Market Insights – Page 13

Buyer Appointments Up Sharply In 2013

February 23, 2013 by admin

Showings Are On The Rise In 2013

TREND, the Multiple Listing Service (MLS) that serves the Philadelphia metropolitan area, reports that online appointments rose over 30% in January 2013 when compared to January 2012, despite a 13.5% drop in regional housing inventory.

TREND figures also report that on average homes on the market in January 2013 saw slightly less than 2.5 appointments during the month. Last year average appointment activity for the month was approximately 1.2 visits.

This encouraging data is another indicator that the demand for housing in the region is on the rise. Coupled with lower inventory levels, increased buyer appointments, and decreasing Days On Market, indicates that the Spring market has begun.

In Delaware County January settlements are 12.02% higher and Pending sales are up 25.82% when compared to last year.

Wallingford PA Real Estate Wallingford, PA 19086

In Wallingford PA Saturday Is The Best Day To List Your Home

February 17, 2013 by admin

Wallingford PA Real Estate - Wallingford PA - Percent Of Original Price To Selling Price - Saturday Is The Best Day To List

A Saturday Listing Debut In Wallingford PA Takes The Top Spot

Does it make a difference on what day your home appears in the Multiple Listing Service (MLS)? Apparently so!

Redfin, a national online brokerage firm that services 16 major metropolitan areas across the country, conducted a study of over 500,000 listings and determined that Friday was the best day of the week to list your home in order to get the highest selling price.

The study reported that homes that were listed on Friday ultimately sold for 99.1% of their asking price, a pretty lofty figure. Sunday came in as the worst day to list a home.

It does make sense that Friday would be among the best days to list a home for several reasons. First of all agents plan weekend tours with their clients on Fridays, and everyone is anxious to see the newest listings that have come on the market. Secondly Friday is a day when consumers are out in force on the Web trolling for new listings at a clip that is up to four times greater than any other day of the week.

I wondered how does this data stack up to what we have experienced historically for the year 2012 in Wallingford PA?

It turns out that as in any aspect of real estate the local picture can be very different in terms of performance against regional and national data.

Locally Saturday came out as the best day to list your home. A home listed last year in Wallingford PA on Saturday fetched an average of 99.02% of it’s original asking price when listed on Saturday.

On the low end of the scale, Thursday turned out as the worst performing day, with homes listed on Thursday getting 93.13% of original asking price on average,

But Saturday also proved to be the slowest day of the week for listings to debut – only 9 of the 155 listings in 2012 came on the market on a Saturday – the table below charts listing debuts by the day of the week in Wallingford PA for the year 2012.

Wallingford Listings 2012 – By Day Of Week

	MON	TUES	WED	THURS	FRI	SAT	SUN
Listings	42	25	22	23	24	9	10

In summary the local data shows that determining when to place your home in the MLS does make a difference, and is one of many factors to consider when preparing your home for the market.

March was the most popular month last year to list, with 21 of 155 listings for the year hitting the market. With that in mind are you considering putting your home on the market? Give me a call. The Spring market is here so do not miss it.

Wallingford PA Real Estate – Wallingford, PA 19086

Tax Benefits Of Home Ownership

February 16, 2013 by admin

Real Estate Equity

Owning a home invokes more than a sense of pride and freedom. It is also a long-term investment opportunity. With tax season here, it is a great time to speak to your tax advisor about the tax advantages associated with home ownership.

Death and taxes are said to be the only things you can count on in life, but add the favorable treatment of home ownership by the Internal Revenue Service to that list as well, at least for the foreseeable future.

In addition to the ability to claim the mortgage interest paid on your home as a tax break, other costs associated with owning a home are deductible as well.

Here are some items you should plan to discuss with your tax professional regarding the tax breaks commonly available to homeowners:

– Mortgage Interest Deduction: Interest you pay on a mortgage of up to $1 million – or $500,000 if you’re married filing separately – is deductible when you use the loan to buy, build or improve your home. Do not forget to include the per diem interest you paid at settlement for the interest to the end of the month – check line 901 of your HUD-1 settlement sheet for this figure.

– Prepaid Interest Deduction: Points you paid when you took out your mortgage is 100 percent deductible in the year you paid them. Check lines 801 and 802 of your HUD-1 to see if you have paid any points that might qualify as deductible.

– Property Tax Deduction: You can deduct the real estate property taxes you pay each year, as well as any property taxes paid at the time you closed the purchase of your house.

– Mortgage Insurance Premium Deduction: If you had to take out private mortgage insurance, the premium on that insurance can be deducted, as long as your income is less than $100,000 (or $50,000 for married filing separately).

For specific questions regarding all the tax benefits associated with owing a home consult a tax professional for advice and more specifics about how these deductions could lower your tax bill.

Wallingford PA Real Estate – Wallingford, PA 19086

2012 Profile Of Home Buyers And Sellers

February 6, 2013 by admin

Home Buyers Searched An Average Of 12 Weeks For Their New Home

The National Association Of Realtors (NAR) conducts an annual survey of home buyers and sellers evaluating the demographics, preferences, motivations, plans and experiences of recent home buyers and sellers.

Some highlights from the most recent 2012 NAR report.

