A First Time Home Buyer Who Dares To Be Different

A good place to begin is at the beginning.

Did you know that most first time home buyers do not begin at the beginning? They usually start in the middle by looking for a home, falling in love, then scrambling to make it work, sometimes with unnecessary disappointment or heart break. We can always find another wonderful home for you. Dare to be different and begin at the beginning by asking yourself some tough questions about your lifestyle, your finances and your motivation to be a home owner.

Should Everyone Be a Home Owner?

Should everyone be a home owner? Or, are there times when it might be best to stay on the Home Buying sidelines and rent? It’s a good beginning question to ask.

Long’ bout now my fellow Realors® and Brokers are cringing. Many believe that everyone should be a home owner. But the truth is, there are times when it might be best to rent for awhile.

If you fall into one of these categories, buying a home is probably not for you right now:

• job relocation–you’ll be here a year or two, max
• you have no savings
• you have really, really bad credit

Why? What To Do?

• If you are only going to be in a property for less than two years, It makes better financial sense to not buy a home, or you might sell at a loss. It takes about 5 years of home ownership for market growth to increase property values, disregarding the real estate markets of 2004–2006. That’s the rule of thumb.
• Hate the idea of renting?  Buy a small town home. Keep it as an investment property for the rental income.  First, make sure you qualify financially for owning two properties. Or it could be risky at the exit side. Plan for some vacancy months.  Buy an investment property that’s good for rental but has sound resale value.
• No savings? Your first job is to increase savings. The current FHA Guideline is 5% down money. Save wherever possible. Live with friends or parents for a year, sell a car, use public transportation, etc.
• Shaky credit history can be repaired. Or maybe compensated for with more stringent lender conditions and higher rates.

Are You A “Motivated, Qualified Buyer”?

Improve your negotiating power. Be sought after by every Seller and Listing Agent when you’re a “motivated and well qualified” first time home buyer.

You’re a motivated home buyer if you have the desire to be a home owner. You’re a well qualified buyer if you have the financial means to buy and maintain a property..

So then, you’re either continuing to rent, you’re motivated and well qualified enough, or you have us working to get you qualified. Which one are you?

No need to guess! Contact or Call me 610–889–5509. I can help. Need a plan to improve your buying profile?  Curious about what you could afford to buy right now? No charge, no obligation, just good information and a plan to help you keep moving forward.

Coming soon–7 Beginning Tips For First Time Home Buyers

Stay tuned!

Related Articles of Interest:

• First Time Home Buyers Get Their Ducks In A Row

• First Time Home Buyers Tax Credit Is Good News For Buyers

Our First Time Home Buyers Series will begin at the beginning with advice to help you get your real estate ducks in a row.

A Real Estate “Buyers” Market

Anytime that you have more than 6 months of inventory backing up, you have a Buyers Market. And some would say, “it’s about time!”

Happily for Buyers, gone are the “escalation” clauses for the Agreement of Sale price and the anxiety producing multiple offers-”pick me, pick me” (although I’ve heard of a few on some “hot” properties).

Sellers Love, Love, Love First Time Buyers!

Why? Because First Time Home Buyers don’t have a house to sell, which eliminates a major contingency.

A Buyer’s Market favors the Buyer, moderates prices and motivates everyone to negotiate. However, this Buyers Market is tempered by the current financial situation. Today, Buyers and Sellers needs are more balanced. Which is another way of saying, you need each other.

Expect that I can help you can get a “good deal” but in our marketplace, you’ll need move to Florida if you’re looking for a “steal”.

The Window of Opportunity For First Time Buyers

This is the window of opportunity for First Time Buyers. The time to get your ducks in a row and take advantage of your Buyers Market while it lasts, because we all know, it won’t.

The longer it takes for the market to fully turn around, the more pent up demand there will be.  By the time you hear about it on that morning news show, it’s over. Pent up demand, when it’s let loose, does not favor Buyers much less First Time Buyers.

Finding a new home, searching for a new home, where to look, how much house can I afford, what should I offer, and how to tell the difference between wants, needs and wishes, taxes, insurance, town homes vs single homes, are just a few First Time Buyer Topics we’ll talk about.

And, we’ll help you get your First Time Buyer Ducks In A Row!

You Want Your Realtor, Lender, Title Company and Insurance Company To Be There For You

I once had a Buyer who ask me in a half joking way, “will you be there”?  That’s because I was always saying, “and I’ll be there with you”. Wherever you are in the home buying process, that’s where I’ll be too.  Every step of the way. From our first Buyer Consult Meeting (you might decide to wait, and that’s ok) right up to your Settlement Day and beyond. We’ll sift through the jargon,  the mountain of paper work and help you get answers to your concerns and questions.

