Lehigh Valley Real Estate Blog

Lehigh Valley Real Estate Home Sales

2010-03-14T04:30:43-04:00

The wacky weather may have skewed the statistics but one thing is for sure...the Lehigh Valley has Home Buyers searching and viewing homes daily for the "perfect home".

At the same time, Lehigh Valley Home Sellers are starting to talk to realtors about listing their homes. The spring market has kicked in!

What happens at this time of the year is multiple offers are received on that "perfect home" or worse yet being told, as a potential home buyer, that it went under agreement before you even had a chance to see it.

A home seller who receives and accepts an offer the first week their home went on the market, may feel that they under-priced the home.

A home in great showing condition and priced correctly can sell in the first few weeks!!

A really good look at the competition, before deciding on a listing price, may put the home at the exact pricing point that is considered fair market value.

Home Buyer's are looking for a "deal" but recognize a home priced correctly based on the other homes for sale and their research into the local real estate market.

Home Buyer? If you see a home that really appeals to you don't wait. Not all homes sit on the market for hundreds of days. Nice listings, priced correctly, can sell within the first week or two.

Home Seller? The first offer really may be the best offer regardless of the number of showings.

For more information about the Lehigh Valley Real Estate Market and to search for homes, visit http://www.lehighvalleyhomesonline.com

Lehigh Valley Home Buyers Are Getting Discouraged!

2010-02-25T03:26:11-05:00

The inventory of homes on the market is large! The prices are skyrocketing down! These are some of the things being said about Lehigh Valley Real Estate.

In the past few weeks, a few of the Lehigh Valley Home Buyers that I am working with put everything on hold. They went out multiple times looking at homes and gave up. They just didn't find the ideal home, out of the current inventory, and will look again when more listings come on the market.

Last week, I listed a really nice house and we received 13 showings in the first few days. It was under contract within a week. The home buyers are watching and waiting.

Lehigh Valley Home Sellers, what are you waiting for? Contact me for a free consultion about selling your home. Lehigh Valley Home Buyers must have a house under contract by 04/31/10 to receive the tax credit.

Palmer Township 4 BR, 3 BA Colonial Home For Sale

2010-02-20T08:22:13-05:00

Welcome to this 4 BR, 3 Full Bath home for sale in Palmer Township, PA.

Located in the Old Orchard section of Palmer, this home has amenities to enjoy throughout the year. The wood burning fireplace in the living room makes for cozy winter evenings and the finished soundproof basement area provides a "play" area. During the warmer months enjoy the screened in deck or heated in-ground pool with spa.

Brand new hardwood flooring accents the family room and the Stofanak kitchen w/Corian counter-tops, center island and Jennaire cook top with a convection/self cleaning oven.

The spacious master bedroom plus 3 other large bedrooms make this a house you can call home.
View Detailed Information About This Palmer Township Home.

Buying a Lehigh Valley Foreclosure Property

2010-02-11T03:08:10-05:00

As a Lehigh Valley Home Buyer are you considering purchasing a Foreclosure Property?

The Foreclosure properties available throughout the Lehigh Valley go from Diamonds in the Rough to needing a major overhaul. Some houses need very little work (maybe paint and carpeting) while others may need major repairs including missing plumbing, holes in the walls, all lights removed...etc.

Foreclosure homes are sold as-is and a home buyer must acknowledge in writing that they have been made aware of this. A property inspection can be performed to determine what is wrong with the house but the bank will not do any repairs (there are some exceptions).

Depending on what financing is being used (FHA, Conventional, Rehab Loan), a needed repair may become a major problem. It may become a Mortgage Condition and the mortgage won't be approved until the problem is corrected. You, the home buyer, may have to do the repairs before the purchase can take place.

This is a risk. If you do the repair are you definitely getting the house?

A hidden problem with any Foreclosure Property in the Lehigh Valley is whether or not the house went through a "freeze". Just because the house has been winterized (pipes emptied, water turned off) doesn't mean it was done before the water pipes might have frozen. Some of the banks require the home buyer to pay for the de-winterization and then to have it winterized again. Add in the cost of the inspection and it could start getting costly for a home you may not even end up buying.

Purchasing a Foreclosure Property may end up being a good deal or possibly more headaches then you wish to deal with. Know your financing options.

Search Lehigh Valley Home Listings

Make Your Lehigh Valley Home Eye-catching, Inexpensively

2010-02-10T06:11:59-05:00

There are many inexpensive ways to make your Lehigh Valley Home more appealing

There are a million ways to improve the look of your home, some are more expensive than others. If you are thinking of selling your home or already have your home on the market here are some tried and true, inexpensive ways to improve your home and make it more appealing to a potential Lehigh Valley Home Buyer.

§ Paint. Painting a home is something that anyone can do themselves, or hire a painter to do. Fresh paint on the interior and exterior of a home makes it instantly appear clean and fresh.

§ Clean & De-clutter. Remove clutter, family photos and other personal items and clean and organize your home. Clean your carpets.

