Why Now Is The Time To Buy!

We are looking to buy a new home – where is the market these days?  Do you have any advice for buyers?

We have had an unbelievably strong summer market – unlike anything I have seen in my nearly 22 years in business.  Homes are often selling with multiple cash offers in a day or two for over the asking price. If you want to buy now, you need to go into every home with the assumption that you will pay asking price at a minimum – unless you are willing to sit on the sidelines for a week or two and see if the market feels the price is too high.

Why is this happening?  We have had an extreme shortage of inventory for years now and its only getting worse – we simply don’t have enough homes available for sale.  Interest rates have never been lower and people who have rented are taking the opportunity to jump into the market and lock in a 30 year mortgage at an unheard of rate.

Does this mean you will overpay?  Quite possibly, if you need to sell in the next 1-3 years, you might be challenged to return 100% of your investment.  But none of us has a crystal ball, so you never know.

Is it better to wait out this surge?  Probably not.  There is no end in sight, nothing that suggests that we will see a sudden influx of inventory.  If you want a new home, you are just going to have to jump into the market.

So how do you win?  First, you must be fully preapproved by a reputable local lender. Once you are fully preapproved, it is possible to waive your mortgage contingency so that you can compete with cash deals. You also have to have confidence in the price you are paying so that you can waive the appraisal contingency. You need to anticipate that you will pay at least asking price and may have to bid over the asking price of the home in order to get the home. Finally, you will want to consider whether you are willing to waive your inspections. The vast majority of buyers who are winning in bidding wars right now are waiving all inspections.  The best place to start is with an experienced buyers agents such as myself who can give you the very best, up to the minute advice on how to approach each house in its individual neighborhood.

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

The Effect of the Economy

What impact do you think the recent economic downturn will have on our local real estate market?

This is the million-dollar question right now.  There seems to be no doubt that real estate consumers are a little less confident this week.  But will we see an actual downturn in our market?

My hope is that this will simply result in a temporary delay in our spring season.  Before the most recent events, we had an incredible amount of excess demand and low inventory, resulting in frequent bidding wars and many disappointed families who lost out on yet another home.  I have personally experienced that on several of my listings – several offers but only one home to sell.  Those buyers are still out there – maybe focused on other things, but still out there.  If you are a buyer, I would encourage you to press forward in your search for a home. The reality is that much of your competition may be focusing on other aspects of their lives right now and you may have a better chance of actually succeeding in buying a home without having to compete with multiple bidders.  Interest rates are low – it remains a great time to buy!

I do not expect values to plummet, so if you are planning on sitting on the sidelines waiting to see how low they go, you are probably going to lose out on some great homes. When we saw our economy falter in 2008, we did not see a drop in housing prices.  We also did not see continued appreciation, but we were very stable.  Pittsburgh has historically been a very stable real estate market—we don’t have a spike in values – just a steady climb – so we are unlikely to see a significant drop.

Sellers, I encourage you to continue to ready your homes for sale.  Our spring market surge may happen slightly later this year – and that will be good news for those of you who are still organizing your closets, attics, basements and garages.   You only have one chance to make a great first impression – now is your chance to make sure you are doing just that!

5 Little Sewickley Creek

New Listing -Located on over a 1.377 acre wooded lot in a quiet Sewickley neighborhood, at 5 Little Sewickley Creek you can have it all: the Sewickley community without the headaches of an older home, a nicely maintained, high-quality home that has been beautifully remodeled, wonderful privacy with plenty of space between you and your neighbors yet close to the  Village! Extensive remodel includes 3 renovated baths! Beautiful new hardwood floors unify the main level of the home! Two wood-burning fireplaces. Private back deck is ideal for warm-weather entertaining. Remolded eat-in kitchen with smudge-proof stainless appliances. Convenient main level mudroom/laundry attaches to two car garage. Walk-out lower level is a blank slate ready for your custom finishes! $650,000

 

622 Broad Street

New Listing -Stylish modern amenities are seamlessly combined with historic architectural details to create a fabulous central Sewickley Village home. Surprisingly spacious main level. You will love: 2 gas log fireplaces, convenient main level laundry, 10’ ceilings on the main level, covered front porch, fully fenced yard, 2 car garage, incredible expanded and remodeled master bedroom with brand new (2020) luxurious master bath dressing room, remodeled hall bathroom and powder room, new, stunning lighting, remodeled kitchen with granite tops and stainless appliances. Fabulous Village location with sidewalks that lead everywhere – an easy walking distance to all Village amenities. $699,000

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

Maximizing Value

We are planning to sell our house this spring.  We have invested a lot in our home and know what we want to sell our home for.  How can we make that happen?

The answer here is really quite simple. You are not the first home seller to have a clear idea of what you think your home should be worth and what you are willing to sell it for.  And the easy to remember answer to your question is: if you want what you want, you must give the market what it wants!

So what exactly does this mean? If you are fixated on a particular price, then unless you happen to be one of the 5% of sellers who are not trying to push the market on value, you must do your work upfront to present your home as what the market is looking for.  This is not the time to ready the home as you would prefer it – you are moving and must detach from your own personal style and preferences.

So what does the market want exactly?  Well, that will vary depending on your price point.  When you are ready to speak to a Realtor, I am more than happy to help you fine tune the specifics for your home.  My past articles, which are archived on my blog, AskKathe.com, have a lot of this information easily accessible to you! Here are a few pointers I have shared in the past! The market does not want wallpaper!  No matter what the designers say, it needs to come down, unless you just put it up (and please be minimal in your choice of wallpaper if you are redecorating). The market does not want colored carpets, or worn carpets, or bold jewel tones painted on the walls, or swag curtains, or deferred maintenance, or wear and tear on walls and cabinetry, or cluttered rooms. If you take the time to meet the market preferences, you have a much higher likelihood of getting what you want. But if you don’t want to address market preferences and just want to enter the market “as is” then unless what you want happens to be well below market value, you will need to adjust what you want!

601 Academy Avenue, Sewickley

Stunning remodel of this signature Sewickley Village home!  Huge rooms, beautiful new white kitchen, remodeled baths and unparalleled architectural interest combine in a home you will enjoy living in and a location you will absolutely love!  Located in one of Sewickley’s most popular neighborhoods with tree-lined streets and sidewalks to everywhere.  Amazing, flat and private yard, detached garage with finished living space above! $1,675,000

 

515 Spanish Tract

Amazing privacy, peace and quiet in this gorgeous mid-century modern home sited on 8 exquisite acres in close-in Sewickley Heights.  Incredible remodel features a main level master, main level laundry and attached garage — this house easily functions for those seeking one level living.  Four additional bedrooms, four additional baths, wonderful walk-out lower level and stunning indoor pool with waterfall.  An amazing peaceful home with exceptional amenities.  $1,495,000.

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

The Power of Compromise

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!

 

515 Spanish Tract 

Amazing privacy, peace and quiet in this gorgeous mid-century modern home sited on 8 exquisite acres in close-in Sewickley Heights.  Incredible remodel features a main level master, main level laundry and attached garage — this house easily functions for those seeking one level living.  Four additional bedrooms, four additional baths, wonderful walk-out lower level and stunning indoor pool with waterfall.  An amazing peaceful home with exceptional amenities.  $1,495,000.

 

141 Beech Ridge Drive

Beautifully remodeled newer high-end custom construction home nestled on 8 private acres in Sewickley. Newly painted interior. New carpeting. New lighting.  Newer designer kitchen. Updated/new baths. Half-court indoor basketball court, full racquetball/squash court, complete locker room facilities including sauna, 60’x30’ heated in-ground concrete salt water pool w/ stone waterfalls, patio w/ outdoor fireplace, 6 bedrooms, 5 full & 4 half baths, 9 fireplaces, 6 garage spaces, two kitchens, wine room, roof-top observation deck, new home theater.  Simply remarkable! $3,500,000

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

Maximizing the “WOW” Factor

We are thinking of moving and want to make our home as perfect as possible for the market. How would you describe the “perfect” home that buyers today are looking for?

The warm weather is waking up the dreamer in all of us it seems! Thankfully, we all have a different idea of the perfect home, which keeps our market moving twelve months a year. Buyers are not all waiting for that one special home. They are waiting for their special home – but special comes in so many different shapes and sizes. Nonetheless, when thinking of selling, you will have a much better chance of selling your home quickly and at a higher price if you improve and decorate your home in a way that appeals to more buyers. Most homeowners settle into their cozy homes and forget all about trends and what’s hot in the market, and so it often comes as a shock when its time to sell and they have fallen behind the times in either amenities or style.

Want to know what’s in style with today’s home buying crowd? Pick up a Pottery Barn or Restoration Hardware catalog and that will give you a quick lesson on color palates and designs that are “in.”  Of course, the lower you price your home, the further you can stray from current trends and still capture a buyer. But assuming you are like most of my clients, it’s sometimes easier to inventory what’s “out.” As realtors, this is a difficult message to share with your clients – the message is not that you do not have a lovely home. But in selling homes, one must first accept that you are leaving that home and then seek to minimize potential buyer objections while maximizing the “wow” factor.

With that in mind, here is my 2019 short list of the “gotta gos” – if you have these in your home, you are well advised to invest to sell:  non-neutral carpeting, shag carpeting, wallpaper (unless applied sparingly and in the last 5 years), bold paint colors, stained woodwork (except in dens), paneling, dated lighting fixtures, non-neutral bathroom tiles and tubs, wooden toilet seats, linoleum flooring (except in lower price brackets) and formica countertops (except in lower price points).

Some wonder if offering the buyer a decorating credit is a good alternative to making changes pre-marketing.  My experience suggests that credits are not effective. Buyers often screen homes online and never have the opportunity to find out about a credit. It’s best to make the updates. Some sellers believe that it is better to leave things the way things are and let the buyer make the changes to suit their tastes. This works, but only if you keep your price down. If you are looking to take advantage of possible market premiums. Not sure where to start? Give me a call and I can help connect you to the resources you need to get your home market ready!

 

 

 

 

 

319 Scaife – Exceptional Sewickley Heights home will take your breath away with its unparalleled beauty. Sited on 5 private acres, it combines the authentic charm of a Sewickley Heights carriage home with modern amenities and stunning design.  Magazine perfect kitchen with top-of-the-line appliances and granite tops opens to a captivating dining room with fireplace and relaxing family room.  French doors open from the gorgeous living room onto the sprawling stone terrace, which spills out effortlessly onto the manicured grounds.  Incredible master suite with three walk-in closets and remarkable custom bath.  Charming enclosed courtyard. Three car attached garage.  $1,975,000   Learn More….

 

63 Thorn Street –  Expertly remodeled, 63 Thorn paints a modern landscape on a charming traditional palate to create an exceptional home for the millennium home buyer.  Sited on a large lot with fully fenced back yard. The expertly designed and crafted kitchen (which is open to the kitchen) is flooded with light from an entire wall of windows that bring the private backyard into this warm and inviting space.  The dining room has also been opened to the back yard through an impressive wall of windows and doors, and spills effortless out onto the new back deck.  The second level is home to a new master suite with large closet and spa-like private bath.  Four additional bedrooms, two full baths and a convenient second floor laundry room complete the upper levels.  $1,495,000  Learn More….

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

The High End Market Can Be Fickle

What is going on with the more expensive homes in Sewickley?  It doesn’t seem like many are selling.

Sewickley’s high end market, defined for these purposes as homes listed above $1 Million, can be a very fickle thing indeed. I recently took a look at 6 years of data in this market segment and the results were fascinating. The fact that you sense the high end market may be less robust than in years past might be because we only sold 6 high end homes from May 1st to December 31st, 2018 (an eight month period). This was quite a surprise as we had sold 9 high end homes in the first four months of 2018. So far in 2019 we have seen three high end homes go under agreement – exactly the same number as sold in the same period last year.  We are all hoping that we can return to a cycle in line with our 2017 numbers – in that year we sold an additional 17 homes after February 28th!  If you look at long-term patterns its evident that these ebbs and flows are quite common in our high end.  In 2014 we recorded an impressive number of high end sales. In 2015 that number was a bit more anemic.

What stands out in looking at the data, however, is that in the past six years the number of high end buyers coming to us through relocations to Pittsburgh is dropping. This may be because there are other high-end neighborhoods that have been built across the region and Sewickley is no longer one of the only communities you can move to if you want to buy a high end home. Buyers can choose a home in the north hills, for example, with the latest and greatest everything for less than they would have to spend in Sewickley. This may also be because some employers who anticipate faster turn around do not want their employees buying – our rental market is doing quite well as a result.

What to do if you are living in a high-end Sewickley home?  First and foremost, we must keep our schools and community strong.  What we have is unique – there are very few walking communities in the area and fewer that are in a top school district.  Support our local stores, attend community events, give of your time and finances to our schools and non-profits.  This helps to keep Sewickley wonderful and will help protect your investment.  Don’t rely on everyone else – we are all busy but we all need to do our part to keep Sewickley appealing to new families.  Second, be sure when you are ready to put your home on that market that you have taken the time to really prep it for market and that it shows fabulously.  Remember, you aren’t just competing with the other homes in town – you are also competing with new construction in adjacent communities and those usually present as move-in ready!

515 Spanish Tract – NEW PRICE – Simply spectacular renovation of this inviting home – it nestled on 7+ private acres in close-in Sewickley Heights.  Expansive windows bring the stunning natural surroundings into every room. Open floorplan, with new kitchen, baths, flooring, windows, roof, generator… four outdoor venues to enjoy the beauty of the location from.  Turn-key ready for you! $1,750,000  Read more…

 

 

141 Beech Ridge Drive – NEW PRICE –  Spectacular 22,000+SF estate nestled on 8 private acres in Sewickley. Remarkable newer custom construction.   Newly painted interior. Half-court indoor basketball court, full racquetball/squash court, complete locker room facilities including sauna, 60’x30’ heated in-ground concrete salt water pool w/ stone waterfalls, patio w/ outdoor fireplace, 6 bedrooms, 5 full & 4 half baths, 9 fireplaces, 6 garage spaces, two kitchens, wine room, roof-top observation deck, new home theater.  Simply remarkable! $3,750,000    Learn More….

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

Ready Or Not- Here it Comes!

I am wondering if you could give an update on how the spring market is looking so far?

The spring market is off to an incredibly strong start, from a seller’s perspective, IF a home is listed under $1million.  New introductions are selling, often with multiple bids, and sometimes in less than 24 hours.  Homes that have been on the market for many months are also selling, and even they sometimes have more than one offer! It is exactly what we all expected – a vibrant market, and its only early March!

Buyers are understandably frustrated!  While houses are coming on the market, the lines of buyers in the more affordable price ranges would look like the black Friday lines at Best Buy when they are selling TVs for $100!  New introductions are selling fast and for more than a simple analysis of the comps would suggest is a market price.  But if you have been waiting for 6-12 months, this may be your best chance at a home that could work for you, so you may have to pay more to beat out other buyers and get in the door!

How do you win in a market like this?  Buyers, you MUST be pre-approved for your financing.  You need to know exactly what you can afford and be able to prove that, in writing, to the sellers you are trying to convince to pick you.  Yes, there is some up-front work involved, but this is what it takes to win in today’s market! You should also have chosen and signed on with a buyer’s agent – waiting for homes to hit Zillow or to have an open house is not an effective way to win in a hot market.  You need a full-time agent dedicated to getting you home options as soon as they are available.  If you really want to win, you also need to spend some time assessing the compromises you are willing to make – 20 years in this business and I can state with confidence that the perfect home is just not out there!

Sellers, we have a huge inventory shortage that has been going on for two market cycles but this is not reflective of the norm in Western PA.  The tables will turn at some point back to a buyer’s market.  If a move is on your radar screen, now would be the absolute best time to call me to develop a strategy to get your home on the market and give you the best return on its sale!

 

 

49 Woodland Road

Boasting newer kitchen and baths in the most sought after Village neighborhood, on a gorgeous tree-lined street with sidewalks to everywhere, 49 Woodland offers a unique opportunity for newer construction in the heart of Sewickley Village.  The main level master offers hard-to-find convenience – upstairs 3-5 additional bedrooms offer plenty of space for family and guests. The beautifully remodeled white kitchen opens to the family room and the light, bright sunroom, with 3 walls of windows overlooking the private backyard.  The three car attached garage offers another hard-to-come-by amenity in the Village, as does the finished lower level! $1,775,000   See More…

 

439 Maple Lane

Its time to think summer!  It might be cold outside, but come spring you will love the endless hours of family fun you can have in this incredible pool complex!  Heated pool, hot tub and bar will make your new home party central! A top-to-bottom remodel of this timeless Edgeworth colonial, with gorgeous new white kitchen with granite tops open to stunning dining room.  Hardwood floors unify great room, study, entry hall and mudroom. Up to eight bedrooms, 4.5 baths, 3 car detached garage. $1,350,000   See More…

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

Getting Into the Homeownership Game

We’ve been out of school for a few years, have been great savers and are thinking about buying our first home, but with the recession not so far behind us, it seems like a risky proposition. Any advice?

The millennials, as they are known, are a very risk adverse generation, having watched first-hand as many family members lost their jobs and/or their homes in the last recession. It’s not hard to understand why they have been the slowest generation to embrace home ownership as part of the American dream. But as scary as it might seem to take that first big step, home ownership remains one of the best investments you can make, and the sooner you get in the game, the sooner you will start making measurable progress toward achieving your financial goals.

Keep in mind that most of the housing losses from the 2008 recession were due to the immediately proceeding banking practices that are now far behind us. People were allowed to borrow without proof of ability to pay, to start with, and many used their homes as ATM machines, financing cars, vacations and college educations on their presumed housing appreciation. Today the lending laws are much stricter in an effort to prevent another crisis, and so you can be assured that if a lender has qualified you for a particular loan amount, you have passed some of the strictest standards and are more than well qualified by any objective standard to get in the housing game.

Owning a home will always be a far better choice than renting. It’s a rare day that owning what you are renting wont cost you less every month, and you are building equity (money you get back when you sell someday) with each payment. If you compare how much it costs you to own a home over 30 years, versus how much it would cost you to rent that home over 30 years, you will always have spent less money and in the end, you will have an asset that you own and can resell if need be. In addition, owning a home gives you certain federal tax breaks that renters don’t get, which further reduces the actual cost to you of owning a home. Home owners also lock in their housing cost for as long as they own that home. So while your $2000 rental payment will go up each year as your landlord increases the rent, how much you spend for a mortgage is locked in for as long as you own your home. Stay there 30 years and you will still be paying the same mortgage payment that you are paying today! No landlord will give you that deal!

This is complex, no doubt, and I would be happy to meet with you to go over the numbers in person, but there is no doubt that its never too early to get into the home ownership game!

 

1432 Beaver RoadNEW PRICE – Complete architect-designed interior renovation of this elegant Sewickley Village Queen Anne Victorian. Private 1.7 acre lot in the heart of Sewickley Village.  Meticulous renovation. 5000SFF+. Remodeled kitchen seamlessly incorporates new cabinetry and granite tops while integrating refinished antique glass cabinet doors into the design. Completely redesigned master suite, with sitting area, turret reading nook, luxurious bathroom and exercise room. Impressive development of the lower level. $1,150,000   See More….

 

21 Thorn Street –   Beautifully remodeled classic historic home on one of Sewickley’s most sought-after streets. Kitchen is open to breakfast room and den; fabulous master suite with gorgeous new bath and private dressing room.  5 bedrooms, including developed third floor.  3.5 baths.  Convenient main level laundry. Finished gameroom on lower level. Two car garage.  Covered front and back porches. Beautiful, large back yard. New roof! An easy walking distance to Village shops and schools. $1,185,000   See More…   See More… 

 

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

Look In Your Pipes Before Your Sign Goes Up

Our neighbor just had to replace their sewer line – is that a common home inspection repair?

Sewer lines have become as radon was 20 years ago – today’s hot button for home buyers. In some boroughs (Mt Lebanon, for example) the borough now requires that before a home seller can transfer ownership, the sewer line must be scoped and must be without issues. Here in the Sewickley area, we do not have any boroughs imposing any such requirement on home sellers, but many buyers today do have a scope performed of the sewer line as part of their home inspection. And yes, if issues are discovered, they do expect the seller to remedy them. If a sewer line needs to be replaced, the cost will likely be between $5,000 and $10,000.

Sewer lines are not something we think about on a daily basis. As long as we don’t have back-ups, we assume that all is well with the line. But this is not necessarily the case. With older homes, sewer lines were made of terracotta pipe and this can break easily and can also be easily infiltrated by tree roots. If you live in an older home and haven’t replaced your sewer line, there is a good chance you have some issues.

