Philadelphia Real Estate Podcast With Jack Barry

Use Airbnb for a Property You Already Own

cassidy@getvyral.com (Jack Barry ) — Mon, 6 Nov 2017 10:54:00 -0800

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

You can use Airbnb to make money off a property that you already own—even while you’re living there.

I had two interesting conversations this week about Airbnb.

The first was with a client who had bought a home a few years ago. Until recently, he had a roommate the whole time. When I talked to him, he wasn’t sure if he wanted another roommate or if he wanted to live on his own. He said, “I wish I could have a part-time roommate.”

I said, “Why don’t you do an Airbnb?”

He wasn’t sure, so I ran his address through our rent analyzer. We entered some information about the property, which has two bedrooms and one bathroom. If he rents out one bedroom on Airbnb, he could make $31,000 a year.

“

Airbnb is a great way to make money off the property you are currently living in.

”

Another client had a property in West Philadelphia. He didn’t own the home he was talking about, so I entered my own address into the rent analyzer to give him an idea.

We could rent out two bedrooms but for some reason, in the center of Philadelphia, one bedroom makes more money than two. I guess there is not enough demand for two bedrooms on Airbnb. In any case, we would only need to rent the property 38% of the time to make about $34,000 a year.

So, there are different ways to make money with real estate. If you already own real estate, you don’t have to go out and buy another property, which is what a lot of people end up doing. You can become a real estate investor by using the property you already own and renting out a room on Airbnb.

If you have any other questions about Airbnb or Philadelphia real estate, just give me a call or send me an email. I would be happy to help you!

3 Upcoming Events You Won't Want to Miss

cassidy@getvyral.com (Jack Barry ) — Tue, 19 Sep 2017 12:24:00 -0700

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Fall is here, and we here at the Jack Barry Group have some exciting events coming just around the corner.

First of all, if you have worked with us in the past we’d love for you to join us for our Client Dinner. This is coming up in about two weeks and is an event we host every other month.

We invite between 10 to 18 clients who have already purchased or sold with us so that everyone can get together and share ideas on investing and homeownership.

Next, we have our Run for Your Life event on October 26th. At this event, teams run through a cemetery at night as part of a fundraiser. Costumes are optional, but it’s always a lot of fun.

This event is put on by MANNA (Metropolitan AIDS Neighborhood Nutrition Alliance), which is an organization that services sick and shut-in people. They deliver meals to approximately 65,000 people a month.

This is our second year sponsoring MANNA and we are absolutely honored to do so. Last year we had 19 people show up for our team and we hope to have similar, if not more, success this year. Also, once everything is finished, I’ll be taking everyone out for dinner. If you’d like to learn more, you can find more information here.

“

We’ve got some exciting events coming just around the corner.

”

Lastly, I’d like to talk about our Vision Board Party. Vision boards help you set goals. It is essentially an accountability tool in the form of a collage. On our team we tend to build our vision boards around where we’d like to be three years from now. We find this is a fun and effective way to work towards our aspirations. For further information, visit this page.

If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.

Alternative Lead Generation - on Real Estate Success Rocks

cassidy@getvyral.com (Jack Barry ) — Wed, 30 Aug 2017 07:58:00 -0700

I was recently a guest on Real Estate Success Rocks with Patricky Lilly. In addition to talking about alternative lead generation and lead generation for life, we discussed a wide range of topics from entrepreneurship to masterminding to the philosophy of lead generation.

Click here to listen to the podcast for yourself!

Coffee meetings have been one of my more successful lead generation techniques. The opportunity to create a real connection as opposed to a fake, contrived one is too good to pass up. I detailed my strategy for Patrick and you can listen it to the podcast in its entirety above.

Why Is Lead Generation So Important in Life and Business?

cassidy@getvyral.com (Jack Barry ) — Fri, 25 Aug 2017 12:58:00 -0700

If you want to have more relationships with friends, colleagues, business associates, etc., you need to lead generate.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

I recently did an interview on the Real Estate Success Rocks podcast and talked about how to approach lead generation in both your life and business, and I want to elaborate on some of the important points of this topic for you.

