Want to start your Real Estate Portfolio?

There's no denying Real Estate is a great long term investment. I've read and listened to many people talk about their investment journey. What I often hear is the first house bought is one they lived in and fixed up to make a profit once they sold- 2,3,5 years down road.
They use those proceeds to purchase a second investment- ideally a multifamily property. Live in one, rent out other to cover your mortgage. Sounds good to me!
This will also give you a taste of being a landlord. Do you like being a landlord? Then maybe buying and holding properties makes sense for you. Lots of people don't like being a landlord and they choose the "buy it and flip it" route. This is a little more tricky and risky, however when done right, can make you money.

There are a ton of opinions and recommendations when starting, but the key is to start! Rewards often require risk and possible failures (aka learning experiences). But you won't know until you try!

Buy and fix up option:
http://623churchln.quickbuyme.com/

Buy, live in one and rent out the other = no mortgage payment for you!
http://3438coverd.quickbuyme.com/

If you are really ambitious- purchase commercial property with 2 income producing rentals! Tons of possibilities here:
http://621millershill.canbyours.com/

If you need help finding an investment property, I can help! Contact me today!

What do you love about Narberth?

One of the many things I love about the Philadelphia suburbs are the individual towns with their charm and lively downtowns! You'll see this character in such towns as West Chester, Media, Ambler, Phoenixville and Narberth. Each with their own history and attractions.

Narberth is a town that I'm having fun exploring! My husband works in town and before knowing him, my only experience was driving through to avoid 76 traffic! There are many shops and restuarants that are still on my 'to do' list. Hopefully we can check some off this winter!

Did you know:
Narberth was incorporated in 1895
It's only 1/2 square mile within Lower Merion Townhip
Philadelphia Eagles founder, Bert Bell spent his final years here

If you're looking to move to the neighborhood, I have the perfect home for you!

This 3 bedroom 1.5 bath Twin home is just a short walk to downtown Narberth with restaurants, movie theater, shops, library & playground - everything you need plus the Paoli/Thorndale train line for an easy commute into Philadelphia. 
Updated Kitchen, Finished Basement, large backyard and off street parking make this home a steal! 
$354,500

Fall in Philly

Here are just a few things I love about Fall:
1. Wearing boots and sweaters

2. Crisp mornings
3. Apple crisp pie
4. Pumpkin house decor
5. Local Food Festivals & Events like 'pick your own'
6. Soup
7. Pumpkin flavored treats
8. Colorful leaves and trees
AND my 2 FAVorite Holidays-
9. Halloween 
10. Thanksgiving

Some organizations that are sea to me are having some great events coming up.
1. The Farm Sanctuary hosts a national Walk for Animals every year. Our local Philadelphia walk is on October 3rd at 11am.
This event raises money and awareness to animal cruelty. This is an amazing organization and cause that I hope you'll support. "Throughout the years, more than 8,000 animals have called Farm Sanctuary home, and we have found safe and loving placement for nearly 3,000 more. The animals who come to our sanctuaries have been rescued from factory farms, stockyards, natural disasters, and abuse and neglect cases. When you Walk, the donations you raise help us rescue, feed, administer urgent care, and provide permanent homes for farm animals!"
Details and registration:
http://walkforfarmanimals.org

2. As a chair for the Farm Explorer Committee through The Junior League of Philadelphia, I became a fan of Greener Partner's and their Longview Farm & Market. They offer Pick your Own fruits (right now are apples and pears!), education tours and events. 
Every year they host a Farmer Showdown and family harvest festival. Food, drinks, & fun!
Sunday, October 25th from 12-4pm
http://greenerpartners.org/event/farmer-showdown-and-harvest-festival/?event_date=2015-10-25


3. As a resident of West Conshohocken, I must promote my own town!
The local Rotary Club is hosting their annual Beer Festival on October 17th. The event will feature over 50 local, regional and national craft beers, plus local food, games and live music. 
Support local! Buy your tickets here:
http://conshybeerfest.ticketleap.com

Favorable Year for Sellers

It's crazy to realize the year is more than half way over! It's been a busy year for me personally and professionally and I honestly can't say where the time has gone. But I'm not complaining!