Paying for a sewer camera test is not anyone’s idea of a good time, but if you are contemplating a sale of your home, it is probably a smart, pro-active thing to do. If you discover a problem in advance, there may be some cost-effective options for you to solve the problem without a full replacement of the line. Sewer lines can often by lined with a plastic liner. Tree roots can often by removed by hydrojetting. If you wait for a buyer to perform the test, you may get stuck with a full new line — the buyer might not accept one of the compromise options. So its best to explore the sewer line now, before it becomes an issue, and make any needed corrections.

16 Highview Drive – NEW PRICE – Wouldn’t it be sweet to spend your summer this year poolside in your own backyard? You will love the beautiful inground pool and 3.8 acres of privacy offered by 16 Highview, while living in a mature Sewickley neighborhood. With over 4100SF of living space plus a finished lower level, the home features an open floorplan ideal for entertaining. Newly remodeled kitchen, 3 car garage, main level bed/bath for guest, walk-out lower level, sauna, wine room, screened porch & more! Remodeled throughout and ready for immediate occupancy! $625,000.  Read more…

 

 

625 East Drive – NEW PRICE – 625 East Drive is the opportunity of a lifetime! Tastefully remodeled, elegant yet comfortable! Located on one of Sewickley’s finest streets. Built and maintained with impeccable attention to every detail. Richly appointed throughout. Beautiful kitchen loaded with amenities. Private study. Family room with arched windows flood the room with light. Restful owners suite with luxurious his and hers baths. Amazing dressing room. Four to five additional bedrooms, three laundry areas, finished lower level with game room and home gym. Two-car garage with bonus room above. Beautiful, private grounds with large stone patio. $2,500,000   Read more…

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

Better Not Wait ‘Til Spring

We’ve been thinking about starting our search for a new home but were wondering if we should wait until more homes come on the market this spring?

The spring market is here (although with the forecasted low temps for this week it may slow things down a bit)! Buyers are definitely buying right now, so if you think a move is in your future, despite the cold temperatures, the time to get started is now! We have seen homes that have been sitting for months go under agreement in the past couple of weeks, some with multiple offers, and our inventory is dwindling.  We still have many nice options available for you to consider, and this is a far better time to buy than March, April or May.

Why, you may wonder?  We have such a severe inventory shortage with lines and lines of buyers waiting for homes to come on the market. Many homes are selling in just a couple of days, before many buyers have a chance to get out and take a look.  As we head into spring this will only get worse. While none of us have crystal balls, there does not appear to be an avalanche of inventory coming on the market in the coming weeks. I expect by March 1st the bidding wars will begin in earnest for well-conditioned, well-priced homes. (As a side note, even with the inventory shortage that we have now had for well over a year, this is Pittsburgh and not California – buyers still exercise a healthy dose of common sense in making their buying choices and don’t tend to overpay – it is still important to price based on historic sales and not exceed recommended pricing by sizeable amounts). If you don’t want to end up in a bidding war, where there can only be one winner and it may not be you, shop now and avoid the crowd!  You may very well get a better deal than you could on the same house in another month!

In doing so, be sure to follow the advice passed on in prior columns (you can refresh your memory on my blog where these columns are posted each week –see www.AskKathe.com).  Be SURE that you are pre-approved so that when you are ready to buy, you don’t have to waste precious time with this necessary step. When you do this, be sure your credit is good or clean up any issues and reestablish good credit. Give me a call so we can get you set up to be notified of all new listings immediately! And if you might consider selling your home, call me today!  We have lines and lines of buyer prospects for your home!

 

244 Thorn Street

New Listing & Home of Distinction -Sited in an idyllic Village neighborhood, this stately brick home offers unparalleled architectural detailing and an exceptionally large home (6765 square feet) with 7 bedrooms, 5 full baths and a large main level with remodeled kitchen as well as living, dining and family rooms plus den! If you are looking for a special home to put your signature on, 244 Thorn Street is ready for your custom touches!   An exceptional Thorn Street value at $795,000.  Read More…

 

49 Woodland Road 

New listing and Home of Distinction -Boasting newer kitchen and baths in the most sought after Village neighborhood, on a gorgeous tree-lined street with sidewalks to everywhere, 49 Woodland offers a unique opportunity for newer construction in the heart of Sewickley Village.  The main level master offers hard-to-find convenience – upstairs 3-5 additional bedrooms offer plenty of space for family and guests. The beautifully remodeled white kitchen opens to the family room and the light, bright sunroom, with 3 walls of windows overlooking the private backyard.  The three car attached garage offers another hard-to-come-by amenity in the Village, as does the finished lower level! $1,775,000  Read More…

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

To Update or Not to Update

We last updated our home twenty years ago and are now ready to downsize.  Does it make sense to put it on the market at a lower price or do we have to make updates before we list?

You absolutely do not need to update your home before you list! I’m sure that comes as a relief to you.  However, if the last significant updates you made were twenty years ago, you must price accordingly.  Even if your bath tiles are white, for example, and not a turn off, the size and style of tiles has changed in two decades and the baths, although neutral, will feel dated to buyers.  One of the biggest mistakes sellers make is to note what their neighbor’s home sold for and price theirs accordingly.  If the neighbor had new baths (as opposed to neutral baths) or a new kitchen, or new paint colors… they will get significantly more money for their home.  The key to selling with no updates is to get a likely value in “as is” condition from a local expert – I can help you with that! It is important to be clear when pricing, however, what you intend to do before listing – some sellers have projects planned but not completed and that would be important to take into account. As long as you price your home right, your home will sell without updates.

Before deciding to list “as is,” however, it is a good idea to consider what the cost of recommended updates would be and what they might yield you if you make the investment.  Usually, when updates are made right before a sale and are in line with current design preferences, your home will sell faster and the higher price you receive will be far greater than the cost of the updates. If this is something you would like to consider, I would be happy to meet with you to discuss what you might update and how the updates might increase your value.  You could then make an informed decision about whether or not to list “as is” or update.

In the end, you may decide that you value the simplicity of an “as is” listing and the increased price realized is not worth your time and the stress of a project.  Even in that case, it’s a good idea to still stage the home for sale by decluttering and giving it a good scrub down (including windows and carpets).  Homes that are clutter free and have been recently deep cleaned will also sell faster and yield a higher sales price, even if they are not as updated as buyers might prefer.

 

100 Buhlmont Drive

Seeking newer construction but want a home in the Quaker Valley School District?  Check out 100 Buhlmont Drive!  Featuring 4 bedrooms 3 full and two half baths and the convenience of an attached garage, this beautiful brick home offers an open floor plan with large kitchen opening to great room with built-ins and fireplace.  Main level laundry room offers additional convenience. Finished walk-out lower level.  Large yard with plenty of play space.  $647,500  Read more….

 

319 Scaife

Exceptional Sewickley Heights home will take your breath away with its unparalleled beauty. Sited on 5 private acres, it combines the authentic charm of a Sewickley Heights carriage home with modern amenities and stunning design.  Magazine perfect kitchen with top-of-the-line appliances and granite tops opens to a captivating dining room with fireplace and relaxing family room.  French doors open from the gorgeous living room, also with fireplace, onto the sprawling stone terrace, which spills out effortlessly onto the manicured grounds.  Enjoy coffee or wine relaxing under the wisteria-draped trellis. Incredible master suite with three walk-in closets and remarkable custom bath with radiant floors, Victoria and Albert soaking tub and large shower with custom glass enclosure.  Charming enclosed courtyard. Three car attached garage.  $2,150,000    Read More…

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

Happy New Home!

It’s  a new year and we’re ready for a new home!  What should we do first?

Well, you are asking a Realtor that question, so the answer is probably expected!  The first thing you should do is call me! Once you have done that, here is a look at what comes next!  First, we will meet and determine the likely value of your home in the current market.  The market is quite fluid and values move up and down depending on supply.  Currently we have had very low inventory for an extended period of time and buyers are getting very frustrated, so it is possible that we may see an uptick in values again this spring.  When we meet we will also review all of the many ways I will be marketing your home and the timetable for rolling out the marketing to optimize your result.

Once we set a timetable that works for you, you will want to spend some time “staging” your home. At the most fundamental level, this would involve you “de-cluttering” your home.  It’s amazing how quickly we will our closets, basements and attics!  Movers are not cheap – you do not want to move more than you know you will want to keep.  So now is the ideal time to start the clean-out. In fact, we sometimes have closings as quickly as 3 weeks after an offer is presented, so it is best to assume that you will not have much time to pack later and do the clean-out up-front.  This will also help your home show off its spaciousness and storage capabilities! If you are saving things for others (such as the pile of furniture I have stored in my basement for my adult children who I am sure are going to want my 30 year old furnishings someday!), then it would be advisable to find an off-site storage facility and move those items from your home (or more realistically, I would be happy to connect you to charities to come pick them up and give you a tax deduction in exchange – the reality is that those we save for probably really don’t want our stuff anyhow!)  If this all seems incredibly overwhelming to you (and you’re thinking you would rather stay put than face the inevitable clean out), I would be happy to connect you to a home organizer that can take on as little or as much as you don’t want to do! 

Once you feel you are “de-cluttered,” the next step toward selling your home would be to determine whether any repairs or improvements are needed or recommended.  I am happy to walk through your home with you in advance of your listing date and discuss what you might consider addressing and its likely impact on your bottom line.  Not ever seller wants to make repairs and improvements and ultimately that choice is yours, but the market data I will provide to you will help you decide whether its worth it to you to make the additional investment in your home.  If repairs are not possible, we will work on using the disclosure to make sure you are sharing the items upfront with the buyer and pricing accordingly.  This will protect you later from costly repairs if the inspector is the one to raise the issues. 

It’s a lot to do, but together we can make your 2019 real estate goals a reality!

 

244 Thorn Street

Sited in an idyllic Village neighborhood, this stately brick home offers unparalleled architectural detailing and an exceptionally large home (6765 square feet) with 7 bedrooms, 5 full baths and a large main level with remodeled kitchen as well as living, dining and family rooms plus den! If you are looking for a special home to put your signature on, 244 Thorn Street is ready for your custom touches!   An exceptional value at $795,000.

 

49 Woodland Road

Boasting newer kitchen and baths in the most sought after Village neighborhood, on a gorgeous tree-lined street with sidewalks to everywhere, 49 Woodland offers a unique opportunity for newer construction in the heart of Sewickley Village.  The main level master offers hard-to-find convenience – upstairs 3-5 additional bedrooms offer plenty of space for family and guests. The beautifully remodeled white kitchen opens to the family room and the light, bright sunroom, with 3 walls of windows overlooking the private backyard.  The three car attached garage offers another hard-to-come buy amenity in the Village, as does the finished lower level! $1,775,000.

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

Getting a Jump on the Market

Now that Christmas is behind us, we are thinking about making a housing change in 2019.  What is the optimal timing?

The strength of our early spring market is always weather dependent here in sunny Pittsburgh! In a “normal” winter our spring market starts in earnest in mid-January. Certainly by February you would want your home on the market if you are seeking a spring sale. Our early spring buyers (January, February and March) tend to be our best, especially following a period of such unheard of inventory lows. There is currently a long line of buyers eagerly waiting for new market introductions – the competition will likely be great in the early months of our new year, maybe even driving in more of the bidding wars we saw this past fall.

Of course, the interest rates have climbed steadily throughout 2018 and that may put a bit of a damper on rising prices in 2019 – but if inventory remains as low as it has been in 2018, the impact should be minimal.  And if we have a rough winter, as some predict, it may slow the start of our spring market.  But of course, we won’t know that until we are in the thick of it.

All things considered, my best advice to you is to give me a call today so that we can design a strategy that is best for your family and your personal goals. Being ready to go in the spring market as soon as it starts to show signs of life, be it January, February or March, will inure to your benefit!

 

111 Skymark

Gorgeous all brick newer construction in wonderful Sewickley neighborhood. 2 acre private lot. Fully-equipped newer kitchen with custom cabinetry, high end appliances including Sub-Zero, Wolf range, double ovens and Dacor warming drawer open to great room and amazing three season porch with impressive stone fireplace. Mudroom access to attached four car garage. Upper level laundry. Incredible master suite w/ spa-style luxury bath plus three additional bedrooms and three additional baths. Fun for all in the lower level with home theater, game room, exercise studio, full bath and indoor “endless” pool. $1,450,000    Learn More…

 

439 Maple Lane

Its time to think summer!  It might be cold outside, but come spring you will love the endless hours of family fun you can have in this incredible pool complex!  Heated pool, hot tub and bar will make your new home party central! A top-to-bottom remodel of this timeless Edgeworth colonial, with gorgeous new white kitchen with granite tops open to stunning dining room.  Hardwood floors unify great room, study, entry hall and mudroom. Up to eight bedrooms, 4.5 baths, 3 car detached garage. $1,421,000     Learn More…

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

Selling During the Holidays

The holidays are here and our home is on the market – any tips for selling during the holidays?

The holidays can be a challenging time to sell your home – the number of people looking for a home is much lower than almost any other time of year. But those who do look around the holidays are usually very serious buyers and so it is worth making sure that your home presents as well as possible.

Start with a good fall cleanup! It’s definitely time to put your yard to bed! Make sure your yard is well raked and all dead plants removed. Curb appeal is even more important in colder months when the landscaping is less lush and appealing to a buyer. Make sure gutters are cleaned and everything outside is looking crisp.

Make sure you keep your thermostat up for showings – walking into a cold house for a showing can be a real turn-off. Warmer homes will cause buyers to linger when its cold outside – which will allow them time to admire your home’s wonderful amenities.   And of course, with as gray as Pittsburgh can be in the winter, be sure all of your lights are on for showings (and that you have working lightbulbs in all of the lights). Its also a good idea to put a few lights on timers if you are away so the home always looks cheerful from the street.

Holiday decorations always add cheer to a home, but be careful not to overdo it! Keep your decorations this year on the more minimal side, and try to avoid religious themed decorations. Be sure that you de-clutter BEFORE you decorate and also be sure that your decorations coordinate well with your décor scheme. And of course, avoid large inflatables in your yard!

Finally, don’t forget that if it snows, you must keep your driveway and walk clear of snow so that the buyers can easily get inside!

 

1 Ohio River Boulevard

Outstanding opportunity to own this signature commercial building with over
4000SF of space. Formerly the popular Schrman’s Kitchens, this property offers
great visibility at the prominent intersection of Route 65 and Beaver Road
immediately at the entrance to Sewickley Village, with off-street parking for 8-10
cars. This high traffic location is only 2 minutes from I-79 and only 11 miles from
downtown Pittsburgh. Surprisingly large inside and suitable for many uses, the two-
story space is currently configured with several offices and conference spaces,
mezzanine area, additional open areas and two restrooms. An excellent investment
opportunity, this is a versatile building with a flexible layout, high ceilings, a
multitude of possible uses and an ideal location. $195,000  More Info Here…

 

319 Scaife

Exceptional Sewickley Heights home will take your breath away with its unparalleled beauty. Sited on 5 private acres, it combines the authentic charm of a Sewickley Heights carriage home with modern amenities and stunning design.  Magazine perfect kitchen with top-of-the-line appliances and granite tops opens to a captivating dining room with fireplace and relaxing family room.  French doors open from the gorgeous living room, also with fireplace, onto the sprawling stone terrace, which spills out effortlessly onto the manicured grounds.  Enjoy coffee or wine relaxing under the wisteria-draped trellis. Incredible master suite with three walk-in closets and remarkable custom bath with radiant floors, Victoria and Albert soaking tub and large shower with custom glass enclosure.  Charming enclosed courtyard. Three car attached garage.  $2,150,000 More Info Here…

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

Giving Thanks

This time of year we all take the time to give thanks for all of the wonderful things in our lives.  I have much to be thankful for.  The obvious chart toppers are good health, wonderful family and friends, and a warm home to come home to each day (which I particularly appreciate on these chilly November days!)  My gratitude extends much further, however, to all of the people I work with every day that make real estate transactions so seamless for my clients – from the best mortgage brokers and closers to incredible home inspectors and handymen, contractors, electricians, roofers… that I can count on to give their best to my clients.  With them by my side (or on speed dial) I have been able to provide the highest level of service to those with whom I work, and for that I am grateful.

My gratitude, however, extends even further – to forces I can’t control.  We have been very fortunate to have historically low interest rates for a very long period of time (and even though they have been inching up, they are still comparatively quite low), and a taxing structure that has favored home ownership as an investment.  I am always reminded that Uncle Sam, through the mortgage interest deduction, effectively pays a portion of my mortgage every month. Through the system as structured, we are not only able to own homes for less than we could pay to rent them, but at the same time we are building equity which will be there for us when we retire and are seeking that nest egg to purchase our retirement home with.

Are you taking advantage of all that is available to you?  It’s hard to imagine that there will ever be a better time to begin or increase the size of your nest egg in real estate.   If you’re ready to downsize and cash in your nest egg, it’s an absolutely ideal time – inventory is low, interest rates are still on the historically low side and we have buyers waiting in line for Sewickley homes.  The spring market starts in January – the time to sell is now!  Enjoy your holiday, and give thanks for all that is wonderful in your life!

A New Home for the Holidays

907 Nevin

Where else in Sewickley can you get an essentially new home with 4 bedrooms, 3.5 baths AND a 2 car garage for under $400,000?!  Top to bottom renovation to this adorable Village home! 4 bedrooms, 3.5 new, stylish baths, 3 finished levels, new 2 car garage. Incredible open floorplan unified by new hardwood floors.  New kitchen with white cabinetry, granite tops, stainless appliances. Doors open to large and inviting, private rear deck.  Move right in and enjoy! $389,000  Read More….

 

319 Scaife

Exceptional Sewickley Heights home will take your breath away with its unparalleled beauty. Sited on 5 private acres, it combines the authentic charm of a Sewickley Heights carriage home with modern amenities and stunning design.  Magazine perfect kitchen with top-of-the-line appliances and granite tops opens to a captivating dining room with fireplace and relaxing family room.  French doors open from the gorgeous living room, also with fireplace, onto the sprawling stone terrace, which spills out effortlessly onto the manicured grounds.  Enjoy coffee or wine relaxing under the wisteria-draped trellis. Incredible master suite with three walk-in closets and remarkable custom bath with radiant floors, Victoria and Albert soaking tub and large shower with custom glass enclosure.  Charming enclosed courtyard. Three car attached garage.  $2,150,000    Read More…

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

Selling Around the Holidays

Now that the holiday’s are approaching, should we take our home off the market and give it a rest until spring?

It’s a well established myth that our market slows down over the holidays!  While it might be true that we (happily) transact very little business on Thanksgiving Day or Christmas Day, the fall and winter months are no less vibrant than most other months!

An historic review of our market here in the Quaker Valley School District reveals, as you might have guessed, that March, April and May are our strongest months for homes going under agreement.  However, when it comes to the remaining nine months, when reviewing a multi-year cross section of data it is clear that they are nearly even in the number of sales that happen each month.  Yes, there are occasionally months like this past September when very few sales are transacted, and we are never really sure why that happens (anxiety over impending midterms perhaps?)  But taking a long term view of the market it is clear that the market is just as strong in November as it is in July.

Additionally, while there are more home sales in March, April and May, there will also be significantly more competition.  We have yet to abolish the notion that spring is the best time to list your home, and so many sellers (who don’t read my articles) are shooting for a “spring” market entry (and often miss the mark as spring means coming on in February, not May!)  If your home is currently on the market, my best advice is to stay the course – there is very little for buyers to choose from right now and there will be offers made on homes in the next few months – yours could be the one that sells!

 

1 Ohio River Blvd, Sewickley

Outstanding opportunity to own this signature commercial building with over 4000SF of space. Formerly the popular Schrman’s Kitchens, this property offers great visibility at the prominent intersection of Route 65 and Beaver Road immediately at the entrance to Sewickley Village, with off-street parking for 8-10 cars. This high traffic location is only 2 minutes from I-79 and only 11 miles from downtown Pittsburgh. Surprisingly large inside and suitable for many uses, the two-story space is currently configured with several offices and conference spaces, mezzanine area, additional open areas and two restrooms. An excellent investment opportunity, this is a versatile building with a flexible layout, high ceilings, a multitude of possible uses and an ideal location.  $195,000  See more …

 

1410 Pennsylvania Avenue

Looking for a change of pace?  How about a move into the city? Rare Gothic Revival home on Pittsburgh’s North Side showcasing remarkable architectural features and grand rooms. Meticulously renovated. 11’ ceilings on main level, hardwood  floors, grand staircase, impressive fireplaces and woodwork. Remodeled kitchen with 48” Wolf commercial grade gas range, well-designed and appointed butler’s pantry/mud room. Master suite w/ dressing room is a dream come true! Beautifully remodeled bath includes marble floor, soaking tub, custom shower w/ seamless glass enclosure. Three additional bedrooms and two new baths plus upper level laundry room, game room. Professionally landscaped yard, private back patio, covered front porch. 2 car garage.. $698,000    See more…

 

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

The Almost Perfect Home

We have been searching for our new Sewickley home for about 9 months with no luck – there doesn’t seem to be much of a selection and we cant find our perfect home – any advice for a family of weary home lookers?

