Pittsburgh's Best Homes Blog

Should You Ask For A Seller's Assist

Tue, 06 Oct 2015 09:43:37 -0700

Is it a good idea or a bad idea to ask for a seller's assist when making an offer on a home?

The best way to look at a seller’s assist is that it is real money to the seller. For example an offer of $370,000 with a 3% sellers assist ($11,100) is just about the same thing to the seller as an offer of $358,900 without a sellers assist, because in both cases the final net amount they receive in their check at closing is $358,900 (minus their closing costs).

Reasons for asking for a seller’s assist…

You will bring less money to closing, for example if you were going to have to bring a check for down payment and closing costs for $20,000 and instead you get a seller’s assist of $10,000, then you will only need to bring a check for $10,000 to closing – so you can spend the extra money to make repairs or improvements to the home, buy furniture or other things you want for the house, or just not spend it at all and have extra money left in your savings account.

Reasons for NOT asking for a seller’s assist…

Usually the actual price you pay will be higher since the seller is just looking at a seller’s assist as a reduction in the check they get at closing. So if they would accept $360,000 without a sellers assist, they probably would want at least $370,000 with the sellers assist.
Since the purchase price is higher both the buyer and seller will pay a higher transfer tax since it is based on a percentage of the purchase price. Also the seller paid commission and the buyer paid title insurance are also percentage based of the sale price, so those go up too. (So the example at the top is not an exact match because some of the percent based costs do go up with a higher sale price)
If the county re-assesses your property for taxing purposes in the future they will see a higher price and could reassess your higher = higher property taxes in the future.
The property will have to appraise for the mortgage at the higher sale price that was negotiated to make room for the seller's assist, because the mortgage lender is still going to be doing the loan based on the purchase price, not including the seller's assist. This isn’t a problem if the appraisal comes in at value, but if it is low then the seller may want to remove the sellers assist or the buyer has to come up with extra cash to bridge the gap between sale price and appraised value, which completely negates the seller's assist.

Bottom line, if you NEED the seller’s assist because you don’t have enough money to cover your down payment or closing costs, or if you really WANT it because you feel more comfortable with extra money in the bank, even if it will cost you a little extra in the long run, then you should ask for it.

But if it’s more of a nice to have, not a need to have, you might be better off not asking for it.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Wilkinsburg: The next big thing

Thu, 21 May 2015 04:45:20 -0700

I am going to talk today about a neighborhood that I see as often overlooked, and a prime opportunity, for investment and redevelopment in the Pittsburgh area - Wilkinsburg. For those who don't believe that, let me present a few interesting facts about Wilkinsburg that might change your mind.

1. Affordability - As east end neighborhoods continue to see significant price increases, the pressure for affordable housing transfers to ajacent communities, one of which is Wilkinsburg. Like several other neighborhoods that have seen their renissance, Wilkinsburg has started to become home for artists and young families looking for inexpensive places to put down roots and invest in building a community. These early adopters have already found what others are just starting to see. (NextPittsburgh: 40 artists, 10 sites, 1 day, 1 town: it's Wilkinsburg's Dream City Art, April 7, 2015)

2. Wealth of amazing home to be renewed - The architecture in Wilkinsburg is nothing short of spectacular. Unlike some other area of the city where the small, mill worker homes are being renovated, but still can't break free of their original confines of narrow lots and row homes, the ones in Wilkinsburg are grand. Architectural masterpieces from Scheibler, an actual castle on Singer Place and some of the city's finest Victorian architecture sit waiting to be uncovered. If you ever had dreams of living in a grand home, Wilkinsburg can offer that for a fraction of the cost of other areas. Recently the Vacant Homes tour took visitors and potential buyers on a tour of amazing homes that are just waiting for someone to breath new life into them. You can find more information on the homes here and the county's Vacant Property Recovery Program can help you find properties that can be purchased for a small amount.

3. Location, Location, Location - Wilkinsburg sits at the gateway to Pittsburgh's booming east end while Penn Avenue serves as the connector to the Parkway East and PA Turnpike. This connector sees thousands of cars a day, meaning the chance for businesses to benefit from drive-by traffic is high. Few other business districts in the metro area can boast of the amount of opportunity that passes by each day.

4. Walkable Neighborhood - The consolidated, walkable business district on Penn Avenue gives way to a compact, sidewalked neighborhood where kids walk to school, shops are within walking distance of the homes and strong public transit presence makes this area act more like a small town, than a big city. This is the exact configuration "traditional neighborhood development" advocates have been talking about for years, it's already in place in Wilkinsburg.

