By now everyone has heard of, whether you agree with it or not, the stimulus package signed into law by our new President. Included is the $8000 tax credit for first time homebuyer's that NO longer needs to be repaid as long as it is your principal residence for at least 3 years. I want to get more into what the steps first time homebuyers will go thru, but before doing so, here are the basic terms of the tax credit at a glance:
-Tax credit is for 1st time buyers only
-Credit does not have to be repaid as long as it is principal residence for at least 3 years
-The credit is equal to 10% of the purchase price of the home up to a maximum of $8000
-Available for homes purchased on or after Jan 1, 2009 and before Dec 1, 2009
-To qualify single taxpayers can have incomes up to $75,000 and married couples up to $150,000 to qualify for the full credit, those with incomes over these amounts can potentially still qualify for a percentage of the credit, which can be further discussed with your tax advisor.
As with any legislation, there are many terms and conditions involved with this credit. I wholeheartedly recommend that you speak with you mortgage advisor and/or tax professional for a full list of provisions.
So you have decided, like many others, that now is a great time to buy your first home. In this market where interest rates are low and there are numerous homes on the market to choose from, first time home buyers have a distinct advantage. The biggest advantage that you have is that you do not have another property to sell before you can purchase a home. Sellers in this market do not want to take their home off the market while you wait to sell your home. The other distinct advantage that you have is the low interest rates available on home loans. Some may say what if home prices drop 10%? I am going to furious with myself for not waiting! Yes you could pay less for the house in a year if prices were to drop 10%, but what happens if by that time interest rates go up even 1%? A $250,000 mortgage (not including taxes and insurance) at 5.5% would put your monthly mortgage investment at $1419 per month. Say that same house 1 year from now drops 10% and you can get a $225,000 mortgage for your new home, but the interest rate rises just 1%, you will now pay $1422/month for that house. So you actually lose $3/month by waiting for prices to drop. This is just for comparison, as many areas have not seen a 10% decline in values, but just something to keep in mind as many people are asking why is now a good time to buy?
So now that you have decided that you are going to jump feet first into the pool of homes available for sale what are the next steps that you should take? (Some buyers will complete #2 before #1, but both are important 1st steps)
1) Speak with a mortgage consultant you feel comfortable with about what you can afford.
- Be sure to get a good faith estimate from this lender that shows all the fees that you are going to be paying for the loan. Some lenders will charge points in order to make more money off the loan that they are selling you (1 point is equal to 1% of the total loan amount- a $200,000 mortgage with one point will cost $2000). Sometimes you may want to pay a point upfront to lower the interest rate for the life of the loan. Just make sure that if you have a question about a charge that you get an answer that you are comfortable with. If a lender doesn't give you a satisfactory answer, go to someone who will. Make sure you are comfortable!
2) Do some research about homes that are available for sale in areas that you are interested in living in. With the amount of home search sites now on the internet you can find a site easily, but www.AndrewHimes.com will show you every home available for sale in the Delaware Valley region. Once you have found an area that you are interested in you will need to find an agent that you are comfortable working with. It may not be the first agent that you come in contact with, but with the same as the lender that you are working with you need to make sure that you and the agent you choose are able to work well together. Don't be afraid to find someone else if you feel that you aren't compatible, but once you do find someone you can trust and work with, stick with them, they are working for you and in your best interest.
3) Once you have had a chance to sit down with both a lender and your agent, now comes the fun of going out and actually viewing homes that are of interest. You will have your mortgage pre-approval ready should you find your dream house. You may find that perfect home on your first day out looking at homes, it may take longer, but once you find it be ready to pull the trigger. Homes that are priced right are the ones that are selling and if you wait too long it may be gone before you ever have the chance to make an offer. Just this month I have had 2 buyers put offers in on homes that have had multiple bids on them, while the home next door has been on the market for months, it is overpriced and buyers have no interest in overpriced homes in this market.
4) When you are putting an offer together you will need an earnest deposit to put down with your offer and this amount will vary by area and the type of mortgage that you will be using. Your agent will be able to help you determine what amount is typical for your area. This deposit will then come off of the total amount of money that you will need to bring to the settlement table for closing.
5) Determining an offer price. Your agent again will give you info on previously sold properties in the area to help you base your offer price on. This will give you an idea of what a reasonable price for the home is. Your agent will then help negotiate the best possible price for the home.
