Deerfield Development

Home Staging is Necessary

2010-06-21T07:28:00.001-07:00

Selling your house for the perfect price can be a time consuming and painful procedure. However, there are things you can do to make the house look more attractive to the buyer. A house which is not furnished properly can appear to look drab and soulless. When a buyer walks into your house, he should be able to see all the pros of the house while eliminating the cons at the same time. This is where home staging comes into the picture.
Home staging, as the name suggests, means staging the house to make it look more attractive and alluring. Imagine that a buyer walks into your house and finds boring furniture and furnishings in the house. This can make your rooms look boring because the condition of the furniture reflects in the condition of the room. This can make a great looking room look bad. The best way to avoid this is to furnish your room to bring out all the good qualities of the room.

If a window has a great view, show it off to the buyer. Draw aside the drapes of that window and leave it open so that the buyer notices the view. Details like this will remain in the buyer’s head and will add a lot of emphasis to his decision of buying the house. All the good things about the house have to be highlighted. If you have good storage space, you need to show it off. Arrange all your storage items neatly. Better still; get rid of all the storage items so that the ample storage space is highlighted.

Natural elements can be very pleasing to the eye. Place a large bowl of shiny fruits in the middle of your dining table of any other table. If you have very dull colored walls, you can brighten up the room by using elements like colorful paintings and rugs that can make the walls look brighter and beautiful. Bad looking cabinets are a turn off and should be avoided. Repainting is the best option. However, if you do not want to invest in repainting, you can always use some orange oil to bring out the original shine that the cabinets had initially. The kitchen is one of the most important rooms in the house and it has to be clean and shiny. Get rid of all your dirty dishes and keep the kitchen looking organized.

Buying a Short Sale? 9 Critical Questions to Ask

2010-06-14T07:59:00.000-07:00

JALEX Real Estate Services
Purchasing a short sale can be a VERY frustrating process, especially if the Realtors involved in the transaction are not familiar with the short sale process. In order to avoid some of this frustration you should ask your agent the following questions about the property you are interested in purchasing.

1. How Many Lenders are involved in the transaction?

2. Who are the lenders involved?

3. Is the property in foreclosure? If so, what stage?

4. Who is handling the Short Sale negotiations?

5. How is the seller planning on handling any deficiencies that may arise?

6. Who is the investor on the loan?

7. Is there mortgage insurance on the property?

8. Does the listing agent have a complete hardship package?

9. Are there any additional liens on the property?

If you Realtor is not willing to find out this information on the subject property, then I would search for another Realtor !! This information will help you the buyer make an educated decision about whether to consider this property as a purchase.
If you have any questions or are looking to buy or sell a home- call JALEX Real Estate Services. 717 477 9326

Positive Trends

2010-06-07T06:44:00.001-07:00

www.jalexhomes.com
Last week's report from the National Association of Realtors illustrates a trend: Pending contracts jumped for the third straight month -- up by 6% in April -- and now stand 22% higher than the year before.

Every region but one -- the South -- racked up gains in transactions heading for settlement. Contracts in the Northeast were up by nearly 30% for the month. In the West, they rose nearly 8%, and in the Midwest the gain was about 4%.

The South's pending sales were less than one percent off from the previous month, but are still an impressive 31% above where they were 12 months before.

Home prices also appear to be moving on an upward curve, according to the latest Clear Capital Home Data Index -- which tracks price movements in thousands of local markets and Zip codes.

Clear Capital's national report for the month of May found prices up by 6.8% year over year.

Consumer confidence is definitely powering some of these sales and price numbers, economists say. The Conference Board's index for consumer confidence in May rose by five points -- a good sign for consumers' willingness to spend money.

Meanwhile, Fannie Mae released its latest economic projections for the rest of the year. Chief economist Doug Duncan says he sees a "self-sustaining economic recovery" gradually taking shape -- again good news for housing.

Of course, not all the latest numbers on real estate are upbeat. They never are. A closely watched index tied to likely new home purchase offers two to three months down the road has gone negative. The Mortgage Bankers Association's index of new loan applications declined again for the third straight week, and now is at its lowest point in 14 years.

What's going on here? The tax credits. The April 30th deadline for signed contracts for the two tax credit programs -- and the phaseout of the entire credit program June 30 -- are definitely pushing loan applications down.

The credits -- which are part of the federal stimulus efforts --pushed many purchasers to move up their transactions to the first half of the year. I think that the underlying strength of the economic recovery should allow sales and loan applications to recover in the second half, without any need for additional federal help.

If you are toying with the idea of buying or selling a home, give us a call- we can help you figure out the best option for you and make your dream come true!
www.jalexhomes.com

Monthly Stats-June

2010-06-03T10:03:00.001-07:00

Steve's Stats - Shippensburg Real Estate Market Monthly Report

JALEX Real Estate Services is raising the bar for Shippensburg, Pa real estate sales and service. JALEX Real Estate Services offers you a monthly Shippensburg area real estate market conditions report based on data taken from our local real estate multiple listing service. We will use the Shippensburg area absorption rate in this report to identify the type of market conditions which exist currently in the Shippensburg, Pa area. The absorption Rate is defined as a number that shows the rate at which the inventory of homes for sale are being sold. A declining figure indicates people the inventory is decreasing as more homes are being sold than are coming onto the market. A rising absorption rate implies that there are more homes coming onto the market than there are buyers willing to buy at the market prices.
The absorption rate lets you know how well the market is absorbing the current inventory of listings. The ultimate question the absorption rate answers is, "Is the current inventory level shrinking or growing?"
Number of active Shippensburg real estate listings in the Shippensburg school district as of June 1, 2010 = 197
Number of Shippensburg homes sold since March 1, 2010 (3 month period) = 65
Absorbtion rate = Number of homes sold / Period (3 months) = 21.67
Month's supply of homes = Number of active listings (197) / Absorption rate (21.67) = 9.09

Six month's supply is considered a balanced market. Numbers over 6 equal a "buyer's market". Numbers below six generally indicate a "seller's market".

Using these calculations you can focus on absorption in a particular neighborhood or price range as well. Showing clients the Absorption level can give them the information they need to price their homes for sale in the Shippensburg area real estate market. As with any commodity, price in real estate is mostly a matter of supply and demand.

If you have been following you'll note a big difference between this month's numbers and the last few month's numbers! The home buyer credit has caused there to be a rush of homes sold over the past month. the average price of those homes that sold was $148, 518 and the average list price of the homes that sold was $155,732. That means that Shippensburg sellers that had homes priced in the mid 100's were selling their homes at roughly 95% of their asking price. The average days on the market of those homes that sold was 111 days, just short of 4 month's average marketing time.
The Home Buyer Tax Credit has come top an end. In the next month we will see what affect that has on the Shippensburg real estate market. Interest rates remain low and Shippensburg area real estate prices continue to drop as new listings and foreclosed listings become available for sale. If you have made a decision to buy I think the market conditions are great for that!

For more information please feel free to contact our office to speak with a Shippensburg area real estate professional from JALEX Real Estate

Marketing Tips to Sell Your Home

2010-05-27T07:38:00.001-07:00

When the Shippensburg PA real estate market transitioned from seller's market to a buyer’s market Shippensburg Realtors tend to put a lot more money and work into selling their listings. Generally this is not necessary because employing strong marketing techniques doesn’t necessarily mean more money has to be spent to market the home. Technology is a changing things for the better for those who embrace these changes such as we do at JALEX Real Estate Services.

1. Photograph the Front of the Home

More than 87% of home buyers begin their home search online, so good photos are paramount. Many listings without a photo are often passed over and ignored by potential buyers. Follow these tips and your house photo will look much better than the competition's photo:

· Crop out sidewalks and streets.

· Avoid shade on the house.