Sewickley is a small town which makes it a unique and wonderful place to live, but with it’s small town appeal comes a definitely smaller number of homes to begin with and yes, in some price brackets, inventory has been far tighter than it has been in the past. It is beginning to feel like Sewickley is such a great place to live that no one wants to move!

When we moved here 25 years ago from D.C., we had a long list of “must haves” that we searched the greater Pittsburgh area for. Our real estate agent showed us only one home in Sewickley – that’s all that was available in our price range at that time! It met very few of our must haves – it did not have a master bedroom, it did not have a two car garage, it did not have central A/C and it did not have a family room. But it did have tree lined streets and sidewalks to everywhere and that was our #1 criteria, so we bought the home despite all of its perceived shortcomings.

In the intervening years (and in the two Sewickley home purchases we have made since then), I have learned that if one wants to live in Sewickley, he or she will ultimately need to bend on the must haves a bit. Price will not help – no matter what the price point, there are simply no perfect homes. It is important to evaluate each home through a slightly different lens. Consider how close a possible home comes to meeting your needs. If it meets about 80% of your “hope to haves” and if you could change another 10% over time to be much closer to what you hope to have, with the remaining 10% being things you wish you could change but realistically cant and will have to learn to live with, then the home is likely a home run and one you should seriously consider buying. I call this the 80/10/10 rule – and I have observed that once buyers come to terms with this concept, they can finally find their place to call home. Those that hold out for “perfect” – looking for the home that meets 90%+ of their hope to haves – will find themselves sitting on the sidelines as one home after another sells – that needle in the haystack simply does not exist.

And so, for example, if you have found a great home with the space you need that is in terrific condition in a nice neighborhood and with a great yard, but you don’t love the kitchen and you think it is a bit too far from Starbucks, give it another look. 80% is likely a yes. The kitchen (10%) can be changed over time. And you can learn to adjust to the extra ½ mile to Starbucks – its still walkable! My best advice to you is to start looking at homes through this 80/10/10 lens – you may be surprised to find that “perfect enough” has been waiting for you all along!

63 Thorn Street

Expertly remodeled, 63 Thorn paints a modern landscape on a charming traditional palate to create an exceptional home for the millennium home buyer.  Sited on a large lot with fully fenced back yard. The expertly designed and crafted kitchen (which is open to the kitchen) is flooded with light from an entire wall of windows that bring the private backyard into this warm and inviting space.  The dining room has also been opened to the back yard through an impressive wall of windows and doors, and spills effortless out onto the new back deck.  The second level is home to a new master suite with large closet and spa-like private bath.  Four additional bedrooms, two full baths and a convenient second floor laundry room complete the upper levels.  $1,595,000 More Info Here…

219 Orchard

A spectacular Sewickley Village transformation!  Large two-story addition of 1000SF+ incorporates a new large family room, mudroom and luxurious master suite. This complete renovation included all new wiring, zoned central A/C added to the home, 2.5 new baths including a gorgeous master bath, addition of main level laundry and new kitchen featuring abundant white cabinetry topped with Quartz, stainless appliances, and large center island overlooking the large great room. New master suite includes vaulted ceiling, spacious walk-in closet with laundry chute, Fenced rear yard with patio. $599,000 More Info Here…

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

Getting Your Home Market Ready

We watch a lot of HGTV and aren’t sure what is the most important thing to tackle when getting our home ready for the market.

Presenting a market ready home is the most important thing you can do to help your home sell quickly and for top dollar. Market ready is not, unfortunately, necessarily what you would choose if you were staying in the home and will not necessarily reflect your personal tastes. In preparing your home for market, it is important to keep in mind that you are moving and prepare your home for the tastes of your most likely buyer. The price point of your home will give you a good idea of who that buyer will likely be and that will help you and your agent strategize as to modifications necessary to attract that buyer.

The one thing that is reasonably universal across all price points is the general dislike of wallpaper, and so the most important thing you can do to prepare your home for market is to remove all of your wallpaper (including borders) and paint in a current color palette (which does not necessarily mean beige, but could include grays and greiges). Wallpaper is so very personal – I liken it to asking someone to wear your wedding dress – it is just not something that many people will want to do. There will be some buyers who might tolerate your wallpaper, but the likelihood is that most buyers will view it as too much work to take it down and move on to another home where they don’t face the issue. It is therefore prudent to remove your wallpaper and give yourself the greatest chance of a sale with the most buyers possible.  Yes, wallpaper is making a comeback — for your personal design.  But with buyers nothing has changed – it reflects your personal taste and should be removed before selling.

The paint color you choose to paint in (and please, do NOT paint over your wallpaper!) is also key. It is not advisable to choose paints that complement your furnishings (you are moving, remember?). It is very important to avoid choosing colors that could possibly be viewed as dated (such as peaches, pinks, burgundies, teals). Gray or greige remain great choices. Not a gray person? You might change your mind if you saw how fast homes painted in a gray or greige palette sell and how much over market buyers will pay for a gray/greige palette universally applied throughout a home.

So yes, we understand that your wallpaper works perfectly with your décor scheme. But we also know that the vast majority of our buyers don’t want it – so prepare yourself for success – take your wallpaper down before you enter the market and paint in a current and reasonably neutral color palette.

625 East Drive

625 East Drive is the opportunity of a lifetime! Nowhere else in Sewickley Village do all of the elements of the ideal Village experience merge so beautifully in one home! Tastefully remodeled, elegant yet comfortable! Located on one of Sewickley’s finest streets. Built and maintained with impeccable attention to every detail. Richly appointed throughout. Beautiful kitchen loaded with amenities. Private study with richly molded walls and handsome wood-burning fireplace. Family room/morning room with arched windows flood the room with light. Restful owners suite with luxurious his and hers baths. Amazing dressing room with mahogany center island is loaded with storage and anchors this stunning space; walls of mirrored custom closets affording incredible storage ring this impressive room. Four to five additional bedrooms, three laundry areas, finished lower level with game room and home gym. Two-car garage with bonus room above. Beautiful, private grounds with large stone patio. $2,800,000  More Info Here…

439 Oliver Road

Located in one of Sewickley’s most sought after neighborhoods, this home is beautifully remodeled and offers three spacious finished levels of living space, including a main level bedroom suite! Gleaming hardwood floors unify the main and upper levels of the home. The newer kitchen is open to both the dining area and large family room with vaulted ceilings. Walls of windows overlook the beautiful backyard – French doors open to the private patio. A convenient mudroom provides access to the attached garage. Upstairs there are three bedrooms including the restful master suite with beautiful bath. The lower level includes a finished game room, full bath, fifth bedroom and a spacious storage/mechanics/laundry area. Fully fenced backyard with fire pit. Close proximity to all village amenities and schools. Freshly painted interior…move in and enjoy all that Sewickley has to offer. $689,000 More Info Here…

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

Finding the RIGHT DOWNSIZER!

We are thinking of downsizing, but can’t find a place to go.  Any ideas on how to approach this transition?

If you’ve been sitting on the sidelines this spring waiting for your downsizer to come on the market, you may be feeling disappointed right now.  We continue to have an extreme lack of inventory.  Here are some options for those of you who want to downsize to consider:

If you are looking for patio homes, we have a limited inventory in Sewickley, with Elmhurst (nothing available) and Sewickley Ridge (in Aleppo – one available).  However, we do have nearby communities that have wonderful patio homes including options off Nicholson Road in Franklin Park and Ohio Twp, all still in “15143” including Diamond Run, The Fields of Nicholson and Traditions Sewickley Ridge.  We also have townhomes in Sewickley Village (none currently available), some with elevators, townhomes in Sewickley Heights manor, townhomes in Moon overlooking Sewickley and townhomes in Ohio township (still “15143”).  If you are looking for that illusive Village ranch, you may be waiting a while and looking at a large project to bring it up to modern standards.  We often have ranch opportunities outside the Village however.  We also have a nice selection of condos.  If you are hoping to spend a lot of your time traveling, while a condo may seem on the small side at first, it may be all you need if you won’t be in Sewickely all year.  316 Beaver Street has just undergone a smart remodel and offers stylish in-town condos.  The Linden, Brittany and Normandy provide additional options.

Perhaps you would consider a new adventure for your downsize?  We have had many local families move into the city, with some cool options to choose from.  If you are really looking to shake up your life, and don’t have a need for our school district, moving into the city might be a fun avenue to explore.

Early fall can be a very strong market.  We are encouraging homeowners who are considering a move to list this fall!  If your buyer is out there and we can’t find your ideal downsizer, there are the options of a delayed closing to give you more time, as well as an interim rental.  Give me a call if you would like to explore this further!  412.779.6060

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

What About the Basement?

After renovating our 100+ year home inside and out, all that remains is our basement. Our stone foundation is in decent shape.  How important is it (or worth it) to clean this space up and how far should we go?  Would I get the return on my money?

 A basement often reveals more about a home than any other part of your home. It is therefore, more important than you might think that your basement present well. Most of what needs to be done to basements doesn’t need to be very expensive. Your basement should be easy to access. Whether you are staying or selling, excess clutter is not your friend –if you have a damp basement, it will harbor mold. Clean out now while the weather is still nice! Your basement must be dry. If your basement just feels humid, then you must run a dehumidifier 24/7. If you have ever had water seepage in your basement, you will need to solve the problem. The quickest, easiest and most common fix is to make sure your gutters are kept clean, your downspouts are properly diverted at least 3 feet away from your foundation and that when it rains, water does not drain toward your home (in which case you would need to add soil to change the slope around your home). If that doesn’t work, you will need to invest in a professional waterproofing company.

Your basement should be light and bright – adding a few extra bulbs to the ceiling is something easily done inexpensively that will dramatically improve the feel of your basement. A fresh coat of paint on the floor will also help and is cheap to do (use porch floor paint). Glass block windows are a good investment – they are not very expensive and they add extra security and protection against termites and water intrusion to your home (I recommend including a vent block in each window so you still have the ability to circulate some air). Cleaning up old and unused wiring and plumbing is also a good idea if you have a handyman who can do it cheaply for you – it will certainly make inspections go more smoothly.

Getting your basement up to basic safety and code standards will also save you on inspections down the road. You should have a smoke detector near the furnace, any plugs should be GFCI outlets and if your basement connects to the garage, the door connecting them should be a steel door. Some of the more expensive fixes are unlikely to yield much of a return. Some people choose to spray their ceilings black – it’s a fun effect but unless the basement is being finished, it is unlikely to yield dividends. Others choose to parge their walls – this actually makes a sandstone foundation look much better, but unless you can do it yourself, it can be expensive. I do not recommend painting walls with dryloc, however. Paint is food for mold and this might only cause more problems!

 

FEATURED HOMES

111 Skymark  – New Price! 

Gorgeous all brick newer construction in wonderful Sewickley neighborhood. 2 acre private lot, beautifully landscaped with plenty of green space. Fully-equipped newer kitchen with custom cabinetry, high end appliances including Sub-Zero, Wolf range, double ovens and Dacor warming drawer open to great room and amazing three season porch with impressive stone fireplace. Mudroom access to attached three car garage. Upper level laundry. Incredible master suite w/ spa-style luxury bath plus three additional bedrooms and three additional baths. Fun for all in the lower level with home theater, game room, exercise studio, full bath and indoor “endless” pool. $1,450,000… See more

 

1432 Beaver Road

Complete architect-designed interior renovation of this elegant Sewickley Village Queen Anne Victorian. Sited on a private 1.7 acre lot in the heart of Sewickley Village.  Meticulous renovation and transformation into a home that works perfectly for millennial families. 5000SFF+. Remodeled kitchen seamlessly incorporates new cabinetry and granite tops while integrating refinished antique glass cabinet doors into the design. Completely redesigned master suite, with sitting area, turret reading nook, luxurious bathroom and exercise room. Impressive development of the lower level incorporates a family room, office, kitchenette/bar area and powder room into the home. $1,200,000.  See More

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

The Effect of Rising Mortgages

We’ve noticed interest rates are rising on mortgages.  What effect do you think that will have on our market?

You are correct – the fed raised the interest rates AGAIN this year, and have indicated that we need to be prepared for two more rate increases in 2018. Those increases are expected in September and December and many forecasters are expecting that rates will be over 5% by 2019.  The economy has been incredibly strong and unemployment is lower than it’s been since the 1960s (excepting one month in 2000).  With a surging economy, the fed is forced to raise rates in an attempt to keep investors interested in mortgages, control inflation and avoid a possible future economic crash.  Rates are ¾ point higher than they were last year.  Nonetheless, historically 6% is considered an excellent interest rate and they are still well below that!

With all of that in mind, today is as good as its going to get for years to come for mortgage interest rates.  So don’t procrastinate any longer!  If you are thinking of a move, there is no better time than now to find a new home and lock in your interest rate.  In September you will likely pay more for the same house over the life of your loan than  you would if you bought it roday.  What impact will these rising rates have on the market?  Some buyers will not be able to afford a home that they could have afforded previously – as rates rise all borrowers will qualify to borrow less and that lower number may or may not be enough for you to be able to buy the home of your dreams.  All buyers will pay more for their homes over the life of the loan than the could have had they purchased earlier.  Ultimately, higher rates could depress home values as buyers can afford less, but I do not see that happening in this market.  We just do not have enough inventory for rising rates to depress home prices…yet.  But if we ever bring supply in line with demand again, we may see rising rates soften home values.

Of course, as rates rise it becomes very important to shop your loan product.  Those who get two lender estimates save on average $1500 upfront and those that get 5 save $3000 upfront on average.  Most buyers will take the time to shop around for a new car, so why not take the same approach toward your mortgage. With rising rates, you will appreciate the  upfront savings!

Featured Homes

625 East Drive

The opportunity of a lifetime! All of the elements of the ideal Village experience merge beautifully in one home! Tastefully remodeled, elegant yet comfortable! Located on one of Sewickley’s finest streets. Built and maintained with impeccable attention to every detail. Richly appointed throughout. Beautiful kitchen loaded with amenities. Private study with richly molded walls and handsome wood-burning fireplace. Family room/morning room with arched windows flood the room with light. Restful owners suite with luxurious his and hers baths. Amazing dressing room with mahogany center island. Four to five additional bedrooms, three laundry areas, finished lower level with game room and home gym. Two-car garage with bonus room above. Beautiful, private grounds with large stone patio. $2,800,000

 

219 Orchard Lane

A spectacular Sewickley Village transformation!  Large two-story addition of 1000SF+ incorporates a new large family room, mudroom and luxurious master suite. This complete renovation included all new wiring, zoned central A/C added to the home, 2.5 new baths including a gorgeous master bath, addition of main level laundry and new kitchen featuring abundant white cabinetry topped with Quartz, stainless appliances, and large center island overlooking the large great room. New master suite includes vaulted ceiling, spacious walk-in closet with laundry chute, Fenced rear yard with patio.  $650,000

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

What About an Appraisal Contingency?

With all of the bidding wars happening in this hot market, should we put an appraisal contingency in our offer?

Appraisal contingencies are added to agreements when buyers are concerned that their offer may be over market value.  If you are getting a mortgage, they really aren’t necessary if you are putting 20% or less down on your home.  Your bank will need your new home to appraise so that your debt percentage is not greater than 80%.  If it doesn’t appraise, you will either have to throw in more cash or reduce the sales price of the home, or the bank will refuse to fund the loan.

If you are paying cash for your home, or have a small planned mortgage, your only protection from over-paying is to insert an appraisal contingency into your offer. If the home fails to appraise, you will have the option of terminating the agreement if you choose, or possibly re-negotiating the price.  While this may sound like a fool-proof option, when we are in a hot market, with limited inventory and limited options for buyers, the goal is to reduce the number of contingencies to make your offer more appealing, not to add more! When evaluating whether they want to take their home off the active market to work with your offer, a seller will weigh all of the components, and an appraisal contingency weakens your offer as it is one more hurdle the seller must overcome before they can proceed to closing.

There is a definite risk that in a hot market you could overpay for a home.  Homes are in some circumstances selling for tens of thousands of dollars in excess of the list price. Unfortunately, this may be what it takes to get a home.  Inserting an appraisal contingency will only weaken your offer and could cause you to lose a bidding war. The best course of action if you want to win is to ask your agent to prepare an analysis of comparable sales and use that to determine your best offer, leaving out the appraisal contingency and hopefully succeeding in your bid to buy a new home.

FEATURED HOMES

 

7 Harvester Court

NEW PRICE — Want more space between you and your neighbors? Your search is over!  This custom-built all brick colonial is sited on a nearly 2 acre lot, in a quiet, private neighborhood.  Just renovated, it features 3 new luxury baths, newer kitchen, new roof, new HVAC, new deck, new paint in modern aesthetic and more. Totally turn-key for you and your family! 4 bedrooms, 3.5 baths, 3 car garage, finished walk-out lower level.  $737,500  See More Details…

 

212 New England Place

NEW LISTING – Located on a quiet cul-de-sac in a prime Edgeworth location, this spacious colonial is loaded with amenities.  Classic details blend with modern.  Newly refinished hardwood floors unify the main level of the home. New kitchen with stainless appliances is open to dining and family areas.  Three walls of windows flood the family room with natural light and bring the backyard into this wonderful space. Four large bedrooms, two new baths on the upper level plus a finished lower level with full bath. $595,000   See More Details

 

 

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

Zillow Information Not Always Correct

The information on Zillow is incorrect about our home.  Should we address this?

Zillow is relied upon by millions of consumers for their real estate information and so it is important, if you plan to sell your home, that the information be correct.  Incorrect information can lead to poor buying decisions on a buyer’s part and might also adversely impact your Zestimate.  On their website, in the very fine print, Zillow itself admits that its Zestimate reliability in Pittsburgh is not particularly good, but most people don’t read the fine print.  So before you list your home for sale, take the time to check it out with Zillow and correct the errors you see by clicking on the “Correct Home Facts” tab, setting up an account and submitting the requested error corrections.  It is possible to dispute the Zestimate as well, so if you are listing your home for sale and the number is significantly lower than you anticipate it is worth, it may also be worth your time to do this before you list.

It is important, however, to be aware that whatever you post to Zillow stays there. As tempting as it might seem to try a “For Sale By Owner” to “save” the real estate commission (and I say this with emphasis because it is the buyer, and not the seller, who is paying the commission – if you are a FSBO they expect you to deduct the realtor fees you are not paying from your price, so the savings is theirs), I do NOT recommend listing FSBOs on Zillow.  Once they are there, they become part of a price history on the home, and if you ultimately employ an agent and try to raise the price, the buying public will be able to see online your earlier price and you will struggle to get traction at the higher price point.

Zillow is a popular online tool for many consumers (my preference is howardhanna.com as it is not owned by a publicly traded company reporting to shareholders  and is not selling space to make money for shareholders, which in some instances may not be in a consumer’s best interests). Given that many consumers use Zillow, I do recommend you take the time to get the information about your home correct before listing!

FEATURED LISTINGS

1432 BEAVER ROAD

Complete architect-designed interior renovation of this elegant Sewickley Village Queen Anne Victorian. Sited on a private 1.7 acre lot in the heart of Sewickley Village.  Meticulous renovation and transformation into a home that works perfectly for millennial families. 5000SFF+. Remodeled kitchen seamlessly incorporates new cabinetry and granite tops while integrating refinished antique glass cabinet doors into the design. Completely redesigned master suite, with sitting area, turret reading nook, luxurious bathroom and exercise room. Impressive development of the lower level incorporates a family room, office, kitchenette/bar area and powder room into the home. $1,200,000

444 WOODLAND ROAD

Privacy in the heart of Sewickley Village!  2.973 Acres with mature landscaping, sprawling lawns, in-ground pool, private patio and natural woodlands that provide a year-round buffer for this magical property, yet Village shops and restau

rants are just a few blocks away! Renovate to restore the home’s original relaxed elegance, reminiscent of New England seaside homes.  Or replace with your own 21st century home of your design and creation!  A rare opportunity in Sewickley!  $725,000

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

Seeking Other Options?

