Main Line Real Estate | Jennifer LeBow, Realtor

Helping You Relocate to Philadelphia's Main Line

Phone: (610) 308-5973 // Text: (610) 308-5973 // Email: jen@jenniferlebow.com

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How much house your dollar buys depends

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Features affecting value of home
Which aspects of a home and property most affect value?

What kind of home your budget buys you depends.

Most home buyers start their search with a simple question: “What will my budget buy me in my target area?” The truth is… it depends on dozens of factors. For example, on Philadelphia’s Main Line, two individual $1M homes can feel completely different in size, condition, layout, and style—simply because the value drivers behind them vary so widely.

Here are the major determinants of what your budget actually buys you in my area:

1. Location

Real estate will forever be about location. Location, in my mind, means a few distinct characteristics. The first is, on a map, what is the home near, geographically? How far from Center City? A train station? Shopping and restaurants? Second, is that home on a busy street, next to commercial buildings or on a tucked away neighborhood street where it’s safe to walk a dog or ride a tricycle?

2. School District

For many buyers, the school district is the deciding factor. Some parents look for low student to teacher ratios. For others, it’s the number of available AP classes and extracurriculars available. For yet others, athletics are primary.

3. Home Size

Square footage, bedroom count, bathroom count, the finishability (yes, I did make that word up) of the basement, and whether you have an attached garage all affect what you’re getting for the money. Is there an attic which could allow for future expansion?  All of these size-related features affect value. Of note in our area is that a 3-bedroom house, in general, is worth much less than a 4-bedroom, provided all four of the bedrooms are reasonable in size. Keep in mind how many people need home offices these days, so even if only three bedrooms are needed, a fourth may allow for a required office space.

4. Lot & Land Features

A level, usable yard commands a premium. Privacy, mature landscaping, driveway/garage convenience, patio/deck space, and lot shape make a major difference. (A sloped or oddly shaped lot usually sells for less.)

5. Condition & Major Systems

A recently renovated home with a 20-year-old roof, old boiler and original windows may have a significantly different value than a not quite as updated home with all new systems. The costs of replacing aging HVAC, plumbing, electrical, etc is not only high; when systems require replacement, it’s usually not something that can wait. Updating a kitchen or painting the interior is cosmetic; a leaky roof is not.

6. Architectural Style & Layout

A stone colonial in Penn Valley, a large1950s split level in Wynnewood, and a new construction twin in Bryn Mawr may all be $1M—but all three appeal to different lifestyles and tastes. It’s unlikely a buyer would look at more than one of these as they are so dissimilar. Beyond style, layout flow, natural light, ceiling height, and features like first-floor office options and finished basements all shape daily experience. As a result, these characteristics impact value.

7. Neighborhood & Street Characteristics

Value doesn’t stop at the property line. Walk-to-town pockets, whether there are sidewalks, how safe it is to walk on the street, parking ease, community feel, and block culture all influence what a home is worth. Some streets sell at a premium every single time.

Bottom line:
$1M (or any budget) doesn’t define a specific housing product, at least in our area. Instead, the price point represents a range of possibilities. Understanding which factors affect value and deciding where on your personal priority list they each fall make the difference between a home that fits your lifestyle and one that simply fits your budget.

If you want help assessing value across specific towns or neighborhoods, or to better understand other aspects of value, I’d be happy to have a conversation.

How to Identify a Bad Listing Agent

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  1. They have no marketing plan.

    Listing your property on the MLS is one small part of marketing a listing. (As far as the listing, though, it absolutely needs to have high quality photography, video, drone shots and a floor plan in many cases, a well-written description highlighting the property’s best features, at the very least.) Any listing agent who is vying for your business should be able to show you examples of both print and on line advertising they’ve used for other properties. They should also be able to provide you with a marketing time line of which activities happen when. Finally, the best marketing is strategically tailored to showcase your property with regard to current market conditions and buyer preferences.

  1. They make showings hard.

    Whether they simply don’t respond quickly to buyer agent requests for showings, or, if they insist on being present for showings and are not prepared to accommodate scheduling requests, you are doomed. If buyers can’t get in when they have availability, they may just pass your house by and look at others that they can see at their convenience. I have frequently had listing agents tell me that they can’t meet me at 5:45, (which is the earliest my client can come after work) because it’s inconvenient for them due to traffic and needing to make dinner. This particular point illustrates one very good reason why you don’t want your listing agent present at showings. Click here for more on this topic.