To listen to the full podcast episode, click here.

I’ve been in real estate for 10 years, and I have yet to find a business that doesn’t need lead generation. As Gary Keller says, “Until I have too many leads, that is my No. 1 problem in business.” Lead generation is a fact of business.

We have mastermind groups who work with business owners to get out of production and into strategizing, or how to start working on their business instead of in it. In order to do that, we need to have enough leads so that I can have more resources (e.g. money and time) to hire more people so I can grow my business bigger or grow another business in another industry.

What’s happened to me is the more people I help, the bigger and more successful my life gets. I’m not just talking about money, either. Lead generation is also a life skill. If you want to have more relationships with friends, colleagues, business associates, etc., you need to lead generate.

“

Lead generation is both a fact of business and a life skill.

”

You have to take massive action if you want massive results. I’m in anywhere from three to seven coffee shops a day meeting with people. Sometimes it’s 15 minutes, sometimes it’s an hour. It’s about attraction—not promotion. That’s how we get business, earn friends, and help people get to the next level in their lives.

For example, each member of our team does what’s called a “vision board” that we have to update every quarter. The vision board is essentially a poster board that you attach goal-related images to and hang at home somewhere that you can see every day. That way you know if you’re getting closer or farther away from your goal. My vision board is coming up next week, and if I don’t have a goal and I don’t know where I’m going, I’ll end up somewhere else.

If you have any questions about lead generation in your life or business, send me an email so we can help you get to the next level. I look forward to hearing from you.

Should You Hire a Local Realtor When Buying a Home?

cassidy@getvyral.com (Jack Barry ) — Tue, 11 Jul 2017 09:22:00 -0700

When you buy a home, it’s incredibly important to work with a local Realtor. Local agents, like me, know the area best.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

When you buy a home, it’s incredibly important that you hire a local Realtor who has boots on the ground.

Why?

Recently, a list came out with the top 10 zip codes in Philadelphia.Properties are really moving in these 10 zip codes, and I’ve lived in seven of them. I have the inside track on what’s happening in those areas.

For example, we recently had some clients who were from out of town. They came to Philadelphia, looked at a property, and asked, “Why has this home been on the market for 53 days? The price is great and it has everything we want—why is it still on the market?”

Since I know the area, I was able to answer them. This particular home is across the street from a supermarket, and the supermarket’s loading dock faces the house.

That means from 3 to 5 a.m., truckers come in to unload their products. If these buyers worked with an agent who didn’t know the area, they would have wound up with a rude, early wake-up call.

Before you hire an agent, make sure that you interview two to three Realtors. Make sure that they know the area. I go to a lot of zoning and community civic association meetings because they tell me what’s coming down the line. I also go to the Delaware Valley Regional Planning Commission meetings to get an idea of what’s happening in the next two to five years.

So, hiring a local Realtor with boots on the ground is always your best bet when buying your home. That’s not necessarily the case for sellers, but that’s another video.

In the meantime, if you have any real estate questions, just give me a call or send me an email. I would be happy to help you!

Tips for Pet Owners Who Want to Sell Their Home

cassidy@getvyral.com (Jack Barry ) — Wed, 31 May 2017 13:50:00 -0700

If you have a pet and you're looking to sell your home, I’ve got some helpful advice.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Two out of three of us have a pet, and 61% of pet owners say they have trouble finding a home that is a good match for their pet.

In fact, a recent survey noted that 31% of animal owners don't put in an offer because a home would not suit their pet.

This means that if your home is a good match for a pet, it will be attractive to animal owners.

On the other hand, 67% of Realtors also estimate that having a pet in your home can make it harder for you to sell.

So what should you do? There are three things I typically recommend:

Number one, repair any damage

From the floors, to the walls, to the doors, and the yard — these are areas that pets love to chew on, scratch at, and dig up. Repairing this damage is an investment that will pay for itself many times over in terms of a higher sale price.

“

Pet owners are less sensitive to odors in their home than prospective buyers are.