We’ve been patiently waiting for a home in the Village – prices seem to be going up and we still haven’t found anything.  Any advice?  Should we consider Wexford?

We are in the middle of a very long inventory shortage.  April is almost here and we may see more homes come on the market (I sure hope so), but it would take 100+ homes to hit he market in the next few weeks to even begin to address our inventory shortage.  That shortage is region wide – there is no magic to looking in other areas – inventory is low across our entire area right now. That said, why not give some serious consideration to homes in Sewickley that are not in the Village?

Sewickley homes located “up the hill” offer many of the same advantages as Village homes!  Their owners feel a part of our community and can take advantage of our exceptional school district.  But “up the hill homes offer many benefits that are harder to find in Village homes.

  • “Up the hill” homes are typically on significantly larger lots than those in the Village – more space for Fido and the kids to play!
  • As a result of the larger lots, “up the hill” homes typically offer much more privacy – you won’t know your neighbor’s every move!
  • “Up the hill” homes tend to be much newer, which means they have more updated floor plans, larger closets, more and larger garages.
  • Because they are newer, “up the hill” homes tend to require far less maintenance as their plumbing, wiring and HVAC are modern, which means more money for fun things like vacations!
  • In an “up the hill” home your kids can’t wander off into the Village without you being aware!
  • “Up the hill” homes usually offer a much better value – you will get a bigger home on a bigger lot in more updated condition for less money than you could buy in the Village!

Don’t give up on Sewickley – we have many wonderful homes—just broaden your horizons and take a look “up the hill.”  Check out the two below, or call me if you would like to know more! 412.779.6060

FEATURED HOMES

 


300 Chaucer Ct

With its beautiful acre of land in an idyllic “up the hill” Sewickley neighborhood, you can be moved in to host warm weather fun this summer! Throw memorable parties at this turn-key Sewickley home! The large deck and covered stone patios spill onto the manicured lawn, with sport court, outdoor bar, covered ping pong area and Rainbow playset. Inside, a stylish aesthetic seamlessly unifies the three finished levels. 4 bedrooms, 3.5 baths, 3 car garage. $750,000. Read More…

 

 

16 Highview Drive

Just in time to plan for your most fun summer yet, 16 Highview offers a beautiful in-ground pool and 3.8 acres of privacy, yet sited in a mature Sewickley neighborhood.  With over 4100SF of living space plus a finished lower level, the home features an open floor plan ideal for entertaining.  Newly remodeled kitchen, 3 car garage, main level bed/bath for guest, walk-out lower level, sauna, wine room, screened porch & more!  Remodeled throughout and ready for immediate occupancy! $695,000.  Read More…

 

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

SPRING HOME SELLING TIPS

With the weather starting to warm up outside, any tips for selling our home?

Spring is in fact on it’s way!  The bright sunshine and warming temperatures will unlock our yards from their winter nap soon and it’s a great time to be focused on making sure the outside of your home looking great for prospective buyers. Curb appeal is critical to attract buyers – if your home doesn’t look great from the street, buyers (who often drive by before making an appointment to see a home) may decide they aren’t interested before stepping inside.  Start with the front of your home and work your way back to your non-public spaces.  On our sunny days, head outside and make sure you have cleaned out your beds from the fall.  Rake out any leaves, trim back shrubs.  Order fresh mulch to be delivered the first week in April.  Keep an eye out for pansies when you are at the store and add them to planters out front.  In early April review your lawn and make sure it is in good shape.  If there are bare spots, have them reseeded.   If you have large trees on your property, make sure they are all healthy and any dead limbs are removed.

This is also a great time to make sure your gutters are clean – gutters full of leaves suggest a homeowner isn’t up on their maintenance.  Also be sure to have your windows cleaned inside and out.  With the sun streaming in through the windows, squeaky clean windows are very appealing to a buyer.   Take the time to put out your outdoor furniture and any warm weather yard items (such as planters).  Be sure patios and porches are well swept.   Step back from your home and see whether your paint is in good shape- – if there are areas that are peeling, have the scraped and repainted.  Be sure the front door is clean and nicely painted.  Remove all seasonal décor (Christmas wreaths and lights).   Ask a friend to stop by and do a quick walk-around for any areas that need attention – a fresh eye is always likely to catch those things you have gotten used to and overlook.

The spring market is in full swing!  Take advantage of the next few weeks and make sure your home is well-prepared for the strongest market of the year! If I can be of any service answering any of your real estate needs, please feel free to get in touch with me.  Real estate is what I do!! Kathe Barge, Call or Text 412.779.6060

FEATURED HOMES

1432 Beaver Road

New Listing – Complete architect-designed interior renovation of this elegant Sewickley Village Queen Anne Victorian. Sited on a private 1.7 acre lot in the heart of Sewickley Village.  Meticulous renovation and transformation into a home that works perfectly for millennial families. 5000SFF+. Remodeled kitchen seamlessly incorporates new cabinetry and granite tops while integrating refinished antique glass cabinet doors into the design. Completely redesigned master suite, with sitting area, turret reading nook, luxurious bathroom and exercise room. Impressive development of the lower level incorporates a family room, office, kitchenette/bar area and powder room into the home. Top to bottom, this charming yet modern home is ready for your millennial family. $1,200,000

180 Summerlawn Drive

Beautifully remodeled open concept 17 year old home on ½ acre wonderful lot with large backyard in a delightful Sewickley neighborhood close to Village. Four finished levels of living space including finished walk out lower level. Kitchen with new stainless appliances open to family room.  Main level laundry.  Large master suite. Four bedrooms, 3 full and 2 half baths. Third floor gameroom.  New roof. $599,000.

 

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

THE RISING INTEREST RATES vs. HOUSING MARKET

What impact do you think rising interest rates will have on the real estate market?

I can’t tell you how many years the Fed has been warning us that they are going to raise the interest rates, and then nothing happened. But now, it looks like it is finally happening. Less than one year ago, conforming loans with good credit could be procured, on a good day, at rates below 3% fixed. Now they have inched up to 4.25% for conforming loans and 4.75% for jumbo loans. While these are still historically great rates, the days of mortgage interest rates in the 3% range appear to be gone and we are slowly inching toward 5%.

What impact will this have on the market? Typically, when rates increase the market slows. Buying power decreases – a buyer will qualify for a smaller mortgage amount when rates are higher. Even if a buyer qualifies for a loan amount, they may not want to pay the added amount each month attributable to the higher rate. Many buyers are cognizant of how much they don’t have available to spend on quality of life purchases, such as dinners out, when they have larger mortgage payments. This boils down to the fact that they may be unwilling or unable to buy at a price they could have last year, and this could depress housing prices.

However, this is counterbalanced by the fact that we are in a market with record low levels of inventory, so it is highly unlikely that interest rates will have any effect on housing prices in the short run. If anything, rising rates should cause buyers to move quickly and lock in homes and mortgages before rates continue to climb. And this would be the most sensible short-term response to rising rates. Buyers – rates are actually going up! The time to act is now!

FEATURED HOMES

73 Thorn Street
NEW LISTING — A wonderful renovation of this classic Sewickley Village Victorian! Offering modern amenities yet loaded with charm, you cannot beat the central Village location! Original details, including beautiful mantles, handsome moldings and a striking staircase anchor the home in history and balance the newer kitchen with stainless and granite and 4.5 newer baths, creating a home that seamlessly merges the past with the present. In addition to generous living and dining rooms and kitchen open to family room, the main level features a convenient laundry room. The upper two levels are home to five bedrooms plus two dens. The covered back porch is perfect for relaxing on warm evening and flows effortlessly onto the large lawn. Two car garage. Please join me for my open house Sunday, 1-4pm at 73 Thorn Street, Sewickley. $1,225,000

1 Oak Drive
NEW LISTING – Well-maintained brick Tudor-style home close to Sewickley Village. Spacious floor plan. Thoughtfully updated with quality renovations that have maintained the home’s character and original workmanship while including the desired modern amenities. Remodeled and expanded kitchen features custom cabinetry with granite tops, stainless appliances. Convenient mudroom. Three bedrooms including master and two remodeled baths. Lower level family room. Two-car garage, plenty of outdoor space including the charming brick patio! $475,000.  See More… 

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

A VALUABLE PIECE OF ADVICE FOR SELLERS

What rights do sellers have to keep buyers in a home sale agreement, once they put a home under agreement? If the buyer back’s out, do we get to keep their hand money?

Assuming the standard Pennsylvania Agreement of Sale is used to sell a home, a home seller has very few rights to keep a buyer in that agreement.  First, any home inspection contingencies must be satisfied.  Unfortunately, unless modified, buyers have the absolute right to terminate the agreement if there is anything at all on the home inspection that they are dissatisfied with, even if a seller is willing to repair that item or items.  Nothing is more disheartening for a home seller than to put their home under agreement, only to lose the deal because of inspection concerns.  This is a result that can be mitigated by home sellers.  All home sellers can, and should, have their homes pre-inspected to help avoid the inspection termination scenario.  Yes, if the inspector finds issues, they need to be repaired or disclosed.  But this will be the case anyhow once the buyer finds them, and they will!  All too many home sellers adopt the position “we’ll address that if the buyer asks.”  The problem with that approach is that a seller may never get the ask – they may just get the termination letter.

Once the inspection hurdle is overcome, there may be additional contingencies that buyers have to overcome before a seller is close to having a secure agreement.  A buyer may have to get financing, and if they place a mortgage contingency in the agreement and a lender refuses to give them a loan for any reason, they can terminate the deal. The most frequent cause of mortgage issues is a failure to appraise.  An appraisal contingency can be a contingency in its own right, and if a home fails to appraise, the buyer will have the right to terminate the agreement.  In this market of low supply and high demand, some sellers of premium properties are extracting market high prices for their homes and appraisal failures are a real risk.  If this happens, a seller will need to consider whether to reduce the price or put the home back on the market.

Whenever a buyer terminates under a contingency contained in an agreement, the buyer receives a full return of the hand money and the seller’s only recourse is to put the home back on the market.  So sellers, do yourself a favor, pre-inspect your homes.  The $500 you will spend is the best insurance policy your money can be in maximizing your chances for a successful sale!

FEATURED HOMES

108 Grouse Lane

NEW LISTING – Beautifully remodeled colonial on 1.2 acres close to Sewickley Heights Golf Club! Hardwood floors unify both levels of this spacious home. The kitchen has been nicely remodeled.  With three walls of windows overlooking the park-like backyard, the breakfast room is awash in natural light! Glass doors open onto the back patio and deck. Two wood burning fireplaces.  4 bedrooms. Exceptionally well cared for and move-in ready! Open this Sunday 1-3pm.  $725,000.  See More…

 

16 Highview Drive

NEW LISTING – Just in time to plan for your most fun summer yet, 16 Highview offers a beautiful inground pool and 3.8 acres of privacy, yet sited in a mature Sewickley neighborhood.  With over 4100SF of living space plus a finished lower level, the home features an open floorplan ideal for entertaining.  Newly remodeled kitchen, 3 car garage, main level bed/bath for guest, walk-out lower level, sauna, wine room, screened porch & more!  Remodeled throughout and ready for immediate occupancy!  Open this Sunday 1-3pm. $695,000.   See More….

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

WHY YOU NEED A BUYER’S AGENT

We’ve been watching realtor.com and calling listing agents about new listings. Agents keep asking me if I have a buyer’s agent. Why would I want one?

It ‘s a good idea to recognize exactly what a buyer’s agent is to you – essentially an almost free invaluable resource to you in the buying process. You might think you will save money if you don’t have an agent that needs to be paid, but in reality that’s not how it works. The sellers have signed a listing agreement obligating them to pay a commission to the listing brokerage house of an agreed percentage and that percentage does not get adjusted if a buyer does not have an agent. So there is simply no advantage to not doing your research and choosing your own advocate before you begin the buying process.

In a recent study done by the National Association of Realtors, the #1 benefit all buyers put forth for having a buyer’s agent? A buyer’s agent helps her buyer understand the process of buying a home (74% of millennials found this to be true). Buying a home is a significantly more complex process than you might imagine, and if you have a well-trained agent, she should make it look simple. However, if you don’t buy and sell real estate everyday, there are many traps for the unwary.

The #2 ranked benefit of a buyer’s agent? A buyer’s agent points out unnoticed property faults or failures. A full-time agent is in and out of homes on a daily basis and after years of experience has developed a fine-tuned ability to pick up issues that most buyers would never notice, and will hopefully be able to suggest proposed solutions as well. This is no substitute for a home inspection, of course. Third on the list of benefits? The buyer’s agent negotiated better sales contract terms than the buyers could have negotiated on their own. Again, years of full-time experience coupled with a dedication to staying educated in the profession should hone an agent’s ability to give you excellent negotiation advice.

The #4 ranked benefit? Buyers reported that their buyers’ agents improved their knowledge of search areas. This is particularly helpful when you are looking to move to an area you are not very familiar with. Finally, the 5th ranked benefit of a buyer’s agent is that she can connect you to a better (and hopefully more reputable) list of service providers than you might have access to on your own. All of these benefits can be yours without the fee of the commission – all a buyer pays is the small “broker fee” (which is charged to both buyer and seller) of approximately $325! This is a small price to pay for a long list of benefits and expert advice on what may be your largest investment! My question is, why wouldn’t you want one?

Call me!! I can help! 412.779.6060

FEATURED LISTINGS

300 Chaucer Ct

NEW PRICE — With its beautiful acre of land in an idyllic “up the hill” Sewickley neighborhood, you can be moved in to host warm weather fun this summer! Throw memorable parties at this turn-key Sewickley home! The large deck and covered stone patios spill onto the manicured lawn, with sport court, outdoor bar, covered ping pong area and Rainbow playset. Inside, a stylish aesthetic seamlessly unifies the three finished levels. 4 bedrooms, 3.5 baths, 3 car garage. $750,000.  See More…


180 Summerlawn Drive

Beautifully remodeled open concept 17 year old home on ½ acre wonderful lot with large backyard in a delightful Sewickley neighborhood close to Village. Four finished levels of living space including finished walk out lower level. Kitchen with new stainless appliances open to family room. Main level laundry. Large master suite. Four bedrooms, 3 full and 2 half baths. Third floor gameroom. New roof. $599,000.  See More…


316 Beaver Street #204

Luxury and convenience seamlessly blend in this chic central Sewickley Village condo. Just steps to the shops and restaurants, this beautifully renovated unit features 2 bedrooms, 2 baths, large living room with built-ins, dining room, family room, eat-in kitchen and private balcony. In-unit laundry plus 2 indoor parking spaces. New hardwood floors unify the living spaces. Secure building. $435,000.
See More…

444 Woodland Road

Privacy in the heart of Sewickley Village! 2.973 Acres with mature landscaping, sprawling lawns, in-ground pool, private patio and natural woodlands that provide a year-round buffer for this magical property, yet Village shops and restaurants are just a few blocks away! Renovate to restore the home’s original relaxed elegance, reminiscent of New England seaside homes. Or replace with your own 21st century home of your design and creation! A rare opportunity in Sewickley! $825,000  See More… 

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

BUYERS ARE AT THE READY!

What is going on in our market?  It seems things are selling fast!

A very brief update on the status of our housing market: as predicted, our low inventory for the past several months has created a log jam in our housing market.   As of today we have only 66 homes in our active inventory, while the norm this time of year is closer to 200!  Dozens of buyers are lined up in every price range waiting for their perfect home to come on the market.  As a result, new introductions in the Village are selling close to or at asking price, and more often than not, without a mortgage contingency.  Many are receiving multiple offers.  Buyers participating in this market feel like it is the California market here in Sewickley!

Why is this happening?  It’s hard to say.  The inventory shortage extends across most of the communities in our area that sit in a top rated school district.  People are just not moving out.  This could be caused by the fact that there are extremely limited options for “downsizing” if you are in your empty nester years.  It could be that Pittsburgh has been steadily growing for years and it is just catching up to us.  It could be that we cut new housing starts too sharply after the recession and we aren’t keeping up with demand.

What should a buyer do in today’s market? First, get yourself fully pre-approved (not just prequalified) if you need a mortgage.  You need to get comfortable with the fact that you might have to waive your mortgage and appraisal contingencies.  Second, be ready to make a very fast decision if a home comes on the market – do not expect that you will have more than a day to decide. It is very much a seller’s market and not a good market at all if you are buying, but if you need a house, it’s the market you are in.  Consider looking “up the hill” – we have some amazing homes available offering great living space at significantly better values.

And once again, if you are thinking of selling, give me a call right away and lets design a strategy to maximize your return in this amazing seller’s market!  Put my  19 years of full-time experience and dedication selling Sewickley’s wonderful homes to work for your personal benefit!

FEATURED HOMES

515 Spanish Tract

NEW LISTING — Stay fit & have fun year round – the new indoor pool at 515 Spanish Tract is masterfully designed to harmoniously blend with the home and its surroundings – low maintenance, chemical free copper ionization filtration system takes the work owning a pool!  Simply spectacular renovation of the home – it nestled on 7+ private acres in close-in Sewickley Heights.  Expansive windows bring the stunning natural surroundings into every room. Open floorplan, with new kitchen, baths, flooring, windows, roof, generator… four outdoor venues to enjoy the beauty of the location from.  Turn-key ready for you! $1,950,000  See More….

16 Highview Drive

NEW LISTING –   Just in time to plan for your most fun summer yet, 16 Highview offers a beautiful inground pool and 3.8 acres of privacy, yet sited in a mature Sewickley neighborhood.  With over 4100SF of living space plus a finished lower level, the home features an open floorplan ideal for entertaining.  Newly remodeled kitchen, 3 car garage, main level bed/bath for guest, walk-out lower level, sauna, wine room, screened porch & more!  Remodeled throughout and ready for immediate occupancy!  $695,000.  See More…

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

WHAT TO EXPECT FROM THE SPRING MARKET

We have been waiting for a while for some new homes to come on the market –are you anticipating more listings soon?

It has in fact been a long, dry winter when it comes to new listings.  In fact, we currently have ONLY 71 listings available for sale in the Quaker Valley School District – in most years that number would be approximately 200!  So when we say that we need listings, we mean it!

Yes, we do expect that there will be more homes coming on the market in the next couple of months. March & April tend to be our largest listing months every year, and we hope this year will be no different.  However, if the past couple of weeks have been an indicator, you should expect it to be a fast moving spring market.  We have had a few introductions recently and as a general rule they have flown off the market.  We have a tremendous amount of pent up demand.  There are dozens of buyers in every price range sitting on the fence waiting for their “perfect” listing.  If you are one of those buyers, you should expect that you will have some stiff competition. So make sure you have your financing in order and be prepared to move quickly if you see something that looks like it could work.

If you are one of the many Village dreamers we have out there, I encourage you to take a look “up the hill” where we currently have many wonderful options with more on the way.  Sure, the theoretic walkability of the Village is nice, but we live a couple of blocks to Starbucks and can count on our hands how many times per year that we actually walk!  “Up the hill” you will get larger yards & homes at better prices, and they are all 5-10 minutes to Starbucks!   If you are adamant on the Village, start thinking now about what compromises you might be willing to make to get a home.  As Pittsburgh grows, our inventory is not keeping up with housing demands and we will continue to see a tighter and tighter housing market.  Compromise will be necessary to even get into a home here.

Finally, if you are thinking of selling your home, I have said it many times before, but PLEASE reach out to me! I offer completely confidential consultations and strategic plans to maximize your returns, with a 19-year proven track record.  There is no better time to be selling your home!   CALL or TEXT 412.779.6060

FEATURED HOMES

316 Beaver Street #204
New Price!! 

Open Sunday,  January 21st from 1-3

A downsizer’s dream! Fantastic maintenance free condo in the absolute heart of Sewickley Village. 2 BR, 2 baths, 2 indoor garage spaces. Back/quiet side of the building.  Stylish design w/ new wood floors & carpeting. Afternoon sun floods the unit. Secure building with elevator access to all levels. 1 block to Village amenities.  Please join us for our open house this Sunday 1-3pm. $429,000.    See more… 

444 Woodland Road
Open Sunday,  January 21st from 1-3

Privacy in the heart of Sewickley Village!  2.973 Acres with mature landscaping, sprawling lawns, in-ground pool, private patio and natural woodlands that provide a year-round buffer for this magical property, yet Village shops and restaurants are just a few blocks away! Renovate to restore the home’s original relaxed elegance, reminiscent of New England seaside homes.  Or replace with your own 21st century home of your design and creation!  A rare opportunity in Sewickley!  Please join us for our open house this Sunday 1-3pm. $825,000     See more…

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

UN-DECKING THE HALLS

If our home is on the market, how long is it OK to keep holiday decorations up?

