Buyer Information

110 Cameron Drive – Sproul Estates Wallingford

June 3, 2011 by admin

OPEN HOUSE SUNDAY JUNE 5 FROM 1 To 4

Just Listed at $309,900

110 Cameron Drive Wallingford Real Estate

Master Bedroom

As good as new! Newly renovated 5 level 4BR/2.5BATH Split level in Sproul Estates situated on well landscaped lot. A new kitchen with SS appliances, maple cabinets, granite counters, and an island with pendant lighting is a centerpiece to this home. The wall between the kitchen and DR has been removed creating an open flow between the rooms.

Remodeled Kitchen

New red oak HW floors are featured throughout the main and upper levels. The lower level boasts a FR with new carpet, powder room, utility room, laundry, and an outside exit to an enclosed porch. The 2nd level has 3BR, including the MBR with a full bath, his/her closets, linen closet and hall bath with new fixtures and ceramic tile floor. Steps take you to a very spacious 4th BDR with 2 closets. Upper level is a large newly carpeted bonus room that can have numerous uses.

110 Camewron Drive Wallingford Real Estate

Side View With Porch

The list of new features continues with the roof, HVAC, electrical panel, interior doors, toilets, front door, many windows. This home has been transformed into a showpiece that awaits your visit!

A convenient location located close to the Blue Route, I-95, and public tranportation.

Contact me to arrange your tour of this brand new listing.

Listing Agent: Clark Kendus

Cell: 610-322-6734

Wallingford PA Community Spotlight – Mallard Mill Run

May 23, 2011 by admin

Mallard Mill Run Townhomes

Mallard Mill Run is a community of 23 town homes located on Mallard Mill Run directly across from the Holy Trinity Lutheran Church on Route 320 – Chester Road.

The contemporary style community was built between the years of 1988 through 1991, with 6 homes built in 1988 and 1989, and 11 homes constructed in 1991. Homes average 1,832 square feet, with three bedrooms, three full baths, and full basements. The homes also feature fireplaces, 1 car detached garages, and decks – of which many overlook a wooded area.

The average taxes for the homes in the community is approximately $10,600 in 2024, and the monthly condo association fees in 2024 are $350 per month.

Elementary school students residing in Mallard Mill Run attend the Swarthmore-Rutledge Elementary School, located on College Avenue in Swarthmore.

**Mallard Mill Run Sales 2024**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
34 Mallard Mill Run	3	3.0	$495,000	06/13/24	3
Average			$495,000		3

*DOM = Days On Market

**Mallard Mill Run Sales 2022**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
32 Mallard Mill Run	3	2.1	$358,000	03/01/22	4
7 Mallard Mill Run	3	3.0	$408,100	05/02/22	7
Average			$383,050		6

*DOM = Days On Market

**Mallard Mill Run Sales 2021**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
28 Mallard Mill Run	3	3.1	$380,000	05/04/21	0
24 Mallard Mill Run	3	2.1	$400,000	06/08/21	6
Average			$390,000		3

*DOM = Days On Market

**Mallard Mill Run Sales 2020**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
32 Mallard Mill Run	3	2.1	$314,500	07/22/20	18
26 Mallard Mill Run	3	3.1	$350,000	09/10/20	9
Average			$332,250		14

*DOM = Days On Market

**Mallard Mill Run Sales 2019**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
4 Mallard Mill Run	3	3.1	$300,000	05/30/19	51
Average			$300,000		51

*DOM = Days On Market

**Mallard Mill Run Sales 2018**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
20 Mallard Mill Run	3	2.1	$278,000	07/02/18	11
18 Mallard Mill Run	3	3.0	$288,500	08/01/18	17
Average			$283,250		14

*DOM = Days On Market

**Mallard Mill Run Sales 2017**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
6 Mallard Mill Run	2	2.0	$262,500	03/31/17	201
12 Mallard Mill Run	3	3.0	$274,000	02/06/17	50
Average			$268,250		126

*DOM = Days On Market

**Mallard Mill Run Sales 2016**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
7 Mallard Mill Run	3	3.0	$272,000	05/02/16	220
Average			$272,000		220