Nationally, it's said to be a good year for selling your home. Locally, I would have to agree. I've have listings sell in record time, buyers in multiple offer situations and above asking price sales. 

Below you'll see a chart with the June sales data for Montgomery County:

You'll see that both sales and prices rose in June! I suspect the same will be true for July.
RealtyTrac recently stated 3 reasons why it's a great time for sellers: 

1. Stronger Demand coming from Buyers. The pool of buyers are not only first time buyers, but also the boomerang and traditional owner occupants. FHA mortgages, which are common with first time buyers, is on the rise and accounted for 23% of all single family & condo sales. 
2. Home Prices are Skyrocketing. Single Family and condo owners sold average of 13% above their original purchase price.
"So far in 2015, [sellers] are realizing the biggest gains in home price appreciation since 2007," Daren Blomquist says. "In June, sellers sold for above estimated market value on average for the first time in nearly two years." Median sales prices of existing-homes pushed above the previous 2006 peak to a record high in June, the National Association of REALTORS® reported this week. The median existing-home price for all housing types was $236,400 in June – surpassing the peak median sales price set in July 2006 at $230,400. 
3. Sellers have less competition. Inventory is limited and results in buyers having to compete for the same home. 
This 3rd point is a very general statement. Some areas are still lacking inventory, while others have a lot to choose from throughout our Philadelphia region. 
Check out video with full details here:
http://www.realtytrac.com/news/realtytrac-videos/2015-great-year-to-sell-realtytrac-report/

Curious what your home is worth? Visit this site for help:

http://smarthomeprice.com

National Market Update

So many things define a "good" or "bad" economy. And it's always topic of discussion whether talking about finding a job, gas prices, or deciding when to buy or sell a home.
Lawrence Yun, the National Association of Realtors (NAR) Chief Economist and Senior VP recently wrote a blog giving us a recap of the year so far and a forecast for the 3rd and 4th quarters.
I took some highlights and shared them below.

The Economy

• GDP growth was slightly negative in the first quarter but will pick up in the second half.  For the year as whole, GDP will expand at 2.1 percent.  Not bad but not great.  A slow hum.
• Consumer spending will open up because of lower gasoline prices.  Personal consumption expenditure grew at 2.1 percent rate in the first quarter.  Look for 3 percent growth rate in the second half.
  • Auto sales dropped a bit in the first quarter because of heavy snow, but will ramp up nicely in the second half.
  • Spending for household furnishing and equipment has been solid, growing 6 percent in the first quarter after clocking 6 percent in the prior.  Recovering housing sector is the big reason for the nice numbers.
  • Spending at restaurants was flat.  That is why retail vacancy rates are not notching down.
  • Online shopping is up solidly.  That is why industrial and warehouse vacancy rates are coming down.
  • Spending for health care grew at 5 percent in the first quarter, marking two consecutive quarters of fast growth.  The Affordable Care Act has expanded health care demand.  The important question for the future is will the supply of new doctors and nurses expand to meet this rising demand or will it lead to medical care shortage?
• Business spending was flat in the first quarter but will surely rise because of large cash holdings and high profits.
• All in all, GDP will grow by 2.5 to 3 percent in the second half.  That translates into jobs.  A total of 2.5 million net new jobs are likely to be created this year.
  • Unemployment insurance filings have been rising in oil-producing states of Texas and North Dakota.
  • Unemployment insurance filings for the country as a whole have been falling, which implies a lower level of fresh layoffs and factory closings.  That assures continuing solid job growth in the second half of the year.
• We have to acknowledge that not all is fine with the labor market.  The part-time jobs remain elevated and wage growth remains sluggish with only 2 percent annual growth.  There are signs of tightening labor supply and the bidding up of wages.  Wages are to rise by 3 percent by early next year.  The total income of the country and the total number of jobs are on the rise.

