Martin 's Blog

Yardley, PA-Bucks County How many houses have sold in Yardley Hunt, over the past 6 months?

Martin Millner (Coldwell Banker Hearthside) — Thu, 03 Dec 2009 13:24:09 -0600

Yardley Hunt is a neighborhood in Lower Makefield Township , that is approximately 30 years old. Most of the neighborhood was built by Toll Brothers. The neighborhood features about 6 different floor plans and elevations, offers mature, tree lined streets, and is in a wonderful location, close to the community pool, basketball, tennis courts and library, and is just minutes from Route 95 for easy commuting. There are about 450 homes in the development.

I thought it would be interesting to see what is happening with the real estate market, in this community. Real estate is always extremely local, so that what is taking place in Yardley Hunt, is not necessarily what is happening in your neighborhood. Below is a chart that will show all the activity in Yardley Hunt, for the past 6 months. Currently there are 6 homes on the market. Active Listings:

Address	Price	Days on market	Model (if known)
933 Hamilton	469,500	115	Andover
812 Winthrop	485,000	177	Georgetown
1549 Revere	549,000	56	Oxford Federal
819 Stark Circle	569,500	136
1492 Revere	589,000
905 Morgan	599,900	167	Andover Expanded with in-law suite

The houses that are on the market, have been on the market, on average, 130 days. As of today, there are no pending sales. Over the past 6 months, there have been 12 homes that have gone to closing. The chart below will provide that information, in detail.

Address	Final Asking price	Sold Price	Days on market	Model
1330 Revere	459,900	435,000	17
1230 Dickinson	474,900	460,000	180	Georgetown
1315 Knox	484,900	470,000	62	Alexander
972 Randolph	520,000	475,000	62	Alexander
1437 Revere	514,900	475,000	114	Aspen
1569 Clark	519,900	476,000	471	Oxford
1236 Ward	489,900	480,000	13	Georgetown
1463 Clinton	514,500	495,000	47	Randolph
1275 Madison	559,900	502,500	176	Georgetown
1363 Lexington	544,900	515,000	7	Alexander
1498 Revere	545,000	517,000	267	Andover
811 Hudson	519,000	519,000	15	Georgetown

The houses that sold, were on the market for an average of 117 days. Again, on average, the seller received almost 95% of their final asking price. In some cases, the final asking price was not the original asking price, but again, based on the final asking price, buyers obtained about a 5 % discount from the asking price. People ask me all the time, whether any houses are selling. The activity in Yardley Hunt, from the past 6 months, would indicate that, in fact, homes are selling. In fact, when I compared the sales activity for the past 6 months, with the activity over the previous 6 months, there were only 5 homes that went to closing in Yardley Hunt, in the 6 months prior to the most recent 6 month period. (12/02/2008-6/02/2008 compared with 6/02/2008-12/02/2009. In future posts, I will continue to analyze activity in specific neigborhoods, in communities I serve. I think it will be helpful to see what is happening, neighborhood by neighborhood, throughout Yardley, Lower Makefield Township, Newtown, Upper Makefield Township, and all over Bucks County. I also have a report, that I can provide by email, that will provide you with a detailed analysis of the market in your neighborhood. The report will show you active listing, pending sales, and closed transactions. It includes days on market, and will provide information based on a 5 mile radius from your home. The report will be emailed to you, monthly. Please contact me, if you would like to receive the market update report.

New Hope on Beautiful November Day

Martin Millner (Coldwell Banker Hearthside) — Tue, 10 Nov 2009 12:06:25 -0600

Visit this link to see the awesome and colorful views of New Hope on a Beautiful November day.

http://www.photoshow.com/watch/hN2uE2DX

Bucks County Real Estate Trends

Martin Millner (Coldwell Banker Hearthside) — Thu, 17 Apr 2008 10:15:02 -0500

First quarter statistics are in, so we are able to begin to develop a better indication of where things are with regards to real estate in the communities I serve, in Bucks County. I have written many posts in the past, explaining that the market in Bucks County, is nowhere near as depressed as it is in some markets in the country. I will address that issue, in another post to follow shortly.

Here in Bucks County, looking at first quarter statistics, there is no question that we are continuing to experience a buyers market. That means that there are lots of things on the market, not as many buyers. One point of emphasis though, is that contrary to what the press would have everyone believe, foreclosures in our area, are still not influencing the market significantly. I still have buyers who are under the impression that every house currently on the market, is being sold by a desperate seller, who is facing imminent foreclosure. That is simply not the case. Virtually every single seller in the market, that I am aware of, is selling for life style, or job transfer reasons. I have sellers moving up, downsizing, and selling because of job transfers. All of those reasons, are completely normal.

Here is what the statistics show. The volume of sold/closed units through the first quarter was noticeably lower than last year, in virtually all of our markets. Lower Makefield Township was actually down almost 30%, and Upper Makefield was down almost 50%. Newtown Township was actually the exception, in that Newtown showed an increase of approximately 4% in closed first quarter units.

Inventory is trending as one would expect in a buyers market. Inventory is up from February in all markets. If you compare inventory levels at the end of March 2008, with March 2007, the results vary from market area to market area. For example, Lower Makefield's inventory of homes was lower at the end of March this year, than last year, by almost 22%. Newtown, Upper Makefield and Solebury are higher, as is Buckingham and Northampton.

Average days on the market are higher over a year ago, reflecting tougher market conditions for sellers.

Looking at sold/list ratios, shows slighly increasing discounts of between 6 & 10 percent in most markets.

Despite all of the above, the market contines to be extremely price sensitive. There are still many examples of houses selling quickly, and selling for close to the asking price. For example, I recently had a listing right in Yardley Boro, on the main street. It sold in 2 days, for almost exactly the asking price. Where is the press when that happens!

The message from looking at all of these statistics is that houses are selling every day of the week. If it is priced correctly, and marketed correctly, it will sell. It is still a buyers market, but there are still buyers looking, and buyers are making offers.

