Where do Adults Go to Run Away From Home? This Bucks County Retreat

Remember when you wanted to run away from home? Go to a place far away from nagging parents (bosses), chores (housework), or school (work).

Now you can.

This amazing Bucks County Retreat allows you to run away from it all and enjoy your weekends in peace and tranquility. Listen to nature, not traffic. Sip coffee leisurely, not on the go. Explore the river towns of Bucks County, rather than navigating the concrete jungle.

www.RiverRoadHouse.com

$350,000

Situated high up on a hillside in bucolic Bucks County, this 2 BR/1 BA 1920'S restored bungalow has been featured in Country Home magazine, on the cover of Life magazine and in the pages of Philadelphia magazine as one of America's ultimate country retreats. Just 90 min away from NYC it's the ideal weekend home or perfect for full-time living. Surrounded by old-growth Japanese maples, ferns and evergreens, the bungalow manages to meld vintage features with modern amenities, including C/A & high speed internet. A new kitchen features stainless steel appliances w/convection oven, DW, washer & dryer, GE Profile refrigerator, custom Italian cherry cabinets, terrazzo-inspired countertops and handmade glass tile backsplash. Upstairs, a large loft-like BR features exposed beams and views of the Delaware River. Downstairs, a blue and white ticking fabric padded guest room has built-in cabinets for extra storage. A screened-in porch and separate outbuilding for office, workshop or artist studio round out the property.

Ideally located amidst the PA River towns of New Hope, Lumberville, and Point Pleasant, and only 5 miles from their NJ counterpart, Frenchtown, this weekend retreat is only 90 minutes from New York, and an hour from Philadelphia.

Visit our website for additional information and photos.

Technorati Tags: bucks county,vacation homes,weekend homes,new hope,lumberville,frenchtown,pa,nj,real estate inventory,for sale,heather,oberhau

Heather's Helpful Hints for Sellers in Bucks County, PA - Links to Love

My husband and I just spent the day getting our fix and flip investment property in Warminster, PA ready to be put on the market. There is the inevitable list of piddly little "to-do" items that take forever to complete: cabinet hardware on the kitchen cabinets, grills on the A/C vents, toilet paper holders and towel racks in the bathroom. We spent about 5 hours today doing a multitude of tiny things that add up to mean big money in the end. Of course, I played washer woman - nothing like cleaning toilets in a house that was inhabited solely by workmen. G-ross!

I was going to write a blog about how to prepare your home for market, but quickly realized I've talked about this ad nauseum on this blog (you might have noticed my obsession with cleaning kitchens and baths). So, rather than reiterate, I've decided to just link those babies up!

Heather's Links to Love for Sellers in Bucks County, PA

The 10 Minute Staging will tell you how to quickly get your home show ready (and you'll see my messy kitchen).

5 Things That are Sure to Run Off Buyers will tell you the five quickest ways to get a Buyer out of your house (which should NOT be the goal here :)

Find out How a Plate of Cookies can beat out hardwood floors.

The Quickest Fixes for Your Kitchen and Baths illustrates my obsessive nature regarding these rooms.

When Does it Make Sense to Rehab an Estate? Find out my criteria...

Look for more hints here in the very near future. Every time I put a flip house on the market, I remember how difficult it is to get a property ready to market. These investment properties keep me in tune with my Sellers frustrations :)

Why Appraisers May Be Doing Buyers (and Agents) Dirty Work in the Future

For the first time, ever, in my real estate career, I'm seeing homes not appraise for the contract price.

Now, some may think this is long overdue, and that appraisers are finally doing their job the RIGHT way. I'm of the opinion that appraisers were doing their job the right way all along - houses were worth those inflated prices because people were willing to pay those inflated prices. If houses are worth what a Buyer is willing to pay....well, I'm getting off track here.

Anyhow, the fact of the matter is that appraisers are now under direct scrutiny, and they're being a lot more stringent about how they perform their appraisals. I'm hearing (and our office reporting) of a lot more deals falling through because the home did not appraise at the contract price.

What does this mean for Buyers and Agents?

Well, it lets us off the hook just a bit, doesn't it? No longer can Sellers overprice their home against their Realtor's advice and hope that someone, somewhere will pay their inflated pricing. I mean, sure they can still do it, but that appraisal is going to kill any deal they get at their inflated pricing, unless they are willing to lower their price to the appraisal price.

