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Chester County PA Real Estate Market Trends for February 2019

Wednesday, March 27, 2019
by Scott Darling

Chester County PA Real Estate Market Trends for February 2019

Chester County PA single-family homes saw pending sales increase by 9.2% in February 2019 when compared to February 2018. 248 homes sold in February with a median sales price of $314,000.  The average sales price increased by 1.4%, and homes were on the market 20 days more.

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What To Do With Old Devices?

Monday, March 25, 2019
by Scott Darling


If you’re like many people this time of year who are cleaning out or following the new “simplify” craze, you’ve come across a drawer filled with old cell phones and devices.  Don’t throw these devices in the trash--they’re bad for the environment.  They can be put to good use, whether by yourself or someone else!  Just make sure you reset the device settings to the factory settings.  If you’re not sure how, DealNews has a guide to help you with that.  Now let’s see what we can do with these unused gadgets! 

 

  • - Recycling could be the easiest thing for you.  Get all of the devices in a box, and either call your local waste management to see where you can drop them off, or go to the Sustainable Electronics website, and click your area on the interactive map, and it shows you where you can send or drop off your items. 

  • - American Cell Phone Drive is an organization that helps raise funds for thousands of organizations worldwide.  Follow the link, type in your zip code, and it will direct you to local places that will gladly accept your old cell phones. 

  • - Many large electronics retailers, online and brick-and-mortar, will accept your outdated gadgets for recycling, as well as the device manufacturers.  In some cases, they will purchase newer items (usually less than three years old) and put the amount on the retailer’s gift card.  A quick search online will help with finding what stores will buy from you. 

  • - Organizations such as domestic violence centers, daycares, schools and veterans’ associations are just a few places that may take the donation where it can be used for education or for emergencies.  Call and speak with whoever is in charge to find out if they can use what you cannot. 

  • - You can always sell your devices, the newer the better, and put a bit of cash in your pocket, or donate the proceeds.  Social media is full of local “yard sale” pages where you can post items for free or use an online auction site to sell your goods for a fee. 

  • - A laptop or computer tower takes a little more work to erase all sensitive information from, but these can be donated or recycled as well.   

  • - If the computer still works, call a local school, senior center, homeless shelter or youth program to see if they can use it.  Many will gladly take a free computer. 

  • - Do an online search to see if any local retailers or recycle centers will accept your laptop or computer, and when you call, make sure they can recycle laptop batteries, too.  In some cases, the lithium-ion batteries must be recycled separately. 

 

Not only will you be paring down your clutter, but you can help someone in need or simply keep dangerous metals from the environment when you recycle or donate your unused devices.  Help yourself and someone else while you’re purging the junk! 

 

Courtesy of Chester County PA Realtor Scott Darling.

 

Photo credit: acwastewatcher.org

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For Sale By Owner for Sellers and Buyers

Tuesday, March 12, 2019
by Scott Darling


Some homeowners think they’ll be saving a ton of money by choosing to sell their home themselves, and unless they’re a real estate agent, that may be so.  If you are interested in a house that is offered for sale by the owner (FSBO) what’s the risk for you?  Read on to find out why it’s not a good idea for seller or buyer: 

 

Sellers 

  • - According to realtor.comⓇ, the listing agent and buyer’s agent split about 6% of the home’s sale price.  You’ll need to calculate how much it costs you to stage and photograph your home, get an MLS number, market the house, take time from work to schedule showings as well as host the showings, do all of the paperwork involved, and contact and pay attorneys and others who are involved in a home sale, and compare it to the commission you believe you’ll give up to an agent.   

  • - To be fair, the seller should offer a 3% commission to the buyer’s agent.  Otherwise, most agents won’t bring anyone who’s interested to your home for a showing. 

  • - Sellers are responsible for any mistakes that have occurred once the transaction is in motion.  If you don’t purchase errors and omissions insurance, you may end up paying out of pocket in court or settle out of court for those mistakes. 

  • - Pricing your home takes more than just an online search for sold homes in your area, and not only can you overprice your house, but you can lose thousands by underpricing. 

  • - Scammers abound and can cost you in many ways.  These criminals target FSBO homeowners, because the scammers are savvy enough to make their offer look legitimate.   
     

Buyers 

  • - Beware the owner’s asking price.  Since the majority of FSBO sellers don’t have the experience to set a good market value on their home, their quote will likely be too high. 

  • - Be prepared to wait some time to see the home.  Most homeowners have full-time jobs, and you’ll have to view the home on their time, with them as your host. 

  • - If a seller tells you their house is in perfect condition, and you can save money by not hiring an inspector, walk away.  Every house even brand-new houses should be inspected before changing hands. 

  • - Ask the seller what fees they plan on paying, and in the case that they ask to share the costs with you, it’s time to find another house. 

  • - Do your own research on the house, make sure the person you’ve talked with is the actual owner, and proceed with caution.  There are scams that involve an empty house, FSBO signs, and scammers who will take your money and run, because they aren’t the rightful owner. 

 

The best advice: hire a RealtorⓇ.  Not only are they the ones taking the risk in selling your home (or not), licensed real estate agents know everything you don’t know about selling and purchasing, devote all their working hours to home-buying, and can protect your investment as well as a buyer’s interests.   

 

Courtesy of Chester County PA Realtor Scott Darling.

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Should You Use Your Home Equity

Wednesday, March 6, 2019
by Scott Darling


If you have a good amount of equity in your home, and would like to make some home improvements, or need money to help you pay for a child’s college tuition, you may be considering using the equity in your home to help pay for these things.  Let’s look at the difference between the two so you can make the right decision before you sign on the dotted line. 

 

Home Equity Loan 

  • - Basically speaking, a home equity loan is a second mortgage on your home, which is used as collateral by the lender.  

  • - The lender usually bases the loan amount on the difference between the homeowner's equity and the home's current market value.  Investopedia can help you determine how much equity you have in your home. 

  • - Most lenders allow homeowners to borrow up to 85% of the home’s total value, but only based on what portion you actually “own.” If you haven’t finished paying your original mortgage off, your equity will be less than someone who has paid off their home loan. 

  • - A home equity loan will be paid as a lump sum and comes with a fixed interest rate. You will know how much you must pay every month, in addition to your current mortgage payment. 

  • - Just like the initial purchase of the house, your credit needs to be in good standing, so have all your financial records in order when you meet with your lender. 

 

Home Equity Line of Credit (HELOC) 

  • - HELOC’s are a second mortgage as well, but instead of a lump sum, the homeowner typically has a five-to-ten-year “draw” period where they have access to the amount of the credit. 

  • - During the draw period, some lenders allow interest-only payments on the amount, while some require principle-plus-interest payments. Either way, pay more than the minimum so the principal can be paid off before the repayment period. 

  • - Once the draw period is over, repayment of what credit you have used will begin.  Keep in mind that these payments will be higher than the earlier amounts you’ve been paying. 

  • - Your line of credit can be used for anything, but if you’re thinking about an island getaway, or some other non-essential purchase, you are better off starting a savings fund.  If you can’t meet the payments once the draw period is over, you could lose your home to foreclosure.  

  • - In some cases, a lender will close your line of credit early if your circumstances change.  If you’re using that money to pay your child’s college tuition, you’ll no longer have access to it, creating financial strain. 
     

Before deciding to use either of these types of credit, find out if using the equity in your home is the right way to go.  If you’re already having a hard time paying the bills, a home equity loan or HELOC will only put your further in debt.  Contact a HUD-certified financial counselor to help you get your debt and other financial matters under control. 

Courtesy of Chester County PA Realtor Scott Darling.

Photo credit: wsj.com

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