· Remove vehicles from the front of home.

· Shoot close up and photos at an angle.

· Clear away shrubbery around the entrance and windows.

2. Multiple Exterior Photographs

If you own a condo or townhome without a yard, you can take pictures of the communities entrance, clubhouse, pool or tennis courts. If you have a yard buyers will want to see it.

· Emphasize the area by shooting long.

· Avoid shooting into the sun.

· Mow the lawn & trim bushes.

· Remove evidence of pets.

· Put away children's toys.

3. Multiple Interior Photographs

Take photographs of every room. Even if the room is very small and you don’t think it will photograph well, shoot it anyway because the photo quality might surprise you and be useable.

· Open all drapes & blinds

· Remove trash cans & close toilet lids in bathrooms.

· Turn on lights and ceiling fans throughout.

· Focus on interesting details like the fireplace mantle.

· Use floral arrangements in kitchens & dining rooms.

4. Virtual Tours

Every home should have a virtual tour, even if it's a smaller home. Buyers love, to see virtual tours of homes.

· A good virtual tour will grab a buyer by the hand and lead him/her from room to room, showing a 360-degree view.

· Depending on the tour company, you can add sound, music or an exciting, professionally written description that scrolls with the movement of the tour.

· Virtual tours can also include individual photos available for download or to print.

5. Signage

Although some Plano home owners don’t want their neighbors to know they are moving signage encourages home shoppers to immediately call you or your agent. It's free advertising! If your home is a corner lot, put up two signs.

· Some HOAs allow only window signs. Some HOA’s prohibit real estate signs all together. Check it out.

· Talk to a neighbor whose home is located on a corner of a busy street, asking them for permission to put a sign in their yard with an arrow pointing toward yours.

· Agent signs should include the phone number and website address.

6. Online Advertising

Print advertising is reaching fewer and fewer people but online ads are booming. Puts ads in:

· Every Web site you can find. Most online listings are free.

· Don’t forget free sites like Craig’s List and BackPage.

· Technology has made it very easy to create and send electronic flyers. You can also include multiple photographs of your house. Costs vary but it's generally less than $100 to produce. Here are ideas for recipients:

7. Open Houses

It is very rare that an open house will actually sell your house. Agents often hold open house looking for new buyer clients. However, if your home is located near a high traffic area where buyers will see it, it doesn’t hurt to try.

· Place open house signs throughout the area directing buyers.

· Advertise open house times online.

· Advertise in the newspaper.

· Invite the neighbors; they're going to come anyway.

Before You Look At Your First Home

2010-05-17T06:43:00.001-07:00

www.jalexhomes.com
Experienced home buyers know that one of the first-steps in beginning a successful search for a new house is taking a hard, objective look at finances. Determining how much money you can dedicate to the purchase of your new house affects almost every aspect of buying a new home - including how we write the offer, which mortgage programs you will qualify for, shopping for the best mortgage loan and which homes are truly in your price range.

Here are the questions that each home buyer should ask:

How much cash is available for a down payment? The amount you have available for a down payment will affect what types of loans for which you can qualify. Learn more.
Am I ready to write a check for the earnest money? Earnest money is a cash deposit made to a home seller to secure an offer to buy the property. This amount is often forfeited if the buyer decides to withdraw his offer.
How much additional cash will be available to pay for closing costs? There are certain standard costs associated with closing the sale of a house. These fees are split between the buyer and the seller, as spelled out in the sales contract. Learn more.
What is the maximum monthly mortgage payment that I can afford? Most lenders will use the 28/36 rule to determine the maximum mortgage payment you can afford.

The 28/36 Rule
No more than 28% of your gross income can be applied to your mortgage, real estate taxes and insurance. And no more than 36% of your gross income can be applied to your mortgage expenses plus your regular debt expenses (car payments, credit cards, other loans, etc.).

www.jalexhomes.com

Tightening Loan Standards

2010-05-10T12:18:00.001-07:00

JALEX Real Estate Services
The Federal Reserve says that financial markets "remain supportive of economic growth". Residential mortgage guidelines, however, continue to tighten.
If you've applied for a home loan recently, you probably felt it; extra scrutiny on income, assets and credit scores, among other things. The hard proof of the changes, however, can be found in the Federal Reserve's quarterly survey of its member banks.

Every 3 months, the Federal Reserve asks senior bank loan officers around the country whether their respective banks' "prime" residential mortgage guidelines tightened since the last survey.

For the period January-March 2010, 1 in 8 banks surveyed toughened their qualification standards.

Only 4% loosened them.

When we account for the Fed's survey in conjunction with new underwriting standards from Fannie Mae and FHA, it's clear that getting approved for a mortgage in 2010 is more difficult than at any time in recent memory.

Today's homeowners and home buyers in around the country have taller hurdles to leap:

Minimum FICO scores are higher
Downpayment/equity requirements are larger
Debt-to-Income thresholds are smaller
In other words, mortgage rates may stay low throughout 2010, but that won't matter to homeowners failing to meet the new, minimum eligibility standards as set forth by the lenders.

If you're among the many people wondering if now is the right time to buy or refinance a home, remember that -- along with a probable increase in mortgage rates -- mortgage approvals are getting more scarce.

The best home price or mortgage rate in the world won't matter if you're ineligible for financing.
Call JALEX Real Estate Services for help or visit our website at www.jalexhomes.com

Appraisals

2010-05-04T06:47:00.000-07:00

JALEX Real Estate Services
An inspection may uncover some physical aspects of the property that could easily be repaired and that will improve the marketability of the home.

Appraisals are different. There is little agents can do to ensure that the home appraises at sale price. What makes matters worse is that we are experiencing the fallout from the mortgage crisis where there existed rampant appraisal fraud and extremely lax appraisers and appraising practices. As a result, the appraisal industry has been shaken up and tight appraisals and unwavering appraisers have become our reality.

The most frustrating aspect of appraisals is that they are extremely subjective. On one of my past listings I had a particular property appraised three times with three different appraisers and all three values were were considerably different. One appraisal came in at the contract price, one 10% undercontract price and another 5% under contract price.

How can appraisals have so many descrepancies and be so subjective you wonder? Well, appraisals come up short for many reasons. A lack of comparables, an updated or an expanded home in an area where a majority of the homes are not similar, many dissimlar tracts within a small area, characteristics of an area which may not be consistent among all the homes in the area such as schools, unique locations, flood zones, and the use of appraisers from outside the area who are unfamiliar with the local market. To make matters worse improved homes are seldom reflected acurrately on an appraisal report and the appraiser generally does not give adequet credit for the improvements or any superior characteristics.

A good example of these is swimming pools. Appraisers generally follow generic guidelines that may not reflect what buyers may value in a particular area. For instance, swimming pools in our area are generally seen to be a negative to buyers and affect the value of a property negatively. Nonetheless, appraisers will generall give a $10K premium to a property with a swimming pool. When you are comparing a home in the same neighborhood which sold with a swimming pool and your home sold $10K more, and the appraiser thinks it should be $10k less, in the end you have a $20K discreptancy.

The biggest issue is that buyers and seller's see appraisals in different ways. In reallity, an appraisal is a third party assesment of value requested and used by the buyer's lender to determine what the loan to value on the subject property should be. From the standpoint of a seller a low appraisal rarely affects reflect the subject property's true value and can be highly scrutinized especially since the buyer chooses the lender. To a buyer, the appraisal is what the lender is willing to loan on the property and therefore can affect the buyer's ability to purchase. The problem arrises for both buyer and seller when the appraisal discreptancy is large and making up the difference is too much for the buyer. This is when the seller faces a difficult decision; delay the contract to get a second appraisal from another bank, cancel the contract and sell to a different buyer, or renegotiate the price to a level that is acceptable to all parties and the buyer can secure the loan. The second option may not be favorable to the buyer and therefore the result may just be to cancel the contract.