6) Inspection Time! In PA there are numerous different inspections that are to be performed by the buyer, should you elect to do so. I would never tell anyone to not get an inspection done on the property that they are purchasing, but again the ultimate decision comes down to your comfort level. The main inspections done during a home purchase are a: Full Home inspection, Wood Destroying Insect Inspection, Radon Testing, Water Test for Private Wells & Sewer Inspection for On-Site Sewage. There are others that are more area specific and will be discussed with you by your agent when explaining the agreement of sale. After these inspections you will have the ability to negotiate with the sellers any items that were brought to your attention by the inspector(s).
7) Other contingencies to the purchase- Some properties will be in a Home Owners Association or Condo Association and you are entitled to receive the Rules and Regulation from the Association to review before you finalize the purchase of the property. In most cases the seller is responsible for getting these documents to you for review and you have a specific time frame to review these documents and bring up any questions before hand
8) Finalize the mortgage with the lender. At this point you have submitted a full application to the lender and you are just waiting to get the final mortgage commitment. Once this is completed you are just waiting to show up to settlement and purchase your new home.
Of course, each home purchase is different and some other items will need to be completed by you and/or your agent, but this is a means to help get you prepared for one of the biggest purchases in your life. I wish you the best of luck in your endeavor and if I can be of any assistance please feel free to ask.
Andrew Himes, Realtor®, e-PRO®, ABR®
Prudential Fox & Roach Realtors, Collegeville, PA
610-831-8131
www.AndrewHimes.com
So there is a lot of information floating around about the new Mega shopping center that is being built in Collegeville, PA about the status of the project and when it is scheduled to open. I wanted to help to try and clear some of this up for residents and those thinking of moving to this wonderful area.
The 1st Phase of the shopping center including the re-opening of Arcola Rd to Mennonite Rd is now scheduled to open on October 11, 2009. The stores that are scheduled to open during this initial phase are as follows:
Wegman's Grocery, Best Buy, LA Fitness, Dick's Sporting Goods, DSW Shoes, Ulta Cosmetics, Five Below, Staples, PetsMart, Michaels', Raymour & Flanigan, PNC Bank, PF Chang's, Eastern Mountain Sport (EMS), and Olive Garden.
Phase 2 (Main Street with the lifestyle tenancy) will open no earlier than Summer 2010, but could be pushed back into the Spring of 2011.
The stores that will be occupying this phase of the center will be determined closer to the scheduled open date of this part of the shopping center. Some of the stores that were previously reported to be going into the shopping center have come on troubled financial times and barring unforeseen turnarounds will not be part of the center.
If you would like more info on the center or the general Collegeville area please don't hesitate to contact me.
Sincerley,
Andrew Himes, e-PRO, ABR, REALTOR
Prudential Fox & Roach Realtors
Collegeville Office
www.AndrewHimes.com
610-831-8131
Here you will find the properties that are listed for sale currently and all the properties that sold in 2008. You can also see how the market changed from 2007 to 2008, based on average list to sales prices. Having listed and sold more properties in the developement than any other agent in 2008, I look forward to answering any questions that you might have.
