Real estate blog entries tagged with home buying by Nick Vandekar, 610-203-4543, Selling the Main Line & Chester County (Realty ONE Group Advocates 484-237-2055)

Home : Blogs : Nick Vandekar, 610-203-4543 : The Main Line and Chester County Real Estate Blog : Tag "home buying"

home buying: How will I pay my buyer agent, I've barely enough for a down payment? - 04/11/24 08:37 AM

There are many options to cover the buyer agent's fee, discover some in this post and what you should be looking for in an agent representing you.
There has been a lot of misleading commentary recently about how the real estate buying and selling processes are going to be changing due to several lawsuits, and how this will save consumers money both as sellers and buyers.
Well, let's discuss some facts.
Originally, both the listing broker and selling broker worked for the seller, that is why listing brokers shared commission with the broker bringing the buyer. That agent/broker was a sub-agent for the seller, … (42 comments)

home buying: Home Buyers still don't get it! - 01/30/23 09:09 AM

I was talking with a friend yesterday as we were watching The Philadelphia Eagles beat San Francisco to go forward to play in the Superbowl. Go Eagles!
Anyway, I digress, because as our conversation progressed I realized that even with so much talked and written about it buyers still think they need 20% as a down payment to buy a house.
This friend mentioned that without 20% she would need to pay a large PMI, mortgage insurance rate, so she has been renting. As a single mother she is in the process of putting her daughter through college, however her rent is about … (12 comments)

home buying: How many properties does the typical buyer look at? - 01/23/23 06:50 AM

There is no typical buyer out there, everyone has different needs. I have had clients buy the second house I have shown them and others who have taken months of showings before finding the right home.
In the last couple of years with the extremely low inventory and low interest rates there was the added complication of multiple offers making obtaining the home you want to buy even more complicated.
Today, with the interest rates having risen multiple offers are not as common as many buyers have stopped looking or adjusted their price points. However, the lack of inventory still means that there … (13 comments)

home buying: Chester County and Suburban Philadelphia Summer market update - 08/09/22 07:51 AM

Summer 2022 Main Line Real Estate Market Update
Giving you the confidence to make the right decision

Take a look at The Chester County Monthly Statistics. Median home values have risen by almost 15%, inventory available has increased slightly. This is a great example of what we see happening across our neighboring local counties, Montgomery and Delaware Counties too. Let me know if you want to see your local information.

The market is cooling off after being incredibly hot for almost two years
When you look at the same week last year: - Closed cases were down 22%, Pending sales were down 23%, Days on … (13 comments)

home buying: 7 Reasons Why Every Buyer Needs Title Insurance - 03/29/22 12:47 PM

Buying a home is an exciting time, however, there are many different costs associated with that home purchase. One of these is Title Insurance, and for some strange reason it appears on the ALTA as an option, when in fact it is very important that you carry this insurance.
1) There are two types of Title Insurance, a lender policy, that the buyer usually pays for and covers the mortgage company's financial interests, and an owner policy. This owner policy is the one that appears as an optional cost on the ALTA.
Firstly, if the lender is obtaining a policy, don't you think … (14 comments)

home buying: Other costs associated with buying a house! - 03/04/22 08:01 AM

Lots of people think the only amount of money they need to buy a house is the down payment. But, there are many other costs associated with buying a house, inspections, insurance, appraisal, and many more. Our video with Shawn DeAngelo of Prosperity Home Mortgage today addresses some of these more fully.
Don't forget to subscribe to our YouTube channel and check the bell to be notified of when we post new videos.
Let us know what other home buying subjects you have questions about.

Check out our video on How Much Money do I need to buy a house? and What help is … (9 comments)

home buying: Why your pre-approval is no longer as good as you think it is! - 01/27/21 09:10 AM

As agents for years we have been telling our prospective clients to speak to a mortgage provider and to get preapproved as the first step in searching for and buying a home.
Most prospective buyers know this and dutifully speak to a mortgage provider and get their preapproval for a mortgage and with this in hand then contact a Realtor to help them buy a home.
But something has happened over the last few years that no longer makes that pre-approval of any value. For the past three years, agents have been talking about the low inventory of homes for resale, as well … (11 comments)

home buying: Don't wait! Taking action leads to success - 07/30/20 09:26 AM

Thomas J. Nelson, Realtor e-Pro, CRS, RCS-D, Vets is always encouraging us to Take Action in his posts. This week I got a call from a client who I have been showing homes to for a little while, but all fell short for one reason or another. They had just seen a home they had driven by and wanted to make an offer.

It was a coming soon listing, which meant no showings. They loved the location and the look of the lot from the road. It was an estate selling the home, and they did not want to wait till it … (4 comments)

home buying: What are you looking at? - 07/07/20 08:28 AM

I have been thinking or pondering about this recently on my walks. What am I looking at? Is it the whole picture or just a part? I had seen some photos of a listing recently, selling a life style they were wonderful, selling the house, not so much as they were all close ups of a wonderful bed with beautiful sheets and pillows, but that was all you could see, not the room at all.

Sometimes we need to focus on the details, and other times we need to step back and see the whole picture. A small detail can derail a … (29 comments)

home buying: Making appointments in a post COVID-19 era - 05/29/20 10:41 AM

We all know things are going to be different. But how different they will be, is just starting to reveal itself as we are allowed to show homes in PA.

Remember those days, when you would preview a home on a Thursday with showings beginning at the weekend with an open house on Saturday and Sunday with maybe 30-70 groups coming through each day.

FORGET IT!

