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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*Lower Merion Township, Radnor Township and Willistown Township  have earned two Mops for their Months Supply of Inventory and Days on Market for September 2009 as compared to September 2007. Of course the market will look a lot healthier when the volume of Sold and Under Contract transactions begins to move in a more positive direction.

As you can see Lower Merion Township (Montgomery County) has the highest Days On Market, 102 DOM and the highest Months Supply of Inventory at 10.9 MSI, an increase of 8% over September of 2007 with Radnor Township (Delaware County) following close behind.  In part, a backlog of New Construction, Luxury Home Styles and a higher median sale price are the main reasons.

West Goshen and East Goshen Township are really normal looking, balanced real estate markets.

Chester County Real Estate Supply and Demand Numbers:

Number of Transactions For Chester County as a whole are down for September 2009 as compared to September 2007:

• For Sale -3%

• Under Contract -3%

• Sold -17%

We generally define a balanced market as being between 5 Months and 6 Months of Inventory. Although, as with Tredyffrin Township, we can attribute some of drop in inventory to properties having been withdrawn from the market.

*All data courtesy of Trend MLS and Terradatum is deemed accurate but not guaranteed.

Contact or call Judy Peterson, 610-889-5509, Prudential Fox and Roach Realtors Devon Home Marketing Center.

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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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2009 l Climate Change

Today is Blog Action Day 2009 l Global Climate Change is the topic that Bloggers around the world have agreed to write about with the goal of raising awareness on one critical issue that impacts each of us.  Climate Change and Climate Control are big issues! Big enough to be overwhelming. But we need to resist the temptation to do nothing. We each need to accept responsibility for the future our planet in big and small ways.

I’m a proud Mom who’s often inspired by my two children and 3 precious grand children. As a real estate agent I spend my professional life helping families. And so it’s no surprise to me that our children and young people are the hope of our future. We need to educate ourselves as well as support and follow the efforts of our Children For Climate Change.

When my children were young they loved the children’s literature  from a series called, “The Borrowers” by Mary Norton. The Borrowers were a secret society of subterranean little people who were responsible for  all of those “things” that seemed to mysteriously disappear. You know, like the disappearance of just ONE of all the matching socks from the dryer.

Children delight in the antics of The Borrowers,  in part because the little people became the heroes because “the big ones” had messed up. First they are charming stories. And second,  they satisfy our human desire to avoid or shift responsibility, to point a finger and say, “it’s not my fault”.  As a Mom, I loved the message of personal responsibility in these well written stories.

The National and International Climate Change Debate in Copenhagen 12/7/2009:

• The Pew Center For Global Climate Change has lots of information to help us get up to speed on the issues and to be informed about the National and International debate on Climate change that’s taking place in Copenhagen December 7th 2009.
• Learn about individual States Climate Change Initiatives and see what your State has done or is doing to reduce Green House Gas Emissions and this recent update by The Pew Center.
• Follow the meetings in December at Copenhagen to ensure that we reach a Global Climate Pact.

Global Climate Control In Small Pieces:

• Support State and local environmental initiatives.
• Find ways to be Green in our personal family living.
• Use environmentally safe products.
• Support “Green” practices in our own community.
• Support Sustainable Farming in our community.
• Recycle, redesign, reinvent.
• Help those who can’t help themselves.

“Lead, follow, or get out of the way” is another way of saying that nature abhors a vacuum. We can no longer wait for the emerging nations or “someone else” to take a stance on GHG Emissions. Our own National leadership needs to lead the way and support the work that many States have begun. It’s time to do the right thing.

The enduring popularity of The Borrowers illustrates to children, and each of us Adults, that the road to personal responsibility is, at times a difficult road to travel. Today we face a bigger challenge of losing life itself.

What to do with a big problem like Global Climate Change?

Make it smaller…many pieces smaller.

Join together with others in a world wide community of  awareness and action.

Pick up your personal piece of the Global Climate Change challenge.

Think small but start walking!

Vote Earth!

“A journey of a thousand miles begins with a single step” Confucius

Let’s be good “human beans” and not “witless” borrowers of the future of our children and grandchildren.

#BAD09

#VoteEarth

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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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Our July 2009 Real Estate Market Statistical Report compares the Chester County Real Estate Market Activity for July 2007 to July 2009 for Chester County Homes Sold, Chester County Homes For Sale, Median Sold, Chester County Median For Sale and Median Under Contract Real Estate Pricing.