5. Reasonable Taxes - Yep, you read that right. The first thing people always want to say about Wilkinsburg is the taxes are high. While it is true that the milage is high in Wilkinsburg, the prices and assessed values are low, so the actual tax bill that residents pay is lower than you might think. A quick survey of recently sold 4 bedroom / 2 bathroom homes of similar style in Wilkinsburg, Pittsburgh and Edgewood showed two homes in Wilkinsburg with tax bills of $5,165 and $8,572, in Pittsburgh with tax bills of $8,076 and $9,807 and Edgewood with tax bills of $5,163 and $6,227. While it is true that as values rise in Wilkinsburg the potential for higher tax bills is possible, rising values also give the opportunity for a reset to levels similar to the surrounding neighborhoods.

If you are looking for investment opportunities or a place to call home, Wilkinsburg offers both for those with vision. I have two properties available now, 1302 Singer Place, a grand 5+ bedroom home tucked away in the treetops for only $80,000 (you can see the video of the house here) and the retired Johnston School, a 45,000 sq foot property that sits at the intersection of Penn and the Parkway East. Give me a call if you would like to discuss either of them or other opportunities in this community.

You can find more information at the Wilkinsburg CDC
http://www.wilkinsburgcdc.org/

And I'm not the only one who thinks Wilkinsburg is on the cusp of greatness.

http://www.popcitymedia.com/features/wilkinsburgfeature_032215.aspx

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Changes Are Coming To The Settlement Process

Wed, 27 May 2015 11:06:59 -0700

If you are a buyer that is planning to purchase this summer or a seller that will be closing on a home after August 1st you should be aware that new government regulations will be making changes to the closing process that may effect when you finally close on the home.

The largest changes will be related to the final accounting of costs at closing. When a buyer applies for a loan they will now be given a Loan Estimate detailing all their costs to purchase. They must get this within 3 days of making a loan application, and if there are any of a number of changes during the mortgage process it must be resubmitted to the buyer. The buyer must have 3 days to look this over before any of the next steps towards closing can be taken.

Then no less than 3 business days before closing the lender must issue a Closing Disclosure. This takes the place of the doument formally known as a HUD-1 Settlement Statement, and it looks pretty similar. The important point is that the buyer must have it no less than 3 days prior to closing and it can no change substaintially from the loan estimate they were given.

This may sound complicated, but here is the thing that buyers and sellers need to know, right now it is common practice for the HUD-1 Settlement Statement to show up just a day or even an hour before closing. The new rules mean that if the lender doesn't get the Closing Disclosure to the buyer 3 business days before closing there will not be a closing! It doesn't matter if the truck is packed, the lease is expiring, the kids have to start the first day of school... there will not be a closing. It means that if the closing disclosure shows up on Thursday, the first day to close will be Monday (remember this is business days, Sundays and Holidays don't count).

While it is good that both buyer and seller have more time to know what their costs and charges are, there will no longer be the last minute, slide in sideways closing that unfortunately seem all too common as last minute appraisal, walkthrough and lender items are checked off the list.

If you apply August 1st your loan will apply under the new rules. And the new rules mean even bigger changes for the banks, lenders and settlement companies that will go unseen to buyers and sellers.

How do you avoid these problems and delayed closings? Ask your agent. Truth is that while we may not say it loudly, we do know what lenders close smoothly and on-time, we know what settlement companies do and don't have their act together and we do secretly sigh when our buyer's come up with pre-approval letters from lenders that we know don't have it together, and settlement companies that aren't getting ready. Lenders and settlement companies that were just squeaking by under the current rules are going to cause big delays on closings if they aren't ready for what is coming August 1st.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

The curse of vanilla homes - boring!

Tue, 23 Nov 2010 15:51:47 -0800

I've seen quite a number of vanilla homes lately, you may know what I am talking about. White walls, white molding, beige carpet, beige countertops, beige tile. Some of these homes are priced pretty high, but they leave so little impression on a buyer that they are easily forgotten.

While I agree that you should not personalize your home so much that it won't appeal to most buyers I think it's equally important to give your home some personality. Your goal is to create an inviting, warm homey space that anyone can imagine themselves living in and yet so many (especially new) homes forget to add anything to make their property stand out among the others.

When preparing you home to sell, try to add a few things that catch a buyers attention. It could be new, interesting door pulls in the kitchen or perhaps a new stylish vanity sink in the powder room, maybe upgrade the builder's original railing in the home, or a mass of colorful flowers by the front door. I've had buyers purchase homes in part because of stained glass panels in the front door, crystal door knobs, above average countertops, vessel sinks and cheerful (and tastefully) painted rooms.

Vanilla doesn't sell, make your home memorable.

