Tuesday, April 5, 2011

7 ways First-time Homebuyers can avoid a lemon


You've been out looking at homes with your real-estate agent all day. As you walk through the door of the last house on your list, your mouth falls open.

Finally, you've found "The One," the perfect house. Stars shimmer in your eyes. You love the layout, the paint colors and the little powder room by the back door.

You make an offer and move in within the month. It's not until things settle down that you discover that the roof leaks and that the foundation must be replaced — immediately. Suddenly, the stars dim as you face the prospect of several expensive repairs and unexpected home-improvement costs. Not fun at all.

Homebuyers, especially first-timers, often are caught looking at the wrong things when they buy a house. They fall in love with all the things that are easy to fix and never think to look at the important clues that the house might be more trouble than it's worth.

What should you do to make sure you're not buying a lemon? Here are seven tips.

1. CHECK THE FOUNDATION
A house's foundation is probably one of the most expensive things to fix, which is why you must go down to the basement before you even look at the rest of the house. Do you see any cracks in the concrete or stone? If so, the foundation might be structurally unsound. If the basement is finished, look for cracks in the drywall, especially around windows and doors.

2. INSPECT THE HVAC EQUIPMENT
While you're down in the basement, look at the heating and cooling equipment. How old is it? Does it look like it's running properly? Are the vents connected well? These are important questions to answer to make your home energy-efficient and to reduce your utility bills. Replacing a home's HVAC system can cost tens of thousands of dollars, but many first-time buyers never give it a second look.

3. LOOK FOR WATER DAMAGE
If the house has had problems with water in the past, you're looking at several expensive fixes. First, one-time occurrences, such as a basement leak, can happen again. Second, that water damage could have opened the door for mold, especially dangerous black mold, to grow. Look for brown or white stains down the side of the basement walls. These can indicate a past leak. If the floor is bare, look for horizontal stains. Be suspicious if the basement has been painted recently. Sellers often do this to hide water-damage stains. It's also important to check the bathroom and under the kitchen sink. Look for stains that would indicate mold growth.

4. CHECK THE ELECTRICAL SYSTEM
If you are looking at a home built before the 1930s, it still might have old knob-and-tube wiring. It can be a problem, if it has been tampered with in any way. For example, if the attic has blown insulation sitting on top of the knob-and-tube wiring, this is tampering — and it's a serious fire-safety hazard. Most insurance companies consider knob-and-tube wiring to be unsafe, so you're going to pay more or be turned down for homeowners insurance if you don't replace it. Replacing it means rewiring the entire house, which will cost tens of thousands of dollars.

5. LOOK AT THE HOUSE AT LEAST TWICE
Remember, when you first see that "perfect house," you're looking through rose-colored glasses. Always sit on the decision to make an offer and go see the house again a few days later.

6. GET A HOME INSPECTION (I repeat -- GET A HOME INSPECTION)
This seems like old advice, but many people still don't get a home inspection before they make an offer. If the home inspector says more research is necessary or files an inconclusive report, get a second opinion.

7. CONSIDER THAT IF THE PRICE IS TOO GOOD TO BE TRUE, IT PROBABLY IS
Trust your gut here. If your dream home's price is suspiciously low, there's probably a good reason. Beware. Buying a house is a huge decision and investment, especially if it's your first home.

Don't let first impressions and appearances sway you. Make sure you do your research and watch out for some of these pitfalls!

If you have any questions about buying and/or selling real estate in PA, or anywhere, please feel free to contact me:

Matt Goslee
Realtor
230 Sugartown Rd.
Wayne, PA 19087
"The McGarry-Hoopes Group"
Coldwell Banker Preferred
Cell: 610-505-6635
Email: mgoslee@cbpref.com
























*By Heather Levin of U.S. News & World Report

Thursday, February 24, 2011

Tips for Winning Over Spring-time Home Buyers


Spring is the optimum time to sell your home. Regardless of whether it's a buyer's market or a seller's market, inventory almost always rises in the spring. Why? Because the largest number of buyers are actively searching for a new home during the months of April, May and June. Here are a few things you can do to improve the odds that your home will stand out among the sea of new listings flooding the spring-time real estate market:

1. Due to search capabilities on the internet, so many potential homebuyers are first driving by homes before scheduling an appointment to go inside! If your home has poor CURB APPEAL, homebuyers may decide to strike it off their list without ever stepping foot into your home!

2. Is there enough LIGHTING outside? Perhaps investing in some low voltage landscape lights will add something to your front yard!

3. Is the LANDSCAPING well maintained? This includes lawn & shrubs. Make sure the shrubs are cut back so that windows are not blocked!

