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Negotiating The Sale Of Your Chester County Home

Friday, June 5, 2015
by Scott Darling

If you’re a seller of a Chester County home you need to understand the complexities of negotiating. This is particularly true if you are attempting to sell your home by yourself. This is known as a “for sale by owner” or FSBO.

Most people understand that selling a home is complicated. But just about the least understood component of being handshakea seller is the need to do a lot of negotiating. Even if you are working with a Realtor it is good to know what is going on, often behind the scenes. Why? So you have an appreciation of what the Realtor is doing for you.

Here are just a few of the types of negotiations you need to be ready to deal with…

  • The buyer’s agent whose sole responsibility it is to protect the best interest of the buyer, not yours.
     
  • The buyer who wants the best deal possible from you.
     
  • The home inspection company which is working for the buyer and almost always finds problems with the property for sale.
     
  • The termite company if there are challenges by the buyer.
     
  • The buyer’s lender if the structure of the financing requires the seller’s participation.
     
  • The appraiser if there is a question of value.
     
  • The title company if there are any challenges with permits, certificates of occupancy, or the survey.
     
  • The municipal government if there a problems with permits or certificate of occupancy.
     
  • The survey company if there any discrepancies or challenges.

Every one of the above participants in a real estate transaction has special interests and specialized knowledge about a different component in the sales process. Each one has to be negotiated with on some level to make sure the sale gets to closing smoothly.

It takes a lot of skill to understand everyone’s interests and how those interests fit into the bigger picture. Some of their interests and intertwined, and some are very specific to a given specialty. Some of the interests are very objective and others are very subjective and emotional.

In addition to all of that, your emotions as the seller tend to run high. It is extremely difficult to remain calm and objective when dealing with other people over the sale of your home. That is because you are not just selling a house and a property…you are selling the home you and your family have lived in. It’s personal.

The primary message is to be very careful about making a decision to go the FSBO route and be very selective when deciding on a Realtor to be your agent of negotiation.

Information courtesy of Chester County Realtor Scott Darling.

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What Is that Home Improvement Really Costing You?

Thursday, May 28, 2015
by Scott Darling

home improvementThe value of home improvements has two primary considerations:

  • the tangible dollar value that is added to your home compared to costs
  • the intangible value of your enjoyment of the improvement

Most homeowners focus primarily on the costs, and whether they are adding dollar for dollar value to their home for resale. Those are legitimate concerns. Let’s break them down…

The tangible costs of a project have many components to consider:

  • The first advice to seek is from a Realtor you know and trust. Ask them for some free advice. You want to know what is the likely increase in value you can expect from a project based on what “comparables” are available. You also want their professional opinion about how the buyers in your market are likely to value the improvement. Lastly, you want recommendations about builders you should talk with.
     
  • The next step is to talk with at least two builders/remodelers. Ask them to meet at your home. Describe what you are thinking about doing. Ask for suggests they have and for an estimate of what it is likely to cost. Also ask if they do design work, or do you need an architect?
     
  • Here are some general considerations to think about:
    • usefulness of the improvements to a future buyer will effect the value
    • if the house is older consider replacing electric wiring and plumbing
    • make sure everything is done professionally, even if done by the homeowner
    • badly done home improvements can actually detract from the home’s value
       
  • Lastly, be very careful about re-purposing a bedroom. It should be able to be re-converted back to a bedroom later. The number of bedrooms has a large impact on the value of a home.

The intangible value of your enjoyment is very important. Try to put a dollar amount on your enjoyment value. What benefits will you and your family gain? How long do you anticipate living in your home? What is your enjoyment worth to you in dollars?

Now you’re in a position to add to the tangible cost estimates you have. Add to the tangible costs the dollar value you place on your enjoyment of the benefits. Then compare that total improvement value to what your Realtor has estimated you can get back at resale. You’re now ready to make a decision whether or not to make the improvements.

Information courtesy of Chester County Realtor Scott Darling.

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5 Ideas to Help You Avoid Common Remodeling Errors

Wednesday, March 18, 2015
by Scott Darling

Whether you are remodeling your home to get it ready to go on the market or you are making some changes to the home you just moved into, it doesn’t have to be a nightmare.   In this blog post I will give you a few tips on how to make your next remodeling project a good experience.

  1. remodelingGet hold of a set of plans for your home so that you will be able to take accurate measurements  of doorways in small areas such as the bathroom.  This will insure that you don’t end up with a door that is positioned in a way that is inconvenient for everyone.
     
  2. Make sure that you place outlets in areas in which they will be easily accessible.  Also be sure not to place outlets in wet areas where you may be at risk for electric shock. 
     
