Metro Philly 'Bricks and Sticks'

Buying a house doesn’t necessarily require getting a 30-year, fixed-rate mortgage.

More and more people are exploring alternative financing plans as it gets harder to get a conventional bank loan.

Here are some creative ways to pay for a home, according to some financial experts: Read the rest of this entry »

Some home features don’t stay popular forever. More homes are inching away from incorporating the following home features, according to recent consumer preference surveys.

1. Fireplaces: The fireplace skyrocketed in importance in homes in 1991 with 62 percent of new homes having one or more. But the number has steadily been decreasing ever since. In 2007, the number dropped to 51 percent.

2. Carpet: While 54 percent of homes still have carpet floors, the number is decreasing and hardwood floors are taking the place. Vinyl and ceramic tile flooring also are being bypassed more by buyers. Seventeen percent of new homes contain hardwood floors throughout the entire house.

3. Living room: These once-decorative centerpieces of homes are slowly vanishing from newer homes. Thirty-four percent of consumers say they’re willing to buy a home without a living room.

4. Desks in the kitchen: These desks were once looked at as great storage areas but they’re often too small and quickly become clutter spaces in a home, said Gayle Butler, editor in chief of Better Homes and Gardens. Instead, more consumers say they prefer larger desks in or near the family room—equipped with a messaging center—where they can keep an eye on their kids as they work on the computer.

5. Skylights: The little windows that allow natural light to seep into a home from above are falling out of style. Only 10 percent of new homes will include them this year, a continuing downward spiral for skylights.

6. Upscale kitchen finishes: Granite countertops are slowly becoming less desirable among buyers who are now moving toward affordable, low-maintenance laminate countertops—which tend to last longer and now come in various styles.

What trends are you noticing are falling out of favor with your buyers?

I was recently asked why short sales take so long to negotiate. A recent survey conducted by the National Association of Realtors (NAR) cited that 54% of practitioners were involved in a short sale in the last 12 months. 87% of respondents to this survey faced impediments by lenders or loan servicers. Furthermore, 94% cited ‘lack of response by lender or servicer’ as the chief impediment for processing short sale applications. Draw your own conclusions from the statistics, but it appears that lenders/loan servicers are perpetuating their own downward spiral through inaction and apathy, and contributing indirectly to the evaporation of household wealth and community values for all of us.

HUD will postpone for 90 days a new rule that would prevent home builders from offering incentives to customers who use the services of affiliated mortgage and title insurance providers.

The change was slated to take effect on Jan. 16 as part of reforms of the Real Estate Settlement Procedures Act (RESPA) that are being phased in this year but was challenged by the National Association of Home Builders, which considers it “arbitrary and capricious.”

While HUD worries that home buyers who choose not to use a builder’s affiliated service are being penalized, NAHB members argue that their incentive programs boost competition, reduce costs, and give consumers “a full range of options to explore the best possible deal to purchase a home.”

Home shopping online has become a mainstream way for the public. But going shopping alone – without the help of a professional – can become a huge handicap for home buyers.

Here are four reasons why home-shoppers need the help of a real estate professional. Read the rest of this entry »