The National Association of Realtors® reports in the NAR National Existing Home Sales Report, that for the first time in 5 years, existing home sales have increased 4 months in a row as of 8/21/09.  I’m looking forward to the Market Reports for August since my intuitive impression is that the Real Estate Market in our area is alive and kickin’ again. I’m hearing more and more properties selling in record time and some even with multiple offers, especially when “priced right” and in awesome condition!

The Market Dynamics show that all Median Price indicators are down for this period: Median Sold Prices Down 2% from $310,500 to $305,000 In July 2009, Chester County Homes For Sale down 3% from $374,950 to $365,000 and Chester County Homes Under Contract down 15% from $335,000 to $285,000 in July 2009.

It’s interesting to note that Median Prices were up slightly in June of 2009, but not maintained for July 2009

Supply and Demand, (number of units) were down for the period with Number of Sold Units down 14% from 581 units to 497 units, Number of Chester County Homes Under Contract down 11% from 511 units to 454 units in July of 2009.The Number of Homes For Sale is down 1% from 4,852 homes for sale in Chester County to 4,788 homes for sale in July of 2009.

The Chester County Months Supply of Inventory (Days On Market) continues to be a significant indicator. The Months Supply of Inventory throughout Chester County Real Estate Inventory is up from 7.5 MSI to 8.6 MSI in July 2009. The Days On Market has increased from 60 DOM to 83 DOM in July of 2009.

This is a significant improvement downward from January of 2009 but still a real estate market factor that continues to describe a Buyers Real Market. A neutral Market is loosely defined as one in which the Months Supply of Inventory hovers between 5 Months and Six Months of Inventory. We’re definitely headed in a healthier real estate market direction compared to the 11.5 Months Supply of Inventory back in November of 2007.

The final Basic Absorption factor is Residual Inventory which is up 5% from 3,045 to 3,191 Residual Inventory Homes For Sale in July 2009 and New Listings which is down from 931 New Listings in Chester County to  814 New Listings in July of 2009.

Contact or Call 610-889-5509 Judy Peterson, Realtor Prudential Fox and Roach Devon Home Marketing Center to find out more about your neighborhood real estate market.

*All data courtesy of Trend MLS and Terradatum is deemed accurate but not guaranteed.

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Town Homes and Condos offer some good choices for First Time Home Buyers, Seniors downsizing and Investors because of the attractive lifestyle. The Community of Chesterbrook in Wayne 19087 Tredyffrin Township PA is one of Chester County’s most popular Town home and Condo locations.

New Condo Townhome Buyer Tips and Tricks

• Docs and Rules and Regs need to be ordered earlier the process.
• Disclosures are more important than ever before.
• Financing can take a little longer as some markets (not ours) had high foreclosure rates in the condo segment of the real estate market.
• Each segment of the market has it’s own challenges as we work through economic and housing recovery. Potential $8,000 tax credit of free assistance from the government remains the pot at the end of the rainbow for First Time Home Buyers for homes purchased BEFORE November 30, 2009.
• Thinking about purchasing to take advantage of the First Time Home Buyers Tax Credit? Don’t delay! Except for cash buyers, the days of 30 day closings seem to be a thing of the past.

*A look at the June 2009  housing statistics in Tredyffrin compared to the market activity in June of 2007 shows a good 4% increase in the median sold price for townhomes and condos in Tredyffrin, including Chesterbrook. The Median townhouse/condo sold price in June of 2009 was $299,000 with an average of 42 days on the market.

The Supply and Demand Number of Units sold in June of 2009 was 19 units sold compared to 30 units sold for June of 2007 a 37% drop.

During the time period 62 Townhouses and Condos sold in Tredyffrin Township and 30 of those sales were in the community of Chesterbrook.

Days on the market and Months Supply of Inventory are beginning to return to some normalcy with June DOM at just 42 days from listing date to settled date as you can see from my Months Supply of Inventory Graph. While the MSI is currently 3.9 months  in June of 2009 as compared to 2.9 months in June of 07 that’s a huge improvement over the statistics from December/January of 2008.

There were 54 Town Homes and Condos for sale in Tredyffrin as of the end of June and 26 of those town homes were in Tredyffrin, Wayne,  Chesterbrook Pa.

*Data courtesy of Trend MLS and Terradatum is deemed accurate but not guaranteed.

Contact or call me, Judy Peterson, Realtor Prudential Fox and Roach Realtors Devon Home Marketing Center,  with ALL your real estate questions, 610-889-5509. I’m always here to help!

