Happy Memorial Day Weekend! As we kick off the summer, there's no doubt that real estate sales in Haverford Township (Havertown, Ardmore, Bryn Mawr, Drexel Hill and Haverford) have continued to decline in numbers when compared to last years sales. Despite the statistical data, good sales are still occurring for sellers who make the right decisions in price, renovation and realtor.
The first key, price, is making all the difference. Sellers who are pricing their homes correctly are not only getting offers, they are getting offers close to their asking price. When sellers overprice their homes, they are actually helping their competition. Also, when I say pricing is important, I don't always mean lowing the price. It needs to be the price that makes sense in the Haverford Township Real Estate Market. I just had a sale at 301 Cherry Lane, Havertown, that sold for 275,000. The last similar sale on the street was 254,000. This property happened to have a nice yard and a two car detached garage and a buyer was willing to pay for the amenities. It was a good price and it sold in 10 days. It was a higher price and the right price.
Renovation is another opportunity to win in this tough market. Whenever you have a renovation in mind, make sure you at least consider value. I've seen a lot of crazy changes people have made to homes that don't make any financial sense. While its not always about monetary value, make sure if your thinking of moving in the near future, that you consider the consequences of your remodel. In general, kitchens and baths are the best bang for your buck. In Havertown, many homes don't have more then 1 full bath. If you can successfully add a second full bath on the second floor of a 2 story colonial that makes a lot of sense. On the other hand, if you add a full bath to the first floor of a 2 story colonial, you just spent a lot of money on shower/bath tub that's not going to get it back in the sale. Also, remember that painting will do more for a house then anything. Whether you good enough to do it yourself or you hire someone, its well worth taking the time to make home feel clean and modern.
Lastly, picking the right realtor makes all the difference. The amazing part about picking a realtor is that you'll pay fairly similar commissions for the best and worst Realtors out there. You're selling one of the biggest assets you have and you should get the best. A good realtor knows the market, knows how to market your home and how get the best price. Make sure to qualify your realtor, their experience, their success and their presentation.
If you want to learn more about my approach to selling your home go to my website, www.tylerwagner.com, give me a call at 610-639-5148 or email me at tyler@wagnerrealestate.com. I'll give you the edge you need in Havertown, Ardmore, Drexel Hill, and the rest of the Delaware Valley.
Sunday, May 25, 2008
Monday, February 25, 2008
January 2008 Havertown Real Estate Statistics
You might be surprised by the Havertown market. In January 2007 the average sold price was $286,896, with an average of 63 days on the market, for the 46 units that were sold. This past January (2008), the sales average rose quite a bit to $345,000, averaging 56 days on the market, with only 32 units sold. (This includes sales between 0 and $999,999 in Haverford Twp. Information was obtained throught Trend MLS, February 25, 2008)
So what does this mean?? Statistics are a funny thing in that they can be interpreted many different ways. What this doesn't mean is that Havertown homes have jumped in price by over $45,000! As a Havertown home owner myself, I wish that were the case.
The good news of these numbers is that buyers are still willing to purchase homes in a price range that is quite high for Haverford Township. It also means that the group of buyers are well qualified, particularly as lender financing and mortgage rates have been all over the place since the beginning of the year.
On the flip side, there were 14 less units sold this year compared to last. This shows that buyers are taking their time and looking for the best deals. If you currently have a home on the market or are thinking of selling, you need to understand how your home compares to the competition in order to sell your home in a reasonable amount of time.
If you'd like to learn more about your homes value please contact me at 610-446-2300 x224, 610-639-5148 direct, or tyler@wagnerrealestate.com. Also, make sure to view all of the current market listings at www.talktotyler.com and www.tylerwagner.com.
So what does this mean?? Statistics are a funny thing in that they can be interpreted many different ways. What this doesn't mean is that Havertown homes have jumped in price by over $45,000! As a Havertown home owner myself, I wish that were the case.
The good news of these numbers is that buyers are still willing to purchase homes in a price range that is quite high for Haverford Township. It also means that the group of buyers are well qualified, particularly as lender financing and mortgage rates have been all over the place since the beginning of the year.
