Housing boom Philadelphia real estate

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Junior investors needed

Looking for investors to come in on a few deal with my team. No hard money lenders. Must have at least 15k to put in. 215-868-6379

Do I need professional Photos

Do professional photos really make a difference?

Whether you are in the real estate business or in the process of selling your home, you have probably come across the challenge of creating an online presence for your property. Now, we will all agree that the presentation of the home is important but there is also a huge temptation to cut corners and save a few bucks in the process. We get it. When it comes to photography, you might wonder if hiring a professional is really worth the effort and expense, thinking a few snaps from a smartphone might just do the trick. Well, we polled some of our top-notch agents and our very own staff photographer, Kate Devlin, to see if going with a pro is really worthwhile. The response was a resounding yes for a multitude of reasons.

Making the First Impression

We all know that in business and in life, making a good first impression matters. This applies to homes as well. Almost all homebuyers begin their search online and, with hundreds of homes on the market, they may only view your property for a matter of seconds. If you want to grab their attention in this short time span, a series of professional photos is definitely the way to go. Our very own, Mike McCann, swears by professional photography.  He states, “Professional photos are the first impression one gets when viewing homes. As we all know first impressions are lasting ones. Nothing is more important in this day and age of the internet than using professional photos to market and represent a property. It will increase the actual activity on the home dramatically, help sell the property and create desire and appeal to the buyers and their friends or family who view it.” In Fact, Kate Devlin states that her greatest success has been “shooting homes that have been on the market with amateur photos that have gotten offers within days after the new photos have been posted!” Clearly, the first impression matters.

Experience

Kate Devlin, received a BFA in 2 Dimensional Fine Art from Moore College of Art & Design. She spent years studying different realms of photography and has extensive experience photographing homes all over Philadelphia. She knows all of the quirks of the trade and is skilled in presenting a property in a manner that adds rather than subtracts from its appeal. Though she was very resistant to flaunting her expertise or pointing out the flaws she sees in amateur photos from RE agents, she did craftily state, “I wouldn’t try to fudge my way through writing up a real estate transaction,” adding a subtle, matter-of-fact smirk.  McCann team agent, Lauren Acker, wholeheartedly agreed with Devlin’s gentle subtext, adding that “professionals produce quality, beautiful photos that show the house in its best light and would be very difficult for a nonprofessional to obtain. Especially in Philly homes which are often more difficult to shoot because of their narrow layout.” Simply knowing how to take a quality and professional photo, not to mention all of the work pros put in before and after each shot, leads to an appealing presentation of your property that showcases its beauty. If you want your property to stand out from the rest, we recommend using someone with experience in making them look their absolute best!

Check out some of Kate’s Splits of amateur vs. her pro pics!

Staging

Kate Devlin offered us a little insight on the basics of what can make or break a real estate photo. One of her biggest concerns was an utter lack of staging, causing homes to look cluttered, dirty or out-of-date. She explained that “homeowners who care and a home that is ready to be shot make all the difference” and urged sellers to,

“Put it all away!  Stash the stuff! Get rid of all the extras for the day of the shoot.  Clear the fridge of magnets, take down the kid’s artwork, take the bathrobes and hanging junk off of doors, clear almost everything off the bathroom counters except a few well-chosen things.  It may take an extra hour, but you just have a swipe or a click’s worth of time to make an impression on buyers.”

Devlin was adamant about this issue and the potential for a few ill-placed items to ruin a quality photo.

Lighting

Do you know how to set up flattering lighting for a photography shoot? That’s okay, we don’t either. This is just another reason why hiring a professional matters. Kate Devlin even confessed that this was something she had to learn to perfect in the field. As one seasoned real estate professional simply states, “lighting matters.” Unless you have time to read Photography for Dummies or enroll in a photography course (we don’t) we recommend that you let a pro handle this vital element of presenting your home. McCann Team agent, Paul Chin, noted that “better lighting and wider images bring out sharper colors and contrasts leading to better presentation of the property and the agent.”

