Real Estate Today

Real Estate Today is brought to you by The Phoenix and Jennifer Daywalt, Phoenixville's Home Town Realtor, and the Top Realtor for 5 years! Jennifer not only works in Phoenixville but lives here! Jennifer can be reached at Re/Max Results Realty at 610-489-7355 or directly at 610-999-7693. Questions can be e-mailed to Jennifer at Sellinghomesjenn@aol.com. More information can be found at www.JenniferDaywalt.com!


Sunday, January 24, 2010

Changes coming to FHA!

It is no secret that just a couple of years ago approximately 10% of home buyers utilized FHA financing. FHA financing was a great choice for those buyers who had less than perfect credit and who had little money to put down on a home as the down payment at that time was 3% and buyers were able to receive up to a 6% Seller Assist towards closing costs. This meant that if a buyer was purchasing a 200,000 home they needed a down payment of $6,000 and perhaps 1,000 extra in closing costs as the remaining closing costs were paid by the seller if they were agreeable.

FHA loans are issued by lenders but insured by the government. Today approximately 41% of home buyers are utilizing FHA due to the stringent conventional mortgage guidelines. Due to the number of defaults on loans in the past year FHA loans are changing. At this time you need 3.5% down however this will be changing. The new FHA guidelines will require 5-10% down when utilizing an FHA loan and they are taking away the ability to receive a 6% seller assist from the seller and minimizing that to 3%, the same as a conventional loan. Also the PMI is slated to go from 1.75% to 2.5%.

If you are a home buyer and utilizing FHA now is the time to purchase that home before these changes go into effect! Remember you must be under contract by April 30, 2010 and settle by June 30th, 2010 to also take advantage of the tax credit!

Friday, January 22, 2010

Condo vs. Homeowners Association

Many times these two types of associations are confused. A condo association is one that covers all exterior building maintenance such as the roof, siding, sidewalks, decks, etc. as well as the trash, snow removal, lawn care, common area maintenance and sometimes even the water and sewer. A homeowner’s association does not cover exterior building maintenance and usually does cover lawn care, common area maintenance, trash and snow removal.
If you are looking for a carefree way of life without the weekend work involved in owning a home where these services are not offered townhome and/or condo living may be for you! Look at the different associations, decide which items you want covered, and take a look at this type of living. They all vary so do your homework.

Thursday, January 21, 2010

Housing Market Statistics

When reviewing housing market statistics keep in mind that normally they are broad based and do not cover “pocket areas” that may be doing better or worse. The housing market is volatile and there is definitely no crystal ball which will advise us how to proceed. However the market seems to be holding its own in our particular area with a few exceptions. Although we definitely aren’t seeing the boom we saw just 2 years ago homes are selling if they are priced correctly. The market is cyclical and all indications from past history do tell us that we will be turning around…the time period for that is unknown. However we do know that we are at least 2 years into the decline. The good news for our particular area is that Phoenixville and some of the surrounding areas did not reach a full peak during the housing boom. When the market does make a turn around there will be equity to be won for those who purchased during the down market. Here is a link that will provide you with information on the current housing market. Keep in mind that the article does state an ability to have flaws and it was during a cold and stormy month. This can always effect a housing market whether it is a Seller’s Market or a Buyer’s Market. http://www.marketwatch.com/story/us-housing-starts-slip-4-in-december-2010-01-20?siteid=bnbt

Wednesday, January 13, 2010

Redesigning on a Budget

We all recognize that some areas of our homes can usually be spruced with renovation. However not everyone has the ability or wants to put a lot of money into home projects at this time. There are great ways to modernize your home without spending every penny!
Bathrooms – Change your light fixtures, replace the old vanity or paint the vanity you now have and add new hardware. Remove the old medicine cabinet and replace with a mirror! Perhaps replacing the door will add a new light to the bathroom and since they are usually encompass a smaller area you can find tile flooring that won’t break the bank. Change the switch plates to a brushed Nichol along with the hardware for doors and cabinets. Add fluffy colorful towels to the bathroom along with smooth rocks and pebbles surrounding a candle.
Kitchens – Perhaps you only need to replace your countertop and not your entire kitchen cabinet system. Add new hardware to the cabinets as well as new lighting fixtures. Sometimes just adding new appliances will do the trick to modernize a kitchen and replace that old floor with tile if your budget allows. Replace doors that may need replacing as well as the switch plates. De-clutter the countertops and leave it simple! Less is more.
Other Rooms – Perhaps again changing the light fixtures, doors and switch plates as well as a fresh coat of warm colored paint can do the trick! Check under the carpet to see if there is a great hardwood floor waiting to be shined! Again remember to de-clutter.
Some of the above ideas can be much less costly than a total renovation yet can make your home feel new and updated!

