Great Time To List Your Home

Spring is typically a good time to list a home for sale, but this year is particularly favorable for Bucks County home sellers. There are currently fewer homes on the market than were listed at this time in previous years.

Take a look at this chart that shows the months of inventory over the past two years in Lower Makefield Township.

Buyers have fewer homes to choose from than in the recent past. This offers sellers an opportunity to sell their homes at a favorable price within a reasonable amount of time.

Radon--A Common Hazard Found in Bucks County

Take Action Against Radon

By John Voket


Homeowners should make sure they and their families are safe from the dangerous effects of radon. The EPA encourages everyone to have their homes tested - here's why.

The EPA defines radon as a gaseous, toxic radioactive element that comes from the natural decay of uranium in nearly all soils. It typically moves up through the ground to the air above and into your home through cracks and other holes in the foundation.

Your home can trap radon inside, where it can build up. New and old homes, well-sealed and drafty homes, and homes with or without basements can be affected.

You can’t see, smell or taste radon, but it could be present at a dangerous level in your home. Radon is the number one cause of lung cancer among non-smokers, according to EPA estimates, and overall, radon is the second leading cause of lung cancer.

The EPA recommends that you have your home tested, which is easy and inexpensive. Find a professional in your area or purchase your own test kit.You can find a radon test kit order form online along with a coupon. Some home improvement stores also sell radon test kits. Follow the directions on the package for where to place the device in your home and where to send it to receive your reading.

If you'd prefer to have a professional inspect your home, find out who your state radon contact is and the particular requirements for your state. Your state may also be able to provide you with a list of certified contractors.

If you're considering a new home, look for builders who use radon-resistant new construction. Fuad Reveiz of the National Association of Home Builders says building techniques to prevent radon from entering a home are practical, straightforward and an inexpensive way to offer families a benefit that could reduce their risk of lung cancer.

Visit www.epa.gov/radon for more details on radon and how to prevent it from risking your family's health.
Reprinted with permission from RISMedia. ©2017. All rights reserved.

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.

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.

A Tip for Septic System Care

I recently attended a septic system inspection.  Unfortunately, the system failed and needs replacing.

It's difficult to say exactly why its condition deteriorated.  The tank had not been pumped as recently as it should have been.  Also, the house has a garbage disposal which generally requires more frequent pumping than houses that do not.

One issue that jumped out at me was when the tank had been pumped, it had been pumped through the air vent.  The proper way to pump a septic tank is by removing the septic tank cover.

I've owned homes with septic tanks for over twenty years.  On two occasions I've caught the pumping company trying to pump the tank from the vent. Doing so will not properly remove all the solids from the tank and could eventually lead to solids getting into the leaching lines. 

The crews for the septic pumping companies sometimes take this short cut because many tanks require significant digging to uncover.  Digging down three or more feet when the ground is either dry or muddy is a nasty job.  It's not surprising that an unsupervised crew would seek a short cut.

When another one of my clients had their septic system inspected, it took a lot of digging for the septic tank cover to be reached.  They decided to add an extension to the tank opening so it could more easily be pumped in the future.

Not everyone can stay home when their septic tank is scheduled to be pumped.  However,
if the ground over the septic tank has not been disturbed, the pumping crew is likely to have taken a short cut. Beware.

Bucks County Home Values 2001 through 2013

Homes are now selling faster than they were a year ago and prices have stabilized. 

The average sale price of single family homes in Bucks County in 2012 was $324,000.  This represents no change in prices compared to 2011 and is comparable to sale prices in 2004.

Newer homes commanded relatively higher prices than older homes.  Buyers tend to pay more for homes with certain amenities. Homes with open floor plans, hard wood floors,and newer kitchens and baths command higher prices than others.  Buyers also value curb appeal and will pay more for homes with newer exterior features such as siding, windows and roofs.

Market Trends

The past several years have been tough for homeowners who were trying to sell their homes or hoping to increase their equity.  Will the next few years be any better?

No one has a crystal ball, but the predictions made by Fiserv's chief economist are in line with the opinions I've heard from others in the field.

According to an article in the December issue of Money magazine, Fiserv predicts a choppy real estate market in 2013 with prices increasing 3.4% from midyear 2013 to midyear 2014. That trend should continue with an annual increase in values of about 3.3% over the next five years. Keep in mind that these are national projections and local markets will vary.

The predicted annual increase of 3.3% may seem modest compared to the double digit increases between 2000 and 2006, but those increases were caused by loose mortgage lending practices and real estate speculation. 

