​So when is it a good idea to use seller's assist?

1. When a buyer is short funds - Perhaps you've worked hard and have saved up enough for a down payment, and can comfortably afford a mortgage payment, but don't want to (or can't) wait to buy a home.  Sellers assist can be used to cover the closing costs that you haven't yet saved up.

2.  If it eliminates PMI (mortgage insurance) - On conventional loans, you may be able to buy out any monthly mortgage insurance  by paying points.  Seller's assistance can be used to cover those points, and in essence, save you hundreds each month by eliminating PMI WITHOUT putting 20% down. 

3.  If it allows more money down - If you're close to a benchmark down payment but not quite there (perhaps you have about 18% down, but can't quite come up with enough to get 20% down to avoid PMI or get a better rate), having a seller pay closing costs can free up the cash to get you over the hump.  This is especially true if you've got 3.5% for an FHA loan, but could go conventional with an extra 1.5% down - conventional PMI is much cheaper & can be eliminated when equity accrues, so it's a better option for most buyers.

4.  In favorable discount point scenarios - Buyers can get a lower rate by paying discount points.  Seller's assistance can cover those discount points, and though it's not always beneficial, a lower rate can potentially save a buyer a lot of money in the long term.

5. If you have no contingency/emergency fund - Spending down to your last dime when buying a home is never a good idea.  If the choice is between using cash to pay closing costs, or having an emergency fund, it's always a smart move to have that extra money in the bank.

When is it a bad idea to look for seller's assist?

1.  In a seller's market with low inventory - More than likely, you'll be competing with other offers, sometimes even cash buyers, so seller's assistance may not be feasible to get the home of your dreams.

2.  If you're offering above listing price and seeking sellers assistance, you'll likely need your appraisal to also come in above listing price for all of the numbers to work.  

How do you know if you should seek seller's assistance?

When you hire an expert realtor they will analyze your situation to determine who are the best loan officers with the best loan programs to meet your needs so that you get the best mortgage for you.   If you are considering making a purchase, contact The Swain Team today!

Hardwood Flooring continues to attract home buyers.  Popular alternatives range from distressed or reclaimed wood for a rustic look to sophisticated dark hardwoods stained sleek black to traditional oak, which remains the favorite.  Yet, with more trends than ever, it's tough to know which look will grab a home buyer's attention.

For that reason, it's often better to professionally clean existing carpet or refinish existing hardwood floors.  The 2017 Remodeling Impact report gives refinishing a sold 100% Return on Investment.  The projects attracting home buyers aren't necessarily inexpensive, but they cost less than a luxury kitchen or bath remodel.  That means sellers need to invest less to prepare a home for sale and will likely recoup more, if not all, of their investment.   

Many times we talk to sellers who do not want to do repairs to sell.  Afterall, who wants to do more work than they have to?  To net the most, you need to do repairs.  As soon as you say "as is" to a buyer, they think "what is wrong with the home?"  It scares them. They wonder what the sellers are hiding that will cost so much to fix?
​
Then their offer price drops drastically. What ever the cost to update, repair, or fix, the home buyer typically doubles that price when it's time to negotiate.  Now, combine that with the fact that buyers often think in increments of $1000.  If it costs $800 to have the floors cleaned, the buyer will say it costs $2000, and that's what they deduct from their bid.  Giving buyers an option to update themselves can cost sellers a lot of money.  

Coming Soon!...May 18!  To learn more about this home or to schedule a tour in advance, call 215-757-7257 or email: TheSwainTeam@gmail.com

Well maintained pet free and smoke free home located in the desirable neighborhood of Cobalt Ridge in the Neshaminy School District. Pull up onto a concrete driveway, step onto a new concrete walkway, passing a great abundance of maintenance free landscaping leading to a new concrete front patio.  Open the upgraded storm door with retractable screen to a lovely Pella steel and glass front door with a Medeco high security lock.  You will see a freshly carpeted staircase and to the left your reflection in a very large picture mirror (included) on the living room wall of this spacious open floor plan area with Mannington laminate flooring throughout.  On the first floor of this light and bright home are 2 bedrooms with hardwood flooring and ample customized closets, new updated full tile bathroom with ceramic tile floor and enormous medicine cabinet, large linen closet, updated kitchen with open shelving, custom design stone backsplash, brand new flat top electric range, built-in stainless steel dishwasher with stainless steel tub and stainless steel Frigidaire Professional refrigerator also white cabinets and Armstrong composite flagstone tile flooring. Sit at the dining table; view the cardinals and blue jays in the rear yard through new custom white Graber interior shutters as you enjoy your morning coffee. Next to the dining area is a door leading to the garage studio that has freshly painted walls with 5” trim and freshly painted epoxy floor with a new Pella steel and glass windowed automatic garage door that has 2 remotes. Next to the newer dryer is a steel door leading to the backyard where the 5.5 year warranted Lenox high efficiency 15 SEER Central Air / Heat Pump unit stands.  Across the yard there is a new 6 foot vinyl privacy fence and a removable garden for the avid gardener.   Other appointments include newer CertainTeed premium vinyl siding with seamless gutters, updated 200 amp electric, hot water baseboard oil heat throughout (highly economical) and above ground oil tank. The 2ndfloor has a full bathroom with tile and deep medicine cabinet, 2 bedrooms with new Armstrong laminate flooring throughout, built in shelving, large closet and custom metallic mini blinds.  This home is located on a quiet street, is near several parks, I-95, PA turnpike, 2 suburban train stations.   Amazing opportunity to own this home, come see for yourself.

