Center City Homes Blog

What is a “Short Sale?”

Center City Real Estate Agent — Fri, 11 May 2012 14:47:26 +0000

Today in the Center City Real Estate Market there are many more short sales then there was 5 years ago. What exactly is a short sale? Well, there are many different definitions to a short sale, but all of them are basically saying the same thing. A short sale is when a property is sold for less (or “short”) than the outstanding loan amount and the lender accepts the proceeds in satisfaction of the mortgage, even though it is less than what is actually owed on the property. It is basically a last ditch effort in selling the house before it is foreclosed upon and not only does the owner lose but so does the bank. A short sale insures that at least some of the loan will be repaid.

A benefit to a short sale is that it allows the owner to get out of a mortgage that they cannot afford without negatively impacting their credit as much as a foreclosure. It has been reported that a short sale could negatively impact your credit score anywhere from 50 to 100 points, while a foreclosure has been reported anywhere from 200 to 400 points.

While nobody ever wants to be in this situation, it is valuable to know your options and the difference between a short sale and a foreclosure. If you ever find yourself in this situation, do the research and find out if your lender will allow you to sell your home as a short sale. Obviously nobody wants this to happen, but if it does it is much better to sell your home as a short sale than having the stigma of a foreclosure on your record. Not to mention it is much easier for a couple or individual to bounce back from a short sale than a foreclosure.

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Philadelphia Real Estate

Center City Real Estate Agent — Thu, 03 May 2012 17:18:01 +0000

Philadelphia Real Estate is picking up and picking up quickly. We are seeing buyers no longer dragging their feet because there’s becoming a demand for certain areas in Center City Philadelphia. Multiple offers and lower days on market have already begin to happen…..a lot. One neighborhood that caught my eye is Graduate Hospital. The average DOM (Days on Market) has decreased significantly from last year at this time. 153 DOM now compared to 214 DOM last year!!! Not to mention, GH has seen a 28% increase in sales price since this time last year. Why is this? I’d suggest that demand is growing as inventory shrinks, buyers are more competitive, newer-better construction, the market is rebounding slowly but surely, etc……. Continue to be the buyer who drags their feet and you’ll be the buyer who watches properties that you “loved” get bought out from under you. I’m not suggesting it’s a seller’s market yet but if there is anything that this TREND is telling us, it’s that it could be headed that way.

I’ve said this a hundred times, If you see a property that you like/love and could see yourself living there, DO NOT fumble around for 2 weeks because you think it will still be there. Weigh the pros and cons and if it meets your standards, PRESENT AN OFFER. Otherwise you will call your Realtor and bitch at them because you didn’t get the property you wanted because YOU wasted time. That being said, I understand this is a HUGE financial obligation and a stressful process at times, do NOT rush into anything. What I’m saying is: once you have toured properties and you know what’s out there, if you find the property that fits your needs, move on it. Chances are, you are not the only buyers who feel this way! Educated buyer’s make educated decisions, put your Realtor to work! If you Realtor doesn’t provide them, ask for things like comparable properties and market statistics. This will help you make an educated offer.
If you are looking to buy in Center City Philadelphia, send me an email or give me a call, I’d love to help!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Bella Vista Philadelphia

Center City Real Estate Agent — Wed, 25 Apr 2012 16:31:19 +0000

2011 Bella Vista Philadelphia Sales Stats

Highest Sale Price in Bella Vista – $855,000

Average Sale Price in Bella Vista – $351,000

Number of Units Sold in 2011 – 78

Average Days on Market – 135 (Down from 149 last year)

For more information about Bella Vista or any other Center City Philadelphia Neighborhood, just give me a call! Zach Skidmore – 215.901.7844

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Buying Center City Philadelphia Homes

Center City Real Estate Agent — Wed, 18 Apr 2012 15:40:46 +0000

I received a phone call from a prospective client the other day and during the conversation thefirst time home buyer said to me: “we might not be able to buy a house anyway, we don’t have 20% for the down payment.” I simply replied: “What?” Haha. But seriously, this was a great learning lesson for them and myself. I just assumed that buying a home with less than 20% down was not only common knowledge but something that happens quite frequently, especially for first time home buyers. I explained an FHA Mortgage which will allow as little as 3.5% down to purchase a house. Obviously there are other payments that accompany this type of mortgage that you wouldn’t see with a 20% conventional. The payments are PMI and MIP. (Private Mortgage Insurance and Mortgage Insurance Premium). With timely payments throughout your loan, once you hit the 20% down mark you can request that these extra payments be taken off your mortgage. For more information on Mortgage’s and different types of loans, contact your mortgage consultant.

