Just today the United States House of Representatives voted 403-12 to extend and expand the Home Buyers Tax Credit.

The National Association of Realtors has provided this helpful document summarizing the details of the new Home Buyers Tax Credit.

Following the 48-0 vote by the United States Senate yesterday, and remembering our civics lessons, the Home Buyer Tax Credit will become law effective on the date that President Obama signs the bill.

Home Buyer Tax Credit Extension – Highlights of Changes:

*First Time Buyer Tax Credit is $8000 ($4000 if married/filing separately)

*+Tax Credit For Current Homeowner of $6500 ($3250 married/filing separately). Eligibility requires home being sold was principal residence for consecutive 5 years of the previous 8 years

*Credit Terminates for purchases After April 30, 2010. For the Extension Credit there needs to be a written, binding contract in effect on April 30, 2010. Purchasers will have until July 1st to close.

*You’ll note that the income limits have increased to $125,000 for a single purchaser and $225,000 for a married purchaser AND there is a limit of $800,000 on the cost of the home being purchased.

*The effective date of the Home Buyers Tax Credit Extension will be the date that President Obama signs the bill.

Be sure to save the the paper work from your purchase. Your documentation must be attached to your tax return. Check with your Accountant, but I’m guessing you will need your fully executed Agreement of Sale and your HUD-1.

This should bring a breath of fresh air to our housing markets and a smile to our piggy banks. Don’t miss out! Call me today, Judy Peterson 610-889-5509,  so that we can get started finding the right home for you!

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The Senate is working on approving  The First Time Home Buyer Tax Credit Extension. Part of the proposal is to Expand The Home Buyers Credit for existing home sellers/home buyers but so far there is no Senate Vote. Possibly next week there may be a vote ready to go to the House and from there who knows?

From Soap Operas like Days of Our Lives  (”tune in tomorrow for the next exciting episode”), to Dallas, we’re drawn to cliff hangers. Who didn’t tune in  to find out, Who Shot JR?

Remembering Saturday afternoon at the movies…return on deposit money pennies were saved from collecting empty Coke bottles, and then spent on Saturday afternoon movie adventures. We were transported by the story, as only children can be, until these words popped onto the screen …”To Be Continued”. They were delicious seconds of anticipation. But even before I could read, I’d cover my ears from the hoots and hollers, catapulting me back to reality as the lights came up.

Oh, how the good guys (white hats) and bad guys (black hats) would live on in our imaginations . . . until next time. We were children play acting with simplistic viewpoints.  What did we know of the flip side pain and agony of some real life cliff hangers?

First Time Home Buyers and their Real Estate Agents, are following the real life cliff hanger that’s become the “perfect storm” of our economy. It will take more than help for just First Time Home Buyers to improve the housing market. Expanding the Home Buyer Credit could be a positive place to start.

However, unless unemployment and confidence improves, we may just be giving money to those who might have purchased a home anyway.

Are The Good Guys In The House The Senate or Both?

The Senate has not approved a proposed extension of The First Time Home Buyers Tax Credit or yet voted for an expanded Home Buyer Credit. Doesn’t mean they won’t, but it’s not done yet.

I like this image. While it shows risk, it also shows something we all need right now skill, courage and hope!

Hold onto your hoots and hollers! I’ve received several emails saying that the Senate Proposal is a done deal and as far as I can tell, we’re not there yet.

. . . To Be Continued . . .

Want some reliable help with your real estate questions? Ready to buy a new home or need to sell a home? Contact or call me, Judy Peterson 610-889-5509 with all of your real estate questions and concerns.

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The Third Quarter Tredyffrin Real Estate Absorption Rate is looking more like a normal real estate market instead of one drowning in inventory.

Some months I have felt like I needed a huge mop to soak up the excess inventory. And in some markets that’s still the image that resonates.

But here in Tredyffrin Township for the Third Quarter Real Estate Market, we’re showing signs of recovery. The months supply of inventory is down to 5.6 months.  Keep in mind that the MSI and the Absorption Rate is based on the assumption that no new inventory is coming on the market, which is never the case.

The Months Supply of Inventory and Absorption Rates are averages, so there are definitely properties selling within days and even some with more than one offer and others, especially in luxury home price ranges, that are languishing.

MSI and it’s second cousins, Days On Market and Interest Rates, are the only numbers we like to see coming down in real estate market statistics.

The MSI for September 2009 is down to 5.6 months in Tredyffrin compared to an MSI of 7.7 months in September of 2007. The Days On Market in September of 2009 is 81 DOM which is up from 34 DOM in September of 2007.

