Center City Homes Blog

Common Misconception

                              
       One of the most common questions that come up when I am out on a first tour with clients is, “So Zach, how much do we pay you if we find a house that we would like to buy?”  Most people (especially first-time homebuyers) do not realize that commission is paid for by the seller.  If you are one of these people who didn’t realize this, DON’T feel bad!  I wouldn’t expect you to know this, especially if you have never bought a house before. 
       My response to my clients is as follows, “I work for you and in the best interest of you and if we find something that is right for you and everything works out, I am paid for by the seller, not you!”  This really helps to seal the bond between buyers and their agents.  When your client realizes that you only have their best interest at heart, you’re golden.  If you have any questions or are thinking of buying a house or condo, feel free to email me at Zach@CenterCity.com!

                             
Have you bought or sold a house before?  If so, would you use the same Realtor again when purchasing or selling your next home?  According to the National Association of Realtors, 82% of homebuyers say that they would use the same Realtor again.  Out of this 82%, only 11% actually do! 

If you have any questions or are looking for representation here in Center City Philadelphia, just drop me an email at Zach@CenterCity.com.   I would enjoy discussing the importance of why building a relationship and not just making a sale is much more important to me!

Condos In 19147

Hawthorne Lofts is the 5^th

4 Condo Buildings in the 19147 zip code that are currently FHA approved.

If you have any questions or were wondering about FHA approval, just send me an email at Zach@CenterCity.com and let’s discuss some possibilities.

Center City Philadelphia Real Estate Market on the Rise

      The economy is slowly coming back and right in front of it is the Philadelphia Real Estate market.  With an increase in sales, and properties moving quicker, the Center City Real Estate market is looking promising for everyone.

       In every market there is a direct correlation with sale prices and DOM (Days on Market).  Most of the time, the more overpriced a property, the longer it will sit on the market, and the opposite for the properties priced really well.  We are starting to see the DOM decrease for many Center City Homes.  This is due to a few different aspects such as, the economy on the rise, tax credit, (which has expired) and reasonably priced properties.  I think that people are finally beginning to realize that the poor economy and recession didn’t just affect their home, but it affected everyone’s.  This being said, the prices of homes and condos here in Center City Philadelphia are very competitive, which is driving people and the market forward. 

      With sales up 26% in the month of April as compared to last years April, I think we are doing really well as opposed to other markets in the United States. If you are looking for a home here in Philly or just want some more information on the Center City Real Estate market, drop me an email at Zach@CenterCity.com. 

Zach Skidmore
Prudential Fox & Roach Realtors 
CenterCityHomes.com

True or False?

                                  
      True or False; Checking your own credit will negatively impact your credit score?  FALSE.  It is a common misconception that checking your own credit score is bad.  If you are looking to buy a house and you don’t have perfect credit, it is ok to check your score frequently when you’re trying to clean it up.  People are often confused by this.  The negative impact on your credit score happens from outside institutions pulling your credit score and history often. There is nothing wrong with being on top of your credit score!  If you need information on the Center City Real Estate market or are looking to buy, drop me an email at Zach@CenterCity.com.  I look forward to hearing from you!

Is FHA Right for You?

      FHA, or The Federal Housing Administration is a program that originated in 1934 and is designed to help promote home ownership.  It is a loan that is insured (against default) by the Federal Housing Administration.  Basically, it is protected and ensures that a lender will not have to pay off a loan if the borrower were to default on his or her payments.  
      FHA allows buyers to purchase a home with a much smaller down payment than a conventional loan.  FHA requires a 3.5% down payment as opposed to a conventional loan of 10% or 20%.  To put this easier; The Federal Housing Administration is allowing people that I call “Job Rich, Cash Poor,” to buy a house that they CAN afford but don’t have a huge lump sum of money for the standard down payment.  Generally FHA requires a minimum credit score of about 620 to be approved for a mortgage. 
      Many home buyers here in the Center City Real Estate market are going FHA.  If you are considering buying a house or condo via FHA, drop me an email at Zach@centercity.com and let’s discuss the possibilities for you!  I suppose if you are not buying FHA, you can still email me, I think we might be able to work something out.  Ha

If you are interested in buying Real Estate in the 19147 zip code, the incredibly priced Hawthorne Lofts might be perfect for you!  This beautiful newly rehabbed 54 unit condo building is located in one of the fastest growing neighborhoods in Center City Philadelphia.   This elevator-equipped condo building has it all, from gated parking with every unit, to granite counter tops, stainless steel appliances and strong finishes throughout! The high ceilings and loft style setup really help to add to the uniqueness of this old school building. With low condo fees and even lower taxes, these condominiums from the Rufo Organization are sure to please everyone!  Not to mention the breathtaking views of downtown Philadelphia from it’s massive community roof deck!  If you are looking for Philadelphia Real Estate, drop me an email and let’s go see a few properties! 