  2. They don’t manage the details.

    Staying on top of the details (like contract deadlines, disclosures, inspections, appraisal coordination and the mortgage commitment) is vital to keeping a transaction on track and running smoothly. If your agent mishandles the details, closing may be delayed, stress levels will spike, you may need to make unexpected concessions and, at worst, your sale may fall apart.

  3. They don’t know how to “Read the Room”.

    Real estate transactions are business, but very personal business to the buyer and seller. A home sale is usually an extremely emotional transaction for them. If your agent doesn’t have the emotional intelligence to assess the personalities involved (including the other agent’s) and make the right moves in negotiations and other communications, your transaction will be much more stressful.

  4. Their needs come before yours.

    Even though the paperwork both you and your listing agent sign stipulate that they must put your needs ahead of theirs, not all agents follow through on that promise. The agent makes no money if the house doesn’t sell. As a result, many agents will pressure a seller to take a lower price just to get it sold. Remember, a $50,000 lower sales price is significant to a seller, but may only translate to $800-$900 in commission dollars for the agent. A good agent will work hard to market your property creatively to get you the best offer possible before suggesting a price cut. Similarly, if you get a low offer, a strong agent should make every effort to convince the buyer to increase it before suggesting you take it as is. 

  5. They Don’t Play Well with Other Agents.

    As I mentioned earlier, if your agent doesn’t communicate well with other agents, you will bear the brunt of that problem. Agent to agent issues, though, go beyond communication. Just like in any industry, there are certain agents who have reputations as being difficult to work with. If you’ve hired one of them to represent you, you may have misstepped. Buyer’s agents prefer working with professionals who are responsive, organized, and collaborative. If your agent has a poor reputation in the brokerage community, your home may get fewer showings — and fewer chances at a strong offer — without you ever knowing why.

Most mediocre agents are not purposely delivering sub-par service. My opinion is that their most common failings are laziness and a lack of creativity. So, while it might be hard to evaluate exactly how a listing agent will behave once you’ve listed your property with him or her, if you can ferret out whether that person seems either lazy or uncreative, you might dodge a bullet by interviewing other agents.

  1. They are uncommunicative/unresponsive.

    If your agent is difficult to reach and/or fails to respond to you, that’s a red flag. Make sure you express how you prefer communication. Clarify what you expect as far as whether you want regular check-ins or only want to hear from your agent if there is activity on the listing or something that merits a call. Your agent should be sharing feedback from showings and keeping you apprised of new competition hitting the market.

    Insider Tip: What may not have occurred to you is that if your listing agent doesn’t communicate effectively with you, it’s likely he is not responsive to other agents. Buyer agents may be trying to make appointments, ask questions about the property, obtain documents required for an offer, etc.. If your agent is unresponsive to those agents, your bottom line is likely to be negatively affected.  And you’ll likely never know it’s happening.
  1. They have no marketing plan.

    Listing your property on the MLS is one small part of marketing a listing. (As far as the listing, though, it absolutely needs to have high quality photography, video, drone shots and a floor plan in many cases, a well-written description highlighting the property’s best features, at the very least.) Any listing agent who is vying for your business should be able to show you examples of both print and on line advertising they’ve used for other properties. They should also be able to provide you with a marketing time line of which activities happen when. Finally, the best marketing is strategically tailored to showcase your property with regard to current market conditions and buyer preferences.

  1. They make showings hard.

    Whether they simply don’t respond quickly to buyer agent requests for showings, or, if they insist on being present for showings and are not prepared to accommodate scheduling requests, you are doomed. If buyers can’t get in when they have availability, they may just pass your house by and look at others that they can see at their convenience. I have frequently had listing agents tell me that they can’t meet me at 5:45, (which is the earliest my client can come after work) because it’s inconvenient for them due to traffic and needing to make dinner. This particular point illustrates one very good reason why you don’t want your listing agent present at showings. Click here for more on this topic.

