Northern Liberties Real Estate - RE/MAX Affiliates moving to Northern Liberties !
picture taken by Colleen Joy Kucera
Above is Steven Osiecki and Christopher Somers, owners of RE/MAX Affiliates. We are both very excited about the new location of our office in Northern Liberties. We are standing out front of the new office location which will be on the 5th floor with great views of all of Philadelphia. The exciting atmosphere at the Piazza will be very attractive to both consumers and clients as well as other Realtors looking for a vibrant atmosphere with an unlimited income potential !
So feel free to call or email us to set up a tour of the new office location in Northern Liberties !
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If interested in buying or selling a condo in Northern Liberties, 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 !
Suggestion 1 - Selling Your Philadelphia Home ? Find a Realtor Who Markets Listings Aggressively !!
We are not in a Seller's Market ! We believe you must use a Realtor to get get the most exposure for your property through the MLS and extensive internet marketing which puts your home at the fingertips of hundreds and thousands of Realtors and consumers daily, 24/7.
It is usually best to hire a Realtor in your 
area of Philadelphia as well as your specific subdivision such as Old City, Graudate Hopsital, Northern Liberties, Fishtown...etc. Look for a Philadelphia Realtor that is an Expert Listing Agent. Make sure they go above and beyond when it comes to advertising and marketing their clients properties. For example: we use enhanced services at Remax.com, Trulia.com, Zillow.com, our very own The Somers Team - Philadelphia Real Estate , Craigslist, our Blog Philadelphia Real Estate Voice and many other smaller sites such as backpage, kijiji, and so on. 85% of all Buyers look on line before they even call a Realtor. Thus, you want you home to be seen !
If you can not find a local Realtor that can do that for you then branch out beyond your immediate area. Our marketing efforts will far outweigh an agent who is "just local". You'll need more than a lawn sign and a listing with a few pictures.
Suggestion 2 - Selling Your Philadelphia Home ? Price Your Home To Sell Not to Sit !!
It will be important to choose a listing price that will honor the current market prices. We will discuss the specific sales and go over a detailed market analysis if you decide to use us as your Realtor. Ultimately you set the listing price but the Market Analysis and our insight will guide you.
Suggestion 3 - Selling Your Philadelphia Home ? Prepare your House for Showings !!
Clean, declutter, deodorize, and minimize everything in the house for showings. There should be no more than 3 items on any surface or wall. Clear walk ways and remove excess furniture. Pack all useless items and store them in a garage, closet, or spare room.
Depending on the price you want to sell your home for, you may or may not need to do some handy work like paint or replace carpet and such. We would have to see the house to make those recommendations. No major renovations will be recommended since it is unlikely in this market that you will get the money back in the sale.
Plan to make showings very easy for the prospective buyer. Never say no to a showing if possible. There is so much inventory out there, buyers can easily skip your home to purchase another !!
We would certainly like to help you if you are thinking about selling your property.
We hope this info on Selling Philadelphia Homes and Condominiums helps answer some of your questions. If you find the information informative and helpful, 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 ! And for more insight on the Philadelphia condominium market, please read Where is the Philadelphia Condo Market Going ?
If interested in buying or selling a condo in Philadelphia, 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 - our main site
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 !
ket Going ?Straight to the dogs some might say ! Chris and I talk about this 24/7. We live in a Northern Liberties new construction condo right now, I rented in the Art Museum for years, and we moved from Old City where we still own one of our old condos for investment purposes. So, when I speak with our "opinion", I am doing so having much of our own hard earned money invested in these areas of the city. Not to mention we have experience as modestly successful Realtors.
The Center City Philadelphia condo market and some of the "fringe neighborhoods" such as Northern Liberties, parts of Fishtown, the Art Museum area, even Old City, that have an abundance of new construction condos and condo rehabs, are handcuffed by the mortgage industry. It looks like the only developer doing well is Bart Blatstein with Tower Investments. He is a genius because he builds posh apartment housing and then creates a village around them that will not only provide for their every need but create an attraction for the entire city (The Piazza is a great example). It is a brilliant business model and a generous city planner. (Bart Rocks !)
Developers and rehabbers cannot go any lower on their prices without being upside down on their loans. One opinion is that developers are defaulting on their loans is because the buyer pool for their 1-2 bedroom condos are nonexistent. Well, maybe not completely nonexistent, but for the most part, the buyer pool is more like an evaporating puddle.
Who are the buyers for most of these beautiful condos ? They are you. They are typically young, first time buyers, with good credit, and a great job making decent pay but they typically do not have a lot of cash saved up. Their savings are perhaps 10-15% shy of qualifying for a mortgage for a new condo.
The buyers that are out there right now do not qualify for new condos. Many can only qualify for an FHA loan which rules out most of the condos out there in the city. (see Philadelphia Condos - Even if You Qualify, the Condo Building May Not) . That is why neighborhoods like Old Kensington, Fishtown and the Art Museum, as well as Pennsport and Graduate Hospital have been where many sales transactions are occurring. The condo buyers move to the closest neighborhood next to Center City and buy row homes there. As long as there is a demand for FHA friendly housing, the prices in those neighborhoods will not go down dramatically.