 

 In this incredibly dark time of the year, festive holiday décor certainly helps to brighten everyone’s day, so if your home is on the market, it is certainly a good idea to tastefully decorate for the holidays.  Even if your home is vacant, a seasonal wreath on the front door is a nice touch to welcome guests.  We have been unusually busy this December, so presentation remains important, even when its cold and snowy outside.

Once we start 2018, if your home is on the market, it is important to have your holiday decorations down and stored as quickly as possible, ideally by January 2nd! Our spring market should jump into high gear as soon as we hit mid-January.  Buyers themselves will have put the holidays behind them and will enter the new year with a new sense of urgency to find their new home.  Once the holiday celebrating has past, decorations quickly look tired, so take them down and store them for another year.  If you enjoy door wreaths, that could remain as long as it is more “wintery” and less holiday.

And don’t forget my other wintertime showings tips – lights on for showings, and use the highest acceptable wattage.  Keep walks and driveways free of snow and ice. If you’re not going to be out or too long, a fire in the fireplace is also a nice idea. Thermostat at a warm, cozy temperature (Buyers will not embrace a home if it feels chilly). Boot mats by the front door to save your floors.

Enjoy the holidays – stay warm and safe!

Time to Downsize?  Check Out These Great Options or Call Kathe For More Information!    Call/Text: 412.779.6060

 

102 American Way —   The living is easy in this absolutely wonderful Sewickley Ridge one-level townhome. Less than one year old and in move-in condition – ready for you to call home!  2 bedrooms, 2 baths, 2 car garage, open concept floorplan, delightful screened porch. Chic ascetic with white cabinetry, granite tops, hardwood floors. Community clubhouse with pool, tennis, Bocce court, community garden, gym, and meeting/socializing space. Why delay your downsize any longer?   $389,000   See More photos and details….

 

316 Beaver Street #204 –  Luxury and convenience seamlessly blend in this chic central Sewickley Village condo. Just steps to the shops and restaurants, this beautifully renovated unit features 2 bedrooms, 2 baths, large living room with built-ins, dining room, family room, eat-in kitchen and private balcony.  In-unit laundry plus 2 indoor parking spaces.  New hardwood floors unify the living spaces. Secure building. $435,000.   See More photos and details…

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

DOES IT ALL HAVE TO MATCH?

Do the metals in our home have to match?

If you are building new, then absolutely yes!  You should choose a metal and use it consistently throughout the home.  Typical choices include chrome, nickel, oil rubbed bronze, and most recently, platinum brass.  If you choose a silver tone, its acceptable to mix silver tones, such as brushed nickel and stainless steel.  Your choice should apply to all metal in your home, including lighting, door knobs and hinges, and plumbing fixtures.

If you are renovating a room, it’s important to think about where you see your renovations going in the coming years (before you sell).  If you have silver tones and you really love oil rubbed bronze but only see yourself renovating one bathroom ever, then my vote would be to stick with the silver tones.  But if you plan to ultimately renovate all baths and the kitchen, its fine to make the switch.  It is absolutely imperative, however, that metals match in a room.  If your faucet breaks and all of your bathroom fixtures are brass and you prefer silver, it is not a good idea to replace one faucet with silver and keep the rest of the brass in that bathroom.  Better to replace the broken faucet with brass, or to use the broken faucet as a chance for a mini-update of your bathroom to silver.

I have written before about the general dislike in our market of grandma’s shiny brass.  Little has changed.  If you have a home filled with shiny brass, one possible solution is to replace as much as possible with the new, trendy platinum brass.  This  has the advantage of blending well with any shiny brass you may have left in your home.  Oil rubbed bronze also tends to blend well with shiny brass (but silver does not).  Brass doorknobs and hinges do not necessarily need to be replaced.  As long as the fixtures and lighting have been replaced throughout, buyers don’t tend to notice brass doorknobs and hinges as much.

So ideally, yes, in the perfect scenario, all of your metals should match, helping your home sing one song, which is always well received by buyers.  However, there are acceptable degrees of mismatch.  Call me – I’m happy to come over for a free consultation and help you determine the best way to address the metals in your home!  412.779.6060

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

TO TUB or NOT TO TUB, That is the question.

Both our bathrooms have claw-foot tubs which I am thinking of replacing with walk-in showers.  What is the value of having a tub in the bathroom in place of a shower or in addition to a shower?

Every home must have at least one bathtub.  A prospective buyer might have kids or just like a good soak and many will reject a home if there isn’t a tub available.  More often than not, if there is only one tub in a home it is in a kid’s bathroom, and this is most commonly configured as a tub/shower combination.  There could be a tub in the master bathroom as well, but only if there is abundant space. If you have to choose between a large, luxurious (spacious) shower in the master or a tub/shower, ditch the tub and go for a pure shower.  If there are multiple kids bathrooms, then only one needs to have a tub.  Typically, that tub is not a claw foot tub unless it has a shower ring (which is not tremendously appealing).  When claw foot tubs remain, they are typically in a bathroom that has plenty of room for both a shower and a tub. Re-glazed, these antique tubs can be the focal point of a remodeled luxury bath.

As far as value goes, value is really only recouped if you remodel the entire bathroom.  In other words, if you put in a new shower but leave the old floor tile and old vanity, you really have added no value.  If you redo the whole bathroom, you will likely recoup more that what you pay to remodel the bathroom, as long as you shop smartly when doing your remodel and sell your home while the bathroom still feels current (under 15 years). It is also very important to make choices that are classic and stand the test of time if you don’t want your home to feel dated sooner rather than later. I suggest, given the age of your home, that you make classic choices — Carrera marble, white subway tile, and silver-tone fixtures would all be timeless choices appropriate for an historic home.

Of course, I am available to provide on-site advice if that would be helpful to you as you have many options – give me a call – I’m happy to provide my free advice!

FEATURED HOMES

316 Beaver Street #204  

Luxury and convenience seamlessly blend in this chic central Sewickley Village condo. Just steps to the shops and restaurants, this beautifully renovated unit features 2 bedrooms, 2 baths, large living room with built-ins, dining room, family room, eat-in kitchen and private balcony.  In-unit laundry plus 2 indoor parking spaces.  New hardwood floors unify the living spaces. $435,000.  See more… 

 

102 American Way

The living is easy in this absolutely wonderful Sewickley Ridge one-level townhome.  Located in Ohio Township’s highly popular and sought-after Traditions at Sewickley Ridge community, it is less than one year old and in move-in condition – ready for you to call home!  2 bedrooms, 2 baths, 2 car garage, open concept floorplan, delightful screened porch. Chic ascetic with white cabinetry, granite tops, hardwood floors. Why delay your downsize any longer? $389,000   See more…

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

THE “JOYS” of SELLING

Selling a home can be a trying process.  They say forewarned is forearmed. Any annoyances a seller should be expecting?

Below is a short list of many of the “joys” sellers might experience during the listing process.  Being aware that these are possibilities will hopefully help you take them in good humor if they happen to you!

  • The agent showing your home will miss appointments and not call or show up.
  • Appointments will be made and cancelled at the last minute.
  • Some showings will last about five minutes and some will last 3 hours.
  • There will be a day when I call you and say someone wants to see your house, and you are going to ask me when. And I will say: “Look out your windows, they are sitting outside now”!
  • Agents are going to knock on your door or even drive by, see you in the yard and ask if can they see you house.
  • Agents showing your home will forget to turn lights off.
  • Agents showing your home will let your pets out (best to remove them from your home for showings) or your neighbor’s pet in.
  • Agents will provide unhelpful feedback – buyers buy homes when they attach emotionally to a home and when they don’t, their feedback is often nonsensical.
  • Agents will not provide any feedback – incredibly annoying, I know.
  • The agent on the sign will be in witness protection and not return any phone calls.
  • Expect lowball offers (at least it is a starting point).
  • Things will come up on the inspection that you had no idea were wrong with your home and you will be sure the inspector made a mistake.
  • The buyer will make ridiculous inspection requests.
  • The buyer will ask to bring in contractors for estimates for work they want to do after the closing at the seemingly most inconvenient times.
  • The property might not appraise at what you are selling it for.
  • The closing date on the contract may change.

FEATURED HOMES

7 Harvester Court

Tired of looking at one “project” after another for a home that is “move in ready”? Your search is over!  This custom-built all brick colonial was just renovated with 3 new luxury baths, newer kitchen, new roof, new HVAC, new deck, new paint in modern aesthetic and more. Totally turn-key for you and your family! 4 bedrooms, 3.5 baths, 3 car garage, finished walk-out lower level, nearly 2 acre lot. $775,000. Get more details and see more photos…

141 Beech Ridge Drive

Spectacular 22,000+SF estate nestled on 8 private acres in Sewickley. Remarkable newer custom construction.  Half-court indoor basketball court, full racquetball/squash court, complete locker room facilities including sauna, 60’x30’ heated in-ground concrete salt water pool w/ stone waterfalls, patio w/ outdoor fireplace, 5 bedrooms, 5 full & 4 half baths, 9 fireplaces, 6 garage spaces, two kitchens, wine room, roof-top observation deck, new home theater.  Simply remarkable! $4,500,000  See More Photos & Details…

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

KEEPING YOUR HOME SHOW-READY!!

Fall is upon us!  Any tips for presenting our home well in the fall market?

Fall can be such a wonderful season here in Pittsburgh, but sometimes sellers forget that they need to take a fresh look at their home to make sure it is still presenting at its best as summer ends.  Start with your yard.  It’s the first thing a buyer sees! Make sure you have trimmed away all of Summer’s dead blooms and that your garden beds are looking ready for their long winter’s nap.  Put down fall fertilizer so your yard looks great again this coming spring! Be sure to give your lawn its final mow, and as we move into fall, keep your leaves raked! 

Don’t forget to keep your gutters clean – if your home is actively on the market, you may need to do it more than once – you don’t want a buyer to see clogged gutters and mini-trees emerging! Give porches and patios a final thorough cleaning.  If your windows aren’t really clean, get that done too – as we go into our grayer time of the year, its really important to get as much sunshine inside as possible!

Inside, check all of your lightbulbs and make sure they are all at the maximum possible wattage and in good working order. As days grow shorter, it will be important for your home to be bright and cheerful inside. Clean out your garage.  You will need it once snow flies, and you won’t want to be out there in 30 degree weather! Be sure that if you choose seasonal decorations like mums or wreaths, that you remember to rotate them as we move through the season so that you reflect the current season!

And of course, if you know now that you want to list in the coming Spring season, which kicks off in January, give me a call now so we can get photography done while there are still leaves on the trees!

FEATURED HOMES

178 Backbone

Stone and timber seamlessly blend in this California-style contemporary.  Beautifully sited on a 7 acre wooded lot, this striking home melds perfectly with its natural surroundings.  Walls of windows flood the home with natural light. Two authentic stone turrets add to the romance this home evokes.  The end result is an exceptional custom built home that will stand the test of time. Comfortable and relaxed, it is a home you will love coming home to.  6 bedrooms including main level suite, 4.5 baths, 3 car garage. $895,000.  See more photos and get more details here… 

 

102 American Way

The living is easy in this absolutely wonderful Sewickley Ridge one-level townhome.  Located in Ohio Township’s highly popular and sought-after Traditions at Sewickley Ridge community, it is less than one year old and in move-in condition – ready for you to call home!  2 bedrooms, 2 baths, 2 car garage, open concept floorplan, delightful screened porch. Chic ascetic with white cabinetry, granite tops, hardwood floors. Why delay your downsize any longer?   $389,000  Get more details and see more photos here

I’m ready to answer any questions you have regarding your real estate needs.
Kathe Barge, CRS, ABR, CNE
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

WHAT WILL THE FALL MARKET BRING

We have been sitting on the sidelines for a while now waiting for a home that meets our wish list to come on the market – what’s coming this fall?

You might be surprised to find out, you are one of dozens of prospective buyers sitting on the sidelines waiting for their ideal home to come on the market.  USA Today recently reported (as shared on my Facebook business page, Kathe Barge Howard Hanna Sewickley) that we are nationally at a 20 year low in available housing inventory.  What is going on you might ask?

USA Today reports that the Baby Boomers are to blame! Seventy-eight percent of Boomers own their own homes, and 85% of them have no intentions to move within the next year.  This is tying up a significant portion of potentially available housing inventory.  Why aren’t Boomers moving?  Stated reasons range from being happy where they live and not wanting to uproot their lives, to having inadequate choices in empty nester inventory to escalating prices that make scale down homes more and more expensive.  Boomers are reportedly less interested in destinations like Florida and Arizona these days and are choosing to stay in the homes and communities where their family and friends are.

In Sewickley, we have very few opportunities for scale down housing, and so Boomers are remaining in their homes.  As a result, our inventory continues to dwindle and there are very few new introductions.  There will likely be a few relocations as we move into the spring market, but with the low inventory and huge backlog of buyers, I expect pricing will be high and bidding wars probable.  To be successful in this housing market, if you define success as actually getting a home and moving, you are going to have to accept a few key premises.  First, you need to reevaluate your wish list and see what compromises you are willing to make.  We still have many nice homes on the market – they may not be a perfect match for you, but could you make one work?  You are more likely to receive a discount on a home that has been on the market.  Second, if you decide to wait and a home comes on the market that is a good fit for you, be prepared to act fast and bid high. Complete the preapproval process now so that your offer is as strong as possible.

Our market is a steady one and I do expect we will see some new introductions as we move into fall, but your best recipe for success is one that includes reevaluation of the current inventory, compromise, fast action and generous, well crafted offers.

As an Associate Broker at HOWARD HANNA REAL ESTATE SERVICESKathe Barge, CRS, ABR, CNE, is ready to answer any questions you may have regarding your real estate needs.  Feel free to contact her at the office (412) 741-2200 x238or on her mobile phone (412) 779-6060.

Pricing for “The Unique Factor”

In your May 11th article your Tip #12 was “when it is priced right, it will sell.”  Our home is on the market, has not sold and we feel it is priced right.  Is this maxim always true? 

The short answer is that it is not always true.  Some homes just take longer to sell than others.  If your home is “quirky” in its market, then it may take longer to sell, even if it is priced correctly. By quirky I do not mean dated décor or with deferred maintenance you have not yet completed. What I mean by quirky is, for example, if you are trying to sell a 2 bedroom home in a market that is nearly uniformly 3+ bedroom homes, that could slow down its resale.  In Sewickley, if you have a home “up the hill” it will always take longer to sell than the same home in the Village or the same home in the North Allegheny School District.  When buyers think Sewickley the overwhelming majority think “Village” and it takes longer for them to discover and understand the value of living “up the hill.”

However, if your home is located in the Village, has been on the market for several months and is under $1.5M and has not sold, it is likely it is overpriced.  We have a tremendous backlog of buyers looking for homes in the Village. It does take time for buyers to view and assess the possibilities of a home, but certainly not months.  As a general rule of thumb we like to say that if a home has had 13 showings with no offer or if it has been well-marketed for 13 weeks without an offer, an adjustment must be made to draw an offer.  The three time-tested factors that determine sale-ability of a home are price, condition, and location.  Location cannot be changed but does have a big impact on price.   In Sewickley, even a block can dramatically impact whether a home sells quickly or not.  Condition can be adjusted and I suggest you read some of my prior articles on my Ask Kathe blog at www.kathebarge.com for important information on what buyers expect in today’s market.

The final factor is of course price.  Depending on the price range your home is in, even a small adjustment can result in renewed interest in the home.  Additionally, it is important to consider where your competition is priced and selling, and this is a continually moving factor.  Other home owners may underprice to be “the chosen one” and you may be faced with the choice of either reducing to match their price or understanding that theirs will likely sell first.   Additionally, if you have received constructive feedback regarding either deferred maintenance of dated décor, you will either need too adjust your condition or your price.

As an Associate Broker at HOWARD HANNA REAL ESTATE SERVICESKathe Barge, CRS, ABR, CNE, is ready to answer any questions you may have regarding your real estate needs.  Feel free to contact her at the office (412) 741-2200 x238or on her mobile phone (412) 779-6060.

Updates do make a difference

In your May 11th column, you also mentioned that updates may not affect a home’s value but may affect the chances of getting it sold.  Can you clarify what you mean by that? 

Upon reflection, that statement, which I quoted for a real estate website, may be a little broad.  I meet with many sellers who are simply in shock with what this market requires to generate a sale.  In many cases, its not a case of the updates being required to increase the chances of a home selling quickly – they are required for a home to draw an offer at all.  Do the updates increase the value of the home?  Technically yes, because without them the home is almost unsalable, except at perhaps the deepest of discounts.

This era of home buyers simply do not want to do any work at all. Perhaps my generation of parents did it all wrong when we handed our children life on a silver platter! They watch too much HGTV and expect to see that when they walk into a home.  I have been on my soapbox many times before about many of these topics, stressing the importance of addressing them, but not from the perspective that updates are important to even generate an offer. Buyers really don’t want your wallpaper no matter how stylish.  Nor do they want your colored carpets or shiny brass, to name a few other deal killers.  They aren’t going to do the “few projects” you left behind for them – they are just going to move on to another home.

A recent case in point is a listing I sold after just over a month on the market.  It had been on the market previously for two years with no offers.  It is a fantastic home in a great location on a great piece of property, but it just didn’t sell.  The sellers removed wallpaper and draperies, painted the interior in my favorite ‘greige‘, updated plumbing and lighting to a silver palate and were rewarded for their efforts with a quick offer.  As frustrating and costly as this sounds, unless you remodeled your home within the past ten years, this is the price you may have to pay to get a home sold in today’s competitive market, unless you are willing to price it at, or accept, a deeply discounted price.

As an Associate Broker at HOWARD HANNA REAL ESTATE SERVICESKathe Barge, CRS, ABR, CNE, is ready to answer any questions you may have regarding your real estate needs.  Feel free to contact her at the office (412) 741-2200 x238or on her mobile phone (412) 779-6060.

For What It’s “Worth”…

In your May 11th article, your first item you noted about real estate is that a home is worth what a buyer is willing to pay.  I thought a home is worth what it appraises for?”

In my May 11th article (available to those of you who missed it on my website), I did list 12 important things everyone should know about real estate, the first being that yes, a home is only worth what a buyer is willing to pay.

Appraisals are typically done in conjunction with a mortgage application, although they are sometimes done as part of an estate administration or by a homeowner who wants to get a better sense of what a home is worth.  Many appraisers are not experts in the neighborhood they are trying to appraise a home in and miss the block by block nuances that greatly affect value.  However, even if they are well versed in a particular area, they may not have been in every home and may not understand the special circumstances surrounding why one buyer may have paid a premium and another buyer may have purchased at a discount.  Appraisers often don’t have their finger on the pulse of buyer expectations – unlike Realtors, they do not interact directly with buyers and don’t have the opportunity to hear them complain about wallpaper, colored carpets, dated lighting and outdated kitchens and baths.  They don’t see firsthand how eager buyers are to purchase newly remodeled homes and the premiums they will deliver for those homes and they aren’t privy to the conversations Realtors have trying to convince a buyer to take on a project. So sometimes they are just too high and that price will not be achievable absent a sizable remodel.

It is also irrelevant how much money a seller has invested in a home.  It is important to keep in mind unless renovations were made in conjunction with a home-staging professional in an effort to sell your home, improvements were made for the homeowner’s enjoyment and may not carry any value for a home buyer.

In the end, Buyers in 2017 America are quite savvy.  Most view all inventory for many months before choosing a home.  They probably know better than a home seller how a home stacks up against what has recently sold.  If they don’t, it is all readily available online.  So in the end, the price is determined by how convinced a buyer is that the value is in the home.

 

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.  Feel free to contact her at the office (412) 741-2200 x238or on her mobile phone (412) 779-6060.

Sound Advice for Sellers

Why have so many deals fallen apart this spring?  We watch the market and see homes that sell and then come back on the market – what is happening?

