Jennifer LeBow

Florentine cookie recipe

October 11, 2021 by Jennifer LeBow Leave a Comment

Jen LeBow’s Florentine Cookies

These take some time, because you can only bake about 6 at a time or they spread into each other (as well as firming up before you can get them off the sheet, after which time, you risk breaking them). That said, they are really good and worth the time (in my opinion)!

Preheat to 325°.

Grind 2 oz. roasted (or raw) almonds to yield ½ cup ground almonds.

Line cookie sheet with parchment or Silpat.

Mix & heat on low, stirring constantly:

1/3 cup sugar

3 ½ T melted and cooled butter

2 T light corn syrup

1 ½ t cream

Once sugar has melted, increase heat to medium and stir constantly until mixture just boils.

Remove from heat.

Add and combine:

1/3 c all-purpose flour

pinch salt

Add and combine:

½ c ground almonds

1 t vanilla extract

Drop a teaspoon (no larger) of batter for each cookie onto the cookie sheet.

Leave about 3” between cookies—there will only be about 6 cookies on the sheet.

Bake 8-9 minutes., until bubbling and golden brown.

Line cooling rack with paper towels.

Let cookies sit ONLY a minute or two before transferring with very thin spatula from sheet to rack. If you wait too long, they will be so brittle, the impact of the spatula will shatter them.

Will the end of forbearance cause increase in foreclosures?

October 10, 2021 by Jennifer LeBow Leave a Comment

Will end of forbearance mean spike in foreclosures? — Many people are concerned that the end of forbearance will leave many home owners in foreclosure. Last time there was a spike in foreclosures, the housing market collapsed and we entered a recession.

Forbearance and foreclosure

Lots of people are wondering whether the end of mortgage forbearance will result in a spike in home foreclosures. According to the experts, the answer is “no”. The recent sharp increase in home prices harkens back to the time period just prior to the crash of 2008. However, the other market conditions at that time which contributed to the bursting of the housing bubble are notably absent this time.

Some of the relevant differences compared with the market in 2008 include:

Fewer people needing forbearance

In 2008, 9 million homeowner’s found themselves in trouble and unable to pay their mortgages. At this time, there are fewer than 2 million enrolled in the forbearance program, so the toll on the economy as a whole is much less. Furthermore, the number of people enrolled in forbearance programs continues to drop as more and more people are back to work, earning money again.

More equity, on average in homes

In 2008, many home owners had very little equity in their homes. Nearly 90% of those enrolled have at least 10% equity, which means they can sell their homes and pay the banks back, prior to entering foreclosure.

Programs in place to assist struggling home owners

Because of the effects of the 2008 crash as well as the government involvement in managing the pandemic, there are programs in place to help homeowners currently in forbearance. As a result, fewer people should find themselves in foreclosure.

Low housing inventory

Continued high demand for houses means that owners who do need to sell their homes in order to avoid foreclosure are more likely to find buyers. If they can sell before they are too far behind on their mortgages, they will not be in as bad a position.

High home prices

A corollary to low inventory, high prices also help owners in danger of foreclosure. The more they net for their homes, the more likely it is they can satisfy the bank.

A small increase in foreclosures is likely

While all of the above data supports the prediction that there won’t be a enormous spike in foreclosures once forbearance ends, a small increase is expected. Even with the programs in place to help hard-hit home owners, there will be some unlucky people who are over-leveraged and/or have not seen a resumption of income. There may be people who only recently purchased and have very little equity. If you are concerned about finding yourself in foreclosure, click here. Either way, we will probably see an increase. It won’t be huge, though, and it is certainly not expected to lead to a housing crash or recession.

Unexpected beneficiaries of work-from-home trend

September 9, 2021 by Jennifer LeBow Leave a Comment

How certain underemployed groups have benefited from COVID — Differently-abled people and other previously under-employed groups have benefited from the remote work model normalized by COVID.