And, we’ll suggest some concerns and questions, from our experience, that you might not have even have thought about. It’s all about getting good information, your choices, planning and preparation.

Y’all come back now!

Contact or Call Judy 610-889-5509 with all of your real estate questions or concerns or to suggest a topic for our First Time Buyer Series.

Related Articles of Interest:

• First Time Home Buyers Tax Credit Is Good News For Buyers

I love helping people realize their family home ownership dreams. And I usually love holding Sunday Open Houses. It’s an opportunity to show off the best features of my listing, put my Real Estate Marketing Plan into action and have some dialog with the people who matter most in real estate.

I really like these people.

That’s what I was thinking as I listened to Sixty Minutes interview Sunday night with the President Elect Barack Obama and Michelle Obama.

“…America is ready for the Puppy…America is more ready than we are..” is what our President Elect said when pressed on the issue of the promised puppy. We know that it’s the right thing for the parents to plan for the best time for the puppy to join their family. And yet, I’m curious, why do we care so much about the puppy?

Whenever I have a Sunday Open House, I try to listen to the Buyers needs. And as I do, I think about how I can help my Buyers and Sellers achieve their goals.

We might talk a little about financing. I often tell them about the fabulous services of our Trident Mortgage Company (yes, we are doing many loans everyday) contrary to some media reports.

Mostly I just answer questions about the property, taxes, the neighborhood, schools, commuting, services like Medical Centers, Universities, Corporate Centers, parks, fun things to do, shopping, good restaurants, cultural opportunities in Chester County and the Philadelphia Main Line. And other important questions like, where’s the best place to get a good pizza?

Crises of Confidence Real Estate Questions

These days, however, there are a barrage of difficult “crises of confidence questions” such as, can anyone get a loan today?  And, if I buy today is my home going to be worth half this much in the future? And crystal ball questions such as, is this the bottom of the market? Or I heard on the morning news…

Now more than ever, people like to talk about real estate. I might send buyers and sellers to my Blog where they can see market statistics that show that, at least here in Chester County and the Philadelphia Main Line area, that while our market is affected, we are doing much better than some areas of the country.

I’m not afraid to say I don’t know the answer to a question when I don’t. I will go to great lengths to help my clients find the information they need to make informed decisions about their home ownership dreams. It’s part of what I do.

All Real Estate Is Local And That Includes Chester County Main Line Pennsylvania

The national media has failed to educate the public that all real estate is local so that now confidence and fear have become an issue for just about everyone.

It’s easier and more fun to think about puppies. But Puppies, like good real estate transactions, need careful planning for their success.  Puppies need patience, and responsible care to reap the benefits of their irrepressible playfulness, fun, joy, and the unconditional love they share with us.

We have a love affair with all that home ownership represents, not unlike that of a puppy. Mom and Dad two kids and a dog. It’s part of who we are.

We need the faith, the hope, the dream and the lightness of spirit that a puppy represents.

But we need it yesterday.

That’s why I think we care so much about the puppy.

I took a poll. I asked Daisy, my little Bichon Puppy and she agreed. What do you think?

Contact or call me 610-889-5509 anytime you’d like to talk about real estate or Daisy or your puppy.

This year’s theme for the Juried Craft Show at the Kimberton Waldorf School in Kimberton Pa is the “Artisan Village”. There will be over 70 fine Artisans presenting their Textiles, Jewelry, Pottery, Woodwork, Metalwork, Gourmet Foods and Handmade Toys. There will be Fine Dining, a Tea Room, Live Music and a Silent Auction!

Special Children’s Festivities At Kimberton Waldorf Craft Show in Chester County include:

• The Little Gnome Village and Ursli’s Garden (ages 3–9),
• Village Workshops(grades 1–8)-Candle Making, Crafting and Soapstone Carving.

Friday December 5^th 6pm–10pm Premier Admission-$10 Adults Only

Saturday December 6^th 10am – 5pm Show, Admission-$5, Children Free

Call 610–933–3635 ext 125 for more information

Where: 410 West Seven Stars Road, Kimberton Pa 19442

Related Articles:

• November Thanksgiving Fun Things To Do Chester County Main Line Area

Contact or Call Judy 610-889-5509 whenever you’d like help to purchase or sell real estate.

Come to Judy Peterson’s Real Estate Open Houses and see two lovely homes for sale in Wayne, Pa 19087.

