Everybody, homebuyers that is,  gets a tax credit now (well almost everybody).

The new legislation includes extending the First-time Buyer Tax Credit of up to $8,000 and raising the qualifying income limits to $125,000 for single taxpayers and $250,000 for joint taxpayers, up from the current $75,000 and $150,000 income limits.

In addition, the legislation offers a new credit of up to $6,500 to qualifying EXISITING HOMEOWNERS who have resided in their homes for 5 out of the last 8 years and are buying a new home.

Agreements of sale will have to be signed by April 30, 2010 and settled by June 30, 2010

Homebuyer tax credit changes: Frequently Asked Questions (pdf)

FIND YOUR PHILLY HOME AND GET YOUR TAX CREDIT  

Technorati: 1st time home buyer, home buyer tax credit, philly home buyers, buy 1st home

posted by janice       SEARCH the Philadelphia MLS. No Registration Required!

Every REALTOR’s open house is a little bit of drama. We have the sellers clean up the homes, we put out signs, we put out balloons or flags, we put out info and a sign-in sheet, and then we wait.

That’s when the games begin.

Usually the neighbors are the first to show up. “We live down the block and just want to look”. “How much are they getting for this? Are they crazy?” “I love what they did with the kitchen but I still wouldn’t pay this much.” They’re always fun.

Then the “others” come in. Most are very pleasant. They ask questions. They want to know how long it’s been on the market, does it have central air, what are the taxes, what’s the parking situation.

Some people come in, look around and make no eye contact at all. They have that aura of “Don’t look at me, don’t talk to me, I’m not really here.”

But honestly, all I want them to do is sign in so I can let my seller know that people came in to look. I don’t want to marry them. I try to let them know that if they have questions they should ask, otherwise go look around and enjoy.

Yes, some homes actually sell because of the open house. I was just getting ready to lock up one house when someone walked in. They were driving by, saw the sign, found a parking spot and came in. They bought it a week later. Score!!

Anyway – if you decide to spend time walking around and visiting open houses, don’t be afraid of the REALTOR. We’re here to help, answer questions and try to get our seller’s home sold.

Don’t hesitate to come on in. We like the company.

LIST WITH US and give your home the exposure it deserves and GET IT SOLD

Technorati: philly open houses, sell your philly home, philly realtors

posted by carolyn  REALTOR, Ecosociate™by Ecobroker International  SEARCH the Philadelphia MLS .

Todays Mortgage Rates:

30 Yr Fixed – 4.875% (1 point) / 5.125% (0 points)

15 Yr Fixed – 4.25% (1 point) / 4.5% (0 points)

5 yr ARM – 3.5% (1 point) / 3.75% (0 points)

7 yr ARM – 3.875% (1 point) / 4.25% (0 points)

FHA – 4.875% (1 point) / 5% (0 points)

Investment – 5.125% (1 point) / 5.375% (0 points) – at least 25% down payment required

*Rates are based on 80% loan to value unless noted and 720+ credit score (with the exception of FHA) *Income and Asset verification required and must meet DTI guidelines *This is not a commitment to lend and other conditions may apply

This week brings us new employment numbers…and a chance to see if the labor market is showing signs of recovery. The employment news begins Wednesday with the ADP National Employment Report. Sandwiched between that report and Friday’s Jobs Report, is the Initial Jobless Claims report on Thursday.

The big news comes on Friday, when the all-important Jobs Report will be released. Last month’s report underscored the struggling labor market, as the Labor Department reported 263,000 jobs lost in September and an increase in the unemployment rate to 9.8%. The report due out this week is expected to show 166,000 jobs lost in October, which would be significantly better than the previous month if it happens. However, the Unemployment Rate is expected to continue its climb to 9.9%.

In addition to employment news, we’ll also see the ISM Index on Monday. This is the king of all manufacturing indices and is considered the single best snapshot of the factory sector.

Finally, the Federal Open Market Committee (FOMC) holds its two-day meeting this week, with an announcement of the Fed Rate Decision and Policy Statement due on Wednesday at 2:15 p.m. (ET).

Remember: Weak economic news normally causes money to flow out of Stocks and into Bonds, helping Bonds and home loan rates improve, while strong economic news normally has the opposite result.

Technorati: philly mortgage, mortgage market, carina marchese, center city mortgage company

APPLY FOR A MORTGAGE ONLINE

Brought to you by our favorite mortgage broker:

Carina Marchese
Center City Mortgage
267.238.5785

email Carina for today’s rate

Forget advertising in the local newspapers and don’t depend on open houses. To successfully promote your property to the market it is important to know how buyers find homes.

Just how important is your homes presence on the internet? The Pennsylvania Association of Realtors track statistics of home buyers and sellers and every year release the information in report form: 2008 Profile of Home Buyers and Sellers Pennsylvania Report (pdf).

37% of recent buyers reported that their first step in the home-buying process was looking online for properties for sale. 9% of first-time buyers and 21% of repeat buyers reported their first step was to contact a real estate agent.

89% of home buyers used the Internet to search for homes.