On the flip side, there were 14 less units sold this year compared to last. This shows that buyers are taking their time and looking for the best deals. If you currently have a home on the market or are thinking of selling, you need to understand how your home compares to the competition in order to sell your home in a reasonable amount of time.
If you'd like to learn more about your homes value please contact me at 610-446-2300 x224, 610-639-5148 direct, or tyler@wagnerrealestate.com. Also, make sure to view all of the current market listings at www.talktotyler.com and www.tylerwagner.com.
Sunday, February 24, 2008
Launching TylerWagner.com
The real estate market has been one of lots of national confusion over the last year. As I'm working to provide information to those who are interested, I've lauched www.tylerwagner.com as another road to local real estate updates and information. TylerWagner.com offers great resources including sections for buyers and sellers, featured listings, mortgage calculators, and my newest initiative "The Culture of Havertown" where residents can submit their own perspectives on what Haverford Township is to them. If you'd like to offer your own stories, I'd love to post them. Send your stories to tyler@wagnerrealestate.com.
In the upcoming weeks I'll be updating both my blog and website to meet the needs of interested public. Please feel free to provide me with your feedback and I'll keep you posted.
In the upcoming weeks I'll be updating both my blog and website to meet the needs of interested public. Please feel free to provide me with your feedback and I'll keep you posted.
Monday, October 29, 2007
Upper Darby Township Market Statistics
Here's Upper Darby Township's Market Statistics. This represents all of the data collected on our local Multiple Listing Service.
If you click on the picture it will enlarge the data. Also, DOM stands for Days on Market.
Interesting Stuff...let me know what you think??
Check out www.TalktoTyler.com and I'll keep you posted.
If you click on the picture it will enlarge the data. Also, DOM stands for Days on Market.
Interesting Stuff...let me know what you think??
Check out www.TalktoTyler.com and I'll keep you posted.
Haverford Township Market Statistics
Let's take a look at this Year's market in Haverford Township. This represents all of the data collected on our local Multiple Listing Service. Take a look, the numbers might surprise you.
If you click on the picture it will enlarge the data. Also, DOM stands for Days on Market.
Let me know what you think??
For more info go to www.TalktoTyler.com.
I'll keep you posted.
If you click on the picture it will enlarge the data. Also, DOM stands for Days on Market.
Let me know what you think??
For more info go to www.TalktoTyler.com.
I'll keep you posted.
Tuesday, October 23, 2007
Incredible New Listing
Welcome to 920 Wootton Road, Bryn Mawr, Pa
Located on a premier 1.59 acre site, this elegant design by McIntyre, Capron & Associates P.C., blends into the beautiful countryside of Bryn Mawr. Featuring a timeless stone and stucco exterior, graceful roof line, and the unique touches of a country colonial, Millbrook combines utility and beauty with an awareness of its surroundings. Please note that the square footage does not include the additional 2500 sq/ft walk out basement.
* 5 Bedrooms, 4 Full Baths, 2 Half Baths
* 1st Floor - 2,686 sq/ft
* 2nd Floor - 2,806 sq/ft
* Full Unfinished Walkout Basement - 2500 sq/ft
* 3+ Car Garage
* 1.59 Acre Site
* Stone & Stucco Exterior w/ Full Stone Front
* Custom Kitchen Cabinetry & Lighting w/ Commercial Grade Appliances
* Butler's Pantry
* Breakfast Nook w/ Vaulted Ceiling
* Family Room w/ Vaulted Ceiling & Fireplace
* Dining Room w/ Tray Ceiling
* Living Room w/ Coffered Ceiling & Fireplace
* Study w/ Fireplace
* Master Bedroom w/ Tray Ceiling & Sitting Room
* 2nd Floor Laundry
For floorplans, elevation drawings and more details checkout http://www.920woottonroad.com/ & http://www.talktotyler.com/.
Please contact Tyler Wagner to schedule an appointment with the builder.
Calling New Investors!
I recently sent an email detailing several areas of real estate investment and thought it might be helpful to share this with everyone. As this was a response to several different inquiries, it jumps around but covers a lot of basic information should start to learn about if your thinking of investing in real estate.