Characteristics Of Home Buyers:

– 39% of recent home buyers were first time buyers, a slight rise from 2011, but close to the historical norm of 40%

– The typical home buyer was 42 years old – a decrease from the average in 2011 of 45

– First time home buyers averaged 31 years of age – repeat buyers were 51 years old on average

– Median income of buyers was $78,600. The median was $61,800 for 1st time home buyers, and $93,100 for repeat buyers

– 65% of buyers were married – the highest share since 2001. 16% were single females – the lowest share since 2001

– The typical buyer searched for 12 weeks for a new home, and viewed 10 homes

Characteristics Of Homes Purchased:

– New homes accounted for only 16% of purchases

– The typical home purchased by a 1st time buyer was 1,900 square feet in size, built in 1992, had 3 bedrooms and 2 baths, and was priced at $154,100, repeat buyers purchased homes with a median price of $220,000

– 79% of the homes purchased were detached single family homes

Financing The Purchase:

– 87% of buyers financed their purchase. The typical amount financed was 91% of the purchase price

– 96% of 1st time buyers financed their home compared to 81% of repeat buyers

– 40% of buyers reported the mortgage application and approval process was somewhat or more more difficult than expected

Home Sellers:

– 46% of sellers traded up to a larger size and higher priced home

– The typical seller lived in their home for 9 years. In 2007 the typical tenure was only 6 years

– Sellers typically sold their home for 95% of the listing price, and 60% reduced their price at least once

– 40% of sellers offer incentives to buyers, such as seller assists and home warranties

Wallingford PA Real Estate – Wallingford, PA 19086

Swarthmore 2012 Home Profile

February 4, 2013 by admin

There Were 51 Single Homes Sold In Swarthmore In 2012

The year 2012 saw 79 new homeowners in Swarthmore, with single detached homes accounting for 51 of the homes sold during the year, which translates into 65% of the market. Condos were the next most popular home type with 20 sales, followed by 6 twin homes, and 2 town homes.

Colonials were the most prevalent style with 30 of the 51 singles sold, with Cape Cods being the next most popular. A single home sold in Swarthmore during 2012 had an average of 2,521 square feet of living space and had 4.1 bedrooms and 2.09 full bathrooms.

The “average” Swarthmore home sold during the year had 3,54 bedrooms, 2,112 square feet of interior space and 1.96 bathrooms.

A majority of homes had fireplaces – 52, with 44 having 1 fireplace, 5 having 2, and 3 with 3 or more hearths. On the cooler side of the equation 55 homes sold had central air, which also matches the number of homes with basements.

Gas was the predominant heating source, present in 59 homes, and it also led in the kitchen with 55 homes utilizing gas for cooking. The average age for a home sold in Swarthmore during the year was 65.6 years.

Average taxes came in at $9,805, and it was on the market for 96 days before going under contract.

Foreclosures accounted for 2 of the sales for the year 2012, which at 2.5% of sales is lower than the averages for the county. Interestingly there were no short sales reported among the homes sold.

Pricing:

The $300,000 to $400,00 price range saw the most activity for the year with 18 sales, accounting for 22.7% of the market, the $200,000 to $300,000 range was the second most active for the year with 16 sales in that category.

Swarthmore Real Estate - Swaerthmore PA - 2012 Sales By Price Range

Mid Range Homes Accounted For 43% Of Sales In 2012

Swarthmore Single Home Sales – 51 Homes – 2012

Avg Price	Median Price	Low	High	Days Listed
$433,065	$400,000	$128,000	$850,000	91

Swarthmore Condominium Sales – 20 Homes – 2012

Avg Price	Median Price	Low	High	Days Listed
$131,610	$110,000	$68,620	$250,000	132

Swarthmore Twin Home Sales – 6 Homes – 2012

Avg Price	Median Price	Low	High	Days Listed
$265,083	$264,750	$191,000	$325,000	50

Swarthmore Townhouse Sales – 2 Homes – 2012

Avg Price	Median Price	Low	High	Days Listed
$305,000	$305,000	$305,000	$305,000	17

The year 2012 saw an increase in sales over 2011 of 23 home, up to 79 from the 2011’s total of 56. The average price declined from 2011’s $436,566 to $340,747, with a corresponding decline in the median price from $365,000 in 2011 to $310,000 in 2012.

A note on 2011 vs 2012 year comparisons. In 2011 condominium sales accounted for 6 of the 56 homes sold, amounting to 10.7% of sales. In 2012 the condominium market experienced a resurgence with 20 condominiums being sold, translating into just over 25% of the market. With 2012’s average condo price standing at $131,000, the conclusion can be drawn that the decrease in average selling price was influenced in large part due to this fact.

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Wallingford Listings 2012 – By Day Of Week

Characteristics Of Home Buyers:

Characteristics Of Homes Purchased:

Financing The Purchase:

Home Sellers:

Pricing:

Swarthmore Single Home Sales – 51 Homes – 2012

Swarthmore Condominium Sales – 20 Homes – 2012

Swarthmore Twin Home Sales – 6 Homes – 2012

Swarthmore Townhouse Sales – 2 Homes – 2012

S. Clark Kendus