Whitpain Township Paper Shredding Event - May 9th

May 9 Paper Shredding Event, Sponsored by Whitpain Police Association 9 a.m. - 1 p.m. or until truck is full, Stony Creek Sports Park Township Residents Only http://www.whitpaintownship.net/

Tree Giveaway April 26th at Prophecy Creek Fri, Apr 3rd, 2015 The 21st Annual Township Arbor Day Beautification Program will take place at Prophecy Creek Park on Sunday, April 26 at 8 a.m. A total of 400 trees and mulch will be distributed FREE to Township residents on a first-come, first-served basis. This annual event is sponsored by the Township Shade Tree Commission. This year's trees include: Kousa Dogwood (containerized) Flowering Magnolia (balled) Dawn Redwood (containerized) Northern Red Oak (bare root) Locust (bare root) Poplar (bare root) This is a one-day event and will take place rain or shine. There is a limit of one group of trees and one bag of mulch per address or household. No pre-registration is required, but homeowners must present identification indicating Whitpain resident status.

Home For Sale: 926 Tennis Avenue Hatboro-Horsham School District

14 Things to Consider Before Buying a Home

What should you consider before buying a home?

Whether you are a first time home buyer or looking for a new dream house, there are several things to keep in mind. Most of which are included in an article (link below) I have come across on Realtor.com. Included is a list of "14 Things to Consider Before Buying a Home". Please read, as the information is most of which I tell my buyers. It is important to not let emotions get fully in the way of decision making.

I want to make sure your new house feels like home. For more information about buying a house or tips for finding your dream home, feel free to give me a call, send me an email or visit my website. Please find my information below.

14 Things to Consider Before Buying a Home

Debbie Mignogna 

Cell: (267)-640-1120

E-mail: damignogna@comcast.net

Website: pa-dreamhomes.com

Homes Sales Slipped In September

Home Sales Slipped In September

Mortgage 101
Amber Nelson on October 31st 2013

Sales and prices of existing U.S. homes fell in September from August, according to the National Association of Realtors, but both continued to rise on a yearly basis.

Existing-home sales slumped 1.9 percent last month to seasonally adjusted annual rate of 5.29 million, down from 5.39 million in August, but rose 10.7 percent from September 2012’s pace. Sales have now increased on a year-over-year basis for 27 consecutive months.

Meanwhile, the median price for an existing-home dropped to $199,200 in September, down from $209,700 the month before. Yet compared with the previous year, the price is 11.7 percent, marking the 10th straight month of double-digit annual gains. And that could spell trouble for buyers.

“Affordability has fallen to a five-year low as home price increases easily outpaced income growth,” said Lawrence Yun, NAR chief economist in a press release. “Expected rising mortgage interest rates will further lower affordability in upcoming months. Next month we may see some delays associated with the government shutdown.”

Freddie Mac reported that the average rate on a 30-year conventional, fixed rate mortgage grew to 4.49 percent last month, the highest average in over two years, and up from 4.46 percent in August.
Distressed properties made up just 14 percent of all sales in September, up from 12 percent in August, but far below the 24 percent from a year earlier. The dwindling inventory of foreclosures and short sales is part of the reason prices are increasing. For example, Detroit, an area that was hit hard by the housing bust, has now cleared out enough foreclosure inventory that home prices were able to rise 44.6 percent in September form the year before. Similarly Las Vegas home prices gained 30.7 percent and Sacramento prices jumped 28.9 percent.


With the Federal Reserve decided this week to continue as planned with their bond purchases, interest rates may remain stable at least through the rest of this year and prices may not climb quite as fast through the holiday season.

Questions to Ask Real Estate Agents When Selling Your Home

Questions to Ask Real Estate Agents When Selling

Your agent can help sell your house

By Gilan Gertz

www.realtor.com

The real estate agent's role is to smooth the home sale process, from setting the price to closing the deal. Before hiring a specific real estate agent, interview several and ask the right questions to determine the agent's suitability for your transaction. The real estate agent whom you hire should be a good match for your style, your neighborhood, and the buying population you are trying to target. Once you have chosen an agent, he or she will help you determine your home's asking price. Knowing how much comparable homes in the neighborhood have sold for is important. Your real estate agent will also advise you about improving your house to bring you a higher selling price.

