The Home Inspection

After a purchase price is agreed on and the agreement of sale is signed, a buyer will generally have a home inspected. Depending on the results of the inspections, the buyer may accept the property as is, cancel the sales agreement, ask the seller to make repairs, or ask the seller for a monetary concession.

The buyer is responsible for scheduling and paying for the home inspections. The seller must allow access to the property. Inspections in Bucks County usually include a general home inspection, termite inspection, and radon test. When the home is not serviced by public water and sewer, water and septic inspections are usually performed. If the home has a stucco exterior, it is likely that a buyer will have the stucco inspected as well. Mold testing and chimney inspections are sometimes performed.

The buyer must act quickly in scheduling inspections. In Pennsylvania, the sales agreement sets deadlines for their completion, and most inspections are completed within ten to fourteen days after the agreement of sale is signed.

Once the inspection results are received, the buyer has the right to ask the seller to address issues raised in the inspection reports. The buyer can ask the seller to make repairs or provide a monetary credit. The seller must then respond to the buyer’s. request. A second round of negotiations may result if the seller does not agree to comply with all of the buyer’s requests. If both sides cannot come to an agreement, the sale will be cancelled.

If a sale is cancelled due to inspection issues, the buyer and seller will sign a release and the buyer’s deposit money will be returned to him. If the seller puts the home back on the market, the seller is required by law in Pennsylvania to update the Seller’s Disclosure to document material defects of which he was previously unaware.

Upcoming Activities at Washington Crossing Park

There's a lot going on at the park this fall. Here are some of the activities scheduled:

18th Century Opera Concert on November 16 at 2:00 p.m.

Historic Lecture, "Spies in the Continental Capital" on November 23 at 1:00 p.m.

A Night of REBELry Fundraiser on December 7, 7:00-11:00 p.m.

Crossing Reenactment Dress Rehearsal on December 7, 11:00 a.m.-3:00 (Crossing at 1:00 p.m.)

For more information and to request tickets go to http://www.washingtoncrossingpark.org/events/

What is a Seller's Assist?

A sellers assist is frequently included in offers to purchase a home.

A sellers assist is a credit that the seller pays towards the buyer’s closing costs. It is sometimes requested by a buyer when an offer is made on a property in order to reduce the amount of cash the buyer is required to pay at settlement for closing costs. Requesting a seller's assist will make a property more affordable for some buyers. If the down payment and closing costs on a $200,000 property are $25,000, a buyer might ask the seller to pay $5,000 towards closing costs, thus reducing the cash needed to purchase the property by $5,000.

A seller’s assist will reduce the proceeds paid to a seller, and, for the seller, it is equivalent to a reduction in the sale price. On the property with the $200,000 sale price, the net sale price would be $195,000.

A seller’s assist may also result from a buyer’s request for repairs due to issues raised during property inspections. In lieu of a seller making requested repairs before settlement, some buyers and sellers will agree that the seller will provide a credit to cover the cost of repairs. This credit will be labeled as a “seller’s assist “ on the final sale proceeds sheet.

Mortgage lenders set limits on the amount that sellers can pay in the form of a seller's assist; so, the amount should be approved by the lender early in the mortgage application process.

Bucks County Home Sale Facts Through September, 2014

The rate of single family home sales in Bucks County increased in September 2014 compared to September 2013. The figures year to date for 2014 show a 4% decrease in the number of homes sold compared to the same period last year. Average prices for 2014 are up 1.2% compared to prices during the first nine months of 2013.

Bucks County market statistics are as follows:

Bucks County Home Sale Facts Through August, 2014

The spring real estate market was brisk, but it has slowed down somewhat in recent months. Prices are up slightly, but more homes are on the market and the number of sales is down slightly. This chart sums up the market for single home sales through the first eight months of 2014.

Upper Makefield Township Home Sales Through 7/31/2014

What’s happening in the Upper Makefield Township Real Estate Market?

All real estate trends are local and the national statistics on which the media focuses can be deceiving.

The number of homes sold in Upper Makefield increased during June and July, 2014 but the total number sold for the calendar year through July is slightly below the number sold during the same period in recent years.

As of July 31, there were 129 single family homes for sale in Upper Makefield. The average listing price was $1.1 million; however, only seven homes sold for over $1 million from January 1 through July 31, 2014.

Sales activity was stronger for more affordably priced homes located primarily in Washington Crossing with the most sought after price range being between $500,000 and $650,000.

This chart shows the number of single family homes sold in UMT for the first seven months of recent calendar years.



Average Increases and decreases for Upper Makefield sale prices are not a reliable measure of market trends because too few homes sell in the township and, average home prices fluctuate greatly when a few luxury priced homes sell.