Space and Scale

Let’s face it. In the real estate business, size matters. When people are viewing a home digitally, they want to get a good sense of the scale, layout and usable space in the home. Julie McCann a real estate professional with extensive experience in presenting and perusing properties, explains that amateur photos tend to be “choppy, showing less of the full space of a room, and ultimately less of a clear understanding of the layout.” Devlin agrees, stating that many people unintentionally shrink their properties.  She explains, “Scale is important.  Sometimes over-sized furniture or accessories can really throw off visual perception of a room. An extra-large towel hanging where a hand towel normally would go, and an over-sized wastebasket can really give someone the impression that a room is much smaller than it is.”  Devlin also makes a point to emphasize unique and exciting spaces such as “a craft corner or a breakfast nook so people can understand how they could use the space.” Yet another benefit of using a pro is their ability to use their artistic eye to capture the highlights of a home and present them to possible buyers. Julie McCann explains that professionals have the ability to make people

“fall in love with a property, get a real feel for the place and even start envisioning morning coffee on the deck!”

Customer Service

The mark of a real professional is their ability to interact with clients and add to their level of comfort during the active and emotional process of listing their home. Kate Devlin recalled numerous instances when she was required to really talk clients through the process and connected with them by discussing the major transition occurring in their lives. Local RE Photographer and Owner of Plush Image Corporations, Matt Robnett chimed in on this important issue as well, stating that “an experienced real estate photography team will be expertly trained to interact with sellers. I encourage my clients to let us shoot alone with sellers because we are experts at representing their business in a friendly and professional manner, and make great use of our one-on-one time.” Clearly, pros know how to impress your clients and properly represent your business, showing customers that they are valued and respected.

Next time you are confronted with the temptation to take a shortcut and skip out on professional photos, keep this advice in mind and consider what a difference quality photos make.  Using a pro can help you avoid embarrassing blunders and prevent you from undermining the quality of your property. As Kate Devlin states as her personal mission and the number one benefit of hiring a professional photographer, “A professional knows how most effectively to present your home or investment.”

Tags: philly real estate blog, philadelphia real estate blog, center city real estate, bucks county real estate, joseph c mccabe, Joseph Cummons, how to buy a house, house for sale in philadelphia, Realtor philadelphia, phiily real estate

Philadelphia Real estate and Living: Philly real estate investors and agents Joseph McC...

Philadelphia Real estate and Living: Philly real estate investors and agents Joseph McC...: After much research and  planning McCabe & Cummons LLC is up and running and destroying the competition. We are looking for junior inves...

Philly real estate investors and agents Joseph McCabe and Joseph Cummons aquire 1 million dollars worth of real estate in 3 days!!

After much research and  planning McCabe & Cummons LLC is up and running and destroying the competition. We are looking for junior investors to join our team but only if you can handle not ever sleeping and making a fortune! Looking to buy sell of invest? Call the Philadelphia real estate experts. -McCabe and Cummons growing strong

Joseph McCabe Realtor, Philadelphia Explores the rental crisis

Philadelphia real estate ownership, that celebrated hallmark of the American dream, is increasingly on hold for younger Americans.

Short of cash, burdened by student debt and unsettled in their careers, young adults are biding time in apartments for longer periods and buying their first homes later in life.
The typical first-timer now rents for six years before buying, up from 2.6 years in the early 1970s, according to a new analysis by the real estate data firm Zillow. The median first-time buyer is age 33 - in the upper range of the millennial generation, which roughly spans ages 18 to 34. A generation ago, the median first-timer was about three years younger.
The delay reflects a trend that cuts to the heart of the financial challenges facing millennials: Renters are struggling to save for down payments as wages have largely stagnated. Increasingly, too, they're facing delays in some key landmarks of adulthood, from marriage and children to a stable career, according to industry and government reports.

These shifts help explain why homeownership, long a source of middle class identity and economic opportunity, has started to decline. The share of the U.S. population who own homes has slid to 63.4 percent, a 48-year low, according to the Census Bureau.

And when young adults do sign the deed, their purchase price is now substantially more, relative to their income, than it was decades ago. First-time buyers are paying a median price of $140,238, nearly 2.6 times their income. In the early 1970s, the starter home was just 1.7 times income.

