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February 8, 2016
How can buyers sweeten their offer in lieu of coming in at a strong price?
*Shorten your settlement date- especially if the home is vacant.
*Shorten your contingency dates- have your home inspection in a week instead of 15 days
*Put more money down ( to be held in escrow- go a full 10% if warranted)
*Add an “As-Is” clause- doesn’t mean you are giving up your rights to inspections- just lets a seller know you will not be renegotiating after the home inspection.
* Write a really nice note about how much you love the seller’s home and why you are buying it
*If a property is vacant- but still has unwanted clutter and dirt- tell the seller you will buy as the property sits today and that you do not expect them to come back and clean or get rid of debris.
Many things in a Philadelphia real estate transaction are not logical, but are emotional. Sweeten that emotional pot and you might find you are going to save a few dollars. Happens more often than you think.
Mark Wade
www.CenterCityCondos.com
Berkshire Hathaway Home Services | Fox & Roach Realtors®
530 Walnut Street | Suite 260 | Philadelphia PA 19106
direct: 215.521.1523 | main: 215.627.6005 | fax: 215.402.1044
Tags: philadelphia real estate
January 18, 2016
- Change light bulbs- make your home brighter
- Spend a $1000 or so to touch up all painted walls and baseboards
- Re-Caulk around the bathroom tubs and showers
- De-clutter. Then de-clutter again.
- Clean. And I mean clean- including the outside of your stainless steel appliances, your carpets, your tile floors, your ceiling fans, interior and exterior windows.
If you want the most for your home– you have to put your best foot forward. Kinda’ like going on a date for the first time. This is a dog and pony show….and you wouldn’t go out on a date without flossing your teeth, or wearing clean clothes, or washing your hair would you? Of course not….
January 11, 2016
- Lower your asking price.
- Hire a professional photographer if you didn’t do so initially
- Further de-clutter and try some fresh paint on specific walls if needed
- After say 180 days- Personally, I would hire a new listing agent.
Homes do indeed get stale as the “days on market” clock grows. Value has a tendency to decline as the “d-o-m” clock grows and all sellers should be pro-active in dropping their price as time goes on. If you are not allowing your Realtor to do open houses- change that ASAP. Open every other week at a minimum. Install a for sale sign if you have yet done so.
Spending $5,000 to go repairs, upgrades, staging, etc is so MUCH MORE IMPORTANT than dropping your price $10,000. It may not seem logical to you- but look at your home through the eyes of potential buyers. That $5,000 you spend is going to put your home in a whole new light-
A $10,000 price drop may not. This final rule of thumb does not apply if your home is already super duper gorgeous. If that is the case then your only option is to drop your asking price.
November 30, 2015
When a great condo at a great price hits the market, there can be some serious competition to buy that condo- at say Penns Landing Square condos. Buyers duking it out with other buyers. Here are my top secret steps to winning a multiple bid situation for my buyers…. if my buyers agree:
- I make sure I dot my i’s and cross my t’s in the offer itself- sloppy offers beget sloppy responses.
- I call the listing agent and ask specifics that will fit the seller’s need- Like what would be the perfect date for the seller to settle?
- I have the buyer write a nice note about how much they love the condo they are in contention for and explain why they are making the offer. Sounds silly- but that little trick goes a long way.
- In that note (see #3 above) I have the buyer’s explain that they have seen the age of the heater, the age of say the kitchen or the windows and let the seller know that these factors were already taken into account and that the buyer does NOT intend on coming back after the home inspection and attempt to have the seller repair the items that we ALREADY know are potentially deficient.
- Finally, I find out who the listing agent uses for a mortgage and title company. Then I get a prequalification letter from THAT mortgage company. In essence, it turns my buyer’s offer into a cash offer as listing agent will have NO qualms about my buyer’s ability to qualify for a mortgage. And if we have to use the seller’s title company- then so be it.
November 16, 2015
I reserve one right when I am working with a buyer…To tell a buyer when they are eyeballing a horrible piece of crap. Either in terms of value retention, the asking price, or the weakness of the condo association. Though one thing you will rarely hear me warn you against is interior condition IF the condo is priced accordingly. I may show very little concern if you don’t like the color of the walls or say the age of the appliances. Those are easily changed.
So if we are working together and you see me do cartwheel over the ugliest condo you have seen to date- there is a reason for those acrobatics. And it all gets back to value.
Mick Jagger once said “It is OK to let yourself go, as long as you can get yourself back”. And that adage would be true in terms of condos- If you are buying a very very strong VALUE at say some mid-rise condo in town- then I will probably turn a deaf ear about your disdain for the color of the carpet in the guest bedroom, or the fact that the condo shows like crap. Yes, I will be on your side in the deal…but at the same time, If I spot a really really strong value, or a grossly underpriced condos- give me some space because I am about ready to do some cartwheels in the living room. Cosmetics are easy to change and can increase value in a heartbeat. So let yourself go a bit if values are strong and look past that ugly green worn out shag carpeting in the bedrooms. You can thank me later when you go to sell….