The Housing Market

• Existing-home sales in May hit the highest mark since 2009, when there had been a homebuyer tax credit … remember, buy a home and get $8,000 from Uncle Sam.  This tax credit is no longer available but the improving economy is providing the necessary incentive and financial capacity to buy.  Meanwhile new home sales hit a seven-year high and housing permits to build new homes hit an eight-year high.  Pending contracts to buy existing homes hit a nine-year high.
• Buyers are coming back in force.  One factor for the recent surge could have been due to the rising mortgage rates.  As nearly always happens, the initial phase of rising rates nudges people to make decision now rather than wait later when the rates could be higher still.
• The first-time buyers are scooping up properties with 32 percent of all buyers being as such compared to only 27 percent one year ago.  A lower fee on FHA mortgages is helping.
• There is no massive shadow inventory that can disrupt the market.  The number of distressed home sales has been steadily falling – now accounting for only 10 percent of all transactions.  It will fall further in the upcoming months.  There is simply far fewer mortgages in the serious delinquent stage (of not being current for 3 or more months).  In fact, if one specializes in foreclosure or short sales, it is time to change the business model.
• The Federal Reserve will be raising short-term rates soon.  September is a maybe, but it’s more likely to be in October.  The Fed will also signal the continual raising of rates over the next two years.  This sentiment has already pushed up mortgage rates.  They are bound to rise further, particularly if inflation surprises on the upside.
• Mortgage rates at 4.3% to 4.5% by the year end and easily surpassing 5% by the year end of 2016.

Posted in Economic Updates, by Lawrence Yun, PhD., Chief Economist and Senior Vice President on July 1, 2015

<<Full article here>>

Keep in mind, this is national data. Philadelphia region and even specific neighborhoods throughout Philadelphia in PA & NJ have various housing markets. If you're looking to buy or sell, speak with a local professional that can help guide you. Contact me if you'd like more information! 

West Conshohocken (Conshy!)

Where to live, invest and possibly raise a family is a decision that shouldn't be taken lightly. Everyone has different wishes and needs,  so it's difficult to pursuade someone why one particular town may be the BEST.  It's a very subjective and personal decision.
What factors should you consider? How do you start narrowing it down? MoneyCrashers.com put together a list of things to think about that I find helpful, especially if you're relocating to a new town.

1. Affordability

No matter what your pay grade is, living comfortably and within your means should be your first concern. Affordability includes more than just housing expenses; the prices for consumable goods, like groceries, vary greatly from town to town. The price of gasoline, utility services including electric and water, and taxes, also varies.

2. Taxes

Consider local sales tax, income tax, and tax credits and exemptions when you’re looking for the perfect place to live. Did you know that there are five states that have no sales taxes? That’s right: Alaska, Delaware, Montana, New Hampshire, and Oregon don’t collect sales tax for retail sales and some services. In addition, Alaska, Florida, Nevada, New Hampshire, South Dakota, Tennessee, Texas, Washington, and Wyoming don’t collect individual income taxes.

3. Employment Opportunities

Do your research before you move, and ideally, find a job before you relocate. Employment opportunities vary from state to state and city to city, so spend some time researching the job markets in different areas of the country. Start by analyzing quality employment opportunities within your industry, then determine where the highest concentration of these jobs are located.

4. Real Estate Value

With real estate in a constant state of flux, it’s important to research current home prices, the length of time homes are for sale, the resale values of homes, and probable long-term value estimates.

In addition, carefully review local housing price trends. Websites like Zillow.com and Trulia.com can help you gain a grasp of the local real estate market. (and my website www.KellySteyn.com!)

5. Crime Rates and Statistics

By researching the crime rates and statistics for various areas, you can learn more about the safety of a town or neighborhood. You can also check out Crime Reports, which lets you review crime statistics for different neighborhoods.

Keep in mind that just because an area is safe today does not guarantee that it will be safe in the future. The long-term stability for a neighborhood can be a determining factor in how safe your surroundings are. Also, consider the future development of a particular location as you narrow down your choices.

6. Proximity to Family and Friends

Do you have a large extended family? Do you spend the holidays with your family and friends? These are important factors to consider when choosing where to live.

If extended family and friends are important to you, choose a place either within driving distance or within a reasonable distance by plane. 

7. Climate

The climate plays a large role in our lives as it impacts our hobbies, behavior, and sometimes even our jobs. Living in the climate in which you are most comfortable contributes to your mental health, so choose wisely!

