What’s Your Contingency Plan?

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.

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

    Why NOW is the Time to Move!

    With all that is going on in the world, why should we consider a move now?

    I know it might seem counter-intuitive, but local market indicators suggest there has never been a better time to be in the market for a move. Why buy now?  Here are my top reasons!

    1. Interest rates are unbelievably low! Fixed 30 year loans under 3%?  Yes! You can buy more and spend less!
    2. We have some very nice homes available to purchase – its been a long time since I have seen so many nice choices.
    3. Some buyers are concerned about economic uncertainty right now and sitting on the fence. However, the economic factors associated with the housing crash in 2008 are not present now, so while the economy may slow down, we are not anticipating housing prices to drop.  Take advantage of other buyers’ hesitation and buy now before you find yourself in a multi-party bidding war.
    4. Housing prices have continued to rise in our local markets despite the pandemic and economic uncertainty. If you are sitting on the sidelines, there is a good chance you will pay more at a later date!

    I have outstanding opportunities across all price brackets.  Why buy now?  Check out more reasons below!



    Here’s a “Why Buy Now” synopsis and direct link for each featured property:

    208 Chestnut Road
    Why Buy? 2 acre Village lot, full guest house, incredible architecture & space!

    10 Thawmont
    Why Buy: Incredible privacy on 5 acres yet walkable to Village, stunning great room!

    1799 Locust Road:
    Why Buy?:  Completely remodeled in the highly sought-after North Allegheny school district!

    814 Hill Street
    Why Buy? Top to bottom flawless renovation & addition in the heart of the Village!

    622 Broad Street
    Why Buy? Stylish central Village home with 4 bedrooms, new baths, 2 car garage!

    5 Little Sewickley Creek
    Why Buy?  Hard-to-find wooded privacy in Sewickley Village, stylishly remodeled!

    52 Timberhill
    Why Buy?  Unparalleled craftsmanship and privacy w/ 11000 SF on 10 stunning Heights acres!

     321 Merriman
    Why Buy? 42 rolling acres in Sewickley Heights afford unique privacy, with a stunning estate home!

    141 Beech Ridge
    Why Buy?  The best buy in town with salt water pool complex, indoor courts & more – a sport-lovers dream!

    201 Bunker Hill
    Why Buy?  Exceptionally large home for the money, with 7 spacious bedrooms, and a pool!

    49 Woodland
    Why Buy? Hard-to-find newer construction in Village w/ harder to find main level master and attached 3 car garage!

    2486 Matterhorn
    Why Buy?:  Sought after North Allegheny Schools, backs to woods, perfectly maintained!

    213 Chestnut
    Why Buy? Incredible space over 4 finished levels w/ 5BRs, 3 baths and a large flat yard!

    307 Grant
    Why Buy?  Fabulous central Village neighborhood, large flat yard, stylish remodel!

    16 Highview
    Why Buy?  Summertime fun with the pool and new deck, open floor plan, incredible value!

    434 Maple
    Why Buy? Made-for-modern lifestyles large & spacious home on a flat lot with room for a pool!

    137 Sebago Lake
    Why Buy? Love to golf?  The course is right out back!  Plus all components recently refreshed!

    1314 Linden
    Why Buy? The most charming carriage house on a large, private lot backing to woods!

    604 Pine Road
    Why Buy?  Amazing central Village neighborhood with unparalleled charm, nicely remodeled!

    TO SEE MORE DETAILS ON THESE AND OTHER PROPERTIES, PLEASE CLICK HERE

    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

      Now the Fun Continues!

      We’re first time home buyers.  Where do we begin? (continued from last week)

      For those of who just picking up the conversation today, check out my blog at www.askkathe.com to read the past two weeks’ introduction to the home buying process.  If you are following along, so far you have gotten pre-approved for your mortgage, researched and chosen a buyer’s agent to be your advocate, saved money for your down payment, shopped for a home and gotten one under agreement.  Now the fun continues!

