US Rents Hit Record Highs As Homeownership Plunges To 18 Year Lows

The percentage of Americans who own a house is 65.1%: the lowest since 1995.
Chart of US homeowner %

Rent are on the rise

To read more…

June existing home sales miss. Are Investors are moving out of housing?

CNBC’s Diana Olick reports that sales of existing homes were down 1.2 percent in June. They had been up 3.4 percent in May. Inventories were up, too, though they were lower year-over-year. 

June existing home sales miss. Are Investors are moving out of housing?

The Oval — Philadelphia Parks and Recreation brings the beach to Philadelphia

Philadelphia Parks and Recreation brings the beach to Philadelphia on the Benjamin Franklin Parkway., which is call The Oval (I dont think this was Ron Swanson’s idea). Below is a picture of The Oval.

So what does this $180,000 project provide the citizens of Philadelphia.

• The “beach” is painted to resemble sand and will offer two 16-foot square boxes filled with the real sand
• mock lifeguard stations and several spray misters
• the “blanket” will include painted chess, checker, and Twister boards laid upon bright stripes
• the ”boardwalk” will play host to a revolving group of local food trucks, accompanied by generous cafe tables and chairs.
• 40 Adirondack chairs
• iniature golf course and bocce, volleyball, and badminton courts

To read more..

The Market has Seen Rising Rates Before BUT Never so Far so Fast

Dire Predictions For Philadelphia Housing Recovery

• The market has seen rising rates before, but never so far so fast
• Short Term impact in sales: The spike is causing a sense of urgency now, a rush to buy before rates go higher
• Home sales and home prices will both come down if rates don’t return to their lows, and the expectation is that they will not
• When the $8,000 credit went away: New home sales fell 25 percent year-over-year, and existing home sales fell 24 percent year-over year
• Increased contract cancellation for buyer’s that did not lock in thier rate
• Mortgage applications have been falling for the past month
• Applications to purchase a home are down 28 percent in the past month and up only 4.5 percent from a year ago. They should be up far higher, given that prices and demand are rising so fast
• Mortgage rates going from 3.5 to 5 percent is roughly a 15 to 20 percent decrease in what the average buyer can afford
• Rising rates are the number one worry for the majority of buyers right now

But to keep in prespective interest rates are still near historic lows. Unless employment and incomes increase it will be harder to keep a strong demand in housing purchases if interest rates continue to rise.  To read more

Vacant Baseball Factory in Fishtown Converting to 30-unit Apartment

A vacant Baseball Factory in Fishtown section of Philadelphia, PA is converting to 30-unit apartment building. The plan is to have one and two bedroom apartments. The only is lack of parkling.   To read more...

Wall Street is Buying Houses in Certain Areas of the US

Wall Street is becoming the new landlord in certain areas of the US, that saw price stock rocket and then plumet (Vegas & Phoenix). Large investment firms have spent billions of dollars over the last year buying homes in some of the US’s most depressed markets.

At the rate these firms are buying homes in those areas prices are increasing quickly. Is this a short term spike? Will prices level out? Will they decrease again in these areas once Wall Street firms stop buying?

To read more...

Mortgage Rates at Highest Level in a Year

Mortgage Rates at Highest Level in a Year

US Mortgage Rates
However, we are still historically low.

Drexel University “Campus Master Plan”

Drexel is calling thier recent real estate developments and acquistions thier Campus Master Plan. Seems like what Drexel U is planning in West Philadelphia are new planters, benches, upgrades to existing buildings, etc. However, Drexel University has acquired a property at 32nd and Market, a 26,675 square foot triangular parcel. The parcel’s exact future use hasn’t been determined.