But imagine, as we have in PA, a regulation to leave time between showings, in other words limited showings per day. Now, what do you do with that "hot property"?

You need to have special forms completed and … (9 comments)

home buying: PA Real Estate given the green light - 05/20/20 06:13 AM

Mixed news out of Harrisburg yesterday. A bill to re-open real estate was vetoed by the Governor, but at the same time, he announced that real estate, regardless of the colour phase your county is in can resume under specific guidelines. Red, Yellow or Green is no longer relevant for real estate related activities.
This means we can get back to work helping you, our customers and clients. What are those guidelines:
Only three people maximum can be in a house at a time, and all must wear masks and stay 6 feet apart. Do not linger in the house to discuss … (17 comments)

home buying: Not an everyday occurrence - 08/01/19 05:34 AM

I was reading some local Tredyffrin Easttown news this morning and my eye fell on something that for our suburban area is not an everyday occurrence.
Maybe for those who live a little further out in Chester County or elsewhere in the state these things happen more often. One of our local police departments is seeking the owner of an errant pig found wandering in the township.
Not sure where the pig is being kept right now, or how they will find the owner as I am unsure of the rules for keeping pigs on your property in Tredyffrin Easttown. Dogs need a … (12 comments)

home buying: Just not right! - 06/28/19 05:38 AM

Municipalities in and around Philadelphia trying to flout the law.
A disturbing trend is emerging around U&O inspections
A trend is emerging among some municipal code inspectors in the Philadelphia suburbs — they're asking home buyers to sign away their rights. Per state law, buyers have at least 12 months to make repairs cited in a use-and-occupancy inspection. But Downingtown Borough, for example, has a “U&O Waiver Form” on its website in which buyers agree that, "I will make all repairs [within] 30 days of the closing of the sale.” These 30-day affidavits are popping up in municipalities across the region. Considering the power these … (10 comments)

home buying: Accepting life as it is! - 06/18/19 06:10 AM

I was reading Michael Jacobs post today about Kindness without Borders, a worthy read. As I thought about what he had written and how he mentioned that the practice is an ongoing lesson, I realized my ongoing lesson is to accept what is. To be present, and without judgment, to stay in flow, without labeling things either good or bad.
We are so quick to jump to a decision that an event is good or bad. We label it and react accordingly. Our emotions rise or fall depending on the label we post upon the event. We then allow our emotions to control how we … (20 comments)

home buying: What's holding you back? - 03/21/19 12:04 PM

Many Tredyffrin Easttown home buyers today are frustrated because interest rates are low and they want to buy a home but the number of homes for sale is not keeping up with demand. This being said, many buyers are so used to low interest rates that they are not aware of just how low these rates are and any uptick is making them hold off purchasing as it impacts their buying power.
So let's look at this logically for a minute.
1981 saw mortgage interest rates at 18.63%. Since then they have steadily declined. They hit bottom in 2012 at 3.31% according to … (15 comments)

home buying: A great question to ask when interviewing agents - 03/08/19 09:14 AM

How do you select an agent when buying or selling a home? Most people according to research by the National Association of Realtors use the first agent they meet, usually without really knowing anything about them or their business practices.
A second way many people select an agent is to ask friends and family for a referral. This may get them several names, especially if they use social media to ask for a referral. This often leads to a short listing of agents who the buyer or seller will interview based on an arbitrary list of reasons. I like Sam so anyone … (19 comments)

home buying: Tredyffrin Easttown home buying is like finding a bed on the Camino! - 02/15/19 08:01 AM

I walked the Camino de Santiago last year from Lisbon to Santiago de Compostella,the Camino Portugues and then on to Muxia and Finisterra, a distance of 532 miles. What I love about the different Camino routes is the hostels that are along the route for Pilgrims, as the walkers are called because these are all ancient pilgrimage routes.
Each day you have an intention of where and how far you are going to walk. At the end of the day you hope you will be able to find a bed in a hostel, municipal or private, or resort to a hotel. The … (8 comments)

home buying: Frigid, but great weather to look at homes - 01/31/19 11:57 AM

In cold weather many buyers stay home in the warm. But this is great weather to look for homes and get an advantage over those who don't venture out. But you need a realtor who is not afraid of the cold.
Thursday is hiking day, well every day is hiking day. But Thursdays the Appalachian Mountain Club hosts a hike at Valley Forge Park, 6-7 miles. When I got up this morning, although it was blue skies, the temperature was zero degrees Fahrenheit. I was having second thoughts
I decided to go hiking anyway. So dressed in several layers, put some warmers in my gloves … (11 comments)

home buying: Can you change your view? - 01/22/19 06:34 AM

Real estate is often said to be all about location, location, location. I was reading something this morning which was talking about perspective and seeing things from a different perspective or view. It got me to thinking about changing your view or your location.
I realize also how we talk about things can change how people view things. I remember when I was at the doctor and discussing some test results a few years ago he presented them as "there is 30% or greater chance this is aggressive". That did not sound good. But later, when I thought about it, I thought so … (41 comments)

home buying: Who will tell me not to buy? - 01/15/19 08:37 AM

This story has been adapted to not reveal those mentioned. It is not located in PA or on the Main Line but it does contain a good moral worth remembering.
A client loved a particular home. They made an offer and their offer was accepted. It was an estate selling the home as is. Home inspections were arranged. Issues arose.
The home was riddled with mold. Water was getting into the basement. It was going to take extensive remediation to fix.There were also potential issues with the electrical wiring and the home inspector called for further investigation by an electrical contractor. However the … (31 comments)

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