Pittsburgh Real Estate Video Blog

Seller Tips: 8 Tips to Prepping Your Home to Sell, without Breaking the Bank

2017-05-03T06:37:00.000-07:00

Are you getting your home ready to sell, but not sure where to start or what to do? Do you want to get the most money for your house, but also don't want to break the bank on updates or renovations? Watch this video to see the 8 areas to concentrate on when prepping your home to sell for TOP Dollar!

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The 8 Areas to concentrate on when prepping your home to sell without breaking the bank:

Paint - We suggest light grey or antique white for interior rooms and bedrooms...Don't forget about the garage floor or unfinished basement floor and walls.
Flooring - This is one of the biggest reasons homes fail to sell or don't sell for top dollar. Replace that old carpet, refinish floors if possible, or add a wood flooring or engineered wood. Flooring and paint can totally change a house!
Kitchen - Everyone knows this is key, but you can make a small adjustment or two without doing a full kitchen renovation. Concentrate on new counterops if needed, paint cabinets, or even swap out old appliances.
Master Bedroom - De-Clutter, Organize closets and bedroom to show its maximum space for a new homeowner. Most home buyers are looking for a Big Master with closet space in our market.
Bathrooms - Clean up the bathroom, it is very important. Potential home buyers will pull back the shower curtain, look at the caulking or discolored caulking around the tub or shower. Make it all clean and as bright white as you can. Switching out a vanity can go a long way as well.
Front of Home - Spend some time on yard work, landscaping, planting flowers and cutting grass in the front of your home. Maybe even paint the front door or add planters or shutters to windows to give it that extra pop. 1st Impressions are key!
Clean Windows, Window Sill, Trim - Make sure to clean and concentrate on the areas that tend to collect dust or get missed when cleaning, especially the trim and window sills. Bright white trim can really make a room look great!
Light Fixtures - Adding new, inexpensive light fixtures to replace the 1980's fan or grandma's light fixture can go a long way to update a home, for a small amount of time or money(make sure to hire an electrician if you need to).

If you have any further questions about how to get prepared for a purchase in this highly competitive market, give me a call anytime at 412.396.9800!

FSBO Seller: Tried Zillow, Tried Flat Fee MLS, Neither Worked, so we SOLD in 11 Days

2017-04-17T11:50:00.001-07:00

Many sellers think that its just a matter of listing the home on the internet and it will sell...that's definitely not the case. Even a HOT Property will sit on the market longer than it needs to and will sell for less money than it should with proper marketing, representation and game plan.

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This seller had purchased a new construction that was set to be finished at the end of the year. He had a little time, so he tried to sell it on his own 1st by listing it on Zillow, then by listed it on the MLS with a Flat Fee Broker(no marketing). About 2 months in he realized that what he was doing wasn't working and asked me for help.

We took this over, helped to do a little photography staging and did an open house on steroids about a week after the initial listing. We not only filled the place up with prospective buyers, but we sold it at Full Price in 11 Days...allowing the sellers to close comfortably and get into their newly built home.

Check out www.MattDurbinTeam.com for a copy of my "151 Steps to the Closing Table Booklet" for sellers.

Call me today for a quick 10 minute discussion on how I can help you - 412.396.9800

FSBO Seller: This Owner asked for help, I sold it in 2 Days for a then record price!

2017-04-17T11:42:00.001-07:00

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My seller had plans of moving into this patio home, but circumstances changed and he had to get rid of it. He had it listed for a few months, but did not get any offers even though it was a really nice property. He was ready to drop the price on this because of where other properties had sold in the subdivision...INSTEAD I increased the price, pumped up the marketing and pre-listing marketing, and it sold to a Cash buyer in 2 Days. Not only did we get the seller what he needed, but we sold his home for him at a price $20k above the highest sale in this subdivision and set the new comp standard for all of the other owners. Our marketing works, we just need the opportunity to show you how.

Check out www.MattDurbinTeam.com for seller details.

Call me today for a quick 10 minute discussion on how I can help you - 412.396.9800

Expired Listing Success: Failed to Sell for 1 Year, Sold in 26 DAYS

2017-04-17T11:34:00.002-07:00

If your listing has failed to sell with another broker, its not always the price that is the reason for the home not selling. A lot of times the marketing is 100% to blame for your home "expiring" on the MLS and coming off the market. This video shows how a professional internet marketing campaign and experienced agent negotiating for you can make all the difference.