In future posts, I will delve into the statistics a little deeper, and I will also reflect on some additional observations about the current market.

Bucks County Market Trends

Martin Millner (Coldwell Banker Hearthside) — Mon, 10 Mar 2008 23:56:46 -0500

I finally saw an article in the local press, (Feb 26th) that accurately described our local market. Here is a link to the entire article, which appeared on the front page of the Philadelphia Inquirer.

(http://www.philly.com/inquirer/real_estate/Houses_still_find_eager_buyers.html) Basically, the article said that there are still situations in our current real estate market, where houses attract more than one buyer. Essentially, it comes down to price. If a house is priced appropriately, it will get shown, and it will sell. According to the article, for all of 2007, the median price of houses sold in Bucks County, was down 0.3%, in 2007, which represents a pretty insignificant drop. Even in terms of units, for the entire county, Bucks was off 4.4% for the previous year. Again, if you read all of the national articles, you would presume that Bucks County is experiencing a real estate depression. That is simply not the case.

Looking at the statistics locally, from January, some of our local markets, are actually ahead of last year. Lower Makefield Township is up by more than 15%, and is Newtown Township. Solebury and Buckingham Township are down. Inventory has increased in virtually of our markets, in January, from December. However, if you compare inventory this January, with last January, most markets are actually showing less inventory than a year ago. Again, this varies on a township by township basis. Sales discounts still continue to average around 5% or so, from the asking price.

What all of the statistics mean from a local perspective, is that the market in Bucks County is nowhere nearly as weak as it is in some parts of the country. Although it is still a buyers market, homes that are priced correctly can and do sell, and they can sell for pretty close to the asking price. I recently had a listing in Yardley Boro, that was priced right, showed well, and sold the second day on the market, for virtually the asking price. (http://101nmainstreet.com/)

The Truth About Real Estate In Bucks County

Martin Millner (Coldwell Banker Hearthside) — Mon, 10 Mar 2008 17:50:04 -0500

I have written a few posts recently, about the state of the real estate market in Bucks County. In those posts, I have consistently pointed out that our local market, is not doing all that badly. That is especially the case when you compare what is happening in Bucks County, with what is happening in many parts of the county. If you listen to the national press, you would assume that the bottom is falling out of the real estate market in Bucks County. I have been extremely frustrated with our local press, because until recently, there have been very few articles that accurately portray the state of the local market. In case anyone has not told you, real estate is, and always has been, local. What is happening in Florida, Arizona and California, has nothing to do with what is happening in Bucks County.

The chart actually documents, from data taken directly from our MLS system, that there were more closed units in Lower Makefield Township in 2007, than in 2006. You would certainly not know this, from reading the local newspapers. This is not to suggest that our market is not a, "buyers market".

I found a couple of very well written articles, in local publications, that very accurately portray the state of our local market. First, the current issue of Philadelphia Magazine, has on its cover, the following headline, "Philadelphia, Smile. Your house is worth more than you think."

In the article, the author points out that the general Philadelphia metropolitan area, of which Bucks County is included, is holding up quite well, compared with other parts of the country. The article explains why the Philly area market is better than you are being told. He points out that the area economy is still strong. Another point made, is that we are a primary residence market, for the most part. There was never a lot of speculative buying, during the hectic, appreciating years. As a result, although prices appreciated nicely in the Bucks County area, they did not appreciate as much as they did in more speculative areas. Conversely, as other parts of the country have crashed, our landing has been much smoother. The article dispels several other myths about the local real estate market. I highly recommend getting a copy of the article. If you are reading this, and would like a copy, please let me know, and I can send it via email.

The second article, was a column in the Philadelphia Inquires, this past Sunday, by the papers real estate columnist, Alan J. Heavens.

Alan talks in his column, about real estate from a historic perspective. He says, "Real estate is local as local as a block. Forget the web nuts and NBC nightly news. There is no national housing market." Further, he observes that if you are thinking of selling but worried that the housing market is glutted. Forget it, he says. Houses linger because they aren't priced right for the market. How true!

Interest rates are low, and there is mortgage money available, despite the challenges of the sub-prime lending fiasco.

In a nutshell, as I have been saying recently, the real estate market in Bucks County is not as bad as the press would have us all believe. Houses are selling every day. The spring market is upon us and I will report on how the first quarter faired, once we get through March.

In another post, I will provide some additional statistics for other Bucks County markets.

Recognize stroke symptoms, Bucks County and beyond

Martin Millner (Coldwell Banker Hearthside) — Thu, 07 Feb 2008 12:52:11 -0600

I received an e-mail today, that I thought might be extremely helpful to share with those reading my blog. It explains how to recognize symptoms of a stroke, in an easy to understand, way. As you will note from the message, doctors today feel that if they can begin treatment of stroke victims within 3 hours, they can completely reverse the symptoms. If anyone believes that this is strictly an issue for old age, a friend of mine who I play basketball with, recently suffered a stroke..... he is 32! Here is the message.... STROKE: Remember The 1st Three Letters.... S.T.R.

It only takes a minute to read this...
A neurologist says that if he can get to a stroke victim within 3 hours he can totally reverse the effects of a stroke... totally. He said the trick was getting a stroke
recognized, diagnosed, and then getting the patient medically cared for within 3 hours, which is tough.

RECOGNIZING A STROKE
Remember the "3" steps, S-T-R. Read and Learn!

Sometimes symptoms of a stroke are difficult to identify. Unfortunately, the lack of awareness spells disaster. The stroke victim may suffer severe brain damage when
people nearby fail to recognize the symptoms of a stroke.

Now doctors say a bystander can recognize a stroke by asking three simple questions:

S * Ask the individual to SMILE.
T * Ask the person to TALK and SPEAK A SIMPLE SENTENCE
      (Coherently, i.e. It is sunny out today)
R * Ask him or her to RAISE BOTH ARMS.

