Subscribe via Email
TheSomersTeamBlog
29Feb/121

“It’s A Buyer’s Market.” True or False?

It's a buyer's market. Is that a true or false statement? Hmm...I would imagine many would say it is true.  So I asked a few people what they thought. See my video clip:

Looks like most people believe that it is TRUE that we are in a buyer's market but I beg to differ and I challenge the popular belief, particularly in my Philadelphia Real Estate Market.

In a video clip I did a few weeks ago, I featured one of my clients as he was looking at trinity homes in Queen Village and Bella Vista. Recently we wrote an offer on one of the properties he viewed. This property was on the market for quite some time and needed a decent amount of home improvements and updating. But just as we worked out an agreeable written offer for the seller, two more offers from other buyers came into the picture! What are the chances? I thought this was a buyer's market!

Well, the chances are clearly better than what most people think. Multiple offers are not a thing of the past in Philadelphia, even in this so-called "buyer's market".  A multiple offer situation will often occur when the subject property is #1- priced right and #2- is located in a highly desired location. These two key criteria when combined create a powerful win-win scenario for a savvy buyer whether they are a first time home buyer, a seasoned home owner or a Real Estate Investor.

I always say to my buyer clients, if you love this home enough to write an offer, someone else probably does, too. Therefore if you are considering writing an offer on a home that is priced right and located right, then be prepared to write a strong and fair offer and do not delay. Timing is often everything.

Share
25Feb/110

Hear the Somers Team Live on Real Estate Radio this Sunday!

"But they said it really loud

They said it on the air

On the radio whoa oh oh"

Have you guessed by now that the Somers Team will be featured guests on Real Estate Radio with host Paul Carson?

Listen in on Sunday, February 27th  from 9-10AM on WFYL 1180AM to hear our opinions on the Real Estate Market. You can also stream the show online at www.1180wfyl.com.

We'll be sharing our predictions, advice for homebuyers and sellers, and addressing questions with the same candor and spark that you'd expect from us on the blog...So park yourself in front of the computer with your coffee or tune in during your commute and hear us out.

Who knows what we'll say...on the radio.

Share
24Jan/110

Hear the Somers Team Live on Real Estate Radio

"But they said it really loud

They said it on the air

On the radio whoa oh oh"

Have you guessed by now that the Somers Team will be featured guests on Real Estate Radio with host Paul Carson?

Listen in on Sunday, February 27th  from 9-10AM on WFYL 1180AM to hear our opinions on the Real Estate Market. You can also stream the show online at www.1180wfyl.com.

We'll be sharing our predictions, advice for homebuyers and sellers, and addressing questions with the same candor and spark that you'd expect from us on the blog...So park yourself in front of the computer with your coffee or tune in during your commute and hear us out.

Who knows what we'll say...on the radio.

Share
26Sep/100

Squeezing Lemons and Seizing Opportunity

Squeezing Lemons and Seizing Opportunity


How often have you come across someone that says I could have bought this property or that property for some absurdly low amount of money ? And then they live in regret and tell the same "would of should of could of" story over and over to all of their friends. And for you stock market followers, remember when Apple was trading at $10 a share before the company reinvented itself ? Imagine that... Now it is close to $300 !!! If you only knew then what you know now, right ?

The same situation applies to relationships. There are those relationships that never happened due to not seizing the moment. There are novels written and songs sung about the regret of a relationship that never happened. The same goes for job advancement and asking for a raise. I have read numerous times that one of the reasons that folks do not get a salary increase is that they simply did not ask for it. Think about that for a second...

One of Wayne Gretzky's famous quotes is "You will miss 100 percent of the shots you never take. " Another great quote by Michael Jordon is "I can accept failure, everyone fails at something. But I can't accept not trying."

Why I am writing this today you ask ? Because I firmly believe there is tremendous opportunity available to all of us out there, no matter what industry you are in or where you are in your life. Our economy always has its peaks and valleys. That is the history. It is a sign that we are alive and constantly evolving. Sometimes it takes someone to remind us that opportunities are even MORE magnified during the downturn, that inspiration can be found in the valley. That is where fortunes can be made, new business models are created, innovation and creativity is intensified and opportunities are endless for those that are willing to work hard and not fall into the trap of waiting for something to happen. Beware of the negative talkers, the doom and gloomers, the naysayers, and so forth. Without risk, there is no reward. And I know it is cliche but "no pain no gain."