Working from home

The benefits of working from home are widely recognized: time saved by avoiding the commute, the ability to tend to household tasks (like laundry, being home for the cable guy, taking the dog out), a relaxation in attire expectations, and the list goes on. Just about anyone who has transitioned to working from home can point to some advantages. But what about the people who had not been working at an employer’s site, but were suddenly able to work from home, due to COVID?

People who can’t work in a traditional office

Those needing accommodations

Consider how many people who had not been able to work a typical eight-hour day at an on-site workplace. Many differently-abled people report that employers assume they will be too difficult to accommodate in their office spaces, so they have trouble landing jobs. Now, though, (whether they could or could not have been accommodated at the employer’s site) they have a much higher likelihood of winning positions. As long as they can do the work from home, their handicaps are no longer relevant. COVID has normalized the work-from-home model.

Those with sensitivities

Similarly, people with severe allergies or sensitivities to odors who could not work in traditional environments can join the work-from-home workforce. Same with agoraphobics and germaphobes. While remote work has always been possible for these groups, prior to COVID, it wasn’t very popular. As a result of the pandemic, employers have embraced this model. Fortunately, for those who cannot easily work in an employer’s office, many more home-based positions are now approved. As a result, income opportunities have increased.

Those with challenging schedules or locations

Who else has benefited? How about those who live in rural areas with limited industry? Historically, that geographical reality had a tremendous negative affect on employment. The same can be said for people without access to transportation. Another obstacle has been the inability to commit to a regular or specific schedule. If someone has odd hours, but can work “here and there” and complete what needs to be done, remote work is perfect. There are jobs, like nursing, that often have a changing schedule, from days to nights. Someone who, for example, shares child care responsibilities with a nurse, could greatly benefit from a work-from-home situation, as long as the hours were flexible.

Silver lining of COVID

Without a doubt, other groups, beyond the ones mentioned above, have been previously at a major disadvantage as far as finding work-from home jobs. While there have always been people who have worked part-time from home, remote work was mostly not considered an option for full-time work. With the work-from-home trend here to stay, many more people have the opportunity to earn a living. Whether part-time or full-time, differently-abled, located in an “employer desert”, lacking transportation or regular hours, there are more jobs available. Employers, too, have seen some positive results. For example, they can now spend less on office space/equipment, parking or transportation costs, even coffee and snacks. So while COVID has certainly been nothing to celebrate, there have been some unexpected benefits.

Should you stay in your house or move?

August 27, 2021 by Jennifer LeBow Leave a Comment

Should you stay in your home or sell? — When deciding whether to sell your home or stay put, there are a lot of things to consider.

The pandemic has had a major affect on criteria people use to determine where to live. Many are questioning whether they should stay in their current homes or move. Are you considering a move but are not sure whether it’s the best choice? If so, I’d ask one (deceptively simple) question: why? The best way to make the decision is by carefully examining your motives for moving, as well as the corresponding pros and cons of staying put. Let’s look at the most common reasons people consider moving from one home to another.

1. Life circumstances have changed.

Yes, I realize “life circumstances” is vague. I am talking about major changes like divorce, death of a spouse, remarriage and the blending of families. Life circumstances also includes retirement. Not only does that mean that being able to get to work is no longer important, but it can affect housing choices in other ways as well. Maybe you want to sell your house and buy a condo so you can travel and not worry about home maintenance). Health issues requiring climate change or proximity to a specific hospital might also come into play. For some people, the arrival of grandchildren provides impetus for relocating.