For Buyers, a appraisal can be your very best friend. It can shave a few thousand dollars off your contract price. Of course, it can kill the deal, as well, but in most cases, the Seller is more than willing to compromise with you to get the deal done.

What does this mean for Sellers?

Comps, comps, and more comps! Make sure that your asking price is backed up by good, solid, CURRENT comps. You can't overprice by $5,000 and hope you can squeeze a little bit out of your home. There's no squeezing anything at this point (except your proceeds). Don't look at it as a loss - you probably wouldn't get that extra $5,000 anyway. Look at as you are priced right.

Secondly, keep an eye on your Seller's Assist numbers. Previously, no one had a second thought about jacking the contract price up to accommodate a Seller's Assist. Those days are gone. Your house needs to appraise at the contract price, not at your net price. If you're offering a Seller's Assist, figure on taking it off of your current price.

There are new procedures going into place in May that will affect how lenders order appraisals, and I expect some fall out in pricing to result. It's more important than ever that you keep appraisals in mind when pricing, or purchasing a home.

The Single Girl's Guide to Real Estate in Bucks County ... Any takers?

Bucks County Open House Extravaganza - Sunday March 22nd from 1-3

Prudential Fox & Roach is having an Open House Extravaganza this Sunday 3/22/09 from 1-3 p.m.

So far, we have over 1500 houses signed up and will be held open. Go to the Prudential Fox & Roach website and click on the red box to the left to see how to search open houses. We also have a super-cool tool directly underneath (Home Tour Planner). You enter in the MLS numbers of the open houses you want to visit, and this tool will come up with a customized map for your tour.

But the most happening, wildly popular, open house will be held here:

www.112FairOaks.com

112 Fair Oaks Court

Newtown, PA

$240,000

Come visit me (and maybe a few of the other 1,500 open houses) this Sunday!

3 Ways to Find Your Zen When Negotiating Real Estate Transactions

1. Keep it civil.

I wrote a post What NOT to do in a Real Estate Transaction waaaay back in January of 2008. I think my favorite line of that post was "never start negotiations with an opening salvo to the other party." Look, you don't have to be friends with the other party, but keeping the dialog civil, on-task, and moving forward is going to accomplish your goals. Once the other party hates you, it's difficult for them to remove the emotion to work through the deal. Antagonistic negotiations often de-volve into fighting over trashcans and a $30 bathroom mirror (I've seen it happen).



2. Learn the Serenity Prayer. Repeat as necessary.

You can't control the other party, you can only control your end of the deal. People have complex lives going on, with motivations, finances, and weird dynamics that you never will, nor would want to, understand. Trying to figure out the other person, while good for hours of discussion, usually isn't very productive. Take a look at the offer, figure out how to make it acceptable to you, turn it back over to them and let them do the same.




3. Take the time to remove the emotion.

It's VERY typical to get emotional during negotiations. Heck, even I get irritated when I sell my fix & flip properties. It's ok. It's human. You're on opposite teams in this game. So, while you can rant and rave about how CHEAP the Buyers are being, or how NITPICKY the home inspector was, take the time you need to remove that from your response. Usually, by the next morning, you can look at the situation with a clear mind. Take the time you need to think things over, because you might regret losing a workable deal by telling someone to go pound sand.

Help! My Listing Expired and I'm Never Gonna Sell This Place!

Cute clip-art aside, I know that having your home listing expire without a sale isn't funny or cute: it's scary and disheartening.

I ran a list of expired listings in Bucks County, and boy...there are quite a few. I'm certainly seeing an increase in expired listings, so you are not alone.

You may be panicked at the thought that you will never sell your home. You may feel as if it's a lost cause, or that it'll "never happen."

So, what do you do if your listing has expired?

• Decide whether you want to re-list with your current REALTOR (R). Were you happy with his/her service, marketing, communication, etc? Do you think he's done all he can to sell your home? Contrary to the knee-jerk reaction to find a fall-guy for the lack of a sale, your REALTOR might not be to blame. However, if you think that it's time for a change of REALTOR, you'll have plenty to choose from when they inundate you with mailings :) (Disclaimer: you might see some mail from me. Check it out and give me a call!)

