So if you, or someone you know, needs real estate advice, is considering buying or selling real estate or is having trouble selling their home, please let us know. It would be our honor to serve them and apply the techniques and guidance that have helped 21 clients do the same in the last 61 days.

The Chris & Caleb Team focuses on helping clients buy and sell real estate in the Chester County, PA and surrounding areas. Both Chris LaGarde and Caleb Knecht are long time residents of Chester County and before they teamed up sold more than 90 homes prior to teaming up. To view homes for sale in the Chester County area, please check out our property search section of our website. You will have access to all homes for sale in the Chester County Area. If you are wondering what your Chester County home may be worth, just take a second to complete our Home Value form and we will be in touch shortly afterward.

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• Sump Pump Discharge Line – clear the exit area and check for no snow/ice blockage (especially if discharging into downspouts which also may be frozen).
• Pump Electrical outlet – check if fuse may have blown due to pump overheating because the discharge was blocked.  Simply plug in portable lamp to test.
• Outside Basement Door Drains – remove snow/ice blockage which allows water entry under door and causes rotting.  If drain is still blocked – call an outside Waterproofing specialist.
• Base of house – clear and Trench drainage for roof melting/heavy rain run off.  Use caution when working under hanging ice.  Large hanging ice may indicate attic ventilation concerns.
• Window Wells – clear out any snow build up as House heat can cause a fishbowl effect which collects water causing window leaks.  Plastic covers can help prevent this.
• Sill Plate leakage – clear away high snow which allows water to spill over the Sill Plate.  The 3 inch termite barrier (visible wall) should be visible under the siding.
• Brick Veneer Walls – clear high snow blocking the low drainage ports which allows water to drop down on the inside sill plate when heavy winds blow the water into the higher ports.
• Internal Sump Pump – if existing, check to see if operational by manually lifting float device.  Sump Pumps help relieve upward hydrostatic water pressure from flooding the floor.
• Battery Backup systems – should be considered depending on content risk and especially if a finished basement in an area having power outages.  A good system will also increase your existing pump’s normal capacity.
• Consult your Realtor – for any professional help.  They know reliable, state registered, Home Improvement Contractors and it always pays to stay in touch with them.

Bill & Sean Worthington, Brandywine/Springfield Waterproofing – 610-280-7775

www.RealWaterproofer.com

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Victory Brewery -

420 Acorn Lane, Downingtown, PA‎ – (610) 873-0881‎

I HIGHLY recommend this place. It has award winning  beer, and the food is good and getting better all the time. I LOVE the Trice fries, their burgers and the Angry pizza.

Coffee Cup:

117 East Lancaster Avenue, Downingtown, PA‎ – (610) 269-9336‎.
The Coffee Cup is my favorite dinner right now in Chester County. Well priced breakfasts and a really home town feel. I have to be honest, and tell you I’ve never eaten anything but breakfast there, but I am sure it’s good.

The Olive Tree Mediterranean Grill:

379 Downingtown Pike, Downingtown, PA‎ – (610) 873-7911‎
I lOVE this place. It’s a treat for me – fantastic greek food! I love their Greek Tycoon Salad and their Chicken Penelope Sandwich. You can also get coupons for them on Restaurant.com

Primavera Pizza Kitchen:

853 East Lancaster Avenue, Downingtown, PA‎ – (610) 873-6333‎

When my wife and I get out for a date night, this is usually the place we go. We love the atomosphere and the food. They usually have live music on Friday nights. Check their website.

Firecreek:

20 East Lancaster Avenue, Downingtown, PA‎ – (610) 269-6000‎.

Very new restaurant. I haven’t gone yet, but I have heard great things.  The meals are a little more on the expensive side, so make this a special visit.

If I have left any good restaurants out, PLEASE contact me or comment on this post. I would be happy to include them.

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• Minimum Down Payment: It has been 3.5% but is rumored to be jumping to 5%. I don’t know that for sure thought. That means, that if you are purchasing a home at $200,000, TODAY your minimum down payment will be $7000. IF it goes to 5%, that jumps the minimum down payment to $10,000. That’s a difference of $3000. That can be a very big deal for first time home buyers.
• More limitations on Seller’s Assist: A Seller Assist is where, at closing, the Seller gives money back to the Buyer, usually to reduce closing costs. Currently the maximum allowed Seller Assist is 6% for an FHA loan. On a $200,000 purchase, that can be as much as $12,000 of assistance. I have not heard what they will be lowering them to, but I believe it will probably be reduced by 1 to 3%.
• Raising Minimum Credit Scores: Currently, the minimum credit score to qualify for an FHA loan is about 600. I have not read or heard what they may change it to.

