Andrew's Podcast

Showing Time, using Bright MLS statistics, has released their Local Market Insight report for single-family homes in Delaware County Pennsylvania through December 2022. If you would like more information about this or any other County or any specific municipalities in the Delaware Valley, please contact me or visit my website, AndrewWetzel.com. I am only a phone call, an email or a text away! I respond promptly to all inquiries....To read the full Blog, click here.If you would like to discuss this topic further or have any other topics you like me to "discuss", please contact me at your convenience. I would welcome your input.If you would like information about Delaware County PA or any other County/ specific municipalities in the Delaware Valley, please contact me or visit my website, AndrewWetzel.com.I am only a phone call, an email or a text away! I respond promptly to all inquiries.Please remember, when thinking about selling or buying what is likely your biggest asset and largest overall investment,There is no time for inexperience, empty promises or false expectations!HIRE WISELY: We are not “all the same”!

The National Association of REALTORS (NAR) has published its annual report. The report is based on surveys of recent home buyers including those who sold one property to buy another. The survey consisted of 129 questions mailed to 153,045 recent home buyers. These reports began in 1981 with just 59 questions and are intended to provide insight into consumer behavior, specifically their needs and expectations. The reports are as unique as the economic, social and demographic environment. The time period covered ran from July 2021 through June 2022 and was impacted by a number of major events including a Real Estate market in transition. The highlights are broken down into several characteristics.To read the Blog, please click here.If you would like to discuss this topic further or have any other topics you like me to "discuss", please contact me at your convenience. I would welcome your input.If you would like information about Delaware County PA or any other County/ specific municipalities in the Delaware Valley, please contact me or visit my website, AndrewWetzel.com.I am only a phone call, an email or a text away! I respond promptly to all inquiries.Please remember, when thinking about selling or buying what is likely your biggest asset and largest overall investment,There is no time for inexperience, empty promises or false expectations!HIRE WISELY: We are not “all the same”!

That depends. What is your strategy, meaning what do you think will happen? The Pennsylvania Association of REALTORS Listing Contract has a clause that states in part, “Unless prohibited by Seller, if Broker is asked … Broker will reveal the existence of other offers …”. Broker could mean Agent since the contract is really with the Broker. This “conversation” should take place at the time the listing contract is being signed so that there is no misunderstanding about what the parties have agreed to do. Frankly, I am not sure that all agents really discuss what the seller is signing, that all agents completely understand the listing contract or that every seller really understands what they are signing or that they really care as long as their property gets sold. My experience as a mediator and serving on Professional Standards hearing panels has shown time and again that a number of sellers and buyers claim that they did not understand what they signed. The agents may have done their job or not. Electronic signing can make this more problematic as people rush to execute contracts and get properties on the market and under contract. How sad! Real Estate is typically our biggest asset and largest investment. Mistakes can be very costly! At the very least, this MUST be discussed before there is any interest in a property or there could be a problem especially if the seller thinks their agent acted unethically. Absent discussing the paragraph, the “default” position as stated is that the agent has been “authorized” to disclose whether or not there are multiple offers. If asked, the answer could be yes or no. Many buyer agents will call to ask if there are offers “in hand” or “other interest” in a property before preparing an offer; some will even call to ask before scheduling a showing. In “hot” seller's markets these instances will increase. Why is this a concern at all? From a buyer or buyer agent's perspective, they may not want to waste their time pursuing a house that may be unattainable as doing so may result in their missing out on their “second choice” if a seller has or is about to sign another offer. Our multiple listing service requires that the listing status be changed within one business day of executing a contract but a lot can happen in that time. Listing agents may have advertised a due date for offers that others assume valid only to find that something was signed sooner than expected. Real Estate sales are a “moving target”. Even if I answer your question now, the answer could change. As far as the disclosure, some buyers may be willing to “compete” so thinking that there is competition may cause them to make their “highest and best” offer at the outset. On the other hand, some may decide not to compete. Are they entitled to know anything short of an agreement of sale being signed? No they are not unless the seller grants that permission. What should a seller do?If you would like to discuss this topic further or have any other topics you like me to "discuss", please contact me at your convenience. I would welcome your input.If you would like information about Delaware County PA or any other County/ specific municipalities in the Delaware Valley, please contact me or visit my website, AndrewWetzel.com.I am only a phone call, an email or a text away! I respond promptly to all inquiries.Please remember, when thinking about selling or buying what is likely your biggest asset and largest overall investment,There is no time for inexperience, empty promises or false expectations!HIRE WISELY: We are not “all the same”!

We are at the three-quarter point for 2022 and the Real Estate market continues to be affected by recent economic developments which have resulted in a substantial increase in the interest rate and the lingering effects of the pandemic (which contributed to an inventory shortage and then pent-up demand for housing). All of these have added uncertainty to what is generally considered a long-term decision.  What will sellers and buyers think later when they reflect on these days and how they responded to them?As always, this report compares current year-to-date results to one year ago during the same time period. As with all Real Estate statistics, two things are true. First, the performance within individual zip codes can and will vary significantly from the overall County. Real Estate is local and results can vary from neighborhood to neighborhood and even block to block. There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, whether you may be thinking about selling or buying, please contact me for details about your areas of interest. I can provide current information and keep you informed about the evolving market. Deciding whether it is the right time to sell or buy, again a personal decision, typically involves a number of variables, some of which you can control and some of which you cannot. I can provide the knowledge and insight to help you decide what works for you.My second point is that, unfortunately, all Real Estate statistics involving sold data are stale. This is especially true if you are relying on Internet valuation models which use recorded sales data rather than up-to-date MLS information. Even then, while a sale may be reported as having settled or closed today, the real question is when was the offer negotiated? Typically, financed sales can take 45 to 60 days to close so the market today may be different from when the offer was presented and negotiated. This is especially true as markets change. Up-to-date information, even if not perfect, is important!As far as the statistics, there were 6414 new “For Sale” listings through September 2022 compared to 7403 through September 2021, a decrease of 13.4%. There were 5496 closed sales through September 2022 compared to 6041 through September 2021, a decrease of 9.0%. The median selling price through September 2022 was $300,000 compared to $270,000 through September 2021, an increase of 11.1%. The decline in the number of newly listed properties impacted the number sold while substantially increasing their selling prices. Real Estate is a “supply and demand” commodity!The number of currently available properties (667) is above last month (615) and well below one year ago (767). The Days on the Market (DOM) (21) is up from last month (16), the “Sold to List Price” ratio (99.3%) is down slightly while the MSI (Months of Supply) rose aboIf you would like to discuss this topic further or have any other topics you like me to "discuss", please contact me at your convenience. I would welcome your input.If you would like information about Delaware County PA or any other County/ specific municipalities in the Delaware Valley, please contact me or visit my website, AndrewWetzel.com.I am only a phone call, an email or a text away! I respond promptly to all inquiries.Please remember, when thinking about selling or buying what is likely your biggest asset and largest overall investment,There is no time for inexperience, empty promises or false expectations!HIRE WISELY: We are not “all the same”!

That depends. How would that information affect your level of interest? As long as a property is “still available” to bid on and you know if a contract signing is imminent, you have a decision to make. Even then, there is no guarantee that, regardless of the type of market or the amount of competition, a buyer will have a "second" chance when making an offer to buy Real Estate. If they really like a house they may want to consider making their best offer at the outset. Should a buyer offer "more" if there is real or perceived competition or "less" if there isn't? Shouldn't they base their offer on HOW MUCH they like and want to own a house and what they can manage financially?  A market analysis is helpful as is concern about an appraisal if financing is involved but why should a house be "worth more" because someone else may like it? Here is the underlying question:  what is the point of making an offer on Real Estate? In my opinion, the point of putting a house "under contract" is simply to lock it up so that the buyer and seller can go through the process of seeing if a sale works for both parties. When a house goes “under contract” before a buyer can make an offer or their offer gets rejected that opportunity does not exist. There may be no "second chance". First impressions may doom an offer even if there is no competition. Not to minimize the process but both parties likely have one or more chances to reconsider their interest in closing a sale.   We are dealing with human beings. How they respond to real or perceived “competition” will dictate whether and how they react. If they reach a “meeting of the minds” with a seller will they come to think they paid too much? Home inspections and appraisals can help. Do they have remorse, wondering if they bought the best house for their "needs and wants”? I have specific strategy to help ensure that a buyer will have minimal if any "second thoughts" but, in reality, other houses will keep coming on the market which can tantalize a buyer not fully committed to a house they have under contract. I have had buyers want to see a house while in the inspection process. I remind them about how they arrived at the decision to make an offer on the house they have under contract. We also have no idea about competition, what it will take to get a signed contract or what inspection issues may exist.  Competition is what it is. Others may be in a better position to buy what you like. If you start looking before you are plan and prepare, you may be forced to watch someone buy the house you wanted to own. All any buyer can do is "know their limitations" and act accordingly. An experienced, trained and educated professional can help! Frenzied markets typically result in buyers and sellers having regrets, especially if they failed to plan and prepare. Did buyers jump too quickly and overpay? Do they wish they had waited or bought a different house? Did they wait only to find that nothing nicer came on the market? There is no perfect house search!  I have recently read articles aboIf you would like to discuss this topic further or have any other topics you like me to "discuss", please contact me at your convenience. I would welcome your input.If you would like information about Delaware County PA or any other County/ specific municipalities in the Delaware Valley, please contact me or visit my website, AndrewWetzel.com.I am only a phone call, an email or a text away! I respond promptly to all inquiries.Please remember, when thinking about selling or buying what is likely your biggest asset and largest overall investment,There is no time for inexperience, empty promises or false expectations!HIRE WISELY: We are not “all the same”!

After many months of a buying frenzy that seemed more like an auction, the Real Estate market is changing. Inventory levels have increased with the market adding more listings each month than there are properties going “under contract. Some of these are houses that came back on the market that did not sell before and needed less competition and/ or lower prices to sell.The number of multiple offers has generally decreased and, whether it is the market or buyers taking a stand, the number of purchase offers made “sight unseen” or without inspections seems to have been greatly reduced. Many agents and consumers, both buyers and sellers, are happy about all of this. However, when markets like we have seen change, often with little warning, one question always comes to mind:What about the properties that did not sell? ....If you want to sell or buy, let's talk. There is no obligation but you may get the information you need to decide what to do next. It is better to know than to wonder what might have been.Remember, There is no time for inexperience, empty promises or false expectations.HIRE WISELY:  We are not “all the same”!

Showing Time, using Bright Multiple Listing Service statistics, has released their Local Market Insight report for single-family homes in Delaware County Pennsylvania through June 2022. If you would like information about this or any other County or any specific municipalities in the Delaware Valley, please contact me or visit my website, AndrewWetzel.com. I am only a phone call, email or text away! I respond promptly to all inquiries.We are at the halfway point for 2022 and the Real Estate market continues to be affected by the lingering effects of the pandemic as well as recent economic developments, all of which have added uncertainty to what is generally considered a long-term decision involving our biggest asset and our largest investment. While many of us contend that our present circumstances should not be confused with the “bubble” we experienced some 15 years ago, it is difficult to really assess what is going on as information ebbs and flows. More about that later in this report.The pandemic caused many sellers to stay off the market, dramatically reducing inventory levels and creating an inventory shortage. While many buyers delayed taking action, the easing of the pandemic released pent-up demand for housing shifting the “supply and demand” ratios. In many areas, the result was a huge advantage for sellers. Complicating this were several underlying factors....If you want or need to sell any type of Real Estate, now or in the future, whether you tried and did not succeed before or are planning for the first time, it is never too early to start the planning and preparation. Please do not wait for what you think is a better or the best time to start. Buyers look all year long and can only see and buy properties that are available to see. Based on the available information, is waiting something you would consider?There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not “all the same”!

