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Philadelphia, PA Real Estate News

By George Maynes, The Maynes Group
(Berkshire Hathaway HomeServices Fox & Roach, REALTORS®)
Credit scores, along with your overall income and debt, are a big factor in determining if you'll qualify for a loan. 1. Check for and correct errors in your credit report. Mistakes happen, and you could be paying for someone else's poor financial management. You are able to get a free credit report each year through the www.annualcreditreport.com Web site. 2. Pay down credit card bills. If possible, pay off the entire balance every month. However, transferring credit card debt from one card to another could lower your score. 3. Don't charge your credit cards to the maximum limit. 4. Wait 12 months after credit difficulties to apply for a mortgage. You're penalized less for problems after a year. 5. Don't purchase big-ticket items for your new home on credit cards after closing on the n...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
   5 Tips to Help You Choose a Realtor Including the Whys and Hows   •1.        Only use a full-time Realtor. Why?  It's like this... Would you prefer to fly with a part-time pilot who has landed a few "fair weather" flights or would you feel more comfortable with a career pilot who has safely landed hundreds of flights and carried thousands of passengers to their chosen destination?   •2.       Did I mention... ONLY USE A FULL TIME REALTOR.  Why? How can a Realtor advise you on an offer price or a listing price when they haven't seen many of the homes that sold recently? They can't. Full-time Realtors are not only prepared to advise you regarding market prices, they also have the experience necessary to resolve problems that crop up in negotiations before the sale, inspections during t...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
I had the opportunity to take some nice walks in our neighborhood with my wife Stephanie over the weekend in Northern Liberties and thought to myself what a great neighborhood we live in !!! Stephanie and I have lived in Northern Liberties for approximately 4 years and have loved every minute of it.   I kinda think of Northern Liberties as a center city lifestyle that is a neighborhood.   On both Saturday and Sunday, we relaxed in the Liberties Land Park which is an amazing park that is maintained and run by the Northern Liberties Neighborhood Association.  Many people come to relax, bring their dogs and childern, play frisbee or volleyball.  The day we were there people set up to play horseshoe.  Many weekends throughout the summer there are music events and other get-togethers at the ...
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By Stacey McCarthy, @SmartGirlsOwn
(McCarthy Real Estate)
Q&A about Philadelphia Real Estate RhawnhurstQ: Why is this house not selling, its on my block. It started out at 265,000 and has been up for almost a year, it looks like a great deal at 215,900.  The reason I ask is because I plan to start looking at houses in about a year.  I'm concerned that I won't be able to sell my house. A: Let me say this first: Next year the market will be completely different from this market, so when you decide to start looking again (did you ever stop?), we should evaluate that market. It's tough to say today if your house won't sell next year.   That said, I believe the reason this house has not sold is that they overpriced it at $274,900 in Oct 2007 and tried to play the "leave room to negotiate" game, which won't work in this market. This is a buyers' mar...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Today my wife Stephanie and I took a walk over the Ben Franklin Bridge.  The Ben Franklin bridge connects Philadelphia (Old City) and New Jersey (Camden).    It is a beautiful structure. This is our second walk over the Bridge in the last couple of weeks.  What is weird is that as I have aged, I have developed a fear of heights.  From being reckless and an adrenaline junky when I was younger, I am now somewhat of a fuddy-duddy I guess.  I went from skydiving and driving way over the speed limit and not wearing a seat belt to being terrfied to walk over a bridge, rarely driving over the speed limit and ALWAYS wearing my seat belt. The last time I took a walk I had to hold Stephanie's hand the whole way and almost did not make it wanting to turn around.  Today was less fearful... but both...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Another Philadelphia Success Story - Philadelphia Real Estate We picked up a buyer lead recently from one of our listings in Northern Liberties - a very nice young couple with a little baby who had worked with a realtor or two prior to us - had submitted on offer or two on a property - but did not get a deal accepted.  They were quite motivated to find a property so we gladly took them on as clients. We took them out several evenings in a row - they were only available from 6:30 on so we had many evenings back to back looking at properties.   It turned out that Graduate Hospital was going to be their area of choice to its immediate vicinity to Center City . Early on they decided to go for a property that was listed at $420K - it had been on the market for 2 years !!  We mentioned to the...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Yesterday, on July 4th,  I received an offer on one of my listings (which is always a good thing ! ).  One of the forms included a rebate to the buyer from the buyers agent commission.  In this case, since the purchase price is over $100,000, it would be 20 percent of the buyers agent commission. Is this a new trend that some offices are doing ?  Or is it an individual agent choice ?  Im not sure if the buyers agents office is a discount office or something of that nature. One of my questions is why would anyone do this ?  This agent did show the property and submitted an offer over the July 4th weekend.  That is some hard work right there. In my opinion, this strategy takes the risk of devaluing our industry.  I think the value that a buyers agents offers is invaluable - from taking th...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
HAPPY INDEPENDENCE DAY TO EVERYONE !! Stephanie and myself wanted to take a moment to be grateful for our lives and our surroundings.  Today can be a day of reflection, gratitude and hope.  We have so much opportunity - freedom and choice in terms of how we live our lives - how we treat people and how we treat ourselves. On TV right now we are watching the celebration at Independence Hall - a few short blocks from where we live - the beginning of the celebration weekend in Philadelphia.    We are so busy everyday that when we have a down moment, we may not know what to do.  For now, what I do know is take that down moment and say a little prayer of gratitude and thanks ! What will you do today ? Happy 4th of July !!!! Philadelphia Real Estate                      Philadelphia Real Estat...
