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Berkshire Hathaway HomeServices Fox & Roach RealtorsDevon Home Marketing
Center, 431 W Lancaster Avenue
Devon, PA 19333
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Tredyffrin Third Quarter Real Estate Absorption



Mops, Sponges and The Months Supply of Inventory

AbsorptionRateMoplThe 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. Read the rest of this entry »

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Tredyffrin Real Estate September 09 Market Report



Good New For The Tredyffrin Real Estate Market? Should I take my Listing off the market for the holidays?

TredyffrinMedianPriceSept09As 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. Read the rest of this entry »

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iPhone 15 Must Have Apps For Real Estate Agents



Judy Peterson’s 15 Must Have iPhone Apps For Real Estate

Judy's iPhone Real Estate AppsSo 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. Read the rest of this entry »

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Tredyffrin Real Estate August 2009 Report



TredyffrinAug2009MSIThere are no shortage of opinions about our current real estate market. Just about everyone has become a real estate prognosticator.

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. Read the rest of this entry »

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Regulation Z Revised TILA Disclosure



Regulation Z Changes TILA Disclosure RequirementsThe Truth In Lending Act of 1968 (TILA 1968), also known as Regulation Z was designed to protect consumers by requiring full disclosure of all lending fees to a potential buyer prior to purchase and settlement.

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 ;-).

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Home Owners Green Tax Incentives



Home Owners “Green” Tax Benefits Offer Savings Ideas Tucked Away in The First Time Home Buyers American Recovery and Reinvestment Act of 2009

You all know about the $8,000 First Time Home Buyer tax creditEnergy Saving Tax Credit Ideas that’s chasing down the November 30th 2009 deadline, right?

But did you know that the American Recovery and Reinvestment Act of 2009 has a nice little tax benefit and some bright ideas for current home owners if you improve your home’s energy efficiency on items like skylights (who has a skylight that doesn’t need improving?) doors, windows, and some metal and asphalt roofs. Could be as much as 30% of the cost of the project up to $1,500.

And the “green” tax credit also covers installation costs for HVAC and gas, oil and propane water heaters through December 31, 2010. Read the rest of this entry »

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766 Hedges Ln Wayne Pa Sunday Open House



766 Hedges Lane Sunday Open House 11/8/2009 2-4pm

Sunday Open House 766 HEDGES WAYNE766 Hedges Lane in Wayne Tredyffrin Township, PA 19087. This a wonderful neighborhood, quiet cul-de-sac location just minutes to the R5  Strafford Train with easy access to Philadelphia, all major corporate centers such as Great Valley, King of Prussia and Chesterbrook.

766 Hedges Lane is a very spacious home featuring 5 bedrooms, 3.5 baths and a first floor Master Bedroom Suite. There are 3 bedrooms plus 2.5 baths on the first floor providing the potential for either an in-law or au pair suite. A formal dining room and formal living room with fireplace and picture window views to a large slate stone patio plus a paneled family room comprises the overall generous square footage. Read the rest of this entry »

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New Appraisal Guidelines The Baby and The Bath Water



The Real Estate Blame Game Moves On To Appraisers

The Real Estate “Blame Game” has become our current national sport.  So far, we’ve raked the Buyers, the Realtors and the Brokers and the Mortgage Companies over the coals.  This week we’re moving on to the Appraisers and legislating the free flow of information.

As of May 1, 2009 there will be new property Appraisal guidelines but not Hear No Evil everyone agrees that we need new Appraisal guidelines as reported in the Wall Street Journal yesterday.

If it’s not the Realtors and the Broker’s fault for pricing and marketing real estate for what it would sell for, then maybe it’s the Appraisers “fault” for appraising the property according to the then existing market activity of what buyers were willing clamoring to pay for property.

Of course there is a need for some Mortgage and Lending reform and the National Association of Realtors supports the Mortgage Reform and Anti-Predatory Lending Act of 2009,  H.R. 1728. You can read  NAR President Charles McMillan’s testimony in support of Lending reforms with modification.

Under the new guidelines, Appraisers will no longer call me about one of my sold and settled listings to help them compare the features and benefits to one of their current “subject” properties. I will no longer be able to meet an Appraiser at my Sellers property to share the comparable sold’s that I used to price the property. The Mortgage Company will not be able to call the Appraiser for any reason, much less, to ask for a “rush” for a special relocating family trying to get their children into school before the start of the school year. Read the rest of this entry »

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Chester County Pa Tredyffrin Market Report March 2009



Tredyffrin Chester County Pa Real Estate First Quarter 2009 Real Estate Market Report

Our First Quarter Real Estate Market Report for Tredyffrin Township shows that theTredyffrin Real Estate Report March 2009 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. Read the rest of this entry »

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Home Ownership Tax Benefits



The National Association of Realtors® (NAR) is working to protect the threatened Mortgage Interest Deduction for homeowners as reported in their AprilMortgage Interest Deduction Issue of On The Hill. When it comes to tax deductions, every little bit helps beleaguered home owners.

By now, everyone’s heard about the 2009 First Time Home Buyers Tax Credit (Form available here), one of the 10 key features of the 2009 American Recovery and Reinvestment Act.

But, even if your not a First Time Home Buyer and if you are a home owner in Chester County or the Main Line Pa area who has recently purchased or sold a home, don’t forget to ask your Accountant about some of the benefits of home ownership that Uncle Sam traditionally offers to encourage home ownership.

There could be some tax benefit questions for you to ask about right on your HUD1 Settlement Sheet.  So be sure to provide your HUD 1 Settlement statement to your tax professional and ask about the following: Read the rest of this entry »

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