Repeat after me:  we are NOT in a "housing bubble". We are NOT in a "housing bubble". Now let me help you believe it! For those who lived through the "dot.com" fiasco around the turn of the century, I never dreamed I would say those words but there was a REAL housing bubble 15 years ago. This market is CLEARLY different. That is not to say that it lacks drama or that it has not been incredibly frustrating on many levels, but let's be CLEAR:  this is NOT a "bubble". And no, I am not changing the meaning of the word “bubble” as some are doing with the word “recession”.The current Real Estate market is softening in many areas due to increased inventory (including "leftovers" that needed less competition or lower pricing to sell) and rising but still historically low interest rates. Over the past couple of years a frenzy was created by a combination of historically low inventory, a global pandemic and competition which greatly elevated prices. This frenzy among buyers will have lasting implications. Many are now regretting their purchase decisions. Whether they came to feel that they overpaid or they cut corners including buying “sight unseen” or without inspections to compete, many are stuck with homes whose values may have dropped or that may have had unknown or undisclosed “material defects” or homes they rushed to buy without doing enough “due diligence” to make sure it really met their needs and wants. Many sellers overplayed their hands and wish they had sold! None of this makes the recent market a “housing bubble” as the frenzy was created by the actions of buyers and sellers. The "housing bubble" 15 years ago was caused by government meddling that led to loose financing standards designed to increase homeownership among certain groups. We can debate the details and/ or the intent if you wish but the “ends did not justify the means”. While some may have enjoyed months of owning their own home, many lost those homes and their savings when the “bubble” burst and almost crashed our entire economy....Please call me if you would like to discuss this in further detail. I can add knowledge and insight to whatever data and information you have. Remember, when it comes to buying what is likely your biggest asset and largest overall investment: There is no time for inexperience, empty promises or false expectations. HIRE WISELY: We are not "all the same"!

I listed and sold Real Estate during the build-up to the crash of 2008. I contend that this market is NOT the same. Let me explain. Google defines “bubble” as a good or fortunate situation that is isolated from reality or unlikely to last. Good? Fortunate? That depends on your perspective which makes the definition vague, allowing people see both markets as more similar than they are. Whatever you think caused the crash in 2008, I will focus on my personal experiences. Starting around 2002, the specific months and years involved varied across the country, interest rates dropped dramatically to generate buyer interest. Interestingly enough, the rates that created that heated market were very much like what we see today which has many complaining about rising rates. How is that for perspective? In addition, and very troubling, lending standards loosened dramatically. The changes included a reduction in the minimum credit score required to “qualify” for a loan as well as increased ratios, meaning that prospective buyers could use more of their gross and net income to buy Real Estate. Ever hear the phrase “house poor”? Let me digress for a moment."Jumping forward ..."Semantics? Perhaps but I have heard too many equating the two markets. While I respect and understand buyers expressing concern about buying Real Estate today, wondering if prices are sustainable, there is never a guarantee that Real Estate prices will appreciate in a straight-line, if at all. Look at the stock market regularly and you will see this in action. There is always risk in ANY “investment” but what are the alternatives? If you are renting, is that a more prudent bet than owning? You will never recover your rent payments and they continue for as long as you rent. If you have delayed your plans to move, what is the cost to your personal happiness and any other factors impacted by your staying put wherever that may be?Buying and selling Real Estate are personal decisions that deserve a lot of consideration. This type of market does not typically offer time to decide. These are emotional decisions justified with logic. Planning and preparation are critical even if the time available is shortened. The time to plan and prepare is not after you find a house you think you like so you can watch someone else better prepared buy it. Start before looking! Some lessons from the real “bubble” should be helpful. Contact me in 5 or 10 years and we will have a clearer picture of what happened! There is no time for inexperience, empty promises or false expectations!HIRE WISELY:  We are not “all the same”?

Showing Time, using Bright MLS statistics, has released their Local Market Insight report for single family homes in Delaware County Pennsylvania through March 2022. If you would like information about this or any other County or any specific municipalities in the Delaware Valley, please contact me or visit my web site, AndrewWetzel.com. I am only a phone call, email or text away! I respond promptly to all inquiries....As far as the statistics, there were 1868 new “for sale” listings through March 2022 compared to 1862 through March 2021, a slight decrease of .7%. There were 1577 closed sales through March 2022 compared to 1498 through March 2021, an increase of 5.3%. The median selling price through March 2022 was $269,000 compared to $245,000 through March 2021, an increase of 9.8%. The flat number of newly listed properties had no effect on the number sold while substantially increasing their selling prices. The number of currently available properties (391) is below one year ago (444). The Days on the Market (DOM) (29 vs 27) and “Sold to List Price” ratio (101.2% vs 99.5%) are improved while the MSI (Months of Supply) is less than 1 month (at .7 months), down 42% from one year ago. The low inventory combined with pent-up demand has created our current market. Again, these numbers vary throughout the County:  the underlying data shows a wide range of results in all categories among the 49 different municipalities in Delaware County. What happens going forward?....If you want or need to sell any type of Real Estate, now or in the future, whether you tried and did not succeed before or are planning for the first time, it is never too early to start the planning and preparation. Please do not wait for what you think is a better or the best time to start. Buyers look all year long and can only see and buy properties that are available to see. Based on what we experienced in 2021, is waiting something you would consider?There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not “all the same”!

Tri-County Suburban REALTORS and Showing Time have released their June 2021 Local Market Insight report for single family homes in Delaware County Pennsylvania.  The report uses Bright MLS statistics.  If you would like more information about this or any other County or any specific municipalities in the Delaware Valley, please contact me or visit my web site, AndrewWetzel.com.  I am only a phone call, an email or a text away!  I respond promptly to all inquiries. The Real Estate market continues to recover from the pandemic shutdown and resulting economic impact.  As always, your experience may differ depending on your location and how you have been personally affected.  As I always say, the decision whether or when to sell or buy Real Estate is a personal one influenced by a number of lifestyle factors and external variables.  The past year or so typifies that.  Some have not been deterred causing a frenzied sellers' market while others have decided to delay their plans to sell or buy. The report compares current month and year-to-date results to one-year ago.  We are past the halfway point but the statistics continue to include pre- and post-pandemic time frames so it is not a true “apples-to-apples” comparison.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary greatly from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, if you are thinking about selling or buying, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market as well as provide you with the knowledge and insight to help you decide what works best for you. My second point is that, unfortunately, all Real Estate statistics involving sold data are stale.  This is especially true if you are relying on Internet valuation models which use recorded data rather than up-to-date Bright MLS information.  Even then, while a sale may be reported as having settled or closed recently, the real question is when was the offer negotiated?  Typically, sales can take 45 to 60 days to close so the market today may be different from when the offer was presented and negotiated.  This is especially true as market conditions change.  Up-to-date information, even if not perfect, is important! As far as the statistics, please remember that these numbers include a variety of single-family homes throughout the County.  There were 1003 new listings in June 2021 compared to 880 in June 2020, an increase of 14%.  YTD 2021 shows 4802 new listings compared to 3800 in 2020, an increase of 26.4%.  The 5-year June average is 906 new listings.To continue reading, please click here.To learn more about buying and selling Real Estate as well as to search thousands of listings, please visit my website.If you want or need to sell any type of Real Estate, now or in the future, whether you tried and did not succeed before or are planning for the first time, it is never too early to start the planning and preparation.  Now may be the best time to start planning.There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same!

Whether you are starting the process of buying your first or “next” home, engaged in the process of house-hunting or you have already been denied a house you really wanted to own, I want to share some time-tested advice.  I am going to address the main question in three parts.  This is not intended as legal advice and not intended to interfere if you have an existing business relationship. Let's start with the premise that you have made an offer and it was rejected.  You may have had no response or you may have been given an opportunity to negotiate that did result in a signed contract.  If a buyer makes what they think is a reasonable offer and the seller did not accept it, they should have no regrets.   Easy for me to say.  However, did the buyer have the right expectations and understanding about the process?  Could or should their agent or the listing agent or the seller have done anything differently? If the seller was given the opportunity to review all offers and was properly informed of any possible interest that could generate additional offers and they accepted what they thought was the best offer, who has any reason to complain about the process?  Every executed agreement will not close so it may be best to remain on good terms with everyone involved.  You may get another chance to get a house you want to own, if you want one, but do not assume you will. I provide my buyer-clients with a few pearls of wisdom I have gained through experience, training and education.  The process of buying or selling Real Estate is typically an emotional decision justified with logic.  It should be treated as “business” and not taken personally.  It is also not retail.  Looking for a house can be a full-time job but it is worth the investment of time and effort.  Your life will get back to normal after you succeed.  Bad decisions are costly and their effects can last a long time.  Real Estate is typically our biggest asset and requires our largest ongoing investment so buying or selling it deserves a lot of attention. I have already discussed how a buyer might manage their search and making their offer in a previous post.  Those are both important but there is more work required to get the house you like under contract.  Respectfully, you may have had the best planning and preparation and made your best offer but there are still two potential obstacles to having a signed contract:  they are the listing agent and the seller.To continue reading, please click here.For more information, please visit my website to search for thousands of listings and learn more about buying and selling Real Estate.There is a lot more to buying or selling Real Estate than marketing, showings and writing offers.  This is NOT retail!  There is no online “shopping cart” or a “Buy It Now” option.  Again, this is a business decision which is often emotional and justified with logic.  While the public has endless access to data and information, it takes an experienced, trained and educated professional to bring the knowledge and insight that Real Estate sales often require. There is no time for inexperience, empty promises or false expectations. HIRE WISELY:  We are not all the same!

Whether you are starting the process of buying your first or your “next” home, actively engaged in house hunting or you have already been denied a house you really wanted to own, I want to share some time-tested advice.  I am going to cover this from four perspectives.  This is part 3 of 4.  This is a broad topic with no “one size fits all” answers.  My advice comes with two disclaimers:  this is not intended as legal advice and it is not meant to interfere if you have an existing business relationship. Let me start with the premise that a buyer or you made an offer and it was rejected.  If a buyer makes what they think is a reasonable offer and the seller does not accept it, they should have no regrets.  Easy for me to say.  If yours was the only offer, I would assume that you had a chance to negotiate with the owner but could not reach a mutually beneficial solution.  If you were competing with other buyers, only one offer could win.  Did the buyer have the right expectations about the process and how it might go?  Could or should their agent or the listing agent or the seller have done anything differently?  If the seller was given an opportunity to review all offers and was properly informed of any possible interest that existed and they accepted what they thought was the best offer, there may be no valid  reason to complain about the outcome.  Every signed agreement does not close so you may get another chance, if you want one, but do not assume you will.  In fact, depending on the type of Real Estate market, you may want to assume that you have competition and that you will not have a chance to change your initial offer. I provide my buyer-clients with knowledge that I have gained through my years of experience, training and education.  I have also learned a lot from conducting mediations between buyers and sellers and listening to ethics complaints about agents.  Fundamentally, I believe that the process of buying or selling Real Estate is best looked at as a business decision, not a personal one.  It is also not a retail transaction. Looking for a house can become a full-time job but it is worth it.   Your life will get back to normal after you succeed.  Bad purchase decisions can be costly and their effects can last a long time.  Real Estate is typically our biggest asset and requires our largest investment so buying or selling it requires planning and preparation.  It deserves our full attention. As I discussed in part two, The Search, once a buyer starts to identify possible houses to consider looking at and buying, there is a process to narrowing the list down to the best and getting in to see and evaluate them as quickly as possible.  I remind buyers that proper planning and preparation will position them to compete better and that they are not the only buyer seeing the search results they receive.  It all comes down to making an offer that will appeal to the seller or, at the very least, maximize the chance that the seller will offer a counter-proposal.  The purpose of negotiating is to keep talking.  While that can wear someone down, it is better than silence.  That being said, buying Real Estate can be very competitive so ....To read the rest, please click here.Please feel free to share, like, comment and follow!For more information about selling, buying and the Real Estate market, visit my web site.There is no time for inexperience, empty promises or false expectations.HIRE WISELY:  We are NOT all the same!