      Once you have a home under agreement and have deposited your hand money, you will be ready to schedule your inspections.  Your buyer’s agent should provide you with guidance in finding reputable home inspectors.  You will want to consider scheduling a general home inspection as well as inspections for radon, wood boring insects (termites), mold, and possibly of the sewer lines.  If the home has a septic system you will absolutely want to fully inspect the system – they are quite costly to replace.  If there is a well on the property, you will want to test both the water quality and the capacity of the well.  You may also need to have specialists evaluate aging components such as the roof.  You generally have 10 – 14 days to complete your inspections and at the end of that period, you will need to make a request of the seller if you would like any items addressed.  To reach a successful conclusion of inspection negotiation, it’s a good idea to keep some simple tips in mind.  First, anything on the disclosure should have been considered when you were making the offer – its not a great idea to revisit disclosed items.  For example, if the seller disclosed that the roof is at the end of its useful life, asking for money toward a new roof is unlikely to be well received. The same can be said for items you could have easily seen.  If the inspector notes that the driveway is cracked and you should have seen it while visiting the home, asking for the seller to pay for a new driveway will also not be well received.  So when deciding what, if anything, to request of the seller, eliminate disclosed items and things you noticed when visiting the home and then turn your focus to the items that concern you most.  Of course, if there were multiple offers and you were the winner in a bidding war, you may not be able to ask for much if anything as there is likely another buyer on standby!  Ultimately, you and your seller will need to reach a compromise on the inspection issues and that agreement will be formalized in a written addendum to your Agreement of Sale.

      At the same time you are working through inspections, you will also need to make application for your financing.  This must be complete (in other words, you must have all of your paperwork to your lender) within 7 days of the final Agreement of Sale.  Applying for a mortgage these days can seem quite challenging – be prepared for the lender to ask for what will seem like a mountain of documents.  And do NOT make any major purchase until after you close on your home – changes to your outstanding debt at this point could affect your ability to qualify for a loan at all!  Once you get through inspections and mortgage application, it should be smooth sailing.  We will cover the final step in the process next week!

       

      307 Grant Street, Sewickley – NEW LISTING! 

      Incredible central Village home in a phenomenal neighborhood with flat, fenced yard, 2 car garage.  Newly remolded kitchen and baths.  Upstairs features 3 bedrooms, 2 baths.  The main level includes living, dining and family rooms, eat-in kitchen and den.  Charming covered back porch.  $725,000. Join me for our open house Sunday, 1-3pm.

       

       

      213 Chestnut Road

      Beautifully remodeled Sewickley Village Victorian with high ceilings, open floorplan and fabulous original architectural detailing.  Wonderful newer master suite with stylish newer bath.  Four finished levels of living space including lower level gameroom. Flat backyard, two car detached garage.  In a wonderful Village neighborhood, within a very easy walking distance to Village shops and restaurants. $795,000

      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

        Let the Fun Begin!

        We’re first time home buyers.  Where do we begin? (continued from last week)

        For those of who just picking up the conversation today, check out my blog at www.askkathe.com to read last week’s introduction to the home buying process.  If you are following along, so far you have gotten pre-approved for your mortgage, researched and chosen a buyer’s agent to be your advocate, and hopefully saved money for your down payment.  Now the fun begins!

        Once you are preapproved for a loan and have determined what price range you are comfortable shopping in, you can start your home search.  Typically this begins with an online search – your buyer’s agent should set you up to receive new properties as they become available. As interesting homes come on the market, you will want to tour them immediately.  In most price ranges, we have an extreme shortage of inventory and those who snooze tend to lose.  It is important to have seen enough properties upfront so when you see the right one, you know it and are ready to make a move.  When evaluating homes, it is also important to be realistic.  There is no perfect home, so establish your list of criteria upfront.  If a home achieves 7 out of 10 wish list items, in real estate we call that a home run. If you are going to hold out for all 10, a move is probably not in the cards for you in the short run.