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By Bill Gero, CRS, CLHMS, REALTOR - Chester County & Main Line o
(RE/MAX Professional Realty - Malvern/Exton/Downingtown/West Chester)
Enjoy Independence at the Philadelphia's July 4th week long of events. Starting on Saturday June 28th to Sunday July 6th. Check the activities from Penns Landing, Independence Mall, and Center City out along the Ben Franklin Parkway to the Art Museum. You will see parades, music, and movies, free ice cream, taste of Philly food and much more. Check out the party on the Parkway July 4th from 2-8:30 PM and the Concert with John Legend 7 Fireworks over the Art Museum from 8:30-11 PM. On July 5th enjoy a second Concert starting at 6:30 PM with Boyz II Men at Penns Landing Pearle Vision stage then from Great Plaza cap off the night over the Delaware River skies will light up with a pyrotechnics display by the internationally acclaimed Zambelli Fireworks Internationale. The party ends on July...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
I am getting tired of industry "experts" and pundits on television and national media such as CNBC and CNN suggesting to offer 80 percent of the listing price. Obviously it is a buyers market nationwide, but every region and city is different including our city in Philadelphia . The dynamics are changing - there are no rules.  Every deal and every listing is a case by case basis. We just had one of buyers suggest to only see properties that are on the market for sixty days or longer or with at least one price reduction.  This strategy may make sense but if we did that, he would miss out on the properties that are priced to sell !  Further, a lot of the inventory that is sitting out there is from sellers not willing to bring their price down anyway. I have seen on my listings numerous ti...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
New Listing in Old Kensington - 1238 N Mascher St  - View Slideshow - Philadelphia Real Estate Sometimes I think how listings are procured by agents.  There are so many different strategies in terms of marketing to new clients.  Also I am amazed with all the agents that are out there, how did it come to be that it is myself or my wife that becomes the agent for a particular seller ?   There is such a large pie out there of business - we like to say we just want a piece of it.  There is certainly plenty of business to go around. In any event, a few days ago, we picked up a nice new listing in Old Kensington that came from an interesting referral source.  My wife and I, who rarely go out because we work too much, were convinced by our broker to go to the anniverary dinner for the Greater ...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
We just closed on a property personally in Bridesburg - a 3 br / 1 bath property for $81,000.  We offered $1,000 above the listing price of $79,900 to have our deal accepted as it was competiive. We have completed the process of getting a couple of estimates from contractors and have chosen a referral contractor that we have not used before.  His estimate was for about $10,000 and he starts today so we are pretty excited about getting the property ready to be rented out. We already have had some roof work done and will also get a new HVAC heater and have it set up for central air in the future - the HVAC person will have it ready for central air by ensuring the ductwork is in place and install the a/c coil so when we do resell the property, the upgrade to central air will be easy. We lo...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
On Monday, we had 2 settlements where they both got a little intense.  For pretty much every deal, there is always a tremendous amount of stress and anxiety that the people (both clients and agents) go through.  I believe the better agents handle these situations much better than less experienced agents which can be the difference of a smooth vs rocky deal or the difference between a deal closing or blowing up !  In any event, for one of the settlements, the buyers agent called in a panic in regards to 3 items that were agreed upon as a result of the home inspection.   They included a leaky valve in the basement, an electric outlet in a middle bedroom that was not grounded and a cord that was not replaced in the basement.  Her message and communication seemed to be that it was a deal br...
