Philadelphia Real Estate Blog

“Once you decide on a location, the next step in your search for housing is determining whether to rent or buy.” Philly.com Real Estate Writer, Alan J. Heavens then said, “If you decide to buy, the next question is what.  A growing number of Americans are choosing condominiums, especially in urban areas.”

Mark Wade, of Berkshire Hathaway Home Services Fox & Roach Realtors in Center City, said there are three main reasons buyers give when opting to buy a condominium: “one-level living – absence of stairs; a lack of maintenance requirements; and the security of a 24-hour front doorman.”

“Many younger buyers are attracted to condos because they are so consumed with their careers that they simply don’t have the time or energy for the needs of a single-family home,” he said.

Many empty-nesters are looking to rid themselves of the upkeep that a larger single-family home may require, Wade said.

“The trade-off between a single-family home and a condo is usually location and size,” he said.

Condo living affords buyers the opportunity “to lose up to a few thousand square feet of unused, unwanted space, or perhaps three unused bedrooms – quite a weight lifted for those looking to simplify their lives.”

Click here to read the full article on Philly.com.

Mark Wade
CenterCityCondos.com
BHHS Fox & Roach Realtors
215.521.1523

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

1. Change light bulbs- make your home brighter
2. Spend a $1000 or so to touch up all painted walls and baseboards
3. Re-Caulk around the bathroom tubs and showers
4. De-clutter. Then de-clutter again.
5. 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….

1. Lower your asking price.
2. Hire a professional photographer if you didn’t do so initially
3. Further de-clutter and try some fresh paint on specific walls if needed
4. 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.

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:

1. I make sure I dot my i’s and cross my t’s in the offer itself- sloppy offers beget sloppy responses.
2. 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?
3. 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.
4. 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.
5. 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.

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….

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….

I get the shivers when I think of people investing in new Philadelphia Condos that are still on the drawing board. Do these people have some kind of condominium ESP I lack?