        Once you find a home that works for you, in this market you do need to anticipate a bidding war is a realistic possibility.  Interestingly, even homes that have sat on the market for seemingly prolonged periods of time will often receive more than one offer at the same time, so if you find a home that peaks your interest, do not delay in making an offer.  Any delay could end up costing you money if another buyer comes along!  If there are multiple offers, you must put your best foot forward out of the gate. I have written many articles in the past on how to do that, and they can be found in my AskKathe archives on www.askkathe.com, but briefly stated, you should not assume you will get a second chance – work with your buyers offer to make the highest, “cleanest” offer that you can out of the gate, and consider including a personal letter to the seller telling them why you love their home and hope to make it yours – that personal touch will often sway a seller when they are reviewing multiple similar offers.

        Once you have a home under agreement and have deposited your hand money (anticipate 1%-5% of your purchase price depending on your price range), you will be ready to schedule your inspections.  Next week I will talk more about inspections and how to get through them!

         

        16 Highview Drive

        Start planning now for your fun this summer — 16 Highview offers a beautiful inground pool, ideal for warm weather entertaining, a NEW deck 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 guests, walk-out lower level, sauna, wine room, screened porch & more!  Remodeled throughout and ready for immediate occupancy! $595,000.

         

        52 Timberhill

        Amazing privacy on 10+ acres in Sewickley Heights, this custom designed and built home offers 11,000+ SF of exceptional living space set on a stunning parcel of land.  Gorgeous outdoor venues are ideal for warm weather entertaining, including resort-like pool and stunning patio with fireplace.  Additional exceptional features include 3 bedrooms including luxurious master suite and nanny/in-law suite, soaring ceiling lines, massive stone fireplaces, finished lower level gameroom and exercise studio, 5 car attached garage, huge custom kitchen open to family spaces and more!  An exceptional opportunity.  $5,900,000

        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

            Mortgages: Local or Online?

            We are planning to buy a new home soon – we see advertisements for internet lenders offering what seem to be below market rates. Is this too good to be true?

            If you are simply refinancing an existing mortgage debt, you MAY be ok choosing an internet lender.  You just need to be very careful that, before you apply to refinance your loan, you receive from the lender a full disclosure of all the costs and not just the rates. Oftentimes I see lenders have exorbitantly high fees connected with low rates.  In a sense, you are buying down your rate by paying high fees upfront.  Be sure to compare them on the same day to a couple of local lenders and understand what you are paying to get the quoted rates.  The reason you must compare rates on a singular date is because rates go up and down continuously and a rate may seem lower simply because you called a particular lender on a date rates dropped.

            If you are buying a home rather than refinancing, I do NOT recommend that you use an internet lender.  They do not tend to be familiar with area norms and that can cause you more headaches than you can imagine.  There is a long list of particularities to PA Agreements of Sale and the last think you want to do is have your closing delayed (while your movers are standing at the curb) while you wait for your lender (who does not have a local presence that you can  visit personally to address any issues) to sort things out.  As they are not familiar with our Agreements and processes, internet lenders may also impose requirements on you to “fund your loan” that are not requirements generally imposed by local lenders that may disadvantage you later.  Finally, internet lenders often do not understand that PA Agreements of Sale declare “time is of the essence” inside the contract – what that means to you is that if you miss your closing date because the lender isn’t ready to close, the seller does have the legal right to declare you in default, keep your hand money and sell the home to someone else.

            When buying, why take a risk?  Rely on your trusted Realtor to help you find a local lender who offers the most competitively priced loan products and delivers exceptional customer service.  Realtors cannot accept referral fees from lenders, so you can be sure we are motivated only by knowing you will have an outstanding transaction.  Feel free to reach out to me for help finding you the best local lender to meet your financing needs!

            213 Chestnut Road

            Beautifully remodeled Sewickley Village Victorian with high ceilings, open floorplan and fabulous original architectural detailing.  Wonderful newer master suite with stylish newer bath.  Four finished levels of living space including lower level gameroom. Flat backyard, two car detached garage.  A very easy walking distance to Village shops and restaurants. $795,000

             

            518 Irwin Drive

            Exceptional opportunity to own one of Sewickley’s landmark homes! Recently remodeled with a current design aesthetic, this notable home is architecturally impressive and yet incredibly comfortable for today’s lifestyles.  Outstanding main level space includes a huge kitchen open to a large family room, spacious “homework room” adjacent to the kitchen, and living room, dining room and den.  Finished lower level. 6 bedrooms, 4.5 baths PLUS a nanny/in-law suite.  Incredible yard with room for a pool.  So close to all Village amenities and yet giving you the perfect amount of privacy.  $2,700,000.