I recently created a podcast on “Multiple Offers” and how two different agents viewed them.  I want to explore one of their comments further.  One agent said that multiple offers are the result of pricing a property too low.  While I don't agree, I do feel that there is something to this.  Let me explain. Suppose an agent is working with a buyer “pre-qualified” and comfortable spending up to $300,000 on a house.  Pick any price.  What “price range” should they search?  I say “range” because no one would search for one specific price.  You can start at a certain number or go up to a certain number.  This is why pricing is different than before we had the Internet.  Agents have to “factor in” what a consumer may be thinking rather than trying to interact with the mindset of an experienced, trained and educated agent.  Let's start with the minimum first. For some buyers, such as investors, I do not set a minimum.  They may be open to considering whatever is in their search results and open to driving by or studying what I send them to eliminate houses that do not appeal to them.  Buyers looking for their next home, especially if they are financing the sale, may need to pick a starting point to meet their needs and abilities as well as the requirements of their financing.  Some houses simply need too much work.  How far they look below their “top number” depends.  Sometimes the areas that interest them or the features they include will provide some guidance.  Otherwise, they may evolve into “knowing” that anything below $x is a waste of time. What about the top end?  They are “pre-qualified” and comfortable spending “up to $300,000” so why wouldn't that be the number?  This is where it gets tricky.  The market will suggest or dictate what you should do if you want to succeed.  In a buyer's market, if houses are getting less than full price, you can search higher than their top number.  That does not guarantee success as there may be competition even in “slower” moving markets.  A seller may still want full asking price. In a seller's market, when houses are getting more than full price, you may want to search lower than $300,000, expecting to have to raise your offer, if given the chance.  In a hot market every house will not sell so this is not a blanket statement but you may not succeed by offering full price. The MLS offers data comparing the selling price to the opening and final asking prices.  However, “data integrity” may be lacking if incorrect information is entered, possibly impacting the overall report.  An agent has to look “within the numbers” to see what is really happening with pricing....To read the rest, please click here.Please feel free to share, like, comment and follow!For more information about selling, buying and the Real Estate market, visit my web site.There is no time for inexperience, empty promises or false expectations.HIRE WISELY:  We are NOT all the same!

Competition and multiple offers seem normal these days.  Your opinion about them probably depends on whom you represent and your personal experiences.  They do not guarantee success for a seller but make it harder for buyers and their agents.  I recently heard two very different opinions about them. A buyer's agent, frustrated by losing yet another bidding war, told me that multiple offers are the result of pricing a property too low.  I guess that makes some sense, pricing it higher might reduce the amount of competition but is that best for a seller?  Would that result in their seeing the highest and best possible offer?  Who knows?  There are a few things I think I can say in general: ·         Competition tends to produce the “highest and best” offer, even if it is not what a seller wants.  When there is only one offer a seller may think a better one will come later.  They often do not.·         Looking at and comparing multiple offers can get tedious, especially if they seem repetitive.  I have had several listing agents tell me that, at some point, their seller stopped reviewing additional offers.  Presumably, they had at least one they liked but that concerns me.  A buyer agent who shows a house and takes the time and effort to prepare an offer should be able to trust that their buyer's offer was considered.  We have forms to confirm that but the bigger picture is that offers not presented may be better than what a seller accepts and that those that “appear” uncompetitive may just be a starting point for a buyer who really likes a house.·         Some agents actively encourage a flood of showings hoping for multiple offers and a quick sale.  There is nothing wrong with that but it creates an environment that must be managed.  What is the goal?  I assume it is to shorten the marketing time and to get the “highest and best” offer that will appraise and close.  The real dilemma may be knowing whether to accept an offer or question whether it will appraise.  What if it doesn't?  Having a pre-listing appraisal may help but may not be ideal, especially if the market is rising.·         While there is nothing wrong with multiple offers, I think it places some responsibility on everyone involved.  Our clients must be advised of the advantages and disadvantages. This agent was frustrated with writing offers that failed and having to start showings again.  Imagine being a buyer who loses your preferred new or “next” home to competition, especially if it happens again and again.  We are in perhaps the best sellers' market I have ever seen and its major attribute, if you  want to call it that, is that the number of buyers far exceeds the number of available properties.  While this does not mean that every property will sell, every buyer will not get a house. Another agent posted on social media that a buyer's agent who writes offer after offer is not doing their job.  I would love to have these two agents in the same room ....To rest the rest, please click here.Please feel free to share, like, comment and follow!For more information about selling, buying and the Real Estate market, visit my web site.There is no time for inexperience, empty promises or false expectations.HIRE WISELY:  We are NOT all the same!

The type of Real Estate market produces some creative ways to “protect and promote” the interest of our clients.  The ebb and flow of who has “power” and “leverage” is interesting.  What may work (or frustrate others) in one market may appear insane in another.  That being said, we are required and expected to respect different “business models”.  However, do we have to do as we are told? Many listing agents use a “Presentation of Offers” form which spells out what they want included in a purchase offer and how they conduct business.  I respect different “business models” and think the concept makes sense but I am left wondering about some of what they expect.  As long as the seller agrees that is fine but some of what I see seems counter-productive.  Here are a few examples: ·         An agent must submit an offer before being allowed to show a property;·         A buyer must perform inspections before submitting an offer;·         Do not have any contingency expire on a weekend or holiday.  If you do, add language to the agreement stating that the time frame is extended to the next “business day”;·         Offers received after 5pm will be presented to the seller the next morning;·         Offers received after 5pm on Friday will be presented to the seller on Monday;·         Offers are to be submitted at a “specified time” and will be reviewed at a “specified time”. Respectfully, if a seller agrees with any of these or other terms, perhaps that is their wish and their choice, fine but some of these make me wonder.  Real Estate is not a 9-5 job although it should not be 24/7 either.  I guess it all comes down to the type of market.  The question is:  do we have to comply? We are in the hottest seller's market I have seen in years.  Every house seems flooded with showings and multiple offers which, combined with the pandemic, many sellers and buyers are finding very frustrating.  To accelerate what I refer to as the “second step” to selling or buying Real Estate, the “third step” being when an offer is negotiated, some listing agents are doing one of two things to generate immediate interest.  They start showings at an “open house” or use a “Coming Soon” strategy to make buyers salivate before they can legally get in.  Both can work but may be creating a frenzy that will not play out as expected.  Some buyers are making offers “sight unseen”, waiving inspections and/ or going well over asking price, all in an effort to beat real or perceived “competition”.  Some agents just make their listings “active” and let the fun begin.  The market will change.  It always does. To read the rest, please click here.Please feel free to share, like, comment and follow!For more information about selling, buying and the Real Estate market, visit my web site.There is no time for inexperience, empty promises or false expectations.HIRE WISELY:  We are NOT all the same!

Whether you are starting the process of buying a home, actively engaged in house hunting or you have already been denied a house you wanted, I want to share some time-tested advice.  I am going to cover this from four perspectives.  This is part 2 of 4, The Search.  This is a broad topic with no “one size fits all” answers.  My advice comes with two disclaimers:  this is not intended as legal advice and it is not meant to interfere if you have an existing business relationship. I provide my buyer-clients with knowledge that I have gained through my years of experience, training and education.  I have also learned a lot by conducting mediations between buyers and sellers and listening to ethics complaints about agents.  Fundamentally, I believe that the process of buying or selling Real Estate is best looked at as a business decision, not a personal one.  It is also not a retail transaction. Looking for a house can become a full-time job but it is worth it.  Your life will get back to normal after you succeed.  Bad decisions can be costly and their effects can last a long time.  How long do you plan to live in your “next home”?  Real Estate is typically our largest investment so buying or selling it requires planning and preparation.  It deserves our full attention.  How a buyer and their agent conduct “the search” will help determine the outcome.  Is the buyer convinced that they are aware of every house that is a potential match? As I discussed in part one, Planning and Preparation, I suggest that buyers do three things before they even start looking at houses and this includes not visiting open houses or looking online.  Once you have hired an agent, spoken to a lender to determine your financial comfort level and thought about your “needs” and “wants”, you are ready to move forward.  There is no guarantee of success but working on those three items can be a real asset later.  All you can do is put yourself in the best position to compete.  The search then becomes the focus....To read the whole article, please click here.

Tri-County Suburban REALTORS and Showing Time have released their March 2021 Local Market Insight report for single family homes in Delaware County Pennsylvania.  The report uses Bright MLS statistics.  If you would like more information about this or any other County or any specific municipalities in the Delaware Valley, please contact me or visit my web site, AndrewWetzel.com.  I am only a phone call, an email or a text away!  I respond promptly to all inquiries.Many areas continue to be affected by the pandemic and resulting economic impact....The report compares current year-to-date results to one-year ago, same time period.  It only covers three months and crosses over from pre-pandemic to pandemic time frames so it is not “apples-to-apples”.... As far as the statistics, please remember that these numbers include a variety of single-family homes throughout the County.  There were 811 new listings in March 2021 compared to 667 in March 2020, an increase of 21.6%.  YTD 2021 shows 1882 new listings compared to 1941 in 2020, a decrease of 3.0%.  The 5-year March average is 859.  There were 444 active listings in March 2021 compared to 848 in March 2020 with a 5-year average of 1337.  Low inventory levels continue to affect the market:  the “Months of Supply: is down 62% as compared to last year.  There were 518 closed sales in March 2021 compared to 486 in March 2020, an increase of 6.6% with a 5-year average of 498.  The median selling price was $256,000 in March 2021 compared to $229,900 in March 2020, an increase of 11.4% with a 5-year average of $214,370. What effect did the large decrease in new listings have on the market statistics?  It created some anxiety resulting in multiple offers, perhaps well over asking price, and buyers taking other actions to make their offers more competitive.  These include buying “sight unseen” and/ or waiving inspections....On the other hand, some buyers may come to regret a hasty decision to get a property under contract at “all costs”.  Buying “sight unseen”, especially without inspections comes with a risk.  Sellers and their agents need to consider how to manage such offers as they may have appraisal issues and/ or be more likely to result in buyer remorse after the buyer gets to learn more.  Given the  expense and complexity of a typical Real Estate purchase, buyers and sellers need to fully understand what they are doing and what can go wrong.  Even with our property disclosure law in PA, many sellers either do not know about underlying issues with their properties or forget to disclose them.  Whatever your feelings about property inspections, they can provide important information to a buyer.  Getting a contract signed is only the first step to completing a Real Estate sale....To read the whole article, please click here.