  3. When remodeling your kitchen be sure to place your appliances in an area that will have adequate clearance.  There is nothing worse than opening the dishwasher and realizing that you cannot open it all the way because there is a wall in the way. 
     
  4. When moving light fixtures over to make them fit in the center of your table, be sure that you have enough excess chain to make it look pretty and that it won’t end up looking like it was not intentional.  If you are a little OCD, this kind of thing will bother you immensely if you do it wrong.
     
  5. Test your new paint color on the wall before you paint an entire room.  Paint is not always the color on the swatch once it is dry.  If you can get away with only purchasing one color and stick with that one color you will save yourself a lot of money and time. 

Keep these helpful tips and ideas in mind for your next remodeling project and you should come away from it feeling as if you have accomplished something great rather than feeling like you never want to tackle that type of thing ever again. 

Information courtesy of Chester County Realtor Scott Darling.

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New Homebuyers Checklist to ID Costly Repairs

Friday, March 13, 2015
by Scott Darling

When you're about to buy a house, it's easy to get excited about its great location, spacious floor plan or beautifully decorated interior. Yet the old saying, "beauty's only skin deep" can apply to any home, especially if you're considering an older, previously owned property. Before signing on the dotted line, use this checklist to help avoid some potentially costly surprises and anticipate repairs or upgrades that may be needed.     

home buyersStart at the top: the roof

Ask when the current roof was installed. Is it the original roof, or has it been replaced, repaired, or covered over with new shingles in certain spots? Are there known leaks, and if so, where are they? Have any of the leaks caused damage to the attic or interior? Also look at the chimney to see if it's properly sealed around the edges and whether the gutters need repair.

Windows and doors

Next, take a look at the windows to see if there is any condensation between the glass panes. If so, it could mean window replacements are in order. Once you get inside the house and close the front door, see if any light is coming through between the edge of the door opening and the wall. This gap is an indicator that the door may need to be replaced since air can escape through it and cause higher energy bills. 

Lighting and electrical

Throughout the interior rooms, many homes are "staged" to appeal to buyers with attractive lighting that shows off the space to its best advantage. You may love the way the lamps look in the bedroom, office or kitchen, but more importantly, check out how many electrical outlets there are and whether they are in convenient locations. Also, make sure you check to see if the lamps are masking the fact that there are no ceiling fixtures in each room. Will you need to rig up extension cords or invest in electrical work in order to support all the lamps, ceiling fixtures, appliances and electronics you wish to use?

Get to the bottom of furnace efficiency

At the basement level, be sure to check out the heating system. If the current furnace is more than 10 years old, it may be operating at a much lower level of efficiency than the latest manufacturing standards require, resulting in higher energy costs. Newer models can operate at nearly 20 percent higher efficiency than the government minimum standard, for the ultimate in energy efficiency.

Know what you can't see: indoor air quality

One thing you can't see is the quality of the home's indoor air. Nearly 72 trillion particles enter a home every day, making the air inside up to five times more polluted than the air outside. (BPT) 

Information courtesy of Chester County PA Realtor Scott Darling.

 

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Chester County Real Estate Market Trends for December 2014

Thursday, January 22, 2015
by Scott Darling

2015 is off to a great start for home buyers according to an executive order announced last week authorizing FHA to cut .5 percent from the annual mortgage insurance premium for the FHA backed loans with terms greater than 15 years. For most FHA loans this will reduce the annual premium from 1.35 percent of the loan balance to .85 percent. Loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new premiums of 1.00 or 1.05 percent respectively. The upfront premium for all loans will remain unchanged at 1.75 percent.

Borrowers with FHA-insured loans can refinance and obtain the lower annual MIP, as long as the original endorsement was after May 31, 2009 (Older loans have a lower annual MIP. The annual MIP was increased from 0.55% to 0.90% in October 2010, to 1.15% in April 2011, to 1.25% in April 2012, and to 1.35% in April 2013 for borrowers with less than 5% down.)  

Take a look at December’s real estate sales broken down by school district.