So as a seller you must be thinking whats the point then of going through fixing up your home to sell or staging it if the appraiser is just going to treat the home like every other generic home in the neighborhood and not give me credit for the improvements. My response is you never can be too sure what will happen when you sell. You might be fortunate and get an appraiser who is more open and reasonable to your home's value. Also depending on the seller and the circumstances surrounding the sale of your home, your agent may be able to convince the buyer to remove their appraisal contingency.

This is not recommend to all buyers and sellers, but if the buyer is confident in the home's value and the price he or she offered and can make up the difference than this provides some assurance to the seller, but is not a 100% guarantee.

The other factor and the most powerful and effective is choosing a real estate agent who knows the area, the values and recent sales, and making sure the agent is present at the appraisal. I for instance make it a point to meet the appraiser at all my listings and sales so that I can go over comps with him that I feel reflect the true value of the property. Its never a sure thing, but as long as the appraiser is open minded and your comparables are within appraisal guidelines then it should be no problem. The main goal is to prevent a lazy or over extended appraiser from using just any comps which may negatively reflect the property's value.

For questions or comments contact us! www.jalexhomes.com

Pre Listing Appraisals

2010-04-28T06:43:00.001-07:00

Before deciding on a sales price for your home, get a pre-listing home appraisal. This will provide the market value of the property, and it will also provide a reasonable foundation to determine your asking price which can save considerable you money, time and days on the market.

Here are a few tips to keep in mind before undergoing an appraisal and ensure the highest value possible for your home:

1. Presentation is everything.

The simplest but possibly most important task is to clear the house of clutter such as laundry, dishes, and walls filled floor-to-ceiling with pictures. Before the appraiser enters the house, fix any minor or major defects or blemishes found in the home. A new coat of paint is a great way to create a fresh and inviting environment. A large amount of natural light as well electrical lighting creates a welcoming space. Remember the appraiser evaluates your house through the buyer’s eyes.

2. Offer any additional facts about the house.

Many things, such as the neighborhood, factor into the value of your home. Research what houses are valued at around your neighborhood. This will help the appraiser in their estimate as well as give you a comparison of what you can expect.

3. Put your best foot forward

Appraisers can not inspect the entire house, so inform him or her about the most significant selling points about your house. Describe any recent home improvements indoors or outdoors. Home buyers today are concerned with saving energy, so energy efficient appliances and energy saving methods are a huge selling point.

If the first appraisal seems reasonably lower than expected, you can always try using another appraisal company to have a comparable. Call JALEX Real Estate Services for help finding an appraiser or buying or selling a home! 717 477 9326

Time is Running Out

2010-04-19T08:45:00.001-07:00

Counting today, there are only 12 more days to take advantage of the First Time Homebuyer and Move-up Homebuyer Tax credit. The market has seen a lot of activity over the last few weeks with buyers taking advantage of this credit. Just to refresh your memory the First Time Tax Credit is available to anyone who has not owned a home in the previous three-year period prior to purchasing a home. So if you haven't owned a home since April 19, 2007, you're in luck! You are eligible to use this tax credit. The First Time Homebuyers Tax Credit is equal to 10% of the home's purchase price up to a maximum of $8,000. So if you purchase a home $80,000 and above, you are entitled to a $8,000 tax credit.

The Move-up Buyers Tax Credit follows the same principle as the First Time Homebuyers Tax Credit; equal to 10% of the home's purchase price up to a maximum of $6,500. So if you purchase a home $65,000 and above, you are entitled to a $6,500 tax credit. To qualify for the Move-up Buyer Tax Credit you must have resided in the same home for at least five consecutive of the last eight years prior to the purchase date.

Give me a call today to answer any questions you may have about this tax credit. Time is running out. Don't miss out on an excellent incentive for purchasing a home. 717 477 9326

Shippensburg Home for Sale

2010-04-13T06:20:00.000-07:00

Check out our newest listing at 118 Baker and Russell Drive at the link below!

118 Baker and Russell Drive

The JALEX Super Saturday Open House Showcase

2010-04-06T13:05:00.000-07:00

Shippensburg Real Estate

The JALEX Super Saturday Open House Showcase

2010-03-29T07:14:00.001-07:00

April 10th - 10a till 2p

JALEX Real Estate Services is pleased to invite you to the JALEX Super Saturday Open House Showcase on Saturday April 10th from 10a till 2p. Not the same old open house! Check out the link above for a preview of this great event.

Shippensburg Market Trends

2010-03-23T11:37:00.001-07:00

The median sales price for homes in ZIP code 17257 in Shippensburg from Dec 09 to Feb 10 was $133,500 based on 15 sales. Compared to the same period one year ago, the median sales price decreased 2%, or $2,750, and the number of sales decreased 16.7%. Average price per square foot for homes in 17257 was $87, a decrease of 16.3% compared to the same period last year.

There are currently 276 resale and new homes in ZIP code 17257 on Trulia, including 2 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in 17257 was $205,520 for the week ending Mar 17, which represents an increase of 1%, or $2,036, compared to the prior week.

Hidden Costs

2010-03-16T08:13:00.000-07:00

One of the worst things that can happen to you as a seller is to walk away from closing with less than what you expected. As most homeowners need the proceeds of their sale to fund other major purchases, like a replacement home, every nickel counts. So how can you be sure you don't face any hidden surprises on the day of closing? The first step to avoid a financial fleecing is to request an estimated net sheet from your real estate professional prior to accepting an offer. While not exact it should provide a fairly clear picture of how the chips will fall at closing. Some of the items to carefully review include:

Commissions
Real estate agents are required to disclose their fees in writing, but if you have negotiated a lower rate or there have been some unexpected expenses with the sale, this amount could rise. Be sure to review the commission amount on the closing statement for any errors.

Property taxes
If you are closing your transaction at a time that is close to the same time you typically pay your annual property tax premium, be sure to bring a receipt to the escrow officer so you don't pay the tax twice. While you would no doubt receive a refund for the balance, it may take weeks or months to extract it from the taxing authority.

Title insurance
If you purchased or refinanced your home within the last two years, it's likely that you may qualify for a discount on your title insurance premium. If you are being charged the full premium, be sure to request a re-issue rate.

Buyer closing costs
If you have agreed to pay for closing costs on behalf of the buyer, place a limit on how much you can be charged. Without a cap this can amount to a blank check allowing the lender to charge fees they may typically have waived if the buyer were paying the closing costs.

Transfer fees
In many states and local municipalities a transfer tax is charged when a home is sold. Be sure you are clear about the amount that will be charged and the formula for how this is calculated.

Notary and document preparation fees
The escrow company charges fees to prepare the closing documents. To be sure they are competitive with other escrow companies in the area, put on your detective cap and make a few calls to their competitors. This is especially true if the closing will be handled by an out of area firm, an attorney, or even a local real estate broker.

Refunds
Don't forget about your refunds! These could include money being held by your lender to pay for annual tax and insurance payments (often referred to as impound accounts). While they are often credited in your final payoff, sometimes they aren't. Also talk to all of your service providers, from phone service providers to power companies, about any deposits which you may have coming back.

When you arrive at closing be sure to bring along your estimated closing statement. By comparing your first estimate with the actual closing statement you can often discover ways to save a few dollars just by asking some simple questions.

The Time to Buy is Now!

2010-03-08T07:42:00.000-08:00

Dear Friends,

I can't think of a better time than now to buy a home. Currently, Shippensburg interest rates are at a 50-year low, selection is plentiful, and prices are where they were several years ago. On top of all this, there is a federal tax credit for first-time homebuyers of 10% of the purchase price...up to $8000. This is not a tax deduction; it is a tax credit...money in your pocket! But you have to hurry...the tax credit offer is scheduled to expire on April 30th. You must be under contract for a home purchase at that time. A first-time homebuyer is classified as anyone who has not owned a home in the last 3 years.