Market trends can be determined by county wide sales information which show an increase of 1% during the first seven months of the calendar year, or by sales information for Lower Makefield Township which show and increase of .3%

Bucks County Home Sale Statistics as of July 31, 2014

Single family home prices have stabilized in Bucks County. The average sale price year to date was up by 1% compared with the same period last year. More homeowners are offering their homes for sale with 9.7% more homes on the market as of July 31, 2014 compared with the number for sale on July 31, 2013. While the number of homes for sale increased, the number actually sold decreased by 6.1%.

Homeowners who wish to sell their homes should hire an agent who will help them ready their home for the market so that it will show favorably when compared with the competition, price the home correctly and market the home aggressively.

Open Houses: Are They A Good Idea?

Not all agents encourage sellers to have open houses. Open Houses allow the public to visit a home for sale at a scheduled time without an appointment.

Do I think it is a good idea? Well, that depends. If your home is in a luxury price range that very few buyers can afford, an open house will likely attract more voyeurs than buyers. They may just want to check out what a home in that price range looks like. Also, if your home is in a low traffic area and off the beaten track, it is unlikely to attract many visitors, in which case an open house may not be worth the effort or inconvenience.

For the more typical suburban home, in areas such as Washington Crossing, Newtown and Yardley, an open house can be beneficial.

Few homes are actually sold at open houses. I’ve done it, but it is rare. What I do find, however, is that buyers who are considering a house, and have seen it with an agent, will visit an open house to more thoroughly examine it. They may have questions that a listing agent can easily answer, but would have gone unanswered if they did not drop in. I have had many visitors to open houses wind up being the buyers of that house. Would they have bought it anyway? Perhaps, but maybe not.

I have also worked with buyers who live locally and want to move up to their dream house. They are loyal to me as their agent, but are very particular and become apologetic about the number of homes they ask me to show them. If they can view a property at an open house, they prefer to do so. If an open house is not scheduled for a home they wish to view, they will call me to show it to them. Would they make an appointment and eventually view the property, anyway? If it doesn’t sell quickly, they probably would view it eventually, but their ability to view it sooner, rather than later, might result in a higher sale price for the sellers.

One reason some agents give for discouraging open houses is that open houses allow people who have not been approved for mortgages to view the home. While this is true, there are not many people who so enjoy viewing homes that they do so as entertainment. Most open house visitors have some interest in homes in the area and price range they visit or they wouldn’t bother. Also, some buyers have demanding jobs and cannot look at homes during the work week. They like the low pressure opportunity to visit homes on a Sunday without an appointment. As far as security is concerned, small objects of value should be safely hidden during open houses and during any home showings.

An open house hosted by the listing agent is most desirable because the listing agent’s primary interest is to sell that house. A listing agent should know a lot about the house and be in the best position to present it positively. If at all possible, sellers should request that their listing agent host open houses themselves rather than having another agent do it. Agents, other than the listing agent, may volunteer to hold an open house for a listing agent in order to possibly sell that house. If the buyers are not interested in that house the non listing agent may have the additional opportunity to sell the buyers another property. A non listing agent does not have as great a motivation to sell your home as does a listing agent, and does not have as great a knowledge of your property. Therefore, the listing agent is your best representative at an open house.

Attractive homes in attractive neighborhoods will sell during a strong real estate market, and an agent will not have to use all the tools available to him or her to sell your house. Attractive photographs, a for sale sign and posting the property on the MLS (Multiple Listing Service.) may be all that is necessary.

If the market isn’t particularly strong, and there are a number of other homes a buyer can choose from, agents should offer sellers all the tools available to them and holding open houses is one of them. Unless sellers are uncomfortable with open houses, or will be significantly inconveniences by them, why not utilize this tool to sell your home? Homes generally sell faster and for more money if there is competition in the market. The more people who view a home, the more likely it will sell quickly and for top dollar.

Tips for Home Sellers

The best advice I can give sellers is to price their home right, declutter and leave the house during showings.

Home Pricing

Many sellers either overvalue their homes or believe they need to inflate the listing price in order to allow room for negotiations.

The eventual sale price of a home will be based on what a buyer is willing to pay for it; and, buyers these days are very knowledgeable. From internet sources, buyers have access an abundance of information about the prices of comparable homes and those that have recently sold. They may also look at many homes before making an offer. It is unlikely that they will significantly overpay for a home. Even if they inadvertently agreed to do so, buyers who require a mortgage to pay for the house, may not be able to purchase the property if the lender's appraisal comes in lower than the sale price.

When discussing listing prices with sellers, I have sometimes been told that if a buyer wants to pay significantly less than the listing price for a home, the buyer should make an offer. This may seem logical, but our culture does not require us to actively bargain for many things and most Americans are uncomfortable making low offers for homes. They either think it's a waste of time, they don't want to insult the seller, or they think the seller will be difficult to deal with.