• Start from scratch with a new CMA. Often, when a house is on the market, you live in a fishbowl of your direct price range. Pricing may have changed while you've been on the market, and you'll want to take another look at what's actually SOLD while you've been on the market, and the NET sold price.

• Take all the negative feedback that you've received and handle anything that reared it's ugly head. If someone mentioned the Spongebob mural in the kid's room, paint it. If someone mentioned the carpets were stained, clean them. This is your chance to address all the issues that cropped up and start fresh. View those past Buyer's as your own personal "Problem Finders." If one person mentioned it, you can be sure that others noticed, just didn't remark on it.

• Stage it. This is especially important if you've moved on and your home is now vacant. It's important. It works. You don't even have to go full-bore, but you need to put some furniture in the house.

Take a step back and a deep breath; then evaluate your situation with a clear mind. Then, take the next steps forward to move on...interview another REALTOR (Me! Pick Me!) do another CMA and make a pricing adjustment - fix the problem and get your home back on the market.

Above all, remember that homes are selling every day in Bucks County. Your home WILL sell.

2008 Profile of a Pennsylvanian Home Buyer

The National Association of Realtors have released their 2008 Profile of Home Buyers and Sellers.

So, what did Buyers in Pennsylvania look like last year?

• The median age was 38 years old. For first-time Buyers, the median age was 29 (Go you under-30somethings).
• 66% of home buyers had no children under the age of 18 in the home.
• 59% were married couples, 18% single females, 11% single males, and 9% unmarried couples.
• First time home Buyers accounted for 46% of purchases.

And I thought this was especially relevant:

• 43% of Buyers used social networking websites such as Facebook, MySpace, etc. (Pssst...look to your Right ->)

So what does this mean for Bucks County Sellers?

Well, for one thing, when staging your home, make sure you're appealing to the right age group. If you're selling an entry level townhome, keep those 20-somethings in mind and make sure that it's not their "parents" house. I'll give you a hint - look to Target for some great decorating ideas.

Another thing to keep in mind is the growth of the single Buyer and the fact that a large percentage of Buyers did not have small children in the home. I've been routinely staging my extra bedrooms as a nursery and a child's room, but perhaps a better option would be as an office/guest room - maybe a daybed and a desk?

Lastly, make sure that you're utilizing social networking sites to sell your home. If you're not participating in any of the sites, ask your Realtor if they are, and if / how they plan to market your home on these sites.

AGAIN with the no electricity...

See this? This is a picture of Brian, Dana, and I trying to look at a house in the absolute PITCH DARK.

Apparently, light itself has become a novelty for not only bank owned properties, but also for pre-foreclosure properties.

I understand that people are losing their homes and all kinds of horrible things are happening to Sellers. I'm sure our ability to see their home, that they are losing, isn't really high up on their list of priorities. I also understand that they honestly may not be able to afford to keep electricity on at the property.

All I ask if for the common courtesy of a heads up when I make the appointment. A simple, "Daylight showings only" in the agent comments will suffice. There's no reason for me to show up at a house where we have to use the lights from our cell phones to navigate the stairs, lockbox, and house itself. It's a complete and utter waste of everyone's time, and quite honestly, pretty ridiculous.

Sure, it's good for a laugh, since hilarity always ensues, but it's not so great for selling a home.

If you're a listing agent with a home like this, please have some common courtesy for your fellow agents, and for our clients. It's a silly situation all around. It's dangerous for people who are looking, and makes our industry as a whole look bad.

Bucks County Real Estate Market Heats Up

Bucks County Buyers are coming out of hibernation, and they're motivated and looking for the deals.

Ok, this is purely a non-scientific observation. In the past week, my personal client base has blossomed. I'm now working with three serious Buyers who weren't looking last week. I feel energized, and excited, and I'm thrilled to be on the hunt again.


The New Year brings about more than resolutions, starvation diets, and gym memberships. The holidays are over, people are doing their taxes, examining what they want for the coming year, and are motivated to make changes in their lives. On top of this, the lure of low interest rates, tax refunds, lower prices, and more inventory only sweetens the deal for Buyers in this marketplace.