Additionally, there is a federal tax credit for existing homeowners: If you've owned a home 5 out of the last 8 years, you can qualify for up to a $6,500 tax credit when you purchase another home. You must be under contact by April 30th for this program, too.

Of course, you'll want to contact your tax professional for all the details and to make sure you qualify before you make your purchase.

If you decide that you'd like to take advantage of this very unique time for buying a home, please give us a call. We'd love to help! 717 477 9326
JALEX REAL ESTATE SERVICES

Home Staging

2010-03-01T11:05:00.000-08:00

Sellers should remember the importance of a qualified professional for staging their home. The costs vary for this service but bringing in the 3rd party opinion of a professional is key. Having your home stand out will bring a higher purchase price as well as quick offers. When a buyer walks into the home, the decision of whether an offer will be made happens in seconds. A good staging company will enhance the feel the buyers get in those crucial first few minutes. Believe me, you want buyers to have that "warm and fuzzy" feeling right away.

Showhomes, a nationally franchised home staging company with offices in 60 markets, polled 500 Realtors and brokers from all over the country. The survey uncovered some startling Realtor feedback about the value of home staging in today’s market:

-96% believed buyers react better to fully-staged homes than vacant ones
-94% believed vacant homes take longer to sell than fully-staged homes
-94% believed vacant homes sell for less money than fully-staged homes
-The majority of Realtors surveyed agreed that vacant homes take twice as long to sell and sell for at least 15% less than a fully-staged home.

The home staging industry is at a tipping point. If you want sell a home quickly and for top dollar, there’s no other reasonable choice. In today’s market, if a home is not staged, it does not sell.

Home staging provides economic stability to real estate by leveraging a property’s appeal to buyers. Sellers get the most they can for their property and buyers benefit from a move-in ready property. The home staging industry will continue to add to the recovery of the real estate industry.

Statistics show staged properties consistently spend 78% less time on the market.

Sometimes, buyers won't look at the rest of the home based on the first impressions. You don't want that. Many times, you can negotiate the cost of the listing with a Realtor based on staging with a professional. I recommend doing this with the Realtor at the listing appointment. This is a win-win for both seller and Realtor and will insure a hassle free sale at a higher price.

What's the best thing to do to sell my house?

2010-02-23T08:12:00.000-08:00

What is the best thing to do in order to sell my house? What would you do?

Make it "Smile"!

You heard right! Same as a cute baby, or in an interview. Smile, sparkle, make the interviewer like you. Same thing with your home....make it smile!

Make your house smile and inviting. Some of the things are so simple:

1. Work on Street Appearance- First impressions are very important!
2. Clean
3. Remove clutter
4. Plants, porch chairs, picket fence all say this is a happy home

You don't have to spend a lot of money. Feel free to add your own thoughts to this blog.

If we can help, feel free to contact us.
JALEX Real Estate Services
717 477 9326
www.jalexhomes.com

Choosing Just ONE Agent

2010-02-15T13:37:00.000-08:00

When you're shopping for your next or first house, many buyers see nothing wrong with working with more than one agent. Buyers seem to believe that if an agent is afilliated with a property or has an office on one side of town, they won't have a clue about properties 15-20 miles away. They believe it makes more sense to find an agent that specializes in that area and so they should have 2 or 3 or more agents working for them all over town. My question to the buyer is "Did you ask the agent what they know about the other side of town?"

A full time agent is usually familiar with all the various areas around town, and although we may not have each specific community or subdivision memorized, we certainly can provide information or point you where to find what you need to make an informed decision about a specific property and area.

Before you have a number of agents working the same areas, mining the same database for properties and risk them showing you the same house, why not explain what you're looking for and ask them if they work on that side of town as well.

Real estate buyer's agents only get paid when you find the house you want, get your offer accepted, manage all the details of inspections, reports, and more, and make sure your deal closes so they can hand you the keys to your new property. We operate on good faith that you're a serious buyer, have been prequalified with a lender who can actually get you financed, and spend our time, money and efforts on getting the deal done so we will get paid sometime in the next 2-3 months. Yes, its the details of the job we knew when we took it on, but we rely on your word that you are only working with one agent at a time. We spend time and money on education, continue to take training and education classes to be knowledgeable, become accredited in specialties and work hard to provide you with the services and expertise you expect.

So before you waste the time of a number of agents about properties on different sides of town, why not ask them? Can you show me houses like this but in this area as well? How long will it take me to drive to ...? I was told this area was great as well, can we also go look up there? If your agent refuses or you are not getting the service you expect, then by all means change agents. However, it only takes a minute or two to ask the agent you're working with the questions about various properties and locations to find out if you need to look for a different agent.

The agent that has your loyalty will work very hard to find you your dream home, get you the best deal, keep your best interests in mind and make you happy. That is what you want, isn't it?

Market Trends

2010-02-08T12:37:00.001-08:00

Shippensburg Real Estate - February 2010 Market Report

JALEX Real Estate Services is raising the bar for Shippensburg, Pa real estate sales and service. JALEX Real Estate Services offers you a monthly Shippensburg area real estate market conditions report based on data taken from our local real estate multiple listing service. We will use the Shippensburg area absorption rate in this report to identify the type of market conditions which exist currently in the Shippensburg, Pa area. The absorption Rate is defined as a number that shows the rate at which the inventory of homes for sale are being sold. A declining figure indicates people the inventory is decreasing as more homes are being sold than are coming onto the market. A rising absorption rate implies that there are more homes coming onto the market than there are buyers willing to buy at the market prices.
The absorption rate lets you know how well the market is absorbing the current inventory of listings. The ultimate question the absorption rate answers is, "Is the current inventory level shrinking or growing"?

Number of active Shippensburg real estate listings in the Shippensburg school district as of February 8, 2010 - 159
Number of Shippensburg homes sold since November 8, 2009 (3 month period) - 34
Absorbtion rate = Number of homes sold / Period (3 months) = 11.33
Month's supply of homes = Number of active listings (144) / Absorption rate (11.33) = 14.03

Six month's supply is considered a balanced market. Numbers over 6 equal a "buyer's market". Numbers below six generally indicate a "seller's market".

Using these calculations you can focus on absorption in a particular neighborhood or price range as well. Showing clients the Absorption level can give them the information they need to price their homes for sale in the Shippensburg area real estate market. As with any commodity, price in real estate is mostly a matter of supply and demand.

Comparing the numbers from last month's and December's show that the month's supply of homes continues to increase. Again, 6 is considered normal. We are up to 14 which identifies a strong buyers market condition based on the fact that inventory levels are high and seller motivation can be considered high as well.

Has the Shippensburg real estate market hit bottom yet? That is a questions we hear from Shippensburg area home buyer's and seller's. Last year we guessed that through the winter of 2010 we would see inventory levels grow as they are and that prices would drop and they have. The thing that remains to be seen is when the buyers will or will be able to return to the market. If real estate sales are strong in the Spring of 2010 then that will result in a shift in the market conditions back to neutral levels. This is what we expect to happen as buyers return to the market, lenders relax mortgage requirements and the US government works to stimulate the industry by offering tax credits and lower rates.

At JALEX Real Estate Services we strive to be the Shippensburg area's premier real estate services provider. We offer our local real estate sales and services consumer this blog to help you become more educated and informed about Shippensburg area real estate. Please do not hesitate to contact us even just to talk. We are your local Shippensburg area real estate professionals and are ready to help you by providing information and resources that exceed your expectations.