You have unknowingly picked up on one of the flaws in the Pennsylvania Standard Agreement for the Sale of Real Estate.  In the inspection contingency contained in this agreement, the buyer has the unilateral right to terminate the agreement of sale if they find any condition in a home inspection unsatisfactory to them.  It does not have to be a major defect as it did in prior years.  It does not have to be a safety related concern.  It does not have to rise to a particular threshold of cost to repair.  ANY condition whatsoever that they find unsatisfactory – a scratch on a floor, a dented garage door, a stain on a carpet  — and they can terminate. They do not need to give a seller an opportunity to repair the item – they can just say “sorry, we don’t want your house.” They get their hand money back and the home is back on the market.

Unfortunately, this year buyers have begun to abuse this right to terminate, treating it like an option to buy a home.  And when they do this, it stigmatizes the home for future buyers. I have seen deals terminated for items as simple as non-operational dimmer switches and puddles in the driveway, without giving the sellers the opportunity to repair.  In other words, these are not serious buyers, and something they liked more probably came on the market.  They terminate, wasting everyone’s time and energy.

This is a terrible trend, but sellers, you don’t need to sit back and let this happen.  When negotiating an offer on your home, you can negotiate any term, and you would be well advised to indicate that buyer’s right to terminate before even asking the seller to repair should be stricken from the agreement.  The buyer is still protected because they retain the right to terminate if the seller refuses to make the desired repairs, but this solution provides a more appropriate playing field for all parties.

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

What’s Up the Hill?

We have been looking for our dream home for a long time in the Village and we cant seem to find the right combination of features in a home – either the yard is too small or the home needs too much work or its too close to the neighbors or there is no garage – any advice? 

Yes!  Look “up the hill”!  I have yet to understand why more buyers don’t look outside the Village. Yes, the walkability to the Village center is nice, but realistically how often do you do that?  I live in the Village, and am usually in a big hurry and drive where I am going! And I see many residents who live up the hill who drive down, park and enjoy the Village by foot more than I do! There are many many advantages to buying “up the hill” that make it worth considering this option.

First, yard sizes are almost always larger.  There is generally far more room for the kids or pets to play, more room for gardens, more room for a pool, sport court or auxiliary garage for overflow cars.  Larger lots mean there is more space between the homes, so while you still have neighbors, you cant hear them sneeze inside their home, which is the case for some Village residents!

Homes “up the hill” universally give you more value for the dollar.  They are generally larger homes in better shape for notably less money.  You can spend less, have a smaller monthly mortgage payment, and get more space! Homes “up the hill” are also generally newer homes, so if they require updating, the scale of the project is usually smaller and more of a cosmetic nature.  And because you are dealing with newer homes, the cost of any projects is usually less because you are not having to deal with old wiring and plumbing or structural problems.  And the overwhelming majority of “up the hill” homes have garages.

You might also be interested in knowing that the tax millage charged in the “up the hill” boroughs is notably lower than the millage in Sewickley borough – there is a real premium paid on a daily basis in property taxes for the privilege of being within ½ mile of Village center.

It’s hard to imagine what’s not to love about our wonderful “up the hill homes.” Larger, newer homes on larger lots with peace and tranqulity. So you have to drive 5 minutes to the Giant Eagle as compared to the 3 minutes Village dwellers drive.  It seems like a more than sensible trade-off  for all of the advantages offered by our “up the hill” communities.

Step outside the box and venture “up the hill” this Sunday when we will have many of our listings open!  You may be surprised at how enticing the “up the hill” homes are!

Featured Homes

928 Blackburn Road

928 Blackburn Road

Located “up the hill” on a private 5 acre lot backing to the Allegheny Land Trust but less than 1 mile from I-79!. This immaculate Sewickley Heights home was transformed from an historic barn just two decades ago!  Main home features 4 bedrooms, 3.5 baths, expansive great room with soaring ceilings and wood-burning fireplace. The property also conveys with a newly remodeled guest cottage with 3 BRs, 3baths. $1,050,000

300 Chaucer Court

300 Chaucer Court

With its beautiful acre of land in an idyllic “up the hill” neighborhood, you can be moved in to host warm weather fun this summer! Throw memorable parties at this turn-key Sewickley home! The large deck and covered stone patios spill onto the manicured lawn, with sport court, outdoor bar, covered ping pong area and Rainbow playset. Inside, a stylish aesthetic seamlessly unifies the three finished levels. 4 bedrooms, 3.5 baths, 3 car garage. $850,000.

 

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

The Power of Pre-Approval

It’s true! Bidding wars are back in some neighborhoods!  The extremely tight inventory, coupled with the influx of spring buyers has made the competition sometimes fierce for well-conditioned homes in great neighborhoods.  The first thing you should do to set yourself up for success in a hot market is to get a pre-approval from a reputable local lender.

The pre-approval process is more than a pre-qualification.  It involves submitting all documentation to your lender long before you actually make an offer.  This includes tax returns, bank statements… The lender will underwrite your loan subject only to the appraisal of your new home once you find it.  This makes you an incredibly strong buyer – you could choose to remove the mortgage contingency altogether and insert only an appraisal contingency, but even short of that, knowing that you have taken the time to get fully approved will impress the seller and give you some advantage over other buyers.

Pre-approval (as opposed to pre-qualification) is also important so that  you don’t find out 75% of the way through the home buying process that you cant afford the home.  Sometimes lenders miss some of the critical pieces of your puzzle during the pre-qualification process that an underwriter will pick up.  For example, it is possible that your gross income is high, and that you reported that figure to the lender, but when the underwriter reviews your tax return they see that your AGI (adjusted gross income) is lower due to alimony.  Child support payments will also lower the amount of the loan you can qualify for.  You may have co-signed student loans or car loans for a child, or a mortgage for a family member.  Any debt you have co-signed for, whether it is an asset you use personally or not, will lower the loan size you can qualify for. And of course, pending actions for divorce, as well as dings on your credit you were unaware of (such as doctors bills you forgot to pay) will affect your ability to borrow.  Better to take the time to figure this out up front and target homes you know you can afford, rather than being tempted by those out of your price range!

FEATURED HOMES:

1OO8 Beaver Road

1008 Beaver Road – NEW PRICE!

Spectacular, lovingly restored, turn-key historic Sewickley home. 8000SF+2 home set in a private 4-acre lot with a stream, grounds to play in, and romantic terrace and 2-story patio to entertain on – all  just blocks to central Village. Inside, discover a modern  home with incredible , beautiful finishes. Stylishly remodeled kitchen w/ Subzero fridge, Viking professional range, charming butler’s pantry. With six bedrooms, two home offices, a formal study, cozy family room with fireplace, living room with semi-circular bay window, sunroom, enormous recreation room/gym, and a 2 attached car garage (and much more!), this home is a show stopper!  $1,950,000

 

 

 

129 Fox Hill

129 FOX HILL ROAD

Tired of looking at one fixer upper after another wondering how you can fit a project into your already too busy life?  Look no further! This home has been meticulously renovated — recent improvements include new kitchen, 2.5 new baths, new windows, new HVAC, new paint inside and out, newly refinished floors & more. 4BR, 2.5 baths, 2 car garage, finished walk-out lower level, 1 acre lot. $625,000

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

Property Taxes on a New Home

We are moving to the area and are confused by the disparity in property taxes on similar homes.  Why do they seem to be all over the board?

When you are buying a new home, you should not pay a lot of attention to the stated property taxes.  Homes were last assessed in 2012 and if the home hasn’t resold since, the home’s taxes are based on the assessor’s opinion of value then.  If the home has sold since 2012, it has likely been reassessed at the time of that sale and may have a comparatively higher assessment.  If the home has had extensive interior renovations that did not require a permit, it is unlikely that the assessor will catch up with the increased value until the home actually resells, so its taxes may seem artificially low compared to similar homes.

However, when you buy your new home, there is a very good chance you will be reassessed and your taxes will change.   Taxes are based on current year assessment and your taxes will increase or decrease as your assessment is modified to reflect your purchase price. If the home you love has high taxes based on an assessment above your purchase price, in January – March you will have the opportunity to appeal that high assessment to try to bring it down.  And if you think you got a great deal because of comparatively low taxes, don’t count on it!  Your assessment will likely go up. So what to do if you can’t rely on the stated taxes, which you cannot?

You need to project the taxes on a given house based on your planned purchase price.  The total tax burden is made up of three pieces – county, borough and school.  Any home in Quaker Valley School District will have the same 2018 county and borough tax millage, for a total projected millage of 23.1309.  Then you have to add in the millage for the specific borough the home is in.  In Sewickley borough that number is 6.25 mils, whereas in Edgeworth that number is 4.15 mils.  Once you calculate the total millage, you apply that to the sales price of the home to get an approximate expected tax.  So on $500,000 assessment in Sewickley borough you would expect total taxes of approximately $14,700.  While you should contact your attorney for strategies to keep your assessment as low as possible, including appealing the assessment if it seems too high in relation to your purchase price, this simple rule of thumb will help you to make comparisons between homes you are contemplating owning.

FEATURED HOMES:

314 Woodland Road

314 Woodland Road

 

Is now the RIGHT time to RIGHT size your home?  314 Woodland Road is just the right size!  Spacious main level with living & dining rooms, kitchen open to family room, laundry facility.  2 bedrooms, 2 baths. Detached garage, large yard. See-through fireplace and charming porch, all in pristine condition. Co-listed with Alexis Egan.  $349,000

 

 

 

7 Harvester Court

7 Harvester Court

 

Looking for a home delivered to you on a silver platter?  Your search is over!  This custom built all brick colonial was just renovated with 3 new luxury baths, newer kitchen, new roof, new HVAC, new deck, new paint in modern aesthetic and more. Totally turn-key for you and your family! 4 bedrooms, 3.5 baths, 3 car garage, finished walk-out lower level, nearly 2 acre lot. $775,000

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

Compromise Might Be the Answer

We continue to look at homes on the Howard Hanna website and have noticed there doesn’t seem to be as many homes coming on the market as there were in April. Just wondering if we’ve missed the peak of the spring real estate season? Have you found that there are typically more houses coming on the market in early summer as school ends? 

Historically, our market peaks in April, so if you have been watching our market all spring, you would have noticed the surge in April and the much more modest introductions in May. We will continue to have properties come on the market during the summer months, but fewer than we see in the spring months. The late summer is not a typical time to see new introductions, but they will pick back up after Labor Day.

However, if you are one of the many buyers sitting and waiting for their perfect Village home, this may be a good time to reevaluate your priorities.  Inventory is at an all time low and if your goal is to move into our community, you may need to start making compromises. With our continued Village development and all of the exciting new amenities as well as the top-ranked school district, Sewickley has become an extremely popular community choice for buyers.  Homes have been selling like hotcakes!  Not because they are perfect homes but because buyers are making compromises on their wish list and choosing homes that will work despite their imperfections.   Some might need updates.  Some might not have the desired lot size or configuration. Some might not have enough garages or even a garage.  Some might have too few bathrooms or a less than typical bedroom configuration. Some might be in a noisier location. Some might check every box but be a slight drive “up the hill” where we still have a wonderful selection of fantastic homes available.  If Sewickley is your dream, it may be time to start thinking about how to work with one of the many wonderful homes still available rather than sitting on the sidelines as values continue to increase and you get even less for more.

Considering a move outside Sewickley?  It is true that the North Hills have a larger selection of inventory due to the larger population base, but the prices are no lower and they are struggling with an equally tight inventory.

One final thought.  If you are a seller, particularly in the Village, and you have been sitting on the fence about selling your home, now is the time to call me!  We have a severe inventory shortage across many price ranges and many eager buyers.  This spring market will yield your very best possible price.  The fall market is much more typically a buyers market, so lets get your home on the market today!

FEATURED HOMES:

169 Backbone

169 BACKBONE ROAD

 

New Roof May 2017! Directly across from Sewickley Heights Golf course and sited on a lush, professionally landscaped lot with expansive lawns, perfect for your outdoor activities, this home is move-in ready!  3 finished levels include 5 bedrooms, 3.5 baths, 2 working fireplaces, large deck, patio & delightful gazebo.  $595,000.

 

 

129 Fox Hill

129 FOX HILL ROAD

 

Tired of looking at one fixer upper after another wondering how you can fit a project into your already too busy life?  Look no further! This home has been meticulously renovated — recent improvements include new kitchen, 2.5 new baths, new windows, new HVAC, new paint inside and out, newly refinished floors & more. 4BR, 2.5 baths, 2 car garage, finished walk-out lower level, 1 acre lot. $625,000

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

When Is The Right Time To Buy Or Sell?

We have found a new home that we want to buy, but the seller can’t close until late this year.  Should we put our current home on the market now or wait until we get closer to the closing date for our new home?

We are currently experiencing an exceptionally strong spring market!  I have not seen a better time to sell in recent years! So now would be an excellent time to list your home for sale.  However, if you do, you need to expect that your buyer is unlikely to wait for many months to close.  Rate locks are generally only good for 60 days, so any closing beyond that exposes the buyer to the possibility of interest rate hikes.  Additionally, this time of year most buyers are looking to occupy their new homes in time for school to start in the fall.  So if you list your home now, you need to be prepared for the possibility of an interim move to a short-term rental.  You may view this as the safest option because if your home does sell quickly requiring a move to an interim rental, you will at least know that you will not be stuck carrying two homes at one time!

Your other option is to wait until closer to the closing on your new home to put your current home on the market.  This would certainly be the more convenient option – you would not have to find an interim rental property and store your personal effects.  However, while homes do sell in the fall market, it does not have nearly the momentum that the spring market has.  If you choose to wait and list your home in the fall, it is possible that you will need to carry two houses until the spring 2018 market begins.  I also don’t have a crystal ball to predict whether the spring 2018 market will have the same momentum that the current market has.

In the end your decision will need to be based on which risk factor concerns you more.  Would you be more unhappy if you had to spend interim months in a rental property because a buyer this spring needs your house now, or would you be more unhappy if you had to carry the cost of owning two homes for several months?  The answer to this question should guide you as to when is the appropriate time to list your home for sale.

FEATURED HOMES:

 

7 Harvester Court

 

7 Harvester Court
Looking for a home delivered to you on a silver platter?  Your search is over!  This custom built all brick colonial was just renovated with 3 new luxury baths, newer kitchen, new roof, new HVAC, new deck, new paint in modern aesthetic and more. Totally turn-key for you and your family! 4 bedrooms, 3.5 baths, 3 car garage, finished walk-out lower level, nearly 2 acre lot.  $775,000

 

 

 

309 Pink House Road

309 Pink House Road
Privacy and village proximity combine perfectly at this fabulous custom designed and built newer home.  Recently remodeled in a stylish palate, the open concept floorplan features exceptionally large rooms, walls of widows flooding the home with natural light and hardwood floors unifying the main level.  The upper level is home to 4 bedrooms, all with en-suite baths.  The walk-out lower level houses a 5th bedroom, gameroom and gym area. French doors spill out from the great room onto a stone patio and the private 9 acre lot beyond.  $1,595,000

 

 

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

Getting a Lowball Offer, and Hitting A Home Run

Do you recommend that seller’s work with “lowball” offers that they receive? 

The quick answer is YES! Sellers should try to work with any offer that they receive.  However, it’s important to layer filters onto the offer to determine how you should respond.

If your home has been on the market for more than a few months and hasn’t sold, there is a possibility that it is overpriced.  Sometimes a home is just very unique – in its location or its floorplan, for example.  This may extend its marketing time as the pool of potential buyers will be smaller.  But if your home offers more of the features that buyers today are seeking and it hasn’t sold, chances are your pricing may be too aggressive.  This may be a tough pill to swallow – the market right price may be below what you had hoped to sell your home for, below what you “need” to buy your next home or below what you have invested in your home.  As unappealing as this may sound, the market doesn’t care what a seller wants, needs or has invested.  The only relevant inquiry is what has sold in the recent past and how your home compares to those homes.

So if your home is new to the market and you get a lowball offer, it’s not unreasonable to expect that buyer to increase their price.  But if it’s been on the market a while, the price adjustments may be weighted more heavily on the seller’s end.  In any event, it’s important to counter every offer that you receive.  Sometimes you may want to just reduce a small amount in your counter, providing comps and analysis that clearly substantiate your value.  If you provide this information to the buyer, there is a possibility that your data will persuade them to see the value in the home.  If you have no data to justify your price and its just what you “hope” to get or “need” to get, you may want to be more generous with your counter offer and hope to meet the buyer somewhere in the middle.  People list their homes when they want to sell them and the first step in that process is to start the conversation with every buyer, no matter how offensive their offer seems at first – frequently sellers are rewarded for their patience and responsiveness with a sold home!

Featured Homes:

5 Kevin Drive
$759,000

Does living alone in the woods sound appealing to you? 5 Kevin Drive delivers the opportunity to live on 3 acres of natural woodlands, surrounded only by mother nature, and yet still be part of an up-scale neighborhood.  And you cannot beat the location, which combines this privacy with close proximity to I-79.  5 bedrooms, 3.5 baths, 3 finished levels, 3 car garage, two home offices.

928 Blackburn Road
$1,225,000

This immaculate Sewickley Heights home was transformed from an historic barn just two decades ago!  On a private 5 acre lot backing to the Allegheny Land Trust, the main home features 4 bedrooms, 3.5 baths, an expansive great room with soaring ceilings and woodburning fireplace.  On the lowest level are the original stables with 4 stalls, but this space would also be perfect for other farm animals or vehicles.  The property also conveys with a renovated guest cottage with 3 BRs, 3baths.

 

 

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

Don’t Miss Out!

We just lost out on a home that we loved.  Is the spring market really that hot already?

In a word, yes.  The market took a sudden uptick last week, signaling the official beginning of spring in our real estate world. And yes, several properties went under agreement after receiving multiple offers.

Are you one of the many buyers sitting on the sidelines of our real estate market for some reason?  Now is the time to get serious.  It might look like homes have been sitting.  You might think there is no rush. Why are you sitting on the sidelines? Thinking there is a possibility that the “perfect” home will materialize?  Expecting that the home that has been siting for a while isn’t going anywhere?  Speculating that if you wait long enough the seller will drop the price?  These ideas may end up costing you a home that you might have really enjoyed when another more serious buyer swoops in from nowhere and buys the home out from under you.  It happens all the time in the spring market.

There is no perfect home, and if there is, it will be priced well above market because it is what every buyer is waiting for.  Should that home materialize – and we all know what it is – new kitchen and baths, attached garage, central Village, large yard, Pottery Barn gray & white aesthetic, in perfect condition with no projects remaining – there are dozens of buyers at every price point just waiting for it.  There will be a certain bidding war and you will pay top dollar if you want to win.

As inventory continues to be at record lows as we move into the spring market, sellers are far less motivated than they were last month to give you a good deal.  They are weeks away from our typical spring crush, and all indicators are that this will be our strongest real estate year yet.  If you are waiting for a price reduction this time of year, not only are you risking losing the home, but you are likely costing yourself money as sellers become less flexible in the spring market.

Don’t lose out on a home you are excited about by moving too slowly and making the incorrect assumption that the home will be there waiting for you when you are ready.  If you are serious about a move and have found a home that could work for your family, step forward with confidence and make that home your own!

Featured Homes:

108 Colonial Drive
$224,500

A fantastic opportunity for single family living at an affordable price in the top-ranked Quaker Valley School District, 108 Colonial Drive is nicely updated, with spacious rooms and a modern aesthetic.  Living & dining rooms, eat-in kitchen open to family room w/ wood-burning fireplace, enclosed porch, 3 bedrooms, 2 car garage. Stunning views of the Ohio River Valley.

330 Ferry Street
$299,000

Central Sewickley Village is hot! And at 330 Ferry Street you can be just blocks from the heart of the action.  Move-in ready, but still offering excellent investment potential, there are up to 5 bedrooms.  Nicely remodeled kitchen includes stainless appliances and granite tops. Convenient mudroom.  Fenced backyard. Off-street parking. Covered front porch.  A great value!

 

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

Should I Buy a FSBO?

We have an opportunity to buy a home that we have often admired directly from the owner– any advice?

There are many possible pitfalls to purchasing a home directly from owner that you need to be aware of before proceeding with this opportunity.  The most obvious one is determining the value of the home.  In my eighteen year career, I don’t  think I have yet encountered a seller who has undervalued their home – the emotions we all attach to our homes after years of loving them make it difficult to be objective about fair market value.  Establishing the market value of any home is a complex process – there are block by block variations in price and many factors that impact value cannot be changed, such as a less advantageous location.  An appraisal is the logical place to start in establishing market value, except that in the absence of an agreement of sale or application for financing, the appraiser is shooting in the dark and will often miss critical differences between homes, such as new baths and kitchens.  Additionally, for sale by owners present an unusual opportunity for emotionally attracted buyers to overpay for a home as there is no market response balancing their attraction – they have a fear-based response that if the home actually hits the market, they will lose out (which rarely happens).  This predictable buyer response is what typically causes unrepresented buyers of for sale by owner homes to overpay for the home.