            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

              Be the “Squeaky Wheel”

              My friend’s closing on her existing home was delayed and she ended up having to delay her closing on her new home, and was stuck with all of her stuff on a moving van and unable to move in to her new home. How can these major inconveniences be avoided?

              Back-to-back closings do raise the possibility of delayed closings and moving vans sitting curbside waiting to unload. When there are multiple transactions lined up on top of each other, if one in the line-up fails to close on time, it will affect everything in line behind it. Ideally, transactions would not be back-to-back, but this only works if buyers are paying cash out of existing accounts or have sufficient resources to carry two homes, so that the new home can be closed independently of the closing on the old home. But even if transactions are not stacked, closing delays can still occur, causing unhappy buyers and sellers, because lenders aren’t ready.

              So how can these inconveniences be avoided? Selection of your lender and closing agent are absolutely critical. There are a lot of people out there who would like your mortgage and closing business. Many may even be your friends, neighbors or family members. But the relevant question, in addition to rates and fees, is whether they close on time every time. This is where you really need to rely on your agent’s expertise. Even consumers who move frequently only engage in the mortgage process once every few years. A busy agent is dealing with lenders daily. We know who stands behind their word and will not let you down, and who will not. A well-intentioned but poor performing lender can cost you significant unhappy delays – make a careful choice up front.

              It is also crucial that you get your lender all of the documentation that he needs immediately at the time of mortgage application. You don’t want to be part of any delay. Finally, even once you have turned in all of your paperwork, its important to check in with your lender weekly, daily the week before closing, until they tell you that they have the “clear to close.” The old saying “the squeaky wheel gets the grease” is never truer than when it comes to closing your mortgage loan – stay in close touch with your lender!

              16 Highview

              It’s time to start planning your summer pool parties at 16 Highview! Nestled on a private 3.87 acre lot in an established neighborhood and featuring a beautiful in-ground pool, the views of sunsets off the back deck are spectacular! Exceptionally open floorplan is ideal for entertaining! Newly remodeled kitchen features granite countertops and stainless appliances. Two story great room. Main level also features a large den/home office, inviting dining room, laundry adjacent to the kitchen, inviting screened back porch and main level bedroom with remodeled full bath, perfect for a nanny or in-law! The upper level is home to a large master suite with en-suite bath and two additional bedrooms. The lower level is finished with two gamerooms, full bath, sauna, wine room and three car garage! $625,000   Read More…

               

              213 Chestnut Road  – Open House, Sunday, June 23rd

              Beautifully remodeled Sewickley Village Victorian with high ceilings, open floorplan and fabulous original architectural detailing. Wonderful newer master suite with stylish newer bath. Four finished levels of living space including lower level gameroon. Flat backyard, two car detached garage. A very easy walking distance to Village shops and restuarants. Open this Sunday, 1-3pm. $825,000  Read 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

                Avoiding Mortgage Pitfalls

                I have a friend who just had a terrible time closing on his mortgage loan because he moved some money into his checking account right before closing.  Any tips om making sure the mortgage process is a smooth one?

                Mortgage rates remain low, but the process of obtaining a mortgage is more complex than most buyers appreciate.  Underwriters are extremely detailed in their review of mortgage applications – one small “mistake” could derail your entire application.  Take the time before you buy to understand the possible pitfalls, and then steer clear for a smooth mortgage process.

                First, don’t make large undocumented deposits into your bank accounts. Mortgage guidelines require that underwriters review all deposits reflected on bank account statements. If there are deposits present on a bank statement and the underwriter cannot tell where the funds came from, then the underwriter may ask for you to provide a “paper trail” to document the source of the funds used for the deposit.  When making a deposit, keep the associated paperwork (i.e. the “paper trail”) you may have received that would show where the funds came from for the deposit (i.e. check stub, copy of check, receipt for liquidation of another account, etc…). Try not to make cash deposits if at all possible as it is difficult to show where “cash” came from. Try not to move your money around between accounts. There will be plenty of time to consolidate funds if you desire after you’ve closed on your new home.   Be sure to save ALL pages of your bank statements. Do not throw them away or shred them.