If the loan products do not become more user friendly, then sellers will have to either lower their price and suck up the loss, rent their home/condo until the market ripens, choose a short sale if they have proof of hardship, or throw the towel in and let the bank foreclose on the property. We are seeing all of the above in our Real Estate practice for Philadelphia condos.
As for condo pricing, it has come down, but perhaps not as much as it has in New Jersey, and certainly not as much as it has in other states. The Developers are holding on and renting as an option. The Marine Club is one example (there are many more) of a fabulous, large, Luxury condo conversion that has amped up on rentals rentals because it is unattainable for first time buyers that can only qualify for an FHA loan.
That is our opinion. At least that is one of them : )
We hope this info on Philadelphia Condos helps answer some of your questions. If you find the information informative and helpful, 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 !
If interested in buying or selling a condo in Philadelphia, 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 - our main site
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: That is the question of the year ! It is a great question ! It is one that every Buyer, Seller, and Realtor ask when dealing with Philadelphia Short Sales. The simple answer is, " Your guess is as good as mine !" The more appropriate answer is, " It depends on the bank." Not that either response is a good answer !
Chris and I are self proclaimed Short Sale Specialists in Philadelphia. We have had a lot of Short Sale 
Success in Philadelphia. It is not that Philly has a sinking Real Estate Market. In fact just the opposite is true. We are simply Ready, Willing, and Able to do the work that is needed for a Philadelphia Short Sale. (Low commissions and lots of work are not popular in our industry.)
Yesterday I was on the phone with Bank of America to discuss one of our pending short sales. They have a 3 Phase process that I like for educational purposes that we will elaborate on to help answer this elusive question. I am certainly not thrilled with the length of time it takes for the process. Their 3 Phase process can explain in a general way, what goes on behind closed doors at most banks and explains why it can take 1 month or 6 months for a short sale to occur !
Phase 0 - The 100% complete Short Sale Package is submitted, digitally recorded and awaits assignment. This takes 24hrs to 12 days as long as it was received by the right department and every document was submitted and received. (Note - it is imperative not to submit an incomplete short sale package - a definite way to lose time ! )
Phase 1 - A negotiator is officially assigned to review the package, make sure all documents are there, order the BPO (BPO is like an appraisal). This Phase can take from 25-45 days depending on the bank, their staff, and their work load... and dare I say the quality/integrity of the bank's management. See featured post regarding my Short Sale NIGHTMARE with TD Bank ! .
Phase 2- Here a new representative might be assigned. This phase is where changes on the preliminary HUD-1 are made. (HUD-1 is a form that lists all of the money and charges to the seller.) The BPO is reviewed, and they determine if a counter needs to made, then the package is sent to the investor (the ones who own the money) for their review. 25-45 days !
Phase 3 - Once the investor is satisfied, it is possible that yet another person will get assigned to the file. But good news is that the closing negotiations commence. This is when the bank tells you their verdict... Yes, No, Counter Offer, or Yes BUT you need to sign a Note for the deficit. Phase 3 is when the final settlement procedures are communicated to the Realtor. At this stage a closing can be scheduled within a few days from acceptance.
We have had Philadelphia Short Sales accepted in 30 days. We have had Philadelphia Short Sales accepted in 6 months. But the typical Short Sale is approximately 90 days for us.
If you are involved with a Short Sale, you have to be patient and flexible. As a Realtor on the Sell Side... there is plenty of paper work and follow up with the bank throughout the process. Very little information is communicated during the entire process but much work is being done behind the scene by the Bank and the Listing Agent.
I hope this info on Philadelphia Short Sales helps buyers and sellers answer some of their questions about the process. If you find the information informative, 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 Philadelphia, 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 - our main site
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 Real Estate Market: Moments That Transcend Money !
Last night, I went on a listing appointment in Fishtown. We have been in contact with a potential 
seller for the last year and a half or so. So she asked if one of us could come over as she was thinking about listing her house.
The owner purchased the property in 2005 and did a small REFI a year later so her equity situation was not great. Still, there has been a lot of development and new construction in the area so she wanted to know more specifics about the value. We had a great meeting and a great discussion regarding her house, her family and her life.
After going over all the options, it was determined that it just made the most sense for her to stay where she is. Towards the end of the conversation, I mentioned "With us, we will tell you the truth. Honesty is the best policy. Some Philadelphia Realtors may tell you a higher number in this Real Estate market just to get a sign on the door to see what happens and roll the dice. Ultimately, practices like that over-promise and under-deliver."
It is not always about the paycheck or closing a deal. Moments like this confirm that I am in the right place. There are additional layers of depth that help us be a better person and Realtor. And ultimately help the clients we serve...