Understand, the FHA does not give out loans, but does insure them. And in order to insure them, the loans, those using them and the homes they are buying must qualify for the loan. Many first time home buyers use an FHA loan when they purchase a home for several reasons:

• Credit scores are less of an issue: On a conventional loans, if your credit score is under a 720, then the interest rate that you would qualify for would be higher than what the base rate is. For instance, if the rate currently available is 5.125% and your credit score is 680, the interest rate you may qualify for may be 5.75%, for example. On an FHA loan, the rate is the rate, as long as you have the minimum score or better. So if the available rate is 5.375% (which is what it was yesterday, Jan. 19th) then that is the the rate no matter how close to the minimum score you have.
• Interest rates are generally the most favorable: If you have a less than stellar credit score, the chances that your rate with an FHA loan will be lower than that if you went with a conventional loan are very good.
• The Debt-to-income ratios are more lenient: Debt-to-Income (DTI) limitations for conventional loans are generally in the mid 30′s, meaning that if your overall debt payments (credit cards, auto loans, mortgages) constitute more than 35% of your overall Gross (pre-tax) income, then your “DTI” would be too high to qualify for that loan. On an FHA loan, currently it is in the mid to high 40′s.
• Private Mortgage Insurance is less on a monthly basis: The FHA allows the PMI to be structured in such a way that it can reduce the effect on a monthly payment by as much as 40%. That can equal as much as $100 or more and that is a significant savings for a first time home buyer.

My advice:

When, not if, but when these changes are put in to place and depending on how much of a change it is, this will definitely slow the market down. Less buyers will be able to qualify for a loan which equals less demand. So if you are a buyer or are considering buying between now and the next two years, I highly recommend that you speak with a qualified Buyer Agent today. They can help you determine how these changes will effect you and help you create a plan to put you in the best position possible when you do go to buy. For sellers – If you must seller or are considering selling in the next two years, your best window may be in the next 3 months. Speak with a qualified Realtor who knows your local market and can give you good advice.

Of course, if you live in Chester, Montgomery, Delaware, Lancaster or Berks Counties, I would be more than happy to help you.

Articles referenced in this post:

National Association Of Realtors article

Wall Street Journal Article

HUD Press Release

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On Monday, Oct. 19, at 8:00 p.m., the Easttown Township Board of Supervisors will be presented with information on Earned Income Tax and other Act 511 taxes by the Pennsylvania Economy League. The meeting is to be held at the Beaumont Elementary School, 575 Beaumont Road, Devon, and is open to the public. Easttown Township is facing a budget deficit for 2010, in part due to declining real estate transfer tax revenue, salary increases and an increased pension contribution. An ad-hoc budget committee was created at the Oct. 5 Board of Supervisors meeting with the intent of looking at the budget with an independent set of eyes and varied expertise. The members include a forensic accountant, business consultant, marketing professional, Realtor and tax attorney. The committee is seeking people of other professions to assist in reviewing the budget and proposed changes. Click here for the public meeting notice.

Source: Main Line Suburban Life: 10/14/09

“Community Conversation” event opens encouraging dialogue in West Vincent

At a recent “community conversation” at the West Pikeland Township building, nearly 90 residents came to a consensus with township supervisors to “continue to preserve open space and rural values” along with a renewed sense of community. The event, hosted by Chester County 2020, a nonprofit organization that promotes dialogue about planning and growth throughout the county, encouraged residents to list issues that are important to West Vincent. The list was narrowed down to open space preservation and the protection of rural values. Of great importance to the township supervisors was the attendance and interaction with resident who do not typically attend township meetings. The supervisors were encouraged that their vision was shared by the West Vincent community.

Source: The Daily Local News; 10/14/09

Gay Street Bridge to reopen in Phoenixville

The Gay Street Bridge in Phoenixville has received a facelift and a soon-to-be new name – the Veterans Memorial Gay Street Bridge. The bridge, due to be reopened Oct. 16, has been under construction since April 2008. Both pedestrian and vehicular travel will be restored between downtown Phoenixville and North Side.

Source: The Daily Local News; 10/15/09

Smith Farm agreement approved in West Bradford Township

West Bradford supervisors recently approved an agreement for the Smith Farm development plan. The agreement will allow for a 125-home development and preservation of the existing cattle farm. The approved settlement plan will now be taken to court for approval, which would settle current litigation and allow the land development plan to proceed through the township’s normal approval process. Originally a planned subdivision of two properties, the Gray tract and the Smith Farm, many of the initial objections to the plan have been eliminated with the removal of the Gray tract from the plan.

Source: The Daily Local News; 10/15/09

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But on a serious note, why does it seem that agents cheat and lie? First of all, like any profession, Real Estate is full of ALL kinds of people with all kinds of different ethics. There are rules and associations in place to try and help distinguish which agents are really the good ones and which aren’t but sometimes the not so good ones do a good job of hiding.