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In the video above, I show how I sold this house around the corner from another expired listing that I sold. This property was on the market for a year and failed to sell, was not being marketed any longer, and was ready for a Marketing Update.

We were able to get this house marketed correctly, bring them an offer and get it closed for them after being on the market for less than a month...Watch this video to see how we did it!

Call me today for a quick 10 minute discussion on how I can help you - 412.396.9800

Expired Listing Success: Sold in 9 Days, After Failing to Sell for 8 Months

2017-04-17T11:04:00.001-07:00

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In the video above, I take you through a listing in Finleyville/Union Twp that was on the market for an 8 months with another brokerage, but did not sell...I Sold this home in 9 Days!

The owners of this house were fed up and ready for a change. After being on the market for over year, they were looking for answers. Their home showed well, but wasn't being marketed correctly in my opinion. When we took this over and really boosted the marketing for this home, we got RESULTS! They couldn't believe we sold the home in a little over a week and a great price! Go to our website www.MattDurbinTeam.com to find out more about our marketing program or call today.

Call me today for a quick 10 minute discussion on how I can help you - 412.396.9800

Buyer Tips: 4 Tips for Buying in a Seller's Market

2017-04-07T07:48:00.000-07:00

Are you going to buy a home this Spring or Summer? Here are 4 Tips to get ahead in a competitive sellers market.

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Here are 4 Tips for being prepared to buy in a Sellers Market:

You MUST get pre-approved upfront. Getting pre-approved isn't simply so you have a piece of paper in your hand that you can get a mortgage, it also will give you the total CASH out of pocket that you'll need in order to make the down payment and cover closing costs, give you monthly payment options, and allow time to work on credit - for improved interest rates.
Review the AGREEMENT OF SALE(CONTRACT) with you Buyer Agent upfront. Everything moves quickly in a buyer's market and you'll be making an offer in some scenarios an hour after you've viewed a home. If you're not prepared for the wording, contingencies, terms, and language in the agreement of sale upfront, it can be very overwhelming. I've seen scenarios where buyers have lost the home they want because they needed more time to review the agreement and make sure they were comfortable with everything - meanwhile, a more prepared buyer bought the house out from under them. Familiarize yourself with the contract and it will make the purchase process a lot easier and less stressful.
Take advice on Mortgage Lenders. In a tight market, the lender you are working with can literally make or break a deal for you. When there are competing bids on a home, the ability to close quickly is very important and will give you an upper hand over buyers that are working with a large Bank working on THEIR time. I've had two banks in the last month tell me they can't get a 30 Day purchase done...if they can't close a mortgage in 30 Days, I would advise not using them.
Be Flexible with your timeframe. The seller has the upper hand in our market here in Pittsburgh, so its always helpful to have a few back up plans with your move date. The home you're looking for could come tomorrow or not for another 2 months...Look into possible lease extensions, penalties for breaking a lease, options for temporary housing (maybe mom and dads), etc.

If you have any further questions about how to get prepared for a purchase in this highly competitive market, give me a call anytime at 412.396.9800!

Pittsburgh Real Estate: Market Update March 2017

2017-03-15T16:06:00.000-07:00

Our Market here in Pittsburgh is really hot in a lot of areas, seeing very high appreciation, while a few are still lagging behind. In this video I talk about where the Pittsburgh Real Estate market looks to be heading in 2017 and how Interest Rates might affect us.

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Hot Markets - The appreciation rate in these areas has really taken off over the last year and will continue to do so with a lack of inventory. In the South Hills, Mt. Lebanon and Brookline saw a big appreciation from 2015-2016. Dormont is a really hot market right now, Mt. Washington is doing really well and so are a lot of other communities. The same goes with the "downtown Pittsburgh" area and east end. East Liberty, Squirrel Hill, Greenfield, Highland Park, and Lawrenceville all had a good year last year. The North Hills has really been a strong market as well, with home selling fast and some over asking.

The Pittsburgh Real Estate Market saw steady appreciation this year at 3.5%

Slower Market Areas - Cranberry Twp and Peters Twp have been very slow in the past year and seem to be continuing on this trend into 2017. The slow down of the oil and gas industry may be having an effect on the market, and continues to hurt the high end sales in theses areas. A lot of homes are sitting on the market in the above $500k price range. Also, we've seen some areas like Penn Hills, Knoxville, Mt. Oliver in and around the city that are flat or depreciating. Penn Hills has an extremely high inventory right of homes under $100k.