If he or she has trouble with ANY ONE of these tasks, call 911 immediately and describe the symptoms to the dispatcher.

New Sign of a Stroke ------- Stick out Your Tongue

NOTE: Another 'sign' of a stroke is this: Ask the person to 'stick' out his tongue.. If the tongue is 'crooked', if it goes to one side or the other, that is also an indication of a stroke.

A cardiologist says if everyone who gets this e-mail sends it to 10 people; you can bet that at least one life will be saved.

Super Bowl Sunday in Bucks County

Martin Millner (Coldwell Banker Hearthside) — Thu, 07 Feb 2008 12:50:07 -0600

The big day has finally arrived. It is Super Bowl Sunday! Here in Bucks County, I have to say, it does not feel like an early February, Super Bowl day. The temperature is in the 50's, and the local golf courses are doing an incredible business, considering it is mid-winter. http://www.makefieldhighlands.com/layout9.asp?id=133&page=1869

I think the biggest challenge for our Philadelphia area, is who to root for. Bucks County is right on the edge of the Philadelphia metropolitan area, but also close enough to New York, that there are many avid New York supporters. For most sports, I am a Philly sports phanatic. I root for the Sixers in basketball, and the Eagles in football. My rooting interest in baseball is somewhat odd, considering where we live. I have been a Chicago White Sox fan, since I was about 7 years old. As a topic for another post, I do remember the White Sox days of Nellie Fox and Luis Aparicio.

The challenge for today, though, being an Eagles fan, is to try and figure out who to root for in the Super Bowl. Personally, I am rooting for the Giants. I did not come to this position easily. If you root for the Eagles, it is almost sacreligious, to root for the New York Giants. The only thing worse, would be to root for Dallas. I view this process as choosing the lesser of two evils. I have had enough of the New England Patriots, Tom Brady and their coach. I am sure part of that is jealousy, since it has been decades since Philadelphia has won anything. I admire how the Giants have reached this spot, considering where they started from. The problem is, I will have to deal with listening to the gloating New York fans, who call into Philly sports talk radio. http://www.610wip.com/

The Philly-NewYork thing, really makes for an interesing rivalry. Both cities have incredibly passionate, supportive fans. However, for today, I am a Giants fan. I will deal with the consequences should they win. In the meantime, my kids might ask me to sit on the other side of the room from them. They are of the mindset, that you can't be a true Philadelphia fan, and cheer for the Giants. It should all be fun!

Enjoy the day.

Bucks County Real Estate Trends

Martin Millner (Coldwell Banker Hearthside) — Thu, 07 Feb 2008 12:48:30 -0600

In an interesting article this morning, the Bucks County Courier Times, finally acknowledged what I have been discussing with buyers and sellers for all of 2007, which is that, although we in Bucks County are experiencing a difficult market for sellers, things are nowhere nearly as bad here, as they are in many parts of the country. As the article states (http://www.phillyburbs.com/pb-dyn/news/111-01282008-1478346.html) "Bucks County fared better than the region and the nation, in home sales last year. " For all of Bucks County, according to market statistics, the number of home sales declined by about 4%, for all of 2007, from 2006. To put that in perspective, nationally, home sales dropped 13%, between 2006 and 2007.

Even within Bucks County, individual Townships and Boro's, did not necessarily perform exactly the same as the county as a whole. For example, according to our MLS statistics, Lower Makefield Township actually had an increase in the number of units that sold in 2007, as compared with 2006. (439 units closed in 2006, 460 closed in 2007) Upper Makefield actually saw a 12% drop in the number of sold units from 2006 to 2007. (125 sold in 2006, while 110 sold in 2007)

Interestingly enough, despite the tough market conditions, inventory of homes actually declined in virtually all of the Bucks County markets, from November 2007, to December 2007. This was the case in Lower Makefield, Morrisville, Newtown, Soleburry, Buckingham and Northampton. What this all means, is that in terms of months of inventory, several markets are actually trending towards a more balanced condition. For example, Lower Makefield had approximately 5 months of inventor, Newtown Township had 6 months of inventory, as did Northampton Township. Upper Makefield and Solebury remained solidly in a, buyers market, scenario. Upper Makefield and Solebury, each have approximately 14 months of inventory.

What all of this means to buyers and sellers in Bucks County, is that it is a mistake to presume that nothing is selling. Buyers are making offers every day, and sellers are accepting offers every day. Interest rates have dropped to almost historic low levels, and there are still lots of choices for buyers. Buyers are actually seeing an average of 5% discount from the list price. As always, price is critically important. Overpriced listings will stay on the market and get stale. Listings that are priced correctly, given the current market conditions, do get shown, and will attract offers.

For those reading this post, who are in Bucks County in Pennsylvania, or Mercer County, in New Jersey, I have a program that allows a consumer to track from their own computer, sales activity in their neighborhood, and the program will actually show how long homes stay on the market, and it will also track discounts from list price. In addition to that, it will track pricing trend lines, so you can really see what prices are doing, in your specific neighborhood. If you are interested in that, just drop me an e-mail, and I will set it up for you.

New Years Post

Martin Millner (Coldwell Banker Hearthside) — Thu, 07 Feb 2008 12:45:49 -0600

Since this is my first post of the new year, I wanted to wish everyone a very happy, healthy, peaceful and prosperous, new year. In whatever way, or whatever holiday you celebrated, I hope that you had a chance to spend time with your family and loved ones.

I always love the holiday's because, although real estate activity tends to slow down, I have the opportunity to spend more time with my wife, Jane, and our children. We have 3 children, and are fortunate that we are so much a part of their lives. Our oldest daughter, Rachel, is a practicing psychologist with offices in Yardley, and Lawrenceville. She is also on the staff of Einstein Medical Center, in Philadelphia. Our middle child, Lauren, owns a Coldstone Creamery Ice Cream store, just outside of Princeton, and our youngest, Michael, who graduated from the University of Maryland a couple of years ago, is tending bar in Philadelphia, while he figures out what he wants to do with the next chapter of his life.

