Nick & Trudy Vandekar

I attended a great meeting this week at our local realtor association, Suburban West Realtors Association. It is titled Starbucks Mornings and there are always different angles from blogging, to marketing etc. This month it was a roundtable discussion with some local builders, Wayne Megill, Joe Mingioni and Mike Murphy.

We talked about a lot of topics which I will post over the next few days but we started out with a question about how these builders see the current market. I apologise now for not making notes about who said what, but the thoughts and comments really flowed and it was very interesting. Foreclosure rates in the Philadelphia Suburbs have remained even, there has not been an increase in foreclosed homes in the region over past years. However, the market is being affected by the lack of financing available to customers. Our region has not been affected like Michigan and other states by lack of jobs, this area has a strong job base over a variety of industries which is bringing increased numbers of customers to the area.

Whilst large national builders pull in their horns during these times smaller, local builders have made out alright generally, that is not to say they are not offering large incentives to buyers to do a deal. These builders say the are seeing new developments tough to get started as buyers are unwilling to be the first to buy in a new development that may take a lot longer to sell than previously. Developments at all prices have seen a drop in sales and visitors, especially over the summer, but some of the hardest hit are starter homes where buyers are finding it hard to get credit because they don't have down payments, lower credit scores and other credit issues.

55+ communities which a lot of builders have tried to build in the area recently are some of the hardest hit, with manybuilders trying to unload to others whole developments. These buyers are not buying as quickly as before, some taking 3-4 months to make a buying decision rather than the 2-3 weeks it used to take. There seems to be no incentive in the buyer to make the move. Many of the amenities these developments are offering are available in their current communities, swimming at the Y, golf can be played locally and lawns can be mown by a lawn service. Also many of these buyers have seen their finances reduced due to recent stock market downturns so there seems to be a big fear of commitment as buyers can keep their lifestyle without making the move.

So this implies if you are in the market, or thinking of buying that builders will be willing to do a deal that they may not have last year. Builders also are unemotionally attached to these homes, unlike a homeowner, it is a simple business decision for them; are they making a profit or not.

We are once again sponsoring the Main Line Antique Show to benefit Surrey Services for Seniors, this year 2008 it is being held November 22nd and 23rd at the Valley Forge Military Academy and College in Wayne. Admission is $8.00. The theme this year is Invest in the Past, Save the Future.

As many of you know previous to real estate I bought and sold antiques for my living, being the third generation of my family along with my brother Paul whi is still involved in the antiques business. I have appeared on Chubb's Antiques Roadshow as an appraiser in different seasons and have also written and lectured on different subjects. Whilst my main experience is in ceramics and I have sold pieces to major museums, corporate and private clients I have an understanding of other fields as well. I have been asked by the show to lead some booth tours on both days of the show, these will be at 11.00 and 2.00 o'clock each day over the weekend, so hope to see you there and show you some of the wonderful pieces each of these dealers bring with them.

Many people are being influenced by the "Green" influence, not just in real estate and cars but in everyday living. This year's theme Invest in the Past, Save the Future is to raise awareness of how purchasing and using antiques can decrease your carbon footprint, and be a good investment as well. As we all know when you purchase something new it loses value at once, but with antiques over time your investment actually increases and makes an impact on our world by saving precious resources.

A great way to enjoy the show is to attend the preview party for the show held on November 21st from 6-9 PM and cost $50, Young Collectors age 35 and under will pay $35, both these tickets give you access over the weekend as well but primarily give you first choice of what is available for sale.

A new direction for the show this year is the inclusion of 20th Century fine arts alongside the normal offerings of furniture, pottery and porcelain, jewelry and silver from earlier times. For more information, including directions and a complete list of dealers, please call 610-647-8632 or visit www.mlas.org

After many months of low inventory in our area, Radnor, Tredyffrin and Easttown townships in Pennsylvania we are seeing an abundance of homes being placed on the market. Amazingly in our area we are also seeing a large number of homes for sale by owners.

So what sells a home?

There are many things that sell a home, pricing it right, preparing it for sale correctly, maintenance of the home, having the correct paperwork prepared, and marketing of the home correctly. It is a combination of all of these not just any one of them. Dropping the ball in one can hinder and slow down or even prevent a sale. Buyers are still very particular and even with a low inventory there are plenty of stories of buyers walking away from from properties that have issues at inspections that can not be negotiated or resolved.

More agents are holding Sunday Open Houses as well as other days and evenings because we have been seeing a lot of buyers looking on their own before finding an agent to represent them. Sellers also believe the agent is doing more by holding Open Houses and is more involved in the selling of the property.

But these last few weeks with summer approaching, even with these low temperatures this week, we are seeing more houses come on the market as this is the time of year to sell.

But remember, it is a combination of those points above that will sell your home, so if you are considering selling in the near future find an agent who knows how to market and can advise you correctly on what sells a home.

For the second year running John McClintick a local painter in the Berwyn Area organized a builders competition giving several local builders a chance to contribute to the Hurricane Relief in Louisiana. Last year three teams particiapated and this year that increased allowing more homes to be framed and sent down to Habitat for Humanity to use in building homes for those in need. What is great about the whole process is that it raises funds for the local Habitat for Humanity chapter as well.

The competition has gathered great support from local builders and trades suppliers as well. Times vary for the 12 man teams to frame a house from about 5 hours to just over 2 hours. But here is John Mclintick himself to tell you a little about the competiton: -

As usual for Tuesday we went on our broker's open tour yesterday, we saw several homes and had added to this having been out on Sunday as well since we have sold all our listings. Yes, the market is strong in our area, but prices have become more realistic or so I thought till yesterday.

We saw only one house we thought was well priced. Many were priced too strongly and in some instances we wondered what they were thinking. however, there has been a lot of sales in our area and there was a shortage of homes on the market, but it does not help the seller to have an overpriced home sit and sit. Now, I don't believe it is the agents who are pricing these homes strongly, I think it is the home owners and with Spring getting established, or so we thought although the tempretures have dropped a little this week some price ranges are seeing a lot of houses come on the market. The $500-600,000 range and the $700,000 - 750,000 have seen a lot of homes come on in the last two weeks. Because there has been a shortage I think homeowners think they can ask any price.

But buyers are not fools, they want value for their investment, especially if it is three quarters of a million dollars. They want bathrooms and kitchens to be updated, they want the house to be clean and freshly painted and the landscaping needs to be attractive as well.

So before you put your home on the market get a good agent to give you advice on what needs to be done to sell your home. They are not trying to just spend your money they are trying to help you sell your home in the quickest amount of time for the highest price. And if you cannot afford the time to get the home ready then price accordingly. You have to make sure your home is the best value in the price range in which you fall.