Main Line Homes Blog

Recently the night before Memorial Day I woke to the sound of an engine groaning up the hill outside my home. Not expecting my garbage to be collected on Memorial Day I had not put it out. The room was fairly light and without looking at my clock I thought they are coming and sprang out of bed to grab the trash and get it to the curb before I missed them. But...I was greeted instead by a fire engine lights flashing coming up the hill outside my home, as i looked along the road I was greeted by this...

No wonder it was bright in my room. As I walked along the road I wondered whose home was in trouble. We had had a severe storm that night with thunder and lightning right over our neighborhood that shook our home. We had a home that was for sale on our road, it had been bought by a builder and completely rehabbed and extended. It was also under contract and one of the fire police said it was this home that had caught fire. As I reached the home I could see firemen from five different companies fighting a fire that had engulfed the whole house.

Standing watching I realized the owners were right there and as we talked and offered them condolences they mentioned that the house was sold, which I knew, but that it was supposed to settle in two days time. What happens now they asked. Not being their agent I said they needed to call the agent right away and this was covered in the agreement of sale. It seemed that a lightning strike hit a tree travelled underground and hit the electrical line going into the house causing a fire in the basement whcih caught the wood floors and by the time anyone saw it the fire had completely engulfed the home. It was so hot the siding on the home next door melted and the garage doors buckled.

So what does the PA Agreement of Sale say happens in this case. Paragraph 21 covers Maintenance & Loss of Risk. Sub-paragraph A covers that the seller will maintain the property and grounds in the present condition, normal wear and tear excepted. Sub-paragraph B covers if any appliance or sytem fails. Sub-paragraph C is the important one in this instance; Seller bears the risk of loss from fire or other casualties until settlement. If any property included in this sale is destroyed and not replaced, Buyer will: (1) Accept the property in its then current condition together with the proceeds of any insurance recovery obtainable by Seller, OR (2) Terminate this Agreement by written notice to Seller, with all deposit monies returned to Buyer according to the terms of paragraph 30 of this Agreement.

What happened, I do not know, but remember to make sure your insurance coverage goes right up to and even beyond settlement in case some event causes the settlement to be delayed, postponed or an event like this even voided.

All that was left was a small piece of the front wall in front of the garage, everything else was consumed by the fire.

Buying a home today, May 2007 on the Main Line and a little further west is not hard, there is an increasing inventory, and prices have stabilized since last year. However, be prepared for multiple offers, yes that is right, we have heard of many homes receiving multiple offers, so be ready. Whilst the market has shifted towards a buyers market, there are many well priced homes for sale, in great condition, looking for a new owner.

Buyers, every market is a local market, do not believe everything you read in the national newspapers and online reports. We have seen a robust and active spring market on the Main Line. Homes priced correctly are selling quickly, sellers are aware the market has turned and are flexible. So don't be foolish by making low offers that result in long drawn out negotiations just for the sake of it, that give other buyers time to jump in and make an offer as well that results in you having to pay over asking. If you like the home make an offer with inspection, mortgage and insurance contingencies but make a reasonable offer and tie it up quickly. Many buyers are dragging their feet, waiting, for the price to drop, to see what else comes on the market etc. Now is the time to make an offer, we are in the height of the spring market, summer is just around the corner.

Many of the homes that are sitting have a reason, but sometimes a home gets lost in the clutter, so look through older listings, sometimes agents forget or discount a house simply because it has been on the market for a while when it is now good value. You also cannot tell everything from driving by, sometimes the inside does make up for poor curb appeal. This is where your agent is worth their commission, they should be able to tell you about the homes you want to see. Whilst we cannot see everything on the market many of us try to see all new listings. I know from experience that clients have discounted a home from the interent, which I have seen in person and then after showing them the home it became the home they bought and love.

So May 2007 is a great time to buy, interests rate are still low and resonable and there is plenty of homes to choose from. So get out and visit some open houses this Sunday and see if you can find your dream home.

Over a 110 years old the Devon Horse Show established in 1896 is the largest and oldest multi breed outdoor show, if you want get the whole history. Basically it was started by some of the welathy families in the area located along the famous Philadelphia Main Line close to Devon train station at what was then the Devon Race Track & Polo Grounds. It will run this year from May 24th through June 3rd.

Today the show looks very different, with a country fair running alongside it is an event where families attend and which also draws international competitors. You won't go hungry as there are plenty of booths willing to serve you just what you need. There are also plenty of shops taking the opportunity to sell horse related wares as well as other items which might appeal to the well healed crowd that attends.

For a full list of horse show events you can go to the calendar.

However, the main purpose of the show is to raise funds for Bryn Mawr Hospital, and over 3,000 volunteers are involved in planning and running the show and fair.

To book tickets their is a dedicated page on the horse show site. Getting to the show is easy. If you come from out of town a list of hotels is available, although you may already find many of these are full.

Devon Fair Grounds have other events throughout the year, a recent event last month held there was a competition between local builders to build frames as fast as they could for homes being sent down to New Orleans and the region devastated by Hurrican Katrina.

We have several new listings at the moment in the Tredyffrin Easttown school district. Please click on the link below for full details and a link to virtual tours of the homes.

235 Forest Hills Circle, Devon PA 19333 a wonderful wooded hillside home with a contemporary flair.

320 Old Lancaster Road, Devon PA 19333, a 3 bed 1 1/2 bath charmer with PA fieldstone around the whole house, needs some updating, large flat back yard.

For the condo lovers among you we have two listings, 319 Old Forge Crossing, Devon, PA 19333, a wonderful 2 bedroom 2 bath condominium with a great location close to everything, community has a pool, tennis courts and walking trails.