The typical home buyer searched for a home for a median 12 weeks and saw a median 10 homes.

90% of home buyers used a real estate professional during their home search.

Among home buyers, the typical Internet searcher was 36 years old and visited a median 10 homes. The typical home buyer who did not use the Internet to search for homes was 54 years old and saw a median 6 homes.

35% of home buyers first learned about the home they purchased from a real estate professional; 39% first learned about the home they purchased through the Internet.

Real estate agents were viewed as a very useful information source by 81% of buyers, and as a somewhat useful information source by an additional 16% of buyers searching for a home.

Your homes internet presence is the new curb appeal.

Our marketing strategies are designed to target the major buyer resources found in the consumer research chart above because they are most likely to result in a buyer for your home.  We deliver. Period.

Can your home be found online, or for that matter how about your real estate agent?

LIST WITH US and give your home the exposure it deserves and GET IT SOLD

Technorati: philly home sellers, curb appeal, marketing strategies, sell your home

posted by janice       Contact Us for a Hassle-Free Listing Consultation

So here’s the problem:  He wants to watch the game, she wants to go out and socialize with friends, and there’s only so much weekend time.

There is a way everyone can be happy – and that’s eating brunch. Eating always bring people together. And brunch doesn’t cut into major football watching time. 

I consulted with area foodies to come up with a list of 10 favorite brunch places.

Enjoy.

Top 10 Philly brunch places

Sauté –Queen Village
Cafe Estelle – Old City
Cochon – Queen Village
Royal Tavern – Bella Vista
Standard Tap – Northern Liberties
Morning Glory – Bella Vista
Las Bugambilias – Society Hill
Beau Monde – Bella Vista
Cafe Fulya – Queen Village
Marigold Kitchen – University City

Go out and enjoy yourself.  Eat, drink, watch football.  What a great way to spend a Sunday afternoon.

FIND A PHILLY HOME IN A GREAT NEIGHBORHOOD

Technorati: philly brunch, philly neighborhoods, top ten brunch

posted by carolyn
REALTOR, Ecosociate™by Ecobroker International

SEARCH the Philadelphia MLS . No Registration Required!

ORIGINAL OFFERING PRICE: $389,000

612 CHRISTIAN ST, UNIT 1 & 3  BELLA VISTA

2 BEDROOMS / 1.5 BATHS

1,089 Square Feet

Condo Fees: $175/mo

10 Year Tax Abatement

Not your typical bank owned REO property…luxe, beautifully maintained new construction condominium residences. This is a boutique, 3-unit building w/ exclusive single floor residences. All units include temperature controlled garage parking and 8′x8′ storage lockers. Private, keyed elevator from garage opens directly into your unit!
 
Spacious homes boast high-end, traditional finishes including hardwood floors in living spaces/kitchens, Berber carpet in bedrooms, gas fireplaces, extensive recessed lighting throughout, significant moldings, endless windows allowing for extraordinary natural light, and wide-open floor plans. Kitchens w/ solid wood cabinetry, decorative moldings, GE Profile SS appliance package, natural stone countertops, and peninsula to accommodate stools. Baths clad in natural stone feature rich wood vanities, granite tops and double, under mount sinks. Each unit also has incredible closet/storage space throughout. There is a washer/dryer in each unit.

Only 2 available with special financing available through Conestoga Bank. Incredible value…

HAVE HOT NEW LISTING DELIVERED FRESH TO YOUR INBOX

Technorati: short sale, foreclosure, philly condos, philly deals

posted by janice        FIND Your Philly Condo. No Registration Required!

When I bought my first home I had to sign what seemed like two or three forests worth of trees.  Why?  It seemed like such a waste of paper.  I want the house, you want to sell the house, can’t we just write something up and I’ll sign it?

 I recently received this e-mail from a real estate attorney that explains the reason for all the paperwork.  It might just make you feel a little better about all those trees.

WHEN IT COMES TO BUYING OR SELLING A PROPERTY…ALWAYS PUT IT IN WRITING

In this era of “going green”, is it really necessary to waste so much paper (mortgage, note, agreement of sale, addendums, etc.) just to document the sale of one single house?  Unfortunately, the answer is yes..and we have the old English Parliament to blame for passing “An Act For Prevention of Frauds And Perjuries” in 1677.
 
More commonly known as the Statute of Frauds in most jurisdictions today, this law requires that certain types of contracts, including a contract for the sale of an interest in land (real estate) be placed in writing and signed by the parties.
 
Not only must the contract be in writing, but must typically contain the material terms of the agreement such as a description of the property, purchase price, method of payment, and settlement date.  While there are a few scenarios that allow for the transfer of an interest in real estate to fall outside of the Statute of Frauds, most transactions must be properly documented in writing.
 
It is also a very necessary practice so that there is evidence of all aspects of the sale to which the parties agreed.  Imagine if a seller verbally agreed to include a refrigerator, window treatments and ceiling fans in the sale of his home, but never placed this in the written contract.  If the seller actually removed these items from the home, it would be much more difficult for the buyer to prove that they were part of the sale (and the bargained for sale price) if he had to engage in a battle of “he said, she said” with the seller.