Housing Turning Corner and Helping Economy

2010-02-01T07:50:00.000-08:00

www.jalexhomes.comBoth the economy and the housing markets have displayed concrete signs of improvement during the past several months. After experiencing a 5.4 percent and 6.4 percent contraction in GDP in the fourth quarter of last year and the first quarter of this year, the economy has shown extraordinary signs of rebounding. GDP fell by only 1 percent in the second quarter and is likely to have expanded by 2 to 3 percent in the third quarter.

There are a number of reasons why the economic rebound has begun. A portion of the $787 billion economic stimulus package (about 33%) has already been executed via direct spending and/or tax reductions and has given consumers and businesses a slight lift. Further, the rest of the world is beginning to show signs of economic life. Europe’s economy seems to be rebounding at the right time; countries, like France and Germany, expanded for the first time in over a year in the second quarter. U.S. net exports are now making a positive contribution to GDP growth.

The U.S. credit crisis is also making progress, going from devastating to harsh. Spreads like the 3 month Treasury/LIBOR spread are returning to normal levels.
Corporate debt issuance was up markedly during the first two quarters and is likely to continue those improvements in the second half of this year. The credit wheels have been greased a bit, helping the financial markets rebound from what was thought to be a dire situation. However, there is still a long way to go before the credit markets return to pre-crisis conditions. There is still little activity in the asset-backed securities markets and lenders are still adhering to ultra-conservative underwriting guidelines. But a little progress goes a long way.

Consumer spending is has begun to advance. Retail sales have increased in three out of the past four months. The latest month, August, experienced the largest monthly increase of the year; a 2.7 percent rise. Similarly, the business side of the economy is picking up. Industrial production rose 0.8 percent in August following a 1 percent increase in July. Glancing at the detailed tables, manufacturing activity is becoming more widespread even with an anticipating drop in auto sales. On the negative side, job losses continue to mount on a monthly basis, albeit, at a decelerating pace. We expect job losses to continue into 2010 because the labor market usually lags as the economy rebounds. Companies usually wait until they are comfortable with economic conditions before they begin to hire again.

And finally, the economy is getting sorely needed help from the housing sector. After several years of contraction, single family residential investment is likely to have grown in the third quarter. Federal Reserve accommodation via its multi-billion dollar mortgage-backed security purchase program has kept mortgage rates hovering near historic lows, providing low cost financing incentives for households to purchase homes. In addition, the government’s first-time homebuyer tax credit program which is about to expire at the end of November proved to be effective, by enticing first-time buyers to utilize the $8,000 tax credit to acquire a home.

As a consequence, home sales have trended up and home inventories have trended down over the past several months. Further, home price depreciation has slowed on a year over year basis and prices have increased on a quarterly basis. The housing sector appears to be gaining its own momentum. Unfortunately, continued job losses and a steady dose of foreclosures due to rate resets on option ARM and interest only loans promise to temper the housing recovery in the near future.

CALL JALEX REAL ESTATE SERVICES FOR MORE INFORMATION 717 477 9326

Trends Around Shippensburg

2010-01-27T11:51:00.001-08:00

There are currently 606 resale and new homes in Chambersburg on Trulia, including 1 open house, as well as 10 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Chambersburg PA was $205,513 for the week ending Jan 20, which represents an increase of 0.8%, or $1,602, compared to the prior week.

Average price per square foot for Shippensburg PA was $90, an increase of 3.4% compared to the same period last year. The median sales price for homes in Shippensburg PA for Sep 09 to Nov 09 was $165,000 based on 22 home sales. Compared to the same period one year ago, the median home sales price increased 10%, or $15,000, and the number of home sales decreased 38.9%.

There are currently 261 resale and new homes in Shippensburg on Trulia, including 8 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Shippensburg PA was $206,671 for the week ending Jan 20, which represents an increase of 1.7%, or $3,512, compared to the prior week.

Average price per square foot for Carlisle PA was $107, an increase of 3.9% compared to the same period last year. The median sales price for homes in Carlisle PA for Sep 09 to Nov 09 was $157,750 based on 136 home sales. Compared to the same period one year ago, the median home sales price increased 5.9%, or $8,800, and the number of home sales increased 7.9%.

There are currently 392 resale and new homes in Carlisle on Trulia, including 21 homes in the pre-foreclosure, auction, or bank-owned stages of the foreclosure process. The average listing price for homes for sale in Carlisle PA was $256,024 for the week ending Jan 20, which represents a decrease of 0.9%, or $2,371, compared to the prior week.

Call JALEX Real Estate Services for for information or to talk to an agent about buying or selling your home! www.jalexhomes.com

Understanding the Homebuyer Tax Credit

2010-01-19T11:02:00.001-08:00

Congress extended the $8,000 tax credit designed to be an incentive for first-time homebuyers to purchase a home for their principal residence. The revised tax credit applies to purchases on or after November 6, 2009 and before April 30, 2010. Those who sign a sales contract by the April 30th date must close by June 30, 2010. This same legislation expanded the credit to include move-up buyers at a maximum of $6,500.

Here are some common questions that will help you understand what that credit will mean to you.

What exactly is the benefit ?
This credit is 10% of the home’s actual purchase price and up to $8,000 for first time buyers and $6,500 for move-up buyers. The value of the home has to be under 800,000.00

How does a tax credit work?
Your tax due is reduced by the tax credit you are elgible for. Credits are claimed on an individual’s income tax return. Thus, a qualified purchaser would figure out all the income items and exemptions and make all the calculations required to figure out his/her total tax due. Then, once the total tax owed has been computed, tax credits are applied to reduce the total tax bill. So, if before taking any credits on a tax return, a person has a total tax liability of $9,500, an $8,000 credit would wipe out all but $1,500 of the tax due.

What happens if the purchaser is eligible for an $8,000 credit but his/her income tax liability is only $6,000?
This tax credit is what is called a “refundable” credit. Thus, if the eligible purchaser’s total tax liability was $6,000, the IRS would send the purchaser a check for $2,000. The refundable amount is the difference between the $8,000 credit amount and the amount of tax liability.

Who is eligible?
First-time homebuyers are eligible for the $8,000 credit. A person is considered a first-time buyer if he/she has not had any ownership interest in a home in the three years previous to the day of the purchase. Move-up buyers are eligible for the $6,500 credit. Move-up buyers must have resided in their homes for five out of the eight previous years.

Is there an income restriction?
Yes. Individuals filing Form 1040 as Single (or Head of Household) are eligible for the credit if their income is no more than $125,000. Married couples who file a joint return may have income of no more than $225,000.

What’s the definition of “principal residence?”
Generally, a principal residence is the home where an individual spends most of his/her time (generally defined as more than 50%). It is also defined as “owner-occupied” housing.

Are there restrictions related to the financing on the property?
The purchaser can use any legal means to finance the property, including government financing such as FHA or state mortgage bonds.

Do I have to repay the tax credit?
There is no repayment for these tax credits. However, if the home is sold within three years, the credit must be recaptured upon sale.

Do individuals with incomes higher than these limits lose all the benefit?
The credit phases-out between $125,000 - $145,000 for singles and $225,000 - $245,000 for married filing jointly. The closer a buyer comes to the maximum phase-out amount, the smaller the credit will be. The law provides a formula to gradually withdraw the credit.

If I purchased in 2008 do I still have to repay my tax credit?
The $7,500 credit in 2008 was more like an interest-free loan. All eligible purchasers who claimed the 2008 credit will still be required to repay it over 15 years, starting with their 2010 tax return.

Can I use the credit amount as part of my downpayment?
Some states and local governments have provided mechanisms to provide for this by providing a loan secured against the credit. Check with your loan officer for such programs.

Is there a way to get any cash flow benefits before I file my tax return?
Any homebuyer who believes they are eligible for all or part of the credit can modify their income tax withholding or adjust their quarterly estimated tax payments...