”

Secondly, get a professional to remove pet odors

Pet owners are less sensitive to odors in their home than prospective buyers are. That's why you should hire a professional cleaning crew to clean carpets, rugs, or upholstery that has absorbed pet smells. Once you're done, ask a friend or your Realtor to sniff around to make sure the job is really complete.

Number three, take your pet out of your home during showings

Some people are afraid of animals. Others might be allergic. Regardless of the time, money, and effort you've put in to clean and repair your home, some buyers will be prejudiced by simply knowing that a pet currently lives there.

By following these simple guidelines, you will be able to sell your home for the highest price possible, whether the buyer is a pet owner or not.

If you have any questions or concerns about preparing your home for a sale, give me a call or send me an email today.

How Do You Know If a House or a Condo Will Be the Right Fit?

cassidy@getvyral.com (Jack Barry ) — Mon, 1 May 2017 09:45:00 -0700

How do you decide whether a house or condo is a better fit for you? Here's how I help clients make the decision.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

When you're looking to buy a home, how do you decide which choice is best between a house and a condo?

It's a big decision, so we want to start with a list of pros and cons of both homes and condos. Each unit is different, but they generally share a few pros and cons.

For instance, one of the pros of a condo is that you usually get to live in the center of town. You usually get security, parking, and maintenance as well. The downside is that those conveniences need to be paid in a monthly fee. The condominium association will come with rules and regulations as well. It might dictate things like who can stay there and where they can park and what kind of decorations you can put on your windows or door. These things are all decided by the community.

“

Condos have many conveniences, but they come at a price.

”

This can be bothersome to some people, but many others simply don't care.

On the house side, you'll probably have to live further out from the center of town. However, the big pro is that you have no restrictions. You can do whatever you want to your home and you aren't restricted by limits on pets or how many people can live there. You're also responsible for the home's maintenance like lawn care and roof care, as well as replacing things like old windows and doors.

The good thing about going through a list like this is that it answers the question for most buyers of whether they want to go with a home or a condo. If you'd like to have a more in-depth conversation about your specific situation and whether a condo or house makes more sense for you, don't hesitate to give me a call or send me an email. I'm always happy to help!

How Investors Are Generating Big Cash Flow With Airbnb

cassidy@getvyral.com (Jack Barry ) — Mon, 17 Apr 2017 08:46:00 -0700

We're getting a lot of interest from people wanting to use Airbnb as an investment. Here's how we're doing it.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Have you heard of people using Airbnb as an investment? We've had a lot of contacts recently with people asking about this, and we're even beta testing two properties right now strictly for Airbnb as an investment here in Philadelphia.

There are three main issues to be aware of when you consider this kind of investment:

Location and zoning: The property must be somewhere with zoning that allows short-term rentals. Philadelphia has a semi-archaic zoning code, but we know the areas where you can and can't do Airbnb here. Many people use Airbnb in areas that aren’t allowed because the city doesn't have the manpower to enforce the zoning laws, but we want this to be a sound investment that we’re executing legally.
There needs to be a management company in place to take care of everything: With the two properties we're currently beta testing, my clients have never received a phone call about anything. It's all taken care of for them. They charge a lot of money, but because the revenue is so high, it more than covers it. Both properties currently have a very nice cash flow that's much better than they were getting as standard rentals.
The exit strategy: Like with all investments, I like there to be two exit strategies. We want to buy a property in an area with enough appreciation that if we have to sell it quickly, you won't have to take too much of a haircut on closing costs. The second strategy would be to rent the property long term. You'd make considerably less income, but if you need to stop with Airbnb for some reason, you want to be in an area where traditional long-term rent will cover the cost of the asset. That's where our expertise comes in.

If you have any questions about using Airbnb as an investment, we'd love to tell you more about it. Just give me a call or send me an email soon!