Every year, at our annual family new year celebration, we go around the room and ask every participant to express what they were thankful about from the past year, and to also say what they are passionate about for the upcoming year. In my case, I feel incredibly fortunate to have such a great family. We are close to all of our kids, and their significant others. We have fun together, and most importantly, we are all healthy! On a personal note, one of my goals for 2007, was to start to learn how to play the guitar. I love music, and it is something that I have wanted to do for years. As each year passed, I got a year older, but still could not play the guitar. About 6 months ago, I finally started to take lessons. I absolutely love it, and practice virtually every day. Who knows, maybe by the end of this year, I will be ready for public consumption.

Besides my family, music, and basketball (which I play about 3 times a week) I am very passionate and committed to giving back to the community that has been so good to us. I am still involved with the Trenton Public Education Foundation. I am working on an exciting project that I was introduced to by a wonderful teacher at Trenton High, who is offering a program to students, called, "From snapshots to the workplace: using industry standard software to engage students in a career focused course." The Trenton school district is a very poor district, and unfortunately, their computers are so old and outdated, that they actually will not run current industry standard software. I am working, through a foundation that my daughter is involved with, on getting new Mac computer systems into the school, so that the teacher can offer this exciting opportunity to her students. I passionately believe that many of the worlds problems can be solved through education and economic opportunity. I believe that people who are educated and have an economic future, don't generally blow themselves up, or shoot their neighbors.

Another charity that I am happy to have supported, is CARE. (http://www.care.org/) This outstanding organization helps disadvantaged women all over the globe. A wonderful group of women, called, "The Web Women's Giving Circle", (http://www.realtown.com/caremoregivingcircle/blog) re-introduced me to this outstanding charity.

So I realize that this post included nothing specific about real estate. In future posts, I intend to offer some very interesting observations from the National Association of Realtor's (NAR) profile of home buyers and sellers, which I just received for 2007. I will also update everyone, statistically, with what is happening in our local market.

As I end for now, I just wanted to thank again, all of the buyers and sellers who have honored me by trusting me with their real estate business. All the best to everyone, in 2008!

Staging Advice

Martin Millner (Coldwell Banker Hearthside) — Sat, 07 Jul 2007 22:22:01 -0500

In a recent post, I had a home inspector with whom I work on a regular basis, post an article about the entire home inspection process. Considering the fact that the market for sellers is very weak right now, I can't emphasize enough how important it is for sellers to give themselves the best possible opportunity to make sure that their home shows as well as it possibly can. To help with this process, I frequently recommend a process we call "staging". Essentially, staging is a step we take to maximize the emotional appeal of the house to prospective buyers as the house is shown. To elaborate on the benefits and explain how staging works I asked Wendy Kokinda of Larsen Redesigns, (http://www.larsenredesigns.com/) to write a post describing what her company does. From personal experience working with Wendy and her partner Colleen, I can say that they do a fabulous job. My thanks to Wendy for her help with this.

STAGING . . . The New Buzz Word in Real Estate

As I go forward with my business, I find it incredibly amazing that the concept of staging has not truly penetrated the real estate industry on the East Coast as extensively as it has on the West Coast. In this very difficult selling market, there is an elevated inventory from which a buyer can shop. Presently buyers, in essence, have "the pick of the litter," and that is exactly the issue at hand. How does one make their listing stand out from the rest? As you know, buyers purchase most everything on emotion. They buy things they like or even things they fall in love with. Real estate property is not differentiated from other things that buyers purchase, it's just more expensive than a pair of jeans or a car. If the house doesn't create an emotional bond with the perspective buyer, the buyer will "walk" and they will just look at the next house on the list. Notice I am referring to the "house" not the "home." One thing I always encourage my staging clients to do is to realize that they need to consider that their "home" becomes a "house" and this "house" is now a product. Our objective is to market that product the best way that we possibly can.

How do you do that . . . you ask? STAGE your listings!

Visual appeal creates an emotional bond between the buyer and the "house." You only have one chance to make a good first impression. The expression is so true. From the front curb to the back property line, it is imperative that the entire property display itself in the best possible manner. A house with a well maintained lawn and trimmed trees is going to translate a subconscious message that the "house" is well maintained and will lure the buyer to the next step . . . to see the inside of the "house."

Creating better visual appeal is the ultimate goal of a Real etate staging professional. De-cluttering and de-personalizing are all natural and obvious changes that need to be made to a home to help the sale of a property. But it goes much deeper than that. Furniture placement, adding decorative elements and creating a model home effect are just a few things Stagers can do to make a difference in a "house" that needs some esthetic help.

Staging a house can make a tremendous impact in the success of a timely sale of a property in this present climate. Staging statistically increases the profit $$ to not only the seller but also to the real estate agent as well. In addition, staging will help to decrease the days the house is on the market. The fact is, a staged house is more desirable than one that has not been staged.

For a reasonable fee, the staging professional will do an initial evaluation of the property by gathering important information and taking numerous pictures of the house. A report is then produced and presented to the homeowner defining the issues that exist in the property that may inhibit a timely sale. A "to do" list is given to the homeowner along with a proposal and contract to have the staging professional return to stage the property. The staging fees are extremely variable and dependent upon the amount of work to be done and time invested by the staging professional. Rental furniture can be obtained for vacant homes as well.

The time period in which this entire process will occur can be a week or two. It is advisable to bring the staging professional in after the listing agreement has been signed but before all multiple listing pictures have been taken. Wouldn't you want the photos to have the best possible appeal and your listing to display itself the best manner possible?

Staging can make a tremendous impact on the increased salability of a home. Staging = a quick sale & higher profits = a happy seller = more referrals = future business! You come out a winner! Staging works!