  2. They don’t manage the details.

    Staying on top of the details (like contract deadlines, disclosures, inspections, appraisal coordination and the mortgage commitment) is vital to keeping a transaction on track and running smoothly. If your agent mishandles the details, closing may be delayed, stress levels will spike, you may need to make unexpected concessions and, at worst, your sale may fall apart.

  3. They don’t know how to “Read the Room”.

    Real estate transactions are business, but very personal business to the buyer and seller. A home sale is usually an extremely emotional transaction for them. If your agent doesn’t have the emotional intelligence to assess the personalities involved (including the other agent’s) and make the right moves in negotiations and other communications, your transaction will be much more stressful.

  4. Their needs come before yours.

    Even though the paperwork both you and your listing agent sign stipulate that they must put your needs ahead of theirs, not all agents follow through on that promise. The agent makes no money if the house doesn’t sell. As a result, many agents will pressure a seller to take a lower price just to get it sold. Remember, a $50,000 lower sales price is significant to a seller, but may only translate to $800-$900 in commission dollars for the agent. A good agent will work hard to market your property creatively to get you the best offer possible before suggesting a price cut. Similarly, if you get a low offer, a strong agent should make every effort to convince the buyer to increase it before suggesting you take it as is. 

  5. They Don’t Play Well with Other Agents.

    As I mentioned earlier, if your agent doesn’t communicate well with other agents, you will bear the brunt of that problem. Agent to agent issues, though, go beyond communication. Just like in any industry, there are certain agents who have reputations as being difficult to work with. If you’ve hired one of them to represent you, you may have misstepped. Buyer’s agents prefer working with professionals who are responsive, organized, and collaborative. If your agent has a poor reputation in the brokerage community, your home may get fewer showings — and fewer chances at a strong offer — without you ever knowing why.

Most mediocre agents are not purposely delivering sub-par service. My opinion is that their most common failings are laziness and a lack of creativity. So, while it might be hard to evaluate exactly how a listing agent will behave once you’ve listed your property with him or her, if you can ferret out whether that person seems either lazy or uncreative, you might dodge a bullet by interviewing other agents.

How to identify a bad listing agent
Be careful not to hire a bad listing agent.

When you’re selling your home, it’s easy to assume that all agents do roughly the same thing — stick a sign in the yard, upload some photos, and wait for offers.
But in reality, the difference between an average agent and a great one can cost you tens of thousands of dollars. Unfortunately, the most costly mistakes often happen behind the scenes and sellers are never even aware of them.

Eight ways a bad listing agent can inadvertently sabotage your sale

  1. They ask the seller to choose the price.

    To clarify, the seller should have the final say about the listing price. However, there should first be a discussion in which the agent provides market data suggesting a price range and explains the strategy of setting the list price at the high, middle or low end of that range. Just asking a seller, “So, what price do you want to list at?” without a conversation about comparable sales and what is happening in the market is a sign of a lazy (or truly inept) listing agent. Sometimes, there is another reason the agent sets the price where the seller wants: it’s called buying the listing (when an agent agrees to too high a price for the house in order to secure the listing). Sadly, what few sellers consider is that the agent who agrees to list at a higher price is offering no guarantee that it will sell at that inflated price. So the argument “I chose that agent because she wanted to list my house at a higher price” is a poor one.

  1. They are uncommunicative/unresponsive.

    If your agent is difficult to reach and/or fails to respond to you, that’s a red flag. Make sure you express how you prefer communication. Clarify what you expect as far as whether you want regular check-ins or only want to hear from your agent if there is activity on the listing or something that merits a call. Your agent should be sharing feedback from showings and keeping you apprised of new competition hitting the market.

    Insider Tip: What may not have occurred to you is that if your listing agent doesn’t communicate effectively with you, it’s likely he is not responsive to other agents. Buyer agents may be trying to make appointments, ask questions about the property, obtain documents required for an offer, etc.. If your agent is unresponsive to those agents, your bottom line is likely to be negatively affected.  And you’ll likely never know it’s happening.
  1. They have no marketing plan.