Any questions contact JALEX Real Estate Services and one of our porfessional agents can help walk you through the process!

People Are Getting Great Modifications!

2010-01-12T10:50:00.000-08:00

Fannie and Freddie Implement 405,700 Loan Mods

The Federal Housing and Finance Agency (FHFA) announced that as of November of last year, the GSE’s Fannie Mae and Freddie Mac implemented 405,700 trial and permanent loan modifications under the Administration's Home Affordable Modification Program (HAMP) and refinanced 4 million loans, according to a recent report.

The FHFA’s report details the actions taken by Fannie Mae and Freddie Mac to prevent foreclosures.

According to the report, foreclosure starts for the GSEs declined in the third quarter by 15%.

The amount of loan modifications done outside of HAMP increased 14% to 36,700 from 32,300 in the third quarter.

The report also shows that somewhere around half of the loan modifications completed in the third quarter, not including HAMP trial modifications, ended in borrowers' payments declining by more than 20 %.

The FHFA also reported delinquencies in the GSE portfolios showing loans that were only one month delinquent rose by 52,000 loans or nearly 8% in the third quarter to 734,000.

Delinquent loans that were overdue 60 days or more increased by 20% to 1.6 million.

“A number of these loans are in some form of foreclosure prevention relief, such as an active HAMP trial modification, but remain in a delinquent status until the execution of a HAMP permanent modification or successful completion of an active repayment or forbearance plan,” the report states.

Also in the report was data on short sales and deeds in lieu that increased by 39% during the third quarter from 12,300 to 17,400.

Press Release

2010-01-05T07:02:00.000-08:00

JALEX Real Estate Services is Shippensburg’s Leading Real Estate Agency.

JALEX Real Estate Services offers experienced agents and professional staff to assist you whether you’re a first time home buyer or seller or have been through the process before, you’ll be glad you called!

Shippensburg, PA, 18, August 2009: JALEX Real Estate Services offers listings for residential and commercial real estate, rental investment properties and land. Our experienced real estate agents are part of the leading real estate agency in Shippensburg. JALEX Real Estate Services is pleased to announce that Kevin Cohick has joined our Shippensburg Real Estate team. Kevin Cohick has developed a reputation for knowledge and professionalism in the local real estate market and we look forward to working with him. He is the former owner of Stone House Creations here in Shippensburg and is now with JALEX Real Estate Services.
JALEX Real Estate Services would also like to officially welcome Virginia Coover to our team as Property Manager. Virginia Coover has been a licensed real estate agent for a little over a year and handles all of JALEX Real Estate Services’ growing property management business needs. We offer a range of real estate services whether you’re looking for a rental, new construction or an investment property, JALEX Real Estate Services is your Shippensburg Real Estate source!

JALEX is raising the bar for Shippensburg real estate sales and services. Our expertise will guide you through the real estate market and serve clients in the Shippensburg, Chambersburg and Newville. Visit our website http://www.jalexhomes.com/ for the ability to search for real estate listings on-line from among thousands of MLS listings that can be sorted by zip code. Our website offers links for virtual tours of our listings and information on property management, student rentals, the community and relocation services.

So call us (717) 477- 9326 or just stop by our office at 128 East King Street. We are located right in downtown Shippensburg, Pa. Whatever your need, you’ll be glad you called JALEX Real Estate Services!

Things to Consider for Home Buyers

2009-12-28T08:07:00.000-08:00

Trying to estimate the money needed for closing costs and future expenses can be difficult. Let JALEX Real Estate Services help you figure out what is needed and take care of the details for you. The biggest mistake buyers make is underestimating the costs of buying a house and maintaining it over time.

Homeowners should have 1% of the purchase price of their home in savings for improvements and surprise expenses. This is the absolute minimum. JALEX Real Estate Services suggests that it is better to have 2% to 3% saved somewhere so you don’t have to worry later. The cushion often isn't easy for first-time home buyers to have. And there are many first-time buyers in the market now, due to affordable prices, low interest rates and a federal tax credit. Call JALEX Real Estate Services and speak with one of our professional and expert agents to help you find out what you can afford.

To get a better handle on a house's condition, buyers should attend a home inspection and ask questions. JALEX Real Estate Services has knowledge and expertise with home inspections. Let us help you ask the right questions and get you in your dream home. An inspector will estimate the age of major components, giving the home buyer a sense of when they will need replacing. Look five years out and make a list of big-ticket home issues that you'll need to address. Fix small problems before they become large-scale projects. As soon as there's deterioration or cracking in the bathroom tile, for instance, address it so it does not become a larger problem later on.

Estimating monthly expenses can often trip up new home buyers as well. Homeowners have added expenses -- utility costs such as water, sewer and trash collection, property taxes, homeowners insurance and possible homeowners association dues. There also can be expenses unique to a location. JALEX Real Estate Services has agents with knowledge about what sorts of costs you can expect. We will guide you through the entire home buying process with ease.

Who do you call to see a home?

2009-12-21T08:05:00.001-08:00

Prices of homes are at a low, Interest rates are down, and the tax credit is still available to buyers. Looking for a home is time consuming whether it’s your first home or not. You’re driving around in your spare time looking at homes, and spot a home of interest, who do you call? Many buyers would answer, "I call the listing agent on the sign". Not necessarily!!

You can call any agent you choose to see a house you like, even if it isn’t that realtor’s listing. If you've found a Realtor that has the experience you deserve, and the time it takes to find you a home, you should converse with them and ask questions. JALEX Real Estate Services is knowledgeable, and we will spend time with you on a regular basis, while house hunting, and help you find your dream home. JALEX Real Estate Services has access to nearly all homes listed on MLS, so building a relationship with a JALEX Real Estate Services, who has your best interest in mind is a buyers best bet.

The Value We Bring to You!

2009-12-14T08:45:00.000-08:00

JALEX Real Estate Services offers you the client not only exceptional service but our agents are constantly being educated and keeping up to date. Every year there are realtor conferences held across the state. JALEX Real Estate Services encourages their agents to attend as many of these conferences as possible. In November JALEX Real Estate Services owner and associate broker attended the NAR (National Associate of Realtor’s) Annual Realtor’s Conference with some other agents in San Diego CA. This conference offered insight into the latest trends and ideas in the real estate market. JALEX Real Estate Services brought back to PA innovative ideas and concepts to better help you, our client!

In December 4 of our agents attended the Triple Play Realtor which is the largest trade show which is in US. This event is mainly for the real estate industries. In the Triple Play Realtor trade around 7000 industry officials take part in order to learn various things. Leading industrialist and speakers will come for talks and discussions. The Triple Play realtor includes more than 60 educational sessions which will help the industrial officials to improve on their skills. Latest products and service innovations are also exhibited in the trade expo. Only 5 real estate professionals attended the Triple Play from Central PA and 4 of them were from JALEX Real Estate Services.

JALEX Real Estate Services has many continuing education credits and conference knowledge that they bring to the table for you our client. You’ll be glad you called!

2009-12-13T05:01:00.000-08:00

Price Reductions on new homes in Deerfield Development

JALEX Real Estate Services is pleased to announce price reductions on new home models in Shippensburg's Deerfield development. 107 Deerfield Lane is a 3 bedroom Cape Cod style home located in Shippensburg, Pa with 2.5 baths. A detached 2-car garage and a full un-finished basement add value to this new Shippensburg area home locateed close to I-81. Interior features include, seperate laundry room, first floor master suite with walk-in closet and full bath, open kitchen and dining room, custom kitchen cabinets and all appliances and sunroom with sky lights. This home was used as a model and has many other tasteful upgrades throughout. The new proce is $179,900 reducted significantly from $192,900 for a quick sale!

