A lot has happened in the Day in the Life of this Main Line Realtor®. Our young buyers in the multiple offer situation decided they would first put their condo on the market and check the interest before moving forward with offers on any homes. They are qualified by their lender to carry 2 mortgages, but qualification is only the maximum number to bear in mind. Going to the max is what hurt a lot of home buyers during that real estate crash, so even though the lenders are more conservative, buyers are sensitive as well and it is our job to honor that. We are cheering them on as they prepare their condo for the market using a local agent in that neighborhood.
Although this Main Line Realtor® handles listings and could help them sell their home, in this case it made more sense for them to use the agent who had helped them buy it. Most Main Line Realtors® would jump at the chance to do 2 transactions, but we work only for one side of any transaction to avoid conflicts and decline any matters if necessary for the best interest of that client.
Speaking of listings, we just finished a deal for relocating buyers. Got them a wonderful price on a home that had just come back on the market after a buyer pulled out due to inspection issues. Often that is a great time to swoop in and seal a good deal so the sellers are not facing the prospect of another long marketing period. They are tired of showing the house, of hearing what an inspector thinks is wrong with it (often things that never caused them any problems), and of waiting for the buyer to go through the lending process. A quick closing, preferably cash, can be very tempting to a seller-even if the price is lower than what they originally accepted.
Houses for sale on the Main Line are in short supply right now, so my other buyers, who want to stay in one elementary school area, have decided to expand their search to include the other 2 in that school district. That will be easier for them, as they were only finding homes with insurmountable issues like flood plain location, bad stucco or busy roads: all things we recommend against. Showing them houses, though, is difficult, because they both work full time and it is dark so early here now that on weeknights we are unable to see the homes in daylight. This viewing is very important in order to judge the light in the home. We think you should consider the direction the rooms face that will be used the most, as well as how much light gets into the home through trees, porches, overhangs, etc. So this Main Line Realtor® spends a good part of the weekends showing houses during the day!
In a recent report, Freddie Mac compared the homeownership rates of two groups of seniors: the Good Times Cohort (born from 1931-1941) and the Previous Generations (born in the 1930s). The data shows an increase in the homeownership rate for the Good Times Cohort because seniors are now aging in place, living longer, and maintaining a high quality of life into their later years.Read More
The topic of the day is the timing on the purchase. The sellers want a very delayed closing so they can finish the renovations on their new home. My buyers are concerned about the mortgage rates going up (as well they should be). They have done a good job of contacting 2 lenders to see what their loan options are but neither one will guarantee a rate for more than 60 daysRead More
Since June of last year, we have seen an increase in the inventory of homes for sale month per month. Every spring and summer, the inventory increases because people want to sell their home. For those with children, they may want to be in their new home for the beginning of the school year.If you are one of those sellers, you may find these 4 tips helpful in getting your home sold more quickly.Read More