Find the best agent

Start your process by getting recommendations from friends and family. Ask them if the agent was attentive, answered their questions, and pursued all leads to help them sell their houses. Next, peruse local newspapers for advertisements. Those who sell in your immediate neighborhood are a good choice. Arrange interviews with three of four real estate agents. Important questions to determine suitability include:

• What are your credentials? At the very least, the agent you choose should have a state license. A higher level of reassurance comes from those who belong to the National Association of Realtors®, which requires ethics training and adherence to a code of ethics.
• How many sales did you make last year? Choose someone with a strong history of success. This does not guarantee your home's successful sale, but heads you in the right direction.
• Where do you usually work? Someone who sells in your neighborhood is likely to understand the target buyer, and market your house appropriately.
• Do you have a sales plan? The agent you choose should be able to provide a written marketing plan, including where the house will be advertised, and how the agent will help you prime your house for sale.
• Are commissions negotiable? Usually, the real estate agent takes a 3 percent commission from the seller. Ask each agent you interview about willingness to reduce the price. How often will you communicate? Your agent should update you just about every day.

Ask your agent how to sell your home

Once you have chosen a real estate agent, take advantage of his or her knowledge about houses and the market. Ask questions about your planned sale, such as: Is the home ready to be sold in its present condition, or are improvements absolutely necessary? How much have comparable homes in the neighborhood been selling for? Is now a good time to sell, or should I wait for the seasons, or the economy, to turn? Once I put the house on the market, how long can I expect to wait to sell? What is the home's current worth? What is the asking price that I should set? 

Question your real estate agent about upgrading your home

Your real estate agent's expertise will guide you to make the home repairs that bring the most bang for your buck. Ask the following:

• Which upgrades and repairs are absolutely necessary, and which would not make a big difference in the house price?
• Which upgrades are considered standard in your area's housing market? For example, is gutting and redoing your bathrooms necessary?
• Which home improvement jobs cost little, but improve a home's cachet?

Some experts say that a remodeled kitchen is always a draw, but ask your agent whether that's the case in your neighborhood. 

Inquire about staging

Before showing your house, ask your real estate agent about how best to stage your house. The agent will advise you about minimizing clutter, arranging furniture and infusing it with pleasing scents. Ask your agent what items you should get rid of, or hide, before potential buyers come to view your home.

Sell your home successfully

Proper preparation for a home sale is essential. If you choose the right agent, and ask the right questions, your home should sell quickly and smoothly, and for the right asking price.

Call Debbie Mignogna - 267-640-1120

To  help you sell your home 

5 Questions You Should Ask Before Buying A Home

            

Fox Business

Five Questions You Should Ask Before Buying a Home

By Andrea Murad

Published July 24, 2012

FOXBusiness

The housing crash has changed the rules for home buying.

The 2008 financial crisis that caused the housing bubble to burst still has markets reeling and slowly digging their way out of depressed home values, foreclosures and shadow inventory. But other markets have been able to bounce back more quick and bidding wars are breaking out.

When it comes to trying to time the housing markets, experts wish you luck. “The rear-view mirror is the only place to see peaks and valleys,” says Larry Foster, senior vice president and regional manager at Long & Foster. “Real estate is a hyper local thing—some places are suffering and may not have hit bottom.”

In some markets houses are cheap and rents are high because residents are more interested in renting than owning and there’s a shortage of inventory. If you’re trying to determine if you should rent or buy in the current economic climate, experts suggest evaluating your financial situation and your long-term goals and career plans.  

Record-low interest rates are attracting homebuyers, with Freddie Mac reporting a 30-year fixed mortgage rate sitting at 3.53% as of July 19, 2012.