November 2, 2015
You can choose your Realtor
You can choose which condo you want to buy (duh)
You can choose your mortgage company
You can choose your title company
You can choose which inspections you want
You can choose what day you want to settle
You can choose certain terms and conditions within the contract
But what if you are unsure about your options? That is where I come in to help.
I usually tell my buyers: “Plan the fly, then fly the plan”.
So when we meet and chat, we are going to put together a plan of attack to best suit
your needs based upon your wants and needs. And know that I will throw in my two
cents to help you navigate the buying process based upon my 26+ years experience- regardless of whether you are buying a brownstone condo, or a high-rise unit..
You may listen to my advice or go out on your own for your options. Probably a mix of the
two works best for most of my clients. Now let’s get started with the condo hunting….
March 30, 2015
A few things to remember when doing work to your Center City condo:
1) You will have to present Insurance certs to the board for your contractors. Like at the Philadelphian Condos which has a strong management board. 2) Your contractors will generally have specific times when they may work- and hours are usually like from 9am-4pm Monday through Friday. Weekend work not allowed in most buildings.
3) Converting a two bedroom condo to a large one bedroom unit? Usually not a good idea in terms of resale value and future demand for your condo.
4) Light Cosmetic work (paint, wallpaper, re-sanding floors) will almost always get you the biggest return for your money. Especially when done with the supervising eye of a decorator.
5) Never carpet a living room. Never use high gloss paint outside a kitchen or bath. And when thinking of a color scheme- use 2 primary colors and one accent color. No more then 3 per room.
6) Stay away from: Black grout around the tile… Mirrored Closet doors…an avoid fluorescent lighting fixtures. No one looks good under fluorescents. Not even supermodels.
7) Consider putting $$ into your closet organizing system- this is going to give you a HUGE return in terms of “Use and Enjoyment” and is going to play quite well into resale value.
8) When remodeling a kitchen- you needn’t spend the big big bucks for a built-in refrigerator, but you should make your refrigerator appear to be built-in….this is an easy trick for any qualified contractor. A frig that looks out of place IS out of place…Like black shoes and a brown belt.
If you need some advice, call me.
I know the best, and the worst contractors in town.
Tags: Center City condo, center city condo for sale, center city condos, Center City Real Estate
February 24, 2015
What do I get for those super high %&%#)@$
condo fees?
I get it…everyone thinks condo fees are always higher than they should be and many folks are unclear about where their condo dollars go:
1) Master Insurance Policy – Depending on the size of your building, this cost alone can account for up to 50% of your condo fees. More spread out over larger buildings but still a huge proportion of your monthly fees.
2) Building Amenities- Pool, parking, elevators, doormen and any utilities that may be included in your Philadelphia condo fees like water & sewer, or maybe heat and central air. Unless of course elevators run on magic pixie dust- you are going to have to pay to keep them running smoothly and safely. 2401 Pennsylvania Ave. ( The Philadelphian) is a good example of an all-inclusive building where almost all amenities are covered in your condo fees. 3) Upkeep and Maintenance- Of course this is the one factor that varies greatly and plays an integral part of your resale ability and resale price. You gotta’ pay to play folks- and value retention and upkeep of your common areas go hand in hand. There is no avoiding that equation.
IF YOU OWNED A SINGLE FAMILY HOME- YOU WOULD HAVE TO PAY THESE EXPENSES OUT OF YOUR OWN POCKET. THERE ARE SUCH THINGS AS
“SINGLE FAMILY HOUSE” FEES IN THIS WORLD
and buyers should know that!
Tags: Center City condo, center city condo philadelphia, Center City Real Estate, condominiums
January 5, 2015
The Real Estate community here in Center City is not unlike High School. You have your Prom Queens, your Stoners, and your Jocks….not to mention the Wallflowers and the Loudmouths. All kinds of agents make our world go around…and that is great. Most agents are nice and cooperative but there are of course the real A-Holes that some agents try to avoid like the plague.
And if you think the Center City Real Estate community doesn’t have its own clique- then you would be incorrect. Some Center City Condo listings get more traffic than others just due to their basic popularity, like the Academy House at 1420 Locust St. Being cooperative, flexible, playing by the rules, etc., all have their benefits. I have heard repeatedly that agents will avoid certain listings because they don’t want to work with this or that agent for the next two to three months of their lives. I get it. I am not saying I condone such behavior, but I do understand it. I too do not want to deal with someone who is not going to return my phone calls, has a reputation of being a pain to deal with, or maybe even known to be a hint evasive or is just someone who is known for not being able to help carry a deal to closing because they haven’t (say) been honest with their clients. Or just plain aloof.
And being “In with the In crowd” gives me access to properties that less popular agents can’t arrange. I am in the clique, you see  And I sell a lot of Philadelphia condos….so I may get a hint more wiggle room for weekend appointments, or last minute appointments. Or just get waltzed right past the doorman when I walk into a building.
Tags: Center City condo, center city philadelphia condominiums, condominiums
December 29, 2014
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