U & O
Township U & O (Use & Occupancy) is required by most townships and is typically paid (in Southeastern Pennsylvania) by the seller. In properties where the owners are either short on funds, going through foreclosure proceedings, or when dealing with bank owned properties, seller’s often require that the buyer pay for the township’s inspection and make any necessary repairs to the property. Each township has different requirements that must be met in order for the seller to convey the property to a buyer. It’s the townships’ way of trying to keep properties to certain level of quality.
In Upper Darby Township and Haverford Township, they require that all curbing and sidewalks are in good condition, that address numbers are visible on the property, and that there are smoke detectors on all floors and bedrooms of residential properties. On commercial properties, which include commercially zoned properties and properties with 4 or more units, township inspectors often go through the properties and can basically point out anything they feel is a safety hazard. This could include out dated electrical systems, GFCI outlets near water sources, repairs to roofs, tripping hazards, etc. The cost of their inspection is about $100.00 and then any further repair all depends on contractors and the extent of repairs. The nice thing about dealing with row home properties is that typically a row is only 16’ or 18’ so even if you had to replace some curbing and sidewalks, its not that big of an area.
Other Inspections:
Whenever you have a rental property, most townships require that you get a renter’s license. This cost depends on the number of units but its annual and I just paid about 75.00 for my license in Upper Darby Township. Additionally, the townships want to come through and inspect the property, whether there is a tenant occupying the property or prior to their occupancy. For rental inspections, they are looking for any safety hazards. You are required to correct any items pointed out within 90 days.
Small Commercial vs. Residential
There are positive sides to each type of investment but here’s a run down for both:
Positive:
Commercial
- Often you have tenants looking for long term leases, b/c small businesses often hope to continue there business through the several years.
- You can require commercial tenants to pay all utilities, utility maintenance, insurance, even taxes if they are willing. It’s not always the case, but if a business wants a location, they are willing to spend more.
- You can set up long term leases that include set rent schedules that increase. This allows you to calculate your return on investment more accurately.
Residential
- Everyone needs a house and residential is open to any qualified renter.
- Residential doesn’t require specific changes to a property.
- If the property has the necessities and things work, usually you find someone to live there
- You don’t have to deal with zoning issues or change of use
Negative:
Commercial
- Zoning may not allow certain tenants to use the space. Any change of use has to be approved by the township. If a store front is being used as an accountant’s office and then wants to be changed to retail, you have to see if this use is allowable.
- When a commercial tenant leaves, you may have to undue changes they’ve made to the property…you can sometimes reduce this by putting certain wording into a lease.
- B/c of special use, a commercial property may take longer to rent then residential.
Residential
- Renters may not take care of the property and cause damage
- Quality of renters can often be lower
- Finding the tenant when payments are over due can be more difficult
Properties with Existing Leases
Whenever you buy a property with a current tenant, the lease remains with the property. This means that the terms and conditions which the tenant agreed to will remain in effect. You will actually have to sign off on the leases prior to settlement. There’s good and bad here too. If the lease does not allow for a “kick out” clause, and the rent is below market, you might be stuck with a tenant ‘til the end of the term of the lease. On the other hand, if the rents are strong and the property looks to be well taken care of, you could be in an excellent situation.
Multi units
Multi units lower your risk of having 100% vacancy, as typically all units won’t be vacant during the same period of time. There are definitely multi units available with & without renters in the area…it’s more of trying to find ones that aren’t overpriced.
When owning a multi unit property, you want to make sure that the utilities have been separated. If not, often times the landlord takes on the burden of paying heat, electric and hot water. Additionally, if utilities have been separated, landlord still pays for cold water to the property, b/c that’s not typically separated as it comes into the house.
Market Overview:
Residential (excluding sales over 1 million)
Upper Darby 2004 2005 2006 2007
Average Sales Price 127,344 142,223 158,157 165,818
Days on Market 32 30 38 50
Havertown 2004 2005 2006 2007
Average Sales Price 276,644 304,679 307,452 308,832
Days on Market 30 36 47 52
Commercial & Multi Unit Properties (excluding sales over 1 million)
Upper Darby 2004 2005 2006 2007
Average Sales Price 127,344 142,223 158,157 165,818
Days on Market 32 30 38 50
Havertown 2004 2005 2006 2007
Average Sales Price 276,644 304,679 307,452 308,832
Days on Market 30 36 47 52
You can see that the Days on Market (DOM) have increased which is a strong indicator that the market has slowed down over the last couple years. This also causes for me inventory to build up on the market.
