Christopher and Stephanie Somers - Realtors - Philadelphia Real Estate

Relocation: Step 2 - Following the Numbers To Your New Home

Understanding Where You Are And Where You Want To Be

Our hearts go out the the out to all of you brave out-of-towners who are relocating to an area that is new to you. We understand that even a simple mile can make all of the difference to a person's life. Change does not come easy to everyone and buyng a home certainly offers it's own set of stressors. Once your decision is made to move and you understand your role and techniques in finding the right neighborhood as we suggested in Relocation: Step 1 The First step in Buying Your New Home, then you are ready for Step 2 !

The Challenge

The second challenge is finding out where you are financially and where you want to be as far as the right price range for the home you will be buying. Knowing what amount of money yo can afford to spend on a home is going to really narrow down the number of neighborhoods in which you will be looking. So Step 2 works to trim the fat, if you will, on Step 1. Once you know what you can afford to buy even as a lease purchase option, there will be some neighborhoods you can completely scratch off of your list before making arrangements to visit and explore. Whew, that sure saves a lot of time and energy !

We suggest immediately speaking to a mortgage broker or bank to determine what you may be preapproved for. Speaking to a mortgage representative now will help you do two very important things. First, it will give you a comprehensive overview of your current finances and thus present to you an idea of what mortgage products are available to you. Second, it will give you an idea of what property price range you can afford and what your mortgage payment will look like.

If you must relocate and find that you are not qualified to purchase right now then your meeting with the mortgage broker or bank is certainly not in vain. This is your opportunity to create an action plan that will get you ready to purchase a home sooner than later. That may mean building a job history, fixing your credit, or determining how much money you will need to save for a down payment.

Step 2: Speak to a Bank or Mortgage Broker immediaely for a Mortgage Pre-Approval

Banks and Mortgage Brokers have all of the info you will need at their disposal. Here are a few tips and questions to help you gather the information you'll need to find a home:

1) Prepare to have the following documents at hand: Pay stubs, tax returns for 2 years and bank statements.

2) Ask the Broker to explain to you all of the loan products you qualify for and their pros and cons.

3) Ask what your monthly mortgage payment will look like.

4) When calculating your mortgage and closing costs do not forget to add the city's transfer taxes (in Philadelphia the buyer pays 2% of the sales price but in other areas the percentage is different).

5) If you find you are not qualified for a mortgage, find out why and ask the Broker to help you put a game plan together for you so you can get qualified sooner than later.

Please stay tuned for Step 3 of our relocation blog series !

What Were the Philadelphia Eagles Thinking in Signing Michael Vick ?

I know this topic is not related to real estate, but it is such a sensitive topic for both myself and the City of Philadelphia, I felt compelled to write this. I am still in shock as are many folks about this decision from the Eagles Management to sign Micheal Vick. I was on Facebook that night when it was announced and saw the stream of posts of many folks indicating they were not going to support the Eagles this year, selling their season tickets, or were just in disgust and shock. Many of the people at the preseason game left when it was announced that night.

What was the management thinking ? Did they not learn anything from the media circus show with Terrell Owens ? If that was a circus show, I can only imagine what this will be. More importantly though and the heart of this post is "WHY"? . Why sign this guy ? His actions were horrid and despicable. There are consequences to those actions. From a morality view, what kind of message does this send to the children in Philadelphia and all of society ? That you can live the violent, criminal life, go to jail and become a felon and still come out and make $1.6 million your first year and then over $5 million the second ?

"Everyone deserves a second chance" is the broken record rationalization chant to support Vick. I agree with second chances. But you know what ? He has a second chance... he is out of jail !!! He has his whole life to grow and build his character. Sometimes though you do not get that second chance in a particular career. So maybe this post should have been "What was the NFL thinking ? " . Is it so much about money and selling tickets and number 7 jerseys that they reinstated him ? Pete Rose is still banned from baseball and his crime was victimless. What about doctors, stockbrokers, realtors, lawyers who screw up and lose their license ? Chances are they can never come back to the industry. So with the crimes that this felon has committed, why did the NFL reinstate him in the first place ? Will the NFL become the next rehabilitation clinic ?