Mortgage Rates on the Rise - The average 30 year fixed rate mortgage was at 4.21% according to Freddie Mac as of 3/15/17. this is up .75% from where we were at in August and September of 2016 in the mid 3.5%'s range. The fed just raised their benchmark rate again and is expected to do so another few times in 2017. While it does not have a direct effect on mortgage rates, they tend to follow the upward trend. Affordability will be affected in our Pittsburgh market as rates continue to rise.

Expired Listing Success: 6 Months Failed to Sell, Sold in 25 Days at FULL PRICE

2017-02-27T08:44:00.000-08:00

If your listing has failed to sell with another broker, its not always the price OR THE MARKET that is the reason for the home not selling. A lot of times the marketing is 100% to blame for your home "expiring" on the MLS and coming off the market. We took this listing over during a tough time to sell and still sold it at FULL PRICE after failing to sell with another broker.

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The owner needed to get this property closed in order to finalize her new construction home purchase. We didn't have a lot of time and needed to get as close to her asking price as possible.

I listed property for the exact same price, in November, and sold it at FULL ASKING...it had previously failed to sell on and off for 5-6 Months.

Once again, the exact same list price, a worse time of year to sell, same house...different result. This owner called me after seeing me sell a neighbor/friends property in a week and asked me to help her with her townhouse sale. She was building a new construction home and desperately needed to get this sold, so that she was not carrying two mortgages. She needed to get as close to the asking price as we could and we were able to get the job done. We implemented our marketing plan and sold the property at FULL ASKING PRICE in less than a month.

Call me today, I can help! 412.396.9800

Expired Listing Success: Upper St. Clair sold in 6 Days!!!

2017-02-27T08:32:00.000-08:00

If your listing has failed to sell with another broker, its not always the price that is the reason for the home not selling. A lot of times the marketing is 100% to blame for your home "expiring" on the MLS and coming off the market. This video is another example of how having the right agent and marketing plan will make all the difference in the world.

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The owners of this Upper St. Clair property called me to help them get the property sold that had previously failed to sell with another broker, had to be rented out, and took a shot at listing as a fsbo for a few weeks. At the end of the day, we were able to get it sold in only 6 days with multiple offers at 98.5% of list price.

The marketing for this home made all the difference...

Same list price, same market, same house, different result. Who you work with matters more than most people think when selling your home and is usually the difference between your home selling and not selling. The owners had moved on to California and needed someone to take over this listing that was experienced, a great marketer and could handle the day to day of listing a property with a tenant. It happens all the time, the property fails to sell and gets rented out. Then a year or so goes by and its time to sell again, only this time there is a tenant in the home. Planning is key for a listing of this type and calls for an expert. Take a look at this video to see how we did with the sale of this home.

Call me today, I can help! 412.396.9800

Expired Listing Success: Sold in 5 Days with Multiple Offers in Baldwin

2017-02-26T17:13:00.002-08:00

If your listing has failed to sell with another broker, its not always the price that is the reason for the home not selling. A lot of times the marketing is 100% to blame for your home "expiring" on the MLS and coming off the market. This video is another example at how a professional internet marketing campaign and experienced agent negotiating for you can make all the difference.

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In the video above, I take you through a listing that failed to sell with large local brokerage and a new agent. The home was on the market for 6 months and failed to sell. I took over the listing a few weeks later and sold the property in 5 days, with multiple offers.

6 Months with a large broker and failed to sell. I sold it in 5 Days Over Asking Price...

This is another example of home that failed to sell with a large brokerage here in our market. This is a standard, 2 bedroom Ranch Home located in Baldwin. It was well cared for home, but no major updating or items that a lot of first time home buyers are seeking. This is a prime example though of how marketing can make the difference in the sale of your home. Again, there weren't any dramatic price changes with the sale of this home, it simply came down to making a small adjustment, driving a very high number of clients to the property and creating enough urgency to get my seller multiple offers on the home and sell over our asking price. We actually even had an issue with the property appraising lower than what I had sold it for and we were still able to make it work by restructuring the deal.

