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3 % Down Payments Are Still Possible

Wednesday, December 17, 2014
by Scott Darling

If you have been wanting to purchase a new home but have counted yourself out of the equation due to the fact that you cannot come up with the down payments needed, don’t count yourself out just yet!  3% down payments are 3 percentstill out there for the taking, so get out there and start looking for your new home today! These low down payments are being offered by Fannie Mae and Freddie Mac.  Fannie began backing the loans on December 13, while Freddie will start offering them March 23, 2015.

The 3% down payment loans are only going to be offered to you if you have a credit score of at least 620.  Also you may want to know that if you want to take part in the great down payments as low as 3% you are going to need to buy private mortgage insurance. 

  • If you are expecting to get a 3% down payment loan without home ownership counseling then you are mistaken.  I still think it is worth it no matter how many hoops you may have to jump through to take advantage of the low down payment.  Some folks may find that without the low down payment plan they are just not able to purchase a home, so the hoops are well worth it in the end. 
  • You will have to offer a total and complete documentation of your job status, income and all of your assets in order to possibly qualify for one of the 3% down payment plans. 
  • Those who want to refinance or who are first time home buyers will be the candidates that qualify for this program. 

If you think that you may qualify for these new low down payment plans from Fannie Mae or Freddie Mac you should give your Realtor a call as soon as possible to get the ball rolling in your favor.  These kinds of deals don’t come around all the time so be sure to take advantage of them.  You will save thousands of dollars in the long run once making your home purchase if you are just willing to take a little extra time gathering all of your documents that will be needed to qualify. 

Information provided by Chester County PA Realtor Scott Darling.

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Holiday Shopping? Scammers Hope You'll Send Them Money For Online Purchases

Tuesday, December 16, 2014
by Scott Darling

This holiday season, will you be one of the 197 million Americans to shop online, according to eMarketer? Holiday shoppers will go online to buy everything from gift cards to cars, flat screen TVs to smartphones. And at least some of them will have their holiday spirit dampened by scammers who use a variety of schemes to convince victims to send money for a bogus purchase.

holiday scammers"The holiday shopping season is an opportunity for scammers," says Dan Marostica, vice president of fraud risk management of Western Union, a leading money transfer company. "In the hustle and bustle of the holidays, con artists are counting on Americans' desire for a good deal to help them cheat holiday shoppers out of their hard-earned money."

Scammers attempt to contact consumers on a variety of online venues, from popular auction and free-ad websites to social media and even pop-up ads. Some scenarios hinge on one tactic - convincing the buyer to send money to the scammer via money transfer.

"Criminals may purport to be selling an item privately and claim they can only accept a money transfer," Marostica says. "Or they may be offering something for 'free' like a puppy, simply asking the buyer to send a money transfer to pay for shipping. These cheats know that once a money transfer is paid it is difficult for the victims to get their money back from the seller.

As the holidays approach, follow these tips to avoid becoming a victim of an online purchase scam:

  • Never pay for an online purchase by sending a money transfer to an individual.
  • When shopping online, stick to established, reputable retail sites or auction sites that have clearly defined policies for how they will help settle a dispute between buyers and sellers.
  • Look for visual cues that a website is secure, such as a URL address that begins with "https" or a lock symbol on the lower part of the page. These signs indicate a website has taken security measures.
  • If you can't find a company's physical address and customer service phone number on its website, consider doing business elsewhere.
  • Be wary of private sellers offering goods at extremely low prices, or those who require you to pay by money transfer. Don't believe a seller who claims your money transfer will be held in escrow - Western Union does not offer an escrow service - or one who suggests you put the money transfer in a friend's name for security purposes changing it after you receive the goods. Once the criminal has your friend's name, he or she may be able to pick up the money transfer.

"Money transfer is a great way to send money to family and friends for the holidays, but you should never use it when dealing with someone you haven't met in person," Marostica says. "And you should never send a money transfer to pay for goods or services from an individual on the Internet.

To learn more about fraud prevention, visit www.westernunion.com/stopfraud. (BPT)

Information courtesy of Chester County PA Realtor Scott Darling.

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5 Home Design Tips On Layering

Tuesday, December 16, 2014
by Scott Darling

Designers are often drawn to a simple, modern look - however, layering unique patterns and textures in the home is a quickly growing trend. Keep your space harmonized, yet distinct, with the tips outlined below.

faucetFancy frames.

An empty wall holds endless potential. If the room is small, expand your space with a mirror collage featuring a variety of shapes and varnishes. Is your heart set on a colorful patterned wallpaper? Showcase your favorite print in a large frame for a beautiful living room backdrop to avoid feeling overwhelmed. Art fans should collect a variety of frames in different finishes and styles to create a "living room gallery" featuring a beautiful art display.

Transitional design.

For a distinct kitchen environment, combine the artisan feel of the early 20th Century with sophisticated technology. The kitchen is the perfect setting to feature products that tout high-design and innovative technology.

Pillow patterns.