This Is the Future of Real Estate

cassidy@getvyral.com (Jack Barry ) — Wed, 29 Mar 2017 11:55:00 -0700

The future of real estate is here in the form of virtual reality. These headsets let you see every aspect of a home as if you're there in person walking around.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

If you take a look at the video above, you'll notice I'm not wearing my new Warby Parker glasses. I'm actually wearing a virtual reality headset called the Oculus Rift, and it's the future of real estate. This is how buyers will look at properties in the very near future.

Listing agents will photograph homes in 3-D, which can then be shown through virtual reality headsets like these. You can take a 'walking' tour of a home while sitting in the comfort of your own home.

“

Virtual reality lets you 'walk' through a home at any time from the comfort of your home.

”

You can see everything in every home and even out the windows. Buyers will be able to walk through about 10 properties in 15 minutes and then make a decision about whether they want to go see one of them in person.

We're currently beta testing the Oculus by Samsung, and it's pretty neat. It takes a bit of time to get used to, but once you do, it's pretty amazing. It's all about the future and saving time during your house hunting experience. The way things are, it could take up to 2.5 hours to visit five properties. With virtual reality, you can 'walk through' a home at any time, at any place.

If you'd like to learn more about this new technology or you'd like to try it for yourself, give me call or send me an email. I'd love to show you how this new technology works!

It's the Best Time in Years to Sell in Philadelphia

cassidy@getvyral.com (Jack Barry ) — Tue, 14 Mar 2017 13:01:00 -0700

The spring market started early this year, and thanks to low inventory, now is the best time to sell a house in Philadelphia in years.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

The spring market in real estate usually starts in April or May in earnest, but this year, it started in early March. What does this mean going forward? It means that now might be the best time to sell your house in years.

We have three clients currently, with one being an out-of-towner. They gave us 10 properties to look at over the course of two days, so we made our appointment Wednesday, and by Friday, five of the properties had gone under contract and were no longer available.

We have another client that we showed three properties to the other day, and by the next morning, two of them were under contract.

“

You could get more for your home than you ever thought possible right now.

”

The third client has a very specific area and price point that he's looking for. We've looked at the entire inventory, and there's nothing left, so he's just sitting and waiting. In total, we have eight clients who are just sitting and waiting to buy a home.

So if you're thinking about selling your house this year, now is the time to do it. You could probably get more for your home and sell faster than you ever thought possible right now in the Philadelphia area, especially over the last five or six years.

If you're thinking about selling your house or you'd like to learn more about the prospect of selling, give me a call or send me an email today. I'd love to help you!

3 Ways to Prepare Your Home to Sell This Spring

cassidy@getvyral.com (Jack Barry ) — Fri, 20 Jan 2017 07:21:00 -0800

More homes sell during the spring than any other season, but if you want to get the most out of your home sale this spring, you need to prepare your home a little differently. Here's how.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Make no mistake, more homes sell during the spring than any other time of the year. In Philadelphia, it's usually because most people want to have their kids in their new school district by the time summer starts. It also means that there's more competition for home sellers on the market, so you need to prepare your home correctly if you plan to sell during the spring.

These are the top three things you can do to prepare for a successful home sale this spring:

The price needs to be correct from the beginning. We compare this to chasing a train—if you price a house higher than it should be, first, you'll be out of the category of homes that your target buyers can afford. Secondly, you'll have to keep chasing the market, meaning your house will stay on the market and start to look stale in the eyes of buyers.
First impressions count. Five times more people will view your property the first day it's posted online than they will a week later. That's why we need to ensure the property is in show-ready condition.
Get a home inspection before going on the market. This will point out dozens of pages worth of little items that need to be addressed or at least brought up to code before putting the property on the market. We want to be ahead of these issues as opposed to getting big surprises after going under contract. Getting a home inspection ahead of time allows us to either repair issues ahead of time or make a price adjustment to ensure buyers that we're aware of the issues.

If you'd like, I'd be happy to send you a copy of the sample inspections report I referenced in the video above. If you have any other questions for us or you're thinking about buying or selling a home, don't hesitate to give us a call today. We'd love to help you!