8. Education System

Nonprofit websites like GreatSchools are a great source for parents looking for the ideal schools for their children. The quality of the public schools factors into your finances, too, since tuition for a private school can be extremely expensive.

9. Culture

If you crave constant cultural stimulation, you definitely want to choose a place that has a lot of cultural offerings. If you enjoy being around a specific religious or ethnic community with your same beliefs and interests, this should be a factor in where you choose to live.

10. Commute Time and Public Transportation Options

The length of time it takes to get to work can be a determining factor in the decision to move to a new locale. With gas prices rising and commute times becoming longer, utilizing public transportation options like light rail, train, or bus can be an inexpensive, time-saving way for you and your family to get around.

11. Food Options

If you’re a foodie, you may want to try to find a place to live near the ocean or near a metropolitan city center.

12. Town or City Size

If you enjoy a friendly wave from everyone you pass while driving to the post office, then a smaller town is definitely for you. If you wish to remain relatively anonymous, a larger town or a big city is better suited to your personality.

13. Healthcare Facilities

Easy access to good healthcare can increase your quality of life exponentially, so be on the lookout for towns and cities with good hospitals and medical schools.

14. Proximity to an Airport

If you travel a lot, you may need to live within close proximity of an airport. 

Read the full article:
http://www.moneycrashers.com/where-should-i-live-decide-best-places/

Recently, my town was ranked "Best Suburb to Buy a Home" but Niche.com. This was very exciting and I've been sharing with everyone! :)
Why did my husband and I decide to buy here? Top of the list was; property taxes, convenience to major roads, affordability, good schools and walking distance to things we like to do- restaurants & parks. The home needed work, but Location Location Location won us over!
Here are the Top 5 Towns that made the list:

Best Suburbs to Buy a Home

1. West Conshohocken, PA
2. Waukee, IA
3. Centerton, AR
4. Chapin, SC
5. Fishers, IN

For more rankings, check out: https://local.niche.com/rankings/?source=release

Own a House? You may want to own Life Insurance too

Buying a home is a large purchase, often someones most expensive purchase they'll make! You worked hard to save for your home, rental property or second home. So what happens if something unexpected happens to you? Your surviving family members will be emotionally stressed and grieving, having life insurance can hopefully eliminate any extra financial stress during this time.

I'm a worse case scenario person and I do think about the "what ifs'." (That can be good and bad depending on the situation, I know) I have many friends, acquaintances and colleagues that tend to block out the thought of unexpected illness and death. It is not pleasant to think about, but I truly believe it's necessary to be prepared.

Essentially you purchase mortgage life insurance so that in an event of sudden death, funds are available to meet your outstanding mortgage balance. This type of insurance can greatly affect your surviving spouse, partner and family options.

I'm not an insurance broker nor an expert. But I'm confident Alison Hartrum with New York Life can help you and your specific needs. There is no harm in asking!

Alison M. Hartrum

Financial Services Professional
Agent, New York Life Insurance Company

Registered Representative offering securities through NYLIFE Securities LLC (member FINRA/SIPC), A Licensed Insurance Agency

555 East City Ave

Suite 800

Bala Cynwyd, PA 19004

Cell: (908) 752-7646

Office: (610) 617-4493

Be sure to 'like' her Facebook page!

Smelly Smoke Houses

As a non cigarette smoker, you may not realize or believe people still smoke in their homes.  I've even spoken to smokers and some have stopped or never did light up in their home or even car. But trust me, over the years I've shown many smoke filled houses. 

While house hunting, have you ever walked in to a house and couldn't bear the smell? Maybe it's even turned you off from looking at the rest of the property. Honestly, it shouldn't be a deal breaker (maybe a negotiating tool though!) if you know what can be done to eliminate the smell. 

Smoke stays in furniture, clothes, window drapes and rugs. Once the home is vacant of those items, the smell honestly may not be too horrendous. 
I've researched some tips on getting the smell out of a home after it's empty:

• Walls Scrub your walls with a mixture of ammonia or vinegar and water.
• Carpet Spread a dry carpet cleaner with granules on your carpet and let it sit for an hour. When done, vacuum it up [source: Heloise]. 
  