§ Repair & replace. Have a broken window? Fix it. Does your screen door squeak, oil the hinges. Look at your home with a fresh set of eyes and fix what looks broken or is broken. Duct tape may be fine for you, but probably not a prospective buyer.

These are just a few things that you can do yourself. It is a competitive Lehigh Valley Real Estate market out there and to sell your home quickly and for the most money it has to look its best.

FHA Changing the Rules on Lehigh Valley Home Buyers

2010-02-01T01:42:49-05:00

The FHA is doing its part to insure that it will be able to keep financing new Lehigh Valley Homes

The past few years have not been easy in the housing sector and the FHA is working hard to assure its stability in the market. Created to insure that people could purchase affordable homes and catering mostly to the Lehigh Valley First Time Home Buyer, the FHA is an integral part of the real estate business and keeping the association healthy is important to communities around the country.

The changes that the FHA is making to insure its survival are as follows:

§ The mortgage insurance premium will rise. It will now be 2.25% of the loan amount as opposed to 1.75%.

§ New Borrowers will have to have a FICO score of 580 or more to qualify for a 3.5% down payment, those with a score of less that 580 will have to put a 10% down payment toward their new home.

§ Sellers Assist for FHA Home Loans is being reduced to 3% from 6%, to limit any inflation that can occur on the price of a house.

§ FHA lenders are going to be carefully scrutinized to make sure that they are adhering to FHA rules and regulations.

The FHA has helped to put many people into new homes in the Lehigh Valley since its inception in 1934. Its changes reflect its desire to continue to help many more for years to come.

For more information on the FHA changes click here.

FHA Will Allow Mortgage Insurance on Properties Owned Less Than 3 Months

2010-01-25T02:14:04-05:00

HUD (Department of Housing and Urban Development) has announced that on February 1st, 2010, they will allow the FHA to Relax the Rule Restricting Mortgage Insurance on homes owned by the home seller less than 90 days.

This new ruling will allow Lehigh Valley Home Buyers to purchase properties they may not have been able to purchase in the past.

The past restrictions would not allow mortgage insurance on a home that was being sold within 90 days of being purchased.

In other words, if an investor purchased a property, remodeled it, then put it back on the market in 50 days, an FHA Mortgage could not be obtained on the property. The seller had not owned the property longer than the FHA requirement of 90 days.

The above scenario allows the house to be on the market for 40 days and possibly sold before the FHA Home Buyer could even qualify for the mortgage.

The new ruling should also attract Lehigh Valley Property Investors who wish to purchase rehab houses, clean them/fix them up, then quickly sell the home. It allows more home buyers in the market during a shorter turn-around time.

The full text of the waiver is on www.hud.gov

Lehigh Valley Real Estate Investment Tips

2010-01-19T05:12:32-05:00

The following guest article was contributed by Richard Hemby a freelance writer who writes on the topics of real estate, technology, and online degrees.

When starting out in the Real Estate market, there are a few key tips that will help first-time investors maximize their returns while ensuring that they don’t overextend themselves financially. The risks of real estate investment have been highlighted in recent years by the housing market crash and the attendant foreclosures and financial difficulties that affected even the most experienced investors. However, those same difficulties present unparalleled opportunities in the current Lehigh Valley Real Estate market, as distressed and foreclosed properties can often be found at extreme discounts.

Especially when considering Lehigh Valley Real Estate, it’s essential to understand the overall market picture in the area. Investors should research the comparable properties in the area to get a sense of the real value of the property; especially if the investment is intended as a rental, it is crucial to have a clear idea of rental prices throughout the area.

According to investment professionals, a successful investment offers a ten percent return over and above expenses and loan costs. If the property is already rented, find out how much the current tenants are paying per month; this information, along with a general overview of rental prices throughout the area, can provide a solid basis for determining whether the purchase is a sound financial investment.

Start small. Purchasing a number of properties simultaneously may seem like a good idea, but this can lead to serious difficulties if the properties turn out to require serious repairs. Be certain to keep a sizable financial reserve in place for unexpected expenses; real estate investments require flexibility on the part of investors, since mechanical breakdowns and unexpected expenses are par for the course in this volatile market.

By ensuring that there is sufficient liquidity to take care of expenses, including Lehigh Valley Property Taxes and other administrative costs, investors can ensure that their real estate investments remain secure.

The most important advice, of course, is the traditional “Buy low, sell high.” In the current real estate market, it may be easy to find properties to buy low; the trick is to purchase the right properties that will appreciate in value when the real estate market returns to its previous levels. By knowing the market and by purchasing conservatively, Lehigh Valley Real Estate Investors can amass a portfolio of properties that will form the basis for future wealth.

Does NOT Using a Lehigh Valley Home Buyers Agent Save the Buyer Money?

2010-01-14T02:30:25-05:00

This is a common question.

If a Lehigh Valley Home Buyer does not use their own real estate agent will it save them money?