A realistically priced home attracts more buyers and more offers than an overpriced home.

If you are unsure of the proper price for your home after your realtor shows you information on comparable sales, ask your realtor if he or she will show you homes similar to yours that are currently on the market. That way you will get a better feel for home values and the competition.

There are some homes that are difficult to price. Older, historic homes or unique, high end, custom homes sometimes fall into this category. In these situations, it might be wise to have an appraiser value the home.

Decluttering

A home should be spotlessly clean and decluttered to show well.

Some sellers are touchy when the subject of decluttering or staging is introduced. The clutter may include items they regularly use, or may include lovingly collected items. Unfortunately, these items may be distractions for buyers who need to be able to focus on the features of a home in order to evaluate it properly. Too much stuff prevents them from doing so. If they can't connect with the property and envision themselves living in it, they will generally continue shopping.

Staying in The House During Showings

I realize that in some situations it is difficult for the seller to leave the home during showings. Elderly people or parents with a napping infant cannot always jump in a car or take a walk around the neighborhood. However, if possible, sellers should vacate the property during showings.

Buyers need to be able to envision themselves in a home. If they see you there, it is an obstacle for them to do so. They may feel like they are intruding and may hesitate to open doors and cabinets to thoroughly examine the property.

Buyers should also be free to express their likes and dislikes to their agents and may not do so if you are there. Their agents can sometimes answer questions or overcome their objections. Your presence interferes with them doing so.

Conclusion

These suggestions are basic and there are many more tips of the trade a good realtor can suggest. A listing agent should work with you to assure that your home looks its' best in person and on the internet.

Deadlines Matter in Pennsylvaial Home Sale Transactions

The Standard Agreement of Sale for selling and purchasing a home in Pennsylvania is loaded with dates and timeframes to which either the buyer or seller must comply. Our contracts are written on a "time is of the essence" basis which means that deadlines are binding.

This factor comes as a surprise to many buyers who come from states in which attorneys are heavily involved in real estate transactions. Generally, contracts in those states have more flexibility with deadlines.

Some areas in which care must be taken in order to comply are:

-The deadlines for response and acceptance of offers.
-The deadline for buyers to receive a mortgage commitment and provide proof of the commitment to the seller.
-The deadline for completing inspections of the property and requesting repairs or credits.
-The deadlines for sellers to respond to requests from the buyers for repairs or credits requested by buyers.
-The deadline for providing association documents to the buyers.
-The deadline for buyers to withdraw from the sale if the association documents are not to their liking.
-The deadlines for complying with local use and occupancy requirements.

If one of the parties fails to meet the deadline in the agreement of sale, that party loses their rights under that provision of the contract. If the buyer or seller is unable to complete an action within the timeframe in the agreement of sale, he or she request an extension of time from the other party. If agreeable that extension must be in writing and signed by both parties if it is to be binding.

Average Ages of Bucks County Residents

Here's are some interesting facts about the demographics of Bucks County:

I don't know what the causes are, but I find many older homeowners sell their family homes and move into smaller homes, many of which are in newer over 55 communities. Many choose to age in place or age in the area rather than in warmer areas.

Another factor is that homes in Bucks County are relatively expensive compared to homes in most other counties surrounding Philadelphia; so, younger home buyers are less likely to afford many of the available homes.

Home Sales in Washington Crossing as of June, 2014

In Washington Crossing, homes on residential streets priced between $400 to $650 thousand are generally selling well. As home prices increase, however, the rate of home sales slows with a surplus of inventory in higher price ranges.

Here is What’s Been Selling in Washington Crossing?

The Best Time of Year to Sell a Home

Spring is generally the most active time of year for the sale of single family residences. Many people move during the summer so children can start school in a new district in September. That doesn't mean that homes don't sell at other times of the year. Not everyone has school age children that are affected by a move. People move for many reasons and may have little control over the timing of their move.

Some sellers delay listing their homes until spring. Doing so doesn't necessarily result in a higher sales price. More buyers may shop for homes in the spring, but there are also more homes to choose from at that time, and sellers have more competition. The summer and early fall are great times to sell a home as well.

Bucks County Real Estate Sales Through April, 2014

Statistics are in for Bucks County Real Estate Sales for the first four months of 2014.

There was a very significant decrease in the number of both pending and settled home sales in April, 2014 compared to the sales in2013. Prices have been relatively stable, and homes have been selling more quickly than a year ago.

How's the Bucks County Housing Market Doing?

The real estate market in Bucks County improved in 2013. Demand increased significantly with 38% more homes selling in 2013 than in 2011.

