Philadelphia Real Estate Video Blog with Tandra & Jeremy Bowers

Addressing This Rumored Housing Bubble

Fri, 10 Jun 2022 19:08:47 +0000

What’s different between the current market and the last crash?

The pandemic has caused massive shifts in the market, and we continue to see changes. Whispers are going around about another housing bubble similar to the one we saw in 2006.Let’s address these rumors and find out what’s different in the current market compared to the last crash.

First, it’s important to note that during the 2006 housing crash, supply heavily outweighed demand in the market due to factors such as lower costs of materials. Investors and developers pushed for new construction. The market became overbuilt, which brought on many residential vacancies, leading to price reductions to rebalance the market. Certain mortgage lending practices also prompted credit lenders to tighten their reins. As a result, buyers didn’t truly own their homes.

“Don’t worry, a balanced market is on the horizon.”

Fast forward to 2022, and prices have increased dramatically, with demand heavily outweighing the supply due to the pandemic, inflation, and low inventory. Not only has the pandemic changed people’s lifestyles, but it also slowed down production speed and increased the price of materials, labor, and transport. The combination of all of these factors has increased the buyer pool and interest rates.

So what can we expect from this? Nothing drastic like a crash is going to happen. Prices may continue to increase, but the market will gradually balance out again. Builders and investors will continue to build new construction with houses selling for top dollar.

Also, lousy mortgage practices that once affected the market have gotten much better. Buyers are well-qualified in today’s market and can afford their homes. We will see an increase in listings, but there is nothing to fear since a balanced market is already on the horizon.

If you have more questions about the market or are planning your next move, don’t hesitate to call or email me. I’m happy to help create a plan that works for you!

How To Maintain the Cracks In Your Concrete

Fri, 27 May 2022 19:00:53 +0000

Here are a few tips to help you maintain the cracks in your concrete.

Concrete is a common material used in construction, but many contractors don’t understand control joints, or the grooves that you see on concrete slabs. Concrete shrinks as it cures, and these control joints regulate where those cracks form. Many garage floors end up cracking because the contractors failed to put in these joints.

Cracks aren’t necessarily a bad thing; concrete needs to crack to allow for expansion and contraction. But if you see cracks forming, they need to be maintained. Ken Justice from KMJ Inc. is a concrete expert, and he’s here today to share his tips for maintaining the cracks that form in your concrete.

“Make sure that your winter sidewalk salt doesn’t contain magnesium, which can destroy concrete.”

You can seal any cracks you find with silicone grout. That way, as the slab expands and shrinks, debris, water, and other materials won’t settle in the cracks. Over time, that could cause the concrete to chip.

When it comes to your driveway and other sidewalks, be careful about what materials you use in the winter to prevent ice buildup. When you buy bags of salt that is labeled as safe for concrete, always ensure that it doesn’t contain magnesium, which can destroy concrete.

If you have any questions about how to maintain your concrete, give Ken a call at (267) 716-8675 or email him at ken@kmjengineering.com. For any questions about real estate, don’t hesitate to reach out to me. I’d love to help you.

How Much Money Will You Keep When You Sell?

Thu, 12 May 2022 19:18:38 +0000

Here are six major costs that factor into your net proceeds as a seller.

If you’re thinking about selling your home, you might wonder how much money you keep once everything is said and done. No two closings are the same, but today I want to give you a general estimate and run through the costs of selling. Here are a few of the biggest considerations:

1. Your mortgage. You can’t sell your home without satisfying your mortgage at closing. Your lender might charge you early termination fees, so you’ll want to figure out if that applies to you. If you don’t have a mortgage, you don’t have to worry about this.

2. Your agent. If you’re hiring a licensed agent to help sell your home, you’ll have to pay their commission. The exact percentage is determined at your listing appointment.

3. Liens against your property. If there are any liens on your property, they must be paid at closing before you transfer the title to the buyer. A title company will run a search on your home to determine if there are any liens.

“There’s a lot that goes into calculating your net proceeds”

4. Ancillary fees. Certain townships may require a use and occupancy agreement or resale certification to transfer the property, and both of those would come with fees. You’ll also need to finalize any utility fees like sewer and electric.

5. Real estate taxes. If you owe any of these taxes, they would come out of your proceeds at closing. If you have a mortgage, your taxes might already be escrowed, so you may have to offer a credit.

6. Repairs. If you negotiated any repairs with the buyer, those could be charged as a credit at closing.

A lot goes into calculating your net proceeds. If you’re interested in learning more about your specific situation or have any questions, call me at (215) 680-4652. I’d love to hear from you.