223 Jericho Lane has also been reduced to $226,900 from $249,650. This detached single family Shippensburg home has 3 bedrroms and 2.5 baths and an attached 2- car garage. This home has a full basement too. You'll like the quality and tasteful extras this new Shippensburg home has to offer.

Call or contact JALEX Real Estate Services to schedule a visit of both of these new Shippensburg homes for sale.

10 Things Home Buyers Shouldn't Do

2009-12-07T10:23:00.000-08:00

There are many things that play a role when you are trying to buy a house. Let JALEX Real Estate Services help you make all the right choices and put you in your dream home!
1. Thou shalt not change jobs, become self-employed or quit your job. Longer employment time shows stability and a reduced likelyhood of default.
2. Thou shalt not buy a car, truck or van (or you may be
living in it)! This will increase your debt to income ratio.
3. Thou shalt not use charge cards excessively or let your
accounts fall behind. This shows poor money management and an increased risk of default.
4. Thou shalt not spend money you have set aside for closing. It costs money to borrow money - make sure you have enough.
5. Thou shalt not omit debts or liabilities from your loan
application. This is tantamount to fraud - never a good thing!
6. Thou shalt not buy furniture or other big ticket item on credit. Like buying a car, this increases your debt to income ratio.
7, Thou shalt not originate any inquiries into your credit. The algorhythm is a secret but you'll get dinged a few points for most inquiries.
8. Thou shalt not make large deposits without first checking
with your loan officer. Money needs to "season" in your bank account, typically for 60 or more days.
9. Thou shalt not change bank accounts. A strong banking history, like a strong employment history, shows stability.
10. Thou shalt not co-sign a loan for anyone. Like buying cars or furniture, this increases your debt to income ratio.

Home Buying 101

2009-11-23T07:50:00.001-08:00

Have a Firm Financial Foundation

The foundation of a successful home purchase begins long before the home search. It begins with having a sound financial footprint. In today’s credit environment, a buyer needs both good credit and a sizable down payment. At least a few months before the contemplated purchase you should check your credit and make sure that there are not any surprises lurking. JALEX Real Estate Services has professional and knowledgeable agents that can help guide to towards gaining a firm financial foundation. The days of 100% loans are gone, so you will need at a minimum 3.5% (FHA loans) plus closing costs ready to put down. If you are getting a conventional loan or buying investment property you will need a much larger down payment.

Find a Good Realtor

The internet gives you all of the information you could ever ask for at the click of a button. But when it comes right down to it, you need the assistance of a professional from JALEX Real Estate Services who has been through the process time and time again. Most people end up working with a Realtor, so why not engage one early on in the process? JALEX Real Estate Services has realtors that use tools to help save you time and put you on the right track sooner. I can set up an automatic email search and a password protected website that work together to give you all of the details about all of the houses you may be interested in. A good Realtor will help you navigate the process, get you the information you need and allow you to concentrate on your family and your job. JALEX Real Estate Services is more interested in helping you find a great house for the long haul rather than a quick sale for them. It takes patience and persistence to make sure you get the job done right and JALEX is on your side.

Get Pre-Approved

The next step in the process, before you even view a home is to find a good lender and get pre-approved. Your Realtor should be able to recommend a few local lenders who have proven themselves to be responsive and know how to get the job done. JALEX Real Estate Services knows the best lenders to use in the Shippensburg area because using a local lender is important, not only are they accountable but they are there to solve problems at the closing table if anything comes up at the last minute. Your earnest money is at stake! If your lender is delayed at the last minute or their money doesn’t make it to the closing table on time and the seller chooses not to give you an extension, you lose your earnest money. You cannot go back to your lender and recover those lost funds. Choosing a lender is more than finding the lowest interest rate, it is finding an advisor who will help you make a sound financial decision given your unique circumstances. The credit rules change often and it is important to use an experienced lender to help you get the job done in a timely manner.

Viewing Homes

The next step in the process is setting your criteria and starting to view homes. At any one time there are hundreds if not thousands of homes available in any given area. JALEX Real Estate Services will spend the time you don’t have to look through all those listings and choose the best ones that will fit you. The broadest categories in which to sort homes are: location, price and size. JALEX Real Estate Services can narrow your search by using literally dozens of features but in the beginning it is best to keep it as broad as possible. A good practice is to look at a good cross-section of homes and then communicate your likes and dislikes with your Realtor. They will then be able to suggest other homes to see. When viewing homes it is easy to get overwhelmed by information overload. If you look at ten houses on a Saturday by the last few it is hard to remember if it was the second one or the fifth one that had the good view. I like to keep it to six or fewer. Take notes, ask questions and communicate your likes and dislikes.

Tax Credits

2009-11-16T10:31:00.001-08:00

The U.S. Housing and Urban Development Secretary Shaun Donovan on May 29 announced the Federal Housing Administration (FHA) will allow homebuyers to apply the Obama Administration’s new $8,000 first-time homebuyer tax credit toward the purchase costs of an FHA-insured home. He said this action will help stabilize the nation’s housing market by stimulating home sales across the country. The American Recovery and Reinvestment Act of 2009 offer homebuyers a tax credit up to $8,000 for purchasing their first home. Families can access this credit after filing their tax returns with the IRS. Let JALEX Real Estate Services help you find your first home. Our knowledgeable agents will give you the best service available in the Shippensburg area.

The new announcement detailed FHA’s rules allowing state Housing Finance Agencies and certain non-profits to “monetize” up to the full amount of the tax credit (depending on the amount of the mortgage) so that borrowers can immediately apply the funds toward their down payments. Home buyers using FHA-approved lenders can apply the tax credit to their down payment in excess of 3.5 percent of appraised value or their closing costs, which can help achieve a lower interest rate. You may visit the HUD web site to learn this new rule. Currently, borrowers applying for an FHA-insured mortgage are required to make a minimum 3.5 percent down payment on the purchase of their home. Now the lenders can use the tax credit as additional down payment, or closing costs, which can buy down the interest rate. In addition to the borrower’s own cash investment, FHA allows parents, employers and other governmental entities to contribute towards the down payment. Call JALEX Real Estate Services today for more information on tax breaks and ways to help you save.

This action permits the first-time homebuyer’s anticipated tax credit under the Recovery Act to be applied toward the family’s home purchase right away. The Administration’s homebuyer tax credit is estimated to stimulate 160,000 home sales across the nation -101,000 of will be first-time buyers to receive the credit. .Homebuyers should beware of mortgage scams and carefully compare benefits and costs when seeking out tax credit monetization services. For every FHA borrower who is assisted through the tax credit program, FHA will collect the name and employer identification number of the organization providing the service as well as associated fees and charges. FHA will use this information to track the business closely and will refer any questionable practices to the appropriate regulatory agencies, as necessary. Home buying and selling can be stressful, but if working with JALEX Real Estate Services will give you a hassle free experience. You’ll be glad you called!

Short Sales

2009-11-09T12:41:00.001-08:00

A short sale by definition is where the payoff amount agreed to buy the lender in the transaction is less then all mortgage balances owed on the property. A realtor usually handles the process for you in an effort to come to an agreement beneficial for all parties. JALEX Real Estate Services will work hard to get you what you deserve whether you are buying or selling real estate in Shippensburg PA.

A short sale can be beneficial to the seller but frustrating for a buyer. JALEX Real Estate Services will handle the frustration for you if you need real estate help in the Shippensburg PA area. Short sales are becoming more common as a home’s values decreases or a seller purchases the home with 100% financing within the last year or two. JALEX Real Estate Services has knowledge and experience in the Shippensburg real estate market and can help you find the perfect home or find the right way to sell your current home.