The DOM indicator is up 139% and the Months Supply of Inventory is down 27%.

Contact or call Judy Peterson Realtor 610-889-5509 Prudential Fox and Roach Devon Home Marketing when you need a professional Market Analysis for your home in areas like Tredyffrin Township, Chester County Philadelphia Main Line Pa.

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As the Market Dynamics for Tredyffrin Township show, all of the Median Price indicators are down for September 2009 as compared to September 2008 and September 2007.

While it’s painful to write that all of the Median Price indicators are down, we could view these statistics as a positive indicator.

Not to get in front of the market, but the fact that the number of sold transactions are actually up by 3% and the number of under contract transactions as of the end of September are also up by 23% suggests that the correction we’ve been waiting for in Tredyffrin Township has taken place or is at least moving in the direction of a more balanced real estate market.

Tredyffrin Real Estate Median Price Dynamics 2007/2009:

For Sale Prices Down 3% from $422,250 to $411,200

Under Contract Prices Down 29% from 382,450 to $272,400

Sold Prices Down 47% from %522,500 to $275,000

Tredyffrin Real Estate Supply and Demand Dynamics:

Number of Homes Sold is up 3% from 34 to 35 homes sold

Number of Homes Under Contract up 23% from 26 to 32

Number of Homes For Sale is down 6% from 250 to 236 homes for sale in Sptember 2009

Should I take my home off the market for the holidays?

Now let’s just take a look at the Number of Homes For Sale in Tredyffrin Township. It’s down by 6%. That’s a good thing and part of the answer to the question, “should I take my home off of the market for the holidays?

The answer is no, do not take your home off of the market for the holidays, at least not this year.

First, if they can’t see it, they can’t buy it.

Second, can you see that you have a competitive advantage being in the Tredyffrin real estate market while the other two Supply and Demand numbers are on the upswing?

You heard it here first! Call me, Judy Peterson 610-889-5509, when you want informed, tech savvy real estate marketing service to work for you whether you’re buying or selling a home in Tredyffrin Township, moving down the street or across the country.

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So here I am now 4 months into in-tech love with my iPhone. I keep rewriting this post about how wonderful the iPhone is for Real Estate Agents. And the reason for the constant editing is that it seems that every day I find another great App that comes onto the market that’s helpful to Realtors® in the daily practice of real estate.

It’s an awesome Christmas morning feeling when I see that little update light go on telling me that there’s a new exciting feature for one of my Apps. One of life’s simple pleasures!

Now, I have some good friends that I respect. They have brand x phones or hand helds. Are you a Realtor with a brand x phone/hand held?

Give it away.  Or sell it to your friend, sister, brother or neighbor who is not in real estate and get an iPhone. Do I really mean that? I do.

Ok, now on to the fun part. It took me forever to find out how to make these cool screen shots. So now I’m going to share it with you so you can write a post and share your favorite iPhone Apps.

Here’s how to copy your iPhone screen: Display the screen you want to capture, hold down the depressed button on the bottom and then click the top on/off switch once quickly, voila a copy of the screen is saved to your photo App. See, you prolly already knew that, but I didn’t. Then email the screen capture to yourself or send it to Posterous. Easy peasy!

Judy’s 15 Must Have iPhone Real Estate Apps:

Near Buy - one of the most ingenious and useful Apps for Realtors. Showing a house? Buyer asks, “how much is that house down the street”. Walking your adorable Bichon pup named “Daisy” (oops that’s me) and a neighbor asks about a house she saw? Look it up on the spot in Near Buy. You look really smart.

Around Me – tell your Buyers about all the lifestyle, interesting places around a neighborhood like hospitals, theaters, hotels, supermarkets, taxis, parking, etc. It takes much more than 4 br 2.5 baths to make a happy client.

Smarter Agent – Accurate, clean, well designed real estate app.  It really works like a Swiss Watch for looking up property, listing contact information, etc.

Trulia – Excellent Real Estate Property App. When I’m at an Open House, my iPhone is set to open in Trulia.  Guaranteed, that someone will ask me if there are any other open houses in the area or they will ask the price of the other two listings in the neighborhood.

Zillow – Check out the Zestimates as Zillow names them. They’re often not accurate in my area, but it’s good to know what clients are finding online.

Walk Score – Walk Score is becoming huge to City planners as more and more people seem to want a “town center” or walk to shopping. It just depends on your market. In some high end market areas it might not be a plus having a high “walk to” score. No question though, that the concept of a town center is a definite trend in housing.

