), which started July 30th, is making it difficult to settle on a home quickly from the time of your offer.  You should leave 40+ days from the time you make an offer, until your proposed settlement date, 45 to be extra safe.  Since the deadline to settle and get your EIGHT THOUSAND BUCKS is November 30th, you should pick out a house & make an offer by MID OCTOBER, AT THE LATEST.  It is especially important not to wait, because MORTGAGE COMPANIES AND TITLE COMPANIES MAY BE OVERWHELMED AT THE END OF NOVEMBER.  If you can settle by Mid November, that would be even better, to avoid unforeseen problems.  It is possible that this $8000 Tax Credit Program will be extended, or a new program rolled out, but WHY RISK IT? 
DON'T MISS OUT!!!!!!!  Let me find you a house now. 

* Despite popular belief, the $8000 First Time Home Buyer Tax Credit is as good as it sounds...Its a credit on your tax return (NOT A TAX DEDUCTION).  For example, if you would have otherwise owed $2000 on your tax return, you'd get $6000 instead, or if you were to get a $2000 tax return otherwise, you would get $10,000 after your tax credit is applied to your tax return.

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Jordan Mariano, ABR, REALTOR
Weichert Realtors
215.896.0104 (Cell/Preferred/24 Hours)
215.643.7776
jmariano@weichert.com
www.JordanMariano.com

Click the link below to see home loan delinquency rates by zip code in the Philadelphia Region:

Link: Philadelphia Area Home Loan Delinquency Rates

Jordan Mariano, ABR, Realtor
Weichert Realtors - PA
Cell: 215.896.0104
Office: 215.643.7776 x182
jmariano@weichert.com

Periodically I like to check in to see what the membership count is for the National Association of Realtors.  Here is the latest information, from the source - www.realtor.org :

NAR Membership:

10/31/08 - 1,242,032

12/31/08 - 1,338,001

10/31/07 - 1,363,758

NAR Membership High - Oct 2006 - 1,370,758

As of Oct 31, 2008, NAR Membership is down 9.4% from its high (Oct 2006).

NAR MEMBERSHIP (PA MEMBERS ONLY):

10/31/08 - 32,748

12/31/07 - 34,256

10/31/07 - 34,465

PA's NAR membership count is down about 4.4% from 12/31/08 to 10/31/08

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Jordan Mariano, ABR, REALTOR

Weichert Realtors

215.896.0104 (Direct)

215.643.7776

jmariano@weichert.com

I got my September issue of Philadelphia Magazine in the mail today, and I thought you would find this interesting.  It is their ranking of the top fifty public school districts in an 8 county area.  The ranking is for Bucks County, Burlington County, Camden County, Chester County, Delaware County, Gloucester County, Montgomery County, and Philadelphia County  I noticed that the new rankings looked different than in the past, so I had to go online & get some more info.  They're using different data than in the past.  Take a close look at these 3 links.  ((( I'm curious to hear what you think. )))
 
http://www.phillymag.com/articles/the_top_50_school_districts_2008/
 
http://www.phillymag.com/files/images/Full_ranking.pdf

http://www.phillymag.com/articles/class_acts/?=sidebar
 
Jordan Mariano, ABR, REALTOR
--

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Jordan Mariano, ABR, REALTOR
Weichert Realtors
Direct: 215.896.0104
215.643.7776 ext. 182
Fax: 215.565.2688
www.JordanMariano.com
jmariano@weichert.com

A lot of people have been asking me about our local real estate market, and how its holding up, so here is my thought:
 
Stats below are provided from Trend MLS for Residential only (not multi family, commercial & lots), as of Friday 7/25/08.
 
Montgomery County:
 
Jan - June 2006 - 5314 Houses Sold, $336,845 average sold price
Jan - June 2007 - 4961 Houses Sold, $334,603 average sold price
Jan - June 2008 - 3969 Houses Sold, $323,761 average sold price
 
This tells me that in 2 years, the number of transactions has gone down about 25% when comparing a 6 month period, and the average price has gone down about 4% in that same period of time.  We'll see how the year end results look compared to '06 & '07.
 
Personally I've seen some houses locally where they are asking 10% or so less than they paid in '06 & can't sell it.  I've seen some homes go for 10 - 15% less than what they had previously sold for, and some houses are selling for more than, or about the same as they did in 2006.  A house is only worth what a willing, ready & able buyer will pay at a given time.  I've seen appraisers value a home below the agreed upon price recently too.  In most cases recently, they're only permitted to look at comparable sales from the last 6 months, which makes it more difficult for them to prove the value.  When the appraiser values a home below the agreed upon sale price, some of the options are:
1. Adjust the sale price downward accordingly.
2. Ask the buyer if they're willing & able to buy a home above appraised value, and ask them to throw in some more cash.
3. Postpone settlement until more comparable homes settle.
4. Move onto the next buyer if buyers aren't willing to go through with it, and hope for the best with the next appraisal.
 
Multi Family properties, lots, etc. have been impacted differently than Residential.
 
