The Little Realtor

The news right now around real estate is ripe with "The 6% Commission is Dead" or how buying and selling real estate is about to become a whole lot cheaper.  Sounds tantalizing, right? Because often news is sensationalism and this one is no different.  Did something actually change?  Yes, a little.  NAR (the National Association of Realtors - the trade organization that makes a real estate agent a 'Realtor' by a separate code of ethics and educational criteria) settled a case that brought about a few, minor changes.  1. It eliminated any requirement that listing brokers or sellers must make offers of compensation to buyers brokers.  2. It prohibits sellers and their agents from making offers of compensation on the MLS and disclosing any compensation and requires the elimination of all compensation fields on the MLS.  3. It requires MLS members working with buyers to enter into written agreements with those buyers.  So what changed?  Not much....

In the covid and  post-covid (are we finally post??) era of suburban boom, many people are finding they are having to settle for less. Less house, less yard, not their ideal school district or commute, less walkability, etc. But one area in the Western Suburbs that seems like a gem for continuing to be affordable (in comparison to the Main Line), walkable, charming and accessible is Media Borough and its surrounding neighborhoods (Rose Valley, Wallingford, and nearby Swarthmore).  Image courtesy of Riddle Village Media is another Victorian, suburban hub, among many around greater Philly. A walkable downtown with mid-19th century architecture and a wide variety of restaurants, bars and stores makes it a charming locale. Its one of the few non-Main Line hubs, though, that has several direct rail lines in the city, though, making this a wonderful spot for urban commuters.  Its main street (State St) is home to an accessible Trader Joes, several local brewery chains like Bric...

 Its the beginning of the year, and nothing is more popular than predicting what comes next. Whether its fashion, home decor, paint colors, or real estate, we love thinking about whats to come.  Of course, predictions are only that: an educated guess at what is to come. No one could have predicted Covid, and few guessed at its ensuing impact on health and the economy, and similarly few predicted we would see the intense rate hikes that may only come once or twice in century. So with an ever-changing, quick moving and unpredictable market, lets put a few predictions together for the Philadelphia real estate market, regardless...  Rates will continue to Rise.... Momentarily  The rate hikes aren't over yet. We know that. And since the Fed gives the market little time to catch up, we definitely will see more over the first quarter. That will impact the Spring market to some effect.  However, we expect those to rate hikes to be less intense going forward. Since that ...

 We've all see the headlines.  INFLATION!  MORTGAGE RATES SOAR!  HIGHEST RATE JUMPS!  IMPENDING DOOM!  And to be fair, some of those are completely true. The last two years have led to insane inflation. The rates have jumped up at unprecedented levels. But in the grand scheme of things, if you are thinking of moving and still have the financial wherewithal to do so, there are still plenty of advantages for buying now. Just remember, its about perspective -  You want or need to move  Your rate is still lower than previous generations saw  You can refinance. You aren't stuck with the current rate forever  Even if inflation drops down significantly year over year, home values, on average will continue to go up. So will rental rates. Unless your income will also go up annually to keep up with annual inflation, then now will be a better time to buy than 5-10 years down the line.  If you've been a buyer in the market, on the fence or tr...

 If you ask the average person right now (your neighbor, your mom, your co-worker), they are likely to tell you you'd "be crazy to buy right now". I hear this often. And its not just your neighbor or co-worker - most Americans think right now is a bad time to buy a home - 79% in fact, according to a recent poll .  Photo by Jimmy Dean on Unsplash And for the average person in our greater Philly market, thats probably true. Rates are still incredibly high at 6%+ (in comparison to the 3's and 4's we had been seeing).  But what it you WANT to buy a home? What if you had been waiting and hoping to buy in 2021 and 2022 and it just wasn't happening? Should you sit it out?  Well I think that greatly depends on your financial picture....  - Do you have a house to sell? Will you benefit from that sale, better balancing the higher cost to purchase?  - Do you currently rent? Is that rental rate particularly high and costly based on the continually rising rental rates ...