Whether you are gifting property to a family member, buying or selling your home or amending the terms of a previously executed agreement of sale, always put the terms and conditions agreed to in writing.

Joshua M. Marks, Esq.
Real Estate Law | Business Law
JM LAW GROUP, LLC

Technorati: agreement of sale, philly real estate, philadelphia real estate attorney

posted by carolyn
REALTOR, Ecosociate™by Ecobroker International   SEARCH the Philadelphia MLS . No Registration Required!

«click on graph to make larger»

Confidence and Continued Demand for Center City Real Estate.

In a survey conducted by the Center City District (pdf) in July 2009 81% of Center City residents remain confident about the future of downtown Philadelphia.

** Despite the recession, Philadelphia has experienced a much lower decline in employment than either the region or the nation. Philadelphia has been buffered by the fact that 36% of the workforce is employed in educational and health care institutions.

** While Philadelphia is still losing population, Center City has been growing for over 40 years. Even as households have
gotten smaller, population density has been increasing. Since 2000, growth accelerated as seven out of eight downtown ZIP codes experienced an increase in population. Driven by the 10-year tax abatement that was approved in 1997, Center City has added 12,121 new units of housing.

** In the neighborhoods surrounding the central business district demand remains strong since none of these communities
are confronting a challenge of over-supply. Townhouses priced below $400,000, are selling well, as first time homebuyers,
prompted by the $8,000 federal tax credit, are connecting with willing sellers who have adjusted their prices downward.

**Center City Philadelphia has succeeded in attracting well educated, knowledge-workers — young professionals and empty-nesters — a key objective of development professionals in every American city. Twenty-eight percent of all respondents are ages 25 to 34, while 39% are over 55. Older, more affluent households are concentrated in the higher-priced housing in the core of downtown, with the largest proportion of individuals over 65 found in ZIP codes 19102, 19103 and 19107.

Like the national market, Center City housing production peaked in 2006 with almost 2,000 new units delivered to the market that year and then slowed in 2007 and 2008. The financial crisis of September 2008 caused production to plummet as financing for major for-sale projects almost completely dried up. Still, from Northern Liberties and Fairmount to the neighborhoods south of South Street, the construction of townhouses, rental units and high-rise buildings continue, albeit at a lower volume than in previous years.

HAVE HOT NEW LISTING DELIVERED FRESH TO YOUR INBOX

Technorati: center city real estate, philadelphia real estate, philadelphia housing market, home buyers, home sellers

posted by janice       SEARCH the Philadelphia MLS. No Registration Required!

Because approvals, residential inspections, and other steps in the buying process typically take about 30 days, buyers hoping to take advantage of the incentive will need to have a contract by the end of October at the very latest. The new flurry of activity now as house-hunters try to meet the deadline is triggering bidding wars and energizing the property market, which historically is slow at the end of summer. As a result, more homes are getting their full asking price.

There is no repayment obligation required on this credit for qualified principal residences purchased from January 1, 2009 through November 30, 2009. To be exempt from repayment, the home buyer must stay in the home for at least three years. In addition to being a first time home buyer, there are maximum income restrictions.

Home Buyer Tax Credit in a Nutshell:

**The tax credit is for first-time home buyers only

**The tax credit does not have to be repaid

**The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000

**The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009

**Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit

And if $8,000 dollars isn’t a big enough incentive mortgage rates remain historically low:

Rates as of Monday, October 5:

30 Yr Fixed – 4.625% (1 point)/ 4.875% (0 points)
15 Yr Fixed – 4.125% (1 point)/  4.375% (0 points)
5 yr ARM-  3.875% (1 point)/ 3.625% (0 points)
7 yr ARM-  4% ( 1 point)/ 4.375% (0 points)
FHA –  4.75% (1 point)/  5% (0 points)
Investment – 5.125% (1 point) / 5.5% (0 points) – 25% down payment required

Potentially Related Posts: Philadelphia First Time Home Buyers: Federal Tax Credit Final Cut

FIND YOUR 1st HOME IN PHILLY AND GET YOUR TAX CREDIT 

Technorati: 1st time home buyer credit, philly home buyers, philly mortgage rates

posted by janice       SEARCH the Philadelphia MLS. No Registration Required!

Magnificent upgraded to the max condo in Independence Place with fabulous east and south views on a high floor.

Independence Place 233 S 6th St

1 Bedrooms, 1 Bath

1,001 square feet

Floor to ceiling windows

Granite, marble, limestone, tasefully done

MLS# 5576229

$450,000

Walk Score 95 —Walker’s Paradise

For more information on this home for sale in Washington Square Philadelphia, please contact The Bovee-Perlow Group at Keller Williams Center City Realty: (267) 238-5779

Technorati: philly homes for sale, washington square condos for sale, philly home buyers, philadelphia condos

posted by carolyn REALTOR,  Ecosociate™ by Ecobroker International

 SEARCH the Philadelphia MLS . No Registration Required!

Find Out How Much Your Washington Square Condo is Worth