Rental Data
While this data takes a little more mining, it is very neighborhood specific. I would recommend when we find a property that we research what landlords are asking by going onto Craigslist.org. While I have some data on the Multiple Listing Service, most landlords rent privately or through property management companies which advertise in newspapers and online sites like craig’s list. In the northern sections of Upper Darby Township, 3 bedroom, 1 bath rows typically rent anywhere from $1100 to $1300, one bedroom units around $600 and 2 bedroom units between $700 & $800.
I always like to take a conservative perspective when it comes to potential rental income. Another big factor that has be taken into consideration is the condition of the property and what has to be fixed and how soon. A property in good overall condition is worth a lot, even if the rent is a bit on the low side.
Last thought, b/c rental data is less abundant; the market place remains less of an exact. If your property happens to be the nicest available at the time, people will be willing to pay a little more.
Financing to Consider
The goal is to put as little money down as possible with the highest returns. When you’re looking at properties you want to make sure and look at the full picture. This includes:
Cost of Purchase – An easy way to get an idea of this is by figuring about 5% of the sales price. This will cover items such as mortgage fees, title insurance, tax reimbursements, tax escrows, insurance escrows, and 1 % transfer tax
Down Money – Most banks require at least 10% down on an investment property and often times more when it comes to commercial investing. 20% down is probably most common.
Renting Fees – Usually a license is about $75.00 a year + the inspection costs which might be another $50.00. If you wanted our office to rent the property for you, advertise in local newspapers, show the property and pre qualify renters, we charge one month’s rent. If you’d like us to manage the property for you, which includes collecting rents, providing you with a monthly statement and acting as a go between when renters have maintenance requests, we charge 6% of the monthly fee.
There are no dump questions. Please ask and I will share my knowledge. Also, check out all my listings and other cool features on www.talktotyler.com
I'll keep you posted.
U & O
Township U & O (Use & Occupancy) is required by most townships and is typically paid (in Southeastern Pennsylvania) by the seller. In properties where the owners are either short on funds, going through foreclosure proceedings, or when dealing with bank owned properties, seller’s often require that the buyer pay for the township’s inspection and make any necessary repairs to the property. Each township has different requirements that must be met in order for the seller to convey the property to a buyer. It’s the townships’ way of trying to keep properties to certain level of quality.
In Upper Darby Township and Haverford Township, they require that all curbing and sidewalks are in good condition, that address numbers are visible on the property, and that there are smoke detectors on all floors and bedrooms of residential properties. On commercial properties, which include commercially zoned properties and properties with 4 or more units, township inspectors often go through the properties and can basically point out anything they feel is a safety hazard. This could include out dated electrical systems, GFCI outlets near water sources, repairs to roofs, tripping hazards, etc. The cost of their inspection is about $100.00 and then any further repair all depends on contractors and the extent of repairs. The nice thing about dealing with row home properties is that typically a row is only 16’ or 18’ so even if you had to replace some curbing and sidewalks, its not that big of an area.
Other Inspections:
Whenever you have a rental property, most townships require that you get a renter’s license. This cost depends on the number of units but its annual and I just paid about 75.00 for my license in Upper Darby Township. Additionally, the townships want to come through and inspect the property, whether there is a tenant occupying the property or prior to their occupancy. For rental inspections, they are looking for any safety hazards. You are required to correct any items pointed out within 90 days.
Small Commercial vs. Residential
There are positive sides to each type of investment but here’s a run down for both:
Positive:
Commercial
- Often you have tenants looking for long term leases, b/c small businesses often hope to continue there business through the several years.
- You can require commercial tenants to pay all utilities, utility maintenance, insurance, even taxes if they are willing. It’s not always the case, but if a business wants a location, they are willing to spend more.
- You can set up long term leases that include set rent schedules that increase. This allows you to calculate your return on investment more accurately.
Residential
- Everyone needs a house and residential is open to any qualified renter.
- Residential doesn’t require specific changes to a property.