• Furniture Simply sprinkle baking soda on your furniture, and allow it to sit for a while, soaking up the smoky smell. Vacuum up the baking soda after a few hours, and the smoky smell should be gone [source: Reader's Digest].
• House Place several bowls of white or cider vinegar, which have the strongest scent of all vinegars, throughout the house. The vinegar odor will permeate the house, and the smoke odor should be gone in less than a day. If you want to speed the process, soak a towel with vinegar and wave it around the room [source: Readers Digest].

Wiki also has a step by step tutorial:

http://www.wikihow.com/Get-Smoke-Smell-out-of-Your-House

Spring Home Buying Tips

Spring has sprung (sort of!) and people are getting out of their winter dens to start house hunting. Housing inventory is low in many areas of the Philadelphia region, requiring buyers to act quickly and even experience bidding wars! Over the last few weeks, I've personally encountered multiple offer situations in Philadelphia, Havertown and Phoenixville. In order to be successful in this competitive market, buyers need to be strategic and prepared.

Here are five tips buyers can incorporate into their home buying process that will prepare them:

Step Away from the Computer

Despite the fact that 90 percent of home buyers start their search online, buyers should also consider getting outside and canvassing their desired neighborhoods. In a low inventory market, it's important to to be proactive and not waste time weighing options, because by that time, the property might be off the market. 

Get to Know the Current Housing Market

Every housing market is different, so it's important to do research on the market and neighborhood trends. Finding a good real estate agent and keeping up with local real estate news is crucial for buyers to understand the nuances of their local housing market. The more quickly buyers can educate themselves, the more successful the home search will be.

**Here is a helpful tool to learn about a local market : Market Insider**

Grab Those Low Mortgage Rates—Before it's too Late!

While mortgage rates continue to hover below 4%, buyers might not be able to enjoy these low rates forever. "With all indications pointing to a rate increase from the Federal Reserve this year – perhaps as early as this summer – affordability concerns could heighten as home prices and rents both continue to exceed wages," says NAR chief economist Lawrence Yun.

Create a Dynamic Team

The fast pace of the most competitive housing markets means buyers have to be in a position to make an offer at a moment's notice. Before making an offer, buyers need to ensure they've lined up a real estate professional, a lender, a lawyer, and a home inspector. They will also want to be pre-approved for a loan and ready to complete a mortgage application as soon as they find a property.

Be Prepared for Bidding Wars

Buyers should be strategic when maneuvering a bidding war. Some agents suggest that buyer clients include an escalation clause, while others suggest they examine the deal and identify areas where they could be more flexible, in terms of contingency clauses. 

Source: "Spring 2015 Home-Buying Guide: 5 Insider Tips From Real Estate Pros Across the Country," Learnvest (March 9, 2015)

Are you or someone you know needing a Realtor to help navigate this market? Contact me today!

Want to live Near the city but not IN the city? Here's a solution

The development going on in Manayunk and Roxborough is a positive sign of the economy and the growth of the town. People have a desire to be close to the city and all it's activities, but not necessarily in the heart of it. These two adjacent towns are the ideal compromise!

The dividing line between 19127 & 19128 is vague in some parts. Most people refer to the area as "Manayunk" however, most people actually live in "Roxborough." Both convenient, yet slightly different. Having lived in both towns, personally I prefer the less congestion found in Roxborough, above Manayunk Ave. Totally a personal preference though :)

Here is my newest listing in Roxborough
383-LEVERINGTON-AVE-PHILADELPHIA-PA-19128

Top 10 Things About Living @ 383 Leverington

1. Easily get in and out of Manayunk
2. Parking is less competitive due to no homes on the other side of the street
3. Walk to Roxborough High School track for an outdoor work out!
4. Still has the charm of an older home, yet very updated- inside and out
5. Backyard is perfect for entertaining on warm nights
6. Walking distance to Ridge Ave or Main Street. Or don't go that far and walk to Adobe Cafe. YUM (vegan friendly too!)
7. Plenty of space to grow or have a roommate in the 4 bedrooms
8. Walk your dog to Gorgas park or participate in their movie nights!
9. Right in the middle of Wissahickon Park or head down to the Tow Path and connect to Schuylkill Trail.
10. A 15 minute drive into the city or 20 minute train with a lower priced home and more space.