I’d Love to Have Coffee With You

cassidy@getvyral.com (Jack Barry ) — Tue, 3 Jan 2017 10:56:00 -0800

I have many goals this next year. One of them is meeting with 15 different people per week for coffee.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Today I want to talk about your goals for 2017. I’ve got a lot of them, but one of the most important ones for me is to have 15 coffees a week with 15 different people.

In order to reach that goal, I need you to reach out to me. I like helping people achieve their goals, and it’s not always through real estate. Sometimes you have financial goals or career goals. Although I can’t help you personally with your fitness goals (I like donuts too much), I can point you in the direction of someone who can.

Most of the coaches that I’ve worked with in the past seven or so years have one thing in common. They know that in order to reach your goals you have to 1) write them down and 2) talk to someone about them. That increases your chances of achieving your goal to nearly 75%. The first step in the process may be meeting with me to get a quick coffee. I’d love to help you figure out where you are and where you want to be so we can hopefully bridge that gap.

“

I would love to help you get started on your goals, too.

”

I have 9.5 years of experience just in Philadelphia real estate and a lot of great relationships around the city with people in a variety of different careers. Of course I know great contractors, but I also know great trainers, financial planners, and accountants as well.

If you’re interested in meeting for coffee, give me a call or send me an email and we’ll set up a time. I look forward to hearing from you soon.

We Wish You a Happy Holiday Season

cassidy@getvyral.com (Jack Barry ) — Mon, 19 Dec 2016 17:10:00 -0800

Today I’m here with our holiday message for you all.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Today I just want to take a minute to wish you all a happy holiday season and a great new year!

You will hear a lot from us in 2017, by phone, text, email, or (mostly) video. We look forward to sharing our real estate expertise with you.

“

Happy holidays and enjoy the New Year!

”

So, have a happy holiday season and a happy New Year. If you have any questions, don’t hesitate to reach out to us!

How Photos and Video Help Sell Your House

cassidy@getvyral.com (Jack Barry ) — Thu, 1 Dec 2016 11:21:00 -0800

To sell your home in today's market, you need to capture the attention of as many buyers as possible. To do this, you need professional photos and videos for your property.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Using professional photos and videos is extremely important when selling your home, and that's why we use a professional for each one of our listings. Professionals know exactly how to photograph a home from a lighting and staging perspective.

A survey by the National Association of Realtors revealed that 92% of buyers start their home search online, which means that photographs are key.

We also do a lot of videos for our listings, including walking tours and Facebook Live videos. These videos are very effective, get a lot of engagement from buyers, and they allow us to show them what it's really like to be in the house.

“

These days, 92% of buyers start their home search online.

”

The National Association of Realtors also found that 82% of buyers said that video played a part in the purchase of their home. The same report also found that less than 10% of Realtors consistently use video! If you have photos and videos, you have a great chance at outpacing your competition.

You want to relay that authenticity to all the channels that your video will be pushed to, like Facebook, Instagram, and YouTube. The more people that see your home, the higher your chances are for getting offers, and the more offers you get, the better your chances are for selling your home.

If you have any questions about using photography and video to sell your home, give me a call or send me an email. I'd be happy to help!

How Real Estate Agents Help Home Buyers

cassidy@getvyral.com (Jack Barry ) — Mon, 14 Nov 2016 13:25:00 -0800

Having a buyer’s agent on your side when looking at new construction homes is crucial to your ability to negotiate. Here are three reasons why.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Recently, a client asked us why he would need a buyer agent with him while looking at a new construction property. He felt that he could get a better deal and be in a better negotiating position if he worked with the seller’s agent directly. In this case, he failed to realize a few important things:

The listing agent has a contract with the seller. A buyer has no negotiating leverage when dealing with the listing agent because that agent will work to make sure that they maintain their percentage of the sale price. This is called dual agency.
A buyer’s agent does not cost you money.
The seller’s agent has no fiduciary responsibility to the buyer. This leaves your financial position as a buyer open to the seller. Sometimes price is not the only avenue for a deal; sometimes it’s the closing dates or financing. In any case, none of those issues are kept confidential in a dual agency situation.