Millennials are "still very interested in buying a house, but they're delaying that decision," said Svenja Gudell, chief economist at Zillow. "Once they start having kids, they begin looking for homes. We're also finding that - given how much rental rates are currently rising - a lot of folks are having a hard time saving for a down payment and qualifying for a mortgage."

Low mortgage rates have eased some of the pressures caused by the higher prices. But in many of the hottest job markets, the gap between home prices and median income is prohibitively high.

Around the Silicon Valley tech corridor in California, the median home price exceeds eight times the typical income. That disparity is nearly six times in metro New York City, almost five times in Boston and Seattle and above four times income in Miami and Denver.

Millennials increasingly find themselves in a situation like that of Lou Flores, a 30-year-old property portfolio manager in San Diego. He shares a one-bedroom apartment with his boyfriend, paying $1,400 a month to live within walking distance of Balboa Park and the zoo.

Flores' parents had built their nest egg by steadily upgrading their homes, ingraining him with the notion that "renting was a waste of money." But the median home in San Diego costs more than a half million dollars, according to the area's association of Realtors.

So Flores figures ownership is at least a few years away.

"Here in California, if you're not married or with someone, it's impossible to buy a home without financial backing from your parents," Flores said.

Few first-timers around the country can lean on their parents. Among homebuyers last year under age 34, 14 percent received down payment help from family or friends, according to a Federal Reserve survey.

Most first-timers still depend on personal savings for at least some of their down payments. But rising rental prices have complicated the task of socking away money for a down payment. Fueled by a surge of renters across all age ranges, rental prices nationally have grown at roughly twice the pace of average hourly wage growth, which was a paltry 2.1 percent over the past year.

A result is that those prices are consuming more income. A striking 46 percent of renters ages 25 to 34 - the core of the millennial population - spend more than 30 percent of their incomes on rent, up from 40 percent a decade earlier, according to a report by Harvard University's Joint Center of Housing Studies. (The housing industry generally regards a figure above 30 percent as financially burdensome.)

Some of the cost burden stems from a shift toward people who envision themselves renting for several years and therefore seeking the kinds of amenities more commonly associated with home ownership. Based on searches for rentals on RadPad in June and July, for example, apartments with stainless steel appliances and swimming pools were disproportionately popular in cities with lower homeownership rates such as Los Angeles, Chicago and Washington.

Nearly a fifth of Washington-area searches sought apartments with stainless steel appliances, compared with 5 percent nationwide. More than a third of Chicagoans wanted an apartment with a pool, versus 18 percent nationally.

Job security has become a more central consideration for first-time buyers. The Money Source, a mortgage lender and servicer, examined applications from 5,404 millennial homebuyers. It found that the buyers had averaged nearly 4.5 years in their field of work and had held their current job for slightly more than three years. Those figures point to how critical career stability has become for a generation that entered the workforce during the Great Recession and its slow-growth recovery.

Housing industry experts note that surveys still show a strong desire to buy among millennials, but that their timelines for purchasing depend on achieving more stability in their careers.

"As long as there is the job market to support millennials - just as it has for previous generations - I don't believe their habits will change," said Darius Mirshahzadeh, CEO of The Money Source.

Read more at http://www.philly.com/philly/business/real_estate/20150817_ap_3aeab8fd8a4b4bcc82195708242e0bb4.html#6ErjYTBgDCKiyySd.99

Fascinating Philly real estate stats

As of May 2015, average apartment rent within 10 miles of Philadelphia, PA is $1443. 

One bedroom apartments in Philadelphia rent for $1197 a month on average and two bedroom apartment rents average $1483. 

The average apartment rent over the prior 6 months in Philadelphia has increased by $155 (12%)

One bedroom units have increased by $146 (13.9%) and two bedroom apartments have increased by $159 (12%)

Investments in Philly ! We're out checking out new inventory what do you look for?

When working on acquisition of properties what is your criteria and what do you look for in a hold or a flip sometimes it's better to not be too specific no investment is truly a risk by definition! 

Budgeting to Buy a Home with Joseph McCabe

Budgeting to Buy a House

No matter how good the credit rating, today's homebuyer no longer has the luxury of buying with little or zero down. Unless you are low-income with good credit, or a veteran, no-down loans are also a thing of the past.