Additional potential real estate develpment has Drexel going east to 30th Street, west to 40th Street and north to Spring Graden Street. This pushes Drexel into residential West Philadelphia neighborhoods and will they have resistance as UPENN did? To read more…

US Regional Map of Year of Year Real Estate Sales

US Regional Map of Year of Year Real Estate Sales

If you real estate is up from the talking heads on national news channels, this map tells you how local areas are doing. Remember real estate is local, especially in Philadelphia where it can vary block by block.

http://www.cnbc.com/id/100424686

Philadelphia Planning Commission approves rezoning on American St

A real estate development company is planning a two-phase, 320-unit mixed-use apartment complex in Philadelphia, PA on American Street between Master and Thompson.  This past Tuesday the Philadelphia City Planning Commission recommended approval of a bill that would rezone to commercial mixed-use.  The main concern from South Kensington Community Partners is street level parking.  For more details…

Some Stats on Haddington neighborhood of West Philadelphia

Saw this in the Philadelphia Inquirer today.  The article discusses the Haddington neighborhood of West Philadelphia. Its borders are Haverford Avenue/Girard Avenue to the north, 52nd Street to the east, Market Street to the south, and 67th Street to the most western edge of the neighborhood.  Rehabbed properties sell for $80,000 to $90,000.

Zoning Board Hearing on Canal Street Entertainment Complex in Fishtown

A Real Estate Developer received conditional approval for its development of  the Penn Treaty Village that would include a bowling-alley, concert-venue, restaurant, distillery and a Toby Keith bar located on Canal Street in the Fishtown neighborhood of Philadelphia, PA.

The project would turn the vacant Ajax Building at the corner of Delaware and Frankford into a concert venue run by Live Nation; it would be a Fillmore venue, like the former TLA on South Street. The venue’s maximum occupancy would be 3,000, and a representative of Live Nation said the group plans to hold around 65 concerts a year.

The plan includes two surface parking lots, and it would make an existing non-accessory sign on the Ajax Building permanent.  To read more

Real Estate Development Plans For West Philly

The proposed 24-story Drexel University dorm building at 34th and Lancaster in West Philadelphia was discussed during the Planning Commission monthly meeting. The building will contain 351 residential units, accommodating 1,361 residents, and commercial space on the ground floor. Also, it would include 89 onsite parking spaces [I recommend more onsite parking spaces for 1361 residents].

The planning and zoning processes in Philadelphia are not proceeding perfectly. The new zoning code requires real estate developments to go through a fairly rigid series of steps, and the city generally wants to avoid piecemeal amendments to the zoning maps. At the same time, the Planning Commission is performing a neighborhood-by-neighborhood remapping, which is not supposed to be complete for the next few years.    To learn more...

Philadelphia City Council mulls “gentrification relief” from property taxes

For more than a decade Graduate Hospital area of Philadelphia, PA has been one of the city’s fast developing neighborhoods. It continues to grow with new homes and skyrocketing home prices. While half the homes are filled with newcomers in Graduate Hospital, some homes are not.

These longtime residents in fast-growing areas are considered most effected to the real estate tax changes from Philadelphia’s property tax reform. Moving from the old real estate tax system to one based on the current market value of a property could mean an enormous tax increase to a home in Graduate Hospital.  To learn more...

Can the Navy Yard Stand on its own as an innovation hub?

More people are working in the Navy Yard (South Philly) then ever before. A Plan was developed to make the Navy Yard “a place for innovation”. To attracted companies and start-ups in physical sciences, energy and engineering sectors — a way to balance Philadelphia’s strength in the life sciences sector. Some highlights from the article:

1. Philadelphia Navy Yard hit the 10,000 jobs milestone this January
2. Just under half of the businesses at the Navy Yard fall into the tech or energy industry
3. Room for expansion: currently, 6.5 million sq.ft. of the Navy Yard’s 20 million square feet has been developed
4. partnering with the University City Science Center to open “Satellite Quorum”

Old City Philadelphia Objects to 205 Race St. Project

If you are a real estate developer and you want to build a 16 story, 128 dwelling mixed used project (bigger than the zoning allows) how do build the property?

1) Apply for variances, meet with the local community groups, and present your case to the Zoning Board of Adjustment
2) Or you can just avoid all that and just ask your Councilperson to change the zoning.

The actual real estate developers of this proposed development in Old City Philadelphia chose #2. Councilman Mark Squilla introduced a bill that would add a “Bridge Approach Area” to the Old City zoning overlay, providing size and density bonuses to buildings on parcels between I-95, 4th Street, Race Street, and New Street. The 205 Race parcel is the one of the biggest lots in that area. To read more of this story…

Student Loan Debt Hurts Housing Market

With home prices and mortgage rates both at historic lows, it seems like the perfect time to buy. First-time home buyers usually make up over 40 percent of the home buying population, but their share has hovered at or below 30 percent recently.