The point is: If you are looking to buy a house and you have a steady, well paying job and good credit, there are options for you. FHA is a great program put in place to help first time home buyers live the “American Dream” of home ownership! For more information on home buying or the mortgage process, drop me an email at Zach@CenterCity.com! Thanks and I look forward to hearing from you.

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Bella Vista Philadelphia

Center City Real Estate Agent — Thu, 12 Apr 2012 16:38:12 +0000

Real Estate is Selling in Center City Philadelphia….

Housing Inventory in Bella Vista is down 16%! This is great news for seller’s but not the best news for buyer’s. When you are looking to buy a house, the more inventory there is, the better. This creates more competition between seller’s, better sale prices for buyer’s and more to chose from.

Buyer’s looking to buy, buy now! Seller’s looking to sell, sell now! It’s a win, win!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Invest in Center City Philadelphia Real Estate

Center City Real Estate Agent — Mon, 12 Mar 2012 15:56:45 +0000

I absolutely love it when one of the smartest investors in the Country reiterates what we’ve been saying for awhile now… If you don’t believe your Realtor, believe the CEO of Berkshire Hathaway. Now is the time to invest in Center City Philadelphia Real Estate!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Best Salesman on the Planet

Center City Real Estate Agent — Wed, 07 Mar 2012 15:36:31 +0000

I would personally like to thank the creators of this video. This is GREAT!

If you’re looking for a REALTOR who “tells it just like it is” and won’t BS you, give me a call.

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

2011 Bella Vista Round-Up

Center City Real Estate Agent — Mon, 05 Mar 2012 18:31:15 +0000

Bella Vista Philadelphia had a good year in 2011 but is poised for an even better year in 2012.

Residential Market Statistics according to TReND MLS.

Bella Vista offers a variety of types of housing and the Range in 2011 should show that: in 2011 the lowest price for a settled house was $140,000 and the highest price was $855,000.
The average sale price for Homes in Bella Vista Philadelphia was $373,000 while the median price was $360,000. The average DOM or “Days on Market” was 100. Basically an average of a little over 3 months. That being said, don’t be fooled, although the average DOM was 100, the average PMP or “Property Marketing Period” (which is the true number of days on market) was 148 days. The difference between DOM and PMP is the PMP won’t reset unless it’s pulled off the market for a substantial period of time while the DOM resets even if its withdrawn for a day. Don’t let your REALTOR fool you, as about the PMP!!

The market is trending up in BV. In 2010 the average sale price was $365,000 and the median was $345,000. While the range was $69,300-$788,000! For more information about BV or any other market statistics on Center City Philadelphia Neighborhoods, give me a call! 215.901.7844Zach Skidmore
www.CenterCityHomes.com / 215.901.7844 Prudential Fox and Roach REALTORS® 530 Walnut St., Suite 260 Philadelphia, PA 19106

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Sh*t Real Estate Agents Say

Center City Real Estate Agent — Thu, 01 Mar 2012 17:20:12 +0000

Thanks to the people who made this video, it’s great!

If you are looking for a Realtor who won’t BS you. Give me a call!

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106

Philadelphia Homes

Center City Real Estate Agent — Wed, 29 Feb 2012 02:41:25 +0000

2012 is starting off better than expected and better than 2011! According to Trend MLS January 2012 sales are up compared to that of January 2011. Philadelphia Real Estate is on the rise, slowly, but surely.

Settled Units: 553(2011) - 582(2012)

Total Settled Volume: $80,941,000(2011) - $86,218,000(2012)

Zach Skidmore
www.CenterCityHomes.com / 215.901.7844
Prudential Fox and Roach REALTORS®
530 Walnut St., Suite 260 Philadelphia, PA 19106