Tyler G. Wagner, REALTOR (R), Associate Broker

Ah, La, Peanut Butter Sandwiches! I'm not one for predicting the future, but something tells me you might read this headline when November 2010 real estate sales reports come flying at us in the first weeks of December:

"NOVEMBER HOMES SALES DROP (insert any percentage greater than 25%) FROM LAST YEAR!!"

If there's anything I can say about this prediction, its DON'T PANIC! Like back in July 2010, when the media had a field day with the news that sales dropped off significantly from June to July, little was initially mentioned that the government incentive programs had run out as of June 30th, 2010. These programs pushed buyers to purchase homes prior to June 30th in order to take advantage of both the first time home buyer tax credit of $8,000.00 and the $6,500.00 tax credit for existing home owners. As it caused for an artificial blip in home sales, the media both jumped on the numbers when they went up in June and when they fell off a cliff in July's housing reports.

If we rewind a little further back to the 2009, you may recall that the original 8,000 Tax credit was offered to first time homebuyers who settled on homes prior to the end of November 2009. Again, the government incentive drove many home buyers, who were on the fence, to purchase homes sooner rather than later. Residential sales numbers spiked as expected, however, as the economy continued to lag behind. Hoping the large tax credits would help jump start the economy and clear out a lot of the incredible housing inventory, legislation in December of 2010 was passed to continue and expand the program into 2010.

So where does that leave us?

My goal is to manage expectations. The housing news has been fair over the last couple months. October saw a decent sales numbers but the truth is the holidays are right around the corner and we just got done watching political ads! We're a bit worn out and there aren't any big market motivators to buy before the new year. In general, my impression of the market is that things will begin to pick up in 2011 as the far swinging pendulum has now had a little time to become less extreme. My advice is to try not to get upset when the media plays the numbers game in December and let people know why. Sales haven't spiked and weren't expected to.

My Local Market Numbers of November:

In Havertown (Haverford Township) real estate sales, we saw an incredible increase from November 2008 (23 sold units) to November 2009 (51 sold units, 55% increase). However looking at trendmls data as of 11:57AM, November 16th, there have been just 13 units sold in November 2010. As I'm sure we will see this number jump as people will be settling both this week and the week after Thanksgiving, I believe we will see sales numbers in the 20s rather than the 50s. So could a 50% drop occur...yes, when comparing apples to oranges.

Wanna buy a nice house in Havertown (Haverford Township)? If you don't see a newly listed home in the first 2 days, it might be gone. Just this past weekend, I found myself in the middle of 3 different deals where there were multiple bids within 5 days of homes being listed on the market. All three homes were well taken care of, priced well and received great offers. Get prepared!

What can you do to make sure you don't miss out?

1.) Line up your financing with a reputable mortgage lender. I can't stress enough that if your not prepared financially, sellers will look onto other offers. Recently, I've found smaller local mortgage companies to be much more in the know, highly efficient, and the industry experts. With all of the mortgage changes in the last couple months, the big players in the market are having a really hard time catching up and adjusting. Financing needs to be strong and you should have confidence in whoever you choose to put together your loan. Don't just shop rates, ask any real estate agent who's active in the market they will tell you how difficult deals become when your not working with a good mortgage/loan officer.

2.) Find an reputable real estate agent who knows the local Market and has their pulse on the latest listings. One day could cost you a house. It seems a bit neurotic, especially when you have national news discussing troubled housing markets, but a good local agent will be quick to communicate which homes will sell quick and which ones you need to be see immediately.

3.) Drive the Neighborhoods Beforehand! When a great house pops up, its easy for a real estate agent to say that its a good deal, but its best if you are familiar with the neighborhoods ahead of time so that you jump at the right deals with confidence. A delay due to second guessing could loose you the house. I've recently been working on information in regards to Havertown highlights and continue to develop them in further detail. Certainly if have questions, just ask. Additionally, if you're looking in Haverford Township and new to the area, I'd be happy to send you a local Township map that shows all of the local establishments, parks, schools, etc.

Don't be discouraged, just be prepared. With the frenzy that could be caused with the First time Home Buyers Credit ($8,000.00) and Existing Home Owners Credit ($6500.00) expiring as of April 30th, 2010, you can't afford not to make well educated decisions.

Lastly, don't forget that you can actually take advantage of receiving those credits in 2009 by filing the appropriate paper work with your 2009 Tax Returns, after the settlement of your home. If your settling after April 15th, it would be well worth filing an extension to get the credit. Make sure to talk to your tax account.

Good Luck!

The Swell Bubble Gum Factory could become the next site of a YMCA! While talks are in the preliminary stages, Haverford Township, through eminent domain, has been working on acquiring the existing property and setting up a long term lease with the YMCA.

I personally think it could be a great addition to the area. I've heard awesome things about the new YMCAs in the region, from great programming for families to reasonable membership costs. Also, as I'd love to have access to a local indoor swimming facility, this could be a great centrally located option. We'll see.

Check out this Delco Times Article for the lastest:

http://delcotimes.com/articles/2009/06/24/news/doc4a41976fc9b1c225979227.txt

Havertown homes are selling! With 67 units sold at an average sales price of $292,716, June 2009 marks the highest number of units sold in one month since June 2008 (according to Trend Multiple Listing Service Statistics run on July 1, 2009)

We've not only seen the the most sales in one month (27 more units sold then May 2009) but also the highest average sales price and the least number of Days on Market (68) for 2009. While June is typically one of the strongest months for residential sales in our area, this information is encouraging in that the trends still exist in our changed economy.

What's Driving the Havertown Market?

1. First time Home Buyers - 70% of my sales this year have come from first time home buyers taking advantage of great prices, great rates, and the $8,000 tax credit.
2. Location and Price - Havertown fits the right price range at the right location. With great neighborhoods, great schools, and great location, their are very few alternative locations that offer all Haverford Township with home selling on average just under $300,000.00.
3. Trading Up - With the draw of first time home buyers, homeowners looking for more space are finding great deals for less while being able to sell their own homes. With rates in the low and affordability being the highest its been in years, homeowners are realizing the advantages in this market.

More to come and lots to look forward to.

I'll Keep You Posted!