Choosing pillows isn't always easy. While it's fun to mix and match, certain textures complement each other better than others. For example, linens and wool tend to look better with woven fabrics while shiny and matte fabrics are best kept separate. Mixing contrasting textures such as silk and corduroy calls for a strong sense of design confidence - but it can be done.

Rugs on rugs.

Layering is a design tactic that fashion and interior designers use to make a statement. Start with a flat, neutral rug as your foundation and add a smaller, accent rug on top. Investing in a large rug with a subdued color is smart, but have fun with the accent rug. Whether cowhide or a geometric print - choose a similar color scheme and play with the positioning by placing the top rug at a purposeful angle.

Old, renewed. When thinking about your space, it's important to remember that design inspiration can be found anywhere. Look for antique candle holders or paperweights. Check out antique shops or thrift stores for hidden treasures. When traveling, visit flea markets and local art fairs. Transform an old object like a rustic slab of wood into a glossy countertop for your kitchen island. No matter where you travel, keep an eye out for timeworn treasures for your home.

Layering textures and patterns, combining modern with rustic - blending home design can result in a truly transformative space that captures your individual style. (BPT)

Information courtesy of Chester County Realtor Scott Darling.

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Chester County Real Estate Market Trends for October 2014

Sunday, December 7, 2014
by Scott Darling

You may be asking if now is a good time to be looking to buy a home before 2015. Experts predict home prices will continue to rise in 2015. Therefore, it is definitely a good time to be buying with prices continuing to climb. Here are some other considerations about house hunting during the holidays…

  • Lower seasonal prices are likely before the anticipated increases in 2015. Many homes on the market during the holidays are being offered because the sellers are being transferred. January is a high workplace transfer month. Transferees are trying to sell their homes during the holidays because they feel they have to.
     
  • Less competition among buyers is common because many are concentrating on holiday activities. If they don’t have to move for some reason they tend to wait until after the year-end holidays. That means fewer competing offers and less likelihood of bidding wars.
     
  • Seller anxiety begins to set in during the holidays. That means potentially better deals can be had. Sellers who need to move get more willing to bargain during the holidays because there is less demand from buyers.

Take a look at the Chester County real estate sales for October, broken down by school district.

Downingtown School District

The number of homes selling in the Downingtown school district in Oct 2014 increased by 20% when compared to Oct 2013. The average selling price increased 8.6% to $387,862. The median selling price increased less than 1% while the average market time decreased by 22 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Oct 2014 80 $387,862 $326,250 56
Oct 2013 100 $356,886 $326,000 78

West Chester School District

The number of homes selling in the West Chester school district in Oct 2014 increased by 7.6% when compared to Oct 2013. The average selling price decreased 6.1% to $367,679. The median selling price decreased 2.1% while the average market time decreased by 6 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Oct 2014 113 $367,679 $342,500 52
Oct 2013 105 $391,793 $350,000 66

Coatesville School District

The number of homes selling in the Coatesville school district in Oct 2014 increased by 1.7% when compared to Oct 2013. The average selling price increased 1.6% to $215,624. The median selling price increased 2.3% while the average market time increased by 30 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Oct 2014 68 $215,624 $212,500 106
Oct 2013 58 $184,794 $171,500 76

Great Valley School District

The number of homes selling in the Great Valley school district in Oct 2014 decreased by 28% when compared to Oct 2013. The average selling price increased 4.5% to $469,749. The median selling price increased 11.1% while the average market time decreased by 4 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Oct 2014 25 $469,749 $440,000 61
Oct 2013 35 $449,204 $435,000 65


Unionville School District

The number of homes selling in the Unionville school district in Oct 2014 decreased by 7.6% when compared to Oct 2013. The average selling price decreased 24% to $481,851. The median selling price decreased 29.3% while the average market time decreased by 3 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Oct 2014 24 $481,851 $415,450 79
Oct 2013 26 $641,554 $588,250 81



Tredyffrin-Easttown School District

The number of homes selling in the Tredyffrin-Easttown school district in Oct 2014 increased by 18% when compared to Oct 2013. The average selling price decreased 3.4% to $549,439. The median selling price decreased 1.8% while the average market time decreased by 14 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Oct 2014 52 $549,439 $432,500 63
Oct 2013 44 $568,789 $532,450 77

Owen J Roberts School District

The number of homes selling in the Owen J Roberts school district in Oct 2014 increased by 35.7% when compared to Oct 2013. The average selling price increased 19.8% to $366,364. The median selling price increased 4.0% while the average market time increased by 1 day.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Oct 2014 38 $366,364 $323,750 77
Oct 2013 28 $305,773 $311,112 76

 

Phoenixville School District

The number of homes selling in the Phoenixville school district in Oct 2014 increased by 34.2% when compared to Oct 2013. The average selling price decreased 3.7% to $242,828. The median selling price increased 3.1% while the average market time increased by 5 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Oct 2014 47 $243,828 $227,000 60
Oct 2013 35 $253,338 $220,000 55

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