Call me today for a quick 10 minute discussion on how I can help you sell your property at the top of the market value for your home - 412.396.9800

Expired Listing: Sold in 30 Days after failing to sell for an ENTIRE YEAR

2017-02-22T06:37:00.000-08:00

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In the video above, I take you through a listing that failed to sell with large local brokerage and experienced agent. The home was on the market for AN ENTIRE YEAR and failed to sell. I took over the listing a few weeks later and sold it in a month for these sellers 99% of the asking price.

A Professional Marketing Campaign is usually the difference between your home selling and not selling...

This home listed at 406 Valleyview in Jefferson Hills was a fantastic home that showed really well, but they weren't getting buyers through the home to see it. This is typically caused by a lack of marketing for the home and no game plan for how to re-energize the listing after the initial push you get from hitting the market initially. For many brokers/average agents, once the home doesn't sell in the first month, they have no back up plan for how to get the home marketed and sold in an internet driven market. The "Old Tricks" they used to use no longer work. It is imperative that you work with an agent like myself, who knows how to market to today's internet buyer and negotiate from a posiition of strength.

Call me today for a quick 10 minute discussion on how I can help you - 412.396.9800

What Closing Costs Can You Expect to Pay?

2016-12-12T11:07:00.000-08:00

What you can expect to pay in closing costs in a transaction depends on four factors: lender fees, title fees and title insurance, transfer tax and recording fees, and escrow and prepaid items.

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If you’re a buyer, what kind of closing costs can you expect to pay in our current market? To give you a better idea, I’ll divide them into four segments: lender fees, title fees and title insurance, transfer tax and recording fees, and escrow and prepaid items. We’ll use a $175,000 purchase as an example of our hypothetical total.

1. Lender fees. The lender fee, in this case, will be in the range of $1,000 to $1,500, and that’s including an appraisal. This amount can fluctuate based on a few different factors, and when the time comes, you’ll likely end up talking with your lender about how to buy your rate down or increase your rate to reduce your closing costs.

2. Title fees and title insurance. This portion is going to be based on your loan amount, which, in this example, is going to fall in the $1,500 range. You can add to that another $500 to $750 in title fees, which includes a settlement charge, a title search, a tax certification, and other things of that nature to make a total of $2,000 to $2,200.

These costs can fluctuate depending on a lot of different variables.

3. Transfer tax and recording fees. The recording fee in Allegheny County is usually $324, and the transfer tax usually falls between 2% to 4%. Inside the city of Pittsburgh, the tax is usually 4%. Outside the city of Pittsburgh, depending on the borough, it’s usually 2% to 2.5%. These fees are split evenly among buyers and sellers. In this case, if you’re outside Pittsburgh, it’s going to be 1%, which would be $1,750. If you’re inside Pittsburgh, it’s going to be $3,500, which would be 2% of the purchase price.

4. Escrow and prepaid items. Taxes are paid up front, so when you combine what is owed on the taxes to finish out the year and what you’re going to reimburse the sellers, you’ll take about a 14-month escrow and include that as what you’re going to have to come up with at closing to pay your taxes and start your escrow account. In this example, taxes are $3,000, so you’ll need to produce roughly $3,500 to apply to your tax and escrow accounts. The same applies for your insurance. If your insurance is $600, you’ll have to produce between $700 and $750 because you’re going to pay for your year up front. After that, you’re going to need a few months to start your escrow account.

All in all, in this particular example, your closing costs will range from $9,950 to $11,500, or 5.5% to 7% of the purchase price.

Obviously, these things can fluctuate depending on a lot of different factors, so if you have any questions about closing costs, please feel free to give me a call or shoot me an email. I’m here to help!

6 Reasons Why Winter Is the Best Time to Sell Your Home

2016-11-28T08:29:00.004-08:00

Can you successfully sell a home in the winter? There are six reasons why winter is actually a great time to sell your home.