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Real Estate Market Snapshot Table For Tredyffrin Township comparing the Number of Homes For Sale in Tredyffrin, Homes Under Contract, Homes Sold, New Listings that came on the market, the Residual Inventory (homes already in the market place or “backlog”), the Median For Sale Price for Tredyffrin and the Median Under Contract and Median Sold Price for Tredyffrin Township for this three year period beginning in May 2007.

The Tredyffrin Real Estate activity chart I prepared below may help you see the market activity across this three year period while the Real Estate Market Dynamics Graph above illustrates the effects of this market on the Median Price History for the period and illustrating the segment of the market with the greatest home sale activity.

Keep in mind that market activity trails by at least 30 days, since the average time between a sale and settlement is between 30 and 60 days.  Look for my  Second Quarter Real Estate Market Statistics coming in the 2nd week of July.

383 Homes Sold in Tredyffrin Township in the last 12 Months!

Ready to buy a home in Tredyffrin or the Chester County Main Line Pa area? You need my expert Real Estate Pricing Analysis before you buy a new home or sell your current home. I can help! Don’t pay too much or sell for too little! Call Judy Peterson 610-889-5509 voice mail or 484-431-7195 mobile, for answers to ALL of your real estate questions

*All Data Courtesy of TRend MLS and Terradatum is deemed accurate but not guaranteed and subject to errors and omissions.

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Our First Quarter Real Estate Market Report for Tredyffrin Township shows that the Median For Sale Prices dropped 2% from $479,900 in March of 2007 to $469,900 in March of 2009

The Median Under Contract Price dropped 8% from $458,000 in March of 2007 to $420,000 in March of 2009.

The Median Sold Price for Tredyffrin Township for this time period dropped 18.8% from $400,000 in March of 2007 to $325,000 at the end of the First Quarter March 2009.

The Months Supply of Inventory is the real story for most of our area. The picture for Tredyffrin Township is an encouraging one. While the Months Supply of Inventory was 3.3 Months in March of 2007, the increase was only a 3.3% change to 6.7 Months Supply of Inventory. This is still a Buyer Market but not a really strong Buyers Market. The MSI is up 101% but the Days on Market is only up 29% from 56 DOM in 2007 to 72 DOM in March of 2009, a 16 day increase. All things considered, I’m going out on a limb here, but that looks like a positive direction to me, especially when compared to some other Townships.

Overall the Average Days On Market in Tredyffrin Township has dropped significantly from the high of 103 DOM in December of 2008 to 72 DOM in March of 2009.

48 Homes were sold in Tredyffrin Township in the First Quarter of 2009. So homes are selling, especially if they are well priced, staged and in good, neutral showing condition.

This is a good time to consult with a Professional Realtor (like me about Staging Ideas or to hire a Professional Stager. And, of course you want to have high quality Real Estate Photography that enhances your home’s best qualities while appealing to what buyers are looking for in this market.

Contact or Call Judy Peterson, 610-889-5509 for a free pre-listing evaluation of your home’s best selling features and ask about my “450 Ideas To Get Your Home Sold”. I’ll bring it with me for you on my prelisting evaluation.

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The Main Line Pa Real Estate Absorption Rate Report comparison February 2008 to February 2009. Comparing  our four Lower Main Line Pa area Townships (Radnor, Haverford, Lower Merion and Upper Merion) for the Months Supply of Inventory, Days On Market, Residual Inventory (backlog) and New Listings On Market.

As I was preparing this Absorption Rate Report, I saw a tick up in the Median Listing price for some lower Main Line Pa Townships.

This would not be a good time to be increasing the Listing prices beyond what’s indicated by recent comparable sold prices and market conditions.

We’re far from being out of the swamp yet, as some of these numbers indicate.

I’m speculating that high end new construction projects could be skewing some of these numbers, but if new listing prices rise and there’s little or no correction for residual inventory pricing, we’ll be looking for more powerful images than paper towels to represent the soak up Months Supply of inventory.

PS ~ Update On Stats Minus New Construction: for example, Lower Merion stats for resales, not including new construction shows Months Supply of Inventory 7/14, Days On Market 69/124, Residual Inventory 346/321 and New Listings 119/96 comparison of February 2008 to February 2009.

Are you a Seller with an Expired Listing? Like to have a professional Comparative Market Analysis and a Marketing Plan to get your home sold? Want to see your home as a “Featured Home For Sale” on Main Line Pa Today? Contact or call 610-889-5509, Judy Peterson today. Judy Peterson is your  Chester County Main Line Pa Real Estate Expert. Real estate marketing with “Superb Service, Superb Results”!

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