Is today's market still a buyer's market?

      Statistically as of January 2014, the Philadelphia Area is still a buyers’ market. Does that mean being on the seller side is going to put you under? No!!

In my personal opinion stop waiting for the market to rise! There is never a better time to sell then now! Does your home need an upgrade? Will you be getting back what you’re putting in? It depends on what the cost of a fix will be to add value in something your buyers want to see or have. Your location is a large part on what type of fix you may need to do. For example, in the Philadelphia Metro Area many of the houses are older, buyers are not expecting to have newly built homes so do not try to over modernize when it’s not needed! Upgrades are nice, but there is no need to put in a 30,000 dollar contemporary kitchen into an old brownstone.

Just a tip… HGTV is a great channel to watch for DIY ideas and tricks. Yet, just because you see them making a 30,000 income suite in their home doesn’t mean in the market where you are located that is going to be worth the investment!

My advice to you is to:

1.    Research your area

o   What do buyers want?

o   What are the comparable to your home?

o   Do you want it priced to sell right away or are you willing to wait 75 days instead of under 30?

 

2.    Do minor improvements first like the list below from the Philadelphia Inquirer:

o   Fix Screens

o   Make sure all windows work

o   Caulk bathtubs, especially the base around the shower

o   Change heat, ventilation, and air-conditioning filters.

o   Change hinges in the bathroom, and kitchen.

o   Paint HVAC registers.

o   Clean the tops of the door trims and ceiling fans.

o   Clean switch plate covers.

o   Be sure appliances work.

o   Clean kitchen hood, filters and bathroom exhaust fans.

o   Clean the dryer vent.

 

3.    Decide if you think major improvements are in need for example like updating kitchen cabinets, even if you DIY! There are many ideas and options online showing what you can do to stage and do minor things that will make your home more appealing and wanted by buyers without putting yourself in a hole!

 

Source: http://www.philly.com/philly/classifieds/real_estate/20140105_Selling_a_home_in_an_uneven_market.html#xq6pcBgBBc1Q65Ex.99

Where Will Your New Home Be?

There are many aspects involved in buying a home. Some of these include money, time, and location. In society, as it is today, the first thought that comes to mind is “How much can I afford, or how much am I willing to spend”. In my personal belief before you even think about the cost of the house you may want, you need to know what area you would like to be in.

Location, location, location…

Here are 5 main factors in deciding your prime location:

1.      Job – Where do you work? Do you travel a lot? Do you work in the city, suburbs etc. You want to be fairly close to work so there is not a massive amount of traveling in your everyday life. Although, if you work in a city like Philadelphia for example, you may want to live in the suburbs, such as Wayne, Havertown, and Norristown where you can take the train to avoid traffic, parking, and the all-around city hustle.

2.      Transportation- Is being close to the train or highway important to you? Do you get on the major roadways every day for work or activities? You want to be sure you look for an area that is accessible for your lifestyle. If you go to yoga every morning, why move to a neighborhood that traveling is going to take you 20 minutes to get there? Look a few miles closer to major roadways to cut away a major part of that travel time.

3.      School – Do you have kids? Are you planning on starting a family? Schools are a large part in the choice. As a parent you want to be in an academically acceptable school district for your children, especially if you are planning to stay in the home for a long time. Make sure that you look not just at elementary schools, but what high school is associated with the district for the future.

 

4.      Playgrounds, kid friendly etc. – If you already have a family or are planning on it, you more than likely want to be in a kid friendly neighborhood. This can include nearby playgrounds, the library, and even daycare. Maybe you want to see that others in the neighborhood have kids close to the age of your own. These are just some examples. Each family has their own needs with their young ones.

 

5.      Shopping – Do you want to be close to the grocery store, a shopping mall, or the dry cleaners? Maybe it is ideal for you to live close to a coffee shop because you meet your clients there three times a week. Do you want shopping to be very accessible or even within walking distance, or should it be farther so you don’t shop all the time?

It’s your life, your decision. These are just some tips to keep in mind when finding your new home!