WHY? Student loans are standing in the way of many first time home buyers.
As total student loan balances nearly tripled between 2004 and 2012, according to a new survey from the Federal Reserve Bank of New York. Now $1 trillion in collective student loan debt is directly affecting the housing recovery.

I guess the $100,000+ in student loans for a job that pays $30,000 a year does not make sense after all.  To read more...

Developer plans 40-unit apartment complex in West Philadelphia

A real estate developer is planning to convert a 14,000 square-foot garage in West Poplar into 40 residential units. It calls for partial demolition of the building and the construction of second- and third-story additions. The building will also have 20 parking spaces, 10 bike parking spaces, recessed 1st floor entrances and a 6 foot fence.  To read more...

Revamped Germantown Plan to launch July 1st

Last year, Philadelphia’s Planning Commission staffers spent months conducting a study of the Chelten Avenue corridor, part of an effort to bring back shoppers and a better mix of businesses to the commercial district off Germantown Avenue. There was a lot of talk about property values, trash, crime, etc. What resulted was the Central Germantown Business District Beautification Plan, which took stock of the business offerings, documented problems such as nearly 22 percent vacancy in the retail district, and made 25 recommendations for everything from streetscape improvements to future zoning approaches. The only questions left were how to implement the recommendations and how to pay for it all.  To read more...

DIY: THE ELEMENTS OF A GREAT OUTDOOR SPACE

Big or small, inexpensive or extravagant, your outdoor living space is an investment toward creating your own personal sanctuary. It doesn’t have to be overly complicated, the three things to include fire, water and earth (and a little shade). There are several ways in which you can use these elements to create a cozy open-air refuge to call your own.

In a recent national survey, the number one request for an outdoor room is the outdoor kitchen. Although outdoor kitchens can involve pricey, extensive projects, the idea is to extend your home’s living space into the backyard. If a built-in gas grill with all the accoutrements isn’t in the budget, a charcoal grill will cook your meals up nicely. Whether you’re serving a few or a family feast, you can find a variety of stylish outdoor dining tables and chairs to suit your needs.
To learn more...

The Truth about FHA 203k Loans

The FHA 203k loan program provides home buyers the opportunity to buy and fix up a property, without exhausting their personal savings. Home buyers can purchase a property and include whatever costs to make required repairs or desired updates, or to fully renovate the property, all into one simple thirty-year fixed loan. The renovation costs just get added onto the purchase price of the home. The works starts after the purchase of the property, using the money that the bank has set aside.

The appraisal or the maximum mortgage amount is based on the lesser of 1) the as-is value + the cost of rehab work, or 2) 110 percent of the after-improved value of the property.

To learn more visit...

Work on New Urban Village on the Delaware River Starting this Summer in Bensalem, PA

Bensalem, PA waterfront is about to get a huge makeover. The new urban village will include 440 townhomes, 16 single family homes and a 10-story, 150-condominium mid-rise. Also, the mid-rise will include retail, office and restaurant space on the banks of the Delaware River off State Road. It will feature an 8-acre park directly at the water’s edge and a marina.

The company recently launched and will set up a sales center on the site, on State Road east of Station Avenue, by the end of April. Construction is expected to begin in August or September.  To read more about this story.

Happy Spring! Now Let’s Start Planning your Garden

Happy Spring! If you are in the Philadelphia area, today did not feel like the first day of spring. Boy was the groundhoud Phil wrong this year. Today’s post is on a DIY project regarding Planning your Garden.

With the warmer months coming, now is a very good time to sit down and plan your garden. If you’re just starting out, make sure you select a site with at least six hours of sunlight, good drainage, air supply, loose rich soil, easy access to equipment and a near by water supply. Also, check with your local utility companies to make sure of any underground wires or lines. Make sure to make a checklist. Watch this video to learn more

FHA to Increase the Annual Mortgage Insurance Premium

The FHA is to increase the Annual Mortgage Insurance Premium it collects. This change takes effect for cases assigned on or after April 1, 2013. Monthly rates will be charged based on the initial loan-to-value ratio and length of mortgage. See the new monthly rates.