    Listing your property on the MLS is one small part of marketing a listing. (As far as the listing, though, it absolutely needs to have high quality photography, video, drone shots and a floor plan in many cases, a well-written description highlighting the property’s best features, at the very least.) Any listing agent who is vying for your business should be able to show you examples of both print and on line advertising they’ve used for other properties. They should also be able to provide you with a marketing time line of which activities happen when. Finally, the best marketing is strategically tailored to showcase your property with regard to current market conditions and buyer preferences.

  1. They make showings hard.

    Whether they simply don’t respond quickly to buyer agent requests for showings, or, if they insist on being present for showings and are not prepared to accommodate scheduling requests, you are doomed. If buyers can’t get in when they have availability, they may just pass your house by and look at others that they can see at their convenience. I have frequently had listing agents tell me that they can’t meet me at 5:45, (which is the earliest my client can come after work) because it’s inconvenient for them due to traffic and needing to make dinner. This particular point illustrates one very good reason why you don’t want your listing agent present at showings. Click here for more on this topic.

  2. They don’t manage the details.

    Staying on top of the details (like contract deadlines, disclosures, inspections, appraisal coordination and the mortgage commitment) is vital to keeping a transaction on track and running smoothly. If your agent mishandles the details, closing may be delayed, stress levels will spike, you may need to make unexpected concessions and, at worst, your sale may fall apart.

  3. They don’t know how to “Read the Room”.

    Real estate transactions are business, but very personal business to the buyer and seller. A home sale is usually an extremely emotional transaction for them. If your agent doesn’t have the emotional intelligence to assess the personalities involved (including the other agent’s) and make the right moves in negotiations and other communications, your transaction will be much more stressful.

  4. Their needs come before yours.

    Even though the paperwork both you and your listing agent sign stipulate that they must put your needs ahead of theirs, not all agents follow through on that promise. The agent makes no money if the house doesn’t sell. As a result, many agents will pressure a seller to take a lower price just to get it sold. Remember, a $50,000 lower sales price is significant to a seller, but may only translate to $800-$900 in commission dollars for the agent. A good agent will work hard to market your property creatively to get you the best offer possible before suggesting a price cut. Similarly, if you get a low offer, a strong agent should make every effort to convince the buyer to increase it before suggesting you take it as is. 

  5. They Don’t Play Well with Other Agents.

    As I mentioned earlier, if your agent doesn’t communicate well with other agents, you will bear the brunt of that problem. Agent to agent issues, though, go beyond communication. Just like in any industry, there are certain agents who have reputations as being difficult to work with. If you’ve hired one of them to represent you, you may have misstepped. Buyer’s agents prefer working with professionals who are responsive, organized, and collaborative. If your agent has a poor reputation in the brokerage community, your home may get fewer showings — and fewer chances at a strong offer — without you ever knowing why.

Most mediocre agents are not purposely delivering sub-par service. My opinion is that their most common failings are laziness and a lack of creativity. So, while it might be hard to evaluate exactly how a listing agent will behave once you’ve listed your property with him or her, if you can ferret out whether that person seems either lazy or uncreative, you might dodge a bullet by interviewing other agents.

Are You REALLY Ready to Buy a House Right Now?

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Are you prepared for the competitive market
Today’s Main Line housing market is very competitive–are you actually prepared to buy at this time?

Thinking About Buying on the Main Line Right Now? Let’s Have an Honest Conversation First.

If you’ve been looking at listings in Wynnewood, Ardmore, Wayne, Bryn Mawr, or adjacent areas like Havertown, Media, and West Chester, you’ve probably noticed something:

Homes are still flying off the market.
Most properties receive multiple offers within a few days, and most of those offers come with few or no contingencies. That means no inspections, no mortgage contingency, no appraisal. One buyer wins… and several walk away disappointed.

I’m not telling you that to scare you or dissuade you (remember how I make my living!). I’m telling you because if you want to buy here right now, you deserve an honest picture of what it takes — and a framework for figuring out whether this is the right time for you.

Why Are Main Line Homes So Competitive?

A few reasons:

  • Chronic low inventory — people love living here, and they’re not moving unless they have to. While it’s particulary bad right now, our area always has more people who want to move in than out.

  • Neighborhoods — buyers want specific pockets: the quieter streets that you can park on, the more “neighborhoody” neighborhoods, preferred school districts, and locations that are most convenient.