That depends.  Depends on what?  There are several things to consider.  Let me discuss two. First, pricing is an art and not a science.  No matter what data and information went into determining your asking price, the price is an educated guess at best.  Is it realistic or hopeful?  If there is little or no information to rely on, it might just be a shot in the dark.  Either way, what would convince you to consider lowering it?  Some sellers think a reduction is the same as a loss when it might well be the difference between selling or not. I suggest that a seller give this some thought at the beginning of the market process.  Their thinking may change but waiting to consider how to react to the market when a house is on the market can be stressful and cause a seller to miss a great opportunity.  Some sellers measure success by showings.  However, a lack of showings may the result of poor or ineffective marketing.  What about a house that gets many showings but no offers?  That is likely a price problem as it suggests that buyers found more for the same price or the same for a lower price. Second, a listing agent needs to have a discussion about pricing.  The points already mentioned would make a great conversation.  In addition, a market analysis will provide historic information as well as some insight into what is happening now, both of which have a degree of subjectivity and built-in error.  As part of looking at the market and evaluating what the owner is selling, a listing agent needs to know their seller-client's motivation:  is it time or money?  If the seller is committed to selling sooner rather than later, a price reduction would be more likely to be considered.  Of course, in that instance an asking price might have been aggressive at the start.  If it works, great.  If not, some sellers will think they have already agreed to accept less than the market value.  If they prioritize the amount they receive, they may be reluctant to reduce at all and if they agree, it could take time.  Again, having this discussion early on will save time later and may prevent problems. Historic sales are just that.  Depending on the time frame you use, they may cross months, seasons and even years.  Even if a property settled yesterday, when was the offer made and negotiated?  It could be weeks or months old and not indicative of the current market.  A look at the pricing for houses under contract, while not providing the number the seller accepted and not being subject to an appraisal, will at least tell you what one buyer found compelling enough to consider.  You may see a trend higher than or lower than the settled pricing.  Of course, any agreed-upon price could be quite different from the then-current asking price and you won't know that until after settlement. Depending on the market, I believe that when a new listing hits the active market, it has its greatest chance of attracting interest as there may be more prospects looking at that time than will enter the market in the next few weeks.  It has been my experience that new listings can and should get a flurry of activity quickly and then, if activity or interest has been lacking, the seller has a decision to make ....To read more, please click here ....When you pick your price, you pick YOUR competition.  There is no magic to it .... There is no time for inexperience, empty promises or false expectations. HIRE WISELY:  We are not all the same!

As is usual, my best answer is it depends!  Can the answer be a “tie”?  I would like to think that when Real Estate is sold that both people “won” but Real Estate is a competitive process where two people have opposite if not adversarial motives.  No buyer ever said I want to give the seller as much money as possible unless, of course, they know there is competition or they intend to use their successful offer as leverage to negotiate something to their benefit later such as inspection results.  No seller ever said they wanted to give a buyer the lowest price unless they wanted to dump the property or intended to make no repairs.  Most sales happen between those extremes.  Getting to settlement is another matter. The market today, Spring 2021, is as competitive as I have ever seen and I have been doing this since 1996.  The years from 2003 through 2008 were fairly hectic but that was a true “bubble” fueled by government manipulation to increase home ownership that relied on loose lending standards which financially destroyed many of the buyers it was supposed to help.  Sadly, many who bought were not really qualified to manage the finances and, frankly, many flippers took advantage of the market and sold bad rehabs.  I could go on but my main point is that this is NOT what is happening today. Today is very different.  The market has been created by a combination of perpetually low interest rates, extremely low inventory and pent-up demand delayed by the pandemic.  Lending standards appear to be solid so buyers are better situated today, at least financially.  That being said, this cannot go on forever.  Interest rates have been rising slightly but there is plenty of money to lend. Two significant variables are likely to change.  One is the number of buyers.  If this is anything like the “bubble years”, buyers have jumped off and over the proverbial fence and decided to buy earlier than they had been planning.  Sooner or later the market runs low or out of qualified buyers and I hope that does not result in easing lending standards.  The other variable is the inventory level.  My best guess is that the number of properties for sale will rise once whatever is holding owners back changes.  Just as the number of buyers was inflated by a number of factors, I believe that owners have been held back by a number of factors.  These diverging trends produced what we are seeing today. Real Estate depends on “supply and demand”:  buyers and sellers are on opposite ends of a proverbial see-saw.  The supply of one often exceeds the supply of the other causing prices to rise and fall.  Competition drives prices up; excess inventory drives them down.  External factors like interest rates, the general economy and other variables like a pandemic play a vital role.  So back to the original  question, is it a better time to sell or to buy?  Let me break it down this way. I believe that the group that has or had the most to gain in the current environment are ....To read more, please click here.Buying or selling as a single, disconnected act is one thing.  No one can predict what tomorrow will bring and decisions always look clearer in hindsight....  All you can do is get the best information you can, decide what you want and need to accomplish and know when to make a move or when to hold back. There is no time for inexperience, empty promises or false expectations. HIRE WISELY:  We are not all the same! 

Whether you are thinking about buying a home, are actively engaged in house hunting or you have already been denied a house you wanted, I want to share some time-tested advice.  I am going to cover this from four perspectives.  This is a broad topic with no “one size fits all” answers.  I strongly believe that planning and preparation will put you in the best position to identify houses that may interest you and, when you find one, maximize your opportunity to own it.  There are many variables in the home buying process, some of which you can't control.  I encourage serious buyers to control what they can. My advice comes with two disclaimers:  this is not intended as legal advice and it is not meant to interfere if you have an existing business relationship. Let me start with the premise that a buyer (or perhaps you) made an offer and it was rejected.  If a buyer makes what they think is a reasonable offer and the seller does not accept it, they should have no regrets.  Easy for me to say.  If yours was the only offer, I would assume that you had a chance to negotiate but that you could not reach a mutually beneficial solution.  If you were competing with other buyers, only one offer could win.  Did the buyer have the right expectations about the process and how it might go?  Could or should their agent or the listing agent or the seller have done anything differently? If the seller was given an opportunity to review all offers and was properly informed of any possible interest that existed and they accepted what they thought was the best offer, there may be no valid  reason to complain about the outcome.  Every signed agreement does not close so you may get another chance, if you want one, but do not assume you will.  In fact, depending on the type of Real Estate market, you may want to assume that you will not have a chance to change your initial offer. I provide my buyer-clients with knowledge that I have gained through my years of experience, training and education.  I have also learned a lot by conducting mediations between buyers and sellers and listening to ethics complaints about agents.  Fundamentally, I believe that the process of buying or selling Real Estate is best looked at as a business decision, not a personal one.  It is also not a retail transaction. Looking for a house can become a full-time job but it is worth it.  Your life will get back to normal after you succeed.  Bad decisions can be costly and their effects can last a long time.  How long do you plan to live in your “next home”?  Real Estate is typically our largest investment so buying or selling it requires planning and preparation.  It deserves our full attention. I suggest that buyers do three things before they even start looking at houses and this includes not visiting open houses or looking online.  The goal is avoid being teased or distracted.  They may not even be consciously thinking about buying a house.  If they are, most buyers want to jump right in.  Frankly, looking at houses and imagining “what if” is the fun part although that can “get old” really fast especially after an offer has been rejected or terminated....  So what are the three things?  .... To read more, please click here.In part two, I'll discuss the search for your first or “next home”. There is no time for inexperience, empty promises or false expectations. HIRE WISELY:  We are not all the same! 

I received an email from the staff at Listenable.  They provide an online platform that offers “powerful, bite-sized audio courses authored by well‑loved experts”.  They said:  “Congratulations on launching your first course on Listenable!  We're excited to have you on board!  We sincerely appreciate the work you've done to create such an outstanding course and we are proud to have you on the Listenable team.” I am happy and excited to add my content to their impressive lineup of courses.  The title of my course is “The Basics of Selling Residential Real Estate”.  Why did I create it? My passion for Real Estate led to my writing blogs and recording podcasts.  Someone at Listenable heard my podcasts and contacted me to ask if I would be interested in creating an audio course for them.  The subject matter was up to me and this topic seemed an obvious choice. As I have learned over the course of my career as well as through my involvement in various roles within the Real Estate community, Real Estate is not rocket science by any means although many make it far more complicated than necessary.  The process of selling or buying residential Real Estate generally involves a number of basic steps that must be completed in order to succeed.  Hiring a professional should increase your chances for success.  Our experience, training and education can provide the knowledge and insight typically needed to navigate the home selling or buying process. My course consists of 13 lessons averaging about 8 minutes each.  I break the steps of selling Real Estate down into “the basics” and explain what we do and why we do it.  My goal is to take some of the mystery out of what people think we do and clarify it so that the typical listener will be more comfortable with the process.  I discuss the entire selling process from hiring an agent through settlement/ closing.  I hope that you will listen to it and recommend my course to people you know. Here are the lessons:  The “Five Steps to Selling Real Estate”; Hiring an Agent; Preparing Your House for Sale; Marketing Your House to Sell; Pricing Your House to Sell; The Listing Contract; Your House is on the “Active” Market; Congratulations, You Have an Offer; Contingencies; Closing the Sale.  I included two “bonus” lessons:  Andrew's Time-Tested Real Estate One Liners and The Code of Ethics and Standards of Practice of the NATIONAL ASSOCIATION OF REALTORS. Here is a direct link to Lesson 1 .   To enjoy 14 free days of Listenable, use this link.I have an extensive catalog of blogs and podcasts posted on several websites including my primary agent website.  If you haven't followed them, I encourage you to give them a try.  If you have read and listened to my material, thank you.  I will keep adding new content. Best wishes and thank you for listening and reading!  As always, I am a phone call, email or text away if you have any questions. There is no time for inexperience, empty promises or false expectations. HIRE WISELY:  We are not all the same.

This is a question that most agents and buyers never really have to think about.  How often does this happen?  I like to raise the question in my ethics classes for these very reasons.  Once people do think about it, it can generate a lively theoretical discussion which generates emotion and opinion.  I am not sure there is a perfect answer but I think it has so many aspects to it that it is worth discussing.  Better now than in an ethics hearing.  Let me start with some disclaimers. First, this is my opinion and not intended as legal advice.  Second, I am in PA where this practice is not considered “dual agency”.  In fact, our contracts specifically allow this to happen which I will discuss later in further detail.  However, it is considered “dual agency” in some states which makes me wonder why, how can that be:  it either is or it is not “dual agency”.  How can it be looked at differently in different states?  If it were considered “dual agency”, which is not allowed in some states, that would at least provide some direction as to how to handle it and remove my concerns.  Third, my intent is not to interfere with any existing business relationships although I would respectfully suggest that buyers should know if this situation might come up so that they can make an informed decision before entering into a business relationship that might not work for them.  In PA many agents refuse to act as “dual agents”.  I wonder how they view this topic? I am an analytical thinker so I will look at this from several perspectives.  Let's start with some contract information, meaning some language that a potential buyer-client should know before hiring an agent to represent them.  This assumes that a buyer hires an agent and actually discusses their respective roles.  Of course, if an agent does not follow our rules and regulations, a member of the public may not be as well informed as they should be.  While well over 90% of the public searches online for Real Estate listings and information, I do not believe that most really understand agency representation.  We do more than open doors and write contracts.  Do prospective buyers know what to ask agents they might hire?  Are they resistant when an agent tries to do their job by discussing contracts and agency disclosures?  I am going to talk about this from the perspective of being a REALTOR, not just a licensee.  This means I will refer to out REALTOR Code of Ethics as well as our state's “standard forms”.To read more, click here.Please visit my agent website to view thousands of Real Estate listings and learn more about selling and buying Real Estate.My New Audio Course is LIVE on Listenable.io.  The title is "The Basics of Selling Residential Real Estate".   Click here for Lesson 1.   To enjoy 14 free days of Listenable, click here.