Tioga section in Philadelphia sees a turnaround

Tioga 40 years ago was a gorgeous neighborhood. Overtime the neighborhood fell down. Dozens of factories in Tioga, Nicetown, and Allegheny West began closing and putting thousands of people out of work. Verna Tyner started a community organization that she is president, uniting Tioga, and groups such as the Allegheny West Foundation and Mercy Neighborhood Ministries began to work on strategies to combat the blight.

The organization sees a turnaround for a number of businesses and institutions have moved into, or will soon occupy renovated factories or once vacant industrial sites. The most recent development project is the $5.6 million NewCourtland LIFE Center, under construction at 19th Street and Allegheny Avenue. With it on target to be finished by the end of the year, it will be an Independent living for Elders.  To read more..

Fannie, Freddie to Hand Mortgage Securitization to New Firm

Fannie Mae and Freddie Mac will form a joint venture for securitizing home loans that could end up replacing the two government-controlled mortgage finance giants. Fannie Mae and Freddie Mac, which help finance about two-thirds of new U.S. homes loans, were seized by the government in 2008 as mortgage losses mounted. They have drawn nearly $190 billion from the U.S. Treasury to stay afloat. Democrats and Republicans on Capitol Hill agree that Fannie Mae and Freddie Mac should eventually be wound down, but have failed to find common ground on what should replace them. DeMarco’s plan provides an interim structure for some of their business, but the ultimate decision remains in Congress’ hands. To read more….

Potential Apartment Building to be Built off City Avenue

An 11-story apartment building is proposed to be developed in Bala Cynwyd, block off of City Ave. Philadelphia and Lower Merion Township recently coordinated on rezoning the area through the regional City Avenue Special Services District. If approved projected rents would be $2,000 to $2,500.  To read more...

Vacant lot on Girard Ave In Philadelphia Could be Developed

Preliminary discussions have taken place between real estate developers and Philadelphia neighbors regarding a mixed-use development project envisioned at the southeastern corner of 27th and Girard in Philadelphia.

Plans are for a four story building with the ground floor commerical and residential units above.

To read more...

Possible Real Estate Development by Temple Hospital in Philadelphia

Rookie real estate developer plan is to build 12 two- and three-bedroom, four-story condominiums, starting at $150,000 and $199,999, and called “The Renaissance.”

The real estate developer wants to revive her childhood neighborhood that’s in distress.

Her goal now is to build at least 100 houses in Tioga section of Philadelphia in the next five to seven years.

to read more...

Philadelphia exempts itself from lead paint law

Worthwhile read about the Lead base paint rule that only effects landlords that rent to non-subsidized tenants.

Home Buyer’s Checklist

February 2013 monthly theme is the Home Buyer’s Checklist, things you need to do before buying a home.
In this final video of our February topic the Home Buyer’s Checklist, we will continue our discussion on what to do after the home seller accepts your offer. Below is the full Home Buyer’s Checklist. If you want me to talk about a certain topic in the future please email us.
Home Buyer Checklist

• Get a copy of your credit report and correct any errors
• Reduce your consumer debt – pay down credit card balances.
  • Pay off the debt with the highest interest rate first.
• Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home.
• Can you afford the down payment (FHA 3.5%, conventional 5-20%)? Don’t forget closing costs, moving costs, and having a small cash reserve for emergencies.
• Get familiar with basic mortgage terms
• Shop around local and national banks for best rates and programs.
• Get pre-qualified for a mortgage loan
• Research neighborhoods that you want to a house (drive & online)
  • Location, schools, crime, etc.
• Interview real estate agents who specialize in the neighborhoods where you want to buy a house
• Get pre-approved for a mortgage loan
• Visit homes and make notes/pictures
• Once you find a house you like, have your real estate agent determine the price you should offer. Look at comparable houses the sold in the last 6 months.
  • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
  • If your house is dated you should offer less than a newer renovated home.
• Have real estate agent write the offer
• Complete all mortgage loan application requirements
• Hire a home inspector to examine the house & be there for the inspection. You will learn a lot about the house.
• Get agreement on repairs to be made by the Seller
• Inspect repairs and handle other details prior to closing day (settlement).
• Hand over a certified check for the down payment and pick up the deed for your home.