2. Employment has changed (or not).

Historically, one of the most common reasons for a move was a change in job. While new employment will still result in some moves, due to the recent (significant) increase in remote work opportunities, far fewer families will move because of a job change. The other side of that coin is that some people are moving in spite of not changing jobs. The pandemic saw many city dwellers leave small, expensive housing in cities to have more space and land in more affordable small towns and suburbs

3. You don’t want to do renovations.

Being based in the Philadelphia area, where housing stock is, on average, about 75 years old, this concern is quite common. Updating systems (roof, windows, HVAC, electrical) as well as remodeling kitchens and bathrooms can be very costly. Beyond finding the money for the projects, be sure to consider the return on investment. That ROI is partly affected by how long you expect to be in the house. Furthermore, determine whether you could manage living through the mess and noise of the required projects. (Note: remember that, unless you buy new or nearly new construction, you may well have some renovating to do on a new home as well, so factor in that likelihood.)

4. Your priorities have changed.

When you bought the house, maybe the school district, a family-friendly neighborhood and access to public transportation were major advantages. Sometimes, what you value at one stage of life changes over the course of time. Are you feeling cramped now? You may be desperate for more space for your three teenagers and all their hobbies. Perhaps you are empty nesters and want less space and/or less land to maintain. Or you want to live more remotely with lots of land for privacy and a big garden. You may discover that being able to walk to dining and theater is newly appealing and your current neighborhood may not offer those options.

5. Your neighborhood has changed.

Sometimes, your priorities haven’t changed, but your environment has. What if that sleepy street you moved to twenty years ago now has a couple of apartment buildings and there’s a large commercial district too close for comfort? Some people cite a steep tax increase as a reason to consider a move. Finally, while some neighborhoods gentrify, others may atrophy. If you find your street now feels shabby and depressing, it might be time for a move.

6. Finances suggest a move.

Of course, no housing (or just about any other decision) can be made without thinking about the financial ramifications. If your financial situation has changed for the worse, you may simply not be able to afford to stay in your home. Between the mortgage payments, maintenance costs and taxes, you may not have a choice. On the other, more positive side, if you are in a better financial position, than when you purchased your current home and are looking to move to a better home (whether “better” means bigger, in a different school district or town, etc.), you could be considering a move.

Another scenario to think about is whether there are any monetary advantages to making a move. If you sold now, would you’d be in a favorable position as far as capital gains? Are there other tax advantages to staying (or selling)? On another note, let’s say you live in an area where real estate has recently skyrocketed in value. Even if you were perfectly comfortable where you were, the financial incentive to sell might cause you to explore a move.

Deciding whether to stay in your house or move may be more complex than you’d think. It’s important to be as thorough as possible in considering the pros and cons to each option. That said, be aware that, no matter how much research you do or how many spreadsheets you make, there will always be unknowns.

Disclosure is as good for sellers as buyers

July 14, 2021 by Jennifer LeBow Leave a Comment

Seller’s Disclosure

In most states, and certainly in Pennsylvania, where I live and work, the property Seller’s Disclosure must be supplied by the seller and signed and initialed by the buyer. Its purpose is to ensure that the seller has disclosed any known defects in the house or property and that the buyer is aware of them. However, many sellers ask, “Do I have to disclose that I fixed a leak?” or “My insurance took care of it when the tree fell through the roof, so do I need to disclose that?” The answer is yes!

Why disclosure benefits the buyer

There is little mystery surrounding why disclosure of defects, repairs or other issues that could negatively affect the salability of the property is beneficial to a buyer. Who wouldn’t want to know that there was shifting in the soil, causing the retaining wall to lean? or termite damage to the basement joists? or that the heat was installed in 2003? This information helps educate the buyer as to what costs might be upcoming as well as what things to ask a home inspector to give special attention.

Why disclosure benefits the seller

Disclosing any issues with the house or property is good for the seller, too. Why?

A buyer doesn’t have much recourse as far as asking for a repair or credit for any item you’ve disclosed.
It can prevent you from being sued later. If a buyer purchases the property, moves in and discovers something wrong that he or she feels you knew about but did not disclose, a lawsuit is likely.
It provides comfort to the buyer that you are not hiding anything. This good faith can go a long way in creating a smooth transaction. In this vein, put yourself in the buyer’s shoes (where you are likely to find yourself if you are selling your current home)–how would you feel if a seller knew about a problem and tried to cover it up?