Bart Blatstein at RE/MAX Access Sales MeetingThe person who reminded me of my conviction and belief that when life tosses you lemons, make lemonade, is Bart Blatstein, a prolific real estate developer who is very well known in our parts of Philadelphia. Bart spoke at our monthly RE/MAX Access sales meeting and shared his experiences over the years through those very same peaks and valleys I mentioned earlier. Blatstein shared some of his own experiences negotiating through some tough personal and economic times. He concurs that it is in those valleys is where we find real success, and that the opportunities are upon us now.

If you have been reading our blog and newsletter, you know our thoughts about opportunity and seizing the moment in the Philadelphia Real Estate market. We think there are deals to be had for buyers and investors right now. Mortgage rates are at historical lows and we know they will not stay that way. Do not be the one who says "I would of could of should of" bought that great investment property or taken advantage of the mortgage rates when they were so low. And for you sellers out there, especially if you want to buy, do not wait for the interest rates to go up and your purchasing power to go down. The opportunity for you is right now.

Turning Lemons Into Lemonade !

Opportunity - Seize it when it comes ! Whether it be your first new home, an investment property, a financial opportunity, your first date, a job opportunity, a pay raise or whatever it is in front of you that helps you move forward in life in a positive light ! We hope to see you out there sipping your own hand-squeezed lemonade.

Share
1Sep/100

“It’s the End of the World As We Know It…” or is it?

REM sang it and now we are singing it too. "It's the end of the world as we know it." Of course, we are talking about the end of the Real Estate market. But hasn't that been the hit song sung by CNBC and the news headliners for the last 2 years? So what is the reason for the end of the world this time? Let's recap.

It's the end of the world as we know itOn August 24th it certainly seemed as if the housing market was falling apart at the seams when the National Association of Realtors (NAR) announced the sales forecast for the 2010 year fell short. Sales of previously owned homes fell 27.2% in July as compared to June.  That is like saying if 200 homes sold in the month of June then only 146 home sold in July. So why was that such a shocker to the analysts? Did they forget that the 8,000 Tax incentive's Rule #1 was that Buyers had to settle by June 30th. (That was extended by the way at the 11th hour.)  Hello people, of course June sales would be higher than July sales. Of course the tax credit would artificially stimulate the number of settlements in June and create a bit of a "hangover" in July.

The Wall Street Journal stated that NAR announced the seasonally adjusted annual rate of sales is 3.83 million and it was at the lowest level since the industry group started its tally in 1999.  Immediately, the pundits were on the air saying how incredible this drop was, how far below analyst expectations this was, what a surprise this was and so on.  I recall an analyst caught up in the hysteria blindly saying that renting is always the best option for anyone considering buying a home right now. This is a perfect example of the media playing up the doom and gloom card. Remember folks, high ratings are what keeps them on the news and admit it, if they do not sensationalize, we won't listen or watch.

Of course on our end, we have been blogging about the "tax credit hangover" endlessly for months.  This dip comes as no surprise for us and if you have been reading our blog and newsletter, this is not a surprise to you either.  So much demand was created and condensed in the months of April, May, and June 2010, it only makes sense that there would be a huge falloff in July.  Is there cause for concern?  Sure there is, in regards to the economy and primarily unemployment.  Is it the end of the world as we know it?  Of course not!  Do we think REM is great? Yes! But we do not like the way the pundits sing their song and we disapprove of the way the media is spinning NAR's calculations. It is quite frankly dampening whatever remains of consumer confidence.

That being said, we are not blind to the negatives either. Let's look at the bad stuff a little closer. With the the home inventory increasing to a supply of 12.5 months (meaning it will take a year and a half to sell what we have for sale right now) and with the increased amount of bank owned properties entering the housing market, and short sales continuing to pop up on the market, there is more risk of price declines in the markets that are already suffering across the nation. More importantly, here in Philadelphia, we see a more stable market with smaller declines across the board particularly for homes priced under $400,000.  The luxury home market will feel the sting of somewhat greater price declines due to the buyer pool being smaller.

What does this all mean to you?