You Put an Offer on a House and the Sellers Accepted! Now What?!? Below we will continue our discussion regarding things that the home buyer will need to do before settlement.

To read more and watch the video visit

Community Input on Rezoning of the old Coke Site in Bridesburg

When you are driving on interstate 95 from the Navy Yard into Bucks County, most all residential neighborhoods are to your left except one. Bridesburg is unique, servered from the delaware river not by highway, but by industry, and the ruins that remain there.

The industrial site, home of the former Philadelphia Coke Company, was changed from industrial zoning to an experimental Waterfront redevelopment zoning district in 2007. A development company planned to build a 720-unit housing development on a portion of the 67-arce site, but then later fell though. Now, the bulk of the site sits empty, zoned RMX-2, a residential mixed use category.

To read more of this story...

Home Buyers Check List Video Part 2

February 2013 monthly theme is the Home Buyer’s Checklist, things you need to do before buying a home.

In this video of our February topic the Home Buyer’s Checklist, we discuss things you need to do before buying a home. Below is the full Home Buyer’s Checklist. If you want me to talk about a certain topic in the future please email us..

Home Buyer Checklist

• Get a copy of your credit report and correct any errors
• Reduce your consumer debt – pay down credit card balances.
  • Pay off the debt with the highest interest rate first.
• Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home.
• Can you afford the down payment (FHA 3.5%, conventional 5-20%)? Don’t forget closing costs, moving costs, and having a small cash reserve for emergencies.
• Get familiar with basic mortgage terms
• Shop around local and national banks for best rates and programs.
• Get pre-qualified for a mortgage loan
• Research neighborhoods that you want to a house (drive & online)
  • Location, schools, crime, etc.
• Interview real estate agents who specialize in the neighborhoods where you want to buy a house
• Get pre-approved for a mortgage loan
• Visit homes and make notes/pictures
• Once you find a house you like, have your real estate agent determine the price you should offer. Look at comparable houses the sold in the last 6 months.
  • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
  • If your house is dated you should offer less than a newer renovated home.
• Have real estate agent write the offer
• Complete all mortgage loan application requirements
• Hire a home inspector to examine the house & be there for the inspection. You will learn a lot about the house.
• Get agreement on repairs to be made by the Seller
• Inspect repairs and handle other details prior to closing day (settlement).
• Hand over a certified check for the down payment and pick up the deed for your home.

Today’s videos discuss the bullet points:
Once you find a house you like, have your real estate agent determine the price you should offer.

• Once you find a house you like, have your real estate agent determine the price you should offer. Look at comparable houses the sold in the last 6 months.
  • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
  • If your house is dated you should offer less than a newer renovated home.
  • Your real estate agent will do a lot of the work with the access they have. But if you want to do your own research you can look at Zillow.com and it will tell you what houses recently sold in the neighborhood. You can compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
    • If your house is dated you should offer less than a newer renovated home.

Have real estate agent write the offer

• Have real estate agent write the offer
• Once you find the home you want to buy, the next step is to write an offer – which is not as easy as it sounds. Your offer is the first step toward negotiating a sales contract with the seller. Since this is just the beginning of negotiations, you should put yourself in the seller’s shoes and imagine his or her reaction to everything you include. Your goal is to get what you want, and imagining the seller’s reactions will help you attain that goal.

You Put an Offer on a House and the Sellers Accepted! Now What?!? Below are things that the home buyer will need to do before settlement:

Follow up with your mortgage lender or broker
Let your mortgage lender know that the offer was accepted and tell them to order the appraisal and get the final mortgage approval ready. Make sure a check for the mortgage loan will be available at the closing. Mortgage documents and check should be delivered to the Closing Attorney, Escrow Agent or Title Company officer prior to closing day.

Mortgage loan application requirement was covered in a previous video. Most loan applicants go to their loan interview with a signed copy of purchase contract. A purchase contract for the house will specify the amount of your down payment, the price you will pay for your house, and your proposed closing date. When you go to apply for a mortgage, the lender will use all the data to calculate whether the house you want to buy can serve as collateral for the amount of money you wish to borrow. Your ability to obtain a mortgage to a great extent depends on the information contained in your Credit Report. So, it’s a good idea to get your credit report, before you apply for a mortgage, and correct errors. To ensure that your mortgage application will be processed as quickly as possible, it’s important to bring all the proper information to your loan application interview.