Wendy Kokinda is an Interior Redesign Industry Specialist and a Certified Interior Staging Specialist. Colleen Stasinchak is an Accredited Staging Professional. They are partners in Larsen Redesigns, an Interior Redesign and Staging company located in Bucks County, PA http://www.larsenredesigns.com/ 215.752.9021

Follow Up on Home Inspections

Martin Millner (Coldwell Banker Hearthside) — Wed, 18 Apr 2007 00:29:30 -0500

I have to apologize for the long delay in following up with another post to my blog. I will make a concerted effort to post more frequently.

Although the weather does not feel like it, we are now officially in the "spring market" stage of the real estate calendar. Many buyers and sellers are looking for settlements after the close of the school calendar in June. If you are in that category, just a quick word of advice regarding planning for your move: The end of June and end of July are the two busiest moving times of the year. Movers get booked for those dates very quickly. Once your real estate transaction is secure -- meaning that the inspections, etc., have been completed satisfactorily -- call to book your mover as soon as possible. That should prevent you from not being able to work with the mover of your choice. If you are reading this blog and looking for good movers, please contact me so I can forward the name and phone number of an outstanding mover who can handle moves just about anywhere in the world.

The spring market is the busiest real estate season of the year. As a follow up to my last post about finding a home inspector my friend, a home inspector, offered the following brief suggestions for buyers and sellers:

Three Tips for Buyers

1. New is not always nice! There have been a lot of newcomers to the "building or rehab business" in this last boom. The quality of the workmanship for many of these newcomers can be incomplete, improper, or not up to current standards. Beware that many problems that will result will not manifest themselves for many months or even a few years. Also, the warranty is only as good as the person who issues it. Look for reputable, experienced contractors.

2. What did they say! Check info from sellers. When did the roof leak? How often did they say the basement gets went? Who did that plumbing repair? When did the stream in the rear yard flood? Look at the Sellers Disclosure. Ask for an explanation and an update before closing. Be clear and be sure that you understand what is being presented.

3. Is it straight! Walls and ceilings that are not straight and level may just indicate normal settling or may never be explained. But these can also represent major structural failures. Beware and get a qualified opinion.

Three Tips of Sellers

1. Tell It All! Today's legal standard is "Seller Beware"! To save potential conflicts or lawsuits, be sure to disclose all known defects or repairs to any potential buyers. Show and document everything.

2. Patience! Be patient with all of the new contingencies and inspections people will ask for. Remember you may be doing the same to the sellers of next house you buy.

3. Avoid "Let's make a deal again"! The house is finally under agreement; It hard enough in this market to get your deal. But then along comes the buyer's home inspection. Now the buyer wants this and did not realize that. Avoid the renegotiation surprises by getting a home inspection done before you put the house on the market. This can also be part of your disclosure.

The above comments were posted by Vince Tecce of the Building Inspector of America. Vince can be reached at 215-321-3151. I have personally worked with Vince for years and he does comprehensive and excellent home inspections. His website is at the following URL: http://www.TheBuildingInspectorofAmerica.com.

What do you need to know about home inspections?

Martin Millner (Coldwell Banker Hearthside) — Wed, 14 Mar 2007 19:56:47 -0500

In today's real estate environment, it is almost unheard of to buy a house without having the sale contingent on a home inspection. After many years in the business -- and having been through hundreds of home inspections -- I have worked through a variety of inspection issues for both buyers and sellers. In that time I have seen many different types of home inspectors, some of whom I would recommend and others I would not.

What makes a good home inspector?
In Pennsylvania, the home inspector has to be a member of one of the national home inspector organizations. One of those is ASHI, which stands for the American Society of Home Inspectors (http://www.ashi.org/). The standards for becoming a home inspector have changed over the years. Today, it is tougher to become an inspector than it was 10 years ago. To be a member of an organization like ASHI, the inspector has to subscribe to their standards and meet the necessary cirteria to become certified.

What to look for in an inspector
I believe that it is essential for a home inspector to be able to communicate clearly and effectively to the buyer or seller in which they are representing. The inspector's report must be clear, ledgible and detailed. In looking for an inspector, I would suggest requesting a sample report so that you can decide whether the report is clear, concise and understandable. The inspector must be be thorough and be willing to stand behind his report. I have seen reports where the home inspector does nothing more than suggest having qualified professionals evaluate almost every component in the house. You could have done that yourself! You didn't need to pay a professional a few hundred dollars to tell you to contact a plumber, an electrician, a roofer, etc. If the inspector is not able to inspect the condition of the systems and components in the house, why use them? I recently reviewed a report where the inspector recommended a roofing contractor to evaluate the roof, an electrician to evaluate the electrical system in the house, an HVAC contractor to evaluate the heating and air conditioning system, and a plumber to look at some plumbing questions. Why bother with the home inspector in the first place if they are not able to evaluate these systems and clearly state what the issues are?

When an inspector provides estimates in his report
Even though it is a bit controversial when the inspector provides estimates in his report, I personally like this approach because it quantifies the magnitude of the problem that the inspector is citing. Without estimates, it means that the buyer and/or seller are going to have to call out contractors to evaluate every issue in the inspection report. Under no circumstances, should the home inspector or his/her company be involved with doing any of the repairs.

Be careful when using a real estate agent's inspector recommendation
While it is ok to ask your real estate professional for a recommendation for a home inspection company, be very careful because this may pose a conflict of interest. Some home inspectors get most of their business from real estate agents who refer to them and this can cause an inherent conflict. You see, if the home inspector consistently finds problems with houses, they get a bad reputation with some agents. They then worry that the real estate community will stop referring business to them. Many times I have seen less-than-honorable agents refer only those inspectors who they think will overlook things in order to get the transaction to work.