Can’t disclosure hurt the seller?

There are people who worry that disclosing “too much” can make the property seem in poor repair. That concern is not unreasonable. But guess what? If that seems to be the case, then the seller either needs to make some repairs or offer credits, or at least acknowledge that there are some issues. Regardless of whether the seller discloses them, an inspector is sure to find them. So the condition of the property won’t remain a secret for long. And if a buyer doesn’t do an inspection? Remember, once the new owner has taken possession, he or she can still sue a seller for lack of disclosure, even if no inspections occur. There is no scenario in which withholding information makes sense (or is legal). So, disclose, disclose, disclose!

Why sellers should have a pre-listing inspection

July 12, 2021 by Jennifer LeBow Leave a Comment

why do a pre-listing inspection? — Why should a seller consider a pre-listing home inspection?

What is a pre-listing inspection?

A pre-listing inspection is a home inspection that a seller has completed prior to listing his or her home for sale. The seller can choose to just have a standard home inspection or can go the extra mile(s) with termite, radon, sewer scoping, etc. The inspection company provides a written report with photographs and recommendations for safety concerns and material defects. There will also be notes about systems requiring ongoing maintenance or items flagged as “budget to replace.”

What do I do with the reports?

Once you receive the reports, read them over and determine which problems you feel responsible for either repairing or providing a buyer a credit toward repairing. This step is certainly not always cut and dried and you may want to have specific tradespeople in to give you more information and price estimates. You should also discuss the results with your agent who can provide guidance for which repairs will be considered “necessary” by buyers and whether a credit makes more or less sense.

Once you decide, mark the report to reflect those repairs/credits you are willing to make. Then, disclose, disclose, disclose. What am I talking about? The seller’s disclosure. In Pennsylvania, this is a 10-page document that records the condition/age of most of your systems. Fill it out honestly and provide the inspection reports showing what was found and what you have committed to fixing.

Why do some people say a pre-listing inspection is a bad idea?

There are some people who discourage sellers from doing prelisting inspections for two reasons. The first is that, since you are legally required to disclose any safety or material defects, the concern is that you are giving them a list of “all the problems with the house”. They worry that buyers will be leery of buying a house that they know has some issues. The second reason is the argument that maybe you are wasting money fixing things that some buyers might not even ask for. Granted, if you plan to repair a leaky faucet in a bathroom that the new owner decides to replace immediately, yes, that could be money you might not have needed to spend. However, the benefits of the pre-listing inspection far outweigh the negatives.

Why a pre-listing inspection is smart

As far as drawing buyers’ attention to all the house’s faults up front, recognize that buyers will discover all of those things anyway, if they do their own inspection. Additionally, it demonstrates that you are not trying to hide anything, which, in home sales/purchases, is a common accusation. It promotes trust and can greatly affect the smoothness of the transaction.

Most important, many buyers who have access to a pre-listing inspection won’t bother to have their own inspection. As a result, the house sale is not at risk of falling through due to inspections. When a purchase “falls apart on inspections”, people assume there was something wrong with the house and subsequent offers are usually lower. Equally valuable, if a buyer foregoes an inspection, there will not be any renegotiation down the line due to requested repairs or credits. It means that the amount of the offer is actually the amount you’ll be paid for the house. Sometimes there can be ugly surprises and credits into the tens of thousands–wouldn’t you rather know ahead of time so you are confident that what a buyer says he/she will pay for the house won’t change once the agreement is signed?

To learn more about inspections, click here, here and here.

What is the buyer’s walk through?

June 26, 2021 by Jennifer LeBow Leave a Comment

home buyer final walk through — What should you be looking for when you do the final walk through? Photo credit Zillow.

What is a walk through?