If you'd like additional information about this home or area, please contact me. I'm here to help!

Vegan in and around Philly

Last week was my birthday and this month marks the year anniversary that I began the journey of vegan living. What do these two things have in common? Birthday dinner at Thai L'Elphant' in Phoenixville, PA!

I don't know if you recall, but last year the Philly region had some major winter storms. This resulted in slow business for my husband and I so we started to catch up on some Netflix documentaries. Long story short, I became vegan. It wasn't cold turkey, it was a transition.  And even my husband started the transition with me! (note the word- started). It's been an amazing journey and I plan to stick with it for the rest of my life.

One of the "down sides" about being animal free is eating out. I LOVE eating out. I LOVE food and trying new places. Going out has not been as enjoyable over the last year since I'm limited to salads, fries and sometimes vegetable sandwiches- which I'm sure in reality aren't even vegan. So imagine my joy when my husband and a couple friend of ours (vegetarian too which is helpful) took me out to Thai L'Eplant' which has a 2 page vegan menu!  I was happily overwhelmed with options to choose from!

Here's just a little snippet of their menu:

On top of the number of options, my food was actually good! Looking forward to going back soon :)

One of the fun things about changing your diet is you get to explore new places and new menu items. So needless to say, we still actually do go out a fair amount, but our choices are limited.

Phoenixville has grown so much over the years. They have such a diverse dining and bar scene which is probably why it just keeps getting built up and more in demand!


If you're looking to move to Phoenixville or maybe buy an investment (because that is certainly in demand right now too!)- here is a great house that is currently for sale. Check out the virtual tour: http://1902irisct.eproptours.com/tour/play.htm

Happy Mortgage News!

If you haven't bought a house in the last 5-10 years, you may not realize the costs involved having an FHA mortgage. You may know that whenever a buyer puts less than 20% down, the lender requires an extra monthly insurance cost. FHA loans require another additional monthly mortgage insurance (PMI)- so you can obtain a loan with as little as 3.5% down, but you're monthly payments can be quite high. A few years ago they RAISED their MI from .55% to 1.35% which was HUGE burden for some buyers. Now they decreased to .85%! This decrease is making a FHA mortgage a smart option for home buyers again. Here is an article with more details:
http://rismedia.com/2015-01-10/fha-to-reduce-mortgage-insurance-fees/?utm_source=newsletter&utm_medium=email

There other new and updated mortgage options too! 3% down, PFHA, 20% down options for investors and much more!
If you're looking to buy this year, it's never too early to speak with a professional and learn about financing options that fit your needs. Contact me today and I can refer you to some amazing, educated and dependable lenders!

New Year. New Goals

A new year gives us the opportunity to reflect on the previous 12 months then set goals to make the next 12 months even better! Whether it's personal, financial or physical goals, in order to reach your resolution, you must write it down and work towards it every day.

This year I want to become a better cook, increase my sales by 20%, go to South Africa and finally have our emergency fund where it needs to be.
What are your goals for 2015?

A popular New Year's Resolution is to buy a home. Maybe you're buying your first home, or need a bigger home for your growing family or possibly a smaller home for your aging family. Whatever the case, you'll probably need to plan and save.

According to the 2014 Profile of Home Buyer and Sellers Survey conducted by the National Association of Realtors, 37% of home buyers said it took them 6 months to save for their down payment, 15% said it took them 12 months and 10% said it took 12-18 months to save. By starting today, you could hopefully be in your new home by the end of the year!

Here's a bonus- saving for your home could help you achieve another common goal- losing or maintaining weight. Going out to eat is rough on your budget and belly! Cut down that cost by making more meals at home and buying certain foods in bulk.

You may not need as much money to buy a home as you think too! Down payment requirements are getting lower. There are 3% down payment programs and don't forget USDA loans! USDA provides loans with $0 down payment in eligible areas.
Read up on USDA here http://eligibility.sc.egov.usda.gov/eligibility/welcomeAction.do

Talking to mortgage and real estate professionals early on in your house hunt is super beneficial. They help give you an idea of costs needed, determine your price range and assist in deciding your next best neighborhood. If you need mortgage lender recommendations, contact me today!

Happy 2015!