In fact, here's a recent example of this type of transaction: I represented a buyer who was purchasing a fairly new home (about 8 years old). This was an $800,000 sale and the house was built by a very reputable builder. The inspector that I recommended has a reputation for being extremely thorough and detailed. The agent for the seller actually expressed her dismay that I was using this particular home inspector. While walking around the exterior of the house, the inspector explained to the buyer that there were issues with some flashing and, more importantly, suggested that every single window was failing. The agent for the seller pulled me aside and rather nastily explained that this was exactly why she did not like this particular home inspector.

A couple of days later -- after reviewing the inspection report with the sellers -- the agent very apologetically called to tell me that the sellers were in fact aware that the windows failed and that many houses in the development were experiencing the same thing. The windows were still under a 10-year warranty so prior to closing all 60 windows in the house were replaced. Had the inspector not noticed this issue, there would have been major water problems. In all likelihood, this would not have happened for several years at which point the warranty would have expired, thus leaving my client with the expense of replacing all 60 windows.

The home inspection process is a critically important part of the home buying process. Make sure that you don't ever take this step lightly.

Make an Offer

Martin Millner (Coldwell Banker Hearthside) — Fri, 23 Feb 2007 15:50:45 -0600

We, in the real estate business, say that the so-called "spring market" starts right after the Super Bowl. Since the Super Bowl is now over, from a realtor perspective, the spring market is underway albeit in the very early stages. If you are new to the market, or have not bought or sold real estate in Bucks County for a long time, I thought it might be helpful to disucss the process of making an offer so that you can be better prepared, once you reach that point in the buying process.

So lets presume that you have spent an appropriate amount of time getting educated about the market and the areas that you, as a buyer, are considering. You have found the house of your dreams and wonder, what now?

It is time to write an offer
The offer you sign contains all the terms and conditions which, if accepted by the seller, will allow you to purchase the house. It is critically important to understand that in Pennsylvania the offer to purchase residential real estate will become a fully binding contract once signed by the seller. You will be bound by all of the elements of that contract once it is fully executed by all parties.

What is involved in making the offer?
Once you have found the right house, your realtor -- assuming you are working with a realtor -- will help you answer all the necessary questions that go into the actual offer. The first, and most obvious, is to determine what price you are offering. Your realtor agent should discuss comparable properties as well as things like how long the property has been on the market. Other factors that determine the price include the state of the market in general. Is it a buyers market or a sellers market? (The whole concept of pricing strategy could be a subject for a separate post.) For the purpose of explaining the offer process you need to determine your offering price as the initial step in preparing the contract.

Establish a settlement date
Your settlement date is the day you go to closing and take title to your home. The settlement date is often a very important element of the offer and can sometimes create an insurmountable obstacle. The seller may require a long lead time if they are building a house, for example, and they are not willing to consider a temporary move. The buyer, on the other hand, may be relocating and need a very quick closing. As an agent for the buyer, I try to find out in advance exactly what the seller is looking for so I can see whether this is going to be an issue. When representing the seller, I try to encourage the seller to be flexible, if possible, so they don't create obstacles for buyers making offers.

How will you finance your new home?
Once you have established the price and closing dates, you need to specifiy how you will pay for the house. It will be necessary to submit a check with your offer as an initial good faith deposit. In my contracts, the most common initial deposit paid by the buyers is $1,000.00. Again, in general, if the property is listed with a real estate broker the deposits are held by the office representing the seller. The deposit or deposits paid by the buyer towards the purchase price are called "escrow" deposits. The purpose of the escrow deposit is to provide some assurance to the seller that the buyer will not walk away from the transaction for a frivulous reason. It is important to note that the amount held in escrow is completely negotiable. In most contracts in Bucks County, the buyer will be expected to make a second, and more significant , deposit into the escrow account aproximately 14 days following the full execution of the contract. This must be structured into the agreement at the time the offer is written. The only way that the buyer would forfeit the escrow deposit is if they default. A default would occur if all of the contingencies in the contract are met but the buyer failed to go to closing.

The next step in the process of preparing the offer is to determine the mortgage amount, if any, and the acceptable terms of the mortgage. The mortgage contingency clause is extremely important; it basically says that if the buyer is not able to obtain a mortgage for the amount and terms specified in the contract they can cancel the contract based on this contingency.

Next is to determine whether the sale will be contingent on a home inspection, radon inspection and wood destroying insect inspection. These are the most common, but not the only, inspection-related contingencies. Some additional inspection type contingencies are swimming pool inspections, septic inspections and well water inspections. There are a couple of different ways to structure the inspection contingencies and they must be spelled out at the time of preparing the offer.

The actual contract that you will sign in making your offer will define in detail how all of these contingencies work. As a buyer, you will be asked to review and sign the actual sales agreement. There are a couple of additional documents that are expected when making an offer on a house. The one that is often the most confusing to buyers is the Buyers Financial Statement. While not a legal requirement, the agent for the seller will expect the buyer to complete a statement the details the assets and liabliities of the buyer along with their employment information. The realtor representing the seller will also expect the buyer to have at least a mortgage pre-qualification letter from a lending institution. It is a good idea to get these things together before you start the process of looking for homes. That way, you will be fully prepared if you find the right house.

I hope that this brief overview of the offer process is helpful. The standard Pennsylvania Association of Realtors (PAR) contract is extremely thorough and well thought out. There are several options in completing many of the clauses; some are biased towards the seller and some towards the buyer. It is critically important that your realtor be able to fully explain all aspects of the agreement to you. As I indicated previously, once you sign the agreement it is fully binding when signed by the seller. In another post, I will review the sales agreement and will explain all aspects of the agreement in greater detail. In the meantime, you can review a blank copy of the agreement on my website at http://www.martinmillner.com/.

Bucks County Real Estate Market Update

Martin Millner (Coldwell Banker Hearthside) — Wed, 14 Feb 2007 21:02:12 -0600

As we move through the month of February -- although it does not feel like it at the moment -- we get closer and closer to spring. The spring market -- well, what we in the real estate industry refer to as the spring market -- begins once the Super Bowl ends. That means we are in the early stages of what is traditionally the busiest real estate time of the year. I thought that this would be an appropriate time to review the local real estate market situation in the areas I cover, which is essentially Bucks County in Pennsylvania and Mercer County in New Jersey.