Most lenders today want at least 20 percent of the loan amount as a down payment on a house. For a home priced between $168,300 and $287,500, a homebuyer would need to come up with between $33,660 and $57,500 just for a down payment. Then, there are closing costs to consider. These vary by state, but figure you'll pay over $2,000 on a $200,000 loan.

Saving up this money takes time and careful planning. The best way to start is by coming up with a budget that is realistic enough for you to stick with and by using other tips to help you get ahead financially.

The Budget

The only thing more challenging than setting up the budget is sticking with it over the long run. Using personal finance software will help you set it up, but only self-discipline and the desire for a new house will motivate you to stick with it.

First, you need to determine your total income from all sources. The second step is to list all the money that goes out every month, beginning with your fixed expenses. These include anything that has a fixed payment due every month, including:

Rent or mortgage (if you have a fixed rate).

Car payment.

Insurance.

Child support and alimony.

Installment loan payments.

Next, list your variable expenses. These may be a little more difficult to track, so you may want to document them over the course of a week or two on a chart such as the spreadsheet offered for free by a Canadian credit counseling service. Common variable expenses include:

Utilities.

Telephone.

Cable or satellite TV.

Anything you purchase on a daily basis (morning coffee, etc.).

Amy Fontinelle, writing at Investopedia, suggests that you track and update your budget daily so that nothing falls through the cracks.

Make Changes

Once you've used the budget for a month or two you'll be able to see where your money goes every week. This snapshot shows you where it's being wasted and, thus, where to make cuts. Any items cut from the budget mean more money to set aside for your house.

Some of these cutbacks might include bringing a lunch from home rather than hitting the café every day, riding your bike to work instead of driving or taking a cab, and using coupons to save money.

Make More Money

Cutting your budget expenditures and paying down debt aren't the only ways to move more quickly down the road toward homeownership. Finding ways to bring in more money gives your plan a turbo boost.

If you can take on overtime hours at work, do it. Consider holding a garage sale or selling unused items online. Sock away that extra cash for your down payment.

Savings

If you're like a lot of us, you may be tempted to use the money you're saving for something else that comes along. To avoid the temptation, put it in an online savings account that makes it difficult to withdraw. If you have to wait a few days for the money, you may think twice about withdrawing it.

As you build your savings, avoid the urge to add to your debt. There will be plenty of time after you buy the house to buy furniture, a car or whatever else you might be thinking of purchasing. Keep that house you want top-of-mind to motivate yourself to stay out of debt and continue saving.

VA Loans Philadelphia Apply here with Joseph McCabe

Eligible for a Veterans Affairs Loan? ZERO DOWN

Call Now 

2158686379

Let define Eligibility

You must have suitable credit, sufficient income, and a valid Certificate of Eligibility (COE) to be eligible for a VA-guaranteed home loan. The home must be for your own personal occupancy. The eligibility requirements to obtain a COE are listed below for Servicemembers and Veterans, spouses, and other eligible beneficiaries.

VA home loans can be used to:

• Buy a home, a condominium unit in a VA-approved project
• Build a home
• Simultaneously purchase and improve a home
• Improve a home by installing energy-related features or making energy efficient improvements
• Buy a manufactured home and/or lot.

Eligibility Requirements for VA Home Loans Servicemembers and Veterans

To obtain a COE, you must have been discharged under conditions other than dishonorable and meet the service requirements below:

 
Status Qualifying Wartime & Peacetime Periods Qualifying Active Duty Dates Minimum Active Duty Service Requirement