*DOM = Days On Market

**Mallard Mill Run Sales 2015**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
36 Mallard Mill Run	3	4.1	$295,000	08/31/15	5
28 Mallard Mill Run	3	3.1	$219,050	02/27/15	148
Average			$257,025		77

*DOM = Days On Market

**Mallard Mill Run Sales 2014**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
26 Mallard Mill Run	3	3.1	$270,000	09/26/14	67
6 Mallard Mill Run	2	2.0	$258,000	02/28/14	291
Average			$264,000		179

*DOM = Days On Market

**Mallard Mill Run Sales 2013**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
12 Mallard Mill Run	3	3.0	$272,000	04/12/13	107
Average			$272,000		107

*DOM = Days On Market

**Mallard Mill Run Sales 2012**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
5 Mallard Mill Run	3	2.2	$251,000	06/04/12	78
Average			$251,000		78

*DOM = Days On Market

**Mallard Mill Run Sales 2011/2010/2009**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
– No Homes Sold –

*DOM = Days On Market

**Mallard Mill Run Sales 2008**
ADDRESS	BED	BATH	PRICE	SETTLED	DOM*
1 Mallard Mill Run	3	3.0	$300,000	02/29/08	99
Average			$300,000		99

*DOM = Days On Market

Wallingford Real Estate – Wallingford, PA 19086

Real Estate ABC’s – FHA Mortgages

May 20, 2011 by admin

A FHA insured loan is a Federal Housing Administration mortgage insurance backed mortgage loan which is provided by a FHA-approved lender. FHA insured loans have historically allowed lower income Americans to borrow money for the purchase of a home that they would not otherwise be able to afford. To obtain mortgage insurance from the Federal Housing Administration, a mortgage insurance premium (MIP) equal to a percentage of the loan amount at closing is required, and is normally financed by the lender and paid to FHA on the borrower’s behalf. FHA loans will also involve a monthly premium as well. See updated information regarding the new PMI guidelines.

The program originated during the Great Depression of the 1930s, when the rates of foreclosures and defaults rose sharply, and the program was intended to provide lenders with sufficient insurance. Some FHA programs were subsidized by the government, but the goal was to make it self-supporting, based on insurance premiums paid by borrowers. Over time, private mortgage insurance (PMI) companies evolved, and now FHA primarily serves people who cannot afford a conventional down payment or otherwise do not qualify for PMI.

FHA allows first time home buyers to put down as little as 3.5% and receive up to 6% towards closing costs. Specific FHA lender overlays may be tighter. FHA guidelines will allow a blood relative, such as a parent, to co-sign for the loan without requiring them to reside in home with first time home buyer. This is called a Non-Owner-Occupied Co-Borrower. Specific FHA lender’s underwriting guidelines will have their own standards.

To meet FHA loan credit criteria, a prospective borrower generally needs a FICO credit score of 620 or above. The credit score used for FHA loan qualification is determined by obtaining the borrower’s scores from each of the three major credit bureaus, then eliminating the highest and lowest scores. This score is referred to as the “middle score” or “mid score”. Although the FHA has set its minimum credit score requirement at a 580 for many of its programs, individual lending institutions can add additional requirements and raise the minimum score as they see fit.

A home must have an FHA appraisal performed by a certified appraiser to be an acceptable property for an FHA loan. To satisfy the FHA appraisal requirements, the home must be in reasonably good condition. Certain disqualifying appraisal conditions may include but are not limited to structural problems, leaking roofs or missing exterior paint or siding. The property appraised value is extremely significant in the FHA loan process and the home must appraise for at least the purchase price.

One of the biggest myths associated with FHA loans is that they are only available to first time home buyers. This is not true, FHA financing is available to any borrower, provided they meet established FHA and lender specific guidelines.

The highest FHA mortgage amount changes from county to county and metropolitan areas throughout the United States. The smallest maximum FHA loan amount in any county is $271,050, but can reach as large as $729,750 in particular high-cost locations.