Sellers - Price and condition are paramount. Thus, to get your home sold in this market, you need to be priced below your competition AND have a better product.  Your house needs to show like a dream.  Marketing and exposure are never as important as there are today which is why you really cannot hire your the part-time agent or go FSBO, but hire that agent who excels in Internet Marketing and has a strong presence in the area.

Buyers - Turn the TV off.  There is substantial opportunity out there for you.  This may be the single best opportunity in your lifetime in that the combination of prices being where they are, the amount of properties to choose from, AND mortgage rates being SO low offers you incredible purchasing power.  "But what if prices go lower? "  Good question.... But what if mortgage rates go higher?? Even if prices fall $10,000 on that average sales price, that does not even come close to the amount of extra money you will be spending if mortgage rates went up even one point.   And I can tell you, sooner or later, this is going to happen.

On the investment side, there are more opportunities out there for investors as well since it is harder for buyers to get loans.  In putting my money where my mouth is on opportunity in the Philadelphia real estate market, I have bought two properties in the last couple of months, one in East Passyunk and one in Northwood.   More to come on these in our next newsletter!

It's the end of the world as we know it. And I feel Fine!

Share
20Aug/100

2424 Gaul Street, Fishtown, PA – Lots of Renovations in this 2 Bedroom Fishtown Home w/ Great Backyard

2 Bedroom Home for Sale in Fishtown, Philadelphia

Call The Somers 215-400-2620, RE/MAX Access, Northern Liberties, Philadelphia

2424 Gaul Street

Photo Gallery

2424 Gaul Street

This is a beautiful, large 2 bedroom home for sale in Fishtown. Lots of renovations have been done.

You will find beautiful hardwood floors throughout the entire home and a straight-through layout. There's a brand new kitchen with granite countertops and brand new stainless steel appliances.

Upstairs you will find a renovated and enormous 4 piece bathroom with custom counter, extremely large tub and separate brand new shower.

Other features include:

Washer and dryer located on the 2nd floor

Tons of closet space as well as a walk in closet

Semi finished basement (very dry with cemented walls)

In addition to all this, there is a great backyard for BBQing and entertaining guests.

We welcome your visit to this beautifully renovated 2 bedroom home for sale in Fishtown.

Discover more about Life in Fishtown

The Somers Team of Philadelphia


For more details contact Sean Dundon

[email protected] or 215-888-1994

TheSomersTeam.com

215-400-2620

Remax Access, Northern Liberties

Share
21Jul/100

A Cure for the Post Tax Credit Hangover in Philadelphia

According to the recent data published on Trulia.com, Philadelphia, as well as the entire nation is suffering from the Post Tax Credit Hangover.  It is true! Those folks that priced their home at or above the market threshold during the 2nd quarter of this year have finally slashed their home prices quite dramatically as evidenced in the July statistics.

According to the report, in Philadelphia, 29% of all sellers made the decision to reduce the price of their home to help increase the possibility of a sale. On average sellers reduced their price by 8% in Philadelphia. For a $100,000 home that is an $8,000 reduction. For a $500,000 home that is $40,000. That is as much as a new Lexus! In essence, Philadelphia slashed their home prices to the tune of $66,643,452 in July 2010!

The Cure to the Tax Credit Hangover is simple but like all medicine, it is not so palatable. The cure is the the good old fashioned recipe called “Hair of the Dog that Bit You”.  In other words... Do More of the Same! Let me  spell it out for you. Continued price adjustments are “the cure” for the homes that still remain unsold. Understandably, that approach may not work for many of the home owners out there who owe more money than their property is worth, but for buyers it is a real opportunity. Interest rates are at an all time low, historically low in fact. The latest numbers were in the 4% range. This Real Estate climate offers the perfect scenario for a buyer to establish real wealth. Wealth in the form of real estate equity that will pay off in time. Very much like the way our parents and grandparents grew their wealth, through real estate over time. Looks like we have to go back to the basics, folks! And there is nothing wrong with that.

It is not all bad. As they say, everything is relative and these numbers can be spun in a million different ways. For example, in Minneapolis, MN, 40% of their inventory was reduced this July. In Detroit, MI, the average price reduction for a home was a walloping 26%! That means a home being sold for $100,000 was reduced to $74,000. A $500,000 home would have done a $130,000 reduction. That is quite literally a college education (but that is another subject). The Western portion of the United States seems to be leading with those high numbers. Comparatively, the Philadelphia Real Estate Market is doing quite well.

