David F Joslin, Jr

The housing market in Delaware County. ...

• The number of units listed for sale Increased 2.9% over the number of units listed in March '10 and is UP 26.3% over the number of homes listed in April‘09.

• The Average list price is UP 2.11% over March 2010 list price and is DOWN 6.6% over April 2009 average list price.

• The Average SOLD price is UP 20.6% over March 2010. The year over year increase in the SOLD price, this year, April 2010 compared to April 2009: the SOLD Price is UP 10%.

• The Average Days on Market DECREASED to 83days, a 12% DECREASE over March's 93 days on market average.

• April showed 460 homes sold in Delaware County compared to the 358 homes sold in April 2009, an INCREASE of 22.2%.

This is just what the government wanted to happen, a little stimulation in the housing market. We will see once the July stats hit the wire. All the tax credit properties should be done by the end of June and the summer slump coupled with the tax credit disappearing should give us a true mark as to where we are.

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

The housing market in Delaware County. …

• The number of units listed for sale Decreased 8.2% over the number of units listed in January ’10 and is DOWN 5.6% over the number of homes listed in January‘09.

• The Average list price is UP .06% over January 2010 list price and is UP 8.8% over February 2009 average list price.

• The Average SOLD price is DOWN 0.35% over January 2010. The year over year increase in the SOLD price, this year, February 2010 compared to February 2009: the SOLD Price is UP 6%.

• The Average Days on Market DECREASED to 92 days, an 8% DECREASE over last month’s 100 days on market average.

• February showed 220 homes sold in Delaware County compared to the 241 homes sold in January 2009, a DECREASE of 8.7%.

Not quite the statistical rebound we were looking for but come on. February graced us with some of the WORST WINTER WEATHER IN HISTORY. I am not making excuses for the slow numbers, but, in order for a house to sell it has to be shown. So who wants to be tracking through the snow and freezing cold looking for a house unless you really have to?

Come on March! Time is short, so hit the ground running. You MUST have a contract signed and accepted by APRIL 30, 2010 to get your TAX CREDIT, if you qualify. Bring on the real spring!

Life happens and so real estate, whether high or low, will continue to sell. It’s all just part of how you look at it. - DJ

David Joslin
PA licensed Broker RM421043
Grand Real Estate Services
Media, PA
www.davidjoslin.com
david@davidjoslin.com

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000

Don't sit by and watch this pass, yor tax credit awaits. As part of the plan to stimulate the U.S. housing market Congress passed legislation that has:

• Extends the First-Time Home Buyer Tax Credit of up to $8,000 to first-time home buyers until April 30, 2010. In this case a "first-time home buyer" is the purchaser or their spouse may not have owned a residence during the three years prior to the purchase.

• Expands the Tax Credit to include current home owners purchasing a home between November 7, 2009 and April 30, 2010 with a Grant up to $6,500. Home owners who have used their home as a principal residence for five consecutive years of the last eight are eligible for the expanded credit.

Of course there are a few guidelines you should keep in mind when considering using the Tax Credit...

• The Extended Home Buyer Tax Credit may be applied to a primary residence, including: single-family homes, condos, town homes with a purchase price of under $800,000.00.

• Individual Buyers with an income up to $125,000.00 or married couples with a combined income up to $225,000.00 are eligible for the maximum allowable Tax Credit which is:

• First Time Home Buyers - The maximum allowable credit is $8,000.

• Current Home Owners will have a maximum allowable credit of $6,500.

• Home Buyers still may qualify for a Tax Credit if they earn more than the allowable income levels. The actual credit is then determined by a sliding scale of income up to $145,000.00 for singles and couples earning up to $245,000.00.

• A home must be under contract no later than April 30, 2010 and must settle by July 1, 2010 in order to receive the eligible credit

The best news on this credit is that the Home Buyers need not repay the amount if they live in the home for three years or more following the settlement date. However if you sell during those first three years be prepared to pay Uncle Sam back every penny!

As with all tax credits and accounting information it is suggested that you check with your professional financial advisors to be sure how the credit will affect you.

For more information on buying or selling a home contact:

David F. Joslin, Jr.
Pennsylvania Real Estate Broker #RM421043
REALTOR®, CRS, ABR, e-PRO, GRI, ARM Member

Grand Real Estate Services
610-565-9292 office ext 205
610.517.8249 cell
david@davidjoslin.com

First and foremost real estate, above all is LOCAL. Secondly, right now real estate is transitioning. We are in a huge slow down, you and I both know when you are driving the speed limit and everyone else around you is flying by, you have a tendency to try and keep up - the real estate market of a few years ago. But when everyone immediately slows down -the real estate market now- there is potential for an accident if you are not careful. Well ladies and gentleman, there's been a little 35 car pile-up and it's going to take some time to clean up the mess. We need to tend to the wounded, reroute the traffic, clean up the pieces and get back on track.