Winning ! Is it all about winning for the Eagles ? If so, how come they did not keep Terrell Owens ? Yes, he was a major distraction, but he was not a felon or a murderer or God's creatures. Is Michael Vick so fantastic that you must sign him in the pursuit of winning ? Does Andy Reid really want another project ? Not to be harsh, but even his sons have had a number of chances and are in and out of the legal system for their own issues with drugs and the law. Would the Eagles sign his sons to a management position ?

The Eagles management really lowered the bar on this one and sent a horrible message to our youth. Our City is already going through enough turmoil as it is. Why not just pass ? Let some other team deal with it. And so close to his criminal ways in Virgina ? The best team may have been on the West Coast away from where he committed his crimes. Or in reality, the best team would have been in Europe. There are plenty of second chances there.

My wife Stephanie has already decided to not watch the Eagles at all this year. It will be interesting to see if other commentors and the media are right in that "over time, they will forget about the dogs".

I know I will not forget. Will you ?

Identify the Challenge and Embrace the Journey

We get a lot of email and phone calls from out of town people looking to relocate to Philadelphia, thinking either of buying a home, renting a home or condo or considering lease purchase options. Buying a home from long distance poses some obvious challenges: It involves all of the human senses and is a hands on process and can not be done confidently from long distances. The Lease Purchase and Rent-to-Own alternatives to buying really seems to resonate with many out of towners. I suppose it is because the idea of Renting with an Option to purchase takes some of the fear and risk out of the equation. And, in our opinion, it is a smart option to choose and preferable for some people over just renting. But if you are relocating from another county, another state or from another part of the world, there are 3 main challenges for folks like you. And with each challenge we have a step you can use to propel you forward into your now home !

The 1st Challenge:

One of the biggest challenges for out of towners is that they are often completely unfamiliar with the area in which they are planning to move. They google and ask questions, look at maps and whatever else they can do in the comfort of their own home or office. But step 1 defies that method. Online research makes sense and is quite helpful, but there is no better research than visiting neighborhood personally. Step 1 compels you to visit the area in which you will eventually live. And for very good reasons. For example, in Philadelphia alone there are several dozens of subdivisions that make up our great city. And we are not unique in that respect. Every city offers many wonderful places a person can live. Thus narrowing down a location for an out of town buyer takes time and due diligence on the buyer's part. I will say it again. Finding the right neighborhood requires due diligence on you the buyer ! We stress this because we are frequently asked by a prospective out of town buyer to give them personal tours of Philadelphia. To you know, "get the feel" of the area. As well intentioned as these folks are and as flattered as we are that they should choose us to do that, we typically decline. As should every Realtor in our opinion. A Realtor can do many things within the scope of their profession but being a tour guide is not the best use of their skills. A Realtor can tell you about a neighborhood, even share their personal opinion and their market knowledge but in order to find the right neighborhood, you will have to physically do the field work and research yourself. Again, it takes time to do that and you are the one responsible for doing the research and taking the time to do the touring.

STEP 1: Do your homework and visit the neighborhoods you have been researching.

It is a fun an exciting journey learning about a new place ! Some of the suggestions we offer to people from out of town are:

1) Plan several day trips or long weekend trips and each time visit 2 areas.

2) Plan to drive, bike or walk and pack the necessary gear for weather and plenty of walking.

3) Plan your destinations and research or keep an eye open for the following: food markets, gas stations, the local gym, parks, restaurants, drug stores, coffee shops, libraries, schools (if you have children), hospitals, entertainment complexes, dry cleaner, public transportation hubs, malls, post offices, and any other domestic or creature comfort that you require to make you life what you want it to be.

4) Bring a digital journal, camera and or a simple note book will due to keep track of your thoughts, questions, and comments. Your Realtor can help answer some of your logistical questions and your notes will further enrich your research when you get home.

