Active Adult Housing Trends - “Lifestyle without Maintenance”

Active Adult Housing Trends - “Lifestyle without Maintenance”

The 50+ market is the fastest growing segment of the housing market and is expected to account for over 100 million by 2012. In Pennsylvania the 55-74 age group accounts for 17% of state population and it is the 4th highest in US.

Our active adults are well informed, well educated, internet savvy and value conscious.

Some of the key reasons “Active Adults” consider moving to a “Life Style Community” are: relief of home owner maintenance, to simplify their life and to have freedom to leave for a trip or a vacation without worry.

Most of the year my first contact is a motivated wife, but about the time the leaf racking and snow removal come around, I get more husbands to make that first call, send that initial email inquiry or visit my Open House.

In our further conversations most often we arrive at the same additional reasons why they wish to move: To simplify their life, to be able to “Lock and Leave” or “Pick up and Go” without much preparation or complications.

Baby boomers are not like the previous generations, they are continuing to update and to renew. They are growing and trying new things; still full of wonder and curiosity; continuing to re-invent themselves; love new adventure and thrive when forced to have a new beginning. Baby boomers are the “sandwich generation” who move when urban sprawl forces them, or when their neighborhood no longer reflects their lifestyle. It is often that baby boomers convert their second home into their first; they move to simplify life. Baby boomers move for family and also they stay for family. They still move for work and health reasons and they do move for “Lifestyle reasons”; many wish to “right size”which does not necessarily mean down size.

When my active adult clients ask for a home most of the time they have clearly defined expectation. In addition to a good value and all financial consideration they wish to have access to a health and fitness facility; an easy access to tennis, walking, running, nature trails, swimming facilities, natural recreation areas and they wish to have the freedom of a worry free lifestyle, to have the ability to pick up and go.

Many 55+ Buyers wish to be in a close proximity to their present location and look for “green” life style as it relates to the value.

This is a discretionary purchase and the decision is made carefully with the advice of the right professional who will assist them through a maze of protocol and procedures and make the process simple and safe. Survey shows that most satisfied “Active Adults” or “Life Style Buyers” are those who have been represented by a well trained, informed and reputable Senior Specialist Realtor.

Branka Doych

Realtor, SRES Senior Real Estate Specialist

What's my house worth?

What's my house worth? To get a free value estimate, understand today’s market changes and view comparable homes in your area click here.

Existing home sales figures for different regions in US as reported by NAR

6 General Washington Media PA - For Sale.

NAR reports that existing-home sales are higher in all regions of the United States:



Northeast: Existing-home sales rose 11.6 percent to an annual level of 1.06 million in October, and are 27.7 percent higher than October 2008. The median price in the Northeast was $235,400, down 2.6 percent from a year ago.


Midwest: Existing-home sales surged 14.4 percent in October to a pace of 1.43 million and are 28.8 percent above a year ago. The median price in the Midwest was $146,600, a gain of 1.1 percent from October 2008.


South: Existing-home sales rose 12.7 percent to an annual level of 2.30 million in October and are 25.7 percent higher than October 2008. The median price in the South was $151,100, down 6.3 percent from a year ago.


West: Existing-home sales increased 1.6 percent to an annual rate of 1.31 million in October and are 12.0 percent above a year ago. The median price in the West was $220,200, which is 14.7 percent below October 2008.

For additional information:
http://link.brightcove.com/services/player/bcpid52223491001?bctid=52260567001

Thank you for being in my life.

Hope your Thanksgiving was better than you hoped for. Love this video, thought I'd share it with you.

Staged Home at 6 General Washington Media PA part II

Quality work should be applauded and rewarded in these challenging times.

 Sellers at 6 General Washington Dr in Media PA worked hard to prepare their home for today’s informed and savvy buyers. In an effort to support local talent they have hired some capable individuals to help them with this task.  Today’s Broker’s Open House was a first step and a great success. The response was tremendous and for those in our area we strongly suggest the following business people for your future needs:

Previously mentioned staging services of Ida and Kate of Red Letter Rooms 610.220.8895. and

Harvey the Handyman 610-420-3147

Staged home at 6 General Washington Dr Media PA

Ida and Kate of Red Letter Rooms Design did a great job again with home staging at
6 General Washington Dr. in Media PA. For further information call Ida at 610.220.8895.