  • Lifestyle shifts — people want more space, yards, home offices and playrooms and people are entertaining more at home these days… all of which makes our area incredibly desirable.

The result?
Well-priced homes in good condition often receive 5-7 offers or more, and the terms matter as much as the price.

Step 1: Get Clear on Your “Why Now?”

Here are some of the questions I ask my clients:

Lifestyle Motivations

  • Are you running out of interior and/or exterior space? Need another bedroom for the new baby? A bigger kitchen? More storage? A yard for the dog?

  • Do you want to be in a specific school district (LM, Radnor, Haverford, etc.)?

  • Are you tired of Center City congestion and craving quieter streets in a less “concrete jungle” environment? Especially for people with babies or young children, having to park somewhere other than in your own driveway can be a motivating factor.

Financial Motivations

  • Are you trying to control your housing costs instead of being at the mercy of a landlord/building who might increase the rent at any time?

  • Are you watching prices rise and want to get into a home before they go up even more?

  • Are you interested in starting to build equity?

Timing Motivations

  • Does your lease or current home sale put you on a timeline?

  • Do you need to be settled before the next school year begins? Where you live determines where your kids go to school, if they are in public school.

  • Is a job change affecting a commute from your current home that will no longer be tenable?

  • Are life changes driving the timetable? New baby coming? Kids all grown and living elsewhere and the current house has become too much to take care of? Physical limitations/stairs becoming an issue?

Quality-of-Life Motivations

  • Are you ready for a home you can personalize—garden, renovate, host, decorate?

  • Do you want more stability? Remember, a landlord can always decide to sell the property, leaving the tenant to have to find a new place. Are you looking for the feeling of “this is ours”?

  • Do you want a place better suited to spending time with your family/entertaining in?

Once you have explored your reasons for a move at this time, you are in a stronger position to make negotiating decisions. Clarity becomes your anchor when the process gets emotional — and it will, because this market is fast and competitive.

Step 2: The Main Line Buyer Readiness Index

Scoring yourself from 1-5 on each question below should help you judge how ready you are to buy now.

1. Financial Preparation

1 = I don’t have a pre-approval yet.
5 = I know my exact budget, have my pre-approval, and understand what makes an offer strong here.

2. Flexibility on House Criteria

1 = I have a very rigid “must-have” list.
5 = I can adjust on location, size, condition, layout, or lot size if needed

3. Comfort With Competitive Offer Strategies

1 = I want an inspection and will have a mortgage contingency with attached appraisal contingency.
5 = I understand inspection strategies, appraisal dynamics, and how to make a clean offer.

4. Emotional Resilience

1 = Losing a house will crush me.
5 = I can regroup quickly and keep perspective if it takes a few tries. I realize there isn’t only one house (“the” house) that will work for me.

5. Strength of Your “Why Now”

1 = I’m browsing on line listings but am fine staying where I am if the “right thing” doesn’t come up.
5 = I have compelling, time-sensitive reasons to move now.

How Your Score Translates

20–25: You’re competitive and ready. With a strong strategy, you can absolutely win on the Main Line.
15–19: You’re close — tighten the lower-scoring areas before jumping in.
10–14: You may feel overwhelmed once competition heats up; let’s clarify your goals first.
Below 10: This market may not serve you well right now, and that’s okay.

This isn’t about passing or failing. It’s about being aligned, prepared, and realistic.

Bottom Line

In a market where several people are bidding on the same house, being clear on why you’re moving, how competitive you’re willing to be, and how you’ll handle the emotional rollercoaster makes all the difference.

If you want to walk through your refining your “Why Now,” I’m here to help. Preparation is your competitive edge.

Are Sellers Spying on Buyers?

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Are home sellers spying on buyers?
Many home sellers are using audio and video devices to monitor their home during showings.

As a real estate agent, I have noticed a pronounced increase in the number of showing instructions that include a reference to audio or video recording devices in use at a property I will be touring with a buyer client. Sellers must disclose if any kind of recording or montioring device will be operating when people come to see the home. Often, when I alert my buyers that the sellers “may be looking and listening”, they are uncomfortable and liken it to be spied on. I understand that and, to be honest, I don’t like it either. Guess what, though? 68% of home sellers say that, if they had the equipment, they would use it during showings.

