We have all heard the constant drum-beat of negativity coming from the national media. If you were to listen to what seems to be a daily stream of bad news, you would think our area and the nation as whole stands at the precipice of financial ruin. Is the sky really falling in real estate? Granted the Pittsburgh real estate market has seen better times. It’s time the public heard a “balanced” viewpoint.

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Understanding Today’s Pittsburgh Home Buyer

Pittsburgh home sellers, it’s important you (and your Pittsburgh real estate agent) understand your prospect in light of today’s home selling environment. Today’s Pittsburgh home buyers are far different from those from a few years ago. With the proliferation of real estate-related websites, today’s Pittsburgh home buyers have a wealth of information at their disposal. Buyers have instant access to helpful Pittsburgh property search tools and information-rich resources with the click of a mouse. In fact, I believe we are at the point of “information overload”. But that’s a topic for another blog.

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Over the years experience has been a good teacher and I’ve learned many valuable lessons about transacting real estate here in this wonderful area of Peters Township, PA. If you’ve read my bio, you know I come from a long line of Pittsburgh real estate agents. My family has passed down a wealth of advice along the way. First and foremost - I’m not a real estate salesperson. It’s my job to help match buyers to the homes that best “fit” their needs - plain and simple. Second, many of the homes people “fall in love” with don’t appeal to my personal taste….which is fine. We are all different and have different taste and needs.

A Home Matchmaker

I’d like to think of myself as that of a real estate consultant. A real estate professional “matchmaker” who determines the fine details of what you need in a home. Putting my experience and market “insider knowledge” to work for you, I’ll scour the real estate market to locate that perfect home that fits your families wants and needs. Of course, I’ll be acutely aware of your budget too.

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In late October, the Jim Dolanch Team and CENTURY 21 Frontier Realty sponsored a Casino Night to benefit the Western Pennsylvania Easter Seals. This incredible evening was filled with great fun, a silent auction and sumptuous food all for a worthwhile cause. We look forward to next year’s event, so be sure to mark your 2008 calendar to attend this special event. For more information on all the various ways we support our community, read more here.

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Upcoming Peters Township Holiday Events

The Holiday Mart at McMurray Elementary
Be sure to support this event to held at the McMurray Elementary School on Saturday, December 1, 2007.

When: December 1, 2007
Time: 9 a.m. - 2 p.m.
Place: McMurray Elementary

Tree Lighting Ceremony and Children’s Holiday Party
The tree lighting ceremony is set to begin at 6:00 p.m. followed immediately by the Children’s Holiday Party. Bring the entire family for a great evening of stories, crafts, and fun for all to enjoy! Refreshments will be served and a special visit by the jolly old elf, Santa will join in the fun too!

When: Sunday, December 2, 2007
Time: 6:00 p.m.
Place: The Peters Township Library

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Make It Easy For Your Buyer To See Your Peters Township Home!

If you recall from my last post, we talked about how marketing your Peters Township home has it’s own set of dynamics. Now that you have decided to sale your Peters Township home during the holiday season, having helpful selling tips is important to your success. With the goal of securing an offer to purchase on your Peters Township home, you will need to be as accommodating to potential home buyers as possible. No doubt, selling your home during the holidays adds to the challenges. Think about it, more “stuff” to manage with gifts and decorations. For some Peters Township homeowners it’s more than they care to handle. If you’ve made the decision to sale your Peters Township home during the holidays, it is possible to make it a success.

Marketing Your Peters Township Home During the Holidays

Here are a few tips to make marketing your Peters Township home easier during the holidays:

• First things first - Price your Peters Township home right! Overpricing your home during anytime of the year is a terrible mistake.
• Set clear expectations with yourself and try to be flexible - you might want to host the annual family get-together. Are there other alternatives?
• Ask out-of-town family members to respect your desire to market your home by staying with other relatives (if those options are available).
• If you know family will be visiting during the holidays, solicit their assistance to help keep the home clean and “show-ready”.
• For special family times, advise your Realtor® the day and time your home will be unavailable for showings.
• Be minimalistic - pack and store items you can live without that clutter your home.
• Go ahead and enjoy the holidays - decorate with the idea to keep it simple and elegant.
• Take advantage of the season and schedule a holiday-themed open house.
• Help your Peters Township home stand out in the crowd - give your home buyer a gift (example: a home warranty).