FHA FINANCING IN WALLINGFORD

Based upon the last full year of sales, 2010, in which there were 125 transactions, FHA financing was utilized in 26 transactions, or 20.8% of sales reported in the MLS. The full breakdown of financing for 2010 was:

4 – Private Financing

4 – Veterans Administration (VA) Financing

22 – Cash

26 – FHA Financing

69 – Conventional Financing

Wallingford PA Real Estate – Wallingford, PA 19086

Benefits Of A Pre Listing Appraisal

May 12, 2011 by admin

Setting the listing price for a home is in no way an exact science. A potential seller and real estate agent look at the data which includes, homes currently on the market, homes that are under contract, and most importantly homes of similar size, style, age, etc. that have sold within the last 6 months. Out of this mix of data, sprinkled with the emotional bond the seller has with the home, a listing price is set. A large question looms at this point – Is the listing price an accurate reflection of what a ready, willing, and able buyer will pay?

Unfortunately in many cases the listing price of a home does not reflect what potential buyers are willing to pay. Hence the property does not get many showings, and as time goes on the price is adjusted downward, and as the number of days on the market increases the frustration of the home seller increases as well.

The adage “time is money” is very true in real estate – the more time your property is on the market the more likely it is you will receive less money for it.

A pre listing appraisal can help alleviate some of the unknowns regarding the market value of a property. An independent professional appraisal can shorten your time to contract and provides an unbiased opinion of value for your home established through methodology and detail that goes beyond a real estate agent’s Competitive Market Analysis (CMA).

Benefits Of A Pre Listing Appraisal:

– Establishes a competitive price, stimulating buyer demand

– Provides solid data for use in the negotiation process

– Establishes credibility for a listing price

– Provides advance knowledge of repairs necessary to secure financing

– Helps create an offer closer to the original listing price

– Creates offers sooner than later

There is no perfect solution for pricing a home to sell quickly in today’s volatile market, but getting an objective price opinion through a pre listing appraisal is a smart step in the process of getting a home sold in the quickest time and for the most money. The cost is approximately $300 to $400 – it is definitely money well spent.

If you are considering listing your Wallingford home and would like additional information regarding a pre listing appraisal I would be glad to assist you.

The Numbers Behind A Listing Price

May 10, 2011 by admin

The current market is characterized by a large supply of inventory, and a small number of motivated buyers. In this classic example of supply and demand – too few buyers and too much inventory – this condition contributes to a continuation of falling home prices.

Real estate is very much a numbers game. Statistics abound, from data such as Days On Market to Absorption Rates. I would like to take a closer look at one of the underlying statistics that is play a big factor in the local Wallingford real estate market.

The number I am referring to is call Percent Of Settled To Original Price. This number signifies the selling price of a home expressed as a percentage of the original listing price.

Currently for the first four full months of 2011 this percentage stands at 88.11% for Nether Providence Township. and 88.2% for Delaware County as a whole. In a simple example a Wallingford home that was originally listed for $100,000 ultimately sold for $88,110.

Now this percentage has a ominious origin – the orignial list prices of most homes coming onto the market is too high! Last year for instance this number stood at 92.98% for local homes – this is a drop of 4.78%. That is a very large drop in this indicator, which historically tracks in the 93 to 95 percent range.

The underlying cause of this is that the owners of homes listed for sale are slow to catch up with the reality of current market forces. Oft heard comments such as ” my neighbor’s house sold for $300,000 last year, I should get more because I have a nicer house”, are abundant. Last year is ancient history, and the current reality is by choosing not to believe the current sales trends and numbers, many home sellers are setting themselves up for a rude awakening.

“Trying” a unsubstaniated price for a few weeks is doomed when the reality of the Internet is that you are only a “new” listing for maybe 2 weeks at best, after which you fall into the pile of unviewed listings, and are forced to play the game of chase the market down.

Remember these three brutal market realities:

– Buyers do not care what you paid for your house

– Buyers do not care what you “need” to realize as a gain from the sale of your home

– Buyers will not pay you dollar for dollar for improvements you made to your home

As the market struggles to plateau at an unforeseen bottom, paying close attention to the numbers behind the sales is a must when determining a listing price for any given home.

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OPEN HOUSE SUNDAY JUNE 5 FROM 1 To 4

Just Listed at $309,900

FHA FINANCING IN WALLINGFORD

S. Clark Kendus