FHA Buyers who have been slow to make a decision must read this about FHA financing.

FHA loans were about 3% of all sales at one time and now they lend to about 30% of all buyers requiring mortgage as Washington Post Reports today. Presently Buyers are required to have 3.5% of their own funds for the down payment, this may go up to 5% or even 10%. In addition fee structure may be changed. For further details visit these sites:
Today’s Washington Post   or visit HUD webiste directly. 

Holiday Safety and food safety

At this time of year when we all start to rush about trying to prepare to give our thanks to our family and friends; visit relatives and plan for that perfect “Thanksgiving feast” safety comes to mind and how important is to keep our personal and food safety a priority. I am reminded to plan for some extra time at the food store, at the gas station, in various service counters and always to remember in this time of H1N1 scare that food safety is not just the good thing to do but also a responsibility of any good host. I have found some great articles that may be of interest to you. Some basic reminders of things we all know, and good to remember:

Fire Safety


Food Safety:
FDA

Good Housekeeping:

Gourmet Magazine

White House


HSA

One good way to have a peace of mind…Please check to be sure that your home warranty has been renewed, if not give me a call about it, I can help.

How to buy a bank owned home.

Market Report

Here are some commets that Larry Flick of Prudential Fox and Roach offered about market trends:
Trends


There are three important trends that support the fact that our market is recovering:

1. Unit sales are increasing

Unit sales are now surpassing those of last year. More homes went under agreement
during the second half of 2009 than the same time period in 2008.
% Change in Pended Sales 2009 versus 2008 (Market Area)

January - 29%
February - 25%
March - 22%
April - 22%
May - 18%
June + 1%
July + 2%
August + 15%
September + 29% 2

2. Inventory is decreasing

Since February 2009, the rate of inventory decrease has been growing each month.
% Change in Number of Homes for Sale versus Previous Year (Market
Area)

January - 0.8%
February - 0.6%
March - 0.7%
April - 3.5%
May - 6.7%
June - 9.9%
July - 10.6%
August - 10.9%
September - 11.9%

3. Months Supply of Inventory is decreasing

MSI is decreasing. In a balanced market, we would expect MSI to be 5 to 6, so there is
still an oversupply of homes available for sale, especially in the higher price ranges.

September Months Supply of Inventory (Market Area)

2005 4.3
2006 7.7
2007 10.3
2008 11.4
2009 7.6

What about Prices?

I’m also frequently asked how much prices have come down. It’s true that prices have
declined. The following chart of paired sales shows how much prices have dropped in
the past year.

Case-Shiller Index Prices Q2 2009 versus Q2 2008
Camden MSA - 7.66%
Ocean City MSA - 15.34%
Philadelphia MSA - 3.33%
Trenton MSA - 6.14%
Wilmington, DE-MD-NJ MSA - 7.30%

From 2006 when prices peaked until June 2009, prices fell overall from 15% to 17%.
The actual amount depends upon location and price range. In a way, these declines are
positive because they’ve brought our market back to reality. The annual 12- 15%
appreciation experienced during the real estate boom was just not sustainable. And the
resulting improvement in affordability is contributing to our market’s recovery.
When one considers the long term trend, housing remains a good long-term investment.

Median Sales Price Trend - September
Estimate 3% increase in 2010 and 2011

The decrease in the values of homes as noted above has played a role in the decrease in
average sales price as reported by Trend and other MLS services.

September Average Sales Price (Market Area)

2002 $187,000
2003 $212,000
2004 $233,000
2005 $263,000
2006 $265,000
2007 $273,000
2008 $260,000
2009 $245,000

But even more than declining price, it is a change in the mix of business that has caused average sales price to decline.

additonal market report information to follow.