Zach Skidmore
CenterCityHomes.com
Zach@CenterCity.com

Parking in Philly is similar to visiting the Dentist, most of us don’t enjoy it but we have to do it anyway.  As many city dwellers know, parking can be a hassle but is still a commodity and something to be heavily valued.  Looking back to where I lived before (Chicago), parking was a breeze compared to Philly.  As a real estate agent here in the city I come face to face with the PPA more than most people want to, so truly understand the value of a guaranteed parking space in the city. 

Buying a house or condo in Philadelphia that has a deeded parking spot is great for everyone, even if you don’t own a car.  You may read this and wonder why in the world would I want parking if I am not going to use it?  There are too many perks to list but the most important being resale value of your property.  It is fair to assume that you can automatically add $20,000-$40,000 to the value of your property if you have a deeded parking spot on the premises.  Not only is the parking spot huge for the resale of your Center City Real Estate, but if you are not using it, you can easily rent the spot out to one of us who aren’t as privileged as you.   Monthly parking rates in Philly tend to run anywhere from $200-$400 depending on where the parking is.  Think if you rented your spot out for only $200 a month, you would put that towards your mortgage or anything else your little heart desires, PLUS you have a major selling point to add to your home!  Anywho, if you can pick a property up here in Philly that has parking and you don’t necessarily need it, don’t cross it off your list just yet.  If you need any help finding a place here in Philadelphia, with or without parking, feel free to drop me an email anytime!

If you have any questions or are looking for real estate in the downtown Philadelphia area, email me at Zach@CenterCity.com!  I look forward to hearing from you.

Zach Skidmore
CenterCityHomes.com
Zach@CenterCity.com

3 Quick Ways to a Positive Showing

The number one way to ensure the sale of your home is to have it priced right, but aside from the obvious there are 3 main ways to increase the value and interest of the buyer.  First, know that 99% of buyers will walk in and immediately get a certain feel about a home.  It is very difficult to change a first impression so make the first one count.  A buyer will normally walk into a home and begin setting up their couch, TV, dining room table, etc. (in their mind of course).  This helps the buyers envision themselves living in the home. Three ways to hook that buyer are: 

The first, which encompasses the next two is, make sure your home shows well.  This may sound like common knowledge, but some home sellers don’t even take this into consideration.  Do a walk-through of your home as if you were buying it all over again.  Bring a friend with you to help with your bias side considering it is your house.  Follow this list of 7 little things you can do before showing your home that will make a big difference:

-Walkthrough with a friend as if you were buying the house yourself.

-Touch up nicks, scrapes, dings or dirt on the wall.  These things can be done in minutes and make a huge difference.

-Replace any burned out light bulbs.

-No dishes in the sink.

-Overall cleaning of the rooms (make beds and pick up laundry).

-Good smell is appealing, so light a candle or buy a bottle of Fabreeze.

-Depersonalize – remove personal items and family photos, etc.

The 2 other ways are more for people looking to increase the value of their home when selling.  Remember that the two quickest ways to increase the resale value of your home are: new kitchens and new bathrooms.  These are not small jobs, but could be worth it when selling a good-sized house in a great location.  The more aesthetically pleasing your home is to the eye, the better your chances of receiving an offer.  If you don’t want to go through the trouble of re-doing your kitchen and bathroom, know that you can go to Home Depot or Lowes and simply give them a facelift for a few hundred dollars.  Remember, anything helps and little things make a big difference!

Hope this little guide helps you to sell your home.  If you have any questions or are looking to list your home here in the Center City Real Estate market, shoot me an email and let’s talk about it!

Today in the Center City Real Estate Market there are many more short sales then there was 5 years ago.  What exactly is a short sale?  Well, there are many different definitions to a short sale, but all of them are basically saying the same thing.  A short sale is when a property is sold for less (or “short”) than the outstanding loan amount and the lender accepts the proceeds in satisfaction of the mortgage, even though it is less than what is actually owed on the property.  It is basically a last ditch effort in selling the house before it is foreclosed upon and not only does the owner lose but so does the bank.    A short sale insures that at least some of the loan will be repaid. 

A benefit to a short sale is that it allows the owner to get out of a mortgage that they cannot afford without negatively impacting their credit as much as a foreclosure.  It has been reported that a short sale could negatively impact your credit score anywhere from 50 to 100 points, while a foreclosure has been reported anywhere from 200 to 400 points.

While nobody ever wants to be in this situation, it is valuable to know your options and the difference between a short sale and a foreclosure.  If you ever find yourself in this situation, do the research and find out if your lender will allow you to sell your home as a short sale.  Obviously nobody wants this to happen, but if it does it is much better to sell your home as a short sale than having the stigma of a foreclosure on your record.  Not to mention it is much easier for a couple or individual to bounce back from a short sale than a foreclosure.  So do your research and find out what’s best for you!

If you have any questions or are looking for real estate in the downtown Philadelphia area, email me at Zach@CenterCity.com!  I look forward to hearing from you.
Zach Skidmore
CenterCityHomes.com
Zach@CenterCity.com