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Philadelphia, PA Real Estate News

By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
As I was pouring my cup of coffee, after my morning duties, I reached into the sugar jar and it had about a half a scoop of sugar. Darn it, I like sugar and cream with my morning cup 'o joe. My wife went grocery shopping last night and forgot to add sugar to her list. This kind of reminds me of our profession and what we forget to do. OK, do not get it yet? We are approaching Christmas and the New Year, what is in your sugar jar? Do you have prospects and leads lined up for the next few weeks? I do. I make the calls and Emails every morning to every prospect that requests any information and prioritize the list. There is always a scoop of sugar waiting for me in the morning. Did you forget to do your shopping? Alright, when was the last time you prospected? What are you doing right now ...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Northern Liberties Real Estate I must admit I love selling real estate in the Philadelphia real estate market.  And I really love selling properties in Northern Liberties !  Why you ask ?  Because we live in the neighborhood and are a part of the community !! We are very passionate and interested in the community and love to see the progress, the development and the changes over the years.  Recently, I highlighted a blog post about the Top 15 Neigborhoods to Buy Real Estate Highlighted by Business Week , one of which was Northern Liberties !!  How cool is that ? In any event, when I meet with a seller who has a property to sell in Northern Liberties, I tell them who better to sell your property than someone who lives in the neighborhood, someone who knows everything about the neighborho...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
It is not a secret anymore, we are told this from the first day in real estate; Call Expireds!!! Well my working hours start at 8 am searching the numbers for my call list for the day. When I call, I may get someone and I may not; however it was the one call I made that I never expected to hear what I received. She was mad and upset and told me to go to a place that hopefully I will never see, along with a few more choice words. I had called her on three separate occasions when on the last call she told me to never call again you, for the sake of sparing profanity, a particular hole in between a crack. I am a bigger person because I do not use profanity, although do not judge from my past, and told her thank you and politely I hung up the phone. Hmmmmmm....I reached into my desk drawer ...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Real Estate Activity December 18, 2008 Philadelphia Active 9037 Pending 1308 3rd Qtr Average Price $182,100 DOM 65 Bucks County Active 3563 Pending 482 3rd Qtr Average Price $359,300 DOM 68 MontCo Active 4874 Pending 626 3rd Qtr Average Price $346,500 DOM 66 DelCo Active 3152 Pending 442  3rd Qtr Average Price $284,600 DOM 64
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
I wonder if my plea will be heard... Back in August I had a suggestion in this blog post "I have a cure for the housing market but I need your help" which stated that every realtor and seller (including FSBOs) should immediately withdrawl their listings that would knowingly never sell.  If that did happen, probably at least 10 percent of the inventory would be cleared !  That in and of itself would be a great stimulus to the housing market ! As an add-on to that post, my next plea is simple and straightfoward.  Please Please Please do not take the overpriced listings - it confuses the sellers (and realtors as well as the public) in the neigborhood and it wastes everyones time.  We are all better served by having realistic priced homes on the market as the inventory will begin to move an...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Real Estate Activity December 15, 2008 Philadelphia Active 9113 Pending 1334 3rd Qtr Average Price $182,100 DOM 65 Bucks County Active 3586 Pending 497 3rd Qtr Average Price $359,300 DOM 68 MontCo Active 4886 Pending 650 3rd Qtr Average Price $346,500 DOM 66 DelCo Active 3173 Pending 473  3rd Qtr Average Price $284,600 DOM 64
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By Fred Glick, We fixed real estate
(arrivva, inc.)
Ever notice the ads from a large, car manufacture owned mortgage lender with cheery music in the background offering you say 5% but with an APR of 5.29?Did you ever wonder what the apr is?Simple. They add costs to getting the loan. It's much more expensive to get that rate from them from say, me.I did a 5%, 30 year fixed with an APR of 5.02% on Friday.The difference? The fees I charged were just the lenders costs that I was passing through ($795). To get to 5.29%, I would have to add about $5500 of costs. So, you might as well pay points and get 4.625% of so!Are you impressed by the quality of management and cost containment with the Big 3 auto makers? Well then why use their money (or lack of it) to get a loan and pay big fees?