Beyond evaluating your finances and long-term goals, experts say why you want to buy a home is also important. Don’t just buy a home because you expect it to appreciate, warns Daren Blomquist, vice president at RealtyTrac, buy because you want to put money you would have spent on rent into a home. “We’re reverting back to old-fashioned sensitivities on why you should buy a home. You need more money, and it’s not a get-rich-quick venture that we saw in the bubble years.”

Before purchasing a new home, experts recommend considering these five questions before making the leap.

Question No.1: Do you have at least 20% saved for a down payment?

Experts agree that buyers should put 20% down on a home purchase. “The new rules for the new market—these are the old rules we used to follow in the 70s and 80s,” says Michael Corbett, Trulia's real estate expert. “You put 20% down, you hold the property longer term, and you don’t overspend.”

Your down payment will determine the size of your mortgage and the amount of your monthly payment. “You really want to put down enough [money] to manage a payment,” says Michael Goodman, certified public accountant and president at Wealthstream Advisors, Inc.

Question No.2: How long am I planning to live in this house?

Don’t buy unless you’re planning to stay in the property for five to seven years, says Corbett. “Really, we don’t have a lot of concrete stability yet. You want to give yourself a little bit of a safety net.”

The longer you live in your house, the more likely its value will increase. Foreclosure prices are still trending downward in some markets, says Blomquist. It’s a good sign when foreclosure prices increase since other home prices will be trending higher as well. “We’re getting close to a bottom in many markets, but [we’re] not quite there yet on a national level. We’re not going to see sustainable home price appreciation for another couple of years.”

Home price appreciation will help you recoup your initial investment when you sell. Since buying has a lot of upfront costs, to include a 7% commission to the real estate agents, in order to break even, your house value would have to increase at least 7% by the time you sell, says Corbett.

Question No. 3: What are the true monthly costs for owning a home?

The cost of owning a home extends far beyond the monthly mortgage payments. “Add in about 30% more to cover the full price—taxes, insurance, hazard insurance depending on where you live, HOA fees for condos and general maintenance that you wouldn’t have when you’re a renter,” says Corbett.

Other expenses to consider are whether you’ll have increased commuting costs and, if you have children, whether they’ll attend private or public schools, adds Goodman.

How much you spend on your mortgage payment depends on what else you want to achieve in life, such as long term savings goals like retirement and discretionary savings goals like vacations.

Depending on your salary and goals, Goodman suggests keeping housing payments between 25% and 50% of your income, with a higher percentage of income for when your only goal is your house. When you have a larger monthly payment, find places to make cuts in your budget, he says. Even though you may want to spend more of your income on your mortgage, you still need to qualify with a lender for that payment.

There are benefits to owning that will affect your tax liability and, ultimately, your budget. “The tax impact is huge,” says Goodman. Look at your tax incentive to buy and, if you have difficulty reviewing these on your own, consider seeing an accountant to understand how your tax liability will change.

Question No. 4: Do you have an emergency fund on top of what you’ve saved for a down payment?

Goodman suggests having about six months of expenses saved before buying a home. If you have a steady income, a slightly smaller reserve would probably be sufficient with a larger reserve of more than six months of expenses being more suitable for people with unpredictable incomes.

“Your emergency reserve shouldn’t change if you buy or rent but should match expenses,” says Goodman. “You have new expenses that come up when you buy, and you have to factor all those into your budget.” As well as having a down payment and emergency fund, Goodman suggests having additional cash for renovations, projects, and moving costs.

Question No. 5: Do you have job security?

Experts suggest renting if you don’t have job stability. “The nice thing is that we’re in a safer buying environment with much more stringent lending practices,” says Corbett. “Banks have to qualify someone for worst case scenarios.”

Even though buying may be attractive at the moment, renting does have some incentives. “If you have a [rental] deal that’s so good, stay in your rental but take the difference and save it so if your deal goes away, you have savings,” says Goodman.

Buying a home is a big decision. “There are a lot of markets where it’s cheaper to buy versus rent assuming you have the capacity to qualify,” says Blomquist. “Homeownership isn’t the American Dream for everybody, and it’s okay to rent.”