Maybe you've heard but mortgage rates have been steadily climbing, hitting 5% recently, the first time since 2011. In order to combat intense inflation, the Fed increased rates which have in turn caused mortgage rates to increase.  So what does this mean for buyers and the market in general?  There are many different view points on what happens next. Some see this as a bubble about to pop (though this is a rare argument), some see it as a natural and necessary downturn, an still others see little change happening long term.  Fortune  on the housing market  Wharton on the effect of rising rates (and a great point about how lenders will correct the low-interest-rate refinancing with some creative products)  Fox Business on a possible bubble (though it should be noted a leveling or slight downturn is different than the scary-term "bubble")  Zillow on returning to "normal" Finally, some good advice from Yahoo on how to perceive home buying right now (the b...

 In this crazy market, its rare to find something move-in-ready in a desirable spot for under $300,000.  This charming 2 bedroom row fits the bill with a generous front porch and garden bed, sunny living room with original hardwoods, dining room, rare coat closet, updated kitchen, large back yard just waiting for a deck, two sunny bedrooms and an enlarged bathroom!  This is the perfect starter home for someone looking to get in on the real estate market and stop paying rent! Great location between the Wissahickon trail head and Ridge Ave shops and restaurants!  594 Martin St  Roxborough  2 bed, 1 full bath  Want to know more or take a look?  Reach out anytime!  M: 215-350-0464 meg.augustin@compass.com 

 Its the #1 question I get. "Hey Meg! How are you? How's the market right now?!"  Its how most people engage with me.  And that makes sense!  If you heard about something major happening to teeth in the news, you'd probably bring it up to your dentist. If you knew there was a building boom, you'd probably bring it up in conversation with your contractor next time you saw them.  People hear about real estate OFTEN. Its a massive part of our economy and its often part of the news, especially when we are in a high or a low (which we are!). But one of the reasons people ask that question is they also have a stake in the game. Either they are looking for a house, or know someone who is and is struggling to find something, or they own a home and are excited/relieved about the sellers' market conditions.  So knowing WHY someone is asking this is key.  But what I recently realized is my usual response wasn't providing much value.  I would say something to...

One of the last things I wanted to share about why I am excited to be at Compass now is how much easier it is for my clients to interact with me.  CMAs (Comparative Market Analysis) for sellers are easier to prepare and send, I am more able to constantly stay in touch with clients via my marketing but also with personalized-neighborhood insights, and clients have an interactive search and insight tool called Collections.  Collections is a pretty word for how Compass allows clients and agents to collaborate with on and off market homes. Normally I would start a search for someone and any new homes would get emailed to them. This works the same way, though you'll also get off-market Compass listings also known as "quiet listings", but it also works as a work space for us to collaborate, share notes quickly on the same platform, quickly remove listings we aren't interested in, etc. Its a streamlined, heavily visual, search tool for buyers.  But I wanted to highlight som...

 On the Main Line, we sure do love our stone colonials. Historical, beautiful, traditional, well built.... a stone colonial tops many buyers' lists.  But this one in particular caught my eye because its full of possibilities in a rather cool location.  204 Meeting House Ln in Merion Station  Asking $800,000  It stands at 3500 sq ft and has 4 traditional bedrooms on the second floor, two full baths, and an additional 2 beds and a full bath on the 3rd floor.  The first floor features a coveted entry hall, formal living and dining with bowed picture windows, a large enclosed side porch, large kitchen and a rear space that would be a good converted family room, change back to a garage, or large mudroom!  The great thing about this house is it has a lot of space to work with, great bones and its across the street from the public elementary and middle schools, which means it is a great family space for years to come!  Incredible, large second bedroom wi...

 If you have looked at homes in the Philly suburbs at all (honestly, any part of the Philly suburbs) you've seen several split levels.  Via Zillow  A split level home, to be clear, is a home where you enter into the main floor, with living/dining and kitchen, generally, but the next level, generally bedroom level, is only half a level up, not a full story, and below that bedroom level is a lower "den" level. There are variations on this, but I am not talking about a bi-level home (one where there is no main level - the front door leads immediately to stairs where you have to go upstairs or down immediately). Just to be clear since the nomenclature is often confusing!  But why am I talking about such a confusing floorplan? Because they are all over the greater Philadelphia area and make up a huge amount of inventory.  The split level design became popular in the 50s during the big housing boom. Here in rocky PA, they made sense to build into the terrain.  Bu...