The spread of real estate information on the internet has led some home buyers to believe they do not need to work with their own real estate agent to purchase a home. They believe the only thing the real estate agent does is find the house. This is definitely not true and I'll discuss it in a future blog.

Home Buyers believe that BY NOT using their own agent they will get a better deal on the house. After all, the home owner will save half the commission.

In Pennsylanvia anyways, this is a misconception. When a listing agent signs a contract with a home seller they both agree on a total commission that will be paid to the agent's broker upon the sale of the home. The broker will typically offer half that Commission to a Buyer's Agent, from any firm, as an incentive to sell the home.

In most cases, if their is no buyer's agent, the listing agent/broker will get the complete commission. This results in No Savings to the Seller!

In addition, this means that the home buyer may end up working directly with the agent who is representing the home seller. This is known as Dual Agency and should be disclosed (in writing). The real estate agent is working for both the Lehigh Valley Home Buyer and Seller and must represent each while protecting both parties privacy and confidentiality.

Is working directly with the sellers agent in the best interest of the buyer? Can the agent truly remain neutral and equally represent both the buyer and the seller throughout the negotiations, inspections and other contingencies? Hopefully, the answer is yes but if either side feels that the other was given preferential treatment it can cause a lot of problems.

Either way, whether the home buyer has their own Real Estate Agent or decides to work directly with the seller's agent may not affect the purchase price of the property. Why go it alone when agent representation is built into the price of almost all home purchases on the market including new construction.

Visit www.LehighValleyHomes.com for more information.

Chimney Liner for Your Lehigh Valley Home?

2010-01-10T03:52:34-05:00

Why Homes Need a Chimney Liner

By Chimney Liner Depot

With winter in full swing and the temperature dropping, many Lehigh Valley Home Owners will begin utilizing their chimney. It is important to make sure it is safe and will work efficiently. If your chimney was built in the past 50 years, you will most likely need a chimney liner. Even some “newer” models of chimneys could use one. This piece will talk about what a chimney liner is and why you would need one for your chimney.

What is a chimney liner?

A chimney liner is metal tubing that simply goes inside of the flue of the chimney and acts like a chimney within a chimney. There are two different liners: rigid and flexible both being made out of stainless steel. The majority of chimney liners on the market today resemble dry vent hose, but the Flex King brand of chimney liners are the exception to the rule. If you are looking for the Rolls Royce of chimney liners then the Flex King Pro is the way to go. The Flex King Pro is the only smooth wall interior chimney liner on the market that is sold directly to homeowners. This smooth wall interior allows for a 20% better draft and the Flex King Pro is twice the thickness of normal chimney liners. The design of your chimney will depend on which liner you would choose. If your flue is a straight shot to your fireplace then you could use either a flexible or rigid flue liner. If you have bends or it is not a straight shot then using a flexible chimney liner is the way to go.

A chimney liner can attach to any heating source that is being vented through your chimney including fireplace inserts, regular fireplaces, furnaces, and other heating appliances. Chimney liners are good with most heating fuels including wood, gas, and oil. If you are heating your home with coal or pellet, depending on your configuration in your home, we would recommend either a combination of a chimney liner and a Class A chimney system such as DuraTech. Chimney liners are becoming required in most home sales and home inspectors are suggesting that they have them put in to make code.

So why would you need a chimney liner in your Lehigh Valley Home?

Masonry chimneys are typically lined with clay tiles to prevent buildup; however, over time they can crack and develop creosote buildup. This cracking can be contributed to the moisture getting into the masonry joints and expanding and contracting with the temperature . Creosote is a carbon by product from burning wood and other fuels. It can buildup over time and these gooey looking flammable deposits can cause a chimney fire that could devastate your home and property. Installing a chimney liner in your home helps to protect from creosote build up by funneling the smoke from your heating source through your chimney creating a barrier between your flue tiles and the smoke. By insulating the chimney liner, the creosote has a harder time of building up since the liner stays warmer longer which in turn keeps the creosote from building up in the cold air. Tiles that are missing or even have small cracks create areas where creosote can build up and become a hazard. Some chimneys are built without a clay lining, in which case they would definitely be candidates for a chimney lining system. The biggest reason why you need to have a chimney liner installed is to extend the life of your chimney. Overtime your masonry chimney will deteriorate from the intense heat and just general usage. By having a chimney liner installed, you extend the life of your masonry chimney.

What is the cost of a chimney liner?

If you have a chimney sweep install a chimney liner it could cost you thousands of dollars. There is an alternative that many DIY homeowners are taking advantage of which are DIY chimney liners. DIY chimney liners are a fraction of the cost depending on the length of your chimney and are easy to install. The only company out there that offers a lifetime warranty to DIY homeowners and carries a UL listed chimney liner is Chimney Liner Depot. A chimney liner is well worth the investment of time and money.

To learn more about chimney liners or to purchase one, please visit us at Chimney Liner Depot, www.ChimneyLinerDepot.com or give us a call toll free 1-800-943-1515.