Title Insurance

Once in awhile I would have a buyer that questions the costs/benefit of title insurance. You can take your chances of purchasing real estate without it. I would strongly advise against it. If your placing a mortgage on your property, your lender will insist on their coverage. Title insurance will protect yourself from financial loss in the event regarding the rights of ownership. For instance if someone did not sign the deed during the chain of ownership, or someone signed a deed that was not the owner of the property. Title insurance will pay the costs to defend you against a covered claim. You need to have a owner's policy to protect your interest. Most Real Estate attorneys can conduct closings as well as a Title insurance company. If you need more info on this topic feel free to contact me at: findit@LehighValleyRealty.com

Reducing Energy Costs

One topic that draws a lot of attention is reducing energy costs. I put a few of them in this post. Since home heating oil is 6% higher this year, and last year it was 35% higher it makes sense to do some obvious measures. The basic one is caulking and weather striping doors and windows. If you have the money for upgrading your windows a good choice would be a maintenance free vinyl clad windows, with low emittance coatings to double insulated filled with krypton or argon gas. If you can't afford new windows, storm windows may be a good choice. If you like a good reference go to: http://www.efficientwindows.org/ . On Southern facing windows you can gain some free heat, by keeping the curtains open during the day. If you are low on funds or may be renting a home, you can purchase the 3M shrink wrap kits that do a nice job.



You can save on your lighting needs with fluorescent compact light bulbs, which also run cooler. Light dimmers work well and save on your electric bill. They do offer dimmers that are compatible with fluorescent bulbs.



To reduce your heating costs, invest in a programmable thermostat. It will save you money and extend the life of your furnace/boiler. If you have a warm air system change your filter every 30 days. This goes without saying, have your system cleaned at least once a year. If your furnace/boiler is over 20 years old it may only be 55% to 70% efficient. Today's models 80% to upper 90 percent efficient. If you do need a new unit, go for the most efficient model you can afford, in the long run it will pay for itself over time. If you would like more info on this topic & other energy related topics visit U.S. Department of Energy site: http://www.eere.energy.gov/ If you have a topic you like more info on, drop me a line at: findit@LehighValleyRealty.com

Savings With Gas Water Heaters

Natural gas water heaters remain a top value. Next to heating and air conditioning systems, they are the largest energy consumer in the home. Consider that natural gas water heaters:

Cost less than half as much as electric water heating (An average household can take 14 showers with natural gas water heating for the same cost as 7 with electric.)

Heat water twice as fast as electricity.

Are environmentally friendly (Emits far less of the major pollutants that cause poor air quality.) source UGI

How to Price Your Home in 2007

Being a Realtor for 24 years, I had my share of challenging moments. I have to admit, I am up to be challenged. I pride myself to be able to solve problems and keep the process moving. Having said that, one of the most sensitive topics to a Seller is pricing of their home. For the most part it is their largest asset they have and also tied into this is the emotional attachment they have to their home. My job as their counselor, is to do a good job and show them the current market trends. I do this by providing them with solid documentation of comparable properties within the same geographical area and similar amenities. I prefer to use settled properties within 6 months of closing.


If recent comparable sales are not available based on the amount of sales activity or a rural setting, I can extend the time line up to 9 months. Doing this can on an occasion be problematic, even if you have lots of supporting information to support your price range. The seller may want to go much higher. Let me give you a few scenarios.



Seller: I went to Zillow.com and I found out what my home is worth "X" amount....Well computer generated values are relatively new However recent statistics show they can be off by as much as 23% plus or minus. I am sure down the road the software will become reliable. This is what Zillow.com conveyed to Realtors' .."The Zestimate home valuation is Zillow's estimated market value of a home, given the data we have available. It is a starting point in determining a home's value; it's not an appraisal. (After all, you've been in the house and we haven't!)".



Seller: My neighbor got what they wanted last year! Last year is last year. I will research and find out exactly what they received and research if their was any closing costs paid by the Seller on behalf of the Buyer.



Seller: I like to try listing my home for "X" which is higher. You could, but here is where you may have some trouble. The most critical time in any listing is the first 21 days of the listing. This is when you will get your blast of activity. So you have to see the wisdom of pricing your home correctly from the beginning. It is quite possible if your home is listed outside the recommended price range, you may have no or little activity.



Seller: My neighbor said my house is worth "X" amount. Well unless your neighbor is going to purchase your home, it is a moot point.



Seller: I agree with your value, I would still like to try a higher list price....You can, but this may be a more prudent approach. How about investing $350.00 for an independent fee appraiser to come out to appraise your home. Please be advised a buyer going for a mortgage will have an appraiser from their lender to value your home. With this market in a correction mode, I have seen appraisal's coming in under value. The Buyer has the opportunity to walk away from the sale, or the Seller adjusting the sales price to match the appraisal. The worst case scenario is the transaction can falter. In closing, I am not saying it is doom & gloom for the Seller. What I am honestly trying to convey is you have to adapt to this current market. In turn you will receive a fair value for your home, and your home will not be on the market for an extended time. The great thing is, you get to move on with your life. My final thought, Zillow.com does not know the neighborhood, I do and possibly your neighbors. Have a great day!

Seller's Property Disclosure

A Seller disclosure used in Pennsylvania is a 6 page document that must be filled out by the Seller prior to marketing their home. If it is an estate, foreclosure, or relocation buy out, they are not required. You may ask, What is a Seller Disclosure? It asks a series of questions, about all areas of the home, if you had any problems with the home, if you pulled permits for improvements to the home. If their are defects in the home. Do you have water leakage in the home? Was your home ever treated for wood-destroying insects? A big concern addressed are structutural items. You want to know what your source of drinking water is, this is addressed in this document. You will also know what appliances are remaining and if they being sold in a "as is" condition. A good tip! If appliances are staying, with the property, make note of model & serial number so they are not switched out. The disclosure will also state what tests were performed to the property, and the results of them. In a nutshell, it sparks the seller's memory on the condition of the home. Feel free to contact me if you need more info, on this posting or others. Have a great day!