I make home marketing memorable! Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-779-1437 (direct) or visit my website at www.bestpittsburghhomes.com.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Joy of Cookies Cookie Tour

Fri, 21 Nov 2014 04:10:03 -0800

One of the great things about Lawrenceville is that something fun is always happening and December is no exception. The fifteenth annual Joy of Cookies Cookie Tour is taking place Thursday December 4th through Sunday, December 7th. 30 local businesses are participating so you can get some holiday shopping done and sample the shopkeepers favorite cookies. On Saturday, hit the Cookie Mall at the Saint Augustine’s Social Hall, 220 37th Street to stock up on homemade treats for the holidays and the kids can participate in all the fun activities happening there between 11-2. Yum!

Get your map of Cookie Tour locations here.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

4th & 5th Grade Ski and Ride Program

Mon, 22 Sep 2014 08:39:30 -0700

Before you know it snow will be falling. Do you know any 4th or 5th grade students that want to do some sliding this winter? Send them to the Pennsylvania Ski Areas Association website. The Snowpass booklet offers skiing and boarding at 21 PA Ski Resorts for FREE. Get more information.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Summer Wrap Up

Mon, 22 Sep 2014 08:35:30 -0700

I hope you had a wonderful summer, for real estate in Pittsburgh it was a bit of a mixed message. Like most of the country prices have continued to climb, but with inventory so low, buyer's are struggling to find homes that they want. Since last August we have seen a 4.7% increase in the median sale price, but a 24.8% decrease in the number of sales. As always, good homes, that are priced right, get snapped up quickly, some are even getting multiple offers, which explains the rise in prices. On the flip side, it has become increasingly common for buyer's to get discouraged and put off a purchase altogether. What's the take away? If you have been thinking of selling, now is a good time to be in the market, particularly if your home is around the median home price in our area, where the lack of inventory is most pronounced. For buyer's, it means that your search may take longer than you expected and that you need to be preapproved and ready to make an offer when a house you like comes on the market, because it may not be there long. I hope everyone has a great fall, my favorite time of the year, and give me a call if you are looking to buy or sell a home.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Healthy Homes Incentive Program

Mon, 22 Sep 2014 08:27:44 -0700

If you live in Allegheny County and are thinking about making energy improvements to your home this year then take a look at the Healthy Homes Incentive Program (HHIP). Owners who make energy efficiency investments of $5,000 or more, can get up to an additional $2,500 for even deeper improvements.

The HHIP program will help with identifying financing options, select an energy auditor and home energy contractor and ensure the work is completed to the highest standards. You can get more information on the website at www.healthyhomespgh.org.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Sellers Disclosure - Don't Hide Problems

Wed, 06 Aug 2014 12:04:51 -0700

One of the documents you will be given as a seller is the Seller's Disclosure. This is a 6 page (in PA) document where you will be asked to fill out listing everything you know about your home.

For many sellers, their inclination is to only present their home in the best light, and while this can be tempting, the seller disclosure should not be looked at as a sales tool, because in reality is is a liability reduction tool. By revealing up-front everything you know about the home, honestly and to the best of your knowledge, you are preventing the six most dreaded words... "I was never told about that".

These are six words usually uttered by the buyer after their inspection or worse, after their closing, when something has gone wrong in the home. The fact is, homes break, even well built, well maintained homes. But when things breaks many buyers will go running back to the disclosure to see if they were really told about the issue they are now faced with.

Of course there is no such thing as a perfect house, and it is a great idea to get a home ready for sale by sprucing it up, painting it and making repairs. Just be sure that the repairs are being disclosed and they are not intended to be a band-aid just to get past the sale. Past problems will come back to haunt everyone if they are not correctly addressed, and the worst thing is for a buyer to find out that something was hidden away.

Speaking of which, the buyer will always find out. Inverably they will come across the contractor who had previously been at the home or they will bring the conversation up to the neighbor who will recite the entire history of your home.

So when faced with the seller disclosure, consider it as your opportunity to reveal what you know about your home, warts and all, and feel free to add additional details of how you corrected problems or even provide documentation. You will be protecting yourself and helping the buyer make a good decision as they search for the home of their dreams.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Lawrenceville Neighborhood Open House - Thursday, May 22 from 5-7

Wed, 21 May 2014 18:26:24 -0700

Tomorrow night in Pittsburgh's Lawrenceville Neighborhood a group of local agents will be throwing open their doors and inviting everyone in to come take a look at what the neighborhood has to offer. If you are interested in moving to the neighborhood this is the night to have a look. Homes will be open from 5-7pm, Thursday, May 22nd. Maps will be available at all the locations. Come on down and find your dream home!

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

We Are Franklin Regional!

Thu, 10 Apr 2014 04:58:06 -0700

I am sure by now you all know what happened in our school district yesterday. I am blessed that my own children are younger, and while my son goes to Middle School his involvement was limited to a minor inconvenience.