There have been many articles over the past several months in national magazines that have painted a picture of gloom and doom in the real estate market. Most of those articles discuss the concept of a "real estate bubble." We experienced such a bubble in the late 80s and early 90s. Many people who purchased homes in the late 1980s found that when they went to sell several years later their homes had depreciated signficantly in value. In fact, for those sellers who were highly leveraged -- meaning they put down small amounts of cash -- they had to bring money to closing in order to settle because of the fall in the value of real estate. The most common question I am asked is whether the so-called bubble in real estate has burst.

It has been frustrating for me to read many of the local articles about the real estate market, which often use statistics from extremely depressed markets in other parts of the country. They use those statistics as evidence that the market here in Bucks County is in a free-fall decline. It's true that in parts of the country (i.e., areas in Florida) there has been a serious decline in real estate value. Many of those areas saw a large amount of speculative buying during the past four or five years as real estate values sky-rocketed. But in our market here in Bucks County we do have a buyers market although it is nowhere near as dire as the press would have us believe. Emplyoment in our area is still very strong and there has not been the sort of speculative buying that we have seen in other areas and houses continue to sell every day. Statistics from 2006, bear this out.

In looking at the market statistics from 2006 for single family homes in the following areas: Lower Makefield Township, Newtown Township, Upper Makefield Township, Solebury Township, Buckingham Township, Northampton Township, the only township that had a declining value from the prior year was Upper Makefield. In all other markets, the average sold price was higher in 2006 than the previous year. As the table below shows, the increase ranged from 3.4% in Lower Makefield to 12.6% in Solebury.

What the table clearly show is that the average price for homes on the market indicates much slower appreciation. The statistics also show that, for the year, inventory was higher and sales were slower than for the previous year. That indicates that we are in a buyers market. Interestingly enough, sales pace actually improved in November and December in terms of sales dollars and units. Clearly it is more important than ever to be sure that your house is priced correctly, if you are considering selling. In a buyers market, there are more homes on the market, which means more competition so it generally takes longer to sell. Often homes end up selling at a price that is less than the asking price. This so-called discount rate actually increased in the fourth quarter meaning that buyers were able to negotiate better prices. It is critically important to remember that when selling, it is the current market that determines the price of your home.

My personal experience over the past couple of months has been that the market is improving somewhat. I was actually surprisingly busy in November, December and January. As we move further into the spring market, as always, the market will be influenced by supply and demand. Will there be many more sellers than buyers? We don't know. But if so, the buyers market will get even better for those who are buying. If we see more buyers coming into the market than sellers, then the market will improve for sellers. With interest rates still at very attractive levels -- close to all-time lows and with lots of inventory -- it is actually a very good time to be a buyer. From a seller's perspective, as I mentioned before, be sure to price your home correctly and make sure that it is marketed aggressively and it will sell. The Bucks County market is nowhere near as dire as the press would have you believe.

The Power of Feng Shui in Real Estate

Martin Millner (Coldwell Banker Hearthside) — Wed, 07 Feb 2007 16:18:01 -0600

I just received the February issue of the Pennsylvania Association of Realtors (PAR) magazine and there were a couple of very interesting and informative articles on Feng Shui. As a realtor, Feng Shui comes up in conversation fairly often. I thought it might be worth having a brief discussion about what Feng Shui is and how it relates to real estate.

According to Chinese traditions, Feng Shui handles five main elements in order to achieve balance and harmony in any space. Each of the five elements have their own characteristics and properties. To create harmony, using the art and science of Feng Shui, each of the elements must be properly employed according to their characteristics and effects.

The five elements of Feng Shui are fire, earth, metal, water and wood. Having all of thtem represented in various areas of a property bring the property into balance. Often times representing the elements is done through the use of color. For example, red represents fire. There are metaphors for the elements; you don't necessarily have to see a fire burning.

According to author Jakob Jelling, who is the founder of http://www.fengshuicrazy.com/, the following represents the characteristics of the various elements:

Wood Represents innovation, creativity and birth and is a sociable element. This element corresponds to the color green and the east direction. By placing this element at a strategic spot in any space, it adds all of the concepts in represents.

Fire Symbolizes and brings activity, enthusiasm and energy to the places where it can be found. It is a warm element that must be treated with measure since too much of it can destroy what surrounds it. As mentioned above, fire is often represented by the color red and direction south and symbolizes the puberty years.

Earth Symbolizes stability, patience and honesty. It is a methodic element that can also become demanding and is ideal for everything that is related with real estate and inheritances. Earth is often symbolized by the color yellow and is representative of the early youth years.

Metal Represents success in business and harvesting. White and gold are the colors that symbolize it and its direction is west. This Feng Shui element symbolizes the adult years of human life.

Water Has an important role among Feng Shui elements. The word Feng Shui itself means water and wind. Water represents communications and traveling but it also represents learning, arts and media. Water is elemental for living, not only for humans but also for animals and plants. It can be quiet or violent. This element is represented by the color black and direction north and symbolizes the old human years.

I have actually had buyers request to see homes that have "good Feng Shui". Feng Shui can do a lot of things to make a property more appealing to buyers. This, along with staging -- which I will discuss in another post -- can help make a property stand out in a tight market.

As realtors, it is important that we realize that Feng Shui does not have anything to do with religion or superstitions. It is all about creating an enviornment in which buyers will embrace the atmosphere and want to remain longer. That way they may be more inclined to write offers.

I hope that you found this little primer on Feng Shui interesting. Please don't hesitate to contact me with any questions about this, or any other concern about real estate or life in Bucks County.