There is no reason not to hire a buyer’s agent to represent you when buying a home. A buyer’s agent costs you nothing and is the best way to protect your financial interests. This is why you should be sure to find an agent before you even begin looking at properties. A lot of new construction agents are not Realtors; they have what is called a developer’s license, so when you go in to sign the book, you’re actually signing up with them to represent you. Be very careful about this!

“

The listing agent has no fiduciary responsibility to you.

”

If you need help finding a great agent or you have any other questions about buying or selling real estate in our area, give me a call or send me an email. I’d be happy to help you!

What Are Appraisals Useful for?

cassidy@getvyral.com (Jack Barry ) — Mon, 31 Oct 2016 11:05:00 -0700

Appraisals are an essential part of most real estate transactions. They are ordered by a bank or lender to make sure a property’s sale price is accurate.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

The question of, “What is an appraisal?” is one we get quite a lot, especially from buyers. They want to know what the process is like. Unless you are buying a home with cash, an appraisal will be part of your purchase process.

The bank or mortgage company that you get financing from is the one who will order the appraisal. The good thing about this for buyers is that the bank will not allow you to buy a property for more than it appraises for. This essentially prevents you from overpaying for a property.

We need to be cognizant of the appraisal price, so knowing what the comparable properties are in your area is a must. Appraisers use these homes to determine whether the sale price is fair or not. We need to also give ourselves some negotiating room in the inspection, which comes before the appraisal. We don’t want you to get too deep into the transaction and have it fall apart if the home doesn’t appraise.

“

An appraisal in Philadelphia right now costs between $375 and $400.

”

If you’re selling, we recommend that you actually get an appraisal before you list if there are any questions at all as to where we should price your home. That way, when we do go live on the market, we can prove the price we have to the buyer and their agent so they have evidence to help their buyer make a better, more confident offer.

An appraisal in Philadelphia right now costs between $375 and $400 and will be included in your closing costs if you’re a buyer. A seller would have to pay out of pocket for an appraisal.

If you have any questions about appraisals or anything else relating to real estate, give me a call or send me an email. I would love to hear from you.

Come Get Spooked for a Good Cause

cassidy@getvyral.com (Jack Barry ) — Wed, 12 Oct 2016 14:59:00 -0700

We hope you'll join us at MANNA's annual fall festival "Run For Your Life" on October 22nd.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

I would like to officially invite you to "Run For Your Life" sponsored by MANNA!

This is MANNA's annual fall festival at West Laurel Hill Cemetery on Saturday, October 22nd at 4 p.m. You can bring the kids for food and fun. At sundown, there will be a 3K run and walk, so bring your running shoes. The run goes through the cemetery, so there will be plenty of scary stuff.

Click here to register.

All proceeds will go to MANNA, which is our favorite charity. They deliver nutritious meals to 75,000 people a month!

If you have any questions, don't hesitate to send me an email. I hope to see you there!

How Much Home Do You Think You Can Afford?

cassidy@getvyral.com (Jack Barry ) — Fri, 23 Sep 2016 11:31:00 -0700

We did a survey that revealed people don’t think they can afford very much when it comes to a home. You might be surprised how much you can really afford.

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

You might be surprised how little cash you need to close on a house in Philadelphia.

We did a very informal survey where we asked people how much cash they thought they needed to buy a $230,000 home in Philadelphia, and the responses ranged from $23,000 and to $60,000.

In the video above, you can see a listing we recently quoted a buyer on; it’s a beautiful, totally renovated home with hardwood floors, has a great yard in the back, and a finished basement. What if I told you the monthly payment on this property was $1,250 a month? Would you be surprised?

Additionally, what if I told you it was possible to get into this property with less than $6,000 out of pocket? Would you still be surprised? Also, if I told you the whole $6,000 was able to be a gift from a relative (which is totally allowable in today’s mortgage guidelines), would you be surprised?

I can tell you that you’d be hard-pressed to find a property like this one for rent in Philadelphia for $1,250, let alone be able to buy it with less than $6,000 out of pocket. All these numbers are an actual quote that we gave to a client!