Why Sellers Shouldn't Wait Until 2023 To List

Tue, 03 May 2022 18:37:51 +0000

Here are a few good reasons not to wait until 2023 to sell.

The spring rush is here! Today’s market definitely favors sellers over buyers, so if you’re on the fence about listing your home, I’m here to tell you that now is the time to act. I don’t have a crystal ball to tell me the future of where the market’s going to go next year, but I do know that right now is an excellent time to sell. Today I’ll share a few tips that will show you why you shouldn’t wait until next year.

First, mortgage rates are set to rise throughout the year. That means buyer offers may shrink as homes become less affordable for them. The pool of buyers you have in 2022 is much larger, which gives you the advantage of being able to accept offers that best suit your needs.

Additionally, construction may rebound soon from pandemic-related delays. That will only create more competition among sellers. Selling this year puts you ahead of that race. If fear is what’s making you wait, know that there are plenty of options out there for you. A real estate professional like me can lay them out for you.

“Selling this year puts you ahead of the race.”

For example, many people who need to sell their homes also need to buy new ones. One way to smoothly transition between homes is to negotiate a rent-back agreement from the buyer. That allows a seller to continue living in their home for a certain amount of time while you look for a new home to buy.

If you’re in need of funds for the down payment on your next home, certain loan options require less money down. We’d be glad to help you figure out which loans would work best for you. Alternatively, if you want to submit a larger down payment in order to be more competitive, you can seek a home equity line of credit. That will allow you to turn the equity you’ve built up in your current home into a down payment on the next.

If you’d like to hear more about the options you have for selling your home in today’s market, or if you have any questions, give us a call or send an email. We’d love to help you.

Buyers: What's a "Walk & Talk"?

Tue, 05 Apr 2022 00:00:00 +0000

My full interview with Robert Battle from Core Inspections Group.

Today I’m excited to be joined by Robert Battle from Core Inspection Group. The market we’re in is crazy for buyers, which makes it a great time to discuss what Rob’s company does. They can help buyers win and keep them protected with their Walk and Talk inspections.

Feel free to watch the full video, or use these timestamps to browse specific topics at your leisure:

0:00 — Introducing today’s topic

0:30 — What Core Inspection Group does for homebuyers

1:35 — A new service called “Walk and Talks” can help protect homebuyers who are considering waiving their inspections altogether

4:55 — My thoughts on the Walk and Talk inspection

5:33 — How to get in touch with Robert and Core Inspection group

6:38 — Wrapping things up

If you have any questions at all for Rob, give him a call at (215) 715-0738. If you have any real estate-related questions for my team, don’t hesitate to reach out via phone or email today. We look forward to hearing from you soon.

4 Tips To Help You Get Top Dollar This Spring

Tue, 29 Mar 2022 19:51:25 +0000

Here are four tips to help you get the most out of your home sale.

Are you thinking about selling your home in 2022? The housing market has certainly been favorable for sellers, but that doesn’t mean you can throw a for-sale sign in your yard and expect to get top dollar. That’s why today I want to share four things you can do to get the most money possible for your home.

Don’t wait for mortgage rates to get too high. Although current rates are still low from a historical perspective, they are increasing. As interest rates climb higher, buyers’ purchasing power will decrease. This means fewer people may be willing to offer you top dollar, so list your home before mortgage rates increase further.
Keep tabs on the competition. The more houses you see listed in the local market, the more options buyers have. If you keep track of other homes and notice more people are listing, it’s a sign that you should make a move sooner rather than later. You want as many buyers making offers on your property as possible. If they have other options, you may have to settle for a less-than-perfect deal.
Invest in repairs instead of upgrades. You may be tempted to update your kitchen or bathroom, but that isn’t necessary in this market. Instead, focus on things like leaky roofs or chipped paint. You want your potential buyers to feel comfortable making you an offer, and if they notice issues with your home, they may look elsewhere. If you think your house is outdated, keep an eye on my blog. I’ll have more to say on that topic later.
Partner with a local real estate agent. Since buyers might be clambering for homes, you may feel compelled to try and sell your house yourself, but I can’t recommend it. A good agent can give you tips and tricks to help you reach a price point you may not have thought possible. Plus, multiple-offer situations are likely in this market. Your agent can help you choose the best offer to fit your needs.

If you have questions about today’s topic, please call or email my team. We’d love to help you get the best deal possible for your home!