Many older homeowners have been spoiled by the rapid increase in home values since the 1970's when the Baby Boomers entered the housing market.  Much of the rise in home prices between the 1970's and 2000 was due to the increased demand for housing by this large demographic group.  Now that the Baby Boomers are settled in homes, or are downsizing, demand for housing should more closely match the supply, and prices are likely to appreciate more slowly than they did during that period.

Preparing a Home for Sale

If you are trying to sell a home, make sure your home looks good on numerous real estate listing websites.

With 85-90% of buyers screening properties on the internet before visiting homes, the appearance of your home on various internet sites and in videos is extremely important. If you want buyers to schedule an appointment to view your home, they have to like what they see on the internet.

Occasionally, I'll see pictures on the internet that appall me.  The pictures of one home were taken during or after a party.  There were streamers in the living and dining rooms and presents and wrapping paper everywhere. Couldn't the real estate agent have come back a few days later to photograph the home when the house was neater?

I just viewed pictures of another home that was actually a very nice property.  Unfortunately for the seller, you had to look carefully at the on line pictures to realize it.  Plants were everywhere with vines winding around furniture and bookcases. I like plants, but when selling a house, "less is more".

 Some people might think, "Well they're not buying the plants", but few potential buyers take the time  to imagine what a home would look like if the decor were changed. Even though the house was priced below market value, it's not surprising  the listing expired without the home selling. 

  More subtle changes that can be made before the home is photographed are removing most items from kitchen counters, removing notes and magnets from refrigerators, closing toilet seats, hiding trash pails and placing attractive towels neatly on racks in the bathroom. Small items should be removed.  Items smaller than a football generally  look like clutter in a photograph. 

Some agents still take their own pictures rather than hiring professional photographers.  If they are skilled amateur photographers with sophisticated equipment, that's okay, but too often they are not.  Proper lighting and  wide angled lenses are necessary to capture the essence of a room.

When choosing an agent, you should discuss with them whether they will be making suggestions on preparing your home for the market.  Will the agent attend the photo shoot, or better yet, come a half hour early to make sure the property is ready for the photographer? 

Some agents work with third party professional stagers and will absorb the cost of a few hours of a stager's services. Whether a stager might help and who pays for his or her services are questions homesellers should ask agents.

 Will the agent hire a professional photographer and videographer?  If not, ask to see that agent's listings on the internet and check out whether photos are well lighted and capture representative views of rooms. The agent can't control the features of the house itself, but with attention to staging and good photography, he or she can help present your home to its' best advantage.

I usually engage a professional stager to provide suggestions on how to maximize the appeal of a home without the homeowner spending a lot of money, and I always hire a professional photographer. If a home doesn't look good on the internet, the number of buyers who will want to visit the property will be greatly reduced making it difficult to obtain the best price within a reasonable time frame. It's just good business to make sure a home looks it's best.

Upper Makefield Township Home Sales Statistics

Statistically speaking, there are too few homes in Upper Makefield Township to draw definite conclusions, but the information for the first six months ending April 30, 2012 supports the county wide trend that the real estate market is improving.

Here are the Upper Makefield home sales statistics reported by Trend MLS for the six months ending April 30, 2012 compared to sales information for the same period in 2011.  

Homes are selling faster in Upper Makefield than they were a year ago.  Most homes in the Washington Crossing section of Upper Makefield were priced between $400,000 and $600,000 and that price range showed the greatest improvement

Great Time to Buy a Home

The real estate market in Bucks County appears to be picking up.  There has been an increase in the number of sales during the first few months of this year compared to the number of sales during the same period last year.  Real estate agents are finding themselves very busy. With prices lower than they have been for eight or nine years, it is a great time to buy.

Check out this week's interest rates.  With rates this low, buyers are finding they can afford more expensive homes than they could a year or two ago.

If you are, looking for a new home, I will be happy to help you.

Bucks County Property Taxes

How do Bucks County Property Taxes differ from one community to another?

The school property tax rate varies by school district and township. Here's the county's web reference to the various milleage rates for each community. The milleage is applied to the assessed value to determine taxes.
http://www.buckscounty.org/government/departments/finance/BoardofAssessment/MillageRates.aspx

Be aware that the assessed value of two properties that are both appraised at the same market value can have notably different assessed values. A general county wide assessment has not been performed since the 70's; so, property assessments don't necessarily reflect market values.

Communities with few commercial or industrial properties will have higher tax rates than those with such sites.

Upper Makefield Township's Top Realtors

Coldwell Banker Hearthside Realtors sold more homes in Upper Makefield Township in 2011 than any other Realtors.  With 28.8% of market share, Coldwell Banker Hearthside Realtors is the # 1 realtor in Upper Makefield.