Finding An Affordable Home

We would like to move to Sewickley.  Are there any affordable homes anymore? 

Of course there are!  But Sewickley, particularly in affordable price ranges, has become a very competitive market.  It seems the secret is out – many people know about our very unique combination of a highly rated school district and a charming, walkable shopping district.  Every agent I know has a list of buyers waiting for affordable homes to become available!

What does this mean for you as a home buyer?  First, its critical to make sure you are fully pre-approved for a mortgage.  If you are fully pre-approved (having submitted all of the supporting documents to your lender), you may be confident in your ability to get a mortgage and feel comfortable waiving your mortgage contingency, which will make you a much more competitive buyer if there are multiple offers. 

Second, keep your offer as “clean” as possible.  Try not to add in special requests or inclusions that sellers don’t usually leave with a home (such as furniture). Keep your inspection period as short as possible, or consider waiving inspections altogether if it is a newer home.

Third, keep your offer prices up.  If you love a home, that is no time to lowball a seller.  Even if a home has been on the market for a while, we often receive multiple offers at the same time. You don’t save anything when you make a low offer and you don’t get the home.

Finally, be open to compromise.  If a home meets 7 out of 10 of your wish list items, consider it a home run.  In a tight market like we are in, if you hold out waiting for your perfect 10, you will likely find yourself sitting on the sidelines.  To get a Sewickley home, you may have to give up a garage, or a two car garage.  You may need to take on a few projects.  You may need to accept that there is no master bathroom or no main level family room.  You may need to accept that the basement ceilings are lower and so any “game room” is a little more basic.  You may have to accept a less open floorplan or a longer distance to the center of town.  But remember, once you close you will make it your home, flaws and all, and will absolutely love being a part of this vibrant community!

QUICK SEARCH

    I’m ready to answer any questions you have regarding your real estate needs.
     
     
    Kathe Barge, CRS, ABR, CNE, SRES
    Associate Broker
    HOWARD HANNA
    REAL ESTATE SERVICES
    401 Broad Street
    Sewickley, PA 15143
    Cell: 412-779-6060
    Office: 412-741-2200 x238
    kbarge@howardhanna.com

    Market Timing

    We have heard the foreclosure market may be opening back up again – should we hold off on our home purchase so we can grab a “great deal”?

    There has certainly been some commentary lately about the fact that when the moratorium on foreclosures expires, there will be a backlog of foreclosures that ultimately hit the market. Pennsylvania has never been a state which has processed foreclosed properties very quickly and so I would not anticipate a large and immediate influx of foreclosed properties. I’m not sure I would count on the market being flooded with foreclosed properties, even if that is seen in other states.

    That said, there will ultimately be some properties that are foreclosed upon. However, there are several things to think about with these opportunities. First of all, the properties may or may not be in a neighborhood that you are interested in living in. If you are particular about where in the greater Pittsburgh metropolitan region you hope to purchase a home, hoping for a foreclosure in your desired neighborhood may be like looking for a needle in a haystack.  Second, even if a home happens to come available at an address that you find desirable, there is no reason to believe that there won’t be a dozens of other buyers as interested as you are, and the likely bidding that will ensue is likely to drive the prices up to current market prices.  In other words, it is unlikely that there will be “deals” to be had even on the foreclosed upon properties.  We are not in a recession – this is not 2008 – and we have experienced many months of a severe housing shortage – I expect foreclosed properties will not be the value opportunities they were in 2009/2010.

    Also please keep in mind that if you are contemplating a foreclosed property, you really do need to wait until it moves through the foreclosure process before trying to buy it. If you try to purchase it before the bank has taken ownership, you will be responsible for all liens on the property which includes back taxes and any other liens that may have been placed on the property by the prior owner.  These liens may take it well above the actual market value of the property, which is why it is generally advisable to allow the foreclosure process to be completed and the home to hit the MLS.

    QUICK SEARCH

      I’m ready to answer any questions you have regarding your real estate needs.
       
       
      Kathe Barge, CRS, ABR, CNE, SRES
      Associate Broker
      HOWARD HANNA
      REAL ESTATE SERVICES
      401 Broad Street
      Sewickley, PA 15143
      Cell: 412-779-6060
      Office: 412-741-2200 x238
      kbarge@howardhanna.com