Tuesday, January 12, 2010

What are buyers really looking for?

Although many of us understand the importance of a well built home such as the foundation and the overall construction of a home it is very important for sellers to also realize that the buyers are very visual in their quest for a purchase. Many times a home is in disarray and in need of cosmetic work yet very sound structurally and time and time again the buyer is more interested in the way the home looks. Many buyers are looking for new kitchens, new baths, hardwood floors, new windows and a general good clean feeling when viewing a home.
Unfortunately it is difficult to get across to some that although cosmetics are necessary the house is very sound and had great construction. Many cannot see past the visual. Be aware that it is just as important to be visually pleasing to the eye as it is to be construction sound. Be sure to make your home shine in the eyes of potential buyers and then you can add on the great construction of your home. Because truly most buyers will not care if the home has been built with steel beams if it is not pleasing to the eye. And that is from experience.
When renovating a kitchen keep in mind what the purchasers today are searching for. Tile flooring brings more value than linoleum, granite and corian countertops are preferred over formica like countertops, upgraded appliances are always a winner and don’t forget to update your faucets and your lighting! Many, although not all, buyers love the look of hardwood floors. Lighting is essential as you do not want any room to appear dark! New windows are always a good bet when updating your home as well as warm colors throughout to accent the walls. Bathrooms can be updated with new lighting fixtures, new vanity, counter and sink, faucets and a modern mirror or medicine cabinet. So be sure your home is at the top of the list for potential buyers and remember to make your home visually pleasing!

Monday, January 11, 2010

FHA203K Financing

FHA203K is an excellent way for a purchaser to finance a home if you are considering utilizing FHA financing on a home that needs work. This loan will enable you to finance the repairs/renovations that you need and/or want completed. It is a long process however well worth it. Be sure to utilize a mortgage lender who works with these types of loans on a daily basis as well as a Realtor who is very experienced with these types of loans to be sure everything is smooth throughout and after the transaction. Keep in mind that the contractor must be registered and accepted by the Mortgage Lender and also licensed with the State.
This type of financing can help you renovate a kitchen, bath or any area of the home. If there is a home that you love and the seller will not accept FHA financing due to the appraisal required repairs this is the loan for you. Interested in purchasing a foreclosure that needs work, FHA203K is the answer.
For more information on this type of loan email Sellinghomesjenn@aol.com and I will answer any questions you have.

Thursday, January 7, 2010

A Flip or a True Renovation

Many times a home will be listed as a renovation and the buyer can be quite disappointed to find that a low end kitchen was put into the home, the home was painted and not neatly and carpet was put through the house. A true renovation would entail much more including updated electric, plumbing, roof, perhaps adding central air, a new heater and the installation of an upgraded kitchen and bath(s). Phoenixville has a wonderful renovator who was raised right here! He takes the homes down to the bare bones (the studs) and rebuilds the house from the studs up, missing absolutely no detail and at the same time keeping the beautiful charm of each home! These homes include new electrical, new plumbing, new roof, new heater, new central air, new flooring, new drywall and great kitchens which include high end cabinetry along with granite countertops, hardwood flooring, tile flooring and a great crown molding package! A true renovation keeping the ERA of the house in the entire plan. A beautiful example of his work includes 222 S. Main Street and will soon encompass 383 Washington Street (already in process) and 615 Nutt Road. Phoenixville is a town of revitalization and Greg Gipp is the leading player in this great change that continues here in our town! Keep an eye on Greg Gipp’s work and if you are in the market for a home visit www.JenniferDaywalt.com for all information on the properties available.

Tuesday, January 5, 2010

Winter Preparation for a Spring Sale

In the upcoming cold winter months you can begin to prepare your home for sale. Take an hour each evening and by the Spring Market your home will sparkle for its audience. Begin with all the SMALL changes that can make a BIG difference including changing outdated light fixtures to more modern fixtures which may include a brushed nickel look. Next freshly paint the rooms of your home in earthy colors..stay away from the sterile all white look. Repair any small leaks and perhaps even replace interior doors if needed…remember to change the hardware as well to match the rest of the house. Clean out your closets, it’s a great time to donate those unused items. Take the time to clean your home from top to bottom including inside of windows, and outside (if the weather permits), and remember every corner of the home. This will have you well on your way to being ready for your Spring Market Showing!