Downingtown School District

The number of homes selling in the Downingtown school district in December​ 2014 dropped by 2.56% when compared to December​ 2013. The average selling price increased 1% to $379,527. The median selling price decreased by less than 1% while the average market time decreased by 15 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Dec 2014 76 $379,527 $357,000 54
Dec 2013 78 $376,190 $357,275 69

 

West Chester School District

The number of homes selling in the West Chester school district in December​ 2014 increased by 20.4% when compared to December​ 2013. The average selling price dropped by 11.5% to $317,000. The median selling price decreased by 11.9% while the average market time decreased by 2 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Dec 2014 118 $332,270 $317,000 54
Dec 2013 98 $375,679 $360,000 56

 

Coatesville School District

The number of homes selling in the Coatesville school district in December​ 2014 dropped by 31.76% when compared to December​ 2013. The average selling price decreased 1.73% to $215,000. The median selling price decreased 2.74% while the average market time grew by 31 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Dec 2014 58 $215,850 $215,000 79
  85 $219,652, $221,065 48

 

Great Valley School District

The number of homes selling in the Great Valley school district in December​ 2014 increased by 83.3% when compared to December​ 2013. The average selling price increased 15.6% to $480,567. The median selling price didn't change while the average market time increased by 15 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Dec 2014 44 $480,567 $435,000 63
Dec 2013 24 $415,711 $435,000 48



Unionville School District

The number of homes selling in the Unionville school district in December​ 2014 increased by 16.67% when compared to December​ 2013. The average selling price increased 2.09% to $475,173. The median selling price dropped 11.17% while the average market time increased by 3 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Dec 2014 28 $475,173 $407,500 99
Dec 2013 16 $465,457 $458,750, 96



Tredyffrin-Easttown School District

The number of homes selling in the Tredyffrin-Easttown school district in December​ 2014 increased by 94.59% when compared to December​ 2013. The average selling price increased 1.25% to $451,108. The median selling price increased 3.8% while the average market time decreased by 15 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Dec 2014 72 $451,108 $410,000 49
Dec 2013 37 $445,557 $395,000 64

 

Owen J Roberts School District

The number of homes selling in the Owen J Roberts school district in December​ 2014 increased by 29.03% when compared to December​ 2013. The average selling price decreased by 5.7% to $318,523. The median selling price dropped 16.67% while the average market time increased by 23 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Dec 2014 40 $318,523 $270,000 76
Dec 2013 31 $337,788 $324,000 53

 

Phoenixville School District

The number of homes selling in the Phoenixville school district in December​ 2014 decreased by 19.51% when compared to December​ 2013. The average selling price increased 1.27% to $261,252. The median selling price decreased 8.73% while the average market time decreased by 32 days.

Date Sold
Listings

Average
Selling Price

 Median
Selling Price		 Average
Days On Market
Dec 2014 33 $261,252 $218,000 69
Dec 2013 41 $257,987 $238,860 101

 

Curious about the value of your home? Get your home's value here!

Information courtesy of Chester County Realtor Scott Darling.

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5 Home Design Tips On Layering

Tuesday, December 16, 2014
by Scott Darling

Designers are often drawn to a simple, modern look - however, layering unique patterns and textures in the home is a quickly growing trend. Keep your space harmonized, yet distinct, with the tips outlined below.

faucetFancy frames.

An empty wall holds endless potential. If the room is small, expand your space with a mirror collage featuring a variety of shapes and varnishes. Is your heart set on a colorful patterned wallpaper? Showcase your favorite print in a large frame for a beautiful living room backdrop to avoid feeling overwhelmed. Art fans should collect a variety of frames in different finishes and styles to create a "living room gallery" featuring a beautiful art display.

Transitional design.

For a distinct kitchen environment, combine the artisan feel of the early 20th Century with sophisticated technology. The kitchen is the perfect setting to feature products that tout high-design and innovative technology.

Pillow patterns.

Choosing pillows isn't always easy. While it's fun to mix and match, certain textures complement each other better than others. For example, linens and wool tend to look better with woven fabrics while shiny and matte fabrics are best kept separate. Mixing contrasting textures such as silk and corduroy calls for a strong sense of design confidence - but it can be done.

Rugs on rugs.

Layering is a design tactic that fashion and interior designers use to make a statement. Start with a flat, neutral rug as your foundation and add a smaller, accent rug on top. Investing in a large rug with a subdued color is smart, but have fun with the accent rug. Whether cowhide or a geometric print - choose a similar color scheme and play with the positioning by placing the top rug at a purposeful angle.

Old, renewed. When thinking about your space, it's important to remember that design inspiration can be found anywhere. Look for antique candle holders or paperweights. Check out antique shops or thrift stores for hidden treasures. When traveling, visit flea markets and local art fairs. Transform an old object like a rustic slab of wood into a glossy countertop for your kitchen island. No matter where you travel, keep an eye out for timeworn treasures for your home.

Layering textures and patterns, combining modern with rustic - blending home design can result in a truly transformative space that captures your individual style. (BPT)

Information courtesy of Chester County Realtor Scott Darling.

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