I've always used Superbowl Sunday (Go Iggles! :) as my personal benchmark for when our selling season starts to heat up. It's when I feel the energy of the market pick up, and usually see an increase in my business. I was concerned that this year might be different.

It doesn't look like it. Although 2008 was a difficult year for many, it was my second best year in the business. Early indicators look like 2009 may follow suit.

There is value in this marketplace, and Buyers are looking to take advantage of that.

Never Buy a Car in the Rain - or a House in the Dark

My Dad always counseled us against buying a car in the rain. Seems he did it once, and although he's a meticulous man, the next day, dings and dents became apparent. We recently bought a car on a rainy day, and you know what? The next day, we found some dings that we had missed.

As winter approaches Bucks County, and our days get significantly shorter, please be cautious about looking at homes at night after work.

From a practical standpoint, it makes it almost impossible to actually see the lot. Since location is the hallmark of real estate, the lot the home is on is almost as important as the home itself. Additionally, it's sometimes difficult to access the property (see my icy driveway post).

As for the interior of the home...

If the Sellers were smart and left the home well lit:

You know how everyone looks hotter by candlelight? It softens the wrinkles and adds a glow to the skin and a sparkle to the eyes. That's what your getting with a warmly lit home. Cracks in the drywall, funky floors, dinged appliances - they'll all be softened by the glow of lamps. What is obvious under the glare of natural light can be missed at night. Also, you need to make sure the the home DOES get lots of natural light during the day.

If the Sellers (I'm looking at YOU Mr. Banker) have left the home dark:

Well, I probably don't have to go any further with this. If you can see it, you can't buy it. Duh.

My recommendation is this: you should always do a second showing on a property you're thinking of purchasing. If the first was done in the dark, make sure the second is in full daylight.

Oh, and never buy a car in the rain.

Interview with a Bucks County Mortgage Consultant - Carmella McGonegal

Through the magic of Facebook I've been reconnecting with a lot of girls from high school (I went to an all-girls high).



Carmella is a high school friend who now works with Mortgage Mobility. I asked her a few questions I thought were on everyone's mind:




Hey, when can I score that 4.5% interest rate I keep hearing about?

Looks like the end of January beginning of February. Right now it looks like its just going to be on purchases. They are working on it for refinances too.

Is there going to be any restrictions on income - either too much or too little? How about my credit score?

You will need at least a 660 credit score if you are not putting down at least 20%. There are no restrictions on income, you just simply need to qualify.

What can I do right now to lower my existing payment?

The only thing really to do to lower your payment is to refinance to a lower rate than what you currently have.

Can you show me what the difference might be in my mortgage payment?

Well today's 30 yr. fixed rate is 5.375%. On a purchase price of $200,000 with only putting down 5% your principle and interest payment would be $1082.56. On a $200,000 going FHA your payment would be $1151.94. That figure is principle and interest only. With 3% down. FHA rates today are 5.75%.

****Special footnote - Carmella wrote these answers on 12/12, and when I checked in with her yesterday the rates had DROPPED and the 30 yr fixed rate is 5% today and FHA is 5.5%.

I'm in danger of going into foreclosure. Help! What should I do?

Call your current mortgage company to renegotiate. They will help you. They do not want your house. They will help you by either lowering your interest rate or give you deferred payments for a couple months until you get on your feet.

There's so much happening on the mortgage front that I would really encourage you to call Carmella and talk about your options. Purchase or re-finance, you may be able to score a GREAT mortgage rate.

Here's Carmella's contact information:

Carmella McGonegal
Mortgage Consultant
Mortgage Mobility
Office#267-544-4000 x133
Cell# 215-901-8083

Using Google Maps to Preview Homes

Remember when we talked about Acreage vs. Privacy?

You have a powerful tool in Google Maps that allows you to preview properties before you ever make an appointment to view them. Using Google Maps, or even Google Earth if you're feeling adventuresome, allows you to preview the area, assess the property, and locate any positive or negative features of the property.

Using my previous post as an example, I put both the addresses into Google Maps and selected the satellite image.

Here are the maps of the properties:

View Larger Map

View Larger Map

You can see where I'm going with this, right? It's a quick way to check out the area and lot, and in many cases you will be able to eliminate homes or consider others simply by doing this step. You can also be aware of some hidden surprises - quarries, air fields, community parks, etc. There may be things that will impact your decision (good and bad) that are not within eyesight of the home, but are readily apparent on the map.