• Veteran WWII 9/16/1940 - 7/25/1947 90 total days
• Post-WWII 7/26/1947 - 6/26/1950 181 continuous days
• Korean War 6/27/1950 - 1/31/1955 90 total days
• Post-Korean War 2/1/1955 - 8/4/1964 181 continuous days
• Vietnam War 8/5/1964 - 5/7/1975 *For Veterans who served in the Republic of Vietnam, the beginning date is 2/28/1961 90 total days
• Post-Vietnam War 5/8/1975 - 9/7/1980 *The ending date for officers is 10/16/1981 181 continuous days
• 24-month rule 9/8/1980 - 8/1/1990 *The beginning date for officers is 10/17/198124 continuous months, OR
• The full period (at least 181 days) for which you were called or ordered to active duty
• Gulf War 8/2/1990 - Present 24 continuous months, ORThe full period (at least 90 days) for which you were called or ordered to active duty
• Currently On Active Duty Any Any 90 continuous days
• National Guard & Reserve Member Gulf War 8/2/1990 - Present 90 days of active service
• Six years of service in the Selected Reserve or National Guard, AND 
• Were discharged honorably, OR Were placed on the retired list, OR Were transferred to the Standby Reserve or an element of the Ready Reserve other than the Selected Reserve after service characterized as honorable, OR
• Continue to serve in the Selected Reserve

*If you do not meet the minimum service requirements, you may still be eligible if you were discharged due to (1) hardship, (2) the convenience of the government, (3) reduction-in-force, (4) certain medical conditions, or (5) a service-connected disability.

Spouses

The spouse of a Veteran can also apply for home loan eligibility under one of the following conditions:

Unremarried spouse of a Veteran who died while in service or from a service connected disability, or
Spouse of a Servicemember missing in action or a prisoner of war
Surviving spouse who remarries on or after attaining age 57, and on or after December 16, 2003
(Note: a surviving spouse who remarried before December 16, 2003, and on or after attaining age 57, must have applied no later than December 15, 2004, to establish home loan eligibility. VA must deny applications from surviving spouses who remarried before December 6, 2003 that are received after December 15, 2004.)
Surviving Spouses of certain totally disabled veterans whose disability may not have been the cause of death 

Other Eligible Beneficiaries

You may also apply for eligibility if you fall into one of the following categories:

Certain U.S. citizens who served in the armed forces of a government allied with the United States in World War II
Individuals with service as members in certain organizations, such as Public Health Service officers, cadets at the United States Military, Air Force, or Coast Guard Academy, midshipmen at the United States Naval Academy, officers of National Oceanic & Atmospheric Administration, merchant seaman with World War II service, and others

Restoration of Entitlement

Veterans can have previously-used entitlement "restored" to purchase another home with a VA loan if:

The property purchased with the prior VA loan has been sold and the loan paid in full, or
A qualified Veteran-transferee (buyer) agrees to assume the VA loan and substitute his or her entitlement for the same amount of entitlement originally used by the Veteran seller. The entitlement may also be restored one time only if the Veteran has repaid the prior VA loan in full, but has not disposed of the property purchased with the prior VA loan. Remaining entitlement and restoration of entitlement can be requested through the VA Eligibility Center by completing VA Form 26-1880( Find it on this Page).

 

More Information and VA links

Joseph C. McCabe, REALTOR 

Keller Williams Real Estate
Preferred Cell(call or text): 215-868-6379
Office(215)757-6100x186
Joseph.mccabe92@gmail.com
584 Middletown Blvd A-50
Langhorne Pa, 19047
License number PA, RS327442 
NAR 716512852

Get a Free Comparative Market analysis Philadelphia Bucks and Montgomery county

When you are ready to sell your home you can choose to do so on your own or with the assistance of a Realtor. When you choose to work with a Realtor, you get direct help and input in selling your home. Real estate agents are here to help you understand the process and ensure you get the best deal for your home. There are many tools that we have access to that are designed to give our clients the extra edge when it comes to listing a home on the market. One of these tools is a Comparative Market Analysis report, commonly known as a CMA. This report pulls data specific to your home and neighborhood and compares it to other houses that have been sold recently, or are listed in your area. This is great way to gauge what the list price should be for your home based on sales figures and current market trends.