[Reference: http://info.trulia.com/index.php?s=43&item=94]

Share
2Jul/100

2 Bedroom Home For Sale in Port Richmond, Philadelphia – Great Starter Home/Investment Property with Lots of Updates

2 Bedroom Home for Sale in Port Richmond, Philadelphia

Call The Somers 215-400-2620, RE/MAX Access, Northern Liberties, Philadelphia

2415 E Ann Street

Photo Gallery

2415 E Ann Street


Priced to SELL for this two bedroom, one bathroom home located in the Port Richmond neighborhood of Philadelphia. Great starter home or investment property!

The block is very private which makes parking a breeze. Property has newer carpet throughout. Living room and dining room on the first floor. Kitchen was remodeled 3 years ago with new cabinets and countertops. Walk out to large patio and backyard for summer bbq.

Upstairs has 2 spacious bedrooms with updated full bath. Plenty of closet space. Basement is full and great for storage. Newer heater and hot water heater. Electric and plumbing have been updated.

Property does need some minor cosmetic work which is reflected in the price. Owner is a licensed PA broker.

Discover more about Port Richmond Life

The Somers Team of Philadelphia

TheSomersTeam.com

215-400-2620

Remax Access, Northern Liberties

Share
1Jul/100

4 Bedroom Home For Sale in Art Museum Neighborhood of Philadelphia – Must See New Construction w/ Amazing Views of Center City

4 Bedroom Home for Sale in Art Museum Neighborhood of Philadelphia

Call The Somers 215-400-2620, RE/MAX Access, Northern Liberties, Philadelphia

1925 Parrish Street


1925 Parrish Street

Welcome to this priced to sell new construction property with elevator, 2 decks, dual-zone HVAC, huge backyard and so much more!

Enter into open floor plan on first floor with hardwood floors. Custom kitchen with plenty of cabinets. Private backyard with brick pavers. Plenty of natural light with this corner property.

The 2nd floor has 2 bedrooms and full bath with washer/dryer area. The 3rd floor is a large master bedroom suite with private spa bath.

Separate entrance to deck with spiral staircase to the roof deck. Enjoy those amazing views of Center City!

1925 Parrish Street

Finished basement offers additional space for entertaining and another bedroom. Full bath in the basement as well. Dual-zone HVAC. Recessed lighting throughout. Parking is a breeze on this block.

Tremendous development and new construction surrounds this property. Current pricing is the lowest in the area as well as the block. Easy to show! Make an appointment today.

Photo Gallery

TheSomersTeam.com

215-400-2620

Remax Access, Northern Liberties

The Somers Team of Philadelphia

Share
30Jun/100

5 Bedroom Home For Sale in Fishtown, Philadelphia Unique Oversized Home w/ Hardwoods, Fireplace & French Doors

5 Bedroom Home for Sale in Fishtown, Philadelphia

Call The Somers 215-400-2620, RE/MAX Access, Northern Liberties, Philadelphia


2521 E Lehigh Avenue

Photo Gallery

2521 E Lehigh Avenue

Unique over-sized corner property on the border of Fishtown/East Kensington/Port Richmond neighborhoods.

Gorgeous, original hardwood floors throughout. Enter through the foyer to an extra wide living room with a fireplace and half bath.

Dining room is separated by original French doors that lead to a huge eat-in kitchen.

2 sets of steps take you to a wide hallway that opens to 3 average sized beds and a bathroom, book-ended by 2 larger bedrooms with extra closet space.

2521 E Lehigh Avenue

Living room, dining room, 4 beds, full bath and hallway, all have closets.

Basement has an abundant amount of space, plus a separate workshop area.

Yard is bigger than most and the side street is a dead end. The perfect combination for parking, parties, bbqs, etc.

Must see to truly appreciate its size and beauty.

Discover more about Life in Fishtown

Fore more details contact:

Ryan Schaffer 267-226-1924

[email protected]

The Somers Team of Philadelphiat

TheSomersTeam.com

215-400-2620

Remax Access, Northern Liberties

Share

Phone: 215.253.6818