My New Place – This one’s new on my iPhone. For many reasons, Rental properties may be trending stronger. Anyway, there’s always a need to share Rental costs with clients if only to illustrate the investment benefits of owning a home compared to financing the landlords real estate dreams.

Calcs Pro and Fast Figures – are two nice financial Apps that walk you through some of the important numbers that buyers and sellers need to consider. There’s no substitute for talking to a trustworthy Trident Mortgage Representative (call for the name and number of my fav), but these can help.

Evernote – is a powerful Organizer/Note taking App I learn more about every day.  You can send photo, voice notes, and to do’s to, even pdf files to Evernote. The Home Inspector hands you a business card – take a photo of the card together with the info and you won’t be searching through your pockets looking for the information when you need it.

Gas Buddy – Road Warriors can save money and find the lowest gas price no matter where you are.

Yelp – Long day of showing homes? Just open Yelp to find your clients favorite spot when you want to take a coffee or lunch break.

365 Holidays – Need to know if a contract day falls on a holiday? Of course you do.

Twitteralator Pro and Tweetie – I like both of these for keeping up with the latest and greatest on Twitter. If I had pick just one, it would be Twitteralator Pro. But I also like Tweetie because it’s simple and easy to flip through the tweets for a quick read.

Facebook – The iPhone Facebook App makes it easy to stay socially connected with friends and family and clients.

The iTunes Store has over 75,000 Apps for the iPhone and I have just 72 of them. My favorite Photo Apps will be the subject of my next iPhone post. I use my Nikon DSLR together with a fabulous wide angle lens for taking my listing photos and for my  jp Real Estate Photography service for area agents.  But a few great iPhone Photo Apps are a must have for every Realtor. You know, “a picture being worth more than a thousand words” or dollars in the case of real estate.

Stay tuned. Tell me about YOUR favorite Apps.

Buyers and Sellers, want to work with a tech savvy Realtor who will use every available real estate marketing and social media tool to get your Chester County Main Line Pa property sold or help you find you the perfect new home? Give me a call now, Judy Peterson, Realtor 610-889-5509, Prudential Fox and Roach Realtors Devon Home Marketing Center. I can help.

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I will say that I’ve never seen anything quite like this market in my 18 years as a Realtor.  More than usual, the Buyers and Sellers appear to be marching to the beat of a different drummer. This is apparent in the disconnect between the August increase in the Median For Sale Price and the drop in the Median Sold Price and Under Contract Price.

From the 5% median For Sale price increase of $439,900 over the August 2007 Median For Sale Price of $419,500 to the 6% Median Sold price drop ($435,000) in August 2009 as compared to August 2007 Median Sold Price ($462,450), it appears that, at least here in Tredyffrin Township, Buyers and Sellers perceive the market direction very differently.

This month, I waited to do our August Real Estate Market Update, to make sure that every transaction for August 2009 was in and recorded in the MLS, just in case there were some Under Contract transactions with longer settlement dates.

The Under Contract transactions dropped in Median Sale Price by 26% from $439,900 in 2007 to $324,935 in August 2009. The August 2008 Under Contract Price was $370,000.

How about the Supply and Demand numbers for Tredyffrin? Do they support the belief that the Median For Sale Price should increase by 5% over August 2007? The number of homes sold in August 2009 (45) has dropped 30% over the number sold in August 2007 (64). While those under contract are up only 4% from 25 UC in 2007 to 26 UC 2009.

So maybe the good news is in the Months Supply of Inventory? The current MSI is 7 Months compared to 7.3 Months in August 2007. While the Days On Market DOM has increased 84% from 52 DOM in 2007 to 95 DOM in August 2009.

August 2009 is not as pretty as the prognosticators were predicting. It’s still a Buyers Market or maybe the Buyers just stayed at the Shore for the September low rates.  Either way, we’ve now tied up the lose ends of Summer. And from here, good, better and best pricing is still a critical issue, together with impeccable showing condition. You know, just in case you get a 90% or a 92% offer? I’m just sayin. You heard it here.

Do you need to know what the right price for your Tredyffrin home is? Or what impeccable home showing condition means for your Tredyffrin home? I can help you. Contact or call me, Judy Peterson 610-889-5509 Prudential Fox and Roach Realtors, Devon Home Marketing. I love helping Sellers get their property to sold for the best price and helping Buyers make wise buying choices.

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How Will Amended Regulation Z Changes Affect Buyers and Sellers?

Regulation Z has recently been amended, and will apply to loan applications filed on or after July 30, 2009. It’s a law and a fairly complex one at that. I included the full amended link here.The tiny print just reminds me to get my eyes checked.