Megan Munley on Interest Rates and Our Market

Tue, 08 Mar 2022 00:00:00 +0000

I sat down with Megan Munley to talk about interest rates and our market.

Today I am pleased to introduce Megan Munley from Movement Mortgage. We’re in a pretty wild market, so I wanted to bring in an expert to talk about interest rates, making an offer in a tough environment, and more. 2022 has started off with a bang, but we may be due for some changes.

You can watch our full conversation in the video above, or you can skip to each topic using the timestamps provided:

0:00 — Introduction

0:45 — Introducing Megan

1:32 — What’s happening with interest rates?

3:36 — What actually impacts interest rates

6:01 — What do rate hikes impact in the market?

6:31 — How are buyers reacting to interest rate news?

8:42 — The sooner buyers start the process, the better

9:25 — How can buyers make their offers stand out?

12:46 — How Megan goes above and beyond for her buyers

14:30 — Wrapping things up

If you have any questions for Megan, you can reach her at (215) 833-7064 or megan.munley@movement.com. As always, just call or email me if you want to chat. I am always willing to help.

Sam Schatzman Answers Your Tax Questions

Mon, 28 Feb 2022 00:00:00 +0000

Sam Schatzman joins me to answer tax questions from homeowners.

I’m here at SD Associates in Elkins Park, PA with Tax Manager Sam Schatzman. We’re in the thick of tax season, so I was excited to do a quick Q&A with Sam today. Here are the answers to some of the most common questions that homeowners have been asking us as we approach the deadline to file your return:

“A portion of your home office can be deducted against your business income.”

What are the most important documents I need as a homeowner?

You‘ll definitely want a 1098 form to show your mortgage interest expense and your real estate taxes. If you’re a new homebuyer, you’ll also want your settlement statement or HUD document so that they can keep track of your basis when you do sell.

What are the true tax benefits of being a homeowner?

They come in the form of increased itemized deductions. It includes the real estate taxes paid, mortgage interests paid, and any points or premiums you may have paid. If you itemize, you’ll see a decrease in taxes paid.

Can I deduct my home office?

A lot of people have dedicated spaces to run their businesses out of their homes. Certain people are allowed to claim that deduction, such as those who are self-employed. If you are, keep track of the square footage of the dedicated space that you have for your business, and you’ll also want to keep track of every other home-related expense. A portion of it can be deducted against your business income.

A special Thank You to Sam for joining me on these important topics. If you have any tax-related questions for him, give him a call at (215) 517-5600 and ask for Sam.

If you have any other real estate-related questions for me, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

3 Ways To Buy and Sell At The Same Time

Tue, 25 Jan 2022 00:00:00 +0000

Here are three ways you can buy and sell a home at the same time.

Recently, our team has talked to a lot of people who want to sell their homes, but they are concerned about what they’re going to do once their properties are sold. We understand; it’s a lot easier to sell than buy in today’s market. We’ve helped plenty of people in every situation imaginable, so today we want to go over your options when it comes to buying and selling at the same time.

Your first option is to list your home for sale only after you’ve gone under contract with your new home. In this scenario, both transactions would close on the same day. In the morning, you would sell your old house, and in the afternoon, you’d close on your new home. We’d pack up all your belongings before, so you can get started moving in immediately. This option can be tough to negotiate, but our team has plenty of experience doing it successfully.

“You have options when it comes to buying and selling at the same time. ”

Your next option is to sell your old home, get your money, and move into temporary housing while you look for a new home. This gives you plenty of time to look for your dream home, and many people prefer to search for homes this way.

Finally, you can negotiate a post-settlement possession upfront when you sell your home. This means you would rent your old house from the people you just sold it to while you search for a new home. This option is very convenient, and it’s popular in our hot seller’s market.

If you have any questions about any of these options, please call or email us. We are always willing to help!

Wishing You a Great 2022

Mon, 03 Jan 2022 15:22:00 +0000

It’s been an amazing year for our team thanks to your continued support.

We just wanted to take a minute to wish you a happy New Year!

It’s hard to believe that 2021 has come to a close. Although it has been a wild and chaotic year for many of us, it has also been an amazing year for our team thanks to your continued support. The things we’ve accomplished this year, and in years past, wouldn’t be possible without you.

We so appreciate your business, referrals, and friendship, and we’re excited to see what lies ahead. The future is full of possibilities, and we hope you are as excited for this upcoming year as we are. Here’s to making 2022 our best year yet!

If you are thinking of buying or selling a home this year, please don’t hesitate to reach out to us with any questions. As always, we are here to help.

We look forward to seeing you in 2022!