Fabulous Philadelphia Restaurant

Martin Millner (Coldwell Banker Hearthside) — Wed, 07 Feb 2007 15:54:09 -0600

As I mentioned in my previous post, one of the things I love about being in Bucks County is the proximity to both Philadelphia and New York. Yardley, which is where I live, -- actually Lower Makefield Township, which has a Yardley mailing address -- is only about 35 minutes from center city Philadelphia on a Saturday evening. If you are not familiar with Philadelphia it is a wonderful city to explore. World-class restaurants, fabulous orchestra and concert halls, great music and much more. However, our sports teams are not so great. Following Philadelphia sports teams is a soap opera unto itself.

Last evening my wife and I joined friends of ours for dinner at a new restaurant in Philadelphia. Because the restaurant was so incredible, I wanted to mention it. It is called, Waterworks, and is located just around the corner from the art museum. You can actually see boathouse row from the restaurant, which is really beautifull. Again for those who are not familiar with Philadelphia, boat house row is along the Schuykill River where rowing clubs have their huts and clubhouses. They are beautiful to see at night.

Anyway, this restaurant is absolutely fabulous and I would recommend it to anyone looking for a great dining experience in Philadelphia. The building that houses the restuarant dates back to the 1800s and the current owner has done an amazing job of renovating it. It looks as though they will have outdoor seating in warm weather, with views of the river, which should be very enjoyable. The food and service is outstanding and I don't think you will regret giving it a try if you are in the Philadelphia area.

It is hard to believe that today is Super Bowl Sunday already. From a real estate perspective, the Super Bowl is important because we, in the industry, talk about the start of the spring market as beginning once the Super Bowl is over. The spring market is generally the most active market for real estate. Many people want to coordinate their moves once the school year ends and this generally begins at the end of June. As a result, even though it is only February, people begin their search for homes now. They also begin the process of exposing their homes to the market this time of the year looking for late June, July and August closings. If you are in that group, it is not too soon to begin the process. I have an excellent booklet of 450 ideas to get your home sold quickly and for the highest price. It offers a checklist of things to take care of to make the process as smooth as possible. The booklet can be e-mailed and is free for anyone interested in obtaining a copy. I also have a book about moving with children and moving with pets, which can also be e-mailed. They all offer wonderful suggestions for dealing with the entire process of getting your house ready for the market and dealing with the process of moving with children and pets.

Enjoy the Super Bowl.

Welcome to My Bucks County Real Estate Blog

Martin Millner (Coldwell Banker Hearthside) — Wed, 07 Feb 2007 15:41:10 -0600

Welcome to my Bucks County real estate -- and other related and/or non-related -- blog spot. My goal in creating this blog is to provide a personal perspective on Bucks County life, as well as providing an insight into real estate in Bucks County. Although I am new to blogging, I am not new to real estate or Bucks County and I love to write. I have lived in Bucks County for almost 30 years and have been working as a realtor for more than 13 of those years. This means that I should know Bucks County real estate. Because Bucks County, Pennsylvania is so close to New Jersey -- and because I was born in New Jersey -- I also do real estate in New Jersey. There are definitely advantages and disadvantages to living in either state.

To those who do not know Bucks County, let me familiarize you about this absolutely wonderful place. It is a great place to live and features excellent schools, loads of history and charm, and absolutely gorgeous and stunning settings. The Delaware River meanders through the county, and there are many towns and villages along the river. In fact, the river acts as a border between Pennsylvania and New Jersey.

There is a huge array of housing options in Bucks County. Most people who are new to the area find the housing expensive compared to many other parts of the country. Central Bucks County is about 35 minutes from Center City, Philadelphia and only about an hour by train from New York City. Our real estate pricing is slightly lower than the Philadelphia main line and lower than the commuting areas close to New York City; however, it is still expensive when compared with many other parts of the country. Because there are many types of houses -- from condominiums to small single family homes to huge palatial estates -- there is something for every taste.

I live in Yardley with my wife Jane. We have 3 children: Rachel, Lauren and Michael. Rachel has a doctorate in psychology and is in private practice. She also teaches and has a corporate consulting business, which helps companies with diversity training, conflict resolution strategies and helps executives maximize both individual and corporate potential.

Lauren currently owns and operates a Coldstone Creamery Ice Cream store in the Mercer Mall in Lawrence Township, New Jersey. If you have never experienced Coldstone, do yourself a favor and check it out. The ice cream is absolutely amazing!

Michael, our youngest, recently graduated from the University of Maryland and is working at a Marriott near campus.

In my life away from real estate, (I occasionally have some free time) I love basketball. My tag line is that I am old, but slow! I love to read both fiction and non-friction. I play golf (if you can call what I do actually playing golf) and love all kinds of music. I am currently taking guitar lessons, which is something that I have always wanted to do. Jane and I love to eat so we enjoy trying new restaurants anywhere in the Bucks County area as well as in Philadelphia.

Because this is a real estate-related blog, I should mention that our local real estate market -- as with many areas in the country --went through about a 5-year cycle of rapidly appreciating values with multiple offers on homes not uncommon. That cycle ended about 6 to 8 months ago. The market totally shifted and has become more of a buyers market. That means that buyers have many more choices, houses stay on the market for considerably longer, and offers are generally submitted below the asking price -- sometimes considerably lower than the asking price. In future posts, I will share some graphs and statistics that will demonstrate exactly what is going on in our market.

For those who know Bucks County -- although I have worked everywhere in the county -- the areas that I focus on the most are the areas that include Yardley, Lower Makefield Township, Upper Makefield Township, Newtown, Buckingham, Doylestown, Solebury and Langhorne.

Well I guess that is enough for my first post. I would encourage you to post comments or feedback. If you have real estate-specific questions, I would be happy to answer them for you. If you have any questions related to life in Bucks County, please let me know. In the meantime, please visit my websites at http://www.tourbuckscounty.com/mainpage.html, http://www.martinmillner.com/a-realtor-agent-broker.asp and http://www.teammillner.com/.