                Second, strive to have ‘boring’ bank statements – no NSF charges, no unusual deposits, not a lot of moving around of money between accounts. Achieving this will definitely make your mortgage process go smoother.

                Finally, don’t open new credit and don’t take on new debts. Unless advised to do so by your mortgage professional, you should try to avoid having your credit checked by anyone or taking on any new debt (i.e. credit cards, car loans, lines of credit, etc…). Numerous credit inquiries may impact your credit score which in turn could affect your mortgage loan and interest rate quote. In addition, underwriters may require that you write a letter explaining the inquiries on your credit report stating if you did or did not acquire any new debts as a result of the inquiry. While it’s tempting to take advantage of an extra 10% off at a department store if you open a new credit card with them, it may be best in the long run to pass on those offers and use one of your existing credit cards.

                Check back next week for more tips on making your mortgage application process a smooth one!

                200 Summerlawn Drive – New Listing 

                Flawlessly finished, beautifully styled and meticulously maintained, this custom-built home is ideal for entertaining as well as being a welcoming place to call home!  Huge 1 acre lot with incredible green space, privatized by mature trees.  Open floor plan with nearly 5000SF above grade plus finished walk-out lower level. 6 bedrooms, 5.5 baths, convenient upper level laundry.  Immaculate condition.  So much to fall in love with!  $775,000  See more…

                 

                515 Spanish Tract

                Simply spectacular renovation of this inviting home – 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.  5 bedrooms, 4.5 baths. Incredible pool. Turn-key ready for you! $1,750,000  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

                  Highest is Not Always Best!

                  Is the highest offer always the best offer in a multiple offer situation?

                  For those of you looking for a quick answer, the answer is a resounding no!  For those of you wondering why, read on!

                  There are many important components to an offer, and price is only one of them! First is financial ability to perform.  An offer is worth nothing if the buyer is unable to pay for the home.  A cash offer with proof of funds is your best bet, but most buyers take mortgages.  If the offer is contingent upon the buyer getting a mortgage, make sure you receive a pre-approval letter from a local, well-reputed lender (and not an internet lender).

                  Second, make sure you receive a substantial amount of hand money.  Hand money is all you have if a buyer backs out of the deal. Sometimes buyers just change their minds.  Maybe a house they like better comes on the market.  Maybe they figure out that the home needs more work thab they originally imagined and the remodeling costs get too high.  Maybe they take a new job that is too far from your home.  There are many reasons why buyers change their minds and if you lose your buyer, you will want to be sure you have a decent amount of hand money to compensate you for the loss.

                  Finally, some buyers will offer more for a home with the expectation that they will “beat you up on your home inspection.”  Your best line of defense against these tactics is to make sure that you have been exceptionally thorough in your disclosure so that there is nothing (or almost nothing) wrong that you haven’t already told them about.  A pre-inspection is a great way to make sure that your home is in great shape and that all issues are disclosed – it will save you money in the long run.  Some buyers will even waive inspections if you provide a pre-inspection from a quality home inspector, which is the best scenario of all!

                  63 Thorn Street

                  Expertly remodeled, 63 Thorn paints a modern landscape on a charming traditional palate to create an exceptional home. Sited on a large lot with fully fenced back yard. The expertly designed and crafted kitchen (which is open to the family room) 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.  Please join us for our open house this Sunday! $1,450,000  See more…

                   

                  439 Oliver

                  Located in one of Sewickley’s most sought after neighborhoods, once inside you will be surprised how big this home is!  Beautifully remodeled, it offers three spacious finished levels of living space, including a main level bedroom suite! The newer kitchen is open to both the dining area and large family room. Walls of windows overlook the beautiful backyard – French doors open to the private patio. A convenient mudroom provides access to the attached garage. The lower level includes a finished game room, full bath, fifth bedroom and a spacious storage/mechanics/laundry area. Close proximity to all village amenities and schools. Freshly painted interior…move in and enjoy all that Sewickley has to offer. Please join us for our open house this Sunday! $675,000  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

                      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

                        The Ups and Downs of Mortgage Rates

                        I know you don’t have a crystal ball, but what do you think about mortgage rates right now?