We also have a large end unit townhome condominium in Chesterbrook with a ground floor master that is not in the MLS yet as the owner finishes getting it ready, but is available to view by appointment, 43 Constitution Ct, Wayne, PA 19087 backs to open space and has a fenced yard area which is rare in Chesterbrook.

Sleepy Berwyn is getting a wake up call as developers give it a fresh look. As reported in The Suburban & Wayne Times this week Westrum Development Company is seeking to aquire two and half acres of the Mack Oil property. Westrum has a good reputation for taking brownfield sites, that is sites that have some pollution of soil and developing them. They were recently selected to develop the Paoli Station complex, so maybe they have their eyes on developing along the Main Line these sites that are close to stations. This plan is for 88 housing units in two separate three level buildings in place of the office, storage shed and oil delivery site. However from what I gather through the various articles opposition is growing in two townships, Tredyffrin and Easttown. So development may be a lot harder to be approved as the site falls in both townships.

Some comment has been made that the development is very close to the Berwyn Station and a campaign has been created to stop the development www.protectberwyn.com is a newly posted site that has information about meeting to oppose the development and the status of it as it moves along the process. There will be a meeting about the proposed development at the Easttown Library on the evening of April 26th beginning at 7.00 PM.

There have also been plans to develop a mixed use site in Daylesford, a mile or so further west from Berwyn on a site that has been created by a developer through purchase options of homes and commercial sites. This too is being countered by many local residents.

A question to consider though is whether these housing developments will provide affordable housing for residents who may work at local hospitals, police forces or in local government, who cannot afford currently to buy homes in the townships or close to where they work, if so would development be more acceptable? If these are planned to be super luxury developments along the lines of those in Wayne are they needed?

Let us hear your comments.

Philadelphia School Report

Ten years ago The Philadelphia Inquirer published a report on the area schools for the first time. This past weekend they just published this years report with a photographic review of the prior ten years.

As time has passed the report has become more detailed and of course covers charter schools now which did not even exist ten years ago. Plus with today's access to the internet you can now access the report on line and tailor it to make your own report a wonderful tool for buyers and sellers alike.

If you are selling your own home wouldn't a school report be handy? If you are buying would it not be useful to be able to compare school districts, all this and more is now possible.

The report covers private and public schools in detail, charter schools and technical school with website links, number of students, and fees where appropriate. It compares different grades and covers New Jersey as well as Pennsylvania schools.

There is a lot of depth here for you to analyze the results, and as they say with numbers you can tell any story, but information is useful. As well as in depth results there are handy "at a Glance" tables where you can get an overall impression.

So go and check it out and see how your school district measures up or even possibly your proposed school district with a view of the report.

You can also get a listing of general school information for counties we sell homes in with links to the school district websites on the schools page on our website.

At Valley Forge Convention Center, 1160 First Avenue, King of Prussia, this is billed as Philadelphia's largest home show, it runs for 3 days March 30th, 31st and April 1st, if you go to the show website you can obtain discount coupons for entry. Hours are generous, but check the website for exact times as they vary each day.

If you go to their gallery you can view photos of prior shows. Packed with exhibitors these shows are good for homeowners at all stages of ownership. Get ideas for preparing your home for sale, ideas for your yard such as bringing the indoors out with the latest craze creating an outside room, or simply get some ideas for decorating your home.

Maybe we will see you there!

If you are financially savvy you know and understand when you own a home, you are responsible for repairs and maintenance. Young fisrt time buyers often forget that when they own a home they must pay for the upkeep and don't budget these additional costs into their future payments. It is like coloring outside the lines, it can end up not being a pretty picture and getting very messy. But if you work within suggested guidelines you can end up with a good picture.

According to Michael Eisenberg, a member of the American Institute of Certified Public Accountants' Financial Literacy Commission these are the numbers you should keep an eye on and stay within to stay out of trouble.

Home owners should have enough money to be able to pay monthly housing costs, including principal, interest, taxes, and insurance, with no more than 33 percent of their gross income. Adding in credit card debt, student loans, and auto loans should consume no more than 38 percent of their gross income.

Another source Crown Financial, a christian financial advice ministry gives the following figures on their website after tax, 36% for housing, 12% for auto, 5% for insurance and 5% for other debt, so their numbers are a little more generous.

There are plenty of financial advisors and credit counsellors who can help you build a budget and decide what you can afford. I have had several clients who qualified for large mortgages but they were not comfortable with the monthly payment and so bought houses with smaller price tickets that allowed them to have a  mortgage payment they felt they could handle easily.

We tend to be a society that wants everything now and are unwilling to wait for something we feel is our right. Has this led us to the sub-prime mortgage mess because people have been influenceds by advertising and the media to want more than they can afford and want it now. Yes, it is their decision, I do not deny that and I am sure like the crashing housing boom every market and every loan is specific to a situation. Clients often do not listen to advice and if we are unwilling to help they will go elsewhere, but sometimes we just have to say "No! This is not good for you I will not help you"

Well as the weather warms up in these northern climes business is also beginning to pick up. This weekend we listed two homes for sale.

The first priced at $411,000 is in Devon and is a delightful Pennsylvania field stone charmer. 3 beds and 1 1/2 baths it has a great flat lot. You can see more details at 320 Old Lancaster Road. This home has a great location which is perfect for access to all major routes and close to great shopping.

The other home we listed is in Paoli, in Valley Green also a very nice home with a fantastic swimming pool and great landscaping around the home. The inside is not too shabby either with tiled entry way a nice bright kitchen and good size for all the bedrooms. Priced at $609,000 this is great value. Check out the link and come see us at an Open house soon.

We have another listing coming soon in Chesterbrook, a 4 bed 2 full bath and 2 half bath condominium end unit backing up to open space. So if you have a buyer, or if you want a home with a ground floor master keep checking our website for information.