Tri-County Suburban REALTORS and Showing Time have released their January 2021 Local Market Insight report for single family homes in Delaware County Pennsylvania.  The report relies on Bright MLS statistics.  If you would like more information about this or any other County or any specific municipalities in the Delaware Valley, please contact me or visit my web site, AndrewWetzel.com.  I am only a phone call, an email or a text away!  I respond promptly to all inquiries. The market continues to be affected by the pandemic and resulting economic impact.  The weather has also been a factor.  However, generally speaking, the results in many areas are encouraging and, as always, your experience may differ depending on your location and how you have been personally impacted.  As I always say, the decision whether and when to sell or buy Real Estate is a personal one influenced by a number of lifestyle factors and external variables.  The pandemic typifies that.  Some have not been deterred while many others have decided to delay their plans to sell or buy. The report compares current year-to-date results to one-year ago, same time period.  This report only covers one month so I would not over-react to the information.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary greatly from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, whether you may be thinking about selling or buying, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market as well as provide you with the knowledge and insight to help you decide what works best for you. My second point is that, unfortunately, all Real Estate statistics involving sold data are stale.  This is especially true if you are relying on Internet valuation models which use recorded data rather than up-to-date MLS information.  Even then, while a sale may be reported as having settled or closed today, the real question is when was the offer negotiated?  Typically, sales can take 45 to 60 days to close so the market today may be different from when the offer was presented and negotiated.  Up-to-date information, even if not perfect, is important! As far as the statistics, there were 534 new listings in January 2021 compared to 586 in January 2020, a decrease of 8.9%.  The average number of active listings in January 2021 was 441 compared to 994 in January 2020.  Low inventory levels continue to affect the market.  There were 544 closed sales in January 2021 compared to 438 in January 2020, a 24.2% increase.  The median selling price was $240,000 in January 2021 compared to $202,000 in January 2020, an increase of 18.8%.  What effect did the large decrease in the number of properties being listed and available have on the market statistics?  It likely created some anxiety resulting in multiple offers, perhaps well over asking price, and buyers taking other actions to make their offers more competitive.  These include buying “sight unseen” and/ or waiving inspections.  The result was a huge increase in selling prices along with ....To read the rest of the blog, please click here.There is no time for inexperience, empty promises or false ex

Tri-County Suburban REALTORS and Showing Time, using Bright MLS statistics, have released their Local Market Insight report for single family homes in Delaware County Pennsylvania through December 2020.  If you would like more information about this or any other County or any specific municipalities in the Delaware Valley, please contact me or visit my web site, AndrewWetzel.com.  I am only a phone call, an email or a text away!  I respond promptly to all inquiries. The market continues to be affected by the pandemic and resulting economic impact.   However, generally speaking, the results in many areas are encouraging and, as always, your experience may differ depending on your location and how you have been personally impacted.  As I always say, the decision whether and when to sell or buy Real Estate is a personal one influenced by a number of lifestyle factors and external variables.  The pandemic typifies that. The report compares current year-to-date results to one-year ago, same time period.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary greatly from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, whether you may be thinking about selling or buying, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market as well as the knowledge and insight to help you decide what works for you. My second point is that, unfortunately, all Real Estate statistics involving sold data are stale.  This is especially true if you are relying on Internet valuation models which use recorded data rather than up-to-date MLS information.  Even then, while a sale may be reported as settled or closed today, the real question is when was the offer negotiated?  Typically, sales can take 45 to 60 days to close so the market today may be different from when the offer was presented and negotiated.  Up-to-date information, even if not perfect, is important! As far as the statistics, there were 8309 units listed for sale through December 2020 compared to 8993 listed through December 2019, a decrease of 7.6%.  Low inventory levels continue to affect related data points.  There were 7139 closed sales through December 2020 compared to 6984 through December 2019, a 2.2% increase.  The median selling price through December 2020 was $250,000 compared to $227,000 through December 2019, an increase of 10.1%.  The large decrease in inventory, meaning the number of properties being listed, had a relatively small effect on the number sold while substantially increasing their selling prices.  The number of currently available properties is well below one year ago and the Days on the Market (DOM) and “Sold to List Price” ratio are much improved.  Do we have an inventory problem or pent-up demand?  Again, these numbers vary throughout the County:  the underlying data shows a wide range of results in all categories among the 49 different municipalities in Delaware County. To read the rest of the blog, please click here.There is no time for inexperience, empty promises or false expectations!HIRE WISELY:  We are not all the same!

Showing Time, using Bright MLS statistics, has released their Local Market Insight report for single family homes in Delaware County Pennsylvania through November 2020.  If you would like information about this or any other County or any specific municipalities in the Delaware Valley, please contact me or visit my web site, AndrewWetzel.com.  I am only a text, email or phone call away!  I respond promptly to all inquiries.The overall market continues to be affected by the pandemic and resulting economic impact.  However, generally speaking, the results in many areas are encouraging and, as always, your experience may differ depending on your location and how you have been personally impacted.  As I always say, the decision to buy or sell Real Estate is a personal one and the current environment typifies that.The report compares current year-to-date results to one-year ago, same time period.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, whether you may be thinking about selling or buying, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market.  Deciding whether it is the right time to sell or buy is a personal decision typically involving a number of variables.  I can provide the knowledge and insight to help you decide what works for you.My second point is that, unfortunately, all Real Estate statistics involving sold data are stale.  This is especially true if you are relying on Internet valuation models which use recorded data rather than up-to-date MLS information.  Even then, while a sale may be reported as settled or closed today, the real question is when was the offer negotiated?  Typically, sales can take 45 to 60 days to close so the market today may be different from when the offer was presented and negotiated.  Up-to-date information, even if not perfect, is important!As far as the statistics, ....To read the rest of the post, please click here.

The court-ordered Delaware County (PA) reassessment project is nearing its conclusion.  When  completed, the County will have a total value for all of its over 203,000 parcels of Real Estate.  Then they will determine the “millage rate” or tax due per thousand dollars of Real Estate owned needed to generate the tax revenue required to fund the different parts of government including school districts. I served on 1 of 5 auxiliary tax reassessment appeal boards and have reported on various aspects of my experiences including the purpose of the process and suggestions on how to appeal your proposed assessment.  The purpose of this report is to provide an overview of my board's results.  I have no way of knowing how these compare to the other boards nor do I know what happened after my board rendered its decisions.  Those whose appeals were rejected had a final opportunity to appeal our decision.  Some may have accepted our decision or decided to wait to see what happens to their taxes.  Perhaps some whose appeals were accepted decided to appeal further, seeking an additional reduction. As far as my experience, our board remained intact for 26 days of hearings, we were scheduled to hear 1389 appeals, 329 appellants did not report for their hearing (23.7%), 59 appeals were withdrawn after being scheduled, 13 scheduled appeals were re-scheduled and we actually heard 988 appeals (71.1% of those scheduled).  493 (49.9%) of the appeals were done virtually, meaning over the phone.  18 of the appeals resulted in our not making a decision due to their complexity so we referred them to the Board of Assessment.  Few appellants used attorneys.  In a number of cases, both in-person and virtually, a school district sent an attorney to observe or listen. In a number of our hearings it was a school district appealing the proposed assessed values, seeking to raise them which, while perhaps adversely affecting individual property owners, spread the school tax burden more uniformly.  Only a few property owners appeared to refute their school district's argument and some of them were able to retain the County's proposed assessment. A significant number of appeals were accepted.  The people who came prepared, generally succeeded.  The best preparation consisted of one of two strategies:  appraisals, if based on the July 2019 timeframe, substantiated the contention that the proposed assessed value overstated “market value” and pictures demonstrated that the County had an incorrect view of property condition, especially when the interior of the property was in “below average” condition since the process relied on exterior views.  Unfortunately, for a variety of reasons, too many came to their hearing unprepared to document their case, with many assuming that the new assessment would proportionately increase their tax burden. To read the rest of the blog, please click here.

Bright MLS has released their Residential Market Statistics (which they call Local Market Insight) for single family homes in Delaware County Pennsylvania through October 2020.  If you would like information about this or any other County or any specific municipalities in the Delaware Valley, please contact me.  I am only a text, email or phone call away!  I respond promptly to all inquiries.The overall market continues to be affected by the pandemic and resulting economic impact.  However, generally speaking, the results in many areas are encouraging and, as always, your experience may differ depending on your location and how you have been personally impacted.  As I always say, the decision to buy or sell Real Estate is a personal one and the current environment typifies that.The report compares current year-to-date results to one-year ago, same time period.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, whether you may be thinking about selling or buying, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market.  Deciding whether it is the right time to sell or buy is a personal decision typically involving a number of variables.  I can provide the knowledge and insight to help you decide what works for you.My second point is that, unfortunately, all Real Estate statistics involving sold data is stale.  This is especially true if you are relying on Internet valuation models which use recorded data rather than up-to-date MLS information.  Even then, while a sale may be reported as settled or closed today, the real question is when was the offer negotiated?  Typically, sales can take 45 to 60 days to close so the market today may be different.  Up-to-date information, even if not perfect, is important!As far as the statistics, there were 7282 units listed for sale through October 2020 compared to 8133 listed through October 2019, a decrease of over 10%.  Low inventory levels are the cause of related data points.  There were 5684 closed sales through October 2020 compared to 5879 through October 2019, a decrease of over 3%.  The median selling price through October 2020 was $250,000 compared to $227,500 through October 2019, an increase of almost 10%.  The large decrease in properties being listed had a relatively small effect on the number sold while substantially increasing their selling prices.  Again, these numbers vary throughout the County:  the underlying data shows a wide range of results in all categories among the 49 different municipalities in Delaware County.To read more, click here.

Bright MLS has released their Local Market Insight statistics for all single-family homes, meaning both detached and attached, in Delaware County Pennsylvania through September 2020.  If you would like more detailed information about Delaware County or any other County or any specific municipalities in the Delaware Valley, please contact me.  I am only a text, email or phone call away and I respond promptly to all inquiries.The overall market continues to be affected by the pandemic and resulting economic impact.  However, generally speaking, the results in many areas are encouraging and, as always, your experience may differ depending on your location and how you have been personally impacted.  As I always say, the decision to buy or sell Real Estate is a personal one and the current environment typifies that.This report compares current year-to-date results to one-year ago, same time period.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, if you are thinking about selling or buying, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market.  Deciding whether it is the right time to sell or buy is a personal decision typically involving a number of variables.  I have the experience to provide you with the knowledge and insight critical to helping you decide what works for you.My second point is that, unfortunately, all Real Estate statistics involving sold data are stale.  This is especially true if you are relying on Internet valuation models which use recorded data rather than up-to-date MLS information.  Even then, while a sale may be reported as settled or closed today, the real question is when was the offer negotiated?  Many sales take 45 to 60 days to close, sometimes longer if there are issues, so the market today may be different.  Up-to-date information, even if not perfect, is important!As far as the statistics, there were 6417 properties listed for sale through September 2020 compared to 7370 listed through September 2019, a decrease of 12.9%.  Low inventory levels are having a major impact on the Real Estate market in many areas, with many buyers competing.  There were 4893 closed sales through September 2020 compared to 5296 through September 2019, a decrease of 7.6%.  Compare units listed to closed sales and it is obvious that many houses did not sell.  The median selling price through September 2020 was $250,000 compared to $230,000 through September 2019, an increase of 8.7%.  Interestingly enough, all statistics just for September 2020 are much improved over September 2019, suggesting that the market has continued to rebound after a sub-par spring.  Again, these numbers vary throughout the County:  the underlying data shows a wide range of results in all categories among the 49 different municipalities in Delaware County.To continue reading, please click here.If you want or need to sell any type of Real Estate, now or in the future, whether you tried and did not succeed before or are doing it for the first time, it is never too early to start the planning and preparation. There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same!

Bright MLS has released their Local Market Insight statistics for single family homes in Delaware County Pennsylvania through August 2020.  If you would like more detailed information about this or any other County or any specific municipalities in the Delaware Valley, please contact me.  I am only a text, email or phone call away!  I respond promptly to all inquiries.The overall market continues to be affected by the pandemic and resulting economic impact.  However, generally speaking, the results in many areas are encouraging and, as always, your experience may differ depending on your location and how you have been personally impacted.  As I always say, the decision to buy or sell Real Estate is a personal one and the current environment typifies that.The report compares current year-to-date results to one-year ago, same time period.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, if you are thinking about selling or buying, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market.  Deciding whether it is the right time to sell or buy is a personal decision typically involving a number of variables.  I can provide the knowledge and insight to help you decide what works for you.My second point is that, unfortunately, all Real Estate statistics involving sold data are stale.  This is especially true if you are relying on Internet valuation models which use recorded data rather than up-to-date MLS information.  Even then, while a sale may be reported as settled or closed today, the real question is when was the offer negotiated?  Typically, sales take 45 to 60 days to close so the market today may be different.  Up-to-date information, even if not perfect, is important!As far as the statistics,To continue reading, please click here.If you want or need to sell any type of Real Estate, now or in the future, whether you tried and did not succeed before or are doing it for the first time, it is never too early to start the planning and preparation.  Please do not wait for what you think is a better or the best time to start.  Buyers look all year long and can only see and buy properties that are available to see.There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same!