And so yesterday was a surreal experience of watching video of my neighborhood plastered across the national news. Talking to friends and acquaintances who had been directly affected, and today we are praying for the full recovery of the victims, and all our children to have a safe, uneventful day at school.

You have now seen our community from the helicopters flying overhead. I wanted to start this morning by showing you what our community looks like when the news isn't here, because Murrysville, is more than just this incident, and our school district is more than just the site of violence. After the story has left, we still have a story to tell here in our hometown.

What you hear on the news isn't the story of our school or our community. There are days I have looked out at the soccer fields, baseball games, fireman's fair or just driven through the area and the only word I can come up with the describe the community is "idyllic", one of those throw back places when kids can still play outside without supervision and the neighbors watch out for each other. Franklin Regional is one of the best school districts in the Pittsburgh area and kids are encouraged to work hard and have fun.

As the news speculates about motives, and the school environment, and Facebook lights up with opinions of what should or should not have been done, from the ground I can tell you that our school district was on top of the situation, our administrators and security at the school true heroes, and our kids showed real character. I sent my son off on the bus this morning with a certain amount of trepidation (he told me I was being silly), so I hugged him tight and told him I loved him. Yesterday was terrible but I have confidence in our school district and our community. We are Franklin Regional and we are going to be just fine!

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

ReEnergize Pittsburgh

Fri, 28 Feb 2014 06:14:26 -0800

Did you know that the average age of Pittsburgh housing is 55 years old, that is compared to just 37 years old for the country as a whole. Even more outstanding is the fact that 22 of the 90 neighborhoods in the city have an average home age of over 100 years old. If you own an older homes, the coming cold weather may mean higher utility bills and a chilly home.

But there is help! ReEnergize Pgh
is focused on helping homeowners find cost effective ways to make their homes more comfortable to live in and less expensive to operate. We recently created a new homeowner brochure that identifies the various programs, including utility rebate programs, reduced price home energy audits, income based grants and loan programs that can help you pay for improvements. Download a copy of the brochure here or find more information on the ReEnergize Pgh website.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Homebuyer Education Workshop at the Mon Valley Initiative

Fri, 07 Feb 2014 07:53:42 -0800

Thinking about buying this year? My friends over at the Mon Valley Initiative are hosting a Homebuyer Education Workshop on Saturday, February 15th from 9am-1pm. I'll be there to talk about the ins and outs of finding a home, Citizen's Bank will be on hand to talk about getting financing and Jonathan Weaver from MVI will be covering everything from repairing your credit to taking care of your home after you buy. They are even serving lunch. To sign up call Jonathan Weaver at 412-464-4000 ext 4008.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

Interview with ReEnergize Pgh Coaliltion Member, Christa Ross

Fri, 10 Jan 2014 05:00:57 -0800

As a Realtor specializing in green and energy efficient homes I work with a group called ReEnergize Pittsburgh that is working to reduce residential energy waste throughout Allegheny County, help create jobs, and improve air quality. One of the goals of the real estate committee is to consider ways to make energy efficient upgrades more valuable in the real estate market, including helping to make sure that when people sell they are getting value for those improvements in their market price and appraisal and making it easier for people who are looking for green homes to find them. A few weeks ago I sat down with one of the other members for an interview about what we are doing and how I am developing my own business around the idea of green homes...http://www.reenergizepgh.org/news/2013/11/27/interview-reenergize-pgh-coaliltion-member-christa-ross-green-realtor

As a committee we recently put together a brochure for home buyers with resources and information on energy efficiency and energy audits, including rebates and utility run programs offering discounts on energy efficiency upgrades. If you are interested in getting a copy just contact me.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.

PA's Transportation Bill Must Include Money For Biking and Walking

Mon, 18 Nov 2013 09:40:44 -0800

Biking and walking trails are important to me, to the future of our region and our country.

More people biking and walking will improve the health of our population, leading to reduced health care costs. Fewer cars on the road will lead to less dependence on foreign oil, less stress on our existing transportation infrastructure and better air quality. More biking and walking also leads buyers to consider homes closer to the city core, where they can choose from several options for short commutes, reducing sprawl.

It is amazing that a simple shift from car-dependence to a cycling or walking focus can benefit our communities in so many important ways - but only if we are not so short sighted that we ignore funding them, and only if people have a way to bike and walk safely.

Pennsylvania is getting ready to pass a new transportation budget, Please encourage our legislators to make sure that it includes money for alternative's to car only transportation.

Buying or Selling a home in Pittsburgh? Call Christa Ross from RE/MAX Select Realty, at 724-933-6300 x214 (office) or 724-309-1758 (direct) or visit my website at www.bestpittsburghhomes.com.