Chris Somers
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If interested in buying or selling properties in Philadelphia, 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 - our main site
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 !
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Please visit our website at: www.thesomersteam.com to view more information about us, our listings and the thriving Philadelphia market.
About Us
Chris Somers
After working as a financial consultant with Oppenheimer for 7 years, and having also held positions with Deloitte and Touche and the Federal Government, Christopher Somers decided it was time to pursue a new challenge. He united forces with his wife Stephanie, a Philadelphia native, former Art Teacher turned business owner, to engage in a career in real estate. Focused on protecting their clients' wealth in every real estate transaction, the Somers have quickly gained recognition in their market segment.
Chris' education background and previous work experience have significantly contributed to his success as a Realtor. Clients benefit from his aggressive negotiating skills, extensive market knowledge, and financial expertise.
Featured on RE/MAX Times Online
Chris Somer's blog article entitled Plan Now to Jump Start Your 2009 Production can now be seen on the online edition of The RE/MAX Times. It is not too often that an Associate will receive a phone call from RE/MAX International congratulating for a well-written blog post and requesting approval to have it posted on their premier online publication.
Updated weekly, RE/MAX Times online edition provides all 100,000 Associates worldwide with the latest industry news, tips from top producers, coaching, business and marketing stories, and more. Chris' article provides very insightful tips for other Associates on how to achieve success in today's market, and explains why his blog has continuously generated interest and participation from the community. Whether you are a Buyer or Seller, you are encouraged to read the blog and participate in the discussions. You can also sign up to receive weekly email updates.
Stephanie Somers
Drive, enthusiasm and a very dynamic style of doing business are just a few of the words Stephanie's clients use to describe her. Before joining her husband Chris in their exciting Real Estate business, she studied and taught Arts in Center City, earned an advanced degree in natural health and nutrition, launched a business that rapidly grew from one location to various ones in Bucks and Montgomery counties, and took the challenge of expanding a private company's business overseas.
Stephanie's experience as an educator and a business entrepreneur, coupled with her organization skills and attention to detail, makes her a valuable asset to the business. She proudly wears as many hats as needed and keeps the entire team motivated to become top producing agents on a daily basis. A Realtor very seriously dedicated to the profession, Stephanie also acts as the teams manager, marketing assistant, help desk and business coach.
By knowing how to best leverage their strengths, and how to match their expertise with their client's objectives, Chris and Stephanie deliver a winning action plan.
For more information about us, visit our social networking sites:
AWARDS:
2008 Awards
Chris Somers is now a member of the prestigious RE/MAX International Hall of Fame. The coveted Hall of Fame Award is only given to Associates with more than $35 million in closed sales volume in real estate transactions since joining RE/MAX. Less than three percent of all RE/MAX Associates worldwide earned this esteemed award this year. Once inducted, the Associate becomes a lifetime Hall of Fame member.
Top 20 Individual Sales Associates AwardMonthRank
This recognition is awarded to the Top Producing Real Estate Agents year-to-date in the RE/MAX Pennsylvania and Deleware Region.
September 2008 12th August 2008 16th July 2008 12th June 2008 15th May 2008 8th April 2008 7th March 2008 4th February 2008 14th January 2008 7thOther awards received in 2008 include:
Other awards received in 2007 include:
Philadelphia, Northern Liberties, Old City, Center City, Art Museum, Fishtown, Olde Kensington, Loft District, Pennsport, Port Richmond, Bridesburg, Northeast Philadelphia, Graduate Hospital, Society Hill, condos, condominiums, new construction.
We specialize in buyer and seller agency in Philadelphia. Getting a property sold in this market is much more challenging. However, our marketing and advertising strategy is always intensive and aggressive to accomplish the goals.
What it takes to get your house sold
Not too long ago, listing a home on the MLS, putting a lock box on the door knob, and sticking a For Sale sign on the front yard was all it used to take to get homes sold. Though the Philadelphia region is still doing fairly well in comparison to the rest of the country, currently there is a large inventory of houses for sale and the time on the market doubled over the last year. This is good news for buyers but not so good news for sellers who may still be convinced they can sell their properties just as fast as their neighbors did two years ago.
It takes a well-conceived marketing plan to get houses sold these days and this is exactly the approach we take with every client. It ultimately boils down to pricing it right, creating the maximum amount of exposure in the market through innovative marketing tactics, and making sure the house shows well. With so much to choose from, buyers are picky and almost always look for properties that are move-in ready. You can read more about getting your house ready for sale in our Resources section.
"I have bought and sold several properties over the years with Chris and Stephanie. The aspect that makes them outstanding is that they live and breathe real estate. They take the time to teach me and are an asset to helping me achieve my goals" Ken Lawall
"Chris and Stephanie's immediate follow-through sets them apart as real estate professionals" Steve Scuron
"The Somers provided attention to detail - both small and large. They allowed our buying process to go off without a hitch." Andres Gomez
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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