Pretty helpful, isn't it?

Hey, Baby, What's Your Number(s)?

'Tis the season to be wrapping up - not only my gifts but my year end stats. I've been going through my business this year, figuring out where my business has come from, what it looks like, and where it's going.

First, I want to thank all my family, friends, and past clients for all their referrals over the past year. I'm so proud and grateful that you've entrusted me with your own friends and family. Almost 70% of my business this year came from you, and it's a rockin' way to run a business. I work with nice people, do a great job for them, and they send nice people my way. Perfect!

Thank you.

Down to the nitty-gritty of my sales numbers. I think they show that you CAN sell a house in this market, and I know how to do it. The table below shows my average days on market and sale to list price vs. the averages for Bucks County through December 9th.

	Days on Market	Sale to List Price
Heather	43	98.62%
Bucks County	72	93.13%

These are a few of my favorite things...

No real estate today, just fun, random Christmas stuff.

Inspired by my friend Dana, here are 5 things that put me in the Holiday spirit:

1. Andes Mint Cookies. I make Christmas Cookies for gifts and this year I'm making around 20 dozen. I usually follow a theme of make a cookie, stick a candy bar in/on it, and voila! This is by far the quickest, easiest, and yummiest of them all.

2. Bad Santa photos. I must be the meanest Mom in town, because when my kids cry on Santa's lap, I laugh and say, "Quick take the picture!" This is my favorite from the Ellen Show's gallery for the sheer, glorious chaos of it; the little girl hoping her brother doesn't ruin it for her, the throwdown tantrum, the clearly overwhelmed Santa. Fabulous!

3. Bath & Body Works Evergreen Wallflowers. We put our tree up on Christmas Eve, so these let me have a "Christmas-y" feel in the house, and keep our Christmas Eve tradition.

4. Having shopping marathons with my husband. We take off two or three days right before the holiday and have shopping marathons and get all our shopping done in a few days. We get the kids to school, go out to breakfast (a must!), and then hit the stores hard. I'm cranky after 3 stores, my husband has unlimited stamina. I complain, he pushes me on. We have a lot of fun.

5. Hallmark Ornaments. Read it and weep, suckers! I've got the ENTIRE Holiday Barbie series from Hallmark, starting in 1993. I don't know why I like these so much. The tradition of them? The feeling of remembering those Christmases as I put the ornaments on the tree? The thought that I'm investing in something unique that I can hand down to my kids? Not sure what it is - I just love them.

So, share with me...what are the things that get you in the holiday spirit?

Bucks County Real Estate Inventory - November 2008

Thanks to one of my favorite clients Fabio for asking the question that spawned a blog. I've been having a bit of writer's block recently.

Anyway, Fabio asked how November turned out after reading my post showing the months supply of inventory on the market in October 2008.

The answer? Better.

We finished November of 2008 with 14.7 months supply of inventory of single family homes in Bucks County. Sure, it's up 53% from November 2006, and 34% from November 2007. However, it's down from our October number of 15.7. (Go us!)

Looking at the two year cycle, we're currently right where we had previous peaked in December of 2008. Since November and December usually carrying the most inventory due to seasonal buying patterns, I'm anxious to see how our December turns out. Stay tuned!

Regardless, I want to reiterate that we can still sell your home in this market. Even in this "down market" the average days on market for my listings this year was 43 days. The average for Bucks County was 72 days. We can get it sold!

You Can't Win if You Don't Play

If you're a Buyer who is out there in the market, but not making offers, you're missing out.

You need to play to win.

I'm not one to advise people to make rash decisions, or to be risky with their money. Especially not with real estate transactions that can total in the hundreds of thousands (or millions) of dollars. I believe in taking the time to find the house that you are totally, unequivocally in love with. I believe in feeling comfortable with your price range. I believe in doing your research on an area, school district, and property before moving forward.

However, if you're ready to buy, you really need to jump in the pool and get swimming. Rates are down, inventory is high, Sellers are motivated, and the time is right.

I've been scoring some serious, serious deals for my Buyers (and myself) over the past few months.