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There are six compelling reasons to list your home for sale now rather than waiting for the spring or summer that I wanted to share today:

Less competition. A lot of people who couldn't sell during the summer take their home off the market in the winter and won't list again until spring when they think the most buyers are on the market. If you're the only one on the market doing the opposite of what everyone else is doing, you’ll have a competitive advantage.
Job relocation. Lots of companies do their relocations at the end of the year and plan out where their employees will go for the following year. In this case, a lot of these employees enter the market and need to close a deal right away. If your home is one of the few on the market, you'll have a much better chance of working with a relocation buyer who needs to make a deal.
Landscaping isn't as big of an issue. Once it snows, your landscaping has a clean slate. It can hide some of the blemishes or imperfections, and you don't have to worry about cutting grass or maintaining your flowers and mulch.
Buyers are more serious. You will have fewer showings, but the buyers who you show your home to will be more qualified and more serious about buying.
Statistics show that in the winter, you get a better sale price for your home.
Your home will sell quicker than it will in the spring.

Winter buyers are far more serious about getting a deal done.

If you have any further questions about selling a home in the winter, I'd be happy to answer them. Just give me a call or send me an email today. I look forward to hearing from you!

How Is Trump’s Election Going to Impact the Real Estate Market?

2016-11-14T13:14:00.000-08:00

A Republican-held House, Senate, and presidency shouldn’t have too large of a short-term impact on our real estate market.

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As we all know by now, Donald Trump has been elected as the next president. We also know that we will have a Republican-held Senate and House. What does this mean for the real estate market?

One of the things we do know is that Republicans were not in favor of the Dodd-Frank Act, which is a federal law stating that the government is in charge of regulating the financial industry. I think if you talk to most mortgage and real estate professionals, they would tell you that these regulations were needed to some extent, but also that they’ve since gone too far in restricting some of the financing options available to potential buyers.

With a little loosening of these regulations, it may be easier for buyers to obtain a mortgage. It should also make closings a less stressful process, as we’ve seen them get more confusing in the last several years.

The real estate world will be business as usual.

With a Republican-held House, Senate, and presidency, you probably won’t see as big of a push for affordable housing. However, I don’t know if that’s going to necessarily affect our market here because there are still many great loan programs out there.

The thing to really look out for is how the economy will be impacted as a whole once some of Donald Trump’s economic strategies go into effect. Obviously, we could use some improvement in the oil and gas industry in Washington County and other surrounding areas outside of the city.

Overall, I don’t foresee the results of the election having a large-scale impact on the real estate market as a whole in the short term. I think it will be business as usual. Mortgage rates are going to go up at some point in time, so that’s something we’ll have to keep an eye on in the meantime.

If you have any questions about the real estate market, please feel free to reach out to me anytime. I’m here to help!

5 Reasons to Use a Mortgage Lender Over a Bank

2016-10-07T10:57:00.001-07:00

What’s the difference between a mortgage lender and a bank when it comes time to take out a home loan? Here are five reasons to choose a lender over a big bank.

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In today’s mortgage market, you may be wondering whether it benefits you more to use a mortgage lender or a big bank when applying for a home loan. Here are five reasons that you should choose a mortgage lender over a big bank:

1. Mortgage loans are what they specialize in. This is all that mortgage lenders do: they provide mortgages to buyers and borrowers looking to purchase a home. Big banks, on the other hand, might have 100 different avenues of revenue. Mortgage loans are probably not their specialty, and the process usually ends up taking longer than it would with mortgage lenders.
2. More personalized service. It can be very difficult to get ahold of a bank lender at times, and this can slow you down when you need to move quickly on a home purchase. Most mortgage lenders are available 24/7, which is especially helpful if you need to get a pre-approval on the weekend, for example.
3. Getting a mortgage through the bank could cause delays. The changes to the Dodd-Frank guidelines have made it much more difficult to get a mortgage loan. Banks now have many more regulations, and that takes up much more time. It takes longer to get an appraisal done, longer to get your loan underwritten, and longer to get an approval, resulting in major delays. I personally have had three loans with banks this month that weren’t able to close on time due to these delays.
4. Mortgage lenders have better rates and fees. I think that most mortgage lenders will meet or beat most banks’ interest rates and fees in today’s mortgage market. A lot of banks offer various fee discounts for certain customers, but a lot of times those fees start out higher anyway.
5. Working with a mortgage lender is less stressful. Mortgage lenders are usually a lot more hands-on and are there to answer questions, help you with documentation, and ensure that you close on time without any issues.

Mortgage lenders are available to you 24/7.

If you have any other questions about the mortgage loan process or if you’d like a referral for a mortgage lender, feel free to give me a call or send me an email anytime. I’m always happy to help!