Upper Providence Delaware Co PA taxes to jump 48 percent

Upper Providence taxes to jump 48 percent ( zonning map )


After nine years with only one tax hike of about 2 percent, the Upper Providence Township is proposing a 48 percent increase. The preliminary budget approved by council shows a total tax rate of 4.629 mills, 1.501 mills more than last year. For an assessment of $250,000, taxes rise from $782 to $1,157. Township Manager Edward Cashman presented the preliminary budget, noting the township administration and council expect to have further meetings before the final document comes to the board in December for approval. The township’s transfer taxes (from properties sold) were about $300,000 to date, significantly below the $550,000 budgeted last year and more so from the $750,000 the township received in one recent year. Building permits and interest on all accounts were also much lower than budgeted, all signs of the economic downturn of 2009. Extra budget meetings open to the public will be legally advertised and announced on the township’s Web site here.



Source: Daily Times; 11/12/09

Buyer Alert - Great information for today's buyers provided in simple terms.

To help my buyers cut through the clutter of information I provide a FREE brochure explaining the 10 critical steps in buying a home in today's market.

Email me to receive this REBAC - Real Estate Buyer's Agent Counsil of the National Association of Realtors brochure. 

1. Find a Qualified Buyer Representative
2. Assess Your Credit and Finances
3. Assess Your Wants and Needs
4. Shop for a Home
5. Negotiate Terms
6. Obtain a Mortgage
7. Prepare for the Close (Transfer Ownership)
8. Close
9. Move
10. Celebrate

Happy Veteran's Day and Thank you.

I think that it is important to recognize our Veteran's and Active Duty Military Personnel.


Sacrifices that our Military and their families make on a daily basis it mind boggling. Without their service to our Great Nation, we would not enjoy the freedoms' that we have today.

Let’s make sure that we make a special effort to Thank a Veteran and our Active Duty Military this week.



To those of you who have served, and are serving, we humbly thank you for your service and sacrifice.

Homebuyer Tax Credit Changes Part 2

Congress Passes Homebuyer Tax Credit
The $8,000 homebuyer tax credit for first-time buyers has been extended through April 30 of next year and buyers will have an additional two months, until the end of June, to close. First-time buyers who are in process of making a purchase will no longer need to worry about qualifying for the $8,000 credit if they close after the November 30 deadline.


And the tax credit has been expanded to existing homeowners who have lived in their current residence for five of the prior eight years. The new legislation allows for a $6,500 maximum credit to existing homeowners.


Get all the details by clicking on the links below.

2009 NAR Issue Brief Homebuyer Tax Credit Changes


2009 NAR FAQ Tax Credit Changes



Here's some more positive news that was in the November 9th issue of Business Week

A Housing Recovery with a Solid Foundation

Important Changes 2009 Tax Credit Changes

Detailed 2009 Tax Credit changes are availabel at National Association of Realtors website.  Link is listed below:


http://www.realtor.org/fedistrk.nsf/files/government_affairs_tax_credit_ext_chart_110409.pdf/$FILE/government_affairs_tax_credit_ext_chart_110409.pdf

Special Market Report - Days on Market by Zip Code in Delaware County

Out of 32 zip codes in this analysis the fastest selling went to 19076 where properties only took 61 days to sell versus total Delaware County that took an average of 91 days. (source data : information based on sales of singe family homes in the TrendMLS and/or other MLS services over last 12 months.




For a list of top 32 selling zip codes in Delaware County in the last 12 months contact me by email  Branka@BrankaDoych.com

November Real Estate Update!

Here is a link to my "November Real Estate Update":


http://realtytimes.com/132/BrankaDoych


This Newsletter is full of interesting and useful information that I think you will enjoy whether you are a buyer, seller, homeowner, or renter.


This month's issue includes topics such as:
"Vital Information for First-Time Buyers";

"Relieving the Stress of Packing";

"Making Your Home Age Appropriate Creates Appeal";

"Real Estate Investment Buying Tips";

"Extending Homebuyer Tax Credit Best Tool for Sustaining Housing Recovery";
Plus a roundup of November real estate activity as well as much more advice and information.