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By Odelia Aminov
(Keller Williams Real Estate)
For the first time in recorded construction history, an innovative local development company will attempt to build a totally green and modern house for just $100,000 in Philadelphia. By making this creative idea a reality, Postgreen, the developer, could easily crush a social myth or two. Though ecology awareness has seemingly increased in recent years, it seems that going green was a privilege reserved for the affluent. Those who are actually able to take action and install environmentally friendly systems or integrate green technologies in their homes are mostly upper class folks, celebrities and alike (to their credit, many took the green thinking seriously and promoted the "coolness" of the matter so it appeals more to the general public). But today, more than ever, green isn't just...
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By The Somers Team, Delivering Real Estate Happiness
(The Somers Team at KW Philadelphia)
Philadelphia This is our first post on active rain and we are very excited and amazed by all the info.  Speaking of exciting... One of the exciting things about being involved in the Philadelphia real estate market is that every day brings a new encounter and a new experience.   My wife Stephanie and I are constantly talking about real estate - the real estate market, our market in philadelphia, our listings, our deals, where to spend our advertising dollars, our website, our buyers, our personal real estate investments and so forth...  The list goes on and on. Because there is so much going on all the time, I am invigorated about the energy and the life that real estate provides for me.  The flip side is that because we are so busy, sometimes it can get to the point of being draining b...
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By Jacqueline Coppola
(Mercury Real Estate Group)
No Marketing Strategy Just placing random signs in neighborhoods and intersections without testing and reviewing the quality response rate from your signs is a sure recipe for failure.Not Identifying Strategies That Work and Sticking With ThemThe the lack of not knowing what works and not knowing what works well is what leads many astray and costs them a lot of money in the process.Not Sticking To A BudgetIf you only have $10 or $100 per month or more that you can spend on marketing then you need to stick to that amount and use strategies that fit into your budget.Having No Advantage Over Other InvestorsWhat is yours? If you don't know, develop one.Not Being Persistent.Sadly many quit with a huge database of leads they accumulated from haphazard marketing efforts not realizing they hav...
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By Mark Wade
(Berkshire Hathaway Home Services Fox and Roach Realtors)
If you are anything like me, after a grueling day of showing Philadelphia condos, or any type of real estate to perspective buyers, the first thing I want to do when I get home, besides grumble about it, is mix a Martini. But as a real estate mavine, devotee, and all around nutbag, first I have to go and pick out a paint color for my dining room. One of a series of endless chores that has been on my "things to do list" for just over 8 months. And being a realtor enables me to concievable tackle any home improvement project. Clearly, I know it all. Well I just saw one of the neatest innovations in painting that can save anyone a bungle of time, energy, and money. Huge secret here....it is called Behr.com. Behr is a paint company that has developed this online service in which you can pay...
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By Think Vogue
(A&P Accents, LLC)
Weekends are especially exciting when you have your New Yorker friend visiting you! , Somebody who loves New York and like she said: "I am born and raised in Manhattan".  I responded, I am in love with Philadelphia because it is a lovely city -- old and new at the same time.  The streets are full of history and there is always a lot to do; events, art, music, great restaurants, great people... and the night life is absolutely fabulous!   Downtown is my favorite place as every day is different and unique. My friend, Amy doesn't exactly share this view of Philadelphia and I started wondering are we each so much in love with some places that we cannot appreciate others?After two and half hours trip she arrived, so I decided to take her for a nice walk and introduce her the best cappuccino ...
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By Stacey McCarthy, @SmartGirlsOwn
(McCarthy Real Estate)
In February, my husband joined me in my real estate business and we formed the Joe and Stacey McCarthy Team. We are doing fantastic and on our way to becoming the dynamo team I know we can be. Here is the update: Before Joe came, I was averaging a closing about every other month. Since March, we have had 3 closings, 3 pending, and 3 listings with another listing on the way. Pretty good work for a real estate rookie in a 3 month time frame in this "bad market." If you are a Keller Williams agent reading this, Joe didn't finish Camp 4-4-3, where you learn to get 4 listings and 4 sales in 3 months. He was too busy to go to all the classes! But he did apply many of the prinicpals of the program. Maybe when he finishes, we will do even better. Why is he doing so well? 1. He has a quality tha...
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By Mark Wade
(Berkshire Hathaway Home Services Fox and Roach Realtors)
It should come as no surprise that some people do not have a life. They can be found, every Sunday at the same place. Your Open House. They are neighbors, half-serious buyers, and some are all around busy bodies. Some you will see for YEARS, doing the open house circuit..week after week, after week- as if one of their hobbies that they might list on a job application would be "Open House looking".... Now allow me to be the first to admit that I fall into this catagory. I love going to Open Houses. And the first thing I head for? The photos. Come on...tell the truth- you are an open house junkie, and you make a B-Line for the pictures on the wall, in the living room, and on the bureau in the family room as well- Don't you? I thought so.... Half the fun of going to an open house is seeing...
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