What I love about this home…

New custom white Graber interior shutters allow the sun in the west to stream in beating any winter blahs or closed to keep the house cool in the hot summer months in both the living room and kitchen areas.  With dual heating systems, the heat can be dropped to cost saving 50 degrees while no one is home and raised to a toasty 72 within 20 minutes.

​Coming Soon!...May 18!

For years, many home buyers wanted an open floor plan, with a seamless flow from the kitchen to the dining room to family room.  Today, they want an open floor plan with flexibility.  The Taylor Morrison survey suggests that 58% of buyers want a floor plan that can be personalized, meaning buyers can utilize the space for what they want.  You could have an open space with less family room and more office space if that suits your needs.  

Home buyers place great value on floor plans that can be customized in multiple configurations.  Professional staging can help demonstrate the possibility of an open floor plan to potential buyers.  According to the 2017 Profile of Home Staging, 77% of buyer's agents say staging a home makes it easier for a buyer to visualize the property as a future home.  About 1/3 of buyer's agents feel that staging increases the dollar offered from 1 to 5% when compared to unstaged homes.  

​Today's home buyers are less attracted to cosmetic aesthetics and more to a home's bones, mechanicals, and structural improvements.  Regardless of what generation a home buyer is in they want move in ready.  According to a recent consumer survey by homebuilder Taylor Morrison, 62% of home buyers most want energy efficiency and 56% seek easy maintenance.  

Yet, are home buyers willing to pay for what they want?  In most cases, yes.  Sellers can get caught up in visually preparing their home and forget about the mechanics of the home.  Pre-listing inspections can sometimes provide more value than staging.  

In 2017, mechanical and structural improvement projects payback averaged 74%.  In 2018 it is up to 76%.  The 2017 Remodeling Impact Report gives a new roof a 109 % return on investment.  

When it comes to return on investment, let's not forget about curb appeal.  Exterior projects for a while now have been outpacing interior projects.  Exterior improvements include landscaping, new doors, windows, siding and roof.  

Did you know that 80% of all real estate deals are contingent on a home inspection?  So why not be proactive and stand out from the competition by performing a prelisting inspection?

For every $1000 of perceived defect, the buyer will ask for a $3000 - $5000 credit.  Buyers use the home inspection as a way to get a better deal by negotiating the sales price down.   

You want to know about the issues upfront, not when the buyer's inspector shows up.  

In the end this can save you thousands, because again all your cards are on the table and the buyers will base their offer knowing your homes defects. There will be no surprises when it comes to negotiating the buyer's reply to inspections. THIS IS HUGE! The inspection process is where buyers ask for a credit and/or repairs. It is easiest and much less stressful just to let them know upfront.
Now the buyer can make a decision knowing all the facts about your home. It is like selling a Certified Pre-Owned Home!! Buyers feel more comfortable having this detailed report.

​Coming Soon!...May 18, 2018!  To learn more about this home or to schedule a tour in advance, call 215-757-7257 or email us at: TheSwainTeam@gmail.com.

​​Well Maintained, Expanded, Dormered home situated on a large corner lot.  The exterior of the home features vinyl siding, 2 car driveway, newer concrete sidewalk and curbs.  Inside the home features a large addition which includes a family room, dining room and oversized garage.  The remodeled eat in kitchen offers cherry cabinets, newer appliances, and newer countertops.  Upstairs the front of the home has been dormered, giving you ample space in the remodeled upstairs bathroom.  The fenced rear yard is complete with a sizeable covered patio with newer concrete.  The home also features central air, electric garage door opener, and above ground oil tank.

Coming Soon!...May 18!