- If the property has the necessities and things work, usually you find someone to live there
- You don’t have to deal with zoning issues or change of use
Negative:
Commercial
- Zoning may not allow certain tenants to use the space. Any change of use has to be approved by the township. If a store front is being used as an accountant’s office and then wants to be changed to retail, you have to see if this use is allowable.
- When a commercial tenant leaves, you may have to undue changes they’ve made to the property…you can sometimes reduce this by putting certain wording into a lease.
- B/c of special use, a commercial property may take longer to rent then residential.
Residential
- Renters may not take care of the property and cause damage
- Quality of renters can often be lower
- Finding the tenant when payments are over due can be more difficult
Properties with Existing Leases
Whenever you buy a property with a current tenant, the lease remains with the property. This means that the terms and conditions which the tenant agreed to will remain in effect. You will actually have to sign off on the leases prior to settlement. There’s good and bad here too. If the lease does not allow for a “kick out” clause, and the rent is below market, you might be stuck with a tenant ‘til the end of the term of the lease. On the other hand, if the rents are strong and the property looks to be well taken care of, you could be in an excellent situation.
Multi units
Multi units lower your risk of having 100% vacancy, as typically all units won’t be vacant during the same period of time. There are definitely multi units available with & without renters in the area…it’s more of trying to find ones that aren’t overpriced.
When owning a multi unit property, you want to make sure that the utilities have been separated. If not, often times the landlord takes on the burden of paying heat, electric and hot water. Additionally, if utilities have been separated, landlord still pays for cold water to the property, b/c that’s not typically separated as it comes into the house.
Market Overview:
Residential (excluding sales over 1 million)
Upper Darby 2004 2005 2006 2007
Average Sales Price 127,344 142,223 158,157 165,818
Days on Market 32 30 38 50
Havertown 2004 2005 2006 2007
Average Sales Price 276,644 304,679 307,452 308,832
Days on Market 30 36 47 52
Commercial & Multi Unit Properties (excluding sales over 1 million)
Upper Darby 2004 2005 2006 2007
Average Sales Price 127,344 142,223 158,157 165,818
Days on Market 32 30 38 50
Havertown 2004 2005 2006 2007
Average Sales Price 276,644 304,679 307,452 308,832
Days on Market 30 36 47 52
You can see that the Days on Market (DOM) have increased which is a strong indicator that the market has slowed down over the last couple years. This also causes for me inventory to build up on the market.
Rental Data
While this data takes a little more mining, it is very neighborhood specific. I would recommend when we find a property that we research what landlords are asking by going onto Craigslist.org. While I have some data on the Multiple Listing Service, most landlords rent privately or through property management companies which advertise in newspapers and online sites like craig’s list. In the northern sections of Upper Darby Township, 3 bedroom, 1 bath rows typically rent anywhere from $1100 to $1300, one bedroom units around $600 and 2 bedroom units between $700 & $800.
I always like to take a conservative perspective when it comes to potential rental income. Another big factor that has be taken into consideration is the condition of the property and what has to be fixed and how soon. A property in good overall condition is worth a lot, even if the rent is a bit on the low side.
Last thought, b/c rental data is less abundant; the market place remains less of an exact. If your property happens to be the nicest available at the time, people will be willing to pay a little more.
Financing to Consider
The goal is to put as little money down as possible with the highest returns. When you’re looking at properties you want to make sure and look at the full picture. This includes:
Cost of Purchase – An easy way to get an idea of this is by figuring about 5% of the sales price. This will cover items such as mortgage fees, title insurance, tax reimbursements, tax escrows, insurance escrows, and 1 % transfer tax
Down Money – Most banks require at least 10% down on an investment property and often times more when it comes to commercial investing. 20% down is probably most common.
Renting Fees – Usually a license is about $75.00 a year + the inspection costs which might be another $50.00. If you wanted our office to rent the property for you, advertise in local newspapers, show the property and pre qualify renters, we charge one month’s rent. If you’d like us to manage the property for you, which includes collecting rents, providing you with a monthly statement and acting as a go between when renters have maintenance requests, we charge 6% of the monthly fee.
There are no dump questions. Please ask and I will share my knowledge. Also, check out all my listings and other cool features on www.talktotyler.com
I'll keep you posted.
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