If you are under contract to purchase a home, your agent is likely to ask you when you’d like to do the “walk through”. What is that? That is a quick tour through the property just prior to settlement. It is best done after the seller has moved out, so everything is visible. That said, you might want to do it a couple of days ahead of settlement if possible, in the event that there are issues that you need to resolve. (When settlement is delayed due to problems discovered at the walk through, it’s messy and can have significant negative consequences.) The purpose of the walk through is to confirm that the property is in the same condition it was when you agreed to buy it. It also allows you to check that any and all repairs the seller agreed to complete have been done.

What to look for at a walk through?

Repairs

Now you know what a walk through is. But how do you do it? First, check that any repairs have been made. While your agent should have received copies of work orders/invoices for any repairs made, you can also visually inspect. For example, if there was an attic joist that needed replacing, look to see whether a new one has been installed. If GFCI outlets were to be added, make sure they have been. Obviously, some things, like electrical work, might not be easy to confirm if you’re not an electrician. For those repairs, the invoices are particularly important.

Checklist

Other than repairs, you want to be sure everything is in the same condition it was before. So test out the garage doors. Turn on all the sink and showers and let them run a few minutes before checking for leaks. Make sure the dishwasher runs and doesn’t leak. Test the garbage disposal, oven and stove. Look for any broken windows. Be sure the toilets flush properly. Do the doors all close and lock? Beyond those basics, you want to be sure that, in the moving process, there was no damage to walls or floors or any other part of the house. Be sure the heat and a/c are operating (you can usually only check one, depending on the time of year).

Finally, be sure that the seller has taken everything that is supposed to have been removed. Beyond furniture and personal possessions, this category can be a little hard to define. What about hoses? Extra paint cans in the basement? Shelving units in the garage? While the language in the agreement of sale states that anything not attached is considered personal property, sometimes items like the ones above are overlooked and left behind. If you, as a buyer, specifically do or do not wish to inherit those kinds of “leftovers”, be sure to tell your agent either when you’re writing your offer or replying to inspections. It’s best to ensure all parties have the same expectations.

Seller responsibility

Some people ask: “Does the seller have to have the house cleaned before settlement?” The answer is fairly straightforward: the agreement of sale says it must be “broom clean”. That means no debris or trash on the floor or counters. However, it does NOT mean that the seller has to actually clean it. Bathrooms may well need a scrubbing and ovens and stoves are often left dirty. As far as the refrigerator, all contents should be gone, but don’t be surprised if it hasn’t been clean.

This question comes up often as well: “Does the seller have to fix all the nail holes left from pictures hung on the walls?” Establishing how big/small a nail hole needs to be painted or spackled is less clear. Some people suggest that if a hole is larger than about 1/4″, it should be spackled, so that there is no longer a hole. Of course, spackle won’t match the paint, so be prepared to paint or at least touch up (which some sellers may do as well).

Perspective

Keep in mind that the house will look different once it’s empty. You may notice more imperfections (in flooring, paint, etc.). The walk through is not meant to be an opportunity to re-evaluate the purchase or the cost of updating or improving the house. Try to remember what its purpose is and focus on checking repairs, and confirming that there are no major changes in condition. For more, click here.

If you are relocating to the Philadelphia/Main Line area, please go to my blog page and search for posts using the relocation tag. Contact me to discuss your Philadelphia area relocation! jen@jenniferlebow.com/610 308-5973

Sweet potato fries recipe

June 25, 2021 by Jennifer LeBow Leave a Comment

Jen LeBow’s Sweet Potato Fries Recipe

Preheat oven to 375°.

Peel and cut 4 sweet potatoes—to cut, slice in half the long way so you have a flat side on each half. Flat side down, cut into strips. Rotate 90° and cut in half.

Combine in large bowl:

2 T olive oil

1 t onion powder

½ t garlic powder

¾ t oregano

½ t rosemary

½ t thyme

Salt and pepper to taste

Add sweet potatoes and combine well.

Bake 15 minutes

Turn, bake 15 minutes more