Pittsburgh Is a Great Choice for Home Buyers

2016-09-22T16:52:00.001-07:00

CNBC recently ranked Pittsburgh as the fourth best city to buy a home in. Here’s why.

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I had a client send me an article recently from CNBC that said Pittsburgh was the number four best city for home buyers in the country. That’s pretty amazing. Here are a few reasons why I think we are ranked so high.

Home affordability is probably number one. On a per-square-foot basis, you pay less in Pittsburgh than you do in a lot of other different places. If you’re currently renting or considering buying, now is the time to make a move in our area.

This is a great city to buy in.

Interest rates continue to be extremely low, and there are a lot of flexible down payment options. In fact, I recently had a client purchase a $140,000 home and they only had to bring $1,000 to closing.

Buying a home in today’s market will leave you paying pretty much the same amount you would in rent. When you own a home, however, you are investing in your future by owning the property. There are a lot of different options available right now for first-time buyers and now is the time to take advantage of them.

If you have any questions for me, don’t hesitate to give me a call or send me an email. I look forward to hearing from you.

Gauging the Washington County Market

2016-09-09T12:00:00.001-07:00

The recent downturn in the oil and gas industry is compelling buyers to act now and sellers to wait until next year.

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As we’re all aware, Marcellus Shale came in and created quite a boom here in Washington County. There was new construction, new development, more buyers moving into the market, and new employees pouring in from oil and gas companies around the globe.

Recently, though, there’s been a downturn in the oil and gas industry, and gas prices have dropped pretty dramatically. This has caused a lot of those same companies to pull their employees back out of this area. How has this affected the housing market?

The Pittsburgh Business Times recently published an article that stated that the overall sales numbers through the first half of 2016 were equivalent to the numbers over the same period in 2015.

The average sale price and median sale price have both dropped in the Washington County market.

However, both the median sale price and the average sale price have dropped in Washington County. The average sale price has dropped roughly 5% from $202,000 to $192,000, while the median sale price has dropped 7% from $170,000 to $157,000.

If you’re a buyer, now might be the time to make a purchase. With all these people looking to relocate, you might get a property at a bit of a discount. If you’re a seller, you might need to hold off until next year, or if you absolutely must sell now, prepare to take a haircut on the sale price.

All signs point toward an uptick in those same employers and employees re-entering the market in 2017 due to natural gas prices being predicted to rise toward the first or second quarter of 2017.

If you have any questions regarding what’s going on in the market and what the best game plan is for you, just give me a call or send me an email. I’d be happy to help you in any way I can.

Why Isn’t Your Pittsburgh Home Selling?

2016-08-02T13:33:00.000-07:00

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What are the three main reasons homes fail to sell in our market?

The first is the condition of the home. It’s important to speak with a real estate professional and have them do a quick walkthrough before you get your home ready to list. The last thing home buyers want to do in our Pittsburgh market is spend more time and money on repairs and updates. It’s a big turnoff, and they’ll just as easily walk away and find something else.

The second reason is marketing strategies. The homebuyer paradigm has changed - everything is done via the internet. Long gone are the times when you could take a few photos of a property, put it on the MLS, and hold an open house for everyone to come and see. Today, everyone wants to see the home instantly. It's important to be available for showings, but it’s far more important to have the home marketed correctly so it can reach the online masses. This means utilizing professional photography, video, social media ads, and pay-per-click ad campaigns.

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It’s important your home has a marketing strategy to reach the online masses.

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Finally, there is the matter of pricing the home accurately. This can obviously fluctuate based on the first two reasons. Suffice to say, the better the condition and/or marketing strategy, the better the price you can list at. It’s also important to set your price based on the amount of time you have to sell, or your overall time frame.

If you have any additional questions, send me an email or give me a call anytime. I’m here to help.

Closing Cost Assistance for First-Time Home Buyers in the Pittsburgh Area

2016-07-19T09:11:00.000-07:00

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Seller-paid closing costs is a common tool that we use as real estate and mortgage professionals to help reduce the out-of-pocket expenses for home buyers. It’s typically used quite a lot for first-time buyers. Today I want to walk you through an example of how this works.

Let’s say you’re purchasing a home for $100,000, and you have an additional $8,000 in closing costs that you need to come up with in order to close on the home. That $8,000 is a lot of money for a first-time home buyer. One way we reduce that is by getting seller-paid closing cost assistance. With FHA financing, you can get up to 6%. In this scenario, you could potentially get up to $6,000 from the seller to help pay that $8,000 in additional cost. Your overall tab shrinks from $108,000 to $102,000.