4. Does the garden & walkway need WEEDING? Spend a weekend getting rid of all the weeds!

5. Is the garden equipment stored properly? The last thing someone wants to see is a hose strewn across the lawn, or the lawn mower sitting in the backyard!

6. Do the doors need new hardware, new & larger house numbers and/or new light fixtures?

7. Are there cracks in the driveway? If so, you may want to repair or even reseal the driveway!

8. Are there cracks in the foundation or walkways? Buyers will notice these things and they may shy away from your home if they begin to think there are some structural issues!

9. Where is the garbage cans stored? The last thing you want a buyer to notice, or even smell on a hot day, is the garbage! So make sure your cans are out of sight, and that there are tight fitting lids on each can!

10. How are the gutters & chimney? If the gutters need cleaning, go ahead and do that now! If the chimney is in need of repair, get in a good chimney sweep to take care of it now! These things may end up on a home inspection report if the buyer comes into your home!

11. How is the PAINT on the shutters, doors, trim, etc? The last thing you want is someone to look at the house with peeling paint or vinyl siding in need of a good power washing and decide that the home has not been properly maintained! So invest in some paint, or a good power wash now!

12. Are the windows dirty? Do any of them need to be replaced? After a winter of snow & ice, spring is always a welcome time! And making sure the windows are clean helps your home to shine! Wash the windows – and if any of the windows need replacing, do that now!

13. Does your home need some COLOR? Homes with lots of containers full of colorful plants on the steps & stoop tends to stand out from all the other homes surrounding it!

If you are interested in selling your home this spring (or if you are just looking for some information), please contact Matt Goslee of the McGarry-Hoopes Group at
(610) 505-6635 or mgoslee@cbpref.com

Thursday, February 3, 2011

On The Fence About Buying A Home in 2011?


Here are 7 Reasons Why You Should Take The Leap this year:

1. TAX BREAKS --> The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. APPRECIATION --> Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2006, according to the National Association of Realtors. Despite the losses in home values we have seen in the past couple of years, home prices are still much higher than they were 10 years ago.

3. EQUITY --> Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. SAVINGS --> Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. PREDICTABILITY --> Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. FREEDOM --> The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. STABILITY --> Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

**If you are interested in getting the ball rolling or just looking for some information, feel free to contact me at mgoslee@cbpref.com**

Matt Goslee
Real Estate Agent
Coldwell Banker Preferred
230 Sugartown Rd., Ste 100
Wayne, PA 19087
Cell: 610-505-6635
Email: mgoslee@cbpref.com

Thursday, January 27, 2011

Use the "McGarry-Hoopes Group" to Help You Find A Rental Home


You've decided that you're ready to rent a home. Perhaps you've been living in apartments for a long time and ready to move into a bigger space with a yard but aren't quite ready to commit to buying a home. Making a move like this generally suggests that you're looking for a home that you're going to be in for at least a short period of time and so you want to find a home that meets all of your needs. Seek help from the "McGarry-Hoopes Group" to help you through this process. Here's why:

1. IF YOU'RE NEW TO RENTING: If you're moving in to your first rental home and have previously lived in a parents' house or a dorm, you may not know what you need to look for in a rental home. We can help make sure that you get all of your rental needs met and get the best deal for your situation but will also take you through all of the steps in the process so that you'll have that knowledge when renting future homes.

2. YOU ARE MOVING TO A NEW CITY: If you're moving to a location that you aren't familiar with, it's usually a wise idea to get the assistance of a real estate agent for finding your rental home. We will be able to answer questions about the safety of a neighborhood as well as let you know about its proximity to schools, public transportation and area nightlife. These things can take awhile to research on your own so you may save time (and heartache) by letting us help.

3. NEGOTIATING RENTAL TERMS CAN BE COMPLICATED
: Most landlords expect that you will attempt to negotiate certain terms of your rental agreement. You'll try to get a lower rate or at least a lower deposit, you'll want some leniency on the 'no pets' clause or you'll want to clarify points about maintenance of the home. If you aren't good at negotiating these things, you might just accept the rental agreement "as is" which is usually not a good idea. The "McGarry-Hoopes Group" can do these negotiations for you which will get you the best lease without harming your relationship with the new landlord.

4. YOU DON'T HAVE THE TIME TO FIND YOUR RENTAL HOME: Maybe you're a busy professional with too much on your plate and you can't be looking through rental ads all day long. By utilizing the "McGarry-Hoopes Group" we will listen to your needs and find you the right homes to look at. Ultimately, this can save you a significant amount of time and frustration.