These types of sales are becoming prevalent the number of foreclosures rise and homeowners are in trouble and looking for a way out that doesn’t negatively impact their credit as foreclosure and bankruptcy can do. Let an experienced real estate agency such as JALEX Real Estate take the hassle out of the process for you. Even though this type of sale an be time consuming the benefits to all parties outweigh the negative aspects. Call a JALEX Real Estate Services today, a reputable and integrity based agency to get more information.

Creative way to Sell Your Home

2009-11-02T08:24:00.000-08:00

Many home owners are stuck with a home that they cannot (or will not) sell in today’s market of falling home prices. They are looking for creative solutions to today’s real estate problems. JALEX Real Estate Services has experience and education that will benefit you as you try to find the perfect home.

Today’s home selling solution is a bit “out there” because it won’t be for everybody and it is restricted to people who have a fairly healthy stock portfolio. But even if these constraints don’t fit your problem, this will still be a helpful read because the same creative process might help you find a solution to your current housing problem. Call JALEX Real Estate Services to find out other creative ways to sell your home.

Consider A HedgeLoan To Replace Your Mortgage

One of the traps that people [who own a home that they do not want to own] find themselves struggling against is a fixed mortgage amount secured by a falling-value home. The amount of the loan remains relatively unchanged while the value of the collateral is falling. Imagine if they could change the collateral from the home to something with less risk for the homeowner. JALEX Real Estate Services can help you figure out how much your loan should be.

Enter the Hedgeloan. This is a loan product that does not require a lien on your home, but rather uses the value of your stock portfolio (or a portion of it) as collateral. What makes it so great is that once in place, if the value of your portfolio falls, you have the option to surrender your portfolio as full satisfaction for the loan. It’s like giving your home back to the bank, without the negative credit ramifications that come with it. JALEX Real Estate Services can help you figure out what your portfolio looks like and if a Hedgeloan instead of a mortgage is the right choice for you.

How Does The Hedgeloan Work

A Hedgeloan can be used to borrow money for any reason. But let JALEX Real Estate Services explain exactly how does a Hedgeloan work exactly?

Your stocks or other option-able securities remain in your own account and title at the well-known, major, SIPC-member U. S. brokerage/banking firm that the Hedgelender has arranged for your account. All of the normal rights and privileges of a conventional regulated U.S. brokerage account are provided, along with the services of a licensed account adviser. Your loan documents are delivered to you by the Hedgelender, as are your account statements. The loan is put in place when you sign your loan agreement and agree to a common lien on your securities until the loan is paid off. Don’t let this scare you, its really a great option and JALEX Real Estate Services can give specifics of how it will work for you.

Use A Hedgeloan To Replace Your Home Mortgage

By using a Hedgeloan to replace your mortgage, you will no longer have a mortgage lien against your home. This allows for you to be much more creative in the sale of your home. It also makes your home far more sale-able, as many potential buyers cannot purchase a home with conventional bank financing anymore. JALEX Real Estate Services knows the real estate market in Shippensburg PA and can give you advice on how to proceed with your home.

Your freedom from a mortgage lien could allow you to provide full or partial owner financing, as well as structure a long or short-term lease purchase for a qualified buyer. The key is flexibility, which is critical for homeowners with expensive homes. JALEX Real Estate Services can find the perfect home for you whether you are buying or selling. Many people are looking to rent to own and using a Hedgeloan might be the best option for your home to sell! Call JALEX today to get more information.

When should you lower the price of your home?

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This is a difficult question. Naturally you don’t want to lose any of the hard won equity in your home. The question is how long do you wait to lower the price? The real estate market is constantly changing and sometimes a lowered price will make the difference between a sale or not. JALEX Real Estate Services in Shippensburg PA is a real estate agency with knowledge, experience and integrity. We want to get you the best possible deal. JALEX Real Estate Services can help you figure out when you need to lower your price by looking at the market trends and how buyers came into contact with your home and comparing your home to other similar homes.

When you first list you home JALEX Real Estate Services lists your home on over 20 different internet sites. We believe in marketing and know that the best way to get you the deal you deserve and find the right buyer is to market the house in many arenas. First impressions are everything and JALEX Real Estate Services is the real estate agency that will help you prepare your home to be shown so you get the best possible feedback and put your homes best face forward.

If you receive very few or no showings within the first three to four weeks of your home being listed there is a problem. The market as a whole is rejecting your value proposition. The only solution is to adjust your selling price and the faster the better. The real estate market can be harsh but JALEX Real Estate Services knows how to work with the market and with you to get your house sold. You think why not give it a few more weeks? Because it’s like a new release movie, once the audience has seen it they either like it or not and more time won’t change that opinion. You can hope new viewers will trickle in but there are no guarantees so your best bet is to lower the price and resubmit it to the audience.

The market is constantly changing so even if you house is competitively listed in the beginning if other similar listings are reduced expires or new listings with lower prices appear your original price will be too high and not liked. JALEX Real Estate Services has experience and knowledge to help predict these changes and catch them as soon as they happen so you can adjust your homes price accordingly and stay in the battle. You have to think of it from the buyers prospective and they want your home to offer the best value proposition available.

Let JALEX Real Estate Services list your home, market it for you and keep you in the running. Real estate in Shippensburg PA is constantly changing but JALEX Real Estate Services has educated agents who can help you to be able to stay ahead of the game. You’ll be glad you called!

What is settlement?

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Settlement day is when all your dreams of owning a home come to pass. JALEX Real Estate Services takes care of all the details for you. It’s the scheduled time to transfer ownership of the property (and the deed) from the seller to the buyer. Your mortgage documents are signed, the deed is signed and keys pass across the table from the seller to buyer. JALEX Real Estate Services uses a mortgage company that is local and stays diligent through the entire process.

Can settlement be extended? In many cases it can but it has to be for good reason. An example is if the mortgage documents are not completed such as the appraisal, or if the documents are still in underwriting or if a loan hasn’t been completely approved yet. These details should all be taken care of ahead of time by the agents involved. JALEX Real Estate agents in Shippensburg PA are professionals who stay on top of every detail and are in constant contact with the mortgage company so you don’t have to worry!

The weeks before settlement should be used to be on continual contact with the mortgage company ensuring all documents and procedures are completed and ready to go. Don’t forget that you are in a contract and therefore all parties need to act in good faith and practice due diligence. JALEX Real Estate Services has integrity and uses honest practices in all their interactions. Call JALEX today! Whether you’re looking to buy or sell in the Shippensburg area, JALEX Real Estate Services can help.

Buying vs. Renting your Home

2009-10-05T07:51:00.001-07:00

Renting vs. buying a home is a decision that many people face. There is a ton of advice out there on tips, what to do and what to watch out for. JALEX Real Estate Services can offer you answers to all your questions and lend advice on the entire home buying process. Our professional agents have experience and knowledge of the real estate industry to help you get the most for your money whether you are buying or renting.

There are three major considerations for most people when deciding to buy vs. rent a home.
· Financial costs
· Tax benefits
· Overall life plan
Financial considerations are a crucial part to deciding to buy a home. Many people are shocked to find out that they can buy a home for nearly the same amount they spend on rent each month. Knowing this makes the decision to buy instead of rent a lot easier! JALEX Real Estate Services can give you information on all the different kinds of loans and mortgages available. Owning a home helps build equity as the amount you owe decreases and the value of the home increases.

Home buyers and owners receive tax deductions that are not available if you rent a home. Talk to your tax advisor to see what benefits you can gain! When you look at the big picture, do you see yourself owning a home? The whole home buying process can be overwhelming so let JALEX Real Estate Services, a professional real estate agency help you sort out the details and figure out the best option for you! Whether you choice to rent or buy Shippensburg’s JALEX Real Estate Services can help bring you home. You’ll be glad you called!

2009-04-14T13:10:00.001-07:00

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