Keep in mind, every real estate market is good for some segment of the market, if not more than one segment (buyers, sellers, investors, move-up-buyers, etc.)  Also, each market is different, even down to the neighborhood, street, etc.
 
Pass this along to whomever you'd like.  I'd be glad to talk to anyone to see if now is a good time to buy and/or sell (based on their situation, local market, etc.  I work in all of Montgomery County, and some of Bucks, Philadelphia, Delaware & Chester Counties.

www.JordanMariano.com / jmariano@weichert.com / Direct: 215.896.0104 / 215.643.7776 x 182

Jordan Mariano, ABR, REALTOR, Weichert Realtors - PA

According to Realtor.org (The National Association of REALTORS official website), there are currently 1,252,618 members (as of May 31, 2008).  Total membership for 2006 was 1,357,732.  Membership is currently down approximately 8% from 2006.

Although it is disappointing to see that membership is down, I believe that if the number of transactions and NAR membership decrease fairly relatively there will be enough business to go around.  May & June 2008 have been my best two months in this business (since 2004).  Business comes in waves, so your business may come when the market is "slower".  If you love this business like I do, hang in there...We will be the ones that survive the ups & downs.

Jordan Mariano, ABR

REALTOR

Weichert Realtors - PA

www.jordanmariano.com, jmariano@weichert.com, 215.896.0104, 215.643.7776 x182

Residential Real Estate Statistics for Montgomery County, PA:

January - May 2008     3003 Units Sold     Avg Sale $317,813

January - May 2007     3766 Units Sold     Avg Sale $328,171

January - May 2006     4039 Units Sold     Avg Sale $329,178

January - May 2005     3920 Units Sold     Avg Sale $301,858

January - May 2004     3885 Units Sold     Avg Sale $272,978

We have to wait to see the year end results for 2008 to make a conclusion on appreciation/depreciation in my opinion.  Here is an example why:

End results for 2005 were as follows - 11,682 Units Sold & $324,326 Avg Sale Price.  Look at the difference between the first 5 months of 2005 listed above & the end result. 

Jordan Mariano, ABR, www.jordanmariano.com, jmariano@weichert.com, 215.896.0104, 215.643.7776 x182

Source: The above statistics were provided by Trend MLS on June 2, 2008.

Lansdale, PA Real Estate

Lansdale is a great place to live, work & play. ( http://www.lansdale.org/, http://www.jordanmariano.com/) The location is convenient with access to train, bus, shops, restaurants, close proximity to many major highways, national, state, township & borough parks, and more. REAL ESTATE IN LANSDALE IS REASONABLE TOO......According to 2007 Trend MLS Statistics, the average residential SOLD price in Lansdale, PA was $221,284....WOW!!!!!  Please send me any requests for information about Lansdale, PA and the surrounding areas.  I'm always happy to work with Buyers & Sellers in Montgomery, Bucks, Delaware, Chester & Philadelphia Counties.  ((( Lansdale is situated in desirable Montgomery County, and is approximately 15 miles Northwest of Philadelphia )))

Jordan Mariano, ABR, REALTOR, Weichert Realtors

jmariano@weichert.com

http://www.jordanmariano.com/

215.896.0104

215.643.7776 x182

Daylight Saving & Spring/Summer Season Stimulate PA Real Estate Market

This coming weekend (Sunday 3/9/08) we spring forward an hour.  REALTORS should celebrate!!! 

I consider the start of extended daylight to be a "REALTOR HOLIDAY" here in PA, but not necessarily a "REAL ESTATE HOLIDAY" for the general public.  REALTORS may make most of their commission in 5 months (April-August).  This does not necessarily mean its a better time to buy, or a better time to sell real estate, so:  Buyers and Sellers should celebrate all year long!!!!! (my explanation is below the stats).

Buyers AND Sellers start to come out of the woodwork when the days get longer & the weather is beautiful.  This year will bring more of the same.  Why? - Because buyers will buy, and sellers will sell - PEOPLE MOVE!! 

Here are some interesting statistics from TREND MLS for 2007 to show an example of what the Spring & Summer really mean in Montgomery County, PA

Montgomery County, PA

2007: 9,890 TOTAL Residential Real Estate Sales

January - 593 Units Sold

February - 566 Units Sold

March - 844 Units Sold

April - 785 Units Sold

May - 977 Units Sold

June - 1192 Units Sold

July - 1102 Units Sold

August - 1106 Units Sold

September - 694 Units Sold

October - 746 Units Sold

November - 696 Units Sold

December - 589 Units Sold

This means that more than 52% of the sales in '07 were in April through August (5 months/42% of the year).  Does this mean that its best to sell your house at a certain time of year, or best to buy a house at a certain time of year? - NOT NECESSARILY!!!  Any time of the year is a good time to buy & sell real estate Montgomery County, PA because:

1. As a buyer, there are less buyers to compete with in the other 7 months of the year, but less housing inventory.

2. As a seller, there are less homes listed/for sale to compete with in the other 7 months of the year, but less potential buyers.

Jordan Mariano, ABR, REALTOR

jmariano@weichert.com, www.jordanmariano.com, 215.896.0104, 215.643.7776x182

Weichert Realtors