A recent example is that clients of ours from out of State were considering buying a home. They seriously considered a lease purchase for the very same reasons we mentioned above. And they were open to an immediate purchase if they found "the perfect home". After many many miles, several visits, to Philadelphia, and a lot of looking at homes, they came to the realization that they needed more time to decide on a neighborhood. So, they chose a short term month to month rental arrangement in Philadelphia where they now live temporarily. That choice allows them some time to explore the different areas of Philly on a more relaxed schedule before they make the big plunge and buy a home whether it be a lease purchase or regular purchase.

Please stay tuned for Steps 2 and 3 of our relocation blog series !

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If interested in relocating to Philadelphia, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can also connect with us on Facebook and Twitter . For investment properties, check out our new investor site at Philly Investor Hub ! If interested in checking out our new office in Northern Liberties, let us know !

The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !

New Listing in Fishtown - 2428 E Boston Street - Rental $1,650

This is a new construction 2 bedroom home that can easily be converted into a 3 bedroom. The formal bedrooms are on the 3rd floor. The master bedroom has it's own bath and there is a hall bath for the 2nd bedroom.

The 3rd bedroom is on the main level. It can be used as a den, an entertainment room, or a 3rd bedroom/guest room with a powder room.

The 2nd floor has a beautiful modern living area and kitchen. Plenty of cabinets, granite counters, pantry, and eating area.

There is a garage and 1 car driveway parking in the rear, central air, hardwood flooring on the 2nd floor and carpeting in the bedrooms. Washer and dryer included.

Beautiful, stylish, and a fantastic location.

Fishtown Neighborhood: http://activerain.com/blogs/thesomersteam/tags/fishtown

Contact Us to schedule your showing: http://www.thesomersteam.com/contact.php

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If interested in buying or selling properties in Fishtown, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . For investment properties, check out our new investor site at Philly Investor Hub ! If interested in checking out our new office in Northern Liberties, let us know !

The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more!

Philadelphia Short Sales: Another Successful Short Sale in Castor Gardens !

A seller called me as she was in a bind regarding a property she owned in Castor Gardens. It used to be her primary residence but she ended up renting it out. Based on what she owed on the property, it was clear that she would either have to show up at settlement with money or do a short sale. In meeting with her, there was a definite case of hardship that warranted to go the short sale route.

It was a tough deal in dealing with the dramas of the tenant. And tougher dealing with the bank. Not in terms of negotiation but the length of time it took to get the final decision. It was also tough dealing with the buyer as he got impatient many times along the way. It is understandable... that is the nature of short sales !!!

The good news is that Sovereign bank finally came around and approved the short sale. The buyer was thrilled that he could finally close on the property and our seller was so happy that we got her out of the situation. It is what makes our job worthwhile when there is so much appreciation in the end. For this seller, we also sold 2 more of her properties to allow her family to move to North Carolina to basically start fresh. I am very happy for them. Look for a testimonial from them soon on our website "The Somers Team" !

This continues our streak that every Philadelphia Short Sale listing that we have taken on has made it to settlement !

Philadelphia Short Sales do work !!! You just have to plan ahead and have the right Realtors involved from the beginning !

If you are interested in this topic as well as all the other topics we discuss, please subscribe to our blog ! Is only a click away ! If you are in our neck of the woods, please contact us via phone or email or ask about our new office location in Northern Liberties !

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If interested in buying or selling properties in Castor Gardens or Mayfair, contact Chris and Stephanie Somers at thesomersteam@yahoo.com or 215-400-2612 . You can connect with us on Facebook and Twitter . For investment properties, check out our new investor site at Philly Investor Hub and ask us about Philadelphia Foreclosures and Short Sales .

The Somers Team - Philadelphia Real Estate

Search the MLS Properties Here in Philadelphia

The Philadelphia Real Estate Blog

Click here to receive our Blog updates via email !

Areas of specialty include Northern Liberties, Old City, Center City, Fishtown, Graduate Hospital, Art Museum, Queen Village, Pennsport, Old Kensington, Port Richmond, Bridesburg, Society Hill, Loft District, Spring Garden and more !