Should you feel secure that the seller is realistic in the price they are asking for their home (and feel that you have the skills needed to make that determination), you will need to engage an attorney who will represent your interests in the contract drafting process.  There are many terms in an agreement of sale that are relevant to you as you move through the process – it is not advisable to use internet forms or forms provided by the seller – you need your own representation.  You need to anticipate paying $250-$400 per hour for this assistance.  Because this represents a significant upfront investment on your part that is not required when you engage a Realtor, it would be advisable before reaching an agreement to have the home inspected.  Failed home inspections are the number one reason that any home sale falls apart.  Without Realtor representation on either side, you may quickly learn that the seller’s view of what is an acceptable condition is not acceptable to you.  It is also not realistic to expect your attorney to negotiate with the seller the way a Realtor would – you will be on your own to work out any issues with the seller and the attorney will simply memorialize that in writing for you.

There are many other ways that we Realtors add tremendous value to our buyer clients through the home buying process that are too lengthy to elaborate on here.  It is unlikely that were you to need a surgery that you would perform it on yourself.  In fact, for most of us it is unlikely we would take on something as simple as a haircut and turn to our trusted stylists to make that a success.  Buying or selling a home is not the easy process we Realtors make it look like – there are many steps along the way that require targeted education and experience to navigate to the best result for you, the buyer – and this service is paid for from the seller’s proceeds, so there is simply no reason not to demand your right to buyer representation!

As an Associate Broker at
HOWARD HANNA REAL ESTATE SERVICES,
Kathe Barge, CRS, ABR, CNE, is ready to answer any
questions you may have regarding your real estate needs.
Feel free to contact her at the office (412) 741-2200 x238,
or on her mobile phone (412) 779-6060.

Waiting for “Mr. Right”

Will there be more homes coming on the market soon? We’ve been looking for a while and it doesn’t seem like there are many homes available.

Our inventory of available homes has never been lower! And yes, there will be more homes coming on the market soon. I have many wonderful homes almost ready to enter the spring market – sellers working hard to make their home appealing to you. But don’t expect an avalanche – I fully anticipate that there will be fewer than usual homes coming on the market this spring. And with the coming of the spring market there will be many more buyers, much more competition, and a rise in the prices realized by sellers. The window is almost closed for buyers to be able to get a good deal this spring from a seller anxious to sell. Buyers will soon find themselves in bidding wars, in many cases for homes they could have purchased a month earlier at a discount.

Will your perfect home be one of the ones coming on the market in the coming weeks? There is always that chance, but if you are looking for that historically charming Village home that has 4 bedrooms, 3.5 baths, a two car garage with modern kitchen and baths, a gray/greige color palette, and a yard big enough for fun… get in line! There is a large crowd of people waiting for that product and you are well advised to be pre-approved by a lender and ready to put in a strong offer very quickly, with no guarantee you will be the winner. Another reasonable alternative is to reconsider what we have on the market – there are many terrific homes that with a little effort, could be your dream home.

Why is inventory so low? Here in Sewickley, our community’s popularity is growing every year. The school district continues to garner accolades and rank highly and the secret is out – this is a super cool and fun place to live that is really close to both Pittsburgh and the airport. Why not Sewickley? So as more people try to find a spot here and fewer people depart, fewer and fewer homes are available for sale. The scarcity of homes will continue to put upward pressure on prices. And of course, if your priority is a home in Sewickley, you may just need to consider where you can compromise to make your dream a reality!

Why Buy Now?

Dear Kathe,

Why should we consider buying now? Isn’t it better to wait until spring?

This fall, the market has been a bit sluggish, perhaps led by election anxiety, and now the holidays are quickly approaching. We are, however, expecting a very strong spring market. The millennials are expected to make a huge impact on our housing market this spring. Over 50% of home purchases are projected to come from first time home buyers. Many millennials are moving into their first homes, many are moving out of apartments and/or out of cities to a more “family friendly” environment. Sewickley , a walking community that has become so very popular in millennium America, is well positioned to see the impact of that surge.

This expected demand is going to put incredible pressure on our spring market. It is anticipated that prices will be increasing and bidding wars will become commonplace. All of this suggests that now is the absolute best time to buy if you are thinking of moving! There are very few people who buy this time of year, as most are too preoccupied with getting ready for the holidays. While inventory is lower than it will likely be come spring, the absence of many buyers gives you a much better chance to strike a good deal. Why pay over asking price in a bidding war come March when you could negotiate a discount now? Rather than putting yourself at a competitive and financial disadvantage, start the home search process now.

And of course, if you are thinking of selling, carve out some time this fall to prepare yourself for a spring introduction in January/February. Market trends show that the sale surge happens in March, not April, so you should be getting ready now! If you will be selling a starter home (which here can be up to $500,000) and are well prepped and well priced, you should expect a positive market response and maybe even a bidding war!

Finding the Right Agent to Represent You!

Dear Kathe,

We have our home listed with another agent and are unhappy with the service we are receiving. We can’t help but wonder what process we should have gone through to find the right agent. Any ideas?

When choosing a Realtor, it’s important to do more research than asking a colleague, friend or service provider who they would recommend. I often help my clients find an agent in the new city they are moving to, and I start online.

First, I look for agents who do a lot of business in the area my client is moving to. How many listings does the agent have? I look at her sold listings on Zillow and see how many she has sold, both in the area and in the price range my clients will be buying into to make sure she has the experience they will need.

I then look at her individual website for her certifications and qualifications. These credentials require extensive commitment to training by the agent, and training means the agent is best equipped to achieve the very best result for you.  Much of this training requires years of dedication to learning and excellence.  All agents are not brokers, for example.  An Associate Broker’s license takes a minimum of three years commitment to additional learning and hands on experience. If you are buying or selling a Signature home, there is an even higher level of training available to an agents such as Distinctive Homes Specialist.  Christie’s Great Estates Specialist.  These programs add yet another level of  skill and expertise to an agent’s repertoire.

I like to say “a monkey can stick a sign in your yard.”  It takes years of training and experience though to sell real estate while making it look smooth and easy.  By earning credentials, we learn how to price optimally, how to market strategically, how to use the latest technology for your benefit, the complex ins and outs of our lengthy Agreement of Sale (the intricacies of which are just waiting to ensnare the inexperienced), how to negotiate for success, how to navigate the rough seas of inspections and how to close on time.  Every one of these skills inures directly to your benefit and your bottom line.

I also look to see how developed her website is (is it more than a simple blurb) and how many reviews/ quality of reviews she has on Zillow. This gives a sense of how committed the agent is to the business.

Finally, I interview the prospective agents to determine marketing plans, detailed knowledge of the area and their personal market statistics.   So take the time – get to know our credentials – and make an educated decision when choosing your next real estate agent.

Should I Buy First or Sell First?

Dear Kathe,

We want to downsize but are not sure how to go about that process – do we buy our new home first or sell our current one first? 

Your question touches on one of the trickiest scenarios in real estate – sell first or buy first? The answer is different depending on an individual’s circumstances. Buying first is usually the best choice – you can take your time finding the perfect next house. And you can move out of your current home before listing it for sale, which will allow you to stage and present the home without clutter and without the hassle of having to tidy up for showings. However, buying first requires a few things. You must qualify to own two homes at once. You must have a down payment for your new home in a savings account, or an existing home equity line in place on your current home that will allow you to pull out the cash you need for a down payment. And you must be okay with the concept that you may be carrying two homes for an undefined amount of time.

If you do not qualify to own two homes at one time, do not have the required down payment for the new home, or are just too nervous about owning two homes for an undefined amount of time, then your only option is to sell first. It’s a good idea before putting your home on the market to get pre-approved for your new home purchase (you want to be sure you qualify before selling yourself out of your existing home) and to start looking online for new home possibilities. When you get an offer, you may need to act quickly. The buyer for your home is unlikely to be able to wait for you to figure out what you are going to do next. If you need to wait to figure that out, you may lose the buyer. Additionally, to purchase a new home, that seller is likely going to expect that you have already moved through inspections on your current home and have a solid deal. Therefore, you will want to agree to a longer closing date on your current home to give you time to get through the inspection negotiations and select a new home. Of course, there is always the option of renting if you cant find the right home!

It is tricky, but with proper strategic guidance it can be accomplished smoothly and successfully.

Contingency – Buyer’s Side

Dear Kathe,

Is it possible to buy a new home contingent on selling our current home?

It certainly is possible to make an offer on a new home contingent on selling your current home! However, an offer with a home sale contingency is not a strong offer. You are asking the seller to stop marketing their home in the hopes that you will sell yours, which can feel like a big gamble to the seller. If this is the direction you need to go in, there are some important tips to keep in mind.

  • Sellers are more likely to consider your home sale contingency if their home has been on the market for a long time with no other interest, if we are in a slow market season (fall) and they are unlikely to have any other serious interest in the short term, and/or if you are offering them a very high price which makes it worth taking a chance on you. If you want your offer with a home sale contingency to succeed, make them an offer at or close to asking price.
  • Sellers are more likely to consider your home sale contingency if your home is already on the market and you can show that it is priced well for a quick sale and is getting significant showings. If you want your offer with a home sale contingency to be accepted, don’t list your current house at a top-of-the-market price.
  • Sellers are more likely to consider your home sale contingency is you choose the type of contingency that allows them to actively market the home to other buyers. Of course, from your perspective you would prefer to lock the house up, but that is unlikely to happen. The right to continue marketing contingency at least allows you to know that you can buy the home at an agreed upon price as long as you get yours sold before another buyer comes along.

Of course, two better options include getting your home on the market and sold so that you can make an offer contingent only upon it’s closing, or exploring options with a mortgage broker that would allow you to make a non-contingent offer.

The Long Wait Until Closing

Continuing from last week:

Dear Kathe,

We’re first time home buyers – where do we begin? 

At this point in our journey to your new home, hopefully you have resolved any home inspection issues that you have and your financing is in process.

There are many pieces to the home financing puzzle that you will not see and some that you will.  Financing has gotten quite tight now and you will need to be prepared for a high level of documentation required by the lender.  They may ask you to document sources of deposits.  They may ask you to document other expenses you are responsible for.  They may need copies of letters of employment or bonus guarantee letters.  Be prepared to respond quickly to any and all requests.  While you are addressing these requests, the lender will order an appraisal to confirm value of the home.  There is a range of reasonable in which a home may sell – the lender is simply trying to make sure that you are in that range.

Once your loan is approved you begin the long wait until closing.  If you had a particularly delayed closing, you will begin to wonder if you are supposed to be doing something else.  The next steps happen right before closing.  You will set up your insurance coverage on the home with your insurance agent a few weeks in advance.  Coverage options vary widely so you will want to work with an insurance agent who will thoroughly review all of your options with you.  About a week before, you will need to call the utility companies to move the utility bills to your name.  If you forget to do this, the utilities will simply be turned off and it will cost you more to get them turned back on again.  For water and sewer, you will need to show up in person to get them connected, so be sure to schedule that in to your work schedule.  Finally, the day before closing you will do your walk through to make sure the home is as you expected it would be.  If the seller accidentally removed something you thought was to remain or forgot to make a requested repair, now is the time to raise those issues.  Once you close, so does your window of opportunity to resolve any last minute concerns with the seller.

On the day of the closing, you will spend about an hour signing many documents and presenting a cashier’s check for any balance you owe above and beyond the mortgage.  Once that is completed, you will receive the keys and may begin the happy process of unpacking into your new home!

Negotiations Begin!

Continuing from last week:

Dear Kathe,

We’re first time home buyers – where do we begin? 

If you’re following along each week, by now you have been pre-approved for a loan, selected a Buyer’s Agent, looked at and selected a Property, made an offer and are negotiating for your new home!

The process of negotiating for a home is one of give and take.  Your Buyer’s Agent should be able to explain negotiating norms in the areas in which you are interested.  For example, in our North Hills communities, Sellers price their homes more tightly and they generally sell in the range of 98% of list price.  If you bring an offer at 90% of list price, you may not even get a response.  In Sewickley, there is often a bit more flexibility.  Keep in mind, however, that price isn’t the only concern.  Closing date is important – if you can’t get the date you want, you may need to pay for temporary housing and storage of your things.  Inclusions are important – if a Seller starts removing things from the home, they are things you may need to spend money to replace and this may affect what you are willing to pay for the home.  You must keep all of this in mind as you try to negotiate to a final Agreement to purchase the home.

Once you and the seller reach a deal, both parties sign the Agreement and you are officially “under agreement.”  At this point, the contract takes over and specifies exactly what you must do next.  Your Buyer’s Agent should lay all of this out for you in easy-to-use timelines.  This is absolutely critical – if you miss deadlines, you could lose your deposit money in some scenarios.  You generally have 1-2 weeks to apply for a mortgage.  Do not delay.  The lending process is quite complex these days – there will be a lot of detailed information requested – this will take you time to compile.

At the exact same time that you are applying for your mortgage, you will also be inspecting your new home (yes, it will be very busy for a few weeks).  More on inspections next week…

Get Thee to a Buyer’s Agent

Continuing from last week:

We’re first time home buyers – where do we begin? 

Hopefully after reading my article last week, you were motivated to get serious about buying a home and began the process.  As I discussed last week, you should be saving your down payment, keeping your credit in excellent shape, getting pre-approved by a recommended lender and researching and selecting a Buyer’s Agent.  So what’s next.? The fun begins!

Your Buyer’s Agent should set you up to receive new listings via email as soon as they become available.  To streamline the process, it is a good idea for you to pre-screen these homes before going to see them.  Check them out online and on google earth, do a drive by to make sure there is nothing that you would object to that is readily apparent.  Once you have done your initial screening, go to see the home as soon as possible.  Our inventory is at record lows.  If you love a home you can be sure that there are at least a dozen other buyers considering the home and you will need to be ready to make an immediate offer.  Along these lines, it is important that you have developed a relationship with your Buyer’s Agent and trust her judgment.  When the right home becomes available you may have to pay full price to get it, and you need to be working with someone you feel you can trust on those decisions.  In this market there is rarely time to test out the seller if it is a great house and is well priced.

When making the offer, allow about 2 hours to go over the contract with your Buyer’s Agent.  You will want your agent to review the details with you and there are many decisions you will need to make when writing the offer.

You will need to work with your agent to decide how much to offer initially, how much hand money to put down, a closing date, the mortgage terms you plan to apply for and time periods for inspections.  You will list the items that are in the house that you expect to stay there, such as dishwashers, refrigerators and window treatments.  There are many other custom terms you may want to include – you may want to include an appraisal contingency.  You may be looking for the seller to address certain deficiencies that you noted while walking through, such as cleaning gutters.  All of the things that are important to you about the home must be written into the contract or they will not happen in the future.  Oral agreements are not binding when it comes to the sale of property.  Your Buyer’s Agent has hopefully paid close attention to everything you noted while viewing the home and will make sure that the Offer reflects all of your wishes.

Once you have signed the offer (and no, you can’t just make a verbal offer – as mentioned above, everything concerning land must be in writing) the offer will be presented to the seller and you will begin negotiations with your seller.  Stay tuned as the process of buying your home continues to unfold next week…

 

Where Do We Begin?

Dear Kathe: 

We’re first time home buyers – where do we begin? 

Buying a home is one of the best choices you can make.  Rather than paying money to your landlord so that he can be closer to owning an asset outright each month, when you make your monthly payment each month a portion actually goes to your benefit – when you sell the home someday, as long as the market is in a good place, that money is refunded to you (called equity) and you can use it to buy again.  It is, in effect, a forced savings plan and over time you can amass quite a large amount of savings while you are simply doing what you would have done otherwise – paying for housing each month.

To buy a home, however, you must have two things to start:  a down payment and good credit.  There a host of specialty loan products for first time home buyers far too extensive to review here, but figure on saving no less than 2.5% of the purchase price for a down payment if you are able to use an FHA product or 10% if you are going to use a typical mortgage.  Credit scores are also key.  Again, there are many things you can do to help or hurt your credit as you prepare to buy your home.  Do not open any new credit – don’t buy any new cars. Pay all bills on time.

When you think you are ready, start by finding a full-time buyers agent.  We now have Buyer’s Agency in this state and you need someone looking out for you from the outset.  Check the agent’s website, review references, interview if you wish.  Make sure you understand what the agent will do for you and be sure you have done your homework and are selecting the best agent for your needs.  Once you select an agent, you will need to sign two documents:  a Consumer Notice, informing you of your rights, and a Buyer Agency Agreement, whereby you actually hire the agent to work for you.  While the seller still pays the commission, an Agreement is still required to create the legal relationship whereby the agent is working for you and not the seller.

Your agent should then refer you to a mortgage broker for a pre-approval.  The broker will review your assets, liabilities and credit and give you a written statement of how much you can afford to buy.  This step cannot be skipped.  There is no sense looking at homes you can’t afford.

With pre-approval in hand and agent on board, you are now ready to begin the home buying process…stay tuned next week and I will continue to walk you through the process…its when the fun begins!

 

 

Putting Your Best Foot Forward

Dear Kathe,

We are planning on buying a new home in 2016 and are waiting to see what comes on the market this spring. Is there anything we should be doing while we wait?

With such little inventory and so many buyers in the market, when a property comes on that you are interested in, you must be really ready to buy. Bidding wars will become commonplace this spring and if you want to win, you must be the strongest buyer the seller considers. What does this mean?

First and foremost, it means having your financing in order. Contact your mortgage broker today, before you start looking at homes. But do more than just run your salary and social security number by him. Ask him to start the approval process and trouble shoot in advance any issues he might see. Don’t make the mistake of assuming that just because you have a good job and pay your bills on time, getting a mortgage will be easy. Lenders have tightened up on their lending ratios – you may be surprised to find out that you have too much debt outstanding and need to pay off car loans or old student loans before you will be approved for a mortgage. Do that before you enter into a contract to buy a home.

What if you have a home to sell? Sit down with the mortgage broker and see if there is anyway that you can buy without selling. Home sales contingencies are rarely accepted by sellers and when they are, they are highly unlikely to work out. Putting a home sale contingency on a home just marks the home to the public as a “wanted” home making it more likely that your offer will drive in another offer from a buyer. Why do all the work so someone else can buy your dream home? Strategize to find a way to buy without selling, even if it means eating macaroni and cheese. Sound too risky to you? Then get your home on the market right away and be prepared to rent for a few months if the home you love isn’t on the market when you are ready to buy.

There are many strategies we can use to make you a strong buyer in our unusually strong seller’s market. Give me a call and we can put an action plan in place for you to be the winning buyer when your dream homes comes on the market!

Bidding Wars and How to Win!

Dear Kathe:

A friend of ours lost in a bidding war for a home – if we find ourselves interested in a home that everyone else is also interested in, how can we win?

 Our market is getting hot right now and bidding wars are starting to happen once more.  Buyers, there are a lot of important lessons to be learned here.  The first and most important is that it is always better to avoid a bidding war!  If you see a home that you like, do not delay!  Our inventory levels are at historic lows and there are too many buyers entering the buying pool.  Don’t sit by the sidelines over-analyzing.  Make an offer!

Lesson two:  if you find yourself in the unenviable position of being in a bidding war, ask yourself:  What price is it at which, when you see the home sale amongst the sold transactions in the Sewickley Herald, will you say “darn, I would have paid that price.”  If that’s the way you feel, that’s what you should be offering.  Consider at what price, when you read the Sewickley Herald, you can sleep at night, knowing you “would never have paid that much for that house.”  Offer just below that price, and know that you gave it your all and will, in fact, be able to sleep at night if someone else wins.

Lesson three:  do know that a request from the seller for your “final and best offer” does in fact mean your final and best offer.  There will probably be no second chances.  Refer to step two above in determining that price, and then do not pull back thinking you will be leaving money on the table if you offer significantly more than the other bidder.   You will be enjoying the home for years to come and it just won’t matter when you are the one inside and not the one driving by outside, pining about the one that got away!  So give it your very best shot!  Do not assume that you will be given a second opportunity to improve your offer either – offer your best offer out of the gate to increase your chances of success.