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Seller-paid closing costs reduce out-of-pocket expenses for home buyers.

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On the seller’s end, they’re accepting the $100,000 purchase, but they need to agree to give you an additional $6,000. From their standpoint, they’re essentially getting a purchase of $94,000. They’re basically agreeing to do the reduced purchase in order to get you into that home.

This is a very basic example, but the percentage of closing cost assistance can vary. If you have any questions, please feel free to send me an email or give me a call so we can go through this in greater detail.

How to Win a Multiple Offer Scenario

2016-04-25T16:06:00.001-07:00

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The Pittsburgh real estate market is getting tough for home buyers. They’re facing a lot of competition in the form of multiple offer situations, but luckily I have some advice for buyers today. It’s not an uphill battle for you!

Increase your escrow money to prove to a seller that you have some skin in the game.
Try to improve upon your mortgage product. If you’re doing FHA financing, sometimes conventional loans are more appealing to sellers. Put as much down on the home as possible, no matter what type of financing you are using.
Reduce your contingencies, and ideally, have no contingencies at all. Sellers simply don’t want to deal with your contingencies if they don’t have to.
Be as flexible as possible. A little bit of discomfort now could win you your dream home. Think about your family and their future.
In a tight market, writing a personal letter to the seller is a must. Tell them why you and your family need the home, and what you plan to do with it. This puts a face to your name, instead of just a dollar sign.

If you need any extra help planning an offer on your dream home in Pittsburgh, please don’t hesitate to contact me!

Great News About Interest Rates for Pittsburgh Buyers and Sellers

2016-04-20T14:01:00.001-07:00

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Today, we’re going to discuss interest rates, where they are now and where they are headed.

Interest rates have really taken a turn for the better in the last month or so. In March, rates have been fantastic and same into April. Recently, rates have dropped from 4.25% and I’ve seen two closings with interest rates at 3.625%.

We have not gotten the huge bump that was expected at the end of the last year. Why not? There are a few factors, such as the global economy, oil prices, and fears of a stock correction. Also, this upcoming election has people worried. The Fed continues to keep mortgage rates low, and, as a result, it’s helping the mortgage market out.

What does that mean for you? 2016 is going to be a great years for rates, and many people expect that we will hit new historic lows. It hasn’t been this good since 2012, so for a buyer, that can have a lasting effect on your purchasing power.

Let’s say you purchase a house at $300,000 with a 3.5% interest rates. If rates go up by a full percent, you’ll only be able to afford a $270,000 house. Usually a 1% increase leads to a 10% decrease in purchasing power.

For sellers, that same buyer that can afford your $300,000 home today might not be able to afford that home a year from now. If you’ve been on the fence, get off the fence.

This is a great year to buy, and if you’re a seller, there are going to be a lot of buyers out there with more purchasing power, which makes it a great year to sell.

What’s the Secret to a Smooth Move-Up Purchase in Pittsburgh?

2016-04-01T10:55:00.000-07:00

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If you plan on making a move-up purchase you have a few different options. Today, I briefly discuss them so you can make an informed decision when the time comes for you to make your move.

One option is to sell your current home first. This can be a scary proposition because you run the risk of having your home sell and not being able to find something. When doing this option, you should take a look at some homes first. Get an idea of where you want to move and how much you can afford to spend. Make sure it’s realistic: see if there are any homes available that meet your specific criteria. Bottom line: Do some research on the market before selling your home. The time just may not be right.

Another option is to ask for a longer term once you sell your home or do a leaseback. You could ask for a 90-day closing period, instead of a 40-60 day period, in order to give yourself more time to find a home. If that doesn’t work, you could ask the seller to do a leaseback, where you pay the buyer to live in the home while you search for another one. Keep in mind that not all buyers will be willing to make these arrangements.

One of the safest, and most commonly used, options you have is a home sale contingency. While it does give you a bit less negotiating power, it is a much less risky proposition. In this situation, you would find a home, make an offer on it, and go under contract with that new home with the contingency that you can’t close until you sell your current home. The problem with this is that most sellers don’t want to see a home sale contingency and it may limit your buying power. If you can make this option happen, it would be the most convenient route, as it allows you to buy a new home and sell your current home without having to move more than once.