That's where we are right now. The real reason this market is so tough is that we are transitioning. Whether you've changed jobs, careers, homes, relationships, or your route to avoid the traffic, there is a time of transition necessary to work out the kinks, get your bearings and feel comfortable enough where you can honestly say that things are going to be ok. Is it going to get worst? I would say based on the stats that we are going to be in the same type of market for another 6 months to a year, slow and steady with not a huge change.

Homes will continue to sell year after year no matter what; it's just a matter of how many and for how much. If you are in the normal residential market, patience is a virtue whether you are buying or selling. The right house is out there at the right price. The beneficiaries of this market are definitely the investors, especially the ones with capital, collateral, relationships and vision. The investors of today are mostly buy and hold, long term investors who are using real estate as their annuities, slowly growing equity in a long term financial plan. It is not a mad rush to flip homes like the get rich quick weekenders of a few years ago. Although flipping is starting to creep back into the marketplace as we are analyzing the deals closely with the investor and making sure that the deal makes sense. Profits are not what they once were, but, you can be sure there are profits to be made. Expectations have to be reasonable and conservative though as the home run deals are the exception these days. And the most unstable of all areas will be the commercial market place, but we will leave that for another post.

So what do the numbers look like? Based on data from Trend Multiple Listing Service sales activity between 2005 and 2008...

• The number of homes sold in Delaware County has decreased 58% with 7640 homes sold in 2005 and 4818 homes sold in 2008.
• This year-to-date 4714 units sold as of the end of November, so it is likely that 2009 will be the first year since 2004 where home sales will have risen over the previous year in Delaware County.
• The median home price in 2005 was $189.9K and overall has risen about 10% to the average median price of $210K in 2008, with an anticipated 5.5% decline in median sale price in 2009 to around $200K which ultimately brings us to about a 5% increase in home value overall since 2005 in Delaware County.
• The days on market has obviously risen significantly going from 19 in 2005 to currently 56 in 2009 which is almost a 300% increase in expected marketing time.

All these numbers don't paint such a gloomy real estate picture in Delaware County after all, especially since this year seems to have an increase in the unit sales.

In neighboring Chester County the numbers are a bit similar...

• A 61% decrease in homes sold between 2005 (7552 units) and 2008 (4495 units). 2009 is on point to have sales a bit higher than last year topping 4700 units.
• The average median price rose 11% between 2005 and 2008 but has suffered an anticipated 10% decrease in 2009 to a median price of 280K which is a 2% increase over the 2005 average median sale price.

Is it phenomenal growth, no! But it is growth!

So what do I think about the state of the real estate market, slow and I don't see things getting back to "normal" for another 6 months to a year, minimum. It's been a rough road thus far and I'm not taking this market lightly, but you have to go with the flow. We opened Grand Real Estate Services in September 2008, right in the middle of this mess and we are still here! I say this, navigate slowly and make decisions based on what you feel is best for you, your business, your family and your future and if you need help figuring it out don't hesitate to drop me a message or pick up the phone and give me a call. We'll talk about what works best for you!

All the best!

The housing market in Delaware County...

• The number of units listed for sale Decreased a 37.2% over the number of units listed in October '09 and is UP 6.6% over the number of homes listed in November ‘08.

• The Average list price is DOWN 17.5% over October 2009 list price and is DOWN 9.5% over November 2008 average list price.

• The Average SOLD price is DOWN 4.8% over October 2009 which is the fourth consecutive decline. The year over year increase in the SOLD price, this year, November 2009 compared to November 2008: the SOLD Price is down 9.3%.

• The Average Days on Market INCREASED to 90 days, a 2.3% INCREASE over last month's 88 days on market average.

• November showed 587 homes sold in Delaware County compared to the 526 homes sold in October 2009, an increase of 10.4%.

‘Tis the season for the housing market to take a little nap. The number of homes typically decreases this time of year and they have. Lower number of listings will affect the supply and demand, which may help move the inventory currently on the market. Buyers continue to look for the deals and Seller must realize that they need not be insulted on low ball offers. As long as the homes are priced in line with the market values and desirablility, the homes will sell.

Life happens and so real estate, whether high or low, will continue to sell. It's all just part of how you look at it.

- DJ

*statistics derived from TrendMLS provider of multiple listing services to the real estate community of Delaware County and many other surrounding counties. This is a residential home sales report for single family homes valued between $1 and $9,999,000