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Should I Wait Until the Holidays are Over to Sell My Peters Township Home?

Don’t panic but the winter holidays are almost upon us. You may have already noticed the Christmas decorations in the local stores. It seems no sooner than Halloween is over and stores miraculously experience an extreme holiday makeover. Up goes the wreathes, tinsel-filled trees and lights.

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For a Peters Township home buyers or sellers, every day we hear and read about mortgage companies closing their doors and certain mortgage products being eliminated. If you’re a home buyer, reading all these negative news reports is reason enough to make you concerned. Can a home buyer secure a mortgage is the question we are often asked. For Peters Township home sellers, the news has you wondering as well how it will impact the sale of your home?

What’s Going On In The Mortgage Industry - In Layman’s Terms

The issues that impact certain mortgage companies are mostly related to the relaxed credit rules of subprime lenders over the last six years. Those in the real estate industry have carelessly tossed around terms like subprime barrowers, however many consumers aren’t sure what a subprime borrower is or what the term subprime actually means. A subprime barrower is someone who “typically” has a mediocre to poor credit score and is often challenged with having little or no money for a down payment. Hence they must accept a higher interest rate due to the potential risk of walking away from the loan.

Where There Is a Need – The Vacuum Will Be Filled

Recognizing a need for a mortgage product to help these buyers afford a home, the mortgage industry several years ago began to relax their lending rules to accommodate these new found home buyers. In exchange for the risk the lenders faced with loaning money to buyers with less than stellar buying power, lenders charged higher interest rates for these loans. Many subprime borrowers selected the adjustable rate mortgage (ARM) product as a means to finance their new home as it offered the lowest possible monthly payment at the outset of the life of the loan. When combined with home values in some areas declining, and virtually no equity built in the home, many homeowners who desire to sell their homes are now upside down in the value of their home versus what is owed on the loan.

To Make Matters Worse

Plus, many borrowers who selected an ARM saw their monthly payments rise dramatically to levels they could no longer afford. The interest rates on these subprime loans are now adjusting to higher rates, making them unaffordable to many investors and homeowners, thus causing delinquent mortgage payments and home foreclosures. As a result, national home foreclosure rates are at an all-time high.

Ready For The Good News?

Here is the good news - borrowers with good credit can secure a new mortgage and mortgage products are available to them today just as they were a year ago. Fannie/Freddie/FHA/and VA mortgages are fully available; underwriting is unchanged, and loans are being funded for closings. In fact, in many areas of the country mortgage applications are increasing, according to a recent report from the Mortgage Bankers Association. Subprime loans are still available, however they are more difficult to find and their rates and terms have become much tighter.

Home buyers have more homes to choose from and mortgage financing with historic low rates is still available for buyers with good credit histories. Sellers are also becoming more realistic in the pricing of their property, and more open to negotiations.

Any questions or comments?

What an absolute thrill – the Peters Township, PA blog site is live and I’m excited! What a fantastic opportunity to share local events, interesting factoids and timely real estate news about this wonderful area - plus talk about the real estate landscape on the national level. This new blog site offers Peters Township and Pittsburgh area home buyers and sellers so much “fresh” information about all things related to your home.

It’s All For You!

Because this new site is so easy to use, I believe it offers you a simplified approach to learning about local events, helpful home buying and selling tips – plus – it offers you the consumer the opportunity to participate in the discussion! So offer your comments and together let’s discuss what’s happening in our market. This is your site, so feel free to comment and participate in the discussion!

What Interest You About Peters Township?

Tell me what you want to see here. I’m always open for suggestions, so make your suggestions and I’ll do my best to discuss the topic of your choice!

What to Expect in the Days Ahead

In the coming days, the Peters Township Blog will be used as a conduit for local events, information about Peters Township real estate as well as an occasional forum to discuss the intricate details of the greater Pittsburgh real estate market. Comprised of both informative articles, local events and fun factoids, this blog site is sure to offer something for everyone. Check back often…there’s no telling what you might find!