We will continue with this video series topic next week. Stay tuned.

Contact a real estate professional before you decided to sell. If you are in Pennsylvania contact me at www.CMTrealestate.net.

Subscribe to CMT Real Estate’s Youtube Channel
contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

Philadelphia Real Estate Tax: AVI Calculator

No more reading or waiting to see to see what your new property taxes in Philadelphia will be. Use the AVI calculator to estimate your Philadelphia real estate taxes under the new Actual Value Indicator.

Navy Yard in Philadelphia unveils updated master plan

If all goes according to an updated master plan, in ten to fifteen years the number of people working at the Philadelphia Navy Yard will double to 20,000 and could reach 30,000. The employees will work in a mix of manufacturing, energy, technology, and research jobs, among other types. There will be companies located within neighborhood-like districts, which will include a mix of re-purposed historical buildings and environmentally conscious new ones. They will all be linked to each other and the river with a series of parks, trails, and bodies of water. Great for Philadelphia real estate.

To read more...

4% Interest Rate on a Checking Account?!?!

Interesting idea to park some of your cash besides the mattress…
How do financial institution do it?

• Attract the type of customers that community banks and credit unions want: people who lower their costs and generate revenue.
• Save around $2 a month when an e-statement replaces a paper one
• Make money every time you use your debit card
• People who use online banking are more self-serve and that helps reduce overhead costs

To learn more...

US Sues S&P Over Pre-Crisis Mortgage Ratings

The U.S. government says Standard & Poor’s, a credit rating agency, knowingly inflated its ratings on risky mortgage investments that helped trigger the 2008 financial crisis. They gave high marks to mortgage-backed securities because it wanted to earn more business from the banks that issued the investments.
The case is the government’s first major action against one of the credit rating agencies that stamped their approval on Wall Street’s soon-to-implode mortgage bundles. The Justice Department, which has long been criticized for failing to act aggressively against the companies that contributed to the crisis, marked a milestone.  To read more...

Philly Homeowners: Will Your Real Estate Taxes be Increasing or Decreasing

Philly Homeowners: Will Your Real Estate Taxes be Increasing or Decreasing

• More than 36,000 property owners will see their tax bills increase by at least $1,000 a year under a shift to a new property-tax system.


• But more than 180,000 property owners will see their tax bill drop, including a few hundred by more than $5,000.
• The data showed that a total of 281,163 property-owners will see their tax bills increase and the change would affect 2014 tax bills.

To read more visit....

Home Buyers Check List Video #1 of 5

February 2013 monthly theme is the Home Buyer’s Checklist, things you need to do before buying a home.

This is our first video of our February topic the Home Buyer’s Checklist, things you need to do before buying a home. Below is the full Home Buyer’s Checklist. Today we discuss the first two bullet points: Credit Reports and paying down current consumer debt. If you want me to talk about a certain topic in the future please email us.
Home Buyer Checklist

• Get a copy of your credit report and correct any errors
• Reduce your consumer debt - pay down credit card balances.
  • Pay off the debt with the highest interest rate first.
• Determine how much you can afford to pay for a home. Decide how much you are willing to spend for a home.
• Can you afford the down payment (FHA 3.5%, conventional 5-20%)? Don’t forget closing costs, moving costs, and having a small cash reserve for emergencies.
• Get familiar with basic mortgage terms
• Shop around local and national banks for best rates and programs.
• Get pre-qualified for a mortgage loan
• Research neighborhoods that you want to a house (drive & online)
  • Location, schools, crime, etc.
• Interview real estate agents who specialize in the neighborhoods where you want to buy a house
• Get pre-approved for a mortgage loan
• Visit homes and make notes/pictures
• Once you find a house you like, have your real estate agent determine the price you should offer. Look at comparable houses the sold in the last 6 months.
  • Compare square footage, lot size, bedrooms, baths, garage, basement, condition of the home, etc.
  • If your house is dated you should offer less than a newer renovated home.
• Have real estate agent write the offer
• Complete all mortgage loan application requirements
• Hire a home inspector to examine the house & be there for the inspection. You will learn a lot about the house.
• Get agreement on repairs to be made by the Seller
• Inspect repairs and handle other details prior to closing day (settlement).
• Hand over a certified check for the down payment and pick up the deed for your home.