However, if I put myself in the shoes of the seller, I can understand that allowing people I’ve never met to spend up to an hour alone in my home, with my possessions all there, is equally uncomfortable. Why might sellers monitor showings?

  • Security. Sellers often cite wanting to be able to check on their homes when they are not there, to be sure nothing is broken/stolen or being compromised.
  • Privacy. Similarly, buyers who know they might be on video are much less likely to be nosy or invade a seller’s privacy (like looking through drawers).
  • Collecting feedback for marketing. Many sellers may want to see what prospective buyers say and do in their homes because they want to understand what does and doesn’t appeal to them. If buyers continually express disappointment with the condition of the deck, for example, a seller might decide to power wash it and paint the railing. Similarly, if people comment on how nice the deck is, the seller might opt to put out additional seating/table and really play it up as an incredible entertaining space.
  • Gaining “insider information”. Even though buyers’ agents must be told if there are audio or video devices in use (and then advise their clients accordingly), people still tend to talk about the property as they walk through it. For example, they might gush about how much they love it more than anything else they’ve seen. Hearing that might encourage a seller to negotiate that buyers offer a little more aggressively. Or, for example, what if the buyers say that they are concerned that there isn’t enough closet space in the primary suite. The seller could ask the listing agent to send a message out to all showing agents and amend the listing to state that the seller is willing to build in an additional closet.

So what does all this mean? The likelihood is that more and more sellers will choose to use technology to see what is going on in their homes during property viewings because there are too many advantages to them not to. Buyers may become more used to it and potentially less bothered by “spying”. That said, they may develop more self control as far as communicating while inside the home. They will probably become better at holding their thoughts until they can discuss with each other and/or with their agents in a private setting (either outside, or during a follow up phone call, for example). Regardless, this monitoring of properties during showings is here to stay.

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

What spaces matter most to home buyers?

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What are buyers looking for in a home?
What spaces in a house matter most to home buyers?

The Home Spaces Buyers Value Most in 2025

When buyers walk through a home, they aren’t giving equal weight to every room. The presence (as well as the location/layout/size) of some spaces shape their decision, while others are considered “nice to have” but not essential. If you’re preparing to sell your home, understanding which rooms matter most to buyers can help you and your agent focus your marketing efforts. Knowing what drives value is key.

Kitchen

The kitchen remains the most important room of the home. Buyers consistently gravitate toward updated, functional kitchens with open layouts, large islands, and plenty of storage. Even if other parts of the house need work, a welcoming kitchen can tip the scales. Everybody has to eat! So whether it’s breakfast, packing lunches, preparing and serving dinner, the kitchen is quintessentially necessary. It’s not just about cooking either—it’s also about navingating daily life and gatherings, which is why this room often ranks highest.

Primary Suite

Next in line for home buyers is the primary suite. Many people are looking for a bedroom that delivers comfort and privacy. It has to be large enough to provide good clothing storage and a luxurious bathroom often seals the deal. While some people like a small sitting area in the bedroom, that “extra” is usually not a make or break deal, especially as it is usually absent in older homes.

Home Office

The pandemic permanently changed how people view home offices, and that preference is here to stay. Buyers may not demand a fully finished office, but they want to see where one could exist. An extra bedroom, loft, or basement that can easily transform into a workspace carries a lot of appeal, especially when mulitple people are working from home. Conversely, home offices, if they can serve as guest bedrooms in a pinch, have become important to buyers. This type of flex space, which can be used for more than one purpose, is in high demand.

Laundry

Laundry location is surprisingly influential. A first-floor or second-floor laundry room is enormously more convenient than carrying baskets up and down the basement stairs. In newer homes, the laundry is almost always located on one of the main living floors. In older houses, it’s harder to find, but if someone has retrofit a small, extra bedroom or somehow carved out another space for it, buyers will sure to notice.

Mudroom / Drop Zone

Mudrooms have become highly valued, especially for households with kids, pets, or lifestyles that revolve around the outdoors/sports. They are especially appealing when located just off the garage and even better if they offer an exit directly to the outdoors. From backpacks to jackets, sports gear, and dog leashes, mudrooms provide a space to organize these items and prevent them from maing the rest of the house messy/dirty.