While a CMA will provide you with a snapshot of what other homes are selling for nearby, the reports are also subjective as any agent putting these reports together will designate what data is used for them. There are certain criteria that will make a CMA more accurate and meaningful for what you are trying to do, sell your home. If you are searching for a new Realtor, this could be a good starting point to determine if an agent has your best interests in mind. If they understand what pertinent data will actually help you, together you can come up with a list price that will encourage more potential buyers to view your home. A detailed CMA report should include a comparison of offer pattern (what is the average number of offers given, and for how much, to homes similar to yours), property condition inside and out, the same number of bedrooms, bathrooms, and levels, as well as similar in size as your home. The location or street should also be similar. If you live on a quiet street getting a CMA of homes from busier locations won’t be as accurate. Your CMA should also cover homes within your neighborhood, not your zip code, which have different boarders. Using your neighborhood as a criteria will help get more specific in the comparison.

A good CMA will help you avoid pricing too low or high. You will get a price range based on the analysis so that you have the final say of what you want to list your home for. Beware that some agents seek to get as high a list price as possible. This is not always a good thing, especially if a CMA shows a trend for a lower amount than what is suggested. Pricing too high can keep potential buyers away if the price is too far from what the neighborhood and home style is currently trending in the market. Pricing too low can have negative impacts as well, it could make potential buyers feel you are desperate and that will make them wonder what is wrong with the house. Listing within the midrange of what a detailed and well thought out CMA provides can give you the extra edge to gain more viewings and offers.

Along with asking for a CMA from prospective Realtors, check out their sale portfolio, where you can see what they have sold, the differences between list and sale prices and how long it takes houses to sell on average. Don’t assume a big corporation will be the best place for you to find the best or most successful agent. Many of the top Realtors in their markets actually go out on their own so they can establish their own best practices. Focus on an agent’s track record and what they provide you in a CMA, which is typically provided free of charge. An agent who provides you with useable, accurate data through a detailed CMA will help you toward a home sale you can be happy with. When you are ready to buy or sell a home, Joseph McCabe at Keller Williams is here to help you with all of your real estate needs! If you are unsure what your options are, call Joe at 215-868-6379 or email at joseph.mccabe92@kw.com. You can also visit us at our website for available listings and additional information.

Decorating cheaply in Philadelphia, Sell your home fast

Decorating on a Budget

Get your home ready to sell or make it feel fresher to live in cheaply. 

Joseph McCabe 215-868-6379 Philadelphia Realtor

DIY SAWHORSE TABLE

We’ve mentioned something like this on our blog on fun ideas for outdoor summer parties and whether you’ll be hosting simple gatherings or full-on parties in your yard, this is one DIY that is sure to bring your level of savviness to out of this world proportions!

HANG UP A VINTAGE SIGN

Much like how artwork anchors a room, a huge vintage sign can bring focus to your outdoor room. This may not come cheap, since vintage signs are quite pricey even at the flea market but hey, if you’re looking to make a statement, this is the way to go.

DECORATE WITH A USED OUTDOOR FIREPLACE

Whether you use old metal fireplaces or use a big planter or fire bowl, nighttime hanging out at your yard will not be the same ever again when you make use of this patio decorating tip. What’s will make this better? If you can actually use the outdoor fireplace to cook up some campfire treats!

BRING OUT A COLOURFUL RUG

Have imperfect pavers, cracked brick, or just want to give your patio a new lease on life? Use colourful rugs! Not only will they cover imperfections, they would also make your patio feel like an extension of your home, sort of like having an outdoor living room.

OUTDOOR CURTAINS ANYONE?

Curtains are not just for the inside of your home; in fact, you can definitely transform an outdoor space into another room by simply hanging curtains for shade and privacy. Use waterproof materials for a no-fuss low-maintenance addition to your patio.

CREATE SALVAGED PALLETS FURNITURE

Outdoor furniture can get very pricey but you can have creative daybeds and seating for cheap with the use of wooden pallets! Get them from local stores or craigslist and see tutorials at pinterest. Simply add in cushions and you’re good!

TRY A TREE STUMPS TABLE

Got some tree stumps or logs? Cut them to the same height to make a sturdy base for a table. Add a table top of your choice and you’ve got a unique piece showcasing your creativity. You can make the table as high or as low as you want or even add poufs as seating for a relaxed outdoor dining area. It’s a great recycling project too!

MESMERIZE WITH CAFÉ LIGHTS

A few strands of café lights is one of the easiest (and cheapest) ways to spruce up your outdoor lighting. These days, they also come in the solar variety too! Read More here