To learn more and watch the video, click here.

Death of the Refi?

Mortgage rates for homes today are very low, but U.S. borrowers have a very short memory. They forget that the rate on the 30-year fixed, which sits around 3.6 percent today, was a full percentage point higher a year ago, and above 5 percent in January of 2010. The purchasing power gained through today’s low rates have arguably helped fuel the recovery in home sales. Low rates have also sparked a boom in mortgage refinancing, which in turn has put more spending money in consumers’ pockets.

On the Mortgage Bankers Associations weekly report from a week ago, there was a 10 percent drop in refinance applications. On a 30-year fixed moved from 3.62 percent to 3.67 percent.

To read more of this story...

Pending Home Sales Fall Due to Dwindling Supply

Signed contracts to buy existing homes fell 4.3 percent in December from the previous month, according to a monthly index from the National Association of Realtors.

Much of last year’s gains in existing home sales was driven by investor demand for foreclosures and other distressed properties. Millions of dollars, largely in cash, from private equity, flowed into the market, pushing supplies down dramatically and even causing bidding wars in some of the previously hardest hit markets.  To watch the video....

Guess Who’s Driving the Demand for Rental Apartments?

Even as housing and the greater economy slightly improve, a shift in demographic trends will likely favor the rental apartment market for the foreseeable future. It is all about women. Women are getting married later, having kids later and out of wedlock, all prompting them to seek the convenience of large, full-service rental apartment buildings.

There is also a tremendous amount of pent-up demand for the rental market, as nearly 23 million young adults, male and female, under age 35 (31 percent of the cohort) are currently classified as ‘living at home’ with parents, according to Raymond James’ analysis. As job growth improves, they will move to rental apartments; the homeownership rate for this group is only 34 percent.  To read more...

A New Residential Development in University City Phildelphia

Another real estate development in University City section of Philadelphia, PA. The University City Science Center announced earlier in January that it will begin construction of a new 27-story apartment building at 3601 Market Street. Construction is to be complete in 2015.

The new 400,000 square-foot building will include 364 apartments (one-bedroom & two-bedroom apartments). The building will also include parking, retail space, a fitness center, a resident lounge and a rooftop pool. These apartments will be luxury apartments that will appeal to young professional and graduate students. To read more...

Toll Brothers’ Next Frontier

Toll Brothers, are known for their building of mansions in the suburbs and now a thriving business selling condos in urban settings. So, what's next for the Horsham, PA natives? Their next goal is to break into...

What to Expect during a Home Inspection

January 2013 monthly theme is Home Inspections for your house. Today we discuss What to Expect during a Home Inspection. If you want me to talk about a certain topic in the future please email us. To learn more contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

If you need a recommendation for a home inspector email us and we can provide you a few home inspectors for you to choose.

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U.S. Housing Starts Climb to Highest Rate Since June 2008

Building of new U.S. homes had accelerated in December to its fastest pace in over four years, supporting the view that housing is poised to provide a substantial boost to the U.S. economy. Last month the starts at building sites for homes increased by 12.1 percent. A trend in growth that has led many analysts to expect residential construction boosted the economy last year for the first time since 2005. December’s pace of groundbreaking was the fastest since June 2008.

To read more of this story click the link.

Home Inspections: Hidden & Visible Defects

January 2013 monthly theme is Home Inspections for your house. Today we discuss hidden and visible defects when looking at your home. If you want me to talk about a certain topic in the future please email us. To learn more contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!
Types of defects in the home:

• Hidden defects are behind the walls, on the roof or out of site inside the furnace and under crawl spaces. Professional home inspectors might not spot all signs of termite damage, faulty wiring and improper roofing
• Visible defects are out in the open for buyers to see. Some visible defects are below:
  • Moisture: water stains on ceilings, damp basement walls or musty odors are all signs of possible water damage
  • Cracks in walls might mean nothing, but all cracks should be investigated by a professional, especially cracks in foundation walls
  • Uneven floors: floors that are not level could mean the house is sinking.
  • Loose doors: Look for light coming in around and under exterior doors. These might need insulation or refitting
  • Condition of Heating and Air Conditioner
  • Water Pressure

If you need a recommendation for a home inspector email us and we can provide you a few home inspectors for you to choose.