Address |
Status | Days on Market |
Current Price | Original Price | Bedrooms.Baths | Sq Ft | Floor | |
| 113 Foxmeadow | Active | 63 | $149,900 | $154,900 | 1.1 | 761 | 1st | |
| 1003 Foxmeadow | Active | 2 | $149,900 | $149,900 | 1.1 | 837 | 1st | |
| 1211 Foxmeadow | Active | 174 | $163,900 | $164,900 | 2.2 | 1,038 | 1st | |
| 1205 Foxmeadow | Active | 275 | $164,500 | $174,900 | 2.2 | 1,038 | 1st | |
| 409 Foxcroft | Active | 287 | $164,900 | $182,500 | 2.2 | 1,092 | 1st | |
| 2505 Foxmeadow | Active | 91 | $177,500 | $181,500 | 2.2 | 1,273 | 1st | |
| 2112 Foxmeadow | Active | 77 | $179,500 | $179,500 | 2.2 | 1,287 | 2nd | |
| 1208 Foxmeadow | Active | 151 | $183,900 | $183,900 | 2.2 | 1,186 | 2nd | |
| 412 Foxcroft | Active | 75 | $185,000 | $185,000 | 2.2 | 1,240 | 2nd | |
| 1314 Foxmeadow | Sale Pending | 104 | $198,900 | $209,999 | 2/2.5 | 1,627 | 3-Story | |
| Sold in 2008 | Sold Price | Original Price | Seller Assist | |||||
| 213 Foxmeadow | Sold | 28 | $140,000 | $149,900 | 1.1 | 761 | 1st | N/A |
| 311 Foxcroft Cir | Sold | 260 | $150,000 | $187,900 | 2.2 | 952 | 1st | N/A |
| 1403 Stratford | Sold | 83 | $155,000 | $165,900 | 2.1 | 837 | 1st | N/A |
| 215 Foxmeadow | Sold | 9 | $158,000 | $169,900 | 2.2 | 1,092 | 1st | $4,740 |
| 301 Foxcroft | Sold | 84 | $159,000 | $167,000 | 2.2 | 1,092 | 1st | N/A |
| 709 Foxmeadow | Sold | 147 | $160,000 | $189,900 | 2.2 | 1,092 | 1st | N/A |
| 115 Foxmeadow | Sold | 116 | $160,000 | $169,900 | 2.2 | 1,092 | 1st | N/A |
| 509 Foxmeadow | Sold | 261 | $162,000 | $183,000 | 2.2 | 1,092 | 1st | N/A |
| 505 Foxmeadow | Sold | 110 | $164,900 | $164,900 | 2.2 | 952 | 1st | $9,894 |
| 108 Foxmeadow | Sold | 72 | $165,500 | $172,900 | 2.2 | 1,186 | 2nd | N/A |
| 110 Foxmeadow | Sold | 69 | $172,000 | $189,900 | 2.2 | 1,186 | 2nd | N/A |
| 1616 Foxmeadow | Sold | 49 | $174,000 | $184,900 | 2.2 | 1,186 | 2nd | $7,000 |
| 2513 Foxmeadow | Sold | 92 | $174,900 | $184,900 | 2.2 | 1,267 | 1st | N/A |
| 808 Foxmeadow Dr | Sold | 48 | $174,900 | $179,900 | 2.2 | 1,186 | 2nd | $5,248 |
| 1610 Foxmeadow | Sold | 139 | $177,000 | $185,000 | 2.2 | 1,120 | 2nd | N/A |
| 2210 Foxmeadow | Sold | 144 | $185,000 | $199,900 | 2.2 | 1,112 | 2nd | N/A |
| 2204 Foxmeadow | Sold | 41 | $185,000 | $198,900 | 2.2 | 1,287 | 2nd | N/A |
| 816 Foxmeadow | Sold | 103 | $185,000 | $184,500 | 2.2 | 1,186 | 2nd | $10,000 |
| 2206 Foxmeadow | Sold | 99 | $187,500 | $187,500 | 2.2 | 1,287 | 2nd | $6,000 |
| 2502 Foxmeadow | Sold | 128 | $188,000 | $205,000 | 2.2 | 1,351 | 2nd | N/A |
| 1002 Foxmeadow | Sold | 17 | $189,900 | $189,900 | 2.2 | 1,068 | 2nd | N/A |
| 2008 | Avg Days on Mkt | Avg Sold Price | Avg Original Price | Sales/List Price | ||||
| # Sold | 21 | 100 | $169,886 | $181,500 | 93.60% | |||
| 2007 | Avg Days on Mkt | Avg Sold Price | Avg Original Price | Sales/List Price | ||||
| # Sold | 27 | 108 | $181,174 | $191,126 | 94.79% |
Below you will find detailed information for each of the properties that are currently listed for sale and those that sold in 2008. I have sold more homes in the development than any other agent since 2003. I am more than happy to address any questions that you may have about this wonderful community. I look forward to any comments that you have.
