Monday Morning Market update

August real estate reports show continued rise in sales and prices. "Existing-home sales increased in August and reached the highest level in six-and-a-half years, while the median price shows nine consecutive months of double-digit year-over-year increases, according to the National Association of Realtors®."

The lack of inventory isn't only in the Philadelphia area either. Data from realtor.com, NAR’s listing site, shows large declines in inventory from a year ago in Naples, Fla., down 23.5% ; the Detroit area, down 23.3%; and the greater Boston area, down 20.7%. 

For more details click here

Thinking about moving UP? It may be a good time to make a move

"Housing demand by trade-up buyers is rising as the home equity available to these prospective buyers is improving as foreclosures sales decline nationwide and are in high demand in many fast-rising markets" According to a recent Real Estate Economy Watch article.
"...higher home prices are bringing out trade-up demand from existing homeowners who are experiencing rising home equity, which supports a down payment on their next bigger house."

www.realestateeconomywatch.com

If you are curious what you're home is worth in today's market and what you could afford to purchase, contact me (or any Realtor) for guidance. I can provide the necessary information to make the best decision for you and your family. 

Happy Anniversary To ME

Three years ago I decided to make a bold, but exciting transition from the new construction home builder industry into the residential resale world. It required the same real estate license, same goal of helping people obtain their dream to own a home, but a completely different business structure.

I made the commitment to become an independent real estate salesperson (a.k.a. a Realtor) in 2010 and three years later I couldn't be happier! Starting a business is scary. Not having a steady paycheck and no one telling you when to go to work was an adjustment and required discipline. Dedication, hard work, a vision and the amazing support from friends and family has enabled me to keep doing what I love- and what I've become very good at.

The real estate brokerage I was with does not give you leads, only guidance and training. (I later found out that is more than most companies do!) They helped me gain the confidence to get clients the best deal and have a smooth settlement process. In addition, ideas on how to find clients!

One of my first clients was referred to me by the mortgage rep from my previous job. She was qualifying a buyer for a new 55+ community and they needed to sell their home first. I met with them and they quickly hired me to sell their current home and help them buy their new home. From there, the referrals from close business professionals, my family and friends continues to grow. It's amazing what word of mouth advertising has done for me, and I honestly couldn't be more grateful.

On my anniversary (well around this time :) ) I'd like to thank each of you that have believed in me and my business, whether for your own needs or referred me to someone you know. It's an honor to provide service to the people that mean most to me.

Looking forward to serving all of you for many more years!

Thank you,
Kelly Kneeland Steyn

Not so scary Friday the 13th news

Here is a quick rundown of the residential real estate activity over the first 8 months of 2013

• Chester County- 2013 single family home sales (3863) are up 15.5% compared to the first 8 months of 2012. The year-to-date median price of single family homes ($310,000) is also up 3% from during this same reporting period
• Delaware County- 2013 single family homes sales (3460) are up 10.3% compared to the first 8 months of 2012. The year-to-date median price of single family homes ($220,000) is also up 4.5% during this same reporting period
• Montgomery County- 2013 single family home sales (5689) are up 14.7% compared to the first 8 months of 2012. The year-to-date median price of single family homes ($269,500) is also up 4.6% during this same reporting period

Wondering what upgrades are a waste of money and time? 
Houselogic.com compiled a list of upgrades with the lowest Return on Investment (ROI)

Outdoor Kitchen

The fantasy: You’re the man — grilling steaks, blending margaritas, and washing highball glasses without ever leaving your pimped-out patio kitchen.

The reality: For what it costs — on average $12,000-$15,000 — are you really gonna use it? Despite our penchant for eating alfresco, families spend most leisure time in front of some screen and almost no leisure time outdoors, no matter how much they spend on amenities, according to UCLA’s Life At Home study. And the National Association of Home Builders’ 2013 What Home Buyers Really Want report says 35% of mid-range buyers don’t want an outdoor kitchen.

The bottom-line: Instead, buy a tricked out gas grill, which will do just fine when you need to char something. If you’re dying for an outdoor upgrade, install exterior lighting — only 1% of buyers don’t want that.

In-Ground Swimming Pool

The fantasy: Floating aimlessly, sipping umbrella drinks, staying cool in the dog days of summer.

The reality: Pools are money pits that you’ll spend $17,000-$45,000-plus to install (concrete), and thousands more to insure, secure, and maintain. Plus, you won’t use them as much as you think, and when you’re ready to sell, buyers will call your pool a maintenance pain.

The bottom-line: If your idea of making it includes a backyard swimming pool, go for it. But, get real about:

• How many days per year you’ll actually swim.

• How much your energy bills will climb to heat the water ($760-$1,845 depending on location and temperature).

• What you’ll pay to clean and chemically treat the pool ($20-$100/month in-season if you do it yourself; $75-$165/month for a pool service).

• The fact that you’ll likely need to invest in a pool fence. In fact, some insurance carriers require it.

Related:

Less expensive option: an above-ground pool

Lower maintenance option: natural pools

If you do put in a pool, you can save money by installing a solar heater.

($200-$650) probably will suffice.

New Windows

The fantasy: Brand new windows that don’t stick, and slash energy bills.

The reality: A $10,000 vinyl window replacement project will recoup about 70% of your investment at resale, and if they’re Energy Star-qualified, they can save you around $300 in energy bills per year.  So, plan to live in your house about another 10 years to recoup the cost of new windows. 

The bottom-line: We get it — new windows are sturdy, pretty energy save. But unless old window frames are thoroughly rotten, most windows can be repaired for a fraction of replacement costs. And if you spend about $1,000 to update insulation, caulking, and weather-stripping, you’ll save 10%-20% on your energy bill.

Read entire article CLICK HERE

Monday Morning Updates

Market News:
Mortgage interest rates continue to be a big topic.
The average 30 year mortgage has risen more than a percentage point since May 2013.
They are still low- mid 4's- but with signs of a strengthening economy and house industry keeps driving rates up. 

Local News:
One of my persona favorite towns was spotlighted in the Philadelphia Inquire this weekend. Chester Springs is an area still encompassed by trees and rolling hills. Your located mostly within Downingtown School District (parts are also in Owen J Roberts, Phoenixville and Great Valley) and minutes from the Turnpike, shopping malls and quaint restaurants.

Chester Springs by the Numbers:

Population: 13,922 (2010) 
Median income: $133,736 (2010) 
Area: 26 square miles 
Homes for sale: 100 
Settlements in the last three months: 81 
Median days on market: 93 
Median price (single-family homes): $307,000 
Median price (all homes): $307,000 
Housing stock: 4,970 units, most post-1970 
School districts: Downingtown Area; Great Valley; Phoenixville Area; Owen J. Roberts *
19425 zip code SOURCES: U.S. Census Bureau;

Read the entire article and earn more about the specific market  <<here>>

Local Events:
Fall Restaurant weeks are here!!
Starting September 15th you can eat at fabulous restaurants for as little as $20 a person!
Philadelphia
http://www.centercityphila.org/life/RestaurantWeek.php

Main Line area
http://www.mainlinerestaurantweek.com/