Playroom / Flex Family Space

Families with young children love having a dedicated playroom, but even buyers without kids want flexibility. If that playroom space could also be a home office, library, craft room, or something else, any bonus area is appreciated. Flex spaces mean that a house not only appeals to a wider variety of needs at the time of purchase, but also that, over time, the house can adapt to a family’s changing needs. What starts as a playroom may become a homework space and then a sewing room over the course of several years.

Outdoor Living

Finally, outdoor living areas carry significant weight in buyers’ decisions. Patios, decks, and usable yards extend living space and create opportunities to entertain, relax, or garden. Even a small but well-designed outdoor area with comfortable seating can make a property more valuable. While some people prefer a front porch and the opportunity to have impromptu short visits with neighbors, others are looking for privacy in their outdoor recreation spaces. Sellers should consider how to best highlight/stage whatever outdoor space they have.

The Takeaway

We are seeing a shift in focus from traditional “supposed to have” spaces, like formal living rooms, to practical ones that make everyday life easier. Open floor plans that encourage easy interaction are the order of the day and flexible spaces that allow for changing needs (whether on a daily basis or over many years) are high on buyers’ lists as well. Unused rooms or spaces that can’t serve a different purpose are falling out of favor and being replaced by more practical, informal, and flexible layouts. With people spending more time at home these days, ever since the pandemic, comfortable outdoor entertaining and relaxing spaces have become much more valued, too.

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

How Experienced is Your Agent?

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There's no substitute for experience
How much experience (and in what areas) your agent has matters. Find out why.

How much experience do most agents have?

According the the National Association of Realtors, 87% of real estate agents leave the industry within five years of entering it. That means that the overwhelming majority of agents has fewer than five years of experience. Before I go any further, I’d like to preface this post by saying that we (all real estate agents) were all new once and a lack of experience doesn’t automatically translate to an unprofessional transaction.

Why does experience matter?

That said….Whether you are thinking of buying, selling or both, working with an experienced agent is a good idea. The more transactions your agent has done, the more prepared she will be for whatever may come up. She’ll have shown more houses, written more offers, negotiated more contracts/inspections and kept more deals on track to close than a novice. You know what they say: there is no substitute for experience.

Do they have the experience I need?

When you are interviewing agents, be sure to ask the right questions pertaining to their experience–how long they’ve been in the business, roughly how many transactions (buy/list) they do annually, what their sweet spot is as far as price, which neighborhoods they sell most often in (and most recently) and anything else that matters to you. (Speaking of experience, you might look up their reviews on line to find out what their clients’ experience with them has been.)

Remember that while responsiveness, clear communication, availability and many other qualities are key to the quality of your transaction, they can’t replace experience in the field. Your best bet is to find an agent with all of the above!

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

What happens when an appraisal comes in low?

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Low appraisal
When you are under contract to buy a house and the appraisal comes in low, what does that mean?

What is the role of the appraisal?

If an offer for a home is contingent on a mortgage, the lender will require an appraisal. The percentage of the purchase price that the mortgage company is willing to give the buyer is based on the appraised value. If that value is lower than the purchase price, it means that the bank won’t necessarily lend more than that amount. In that scenario, the bank would lend less than what it would if the appraised value matched the purchase price. So the appraisal determines what the bank will lend.

What if the appraisal is low?

Depending on how the offer is structured, if the appraisal comes in lower than the purchase price, the buyer may have the option to terminate and receive all deposit money back. If the buyer has included any appraisal gap coverage in the offer, that buyer may still be bound to continue in the transaction (if the gap between appraised value and purchase price is less than the gap coverage). Either way, the buyer and seller have the option to negotiate regarding the price (or other incentives) to save a deal when the appraisal comes in low.

How can the deal be saved?

If the appraised value of the property is below the purchase price, all is not necessarily lost. The buyer may be able to make up the difference in cash, for example. If they don’t have it, they could ask for a seller’s assist to reduce the amount of cash they need to close. They may also choose to borrow a higher percentage of the appraised value (for example, instead of an 80% loan, they may go to an 85% loan, as those percentages are based on appraised value).