| Address | Status | Days on Market | Current Price | Original Price | Bedrooms/Baths | End Unit | Basement | |
| 147 Larchwood Ct | Active | 73 | $174,900 | $174,900 | 3/2.5 | No | Unfinished | |
| 126 Honeylocust Ct | Active | 111 | $224,500 | $227,000 | 3/2.5 | No | Finished | |
| 105 Hawthorne Ct | Active | 42 | $224,900 | $227,000 | 3/2.5 | No | N/A | |
| 131 Hemlock Dr | Active | 20 | $244,900 | $244,900 | 3/2.5 | No | Finished | |
| 113 Poplar Ct | Active | 86 | $244,900 | $249,900 | 3/2.5 | Yes | Finished | Finished Loft |
| Sold in 2008 | Sold Price | Original Price | Seller's Assist | |||||
| 137 Larchwood Ct | Sold | 10 | $167,000 | $174,900 | 3/2.5 | No | Unfinished | N/A |
| 135 Larchwood Ct | Sold | 246 | $182,000 | $210,000 | 2/1.5 | No | Unfinished | N/A |
| 120 Poplar Ct | Sold | 173 | $203,000 | $249,900 | 3/2.5 | No | Unfinished | N/A |
| 111 Pin Oak Ct | Sold | 123 | $205,000 | $220,000 | 3/2.5 | No | N/A | N/A |
| 119 Redwood Ct | Sold | 134 | $206,900 | $229,000 | 3/2.5 | No | Finished | $5,522 |
| 115 Larchwood Ct | Sold | 198 | $211,000 | $229,000 | 3/2.5 | Yes | Finished | $4,000 |
| 138 Hawthorne Ct | Sold | 49 | $217,000 | $219,900 | 3/2.5 | No | N/A | $8,000 |
| 118 Magnolia Ct | Sold | 52 | $218,000 | $224,900 | 3/2.5 | No | Finished | N/A |
| 109 Iron Bark Ct | Sold | 37 | $222,500 | $234,900 | 3/2.5 | No | Finished | N/A |
| 113 Fir Dr | Sold | 29 | $225,000 | $235,000 | 3/2.5 | No | Finished | N/A |
| 117 Buttonwood Dr | Sold | 38 | $225,000 | $239,900 | 3/2.5 | No | Finished | N/A |
| 119 Juniper Ct | Sold | 37 | $226,000 | $229,900 | 3/2.5 | No | Finished | $3,000 |
| 133 Spruce Ln | Sold | 31 | $233,500 | $244,900 | 3/2.5 | No | Finished | N/A |
| 111 Buttonwood Dr | Sold | 19 | $237,500 | $247,000 | 3/2.5 | No | Finished | N/A |
| 113 Yellow Wood Ct | Sold | 6 | $238,000 | $235,000 | 3/2.5 | Yes | Unfinished | $9,520 |
| 104 Hemlock Dr | Sold | 25 | $248,000 | $246,000 | 3/2.5 | No | Finished | $7,000 |
| Avg Days on Mkt | Avg Sale Price | Avg List Price | Sale/List Price | |||||
| 75.44 | $216,588 | $229,388 | 94.42% | |||||
| Listed for Sale but Didn't Sell | ||||||||
| 114 Cherrywood Ct | 389 | $219,900 | $210,000 | |||||
| 108 Magnolia Ct | 950 | $204,900 | $228,000 | |||||
| 140 Pepper Dr | 215 | $219,900 | $229,900 | |||||
| 146 Iron Bark Ct | 169 | $225,000 | $225,000 | |||||
| 132 Iron Bark Ct | 256 | $234,900 | $239,900 |
Perkiomen Woods is a townhouse development of close to 500 homes that features a newly redesigned pool and clubhouse as well as tennis courts and fitness center. One the best benefits besides the fact that it is an outstanding community is the fact that the Perkiomen Trail passes directly through the development making a bike ride to Philadelphia or a walk to Lower Providence Park a convenient possibility. There are numerous styles of homes in the development with some being built in the late 70's to late 90's. The development has plenty to offer including close proximity to major roads and tons of new shopping like the soon to open Providence Town Center at the intersection of Rts 422 & 29 as well as a new shopping center with a "Super" Wawa & Malvern School right around the corner from development.
I have listed and sold more homes in this development than any other Real Estate agent since 2006 so if you have questions about the development be sure to contact me. Not only have i helped more homeowners in the development buy and sell but my wife and I reside here as well. It would be my pleasure to show you why we love to call this wonderful development home.
Make today better than the previous!
Andrew Himes, Realtor, e-PRO, ABR
Weichert, Realtors Collegeville
www.AndrewHimes.com
610-409-6677
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I am of the mindset that people buy people before they buy products or services. You will receive personal service from ME and NOT from an assistant you never met. Collegeville's real estate source.
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