Prudential Fox & Roach Realtors® is sponsoring a Real Estate Open House Extravaganza this Saturday November 8th, and Sunday November 9, 2008.

Open House Extravaganza With Up To $1,000 Lender Credit:

• Come to any Prudential Fox Roach Open House being held this weekend,
• Register at a Prudential Fox & Roach Listing Open House
• purchase a Prudential Fox & Roach Listing that settles by March 31, 2009
• finance it with Trident Mortgage and get up to $1,000 lender credit from Trident Mortgage (depending on loan amount).
  

Judy Peterson’s Real Estate Open House Saturday 11/08/2008 and Sunday 11/09/2008

• Saturday 11/8/2008 - Visit My Listing at 22 Cabot Drive, “Newport”  Wayne Pa Open 2-4pm
• Sunday 11/9/2008 - Visit My Listing at 432 Sharon Drive, “Waynewood” Wayne Pa Open 2-4pm

This is what one of my Buyers said when I called to tell them about the Open House Extravaganza this Saturday and Sunday:11/8 and 11/9/2008:

“Really? Is that for real?

Sure is!

“Wow! You’re the best!. Thanks so much. I’ll see you Sunday”

Contact or Call Judy Peterson 610-889-5509 with all of your real estate questions.

Related Articles:

• 22 Cabot Drive, “Newport”, Chesterbrook, Wayne Pa 19087
  
• 432 Sharon Drive, “Waynewood”, Wayne, Pa 19087
  

“As we express our gratitude, let us never forget that the highest appreciation is

not to utter words, but to live by them” JFK

My best wishes to you and your family for all of the Blessings of the Thanksgiving Holiday.

The Elmwood Park Zoo in Norristown – The Reindeer are coming to Elmwood Park Zoo beginning November 8^th to December 23^rd. Also, it’s time to book your Breakfast With Santa at Elmwood Zoo beginning 12/9 call 610–277–3825 X 225/231.

First Friday On The Main Line – November 7^th 2008 – Be sure to check out this remarkably creative new artistic offering for Ardmore, Haverford and Bryn Mawr in Delaware County. Ride on the First Friday Trolley and it’s FREE, but I’m sure you’ll want to make a donation for educational and fun!

Simon Pearce Glass Blowing Saturday November 8th in West Chester 12noon - 5pm- Learn about the art of glass blowing

Sunday Brunch with Simon Pearce On The Brandywine 11am to 2:45pm Call 610-793-0949. Views of the Brandywine River and live music.

Chester County Craft Guild – 4th Annual Holiday Craft Show November 15 and 16^th 2008. Contemporary and Traditional Crafts plus a gourmet cafe serving a light lunch, coffee and snacks in Chester Springs at 1645 Art School Road, just off of Route 113 in the historic Yellow Springs Village 10am-5pm $3 admission.

The Willows Mansion Annual Craft Fair - 490 Darby Paoli Road in Villanova, Radnor Township -  November 13th to November 30th.  Open 10-7 Monday to Friday and 10 - 6 Saturday and Sunday. Features over 100 Crafters and Artisans. Antiques, Santa’s, Hand Painted Treasures, unique gifts plus home baked and gourmet foods in the beautiful 48 acre Willows location. 610-754-6496 Marion Barrasse

Brandywine River Museum –  November 28^th – January 11, 2008 N C Wyeth Scenes of the Season “The Night Before Christmas” “A Christmas Carol” and others. Memorable holiday displays of natural “critter” ornaments on holiday trees, plus a remarkable O-gauge model railroad to delight the children.

Longwood Gardens always delights with something for the entire family. See the Childrens Garden with the Drooling Dragon and fountains. The Nature’s Castles and Tree House Exhibit has been extended to the end of November. November 29^th 2008 – meet the Sugar Plum Fairy from the Pennsylvania Ballet.

Tyler Arboretum in Delaware County – Beautiful Tyler Arboretum in Delaware County has a number of free events for the entire family Fall Bird Walks and Wildflower Walks, Where Did All The Insects Go? and some with a small fee like Critter Ornament Workshops and Decorative Outdoor Container Designs.

Christmas Potpourri at Historic Keith House November 30th 2008 in Horsham Montgomery County. Gingerbread cookie decorating, gift items for sale, taffy pulling demonstration.