“Data integrity” ensures that reported information is accurate and can be relied upon.  In Real Estate this could be the status of a property, the price, the type of property and its features.  The importance of accurate information cannot be overstated as people make costly decisions based on what is reported. A seller needs a “ready, willing and able” buyer to complete a sale.  Buyers “acquire” Real Estate information from a variety of sources.  They expect that all properties matching their search criteria will be in their search results so that they can evaluate them and decide whether to take any action.  Suppose they get wrong information or they do not know that a property is available?  They may never get to see it so they cannot buy it.  Houses may sit on the market unsold causing the listing agents to ask the sellers for an unnecessary and costly price reduction which reduces their proceeds but does not make it any easier for buyers to find their property in their search results.  Think Google search. Errors will affect a market analysis for both sellers and buyers.  Sellers looking to price their property according to its location, features and condition may rely on bad information causing them to overprice or underprice their property.  Their house could sit on the market unsold or they could accept less than they should have.  Buyers need accurate information when deciding how much to offer a seller. Houses that do not sell typically have a pricing or a marketing problem.  By marketing I mean wrong or missing “searchable” property features, missing or poor-quality pictures and missing or poorly written property descriptions/ remarks sections.  In addition to excluding properties that really matched their search criteria, poor marketing may cause buyers to dismiss properties because they “look” bad.  Bad information can also impact the mortgage appraiser.  They evaluate selling prices based on reported comparable sales.  They rely on and verify what is reported but how would they know if something is missing?  Appraisers rely on pictures, features and the public remarks to try to identify the prior sales most similar to the house they are appraising.  What is the cost of inaccurate or missing information?  If relying on bad information makes it appear that a buyer paid too much, their sale may stop unless the seller lowers their asking price OR the buyer comes up with more money OR they somehow work it out.  Mortgages are based on a percentage of the appraised value so errors matter. To conclude, data integrity is a BIG deal.  Many sellers have wasted months or even years on the market when they really had little chance of selling given the inaccurate information.  I call these “fatal errors”.  Marketing exposes property information to potential buyers, their agents and anyone else who may need or want to rely on what they hope is accurate information.  Garbage in; garbage out! The Internet has made this more complicated.  Most buyers “shop” online, many even after hiring an agent.  The MLS syndicates property information to the major search engines.  If the MLS information is inaccurate, this magnifies the problem because the information is going directly to the consumer, unfiltered. Your printout is literally like a resume.To continue reading, click here.There is no time for inexperience, empty promises or false expectations!HIRE WISELY!  We are not all the same!

On July 1, 2020, property owners in Delaware County PA were mailed letters advising them of their new “assessed values” to be used starting with the 2021 tax year.  This began the formal tax appeal process.  I have heard from many, especially on social media, concerned that their taxes may skyrocket given how much their “assessed value” had risen.  I empathize and ask people to remain calm. Taxation has ALWAYS been a point of contention for Americans going back to our founding.  However, I am finding that, with the combination of the pandemic, social protests, the economy and the upcoming election, some may not have been paying much attention as the reassessment process moved forward and they are now shocked as it starts to “get real”.  Reading both sides of the mailing should provide some comfort but many focus only on their assessed value and what it could mean.  Let me provide some background.  There is ample information available for anyone who wants to learn more and now is certainly the time to get engaged with the process. Delaware County was last reassessed in 2002.  That was a major undertaking.  The current process seems easier because the information is more current and technology has improved.  There are over 203,000 parcels to assess so every property could not be visited.  Property owners have had two opportunities to appeal the new valuation. The reassessment was court-ordered after two families filed lawsuits alleging that the system of determining assessments was not fair.  As a REALTOR I am very familiar with the complexity of trying to be uniform in determining assessments, especially across municipalities and with respect to new construction.  The judge ruled that assessments were so inconsistent that they violated the state constitution.  Property taxes are an “ad valorem” tax, meaning that they should be uniformly levied in proportion to property value.  The goal was to make the process more transparent by using “market value”, while specifically preventing a tax windfall to the County.Several steps were taken to determine a property's value as of July 2019.  Owners were mailed initial paperwork to review to see if the County “knew” what they actually owned.  There was an “appeal” process if there was a disparity.  Now that the “final” values have been mailed there is a second, formal “appeal” process.   The last day to appeal is September 1 with all appeal hearings to be concluded no later than October 31 so that the new assessment rolls can be certified no later than November 15.  Only then can they can determine the millage and the actual taxes. The “burden of proof” rests with the property owner to provide competent and credible evidence that their valuation is incorrect.  An appraisal is not required but can be very helpful as far as meeting the "burden of proof" standard necessary and an owner may wish to hire an attorney.  Absent an appeal, or if someone does not report for their hearing, the assessor's value is presumed correct.   I have heard some say that they do not feel comfortable with the appeal process and I can appreciate that but that is how the system works.  Facts, not presentation skills, will determine the outcome.  If your value “appears” reasonable, you may decide to do nothing.  That is your choice. The goal is to arrive at a County-wide assessment total.  Once that is established, the County will need to link that with their budget by determining the “millage”.  Only then will individual property owners have the opportunity to know their tax liability.There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same!

Selling Real Estate in and of itself, as an “independent act”, can be interesting enough.  Contracts and paperwork aside, it has to be marketed/ exposed, identified as matching someone's needs, visited, negotiated, inspected and eventually survive several steps proving that both parties can and want to complete the deed transfer.  Every one of these steps can be lengthy. I have found that there are really three basic scenarios possible when someone wants to sell a property.  While similar at their core, the different scenarios each add their own dimension to the process and an agent and their client need to know the scenario and what makes them different. The least complicated sale is one where a seller simply wants to sell a piece of Real Estate.  “Least complicated” does not always mean simple or easy.  The agent needs to know the seller's motivation, is it a matter of time or money?  Do they want a quick sale or require a certain “return”?  Are their liens?  What is the condition?  What is the “fair market value”?  What is the local market like?  How easy is it to schedule showings?  Over time these may change and more questions may arise.  It takes an experienced, trained, educated and knowledgeable agent to properly advise their client as there is so much more to this than uploading the information to the MLS and Internet, installing a “For Sale” sign and waiting for a stampede of anxious buyers.  This is not a “retail transaction” and often gets more complicated once buyers and their agents start to express interest.  Experience will allow a professional to better prepare their seller-client for what the seller does not know might or will happen. Many sellers need to sell to buy something else, even if not another piece of Real Estate.  The biggest difference here is that they “attach” a number to the sale that they think has to be met or the process does not make sense for them.  Even if they simply want to achieve a certain level of proceeds that changes the basic sale and may well end it before it starts.  If they want to buy another property that connects one evolving process to another and, at times, synching two evolving processes can become challenging.  For example, can a seller move into their next home when they need to or will they own two properties at the same time or will they need a place to stay for a short time?  Sometimes a sale happens without a seller knowing what happens next.  Sometimes they find their “next home” without having sold their present home.  While these situations often work out nicely, there are times where sellers who become buyers do not have any idea how juggling two evolving processes can possibly work out but history suggests that it does.  However, it requires more than luck. Some sellers are looking to sell and buy but do not “need” to coordinate both  processes.  They can carry two properties and are willing to do that which makes both aspects easier to manage.  This does not mean that they are comfortable doing that or that their thinking won't change later so a professional must ask enough detailed questions to avoid later surprises. Not to minimize the time, effort and training required, it is relatively easy to get a listing contract signed and upload the information to the MLS and Internet.  Technology has made the marketing so much easier but we are paid more for what happens next and throughout the process, likely earning nothing if a property does not sell or if a sale falls though. There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same!

Today I want to discuss the 2019 NAR or National Association of REALTORS Profile of Buyers and Sellers.  The report comes from a survey using 125 questions mailed to over 159,750 recent home buyers who purchased a primary residence between July 2018 and June 2019.  This was a national survey so your market may be quite different.  Real Estate is local:  there is no national Real Estate market so please contact me for information about your local market. This is Part 2 of 2.  In Part 1, I focused on buyer characteristics, meaning who is the typical buyer.  In Part 2, I will focus on the process the typical buyer used to find their home, the results they achieved and how they felt about the experience.  There will be some overlap between the parts. As I learned years ago, buying a home is an emotional decision justified with logic.  This is what can make it fun or not.  The process can be interesting enough when there is only one buyer involved.  People have different ways of making decisions and we all handle challenges and stress differently.  Buying a home typically offers plenty of both.  When more than one buyer is involved, there can be quite a negotiation between the parties and they often seek my opinion.  Purchasing a home is typically the largest financial transaction anyone will ever make and it involves many lifestyle factors.  It is a serious process. To see the statistics, please click here.Buying Real Estate is a unique purchase:  not only is it much less frequent than other purchases, it typically involves multiple steps, each offering their own challenges.  If you would like to discuss buying or selling or if you have any thoughts about this, please contact me.  Please look for Part 1. There is no time for inexperience, empty promises or false expectations!Remember:  HIRE WISELY!  We are not all the same.

Today I want to discuss the 2019 NAR or National Association of REALTORS Profile of Buyers and Sellers.  The report comes from a survey using 125 questions mailed to over 159,750 recent home buyers who purchased a primary residence between July 2018 and June 2019.  This was a national survey so your market may be quite different.  Real Estate is local:  there is no national Real Estate market so please contact me for information about your local market. This is Part 1 of 2 and will focus on buyer characteristics, meaning who is the typical buyer.  In Part 2, I will focus on the process the typical buyer used to find their home, the results they achieved and how they felt about the experience.  There will be some overlap between the parts. As I learned years ago, buying a home is an emotional decision justified with logic.  This is what can make it fun or not.  The process can be interesting enough when there is only one buyer involved.  People have different ways of making decisions and we all handle challenges and stress differently.  Buying a home typically offers plenty of both.  When more than one buyer is involved, there can be quite a negotiation between the parties and they often seek my opinion.  Purchasing a home is typically the largest financial transaction anyone will ever make and it involves many lifestyle factors.  It is a serious process.To see the statistics, please click here.To conclude, buying Real Estate is a unique purchase:  not only is it much less frequent than other purchases, it typically involves multiple steps, each offering their own challenges.  If you would like to discuss buying or selling or if you have any thoughts about this, please contact me.  Please look for Part 2. There is no time for inexperience, empty promises or false expectations!Remember:  HIRE WISELY!  We are not all the same!