Here's the thing...take a shot. Write the offer and see what happens. I'm not encouraging you to get crazy - offering pennies on the dollar only works on late night infomercials. Review my post last year on low-ball offers done right. However, this is definitely the market to start putting some offers on paper, and see what happens.

If you never put in the offer, then they won't be able to accept it.

You have to play to win.

Bucks County Real Estate Inventory

In September, I told you about some seriously cool software that I learned that gives my clients and me some great tools to determine pricing, competition, and timing.

Below is the "Months Supply of Inventory" of single family residential homes currently on the market, as of the last day of October 2008. I warn you, it's grim news. We currently have 15.7 months of inventory on the market, up from 11.6 months in September. Over a two year period, the "Month Supply of Inventory" has increased 108%.

You can click on the image to enlarge it, or shoot me an email and I'll be happy to send it over as a .pdf file. I can also run this report for your municipality to give you even more specific numbers for your home.

So, what's a girl (or boy) to do?

What's I've been preaching so much, even I'm sick of hearing it.

Your home has to be either a spectacular value or in spectacular condition. It has to blow the rest of that overwhelming inventory out of the water. In order: get it staged, price it right, market the hell out of it.

Here are some links to additional information on staging, pricing, and marketing:

The Quickest Fixes to Get Your Home Show Ready

Five Things Buyers DO Give a Crap About

We Don't Need No Stinkin' Internets

Technorati Tags: bucks county,sellers,selling a home in bucks county,bucks county market inventory,real estate inventory

The Bank Owned Property Conundrum

To put it delicately, many of the bank owned properties need...

a little work.

However, there are wonderful deals to be found for the courageous Buyer. I currently have a home under contract around $130,000 UNDER comparable properties. Now, the home needs work, and some (but not all) of that built in equity will be eaten up by rehab costs. At the end of the day, my handy Buyer got a great deal on a home.

But, here is the conundrum...

It's very difficult to get financing for a property that is in bad condition. A tarped roof, broken windows, missing appliances, etc. will make getting a mortgage difficult. Your agent should be able to give you an idea if the property is "Mortgage-able" or not.

If the property is in such disrepair that you cannot get a traditional mortgage, you can pursue what's called a rehab mortgage. In this scenario, the mortgage company will loan you the purchase price + rehab costs, up to 80% of the estimated, post-rehab appraised value. These loans are pretty involved. You'll need a signed contract with a licensed contractor who can provide a resume and references to the bank. The bank will be involved in your rehab process, and may need to inspect the work prior to releasing the contractor's payment, etc. They may require permits be secured for the work, even prior to closing on the property.

You need to assess the viability of a regular mortgage vs. a rehab mortgage BEFORE placing an offer on the property. Due to the more complicated process in securing a rehab mortgage, you'll need to build in additional time to obtain the mortgage commitment and settlement.

Are you a courageous Buyer? If so, I'm your girl. I'll find you the deals AND the financing for them.

When Does it Make Sense to Fix a Home in an Estate Sale?

Selling a beloved family home after the death of a parent may be one of the most emotional real estate transactions you will go through. On top of the obvious difficulty in dealing with the death of a parent, the family home is often in some disrepair and dated.

When working with estates, I counsel the family to take an honest look at the home. If the home has generally been maintained, and has been updated throughout the years with new mechanicals (heater, roof, etc) as needed, then it may make sense to do a light rehab. What's a light rehab? Paint and carpet. Perhaps a kitchen. Now you have an updated, well maintained home that should be a very sellable product (as long as you price it right).

If however, the home has been neglected, and many of the major components need repair or replacement, then it doesn't make sense to rehab the home. You would have to do a full-scale rehab at that point. It rarely makes sense for an estate to invest that significant amount of time, energy, and money. At that point, I suggest that it's better to sell the house "as-is" and let someone else invest the money, time, and energy to bring the home up to speed. It doesn't make sense to paint and carpet a home that is only going to undergo a major rehab, and you'll be throwing good money away.

How about if the home is marginal? Paint and carpet, neaten up the kitchen if possible, maybe with new flooring and countertop, and price it to sell.

Although difficult to do, you need to take an emotional step back from the home in order to see its true condition, then move forward from there in a way that makes sense: financially and emotionally.