The month of November is a betwixt and between month in and around Chester County and the Main Line area as we transition from Fall to Winter. We finish up the month with one of my favorite holidays, Thanksgiving. I usually cook and bake in the days leading up to the holiday so that Thanksgiving Day can be given over to just enjoying family time together. I mean, what’s better than pumpkin pie for breakfast with your children and grandchildren!

Thanksgiving Events -

Thanksgiving Day Parade November 27,2008 Thanksgiving Day. Broadcast by Channel 6 beginning at 8:30am. Takes place along the Benjamin Franklin Parkway – This year sponsored by Channel 6 ABC and IKEA. Fabulous family tradition since 1910. This is the Nations oldest Thanksgiving Day Parade. The Art Museum Steps offers a great viewing spot. Hats, gloves, scarves and hot chocolate will keep you warm.

The Radnor Hotel in St David’s – Thanksgiving Buffet if you’re not inclined to cook. Thursday 11/27/08 from 12–6pm Call For Reservations 610–341–3188

Feel free to Contact or Call Judy 610-889-5509 with any questions or to share some more fun ideas.

Comparing the real estate market of October 2008 to October 2006 through the key indicators of the in real estate values for Malvern shows that the Under Contract Price has increased 8%. This appears to be a good and positive direction indicating more realistic “For Sale Pricing” and hopefully some increased demand.

The real story in Malvern and most of our local markets, at this time, is in the volume of transactions. The overall volume of homes under contract is down 48%

Traditional Fall Slow Down In Volume

Traditionally, we see a bit of a slow down in the market in the Fall as far as the Days On Market is concerned.

The Months Supply of Inventory was 9.2 months in October 2006 compared to 14 Months Supply of Inventory in October 208, a 53% increase

Comparing the Months Supply of Inventory, MSI for October 2008 to October 2006, we see an increase of 41% in the Days On Market and and increase in the Months Supply of Inventory of 53% for this period.

Malvern 19355 Median For Sale, Median Under Contract, Median Sold Prices

Median For Sale Price in October 2006 $650,000 and $649,000 in October of 2008

Median Under Contract Price in October 2006 $369,000 and $399,900 in October 2008 and increase of 8%

Median Sold Prices in October 2006 were $350,000 with a 1% decline in October 2008 to $346,000 another good indicator for Malvern.

Days on Market has increased from 61 DOM in 2006 to 85 DOM in October 2008 – a 41% Increase but still down from the high point of December 2007.

The story for Malvern Real Estate in the 19355 zip code is in the change in volume of transactions with 23 homes under contract in October 2006 and 12 homes under contract in 2008 a drop of 48% in volume.

The number of new listings has dropped 15% in comparison to the time periods of 54 new listings in October 2006 and 46 new listings in 2008.

The Residual Inventory (backlog) has dropped 23% from 163 homes in October 2006 to 125 homes in October 2008, a positive indicator.

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

Contact or Call 610-889-5509 with all your Real Estate Questions or when you need to have your own custom Market Report for your neighborhood. I’m here to help you.

When we think of Newport, we think of an elegant easy lifestyle. Just like the name Newport implies, this home offers an elegant easy lifestyle, upgrades galore, move-in condition, plus the kind of convenience that brings pleasure to your daily life. Two bedrooms, two and a half baths, Living Room, Dining Room area, over sized deck, Master Bedroom Suite, Eat-In Kitchen, Breakfast Room, Finished walk out lower level, garage? We got that! And it’s all right here in Chester County.

End Style Town Homes are sought after because they offer more privacy and light.  In addition to the  private location, this home offers true move-in condition and a dramatic open stair case with special window views from every room.

22 Cabot Drive, Chesterbrook sparkles with upgrades and defines “move-in” condition.

This home has been lovingly cared for. A few of the upgrades include: wood floors on every level, all new windows, fresh neutral paint and crown molding just about everywhere, new corian counter and sink in the kitchen, new dishwasher, stove, designer light fixtures, and high end gas fireplace logs with remote feature.

Just imagine your very own point and click fireplace! One in the Living Room (with remote control) and a second fireplace in the Lower Level. No chopping down trees or carrying messy wood logs, ever. Bring your big screen TV!  Life is good! View Virtual Tour here or Click the Virtual Tour Tab Above.

Like to shop but not after a long day at work?

Take a short walk to The Chesterbrook Village Shopping Center with Genuardis Supermarket and Rite Aid Pharmacy for all you day to day needs.

Fun local shopping beckons at The King of Prussia Mall, one of the largest in the country, Downtown Wayne, Paoli, Malvern Boro or The Exton Shopping Mall.