Since March 19, 2020, the PA Real Estate market has been in a form of suspended animation.  For those agents who followed the law, business stopped on a dime.  Properties that went “under contract” prior to that date were allowed to move forward although many municipalities and contractors were not willing or able to help complete the sale.  Even then, many of those owners were frustrated in their efforts to buy their “next home”.  Some ended up paying two mortgages. Otherwise, agents were not allowed to conduct business “in person”, owners with “active” listings could not have actual showings and buyers could not visit properties to see inside.  Business could be conducted “virtually” which likely worked better with “under contract” properties since those prospective buyers had likely seen the interior of their intended purchase.  Owners still looking for buyers had issues.  Most buyers are reluctant, even in a competitive market, to make an offer without actually being able to see the interior.  Buying “sight unseen” happened but I liken it to “online dating” where someone tells or shows you what they want you to “know”.  What could go wrong?  At least that was better than going on a “blind date”! While I respect different “business models” and understand that some buyers and sellers needed a “creative” solution to work past our being the only state where Real Estate was considered “non-essential”, buying “sight unseen” is risky.  For a few hundred dollars a buyer could use a property inspection as a way out.  While not intended as legal advice, it happens.  Some buyers cannot afford to waste any money so this may not have been an option for them.  What about a seller who risks this happening to them?  If the listing agent follows the rules, the property history may stigmatize the property if others thought there were issues with the house whereas the problem was really the buyer. Fortunately, there is a new “dawn” albeit with some restrictions.  Some sellers and buyers will jump at the opportunity; others may choose to wait to see what happens.  How many are currently unemployed and unable to get financing?  How many sellers need to buy their “next home” and are not ready to compete or who feel that the “right one” is not yet on the market?  If possible, some sellers may want to get their house sold even if it means renting for a short time.  At least their purchase won't be tied to a sale and they may be able to determine if they really like an area they were considering. As I always say, you cannot “time the market” so I encourage buyers and sellers to determine what is in their best interests.  I am an experienced, trained and educated REALTOR and can offer the knowledge and insight to help you evaluate what is best for you.  Assuming that people follow the guidelines and requirements for resuming Real Estate activity, my hope is that PA continues to improve so that we can avoid a set-back.  Time will tell.  Either way, I can help you now or later!  I do suggest doing some planning and preparation so we can do an effective and efficient campaign when you are ready.  That could make all the difference. In the meantime, please visit my web site, listen to my podcasts and read my blogs. There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same!

Today I want to discuss the 2019 NAR or National Association of REALTORS Profile of Buyers and Sellers.  The report comes from a survey using 125 questions mailed to over 159,750 recent home buyers who purchased a primary residence between July 2018 and June 2019.  The focus of this podcast will be buyers who sold one home to buy another.  This was a national survey so your market may be quite different.  Real Estate is local:  there is no national Real Estate market so please contact me for information about your local market.To see the whole blog with statistics, please visit:https://andrewwetzel.wordpress.com/2020/05/09/how-sellers-sold-real-estate-in-2019-who-is-the-typical-seller/The bottom line is that this can be a very confusing process.  This NOT a retail transaction!  It is typically costly enough without making expensive mistakes.  Unless you do this regularly, I respectfully suggest that you trust a trained, experienced professional.  Whether you want to trust your most valuable asset to someone with little experience or someone who has a long track record is up to you but any professional is likely to know more than an average seller looking to save a few dollars.  I understand that signing a formal contract with someone, even if recommended to you, is quite a leap of faith.  Most of us can offer options to increase your comfort level.  After all, we want to make sure that you “fit” with us as well.Selling Real Estate is unique compared to most typical purchases:  not only is it much less frequent than other purchases, it typically involves multiple steps, each offering its own challenges.  If you would like to discuss selling or buying or if you have any thoughts about this, please contact me.There is no time for inexperience, empty promises or false expectations! HIRE WISELY!  We are not all the same!

The pandemic is having a major impact on the world and our country.  My deepest sympathy goes to everyone who has been personally impacted in any way.  Life is very different today than it was just a few weeks ago.  For example, Real Estate, a major component in our economy, has been directly impacted by a number of factors including “social distancing” rules, slowing or stopping most activity.  In PA Real Estate is considered "non-essential".The “spring market” is usually going strong by now.  Many owners plan to move after school has ended or before enjoying the summer.  However, many plans have been put on hold.   Many owners whose properties were on the market have stopped their marketing.  In PA we are not allowed to show homes to buyers although we can do this virtually or buyers can make offers without actually visiting them.  Relying on technology is great but that puts buyers and their agents into an awkward position most do not want:  buying "sight unseen".  What could possibly go wrong?  Taking new listings is equally difficult if we follow the rules.  Sadly, many aren't and only time will tell if that was worth the risk. We can do paperwork electronically but many of the processes that typically occur between signing a contract and settlement are stopped so many properties under contract are not moving forward.  These include property and municipal inspections, repairs and appraisals.  Even worse, many sales are being canceled, mostly due to employment issues or changes in financing.  While the long-term results are unclear, this touches on something I see and say every fall and winter. Fall, specifically September and October, is typically the second wave of Real Estate activity.  While Real Estate can and does sell every day of the year, there are two major seasons.  After summer and enjoying the great outdoors, I suspect some return home from vacation feeling claustrophobic as they adjust to spending more time indoors while others want to sell before the new year. What is interesting and happens every year is that many owners who were unsuccessful trying to sell, decide to wait until the next spring.  Some are frustrated by the process; others want to enjoy the coming holiday season.  Every year I remind people that houses sell every day, that most houses look their best in the fall and, as we are clearly seeing NOW, who knows what spring will bring?  There are many who came to regret leaving the market in 2008.  Then the market crashed.  How many might have sold and moved on had they continued trying to sell?  And now this.  Obviously this is different.We started off 2020 with nice weather so the Real Estate market performed well.  Some still kept their houses off the market.  Inventory levels remained low which undoubtedly concerned many owners wondering where they might move.  What happened to their plans?  How long will this last?  What will life be like afterwards?  What will be “normal”?  How quickly will our booming economy return?  There are so many questions but we have to look forward, don't we? I am confident that this will pass.  Owners will have an opportunity to decide whether to move forward with their plans, albeit delayed, or wait until some later date, perhaps “next spring”.  I am here to help you and provide knowledge and insight to help you make an informed decision.  Whether sooner or later, we can get back to normal and move forward with your plans. There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same!

When we experience a “seller's market”, meaning that there are more buyers looking than there are properties available for them to buy, the competition often leads to frustration.  This is especially true when getting to see inside becomes an issue.  It is not unusual for a buyer to have to bid on several houses before getting an offer accepted.  At least they got to see inside and make an offer, right?A new policy created by NAR, the National Association of REALTORS, and implemented by Bright MLS has added to the drama.  As a result, some are making offers to buy Real Estate “sight unseen”.  What does this mean and what are the implications?We have experienced “seller's markets” before and we will again.  Generally speaking, a combination of low mortgage interest rates and low inventory causes houses to sell quickly, making many buyers and sellers act differently than they might in a more balanced market.  Asking prices may be the “floor” rather than the “ceiling” when it comes to making an offer and a buyer, assuming they have an opportunity to see inside a house and make an offer, may not get a second chance so it may be wise to offer their “highest and best” from the beginning.  However, the regulations covering appraisals are stricter than in the past so offering above the asking price is not always the best answer.  What to do?For the rest, please visit https://andrewwetzel.wordpress.com/2020/03/14/buying-real-estate-sight-unseen/There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same!

Bright MLS has released their Residential Market Statistics for single family homes through December  2019.  In today's podcast I will discuss 2019 results for Delaware County Pennsylvania.  If you would like information about this or any other County or any specific municipalities in the Delaware Valley, please contact me.  I am only a text, email or phone call away!  I respond to all inquiries. The report compares current results to one-year ago, same time period.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market any more than there is a national weather forecast so, whether you may be thinking about selling or buying, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market.  Deciding whether it is the right time to sell or buy is a personal decision typically involving a number of variables.  I can provide the knowledge and insight to help you decide what works for you.To read the rest of the blog post:   https://andrewwetzel.wordpress.com/2020/01/18/bright-mls-december-2019-residential-housing-report/I hope you had a great holiday season and have a happy and healthy new year!  If you want or need to sell any type of Real Estate, whether you tried and did not succeed before or are planning for the first time, NOW is the time to plan for 2020.  Please do not wait for what you think is a better or the best time to start.  Buyers look all year long and can only see and buy properties that are available to see. There is no time for inexperience, empty promises or false expectations!HIRE WISELY:  We are not all the same!

Happy New Year!  I am looking for owners to help this year.  Whether you want to sell a house or an investment property, I can help.  There is no experience required. As I find every January, many sellers tried but did not succeed with selling their properties last year.  Have they delayed their plans for making a move, perhaps waiting for what they think is a better or the best time to sell?  Or, have they tried and given up, thinking it wasn't “meant to be”.  Please consider these two questions.  What led to your deciding to sell, especially if selling involved making a move, and what happens in the long run if you do not sell?  People have various reasons for selling and I have met many who wished they had sold sooner.  Every situation in unique but most offer an opportunity if a seller and their agent work well together.  Whether you tried to sell before or were waiting for this year, now is the time to plan for 2020. If you want or need to sell, why wait?  What are you waiting for?  Why not start or even restart the process now or start planning for success this year?  Please do not wait for a “better time”:  buyers look all year long and can only see and buy properties that are available on the active market.  When many sellers take “time off” there is an opportunity since there is less competition.If you are considering selling or making a fresh start, I would like to meet with you to discuss your plans and needs and show you how I can sell your property.  There is absolutely no obligation so there is nothing to lose and much to potentially gain.  I can have your property on the market as soon as you like.  Of course, if you want or need to wait, I can help you when you are ready.To read the rest, visit:  https://andrewwetzel.wordpress.com/2020/01/18/happy-new-year-message-to-sellers/There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same.

Bright MLS has released their Residential Market Statistics for single family homes through November  2019.  In today's podcast I will discuss YTD results for Delaware County Pennsylvania.  If you would like information about this or any other County or any specific municipalities in the Delaware Valley, please contact me. The report compares current results to one-year ago, same time period.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market so, whether you may be looking to buy or sell, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market.  Deciding whether it is the right time to sell or buy is a personal decision typically involving a number of variables.  I can provide the knowledge and insight to help you decide what works for you. My second point is that, unfortunately, all Real Estate statistics involving sold data is stale.  While a sale may be settled or closed today, the real question is when was the offer negotiated?  Typically sales take 45 to 60 days to close so the market today may be different.  Up-to-date information is important! As far as the statistics ...To continue reading:  https://andrewwetzel.wordpress.com/2019/12/21/bright-mls-november-2019-housing-report/Have a great holiday season and a happy and healthy new year! There is no time for inexperience, empty promises or false expectations!HIRE WISELY:  We are not all the same!

Real Estate agents are licensed by the state.  I am in Pennsylvania.  Once approved to represent or “work for” clients, they are bound by RELRA, our Real Estate Licensing and Registration Act, which is enforced by the state Real Estate Commission.  If an agent becomes a REALTOR, which means they belong to national, state and local REALTOR Associations, they are bound by a Code of Ethics which is very similar to RELRA although enforcement is handled through a local Association in most cases. Once a REALTOR is “hired” to represent a buyer-client they owe them certain “fiduciary duties” which are spelled out in the rules and regulations.  They should review and discuss them with their buyer-client to ensure that they are committed to working together.  Here is a list of things NOT to do even if the buyer-client asks you to do them or if they accept your doing them.  Most of this list comes from real-life examples, fortunately not my own.  I have been mediating buyer-seller and client-agent disputes since 2002.  In addition, I have served on all levels of our Association's Professional Standards Committee which means I have heard, reviewed, evaluated and resolved many ethics complaints.  As I like to say when I teach ethics to my fellow agents, you can't make this stuff up. Here are some examples of what NOT to do when representing a client buying Real Estate: ....To read the rest, please visithttps://andrewwetzel.wordpress.com/2019/12/14/51-things-a-buyers-agent-should-not-do-even-if-their-client-accepts-them/

Real Estate agents are licensed by the state.  I am in Pennsylvania.  Once approved to represent or “work for” clients, they are bound by RELRA, our Real Estate Licensing and Registration Act, which is enforced by the state Real Estate Commission.  If an agent becomes a REALTOR, which means they belong to national, state and local REALTOR Associations, they are bound by a Code of Ethics which is very similar to RELRA although enforcement is handled through a local Association in most cases. Once a REALTOR is “hired” to represent a seller-client they owe them certain “fiduciary duties” which are spelled out in the rules and regulations.  They should review and discuss them with their seller-client to ensure that they are committed to working together.  Here is a list of things NOT to do even if the seller-client asks you to do them or if they accept your doing them.  Most of this list comes from real-life examples, fortunately not my own.  I have been mediating seller-buyer and client-agent disputes since 2002.  In addition, I have served on all levels of our Association's Professional Standards Committee which means I have heard, reviewed, evaluated and resolved many ethics complaints.  As I like to say when I teach ethics to my fellow agents, you can't make this stuff up. Here are some examples of what NOT to do when representing an owner selling Real Estate: ....To read the items:  https://andrewwetzel.wordpress.com/2019/11/15/49-things-a-listing-agent-should-not-do-even-if-their-client-accepts-them/... Of course, this list is really intended to show you most of what we are expected to do, even if actual performance may vary from one agent to another.  Our “fiduciary duties” require that we obey your lawful instructions, be loyal to you, disclose what we know, keep your business confidential, account for any monies we handle and that we provide reasonable care and due diligence to you.  There is so much more to working for sellers and buyers than simply doing the paperwork.  Even if you have sold or bought Real Estate before, we have knowledge and insight gained through experience, training and education.  We are expected to protect and promote your interests throughout the process and to be knowledgeable and competent in what we do.  Our clients have the right to expect nothing less. When it comes to selling what is typically a person's largest asset: There is no time for inexperience, empty promises or false expectations! HIRE WISELY:  We are not all the same! 