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Visit http://www.stripmall.drhanh.net for more information Solid 11250 sqft strip mall is located in a crowded area of North Philly. 7 upstairs apartments are fully rented, Rent from 475-520/month (total upstairs 3370/month) each of them has windows, kitchen, 1 large bedroom, living room, central air, separate utilities, common laundry on 2nd floor, and all make an easy living. 6 stores on ground floor are also rented. 2 anchor stores are grocery stores 1081/month and an eat-in take out restaurant (610/month); they are long term lease tenants with rent increase 5 per cent yearly. 4 other stores are also rented by a church, a clothing, an office, and a beauty salon (Total ground floor is 3511/month. Rent total 6881/month owner pays cold water, Tax, and common electric. Make a calculatio...
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By Fred Glick, We fixed real estate
(arrivva, inc.)
I was quoted today in the Philadelphia Inquirer.  Go to http://tinyurl.com/inq121508  
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Should I list now or wait until spring ? I received a call yesterday from a consumer who said "Chris, I know it is not a great time to sell.  Should I put my properties up now or wait until spring ? " .  What is interesting is that I have found myself answering this question frequently and I have been seeing the same question on Trulia Voices and Zillow discussions.  So, I figured it made sense to write about it as it relates to the Philadelphia real estate market. The first part of the answer depends on a seller's personal goals.  If a seller has no place to go or plans on purchasing in the future or there are other external factors that pushes their timeline out it might make sense to wait until those answers are figured out and there is less uncertainty.  This is the case for any sel...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
Current Real Estate Activity December 13, 2008 Philadelphia Active 9135 Pending 1330 3rd Qtr Average Price $182,100 DOM 65 Bucks County Active 3591 Pending 492 3rd Qtr Average Price $359,300 DOM 68 MontCo Active 4891 Pending 647 3rd Qtr Average Price $346,500 DOM 66 DelCo Active 3177 Pending 473  3rd Qtr Average Price $284,600 DOM 64  
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Building Your Reputation As a follow up to a previous post "Are you utilizing your office website (RE/MAX.com) to generate referrals and consumer traffic ? " , we had the settlement today for a referral we received from a California agent less than 30 days ago !  Doing great work for a referral certainly helps build your reputation as a top agent. The California RE/MAX agent found us doing a search on REMAX.com .  After referring us to the seller, we met and got the property sold in 3 days in Port Richmond.  Obviously the California agent did the research and contacted the right people !  The highlight here is the importance of having your profiles set up on all of your websites.  It is amazing on REMAX.com how few agents have their photos and websites up.  This has encouraged us to mak...
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By Peter Lavelle REALTOR®, Your Home SOLD 4 Times Faster Than MLS Average
(eXp Realty (888) 397-7352 Ext:1148)
It was a brisk day yesterday,and we bundled up to take public transportation to Center City Philadelphia. School was out for a Catholic Day of Obligation and I decided to take my two boys to see the light show at Wanamaker's ( sorry to those that know it as Macy's, but it will always be the Wanamaker building to me). My children were a bit excited because they were going on a bus and then the train. When we arrived inside I was taken back to my time of innocence when I remember the voice of my mother saying "We'll meet back at the eagle." We took a seat on the floor when shortly the voice of Julie Andrews begins the narration. The screen in front and above us lights up telling a wonderful story and taking us away from the everyday roller coaster ride of life. It is still awe inspiring t...
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By Barry Kushner
(Realty Professionals of America)
There are numerous reasons to buy a house now - assuming you really want to.  And by "now," I mean within the next 6 months.  Even though the economy is a mess, unemployment rates are higher than they've been in a generation, and home sales are sluggish, there's never been a better time to be a buyer.  In fact, many experts are starting to call this the perfect storm for buyers - especially first-time buyers.  Why is this so?  Here are a few reasons why:   1. This Is the Strongest Buyers Market in Many Years  There are more homes on the market now than at any time in history.  In Philadelphia and the Bucks County and Montgomery County suburban communities, there's about 8 months worth of housing inventory at the moment.  That means it will take 8 months just to sell all the homes curren...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
The Pulse of the Real Estate Market I have always been a little bit anti-media, and even more so during the last year with all the doom and gloom of the "national" real estate market never taking into account local markets.  A featured post "Can we gag the Media ?  Or Hang the DJ ? " expressed that point and was a post that struck a nerve with consumers as they participated greatly in the comments which is a little bit unusual.  One thing I have learned since that post is that in this new world, it is not really CNN, CNBC, Fox news or anyone else that is the media, but it is all of us who is the new media.... right here on Active Rain.  And who better to report on the updates of the real estate market than those of us that are on the front lines !   Which brings me to the main point of ...