That leads you to probably ask – “How do I find one of those “good” real estate agents?” Here are a couple of points on how to go about doing that:

1. Ask your friends who is good: Many times those who are closest to you know of a really good agent that they or someone close to them has had a good experience with. Any agent can tell you they have integrity and are honest, but the best teller of what the truth is experience. So start by asking your friends if they know of any good real estate agents
   
2. Google the agent’s name: With the internet pervading every facet of our lives, this means that whatever that agent does online can be found. And now with online social networks and blogs, you can get a feel very quickly how knowledgeable an agent is and what type of person they are generally.
3. Ask for references of past clients, with phone numbers : If the agent is an honest one and does a good job, they will have a list of past clients that have given them permission to allow new and prospective clients to contact them as references. No agent is going to have every single client that loves them. It’s just reality, but most of their clients should be willing to give them a positive testimonial, if they genuinely care for their client’s needs.
4. National Association of Realtors- NAR is a self-regulatory organization that deals with all the aspects of residential and commercial real estate industry. With 1.2 million members, who are called Realtors©, it is America’s largest industry trade group. Every member of NAR pledges to abide by the Code of Ethics that contains 17 articles together with an elaborate commentary on the standards of practice. Thus, National Association of Realtors is a good place to search for a real estate agent who diligent, assiduous, meticulous, honest and sincere.
5. Scrutinize your neighborhood- Often, you can find good property dealers right in your neighborhood. To determine the efficiency of these agents, pay attention to the ‘Home for Sale’ placards in your neighborhood. If these posters disappear quickly, then the agent is definitely a good one.
6. How much business are they doing? A “bad” agent can do a lot of business, but one of the signs that an agent knows what they are doing is that they get their clients to the settlement table and do it often. If an agent is only doing a handful of transactions per year, then they are either not working hard and don’t really know what they are doing well, or it is a hobby for them, and you don’t want an agent who makes it their “hobby” to help  you buy a  home.
7. What charities are they involved with? - Selflessly serving is a big sign of humility and honesty. What charities and non-profits they support tells you a lot about what is important to them.
8. Are they full time or part time? – Again, you don’t want someone representing you that makes it their “hobby” to help you buy a home. There is too much riding on what you are doing to allow that. You need someone who is available 100% of the time to help you with your transaction and represent you fully. Real estate is too involved and to “urgent/important” for a part time agent to effectively deal with their clients needs.

So those are my quick thoughts on how to find a good agent and what to look for. Of course I am a bit biased, but I think these are all fair questions and items that you can use to find the right real estate agent.

Written by Chris LaGarde, Keller Williams Real estate in Downingtown

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I also had dinner at Stubbs last year, but didn’t have this blog. I loved their food and atmosphere, so I wanted to tell everyone about it. I had the brisket and it was soooo good. I also added two sides, one was a spicy, cheesy spinach and the sweet potatoes, both were fantastic. In addition to the food being really great, I enjoyed the atmosphere and overall feeling of the restaurant. It felt very “Texan” whatever that means.

In addition, true to the Austin music scene, they host a lot of musical talent there on their amphitheater. There was no music there when I ate, but would love to be there when there is.

So if you are ever in Austin, make sure you visit STUBBS BBQ.

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I hear this statement too often these days. So many people I talk to are scared to death of the current real estate market – like deer caught in the headlight – they just are frozen and can’t decide what to do. They figure since the market is down, now is definitely not the time to be selling their current home and trying to buy a bigger home, even though they may desperately need the room, either because of a growing family, or other reasons.

Let me give a simple example of why this fear is keeping you from the truth. Example Home Buyers – Steve & Kristin – bought their first home back in 2003 for the average price of a Chester County Home, which then was about $325,000. They put 5% down and took a loan of  about $308,000. Today their home would be worth about $360,000 to $370,000, which is still pretty good. Yea, it’s not $399,000 that it was a couple years ago, but that’s still pretty good appreciation. Plus they probably have been paying their balance down.

Let’s assume that they even took a home equity loan of $20,000 3 years ago to put in a new kitchen. So that makes a max of $320,000 that they may owe on the home. With the average cost of 7% to sell real estate in the area, they would still walk away from the sale with approximately $25,000. That’s a good chunk of change to put down on your next home.

Now, if the value of real estate in Chester County is down about 10% -15%, that same percentage is worth more money on a $500,000 home than a $300,000. So, while they may “lose” $10,000 by selling now, they save $20,000 on the purchase, for a net savings of $10,000. If you reverse the example, it doesn’t work in their favor. If home sales improve 10%, Steve and Kristin might sell for $400k, but now their dream home is worth $550,000, which would cost them an extra $20,000, instead of saving $10,000.

I believe the illustration below says it all.

If you are considering selling your current home and/or buying, feel free to contact me, Chris LaGarde, for a pressure free consultation. I would love to help bring clarity to your real estate decisions.

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The part I find fascinating is that you can actually look up people that are geographically near by you and find people in your area that have similar interests. It’s like one big public instant message. So if I want to find people in the 19335 downingtown area that like playing music or have some other specific interest, I can do searchs for those keywords. Or, by using a site like http://chirpcity.com you can do a search for specific cities like Downingtown or 19335 and view tweets by those who are geographically in Downingtown or those who are “tweeting” about dowingtown.

Have fun!

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