Bright MLS has released their Residential Market Statistics for single family homes through October  2019.  In today's podcast I will discuss YTD results for Delaware County Pennsylvania.  If you would like information about this or any other County in the Delaware Valley, please contact me....To read the entire BLOG post, visit:  https://andrewwetzel.wordpress.com/2019/11/15/bright-mls-october-2019-housing-report/... The overall economy is doing well with some adjustments here and there.  Statistics aside, what are you planning to do?  Real Estate is generally a long-term investment unless you are looking to fix and flip it or planning to move within a short period of time.  There are opportunities out there.  As with the stock market, it is very difficult to pick the best time to make a move.  All you can do is get the best available information, determine what is in your best interests and then start the process.  I am a phone call or email away and getting started is easy once you take action. There is no time for inexperience, empty promises or false expectations!HIRE WISELY:  We are not all the same!

There are two primary tools used for conveying property information for buying and selling Real Estate.  While there are literally hundreds of possible ways to communicate this information, except for specific market segments which may use or need a different approach, all but the top two pale in comparison as far as efficiency and effectiveness.  Real Estate agents are the “match makers” bringing sellers and buyers together:  we participate in over 91% of Real Estate transactions. By efficiency I mean having the ability to mass market information as quickly as possible.  Marketing means exposure and exposure should ensure that a seller achieve the highest possible selling price in a reasonable amount of time.  Whether the value the market attaches to a property meets the seller's expectations or not is another story.  The fact is that Real Estate needs to be exposed to the mass market, properties have to be available to be shown to prospective buyers and sellers need to believe that the value they are offered has not been negatively impacted by poor or limited exposure.  Sellers are either motivated by time or money so some may be willing to settle for less if they sell quickly. By effective I mean that prospective buyers and their agents must be able to readily identify all of the options which meet the buyer's wants and needs.  Buyers need to be able to believe that they are getting the best value for their dollar by being able to compare what is available for purchase and to compare what is available with what has been sold as far as location, features, condition and price.  The concept of “data integrity” means that information is uploaded accurately so that it can be identified by people searching for it.  Of course, listing agents and mortgage appraisers need to rely on the information as well.  No one benefits from inefficient or ineffective means of conveying Real Estate information....For the entire Blog:  https://andrewwetzel.wordpress.com/2019/11/02/bright-mls-listing-statuses-and-what-they-mean/

Bright MLS has released their Residential Market Statistics for single family homes for the third quarter of 2019.  In today's podcast I will discuss YTD results through September for Delaware County Pennsylvania.  If you would like information about this or any other County in the Delaware Valley, please contact me. The report compares the current results to one-year ago, same time period.  As with all Real Estate statistics, two things are true.  First, the performance within individual zip-codes can and will vary significantly from the overall County.  Real Estate is local and results can vary from neighborhood to neighborhood and even block to block.  There is no such thing as a “national” Real Estate market so, whether you may be looking to buy or sell, please contact me for details about your areas of interest.  I can provide current information and keep you informed about the evolving market.  Deciding whether it is the right time to sell or buy is a personal decision typically involving a number of variables.  I can provide the knowledge and insight to help you decide what works for you.My second point is that, unfortunately, all Real Estate statistics involving sold data is stale.  While a sale may be settled or closed today, the real question is when was the offer negotiated?  Typically sales take 45 to 60 days to close so the market today may be different.  Up-to-date information is important! As far as the statistics, ....To read the whole blog:https://andrewwetzel.wordpress.com/2019/10/22/bright-mls-quarter-3-2019-housing-report/

This week Bright MLS announced a new policy regarding property listings that are “advertised”.  The policy begins with the following language:“The MLS system encourages competition in the marketplace while also ensuring cooperation and compensation among real estate professionals.  Full participation in the MLS ensures the seller has the largest possible marketplace, and the buyer has the widest possible selection.  This policy will help provide transparency and access to information in the real estate marketplace”.The reaction on Facebook was as swift and voluminous as I have ever seen in my years of engaging in social media.  I called the response “nuclear”.  While many, including myself, agree with the thought behind the policy change, a majority found it objectionable, questioning the ability of the MLS to interfere with how they conduct their business.  Let me add some history and context to the situation.To read the whole blog:https://andrewwetzel.wordpress.com/2019/10/22/new-bright-mls-listing-policy-october-2019/

The Philadelphia Inquirer recently ran a Real Estate story that made many people angry.  REALTORS were not involved.  What has happened and will undoubtedly continue to happen is sad and, perhaps, entirely preventable. The article talked about people buying Real Estate, such as vacant land, from people with a high level of urgency or people with limited information.  The article described many as being poor which adds to the emotion.  The buyers either searched for people they thought would want or need to sell property or responded to owners looking to sell quickly.  In many cases the buyers “flipped” the properties for huge profits, often without making any repairs or little added cost to themselves.  Now the sellers and others are blaming the buyers, saying the buyers took advantage of the sellers.  But did they? Would I like to have this done to me or someone I know?  Absolutely NOT!  So, what is the answer? Assuming these transactions were not coerced, who is responsible for this?  Whether the sellers were misled about the “market value” or worth of the Real Estate is a separate issue.  What is the seller's responsibility as far as learning the "market value" of what they want or need to sell?  What should the buyers have done differently?  What is society's role:  do we want to require a third-party to review and evaluate sales to protect whomever we think “vulnerable”?  That would seem excessive. Please do NOT misunderstand me:  the article did not accuse the buyers of fraud and I would certainly NOT condone that.  In fact, the buyers say they do a lot of work to put these deals together and provide a benefit to sellers.  Frankly, what we have are two parties with their own interests and motivation as well as two different ideas of property value.  The same thought applies to a sale where both parties are represented by professionals although they would have an added layer of “protection” if their agents performed as we are supposed to. In Real Estate there have always been a number of "private sales", meaning there are no agents involved.  About 8% of national transactions do not involve agents although many of these involve parties who know each other.  Sadly, many who buy or sell Real Estate without professional representation come to realize there was a problem AFTER the sale closed and those sales tend to result in lower proceeds even when you consider that the Real Estate fee was not charged. While the article has several very sad stories, absent fraud, many of these sellers need to look at what they did and what they expected to happen.  They took a risk by not hiring a professional.  Could they really have gotten “top dollar” on their own or did they have the resources to maximize the “highest and best use” of the Real Estate?  Again I ask:  whose job was it to protect and promote their interests?  They had choices, even if somewhat limited, and now they have the consequences of what they did. While anyone can make the decision to buy or sell Real Estate without an agent, what is the TRUE co$t of trying to save the fee?  If the issue was a matter of time, trying to sell fast usually comes at the expense of profits since the market was not allowed to function properly.  Absent hiring a professional, please, at least pay an attorney to review any documents involved and/ or hire an appraiser to determine the true “market value” of your property.  While doing either may not get you what you think you are due, at least you will know your options.  Certainly do NOT trust random online property valuations and, respectfully, do not rely on friends and family.  Business is business! In the event there was any fraud or misrepresentation, pursue that through legal channels. 

I have been helping frustrated owners sell properties that other agents could not sell since 1996.  What does this mean?  I use the multiple listing service to monitor daily residential and multi-family properties.  I look for property listings that might appeal to my buyer-clients, that compete with properties owned by my seller-clients and those which come off the active market without selling.During the course of any year a number of property listings are canceled or their contracts expire before there is a sale.  Some of these properties will come back on the market with the same agent, perhaps at a lower price, some owners will hire a new agent thinking that will solve any problems they had and a significant number of properties will remain off the market for months or longer!  I always wonder what happened with whatever plans those owners and families had.To read the rest, please copy and paste this link:https://wordpress.com/post/andrewwetzel.wordpress.com/2656

I created and am teaching a class on representing sellers from the Consumer Notice through settlement.  As part of my preparation for the class I reviewed the PAR Listing Contract in detail.  I have always questioned two specific statements in paragraph 13 which is titled ADDITIONAL OFFERS.  I have worked around these two statements in my own business and used the classroom as a way to see if other agents agreed with me.  Most did.  Here are the statements and my thoughts. Line 118 basically says:  "Unless prohibited by Seller, if Broker is asked …, Broker will reveal the existence of other offers".  While I understand and appreciate that we have to be honest, our primary duty as stated in Article 1 of our Code of Ethics is to protect and promote our client's interest.  Generally speaking, I am not sure that telling an agent or a buyer that you have an offer on a property really helps the seller especially if the offer is not something they are likely to sign and/ or the buyer wants to avoid what may not really be any viable competition for the property.  The question demands a yes or no answer, not a maybe.  Suppose you have an unopened email or a package that you know contains an offer for a property you have listed.  You may have no idea about the details:  it could be full price or above asking or well below.  There could be contingencies that are unacceptable to your seller client.  Are you supposed to tell others that you have an offer?  Again, you cannot say “maybe”. I offer two alternatives for rewording the sentence to be more proactive.  One would be a statement that the agent will not reveal the existence of other offers unless authorized by the seller.  Or it could state that the agent is authorized.  Either way, the statement is plain and simple.  This may be semantics but I like these phrasings better.  The other alternative would be a check box offering the seller the choice to accept or waive disclosing the existence of other offers at the time of signing the listing contract.  When the disclosure is waived the agent would respond by saying they are not authorized to answer the question.  Again, if authorized the answer is an honest yes or no.  In addition, suppose you say yes or no and the circumstance changes, perhaps an offer dies or one comes in.  Does the seller or the buyer's agent or the buyer expect a real-time update? At the very least, my hope would be that there is a greater likelihood that a conversation would take place than is probably happening now and that is a good thing.  Too many of my seller clients who have worked with other agents before hiring me have told me that they were negotiating an offer or heard there was interest and then nothing happened.  When I mentioned my concerns to my students I sensed that many never gave a thought to the downside of this:  some buyers run the other way when they hear about competition and line 118 does not differentiate between viable and non-viable offers.  Of course, we have many different business models and if a property is located in a market that thrives on any type of competition, disclose to your heart's content but one size does not fit all.  We have to know our clients, their circumstances and their local market. Within the same paragraph, line 120 states that “ONCE SELLER ENTERS INTO AN AGREEMENT OF SALE, BROKER IS NOT REQUIRED TO PRESENT OTHER OFFERS”.  My office policy has always been to present any and all offers and let the seller decide what to do.  Admittedly this may require their seeking legal advice if they like the latest offer even though under contract with another buyer with their having no apparent right to terminate the existing offer without creating a default.  Experience tells me that the grass is not always greener bu