“

You’d be hard-pressed to find a rental at this price.

”

Now, remember, each mortgage company has different restrictions that are tailored to each individual. That’s why you need to call our office so we can connect you to the best mortgage professional that can get this kind of deal for you.

If you have questions about your buying power or any questions about our local real estate market, give me a call or send me an email. I’d love to help you out.

Renting vs. Buying a Philadelphia Home in 2016

cassidy@getvyral.com (Jack Barry ) — Thu, 8 Sep 2016 12:30:00 -0700

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Should you rent a home or buy a home in the 2016 real estate market? There are a few things you should consider when making this decision.

First of all, you need to consider timing. How long will you be staying in the area? If you will only be around for a short period of time, it is probably better to rent so moving will be easier when the time comes. If you are here for the long haul and plan on sticking around, it is definitely always better to buy than to rent.

Secondly, you need to know your mortgage options. How much house can you buy? Are you more price-sensitive or interest rate-sensitive? We also need to know which down payment assistance programs you are eligible for. There are state programs available and most banks also have individual programs that will give you a couple thousand dollars.

“

If you are staying in town for a long time, it is definitely always better to buy.

”

I recently had a client who was paying $1,800 a month for a rental. I found him a home with a mortgage payment of $1,200 a month. Since he tripled his square footage when he switched from an apartment to a three-bedroom house, he decided to get a tenant. The tenant pays $600 a month in rent.

In other words, my client went from paying $1,800 a month to $600 a month for housing! Not only that, he now gets all the tax benefits that come with owning a home as well. His life has changed dramatically.

If you are interested in owning a home, come by for a consultation. We will show you the numbers and figure out what your options are. If you have any questions, please don’t hesitate to reach out to me. I would be happy to help you!

The Problem with Zillow and Home Value

cassidy@getvyral.com (Jack Barry ) — Mon, 22 Aug 2016 10:22:00 -0700

A lot of our clients ask, “Can we trust Zillow to come up with an accurate value for a property?” The short answer is no. In most cases, Zillow’s Zestimates are off by 5% to 15% of the true price.

The problem is that Zillow uses similar homes in the neighborhood to come up with the value of a property. However, determining a home’s value is not that simple.

The best way to know what a home is worth is to contact a real estate agent, like me. We will pull all the comparable homes in your area and do a physical assessment of your property to determine what it is worth in the current market. Zillow has no way of knowing about any improvements you have made to the property.

“

Don’t use Zillow to make any major real estate decisions.

”

Ultimately, whether you are buying or selling a home, Zillow is a great starting point, but don’t use it to make any major decisions. The CEO of Zillow himself ignored his home's Zestimate when it because the Zestimate was 40% off! He went with an agent instead. Read all about it here.

If you have any questions about home values or real estate in general, please don’t hesitate to reach out to me. I would be happy to help you!

What Is Happening in the Philadelphia Real Estate Market?

cassidy@getvyral.com (Jack Barry ) — Wed, 20 Jul 2016 11:43:00 -0700

Buying a home? Click here to search all homes for sale

Selling a home? Click here to get a FREE home value report

Lately, a lot of people have been asking about the local market conditions in Philadelphia. Here are the latest trends you need to know:

Right now, we are still in a seller’s market. There are 20% fewer properties on the market than there were a year ago, yet we’ve sold 10% more properties than we did last year.

The good news is that this seller’s market is starting to level off. Generally, given the seasonality of our market, things slow down during the first or second week of June. The rush season is over and buyers no longer have to worry about multiple offers.

Also, interest rates are still incredibly low, hovering between 3.5% and 3.75%. These rates are incredible but they won’t stay that low for long. It’s best to buy now.

“

It’s best to buy now when interest rates are at historic lows.

”

What does all of this mean for you? Buyers and sellers need a Realtor who knows which direction the market is headed. Buyers need to know which neighborhoods will be the next hottest areas, and sellers need to know where prices are levelling off. That way, you can price your home right and sell for the most amount of money in the least amount of time.

If you have any questions, give me a call or send me an email. I would be happy to help you.