While demand has increased considerably, prices have been fairly stable with an increase of 2.5% over the past two years. The following chart illustrates these trends:

Year Number of
Homes Sold Price Increase or (Decrease)
2013 6,106 2.4%
2012 5,117 .1%
2011 4,423 (5.5%)
2010 4,560 4.3%
2009 4,829 (6.8%)
2008 4,806 (6.7%)
2007 6,048 .6%
2006 6,408 4.1%
2005 7,454 11.6%
2004 7,470 13.1%
2003 6,893 10.0%
2002 6,429 15.6%
Source: MLS Trend

The reason for the prices not increasing relative to the demand is that buyers and lenders are being cautious. The real estate bubble was created by over optimistic predictions of future home values and loose lending practices. Through the internet, buyers have access to information regarding past sales and are able to compare values. They are reluctant to pay more for a home than were recently paid for comparable homes, and lenders are being more cautious in financing those purchases.

The prevailing sentiment of the early 2000’s was that home values will always rise and homes are always an excellent investment has been discredited. Buyers today are less likely to buy a home that they do not consider a good value.

Washington Crossing Brewfest

The Annual Washington Crossing Brewfest is scheduled for May 3 from 12:30-4:30 p.m.

Come Enjoy Beer, Food and Music.


Sponsored by the Friends of Washington Crossing State Park.


For more information and to buy tickets for this adults-only event, which sells out annually, go to www.washingtoncrossingbrewfest.com

Article on the New Hope Restaurant Week from www.visitnewhope.com

Are You Moving? Or, Just Have too Much Stuff?

As a realtor whose clientele inwww.yourgoodwill.org/shop/stores.phpcludes many mature adults, I find homeowners are frequently overwhelmed by the task of sorting through and disposing of excess clothing and home furnishings. It can be an especially difficult task for family members who must quickly clean out a deceased relative’s lifetime of belongings.

Many home sellers wonder where they can sell furniture and household items and are reluctant to sell items themselves through advertisements or garage sales. If this sounds like you, you might want to check out a couple of consignment shops that sell used furniture and home furnishings. They are choosy as to what they will accept, but if you have antiques, collectibles or currently fashionable furnishings, they might be worth calling. Here are two resources:

Classic Furniture Consignments, Marlton, NJ (856) 797-1707 www.maxexchange.com/cfc.htm
Decorators Consignment Gallery, Hopewell, NJ (609) 466-4400 www.decoratorsconsignment.com

Furniture and accessories can also be sold through auctions. Stephenson’s in Southampton and Brown Bros. in Buckingham are two well known auction houses in our area.

There are a number of local charities that accept furniture and clothing donations and some will pick up the donations. Among those charities are:

Trenton Rescue Mission (609) 815-3980 www.Rescuemissionoftrenton.org
Salvation Army, Trenton (609) 599-9801 www.Salvationarmytrentonnj.com
Salvation Army, Fairless Hills, PA (215) 946-1271
Impact, Hatboro, PA (215) 957-6131 x3105 www.impactthrift.org
Goodwill Store, Langhorne, PA (267) 364-6038 www.yourgoodwill.org/shop/stores.php

When all else fails, excess items can be given away through www.craigslist.com.

If all this sounds too overwhelming, or you want to make sure you are not giving away items that may be valuable, you might consult a pro. A professional can size up your belongings to identify valuables, and some will even assist you in sorting, packing, discarding and selling the contents of your home. Complete downsizing assistance is time consuming and can be expensive, but if you can’t do it yourself, it may be worth the expense. If you are interested in such a service, feel free to call me, I can recommend an appropriate service provider.

Bucks County Home Sale Stats through 12/31/2013

Single family home sales in Bucks County were up significantly in 2013 with 19.3% more homes being sold during the calendar year. Prices were up slightly for the year with an increase of 2.4% in the median sale price of all homes sold.


Pending sales decreased in December, but there was a significant increase in the number of settlements. Fewer homes are on the market, so buyers have been unable to negotiate as great a discount off of asking prices as in past year.


The statistics below refer to ratios of sale price to original listing price. Many sellers reduce the listing price during the sale process. These figures do not reflect the most recent list price.

New Hope Lambertville Winterfest

There's always something to see or do in New Hope and Lambertville, but during the annual Winter Festival, which runs from January 18-26, the twin river communities outdo themselves. There's something for everyone.

Activities include: -The Fire and Ice Ball -Fine food from local restaurants -Ice Sculpture contest -Parade -History Tours -Art Gallery Tours -Concert -Theatre Performance -And much more! For a full schedule of events check out the Winter Festival website at www.winterfestival.net/

My Houzz: From Underused Dining Room to Family Hangout

Kitchen designs, bathroom designs, and more ∨

As you rethink your kitchen design, browse photos of popular kitchen countertop materials, including granite, caesarstone, corian and quartz countertops.
Light up your living spaces with recessed light fixtures, a designer chandelier lighting or even a row of pendant lamps.