                        The short answer: I think they will only go up!  We just had a slight drop in the rates this past week, but that is not expected to hold. If you are considering buying, now is definitely the very best time to take out a loan – by next month rates could have bounced back up again! There is really only one problem I see with this otherwise sage advice – inventory is very limited right now!  You may not find anything that you want to buy!

                        The good news is we do have a new mortgage product that will allow you to lock the rate for 60 days, even if you haven’t found a home!  The process is quite simple.  The loan application is processed just like if you had found a home – you make full application and turn in your paperwork.  You then have 30 days to get a home under agreement and the remaining 30 days to close.  For those of you who are committed to buying in the short term, this is a very good option to guarantee you the lower rate while still giving you time to shop. If you don’t find a home within 30 days, you do lose the rate lock but you would have still completed the paperwork for your future loan application!

                        Prospective sellers, lower rates are good news for you too!  Buyers can afford more when rates are lower and home prices therefore tend to be a little higher. We are officially in the long-awaited spring market, rates have dropped a bit AND we have a scarcity of inventory – the perfect trifecta if you are contemplating a sale! Give me a call and we can develop a strategy to maximize your return in this favorable climate!

                         

                         

                         

                        1432 Beaver
                        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. Completely redesigned master suite, with sitting area. Impressive development of the lower level. $1,150,000  Read more…

                         

                         

                        1 Ohio River Blvd
                        NEW PRICE!! Outstanding opportunity to own this signature commercial building with over 4000SF of space. Great visibility at the prominent intersection of Route 65 and Beaver, 2 minutes from I-79 and only 11 miles from downtown Pittsburgh. Off-street parking for 8-10 cars. 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.  $169,000  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

                          Is Pre-Approval Necessary?

                          We are interested in viewing homes but have been told that before doing so, we need to provide a pre-approval letter or proof of funds letter.  Is this really necessary?

                          Getting yourself pre-approved to buy before you start viewing homes is an excellent idea.  You will have to have a pre-approval letter to submit an offer (sellers are going to want assurances from an independent third party that you can afford the home before they take their home off the active market to sell to you).  And you certainly don’t want to start looking at homes that you think you can afford, or that you were told you could afford last year, before interest rates increased, only to be disappointed to find out that the home you love is outside your price range.  Getting a pre-approval upfront is the most sensible approach – in this hot market, you could easily lose out on a home while you wait for a lender to pull your information together and get you the letter.  It is best to get it done up front.

                          Necessary?  That depends on the agent you are working with and the sellers of the homes you are viewing.  Some agents simply will not put a buyer in their car until they have completed the pre-approval process.  On reflection, this makes sense.  Realtors are one of the only professions that don’t charge for their time as it is expended – they are paid for their time only when (and if) you actually close on a property.  Getting pre-approved upfront shows that you are serious about buying a home and not just out for a house tour!  Some sellers also require pre-approvals be provided before they will allow their homes to be shown. As you might imagine, there are some homes that many people would like to see, just for fun, such as very expensive homes or homes of celebrities/ sports stars.  However, selling a home is not about providing entertainment to the general public. One would hope that buyers would understand that sellers do not want to take the time to prepare for a showing to a buyer who is just out for fun – and hence, for those homes that might be a curiosity to many, it is important for sellers to require a pre-approval in advance.

                          If you are serious about a move, then financing, whether through a loan or with cash you have saved, is a necessary part of the buying process.  My best advice is to go ahead and line up your financial ducks before you start the home search process.  If you need help finding an excellent lender, give me a call!

                          16 Highview Drive

                          Spring is around the corner – plan now for a summer of family fun at 16 Highview! You will love the 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! $650,000 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 More Info Here…

                            I’m ready to answer any questions you have regarding your real estate needs.