2009 January « The Philly Pretzel

Archive for January, 2009

Philly Homes Green Revival.

January 31, 2009 at 10:47 pm · Filed under For Home Buyers, For Home Sellers, Green

If you use energy-efficient products in your home, you’ll want to take note: the Emergency Economic Stabilization Act of 2008 was expanded and extends valuable federal tax credits in 2009 for homeowners who make certain upgrades. Benefits include lower home energy bills, increased indoor comfort and reduced air pollution. In addition, the energy-efficient products eligible for the new federal tax credits actually lower the amount of federal income taxes that taxpayers must pay Uncle Sam. Additionally your Philadelphia home may be eligible for Pennsylvania rebates and tax incentives.As a bonus your energy savings each year may be greater than the one-time tax savings.

Take advantage of these incentives to purchase clean energy for your home that doesn’t pollute or contribute to global warming.

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Philly is in the Top 6 Cities for Strongest Condo Price Growth.

January 26, 2009 at 1:46 pm · Filed under First Time Home Buyers, For Home Buyers, For Home Sellers, YO Philly

condo market is good in Philly

Strong Current Demand Supported by Competitive Economies Helps Philly Condo Market.

A few local metro areas throughout the country are delivering strong median sales price growth on condominiums and Philadelphia is in the top six. Just goes to show how important it is for home buyers and sellers to remain focused on local Philly market information and the opportunities available rather than on national / regional trends not relevant to their own markets. Philadelphia area has the highest median price point of the six. A 1 Bed, 1 Bath condo with 600 Sq Ft of living space and a city view can be had for the local median price of $207K. Philly represents better buying opportunities than many other cities especially for first-time home buyers.

Here are some good condo buys:

Exceptional Condo Conversion ($499,000)

Society Hill Gem ($419,000)

Good Price for Old City ($269,900)

New Construction, Last Unit Available ($249,900)

Technorati: philadelphia condos, philadelphia market conditions, first time home buyers, philadelphia home sellers

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Philadelphia Mortgage Rates

January 23, 2009 at 11:35 pm · Filed under First Time Home Buyers, For Home Buyers, Mortgage, Philadelphia Market Conditions

not all philly mortgage rates are the same

Not All Rates Are Cut From The Same Stone.

Please note that advertised mortgage rates are based on 720 credit scores and above with 20%down. The rates can very significantly depending on different factors:

Credit score

Down payment/equity percentage

Property type (owner‐occupied, 2nd or vacation home, investment property)

Reason for mortgage (purchase, rate/term refinance, cash‐out refinance)

Loan type

When looking at loan pricing on various scenarios, it’s extremely important for your mortgage broker to have full information on each borrower to do a preapproval.

This has turned out to be a volatile week for mortgage rates. They shot up from the mid 4’s to over 5%; that’s a half-percentage point rise in eight days. The mortgage bond market is skittish about our new President. If Obama’s Economic Recovery Plan is passed by Congress inflation could gather steam rather quickly. It relies on huge government borrowing and that is inflationary. A spike in inflation may make it harder for the Fed to drive mortgage rates much lower.

mortgage_chart-1-month

Rates appear to be on the rise but even the best of the best can’t predict what rates will be or when.

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Philadelphia Explains Real Estate Transfer Tax Exemption.

January 18, 2009 at 8:01 pm · Filed under For Home Buyers, For Home Sellers, YO Philly

philly same sex transfer tax exemption

In November 2007, City Council approved an amendment to the Realty Transfer Tax section of The Philadelphia Code to allow for two people who provide evidence of financial interdependence to be relieved of the 4-percent tax usually incurred when individuals transfer real estate between each other. Prior to the 2007 City Council ruling, the only couples who could receive the transfer-tax exemption were opposite-sex married couples. However, the City Council decision was not widely publicized, which has led to uncertainty among lending companies, title companies and Philadelphia residents.

This legislation encompasses all financially interdependent individuals, regardless of sexual orientation. The law defines financially interdependent people as those “who live together as a single household and who, for at least six months, have agreed to share the common necessities of life and be responsible for each other’s common welfare.”

Under the law, same-sex couples who have registered as life partners with the city do not need to provide any further documentation to prove their financial interdependence, while those in unregistered same-sex relationships or other types of situations would have to provide evidence of their relationships.

The current transfer-tax form allows applicants to check off boxes signifying which exemption they’re claiming but there is no mention of the FIP exemption, it has to be written-in. Philadelphia’s Department of Revenue has agreed to modify the certification form to reflect that financially interdependent persons could be exempt from the tax.

This should reduce confusion and heighten awareness of the 2007 amendment. But this being Philly, after all, there is no word yet as to when the updated Transfer Tax Certification (pdf) from will become available.

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Good Lenders Don’t Grow on Trees

January 16, 2009 at 10:30 pm · Filed under For Home Buyers, Mortgage

use a local philly mortgage lender So you’re ready to begin your search for a new Philly home. The first step (drum roll please) is always, always to get in touch with an experienced mortgage loan specialist. Before you start the home-search process, you need to know if you’re in a position to purchase a house (very helpful), the amount you can be approved for and most importantly the amount you are comfortable borrowing. It is also helpful to know in advance what paperwork you’ll need to collect and eventually submit.

**Use a local lender. Let me say this one more time in case there is any question: use a local lender. It just makes sense to work with someone who knows the peculiarities of your particular market and can respond quickly to any issues that may arise. It’s also easier for your agent and title/escrow offices to coordinate the transaction with a local lender and assure you a smooth experience.

**Consult and assess at least 2 possibly 3 different lenders. Ask lots of questions and then ask more. The lender should be knowledgeable and willing to take the time to educate you. They need to have the ability to understand your individual needs and issues. I also think you should feel comfortable with the lender you choose.

**Don’t shop for lenders based solely on the interest rates they quote. Just because someone offers you the lowest rate doesn’t always make them the best choice. Make sure you get a GFE (good faith estimates) from all the lenders that you talk to and pay close attention to their other costs.

**Obtain recommendations from your real estate agent. It just makes good sense to use a mortgage provider that your agent has a business relationship with, someone who has a vested interest in doing their best, someone who doesn’t see this as a one-shot deal.

A real estate transaction is a complicated process drawing upon the talents of many dedicated professionals.

Don’t leave yours to chance.

Potentially Related Posts:

5 Steps to Mortgage Pre-Approval
Philadelphia First Time Home Buyers: Federal Tax Credit
How Low Can You Go?

Technorati: philly mortgage lenders, mortgage pre-approval, good lenders, local lenders, philly home buying

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