Main Line Homes Blog

Until recently Pennsylvania was doing alright overall in regard to house prices and the Philadelphia area was not suffering along with the rest of the country with sliding prices. Yes, prices had leveled, listings were taking longer to sell and there were less buyers willing to make a decision, but overall this was an adjustment the market needed, to cool off after a very active period, with buyers being pulled into the market early by offers of easy financing.

These buyers have now suffered, and there is a gap in the market as later buyers are not ready to buy due to the new financing requirements of many lenders that buyers need increased deposits to put down on their homes.

What this has done in the last one to two months has been to slow the market down locally even more and put pressure on sellers to reduce prices. We have seen this over a longer period in markets with very high inventories, such as Lower Merion where price cutting has been going on significantly over the whole summer. But only in the last two months with the financial crisis deepening has it really reached across the board to most neighborhoods. We are seeing sales off about 33% and prices dropping by 15-20% or more in different townships.

Buyers are reluctant to make offers, waiting for price reductions rather than making an offer. Those houses that are selling are the ones that require little or no work and have been well maintained. New construction sites are offering large incentives to buyers who are qualified and able to move ahead.

So if you are ready to buy and have financing lined up, check it and make an offer. Why check your financing? Because lenders are changing the rules all the time, if you were qualified a month ago or even two weeks ago, you may not qualify right now. I had a buyer of a listing of mine be rejected by the mortgage broker after being given a pre-approval letter the day before. So keep checking with your mortgage company and reach out to others to make sure you have options, there is financing available with good credit and if you have some money to put down, with FHA loans it can be as little as 3% this year, in January that will increase to 3.5%.

If you like or love antiques and live close to the Main Line in Philadelphia then this weekend November 22nd and 23rd visit the Main Line Antiques Show and support Surrey Services for Seniors by attending. You also will have the chance to buy some great pieces and have the opportunity to listen to me as I give booth tours on both Saturday and Sunday at 11 am and 2 pm. the show is held in Mellon Hall at Valley Forge Military Academy and College, there is plenty of parking and a shuttle bus if the weather is chilly to take you from the parking lot to the show entrance.

There are a great collection of dealers with a wonderful mix of porcelains, jewelry, paintings, furniture and some 20th century pieces as well. You can access the show site at www.mlas.org for full details of dealers and photos from the 2007 show. There is a very nice preview party on Friday evening with a special rate for collectors 35 and under. But what helps the most is if you come and spend some money with the dealers who have come from all over the East coast to exhbit. My brother Paul Vandekar is coming from New York with a great collection of pieces which you can see more of at www.Vandekar.com. Paul exhibits at many shows across america including the HUP Philadelphia Antique Show which this year was held at the Navy Yard for the first time.

Hope to see you there.

Steve Lake of TD Bank Devon, with Gina Galli owner of beadeologie in Berwyn and Linda Sticklin of Staging and Organizing based in Berwyn all members of the Berwyn Devon Business and Professional Association who helped me, Nick Vandekar with the distribution of flyers to members of the business community in Berwyn today announcing the launch of First Friday's in Berwyn beginning this Friday November 7th. Each month more shops, and restaurants will become involved as they see the growth and desire of customers to shop locally.

Already Surrey Services for Seniors will have their consignment shops open later, Beadeologie will hold a special class for those who wish to attend, Pattymacs will offer $10.00 off a dinner to those who mention it, Framestation in the Berwyn Station will be open and holding a special event for the evening. Easttown Library will during 2009 stay open and host special events.

I believe that First Fridays offer owners of the stores and businesses in Berwyn and Devon many opportunities to offer customers enhanced services such as seminars, tastings and a great night out. So stay local or come from afar and help our local businesses.

Yes after living here for almost 19 years this will be the first presidential election in which we can both vote since becoming citizens. Now rather than being bystanders we are participants. I cannot understand those who feel they are not part of the process and refuse to vote allowing others to determine their future without a say.

As we have seen in the past few elections every vote counts and it is important to cast your vote even if you believe the election is already determined because until the votes are counted the result is not known for sure.

So with pride, both Trudy and I voted today and we hope you took the opportunity to cast your vote, if not you still have some time as it is only 3.30 and you can still vote today till 8 pm.

The Berwyn Devon Business and Professional Association is helping to organize the start of First Friday events in Berwyn starting this coming Friday when various stores and restaurants will be open till 9 PM hosting special events to celebrate First Friday. As momentum builds more stores will participate.

More information can be obtained from Gina Galli of Beadeologie located on Lancaster Avenue in Berwyn telephone 610-240-7760.

Other events organized by the business and professional association can be found on their website at www.BerwynDevonBusiness.com as can details of membership and past events.