Our job is to ask questions and find out what your needs are and then meet those needs while getting you the best possible lease agreement on your new rental home. If you are new to renting (or new to renting in a particular area) or you just don't have the time or ability to find and negotiate on your new home, then the "McGarry-Hoopes Group" is a great resource for you.

*Feel free to give me a call or shoot me an email at mgoslee@cbpref.com with all of your rental needs. Whether you are looking to rent out your home/apartment or if you are in the market for a rental, I can help you every step of the way*

Saturday, January 22, 2011

6 Must-Do's Before Buying a Home


You might be ready to buy a home, but are you armed with the knowledge you need? Do you know about credit score requirements? Are you familiar with flexible standards on Federal Housing Administration loans? Whether you are a first-time homebuyer or an experienced owner, buying a house requires a "preflight check."

Here is a five-item checklist, including tips on two types of savings you need, plus advice about what's more important than buying a house for its resale value.

1. STRENGTHEN YOUR CREDIT SCORE
*One old rule still applies: The higher your credit score, the lower your down payment and monthly payments. Below 660 or 680, you're either going to have to pay sizable fees or a higher down payment. Improve your chances by pulling your credit reports and ensuring you're not being unfairly penalized for old, paid or settled debts.

2. FIGURE OUT HOW MUCH HOUSE YOU CAN AFFORD
*Get a home that's financially comfortable! Before you home shop, calculate the mortgage payment for the home in your intended price range, along with the increased expenses (such as taxes, insurance and utilities). Then bank the difference between that and what you're paying now. Not only does it allow you to build a nice nest egg, but "you can back away from it," or scale back, if the payments start to pinch.

3. SAVE FOR DOWNPAYMENT AND CLOSING COSTS
*Depending on your credit and financing, you'll typically need to save enough money to put anywhere from 3.5 percent to 20 percent down. If you're using FHA financing, then you need a score of 500 or higher. And in the 500 to 579 range, if you can find a lender, you'll have to put 10 percent down instead of 3.5 percent.
Another cash expense: closing costs. Whatever your loan source, you'll also need money to pay closing costs, which run (depending on where you live), from $2,300 to $4,000

4. BUILD A HEALTHY SAVINGS ACCOUNT
*This is over and above your money for the down payment and closing costs. Your lender wants to see that you're not living paycheck to paycheck. If you have three to five months' worth of mortgage payments set aside, that makes you a much better loan candidate. That money will also help you with maintenance and repair issues that come up when you own a home. While repairs are sporadic, items such as a new roof, water heater or other big-ticket items can hit suddenly and hard.

5. GET PREAPPROVED FOR A MORTGAGE
*Before shopping for a home, make sure to get your financing in place. The last thing you want to do is shop for homes, find the home of your dreams and then realize that it is way out of your price range -- a real downer. Be realistic and take this important first step before venturing out to house hunt.

Please feel free to call and/or email me with all your real estate needs, including getting preapproved for a mortgage. Whether you are buying or selling in PA, or elsewhere, I can help.

Thursday, January 6, 2011

RECENTLY LISTED for $155K: 332 Saude Ave in Essington!


Come see this, clean, "move-in ready" 3 BR, 1.5 bath charmer in Interboro School District! The 1st fl includes a spacious LR & DR area with absolutely beautiful parkay floors t/o as well as a kitchen w/breakfst nook. The 2nd fl consists of 3 generously-sized BRS and a full bath (with updated piping). The bright, full-finished basement, ideal for entertaining family & friends, completes this home. Several updates t/o including: newer roof, heater & central air (2004). New windows & doors to be installed as well -- ask agent for more details.

*Please call me on my cell and/or shoot me an email at mgoslee@cbpref.com to take a tour of this great home*

Wednesday, January 5, 2011

JUST REDUCED TO $179,999 (64 S. Glenwood Ave, Aldan)


JUST REDUCED TO $179,999. This well maintained, 3 BR, 1.5 bath Dutch Colonial is "move-in" ready. Seller is very motivated, flexible, and ready to negotiate! Located on a corner lot with absolutely beautiful hardwood floors throughout --This home has many updates!

SEVERAL OPPORTUNITIES EXIST for potential buyers including, Possible seller assist and rental option. Free One Year Home Warranty included!

FOR POTENTIAL RENTERS:
**SELLER IS CURRENTLY SEEKING $1,200 RENTAL PAYMENT/MONTH**

Bring an offer today! Feel free to call me at 610-505-6635 or shoot me an email at mgoslee@cbpref.com if you want to check it out.