by rtdosen | Nov 6, 2015 | Uncategorized
Condo Financing Hurdles Abound By Ryan Dosen Buying a condominium unit is probably not as simple as you think. Of course, in the post-recession wake of the real estate and mortgage meltdown of the 2000s, qualifying for a mortgage to buy anything can be quite a challenge. However, most people probably do not know that there are additional hurdles and potential roadblocks to financing and purchasing a condo. We do not have many condominiums in the West Chester, PA area, but there are plenty if you venture out to nearby Philadelphia, Wilmington, or other surrounding areas. Some local townhome projects are actually considered condominiums, and the future may see increased usage of condominiums to help cope with the conflicting needs to preserve our green space and to provide residences for an increasing population. Condo Financing Complications Local mortgage expert Ken Feinman of Approved Mortgage in Doylestown, PA says that buying a condo nowadays can be very challenging if the condo is not already approved by Fannie Mae and Freddie Mac. Fannie Mae and Freddie Mac are government-sponsored entities (“GSEs”) that that buy mortgages from lenders and sell them to investors. The catch is that in order to be purchased, the mortgages have to meet the GSEs’ requirements and be deemed “conforming”. And for condominiums, there are extra requirements for loans to be deemed “conforming”. Feinman says that some of the additional requirements for condos include production of a 90-day homeowners’ association (HOA) budget statement, a master insurance policy for the project, fidelity bond coverage (insuring the association against losses incurred as a result of fraudulent acts), proof of an...
by rtdosen | Nov 6, 2015 | Ryan Dosen Real Estate Articles
Inviting Home Design Trending in 2015 By Ryan Dosen Sophisticated elegance is out. Warm and inviting is in. According to consumer insight obtained by way of Realtor.com’s “Get This Look” promotion, home design is trending away from “look, but don’t touch elegance,” and trending toward “gather-worthy” and more authentic layouts and décor. Many will be preparing soon for holiday gatherings and spring listings, so let’s take a closer look at some of today’s top home design trends. Natural Looking Spaces for Entertaining Realtor.com’s “Get This Look” promotion invited site visitors to vote for their favorite home styles and get a chance to win a $45,000 home makeover by television host and lifestyle expert Jennifer Farrell. Over 100,000 entries were submitted, revealing “Inviting,” “Rustic,” and “Beachside Charm” as the top three home design choices for 2015. Farrell says that “we are seeing a shift in home design trends—leaving behind the glitz and glam for a more natural look—whether that may be a rugged barn with many textures or a serene beach-like feel.” She tells us that “today’s style reflects today’s lifestyle and we’ve found that having a space for entertaining family and friends all year round is the number one trend.” Inviting America’s number one design choice for 2015, receiving 23 percent of the overall vote, is the “Inviting” living space. Realtor.com describes an Inviting living space as “a welcoming atmosphere that includes fun barware, plenty of seating and a gather-worthy kitchen that can serve as the life of the party.” If you’re thinking about updating your home, consider staying with the trend of opening up your kitchen and floor...
by rtdosen | Oct 27, 2015 | Ryan Dosen Real Estate Articles
Autonomous Vehicles and the Impact on Real Estate By Ryan Dosen Most people don’t know it, but autonomous vehicles will start to be widely used in just a few years. These driverless vehicles will cost less money to operate, result in fewer accidents, and may affect home purchasing decisions as commutes become less painful. The impact on real estate will be gradual, but it will likely be positive for homeowners in Chester and Delaware County. The Driverless Revolution “The majority of people I talk to have no idea they’re coming so soon.” This is the latest regarding driverless vehicles from Lauren Isaac, Manager of Transportation Sustainability at engineering and planning firm Parsons Brinkerhoff. Based upon what Isaac and other experts foresee, the rollout of self-driving vehicles will occur gradually, probably over the next 15 years or so. Isaac, who recently spoke on the topic at the National Shared Mobility Summit in Chicago, believes that the revolution will start as freight hauling companies make the move to reduce the costs, inefficiencies, and liabilities associated with human drivers. Jonathan Walker of the Rocky Mountain Institute (RMI), a nonprofit research and educational foundation focused on fostering “efficient and sustainable use of resources,” also spoke at the Summit. Walker sees “robo-taxis” going main stream very soon. He says that “in three years we’re going to see some kind of automated taxi service, probably in the Bay Area, maybe in Austin.” Walker and Greg Rucks of RMI wrote an article earlier this year entitled “5 Steps to an Urban Transportation Revolution.” In it, Walker and Rucks say that “a big part of the...
by rtdosen | Oct 23, 2015 | Ryan Dosen Real Estate Articles
Housing Market Expansion Expected Through 2017 By Ryan Dosen The real estate market should continue its expansion at least through 2017. This is the latest bit of good news from the Urban Land Institute (ULI) Center for Capital Markets and Real Estate. Though “less bullish” than its last forecast in April, ULI’s most recent three-year economic forecast calls for “healthy and fairly steady” real estate market growth. Urban Land Institute’s Survey ULI is an independent global nonprofit with a mission “to provide leadership in the responsible use of land and in creating and sustaining thriving communities worldwide.” ULI has more than 36,000 members worldwide, “representing the entire spectrum of the land use and development disciplines.” To determine its three-year forecast for the real estate market, ULI polled real estate economists and analysts from 36 of the country’s leading real estate investment, advisory, and research firms. William Maher, ULI leader and director of North American strategy for LaSalle Investment Management in Baltimore, says that “the latest Consensus Forecast has picked up on recent growth concerns and stock market corrections around the world.” However, despite the fact that “global economies and capital markets are increasingly inter-related,” Maher says that “the US economy and real estate markets are in much better shape than most other countries.” Maher observes that “the vast majority of indicators in the forecast indicate favorable economic and capital markets in the U.S., as well as moderately strong real estate fundamentals and investment returns.” Therefore, ULI is calling for continued expansion in the American housing market for at least the next three years. In keeping with its call for...
by rtdosen | Oct 9, 2015 | Ryan Dosen Real Estate Articles
Top 5 Things to Consider When Building a New Home By Ryan Dosen Buyers in today’s market have been getting frustrated. Despite the fact that inventory levels are close to last year’s levels, it seems like there’s a shortage of quality homes on the market. Inventories are actually down slightly and the pace of home sales in Chester County has increased (Suburban West Realtors Association reports that year-to-date home settlements are up 15.2 percent). With more buyers buying and fewer homes for sale, we’re still seeing attractive, accurately-priced homes flying off the shelves. As a result, many of these frustrated buyers will turn to new construction, choosing to pay more for the chance to get exactly what they want. However, rather than etching their wants in stone, these buyers would be wise to take a few notes from the people in the business of new construction. To learn more about what new construction buyers need to know, I sat down with Scott Megill, homebuilder and co-owner of multi-generational, award-winning luxury homebuilder Megill Homes of Chadds Ford, PA. 1 – Maximize Structural Spaces According to Megill, one of the most important things to consider when designing a new home is maximizing the home’s structural spaces. Once these spaces are set and built out, it is very difficult to change them or add to them later in a cost-effective manner. Megill says that “when designing your home, you want to pay special attention to the rooms that you will spend the most amount of time in. Design these rooms with enough area so that you will be able to enjoy...
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