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By Renee Porsia, Agent Genius
(First Team Real Estate)
Posted by Renee Porsia under For Buyers, For Realty Professionals, General Information, RE/MAX, selling, buying, Renee Porsia, NAR Today I wanted to talk about what a Buyer Broker Agreement is, why it is used, why a buyer should sign one and what happens when a buyer refuses to sign one. A Buyer Broker Agreement is a legal document that establishes the relationship between a buyer and a Realtor. It lays out how long the buyer agent will work for the buyer "client" (more on client vs. consumer later) and what the buyer agent will do for the buyer "client" and how the buyer agent will be paid. Why is a Buyer Broker Agreement used? A Buyer Broker Agreement is used when a buyer wants to work with a Realtor. It's really no different than signing a listing agreement when a seller wants to se...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
5 Reasons for Buyers to Get off the Fence ! In the Philadelphia real estate market, I am seeing some substantial opportunity for buyers to procure great deals as well as have teriffic opportunity before them now.  Thus, if you are one of those "on the fence" buyers, it is time to cross over and accomplish your goal ! Here are 5 reasons why: 1.  Mortgage Rates - Mortgage rates are at 2008 lows !  The mortgage officer in my office has been screaming up and down the hallway about this is the time to lock.  A buyer that we have been working with just locked into a 30 year fixed rate of 5.25 !  Are you kidding me ?  This gives buyer incredible purchasing power in addition to being a great deal.  Yes, rates may trend lower but there is no guarantee for how long. 2. Inventory - There is a lot ...
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By Renee Porsia, Agent Genius
(First Team Real Estate)
Posted by Renee Porsia under For Buyers, For Sellers, For Realty Professionals, General Information, RE/MAX, selling, buying, Renee Porsia, NAR, Philadelphia Market Statistics   I can't tell you how many times I called a listing agent to tell them I was going to be writing an offer for my buyer on one of their listings and heard "how much is it" or "I'm expecting 2 offers" or my personal favorite "It better be good because I have 2 other offers."  First of all, expecting offers isn't "having" offers. Also, lets remember that it's not the listing agent's home and therefore the listing agent shouldn't be making comments like "it better be good because I have two other offers." It makes the agent look bad. What they should be saying is "Great, the more the merrier." The agent was hired to...
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By HGTV My First Place
(HGTV/High Noon Entertainment)
MY FIRST PLACE, HGTV’s hit series, is still casting for our Sixth season and we’re STILL looking for first-time homebuyers in the Greater Philadelphia area RIGHT NOW! AGENTS involved play a significant role in the storytelling methods of the show and will receive nationally televised (HGTV)positive exposure. We are looking for fun, high-energy people who are just starting the home-buying process for their first place! Our goal is to capture all the trials and tribulations of looking for, bidding on and buying your first place.  Ideal candidates will be enthusiastic buyers with a great story to tell and a desire to share their experiences. Singles, couples and families are all invited to apply!  Candidates who are chosen for the show will also receive a unique HOUSEWARMING SURPRISE that...
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By Ralph Millard
(ValueGuard Home Inspections)
7 Tips to Buying Your Home in a Down Economy Buying a home in a "normal" economy is tough enough, but buying in a down market can be particularly daunting. The key to buying a home is identifying your personal financial position, goals and housing needs; however it's equally important that you know what you're buying. Our home buying tips represent a small portion of the overall home buying process because we are home inspectors not financial planners, but hopefully you will find them useful. 1. Find a good deal - with home inventories rising, there are lots of good deals to be found. We suggest starting the process by clearly defining the attributes you are looking for in a home - price, location, number of bedrooms, basement, etc. Pre-planning will go a long way in helping you communi...
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