Sellers, a special message for you:  bidding wars are starting to happen once again, but if you want to be the subject of one, you must still prep your home perfectly and price it realistically.  Today’s buyers are very savvy and while prices are inching up, it’s a slow and steady rise and sellers who prepare their homes (see my blog for advice on what to do) are the most highly rewarded!

New Year? New Home!

Dear Kathe,

We’re hoping to move in the New Year and are beginning our search online – is there anything we should keep in mind?

The majority of buyers will shop online during their search for a new home, and many will actually begin their search there, like yourselves! The real estate industry has come such a long way in the 17 years since I started in this business. Back in what feels like a different century (perhaps because it was), we used bulky multilist books that were delivered every other week to find homes for our clients. If you were in good with your agent, she might lend you a coveted book to take home and peruse! Now you can access the entire nation’s real estate inventory on national websites such as realtor.com in the comfort of your own home!

The internet has made it incredibly easy for buyers to do some preliminary research for a new home. It does have its limitations, however, which is where your expert real estate agent can fill in the gaps.

Online listings, if managed by a top agent, will always look amazing. Wide-angle lenses and professional photographers are employed, as well as photo-editing software, to make a home look as attractive as possible online. It’s worth keeping in mind that pictures may lie – be careful not to screen out potential homes just because the photos aren’t fabulous – rely instead on the wisdom of your agent. If she has listened to your feedback and is familiar with the inventory, she will be your best screen for which homes are better than they appear, and which may be worse.

Online listings also don’t give you much of a sense of location. While google earth may help with some of this, until you actually drive by a property, you may not be able to tell physical lot characteristics that may be a positive or a negative to you. Online listings also can do little to convey a sense of neighborhood or community. Again, that is where your real estate professional should be able to fill in the picture for you.

Finally, online listings are only as good as the agent who enters the data – there may be information about the property that is not entered into the MLS, either by agent oversight or by simple lack of space, that might make a home more desirable to you. Information such as camera security systems, water softener and purification systems, high-efficiency mechanicals and timered vacation/Christmas lighting may have real value to you and is rarely listed online.

Online shopping is a great way to familiarize yourself with the market, but a local real estate expert is your best course of action once your curiosity grows more serious.

Now Is Always The Best Time!

Dear Kathe,

When is the best time to buy in the spring market? We have seen a couple houses we like, but what if something better comes on the market?

 

As they say in The King and I, “now is always best time!” And in all seriousness, if you know you want to move this year and have identified a home that you like, there is no reason to sit on the sidelines one minute longer! Right now, our market is only beginning to wake up. Sellers who have endured the typical “holiday dry spell” are eagerly awaiting spring buyers and you are far more likely to get a better price now than if you wait until more buyers join the marketplace, adding greater competition. No matter your price point, there is never a “perfect” house – if its 80% great, it’s a home run from a housing perspective. So if you are waiting to see if a “better” house comes on the market, you will most likely be disappointed. All homes involves some level of compromise. Additionally, new introductions tend to be priced higher than homes that have sat through the holidays, and not only are you unlikely to get a deal, but you might end up over paying as more buyers enter the market and bidding wars become more prevalent.

 

If beating the spring market rush and getting a good deal on a home that has been waiting for the spring market to begin aren’t reason enough to make an offer, mortgage rates have also dropped a bit, which will pay off in savings month after month for the next 30 years (or until you move again!) Rates are now hovering around 4%. If rates increase 1% as you sit on the sidelines waiting for that “better” house, you will pay significantly more. For example, if you are planning to take a $417,000 30-year mortgage, the payment could be as much as $327 more each month and over the life of a 30 year loan, you will pay in excess of $117,000 more in interest.  By sitting and waiting rather than acting now, you are costing yourself money – a lot of money.

 

Hedging your bets and thinking rates will drop a bit?  There is absolutely no reason to do this.  Many lenders offer no-cost refinances.  If rates drop, you can refinance to a lower rate with no cost to you.  You can have your cake and eat it too – if you buy now you can hedge your bets against the likely rate increase and take advantage of a good deal in the pre-seaon, and if rates happen to drop, you can take advantage of a no-cost refinance to capture the lower rate! Call me today and we can strategize about how to get you into your new home in this pre-season!

Bidding Wars are Back!

Dear Kathe,

One of my friends sold her house with multiple offers last week. We are planning to buy a new home this spring – are we going to find ourselves in the middle of a bidding war?

 

It is true that some of our inventory has seen multiple offers in the past couple of weeks!  Even with multiple bids, however, buyers are still cognizant of value and sellers who bought or refinanced their equity out in earlier years may not yet see a return to those value levels.

Why are we seeing multiple bids?  As I have mentioned in previous articles, our inventory is down substantially.  Our typical inventory sources have been slow.  Corporations cut back tremendously on relocations post-2008 and have transferred fewer employees in recent years.  Trade-ups or trade-downs have decreased significantly, in many instances because sellers can’t find anything to move to.  And so it becomes a vicious circle.  At the same time, the lag in inventory introductions has been going on for quite a long time, so many buyers are just plain tired of sitting on the fence and are beginning to compromise on their criteria for a new home.  When a new home comes on the market and is well-conditioned and properly priced, or when a home that has been on the market for a while has a price reduction, they spring into action, often resulting in multiple bids.

So what do you do if you are one of those buyers sitting on the fence, waiting for your perfect home?  You need to have educated yourself on our market so that you recognize value when you see it.  You need to be working with a buyer’s agent whom you feel has a thorough knowledge of the market and can correctly advise you on value.  And when that home does become available, you need to make the best possible offer.  Weaker offers contain terms such as long inspection periods, long mortgage approval periods, low hand money amounts, delayed closing dates, home sale & home appraisal contingencies and low offer prices.  If a home is new to the market or recently had a price reduction, you need to assume it will sell at or close to asking price – if that’s not a price you are willing to pay, stand back – perhaps another buyer will see the value.

As for sellers, you need to follow the advice laid out in my earlier articles.  Make your house that shiny penny, price it right, and you could receive a full price plus offer in less than one day!

Why Pittsburgh?

If you are not from Pittsburgh and are looking for a new city to call home, give Pittsburgh a closer look!  Pittsburgh has something for everyone (click here to watch video)!  Pittsburgh tops the list in 2014  for offering social mobility and affordability for millennials (click here to read more)! The Economist ranked Pittsburgh the most livable city in the US in 2014 (click here to read more)! Forbes magazine also ranked Pittsburgh America’s most livable city (click here to read more)!  Pittsburgh ranks as one of America’s hottest cities for 2015 (click here to read more)! Pittsburgh ranked #8 in the US and top 50 in the world for highest quality of living (click here to read more)! Pittsburgh ranked first overall as a Top America’s City of the Future (click here to read more)!

 

And what a great place to invest in real estate!  Zillow ranked Pittsburgh the healthiest real estate market in the US (2014)(click here to read more). Pittsburgh is also ranked among the world’s best real estate investments (2014)(click here to read more)!

 

Still not ready to call Pittsburgh home?  Come see for yourself!  Conde Nast ranked Pittsburgh the #3 vacation destination in the world (2014)(click here to read more).

 

Pittsburgh! A surprisingly ideal city to call home!  Call Kathe at 412-779-6060 to find out more!

In Search of Perfect

Dear Kathe,

We have been searching for our new Sewickley home for about 9 months with no luck – there doesn’t seem to be much of a selection and we cant find our perfect home – any advice for a family of weary home lookers?

Sewickley is a small town which makes it a unique and wonderful place to live, but with it’s small town appeal comes a definitely smaller number of homes to begin with and yes, in some price brackets, inventory has been far tighter than it has been in the past. It is beginning to feel like Sewickley is such a great place to live that no one wants to move!

When we moved here nearly 21 years ago from D.C., we had a long list of “must haves” that we searched the greater Pittsburgh area for. Our real estate agent showed us only one home in Sewickley – that’s all that was available in our price range at that time! It met very few of our must haves – it did not have a master bedroom, it did not have a two car garage, it did not have central A/C and it did not have a family room. But it did have tree lined streets and sidewalks to everywhere and that was our #1 criteria, so we bought the home despite all of its perceived shortcomings.

In the intervening years (and in the two Sewickley home purchases we have made since then), I have learned that if one wants to live in Sewickley, he or she will ultimately need to bend on the must haves a bit. Price will not help – no matter what the price point, there are simply no perfect homes. It is important to evaluate each home through a slightly different lens. Consider how close a possible home comes to meeting your needs. If it meets about 80% of your “hope to haves” and if you could change another 10% over time to be much closer to what you hope to have, with the remaining 10% being things you wish you could change but realistically cant and will have to learn to live with, then the home is likely a home run and one you should seriously consider buying. I call this the 80/10/10 rule – and I have observed that once buyers come to terms with this concept, they can finally find their place to call home. Those that hold out for “perfect” – looking for the home that meets 90%+ of their hope to haves – will find themselves sitting on the sidelines as one home after another sells – that needle in the haystack simply does not exist.

And so, for example, if you have found a great home with the space you need that is in terrific condition in a nice neighborhood and with a great yard, but you don’t love the kitchen and you think it is a bit too far from Starbucks, give it another look. 80% is likely a yes. The kitchen (10%) can be changed over time. And you can learn to adjust to the extra ½ mile to Starbucks – its still walkable! My best advice to you is to start looking at homes through this 80/10/10 lens – you may be surprised to find that “perfect enough” has been waiting for you all along!

Trends in Real Estate We Can All Be Thankful For

Trends in real estate come and go just like trends in clothing and interior design.  Not so long ago we were, as a country, swept up in a trend of “no doc, no money down” loans that cost most of us mightily as we trudged through the recession.  This trend was reasonably short lived, thankfully, but certainly caused extensive damage in its wake.  Trends in real estate are looking up, at least in my opinion:

The trend in financing is that buyers must actually have a downpayment, a job and good credit to buy a home.  Seem onerous?  It’s the way it was until just a few years ago and provides a far stronger base for the housing segment of our economy.  We should all be thankful for the tighter lending practices in place that will hopefully help prevent another housing bust.

The trend in borrowing generally is to no longer treat your home as an ATM.  Yes, your home is an investment, and someday may provide a nest egg for retirement, but we have all learned the valuable lesson that we cannot expect our home to finance our cars, trips and children’s education – unless we want to be homeless, that is.  Good old savings toward goals is back in fashion!  The financial planners  I know are celebrating this trend!

Lenders are also moving more quickly on short sales, and this is also a trend we should be grateful for.  When a homeowner becomes upside down on a home, its important to move through the sale quickly so that everyone involved can get on with their lives.

The trend toward green building is also an exciting change in our market.  Many builders are choosing more sustainable and/or healthier building products, which is good for our environment and for our health.

Finally, we have all enjoyed and benefitted from the trend toward low interest rates, which remain at historic lows.  It remains a good time to buy your next home, where you and your family can enjoy Thanksgivings for years to come!

What Are You Waiting For?

As mortgage rates continue to rise, if you are thinking that a move might be in your future, now is definitely the best time to make an offer on a new home.  Rates are still below 5%, but it is expected that in 2014, they could rise to 6%.  On a $417,000 30-year mortgage, the payment could be as much as $327 more each month and over the life of a 30 year loan, you will pay in excess of $117,000 more in interest.  By sitting and waiting rather than acting now, you are costing yourself money – a lot of money.  If your affordability is capped by income or debt load, you may also be costing yourself the home you want to buy.  As interest rates increase, you will be able to buy less home.  At the $417,000 mortgage level, a 1.25% increase in interest rates will decrease ability to buy by $50,000.  So if you qualified for a $417,000 loan this year (and no more), you may only qualify for a $365,000 loan when rates hit 6%.

Hedging your bets and thinking rates will drop a bit?  There is absolutely no reason to do this.  Many lenders offer no-cost refinances.  If rates drop, you can refinance to a lower rate with no cost to you.  You can have your cake and eat it too – if you buy now you can hedge your bets against the likely rate increase, but if they happen to drop, you can take advantage of a no-cost refinance to capture the lower rate!

The fall market is also an outstanding time for buying a home.  Competition is lower than it will be in the spring and you will have an increased likelihood of achieving a better price on a home.  It is also generally less expensive to hire movers in the fall and winter months.

Sellers, you may be tempted to wait for the spring “crush” to list your home.  With the expected increase in interest rates, this plan may backfire as buyers may become even more hesitant as rates increase.  If you know you want to sell, we definitely have movement in our market – now is the best time to list!

It’s Your Lucky Day!

It has actually been our lucky year!  Interest rates fell even lower this year than we would have ever imagined possible, and many buyers were able to buy their dream homes for even lower monthly expenditures.  The record low rates certainly spurred a spring market like we haven’t seen in years.  As we all know, rates spiked up this summer, with the 30 year conforming rate pushing a little too close to 5% for comfort.  Our market slowed significantly in response.  From a rational perspective, this is really very surprising.  Even at 5%, that is an unbelievable rate compared to historic norms.

In the first ten years of the new millennium, we averaged 5.7% on the same loan products.  And in the 80s, when many of today’s homebuyers were born, we averaged 13.99%.  So why then does an increase to 4.75% send buyers to the sidelines?  We are fortunate to be living at a time when we can still buy at these amazing rates. Why wait for the illusive 3% rates to return, which is unlikely to happen?  Inflation will continue to drive prices up, increasing the prices of the homes that are available.  The smart answer is clearly to buy now, even at the slightly higher rates.

Today, however, is your lucky day.  Rates have dropped for the present moment and, with good credit, you have another chance to buy at 4.25%.  Current economic trends suggest that it would be a wise choice to jump on these rates.  No cost refinances are still available to you if the rates should drop further, but at least you are hedging your bets against further increases.  If you have been sitting on the sidelines feeling like you missed your chance, give me a call and we can design a strategic buying plan for you to maximize your buying power over both the short and long terms.

Differentiators

Selecting the best realtor for your needs is a very personal process.  Surprisingly, however, some real estate consumers don’t know where to begin.  The internet is such an easily accessible tool for doing your homework before you commit to an agent, and yet so many people fail to take advantage of all that is available to them, and then months or in some cases years later are still complaining at cocktail parties or book clubs about how they are not satisfied with their choice of agent.

 

In this age of technology, there is no reason not to do some homework upfront, before committing to an agent to handle what is likely your largest business transaction.   You can begin by looking at the qualifications and experience of the agent you are considering.  What certifications do they have? Certifications such as ABR (Accredited Buyer’s Representative) and CRS (Certified Residential Specialist) require extensive commitment to training by the agent, and training means the agent is best equipped to achieve the very best result for you.  Much of this training requires years of dedication to learning and excellence.  All agents are not brokers, for example.  An Associate Broker’s license takes a minimum of three years commitment to additional learning and hands on experience, which can only enhance your experience with the agent.

Check out their online marketing next.  The majority of Buyers start their search online these days.  How does the agent market her homes?  Check out sites like realtor.com, Trulia and Craig’s List.  Are there visual tours?  What do you think of the photography?  Would you buy the home, or even take a second look?  Be sure to check out online recommendations while on these sites.

Finally, when meeting with the agent, ask for statistics.  How many days does it take her to sell a home on average and how does that compare to the market generally.  How correct is her pricing?  How often does she have to reduce the price of a home before it sells?  Reflect on how she calculated this data?  Is it a guess or did she actually crank out the numbers?  This will all help you determine the value of the advice you are receiving.

Each of these factors inures directly to your benefit and your bottom line.  So take the time – get to know our credentials, marketing, past performance and recommendations – and make an educated decision when choosing your next real estate agent.

Why Buy Now

Dear Buyers,

The fall market is a uniquely wonderful time to buy your new home.  While many think of the spring as the best time to sell, for you, the buyer, there is far more competition for the homes and you are more likely to have to pay more.  Now that it’s fall, while there are still other buyers out there, their number is fewer than just three months ago.  In anticipation of the coming winter, many Sellers have lowered the price of their homes, making many of these properties exceptional deals that will not be available to you in a “hot” spring market.  Why wait?  If you are considering a move, you now have an outstanding opportunity to capitalize on the market slowdown and buy a wonderful home at a great price – and take advantage of the interest rates before they increase further.  If I can help you realize a terrific value in a new home this fall or winter, please don’t hesitate to call, text or email me!  Kathe

The National Debt and Your Home

There are many reasons that folks are concerned about the national debt, but have you thought about how it impacts your housing choices?  Your first reaction might be that with the economy remaining less than robust, conservative financial choices are your best and safest bet.  These economic times have seen people scaling back, and many have opted for smaller homes and rentals, preserving their cash, unsure where the market is headed.

Such an approach may not, however, be your best bet.  In the long run, you may be better off buying as much house as you can comfortably afford.  Sound risky?  You may be risking more to play it safe.

If our nation cannot resolve its debt issues, economists predict that we may enter a period of inflation and high interest rates.  If this happens, your home should keep pace with inflation while other assets may not.  If you have more invested in your home as a “place holder” you can rest assured that your net worth is not losing ground as prices skyrocket around you.  Of course, there is no better time to invest in your “place holder” than when the cost of borrowing is low.  With interest rates as low as they are today, regardless of the uncertainty that some fear lies ahead of us, there is simply no better time than to be choosing real estate as your hedge against inflation.  And while some investors may enjoy watching their investments grow on paper, your home is the only investment you can come home to every day and enjoy with family and friends.  So invest in real estate with confidence — not only can you buy more for less right now, but you can actually enjoy your investment for years to come.

Are You Paying too Much… for Sellers

Buyers are often questioning whether they are paying too much for a home.  But what about sellers?  How much is your home costing you to keep?  Depending on where you are in the selling process, this is something you need to consider.

 

The most obvious scenario involves a vacant (or essentially vacant) home where the seller has already relocated to a new home.  That seller continues to meet monthly ownership obligations, which usually include mortgage payments, property taxes, homeowner’s insurance, utilities and yard upkeep.  If you are looking at the possibility of carrying two homes at some point in your moving process, think carefully about whether you are paying too much to carry the old home month after month, or does it make more sense to adjust your asking price down or work with an offer that comes in lower than you would have hoped?  Even if you have to bring some money to the table to satisfy a loan you took out a few years back when money was flowing more freely, that may be cheaper than carrying the home for months or even years hoping to recoup a lost idea of value.

 

But what if you haven’t committed to buying a new home, but have only listed your home with the hopes of making a move?  Is it still possible that you could be paying too much?  If what you need is to move to a smaller or less expensive home, then yes, every day that you hold on to your old home, you are paying too much.  Marketing your home aggressively and being realistic on price will in the end save you significant money when you get your old home sold and get into a new home that costs you less each month.

 

But even if you are moving up, you may still be paying too much as a seller.  Staying too long in a home when you know a move is what is needed may have a lot of hidden opportunity costs – you might miss out on the great rates that are currently available.  You might be forced to pay for unexpected repairs because you stayed just a little too long and costly items started to break. You might miss out on a great deal because you haven’t positioned yourself successfully as a buyer.  These are all high prices for a seller to pay.  End message: price your home well, consider all offers and be realistic about realization and while you may initially think you are losing too much, in the end, you will prevent yourself from paying too much.

 

 

Are You Paying Too Much?

Buyers often assume that if more than one offer is presented on a property, they will end up paying too much money.  In light of this view, many buyers back away when they find out a home is getting multiple offers.  Is this a sensible approach?  Is a bidding war evidence that someone will overpay for the home?   Will they ultimately lose money on the resale?

I would assert that is not the case.  Multiple bids may in fact be evidence of exactly the opposite scenario.  When more than one offer comes in on a home, it is usually because it has been well priced and/or is in excellent condition – that the home in fact represents a terrific value.  Looking exclusively at price fails to acknowledge the most important component – value.

If you are renting and considering buying, then an analysis of value must include an analysis of how your rental payment compares to the mortgage payment.  With interest rates as low as they are, mortgage payments are often far lower than rental payments.  This potential savings alone can represent real value to you.

When considering whether to jump into a bidding war, don’t forget to take into consideration that with each mortgage payment you are building equity in your home and increasing your net worth.  Additionally, it is important to consider the value of the mortgage interest deduction on your tax return – when you consider the tax savings currently available as a result of the deduction, you are “out-of-pocket” significantly less than it initially appears.

Interest rates have never been lower.  Inflationary times are predicted.  Inventory is at a low point.  Expect bidding wars.  But a higher price does not necessarily mean that you are getting a bad value.  Take the time to analyze all of the factors that create value with your real estate advisor before shutting down on price alone.  Don’t sit by the wayside and let someone else buy a home that is a good match for you – jump in and win!  When interest rates go up and inflation escalates, you will look back and be happy that you did!