To learn more about this topic contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

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Home Inspections: Electrical Wiring

January 2013 monthly theme is Home Inspections for your house. Today we discuss electrical wiring when looking at your home. If you want me to talk about a certain topic in the future please email us. To learn more contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

Have you ever asked yourself?

• How much does it cost to rewire an entire house?
• What is knob and tube wiring?
• How do I properly wire (new electrical) my house up to code?

Watch this video for electrical wiring tips and installation.

If you need a recommendation for a home inspector email us and we can provide you a few home inspectors for you to choose.

To learn more about this topic contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

Subscribe to CMT Real Estate's Youtube Channel

Your Own Personal Fiscal Cliff

Just like our nation, many Americans are battling their own Fiscal Cliff. The average American Household is inclined to overspend, have too much debt, not enough in savings for emergencies and retirement, and be under prepared for their financial future. Your decisions around your home are more impacted by all the other areas of your life than other possessions you will ever own.
To avoid creating and nose-diving off your own financial fiscal cliff, here are a few things to in your own personal finances.

Buy and borrow sustainably. Before you buy make sure you have emergency savings in place to handle any home- related expenses. Also, make sure you can handle your mortgage, property taxes and other home related obligations long term. Then don’t forget about the other expenses in your life: food, entertainment, vacations, utilities, water, etc

Plan, save and account. Each month write down and track all your income (take home paycheck) and expenses (food, entertainment, vacations, utilities, water, rent/mortgage, etc)

Stand guard against the temptation to pull cash out or move up for its own sake. No need to keep up with the Jones if it puts you worse financially.

To read more of this story, click the link

Fiscal Cliff Deal Favors Housing Recovery

Two major tax provisions survived the “fiscal cliff” (I know I am sick of hearing the phrase too), meaning the housing market is on firmer ground today. Congress did not touch the mortgage interest deduction, and it extended tax relief for one year on mortgage debt forgiveness. Jaret Seiberg of Guggenheim Partners wrote, “An extension of the tax break is positive for home values by reducing the number of foreclosures and helping more troubled borrowers stay in their homes. That means less supply on the market.”

A law signed in 2007 states that loan modifications, short sales and foreclosures were no longer taxable but that tax break expired at the end of 2012. The fear was that if the tax break was not extended, home owners would not agree to short sales because they would then face a tax bill.
To read more of this story, click the link.

Get a Home Inspection When Buying a Home

January 2013 monthly theme is Home Inspections for your house.

This is our first video of our theme for January on the topic Home Inspections for your house. Today we discuss if you should hire a home inspector. If you want me to talk about a certain topic in the future please email us. To learn more contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

Hire a professional home inspector before you buy a home. The time to discover expensive defects is before you buy the home. Even brand new homes often have major construction flaws. The $350-$500 you pay a home inspector is worth the money, especially if they find a $1,000+ defect.

Typically, a home inspector is contacted immediately after the contract or purchase agreement has been signed. Before you sign, be sure there is an inspection clause in the sales contract, making your final purchase obligation contingent on the findings of a professional home inspection. This clause should specify the terms and conditions to which both the buyer and seller are obligated.

The home inspection report will cover the condition of the home’s heating system; central air conditioning system; interior plumbing and electrical systems; the roof, attic and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement and structural components. Included with your home inspection report are usually digital pictures, a cost range guide, and general report summary of major defects.

If you need a recommendation for a home inspector email us and we can provide you a few home inspectors for you to choose.

Contact a real estate professional before you decided to sell. If you are in Pennsylvania contact me at 215-900-3447.

To learn more about this topic contact us for a Free Special report on How to Sell Your House on The Date of Your Choice Without Making a Repair!

Subscribe to CMT Real Estate’s Youtube Channel