Tom's Blog

If you have been holding off on a real estate purchase, signs of a turnaround in the housing market may have you wondering if it is finally time to make your move.  While home prices remain low, they are no longer free-falling in most markets (definitely not in the local Philadelphia area).  Mortgage rates are at historical lows.  ...

According to CNNMoney.com, the turnaround in the U.S. housing market over the past 4 years has pushed home prices to near record levels of affordability.  The typical American family, who makes the nation's median income of $64,000 per year, could afford to buy 70.8% of all homes sold in the U.S. during the last 3 months of 2009, ...

According to CNNMoney.com, the median price of U.S. single-family homes dropped 11.9% in 2009 to $173,200.  Earlier in the year, the housing market appeared to be rebounding as prices gained in the first 9 months of 2009 until they experienced a 2.9% drop during the 4th quarter.  Lawrence Yun, chief economist for NAR, was ...

Believe it or not, the most wealthy borrowers are having many of the same mortgage issues that plague the industry.  According to Les Christie of CNNMoney.com, 12% of U.S. mortgages of $1 million or more were late in the fall, which is twice the rate for loans under $250,000 and almost triple the default rate on million dollar mortgages 12 ...

After surging 10% in October, sales of existing homes were up again in November, growing 7.4% according to the National Association of Realtors.  Many feel, including NAR chief economist Lawrence Yun, that this uptick in sales was the result of the rush of first-time home buyers to take advantage of the government tax credit.  As you ...

Pending home sales rose again in October, marking the 9th consecutive month this figure has risen according to the National Association of Realtors.  The Pending Home Sale Index, which is a forward looking indicator based on the number of contracts signed in October, rose 3.7% in October and is 31.8% higher than the October 2008 ...

The real estate market received a boost earlier in the month once HR 3548 was passed.  The extension on the first time home buyer tax credit and the creation on the repeat buyer credit was the news many people have been waiting for over the past few weeks.  Ideally, this legislation will push those buyers who have been sitting on the ...

Over the past day or two, Buyers have been able to lock in a 5% interest rate on a 30 year fixed loan!  These historically low rates, combined with the high inventory (creating lots of choices for Buyers) make the end of 2009 an excellent time to buy.  I have seen investors scoop up great opportunities, most of which only last a short ...

Sellers within the 2009 market are concerned with their net proceeds if they do decide to move, as they should be.  However, the savvy Seller will quickly recognize that even though he or she will really see a benefit years down the road on the purchase of a new and better home.  When my past clients contact me in the future to sell ...

With rates still hovering in the low 5% range and the 1st time home buyer tax credit about to expire, activity in the sub-$400K price range is strong.  It is still a GREAT TIME TO BUY, especially in Philadelphia and the surrounding counties.  However, despite the increase in showing traffic, pricing is as important as ever.  If a ...