“Say What?” is a fairly common response to the question of, “How are you preparing to respond to the new provisions of Reg Z?

Highlights of Regulation Z Changes Effective July 30, 2009:

Here are the simple bare bones highlights of the Regulation Z changes. And just for fun let’s start with the “fly in the ointment” provision in item 3 below, since not all readers will bother clicking to the second page (you know who you are .

• Your Lender must give you a TILA good faith estimate within 3 business days after you apply for a loan. No other fees except for a credit report can by collected by your Lender at this time.
• There is a 7 day waiting period before you can close on a property, after you receive your TILA good faith estimate, known as the “early disclosure” period.
• If the annual percentage rate (APR) changes by .125 percent, your lender is required to give you, the borrower, a new TILA Disclosure AND the Lender and the Borrower must wait an additional 3 Business Days before closing the loan. As a borrower you need to know that the Annual Percentage Rate includes other costs related to settlement, not just the interest rate. Think about that for a minute, an eighth of a point up or down, and closing on the loan (and possibly settlement) must be delayed 3 business days.
• The new Regulation Z requirements pertain to mortgages on your home as well as a second home and any refinance of your home or second home.
• Consumers can waive the 3 day or 7 day waiting period for a “personal financial emergency” such as pending foreclosure, for example.
  

The Law of Unintended Consequences

That’s 10 business days of waiting for the Borrower. What do you think about that? See any potential problems in the day to day practice of real estate?

I’m sure that there are more concerns that I might have missed since I’m a Realtor, not a Lender or an an Attorney, but here’s a few that I can see that come under the heading of the Law of Unintended Consequences:

1. If you’re the Borrower, you need to lock in at least 10 days prior to Settlement and 14 days would be safer (the law reads “after the expiration of a 7 day waiting period) or you could be unable to settle on your contract date. My advice to Buyers  is talk to your lender and make sure they are informed about Reg Z, then“lock and lock early”.
2. If you’re a Seller, you need to know that your firm settlement date just became a little less certain and reliable than it used to be. You may need a back up plan of a place to stay with family or friends for a few days, or a rental, just in case you have a back to back settlement for the sale and purchase of your new home.

In the real world, last minute fees prior to settlement are not uncommon. In the real world, Sellers need their proceeds to go on to their purchase settlement involving third party Sellers and Buyers. Nothing concerns Buyers and Sellers more than the coordination of successive transactions.

In the past, Sellers often left the settlement table and headed straight for the Airport for a new job and their new home closing.

What’s the Sellers tolerance for delay? What’s to stop someone with “buyers remorse” from making last minute changes to subvert the contract? Of course it’s important to have laws to protect Borrowers from unscrupulous and undisclosed lending fees, but does the amended Regulation Z leave Sellers less protected?

I’m just sayin! Real world implementation raises lots of questions. Am I a worry wart? We’ll see! It’s my job to protect my Buyers AND my Sellers.

As I know more, I’ll bring it to you. But the take away message to Buyers is, lock in early. Don’t make last minute changes that could affect the APR. Sellers, have a back up plan and be prepared for possible delays. Consult your lender and/or your Attorney.

Contact or call Judy Peterson, Realtor, 610-889-5509 with ALL your real estate questions.

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If you’ve been puzzled and sitting on the fence when it comes to your home ownership dreams all I can say is ouch! Now is the time to get off of the fence and take advantage of this opportunity for your potential First Time Home Buyers $8,000 Tax Credit*.

We all crave our own space, good neighbors to share a back yard barbecue with, a place for the kids, some flowers and a few tomato plants. Many of my first time home buyers can’t wait to say goodbye to “broker beige” and decorate in their favorite colors to express their personal style.

Check out my 7 Point First Time Home Buyers Quick Summary and let me know what you think? You might be looking forward to investing instead of throwing money away on rent. Our homes were never meant to be banks, but even with our current challenges in the financial and housing market, home ownership has historically out performed the stock market for investment return, interest rates are at historic lows, prices are down and sellers are motivated.

7 Point First Time Buyer Tax Credit Quick Summary. Do You Qualify For The First Time Home Buyer Tax Credit?*

1. You’re a First Time Buyer who has not owned a home within the last 3 years prior to your home purchase date
2. You will close on a home between January 2009 and November 30, 2009.
3. Your home purchase will be your primary residence, not a vacation or second home.
4. You are not purchasing a home from a close relative, parent, child or spouse
5. You DO NOT qualify if your single personal income is more than $95,000 or if your joint income is more than $170,000.
6. If you qualify, the credit you receive is equal to 10% of the purchase price up to $8,000.
7. Buyers with up to $75,000 of income and joint filers with up to $150,000 of income may get the maximum credit. But single buyers with incomes between $75,000 and $95,000 or joint filers whose income is between $150,000 and $170,000 may have their tax credit decrease at the upper range.