The Chesterbrook Lifestyle

Located in Wayne, Tredyffrin Township, Chesterbrook offers a park like setting. It’s only a short walk from 22 Cabot Drive in Newport Village, along a private path to Wilson Farm Park (playground, walking paths, Pond, Playing Fields and Shire Pavilion for Concerts in The Park) and all season enjoyment. Proximity to Historic Valley Forge National Park offers hiking and woodsy walking trails. Another bonus is the award winning Tredyffrin Easttown Schools.

Ease of commuting to all points east and west along Route 202, Route 422, The Pennsylvania Turnpike and The Schuylkill Expressway. The Devon, Strafford or Paoli Train Stations for an R5 ride to Center City are just minutes away. Chesterbrook enjoys easy access to all area Major Corporate Centers in Great Valley and Chesterbrook Corporate Centers.

Contact or Call 610-889-5509 with any questions.  I’m always here to help!

*All information deemed accurate, subject to errors and omissions. See listing agent for possible inclusions and exclusions.

Related Articles:

• Chesterbrook Condo Town Home Village Wayne Pa 19087

Fall Back from Daylight Saving Time on Sunday November 2, 2008.

After the sugar highs of Halloween, you like me, may be in high gear Saturday, November 1^st and forget to turn your clock back one hour.

If you do forget, you might even show up for Church an hour early. Which is only slightly less embarrassing than if you forget in the Spring and walk in when everyone else is leaving.

“Fall Back, Spring Forward ”

“i before e, except after c”, and if you’re musical, “EGBDF, every good boy does fine” and “face” (the lines and spaces of the Treble Clef), or to loosen or tighten screws, “lefty loosey, righty tighty” are some of the ways we jog our memory into action with these mnemonics.

Mnemonic Devices.

If you like fun words, that’s what these are called. Mnemonics are supposed to make things easier to remember, but the word mnemonics is not easy to remember. When I can remember the word, I can’t remember how to spell it.

To the rescue, enter Funk’n Wagnalls Google. Saved by Google and my spell checker once again.

Of course, I would never forget to set my clocks back, but if you do, you’ll find us at Starbucks where we’ll meet up with the other “time challenged” people.

P.S. – 3 Life Saving, Money Saving Home Maintenance Tips

• change your smoke detector batteries this weekend.
• change the filter on your furnace.
• clean the chimney before using the fireplace. Keep the flue closed in cold weather when not in use. No sense working for the electric company.

Remember to Contact or Call Judy 610-889-5509 I’m here to help when you need it.

Radnor Township Delaware County Comparison of the Third Quarter of September 2008 to September 2006 shows the greatest effects on the decline of the Median Sold Price, decline of the number of units sold and the growing Months Supply of Inventory.

However, this is a traditionally strong, high end market that could move forward very quickly with a little promise of overall recovery.

There is a chasm of concern showing here, between the Median Sold Price decline, compared to the Median For Sale Price decline of only 1%. I suspect this is due to the hard hit, high end, new and under construction market which is propping up the Median For Sale Price.

Likewise, the high Months Supply of Inventory, MSI is also affected by the New Construction Inventory build up, while the high end market “sits on the sidelines”. It’s important to keep in mind that The MSI was certainly higher in the early 1990’s and recovered nicely.

The Median For Sale Price declined 1% - $729,000 in Sept 2006 to $725,000 in September 2008

The Median Under Contract Price dropped 8% - $470,000 in Sept 2006  to $432,000 Sept 2008

The Median Sold Price dropped 12% - $580,000 in Sept 2006 to $510,000 in Sept 2008

Radnor Township Supply and Demand Comparison - Number of Units

Radnor Township Supply and Demand  is a comparison between the Number of Units For Sale, Sold and Under Contract.

The Number of Units For Sale Comparison dropped 11% in 2006 from 233 units to 213 units for sale in 2008.

The number of homes Under Contract dropped 52% from 25 in 2006 to 12 homes under contract in September 2008.

The number of Sold units dropped 16% from 19 sold properties in 2006 to 16 sold units in September 2008.

Radnor Township Comparison of Months Supply of Inventory

The Months Supply of Inventory has doubled, up 101% from 7.2 MSI to 14.5MSI in September 2008.

The Days On Marked has dropped 28% from 88 DOM to 63 DOM at the end of the Third Quarter, September 2008 for Radnor Township

*Data Courtesy of Trend Multiple Listing and Terradatum is deemed accurate but not guaranteed.

Contact or Call Judy 610-889-5509. When you need to know the answer to the question, “How’s the market?”, I can help.