Maybe there are other ways the seller could “sweeten the pot” to make it worth it to the buyer to find a way to stay in the transaction. Maybe furnishings can be negotiated so the buyer has less money that needs to be spent to furnish the house. Maybe the seller offers to cover the buyer’s transfer tax. Sometimes a change in settlement date can provide cost savings to a buyer. There are definitely creative solutions to a low appraisal, but sometimes buyers and sellers cannot find common ground and a transaction falls through.

What can I do to be prepared?

While there is no way to know the value the appraiser will arrive at, it is a good idea to be prepared for a discrepancy. Before you ever write an offer, discuss with your lender what choices you have. You might also explore whether you might have access to more cash, even temporarily. Gifts from parents, liquidation of some assets, a family loan….decide whether any of these could work for you. Simply understanding the role of the appraisal and what options you have if it comes in low will put you in a much stronger position if you find yourself in that situation.

Please also see this post on appraisal gap coverage and this one on why appraisals are often inaccurate.

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

Why appraisals can be so inaccurate

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Home valuation appraisals
Understand why appraisers’ valuations of homes are often different than true market value (what buyers are willing to pay).

Why does the appraisal matter?

If you are buying or selling a house and there is a mortgage contingency attached to the offer, the lender will require an appraisal. If the appraised value comes in lower than the agreed-to purchase price, the deal may fall apart. For more on what happens when an appraisal comes in below the purchase price, please click here.

Why are appraisals inaccurate?

In my experience, there are two main factors that may cause an inaccurate appraisal. To clarify what I mean when I use the term “inaccurate”, I mean when the appraiser’s value doesn’t match the market value. The market value is what consumers (home buyers) are willing to pay for the house.

Unavailable information

The first factor is when vital information is missing or incorrect in the comps the appraiser is using. For example, if a comparable property was sold under duress (like a divorce or estate sale where the heirs needed to liquidate immediately), the sale price of that comp may be artificially low. Similarly, if the property went under contract and then the deal fell through and it went back on the market before finally selling again, it’s likely the final price was lower than what it originally would have been.

If the neighbor to a given comp had four vicious dogs that barked all day and lived out in the yard, the property would be less valuable to a buyer. There’s no way the appraiser would be able to know about those dogs. Sometimes, if the lot is very steep, the photographer consciously composes images or leaves out views entirely, so the appraiser may not realize that the rear yard is basically a cliff. A property with a steep, unusable back yard might be worth much less than one that you are considering, even if the lot size is the same. Maybe a property that seems comparable has a parking situation that is significantly inferior. Wet basements, knob and tube wiring, poor layout–these are just a few examples of the kinds of things that reduce the value of a property to a buyer but which may not be clear to an appraiser who cannot see the properties in person, but, rather, must rely on viewing an online listing.

Appraisers not thinking like buyers

Above were examples of things an appraiser has no way of knowing. The second factor in inaccurate appraisals results from appraisers not evaluating properties through the same lense as the buying public. Many appraisers seem not to understand some characteristics of a house or property that can significantly affect how much buyers will pay for a property. For example, appraisers often focus on total above grade square footage without considering how many bedrooms might be crammed in to that space. For most buyers in my area, four bedrooms vs. five in 2500 sq. ft. is preferred. Similarly, appraisers often miss or don’t account for things bedrooms on a floor (usually the third) with no bathrooms on that floor. From a buyer’s perspective, bedrooms on a floor without a bathroom are not usable as bedrooms. Basements that can easily be finished vs. those with low ceilings or layouts that are not conducive to finishing can also affect a buyer’s estimate of value.

There are limitless examples of where/why an appraisal may not match what the market is willing to pay for a property. When these mismatches occur, the appraised value of a property may come in low. A low appraisal may cause the transaction to fall through. To be clear, a low appraisal doesn’t necessarily kill a deal, and there are several possible solutions, including writing the offer with appraisal gap coverage. The buyer and seller can negotiate to see if they can reach a mutually acceptable agreement. While neither a buyer nor seller can control what the appraiser ultimately values the property at, it may be helpful to be aware of what might happen. Forewarned is forearmed!

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

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