3 Ways To Use Your First Time Home Buyer Credit*

• Claim the First Time Home Buyer Credit on your Tax Return in 2009
• FHA may approve borrowing against the tax credit to help cover your closing costs or to increase your down payment
• since the $8,000 possible tax credit is a refundable tax credit up to 10% of the purchase price, and if your tax liability is less than $8,000, the IRS may refund the difference.

*Since I am not an Accountant or an Attorney I advise my clients to consult their Tax Adviser or Attorney with all of your tax related questions.

Call me to find out more about some good First Time Homebuyer choices, Judy Peterson, Realtor, Prudential Fox and Roach Devon Home Marketing 610-889-5509.

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1901 Parker Hill Lane Pa in Chester Springs, West Pikeland, Pa 19425

You’re invited to our Open House, Sunday 6/7 and 6/14/2009 from 2-4pm

Come visit the first Sunday Open House on June 7th and Sunday June 14th, 2009 from 2-4pm to preview this spectacular Custom Designed Home.  Experience the joy of the true Chester County Main Line Pa lifestyle in this convenient Chester Springs location. Bask in the superior quality amenities of a custom, unique architectural style home featuring dramatic yet cozy and livable spaces that will meet all of your family’s needs. Popular Downingtown East Public Schools PLUS access to sought after private schools such as the Kimberton Waldorf School and The Montgomery School. Popular Downingtown Pa, Chester Springs, Kimberton Shopping or zip into Wayne and Paoli for some favorite shops.

Highlights: First Floor Master Bedroom Suite, 6 Bedrooms, 6.2 Baths, In-Law Suite with private entrance, 4 car garage, custom pool/spa, 9ft and 10ft ceilings, palladium windows, chester county stone raised hearth fireplace and much, much more!

Directions: Route 202 to 401 West, right on Route 113, left on Horseshoe Trail, right on Parkerhill.

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1901 Parkerhill Lane, Chester Springs Pa, 19425, a new Featured Listing and home for sale, is a stunning Country French Style Manor Home that combines the elegance of Philadelphia Main Line Style with an eye for Chester County Charm and quality details. This is the ideal country retreat home for you and your family, away from the hustle and bustle while just minutes to your favorite restaurants in the Philadelphia Main Line and Chester County Pa. Enjoy the following slide show or click on Virtual Tours above for more photographs of this unique property.

The pride of ownership and the finest architectural design details are featured in quality materials such as Baldwin Brass, Kohler Sinks, Granite, Marble and custom Amish Kountry Kraft Cabinetry. Discriminating buyers will appreciate the superb quality upgrades.

All your family needs have been anticipated in this gorgeous home featuring 6 Bedrooms, 2 Family Rooms, a formal Living Room and Formal Dining room, first floor Study, Gourmet Kitchen, 6 Full Baths, 2 Powder Rooms, a first floor Master Bedroom Suite, an In-Law Bedroom Suite and an attached Au-pair Suite with bedroom and full bath with a private entrance PLUS a finished, heated, 4 car garage, a gorgeous pool and spa surrounded by professional landscaping and charming exterior Porches!

1901 Parkerhill Lane in Chester Springs is served by Downingtown East public schools.  Offering a convenient location just off of historic Horseshoe Trail, with easy access to Route 113, Charlestown Road, Route 29 and Route 401 providing quick access to all major Corporate Centers.  You’ll find some fab shopping choices in Exton, Downingtown and King of Prussia or zip into Paoli or Wayne in less than 15 minutes for your favorite shops.

Chester Springs, Downingtown, Uwchlan, Upper Uwchlan and West Pikeland is an area that abounds in fun things to do. Visit the Yellow Springs Art Center, Marsh Creek State Park, Valley Forge National Park, The Mill At Anselma or the best ice cream ever at Milky Way Farms!  And don’t forget fine dining or Sunday Brunch at some charming, fun local restaurants like The Kimberton Inn, Duling Kurtz, The Vickers or Birchrunville Cafe.

For Additional Information Call:

Kathy Gagnon Prudential Fox Roach Exton 484.875.2581 or

Judy Peterson Prudential Fox Roach Devon 610.889.5509

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