You have other options available to you, but they're essentially just variations on the ones mentioned above. If you would like to discuss which option is best for you and your particular situation, please don’t hesitate to reach out to us. We would love to hear from you!

How Can You Avoid a Stressful Home Sale in Pittsburgh?

2016-03-16T14:28:00.001-07:00

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If you plan on selling your Pittsburgh home this spring, there are a few things you need to do in order to get the best results. Here are four tips to help you accomplish your selling goals this spring:

Get a pre-inspection. This will save you the trouble of dealing with minor repairs once you already have a buyer on the line. A pre-inspection will tell you everything you need to know about your home so you aren’t taken by surprise later in the process. Also, it’s cheaper to do repairs up front than to wait until later!
Meet with your agent upfront. Do a quick walkthrough with a real estate professional. They will give you tips for how to make your home more appealing to buyers. They’ll tell you whether you need to replace carpet, repaint some walls, or make other minor changes.
Declutter and depersonalize. This is probably the #1 thing you need to do when getting your home ready to sell. Get some boxes and pack up anything you don’t need or won’t use in the coming months. You also want to make sure your countertops are clear and free of debris.
Curb appeal. The exterior of your home is the first impression a potential buyer gets of your house. Freshen up your landscaping, mow the yard, and trim your plants and bushes in order to make your home look pristine. If you have patches of grass that are missing, you need to replace them now so the new grass has a chance to grow in.

These four tips should help you to get the best results when selling this spring. If you would like additional tips, or if you have real estate questions of any kind, please don’t hesitate to reach out to us. We would love to hear from you!

Is Your Pittsburgh Home Value on the Rise?

2016-02-10T12:34:00.002-08:00

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Today, I want to share some of the 2015 numbers for the residential home market here in Pittsburgh. Spoiler alert: it was one of the best years ever!

Last year, we had a record number of home sales and big increases in home sales throughout the region. As a whole, home values rose 6%, which is one of the biggest gains the Pittsburgh market has seen in a long time.

A few factors attribute to this surge in market values. First-time home buyers were very active in our market, as we saw the highest amount of activity from that group since 2010. In addition, historically low interest rates brought a lot of people into the market who might have otherwise been on the fence.

Here in 2016, we’re currently in a seller’s market, but we’re unsure how much longer this will last. The market may slow down a bit as rising interest rates put more pressure on buyers and sellers alike. We’ll have to just wait and see how the market reacts.

As it stands, we still have some very hot markets in Pittsburgh. Lawrenceville has a lot of rehabs and new construction, and it’s currently the hottest neighborhood in the area. Right behind that is the Highland Park and East Liberty areas, where home values are rising quickly. As far as suburban markets are concerned, Mount Lebanon had one their best years ever, with 515 homes sold and $136 million in sales volume in 2015! Inventory levels are very low in that market, and those conditions are likely to continue.

If you are looking to take advantage of these great market conditions, please don’t hesitate to reach out to us. We would love to hear from you!

How Are We Taking the Stress out of the Moving Process in Pittsburgh?

2016-02-08T14:57:00.000-08:00

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Today, we want to introduce PPM Realty's newest offer: the Home Sales Services Program designed for sellers.

One of the biggest issues we run into with our home sellers is their inability to make the preparations, repairs, and updates needed to get a home listed for sale. It’s one the biggest hurdles we come across, and usually one of the biggest hassles for the sellers themselves. The kind of things that might need to be done include painting, making updates, roof repairs, and electrical updates.

Getting the home ready is a huge hassle for people for two reasons. First, it’s either a DIY job the seller takes on in their free time and on the weekends. If the seller opts to hire someone else to do it, they end up taking on extra costs and the stress of juggling multiple contractors.

At PPM, we have a lot of resources that we use and recommend to our selling clients to make their lives easier. As part of our Home Sales Services Program, we put together a point person and a program to help all of our sellers take care of all these tasks that need to be done prior to listing their homes. The program is designed to help you fix any repairs and give you a point person who will prioritize the items necessary to get your home prepared to sell, deal with contractors, and take care of the work so you can get your home on the market quicker and sell your home for more money!

If you’re thinking about selling, give us a call to learn a bit more about how this program will benefit you. We would love to hear from you!