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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

Post-Pandemic Home Buyer Preferences

June 8, 2021 by Jennifer LeBow Leave a Comment

What home buyers wanted during COVID

During COVID, we saw an exodus from large cities and buyers looking for more space, in less expensive areas. The sudden ability (for many) to work remotely had people considering areas that previously were not options. The ability to host extended family and have outdoor entertaining space also became key criteria. Convertible space was also in great demand. Now that the pandemic, at least in the US, is considered “under control”, how are those buyer preferences affected? “Home” has become much more than just a place to sleep for a large portion of the population. Real estate predictions suggest that many of those new found values will remain strong home buyer priorities. In some cases, home remodels or additions may reflect some of these new demands. In others, it may make more sense to move. For more on this topic, click here.

An eye to the future

Now that we know that workplaces, restaurants and entertainment venues are reopening, some buyers are a bit cautious about trading the city for the suburbs. While living in a small space with little or no private outdoor area drove many people to seek a more spread out, suburban lifestyle, some people wonder if that preference will continue. Especially considering the spike in home prices, some people are pausing to consider the long term investment value of a suburban property. Will the trend toward non-city living continue? Or will they soon tire of not being close to dining, shopping, museums, public transportation, etc. and find that they can’t easily sell their suburban homes?

Hybrid work model

While some employers may require a return to work with no flexibility, the expectation is that most will allow some kind of hybrid model. Therefore, a large percentage of people who left cities may never move back. The cost of living is often lower and once you’ve become used to having extra space (guest room, office space, home gym, closet space, etc.), it can be challenging to go back. Even if commuting a day or two a week is necessary, most people are willing to travel further if it’s not everyday. It seems unlikely that we will see a boomerang effect where lots of people move back to large, expensive cities.

Trends to watch

Not everyone moved to suburbia during the pandemic. One trend, which is expected to continue, is a move from expensive large cities to less expensive smaller ones. These cities, for many, proved a perfect fit. They were still cities, with plenty of services and activities but with lower costs of living and somewhat larger homes for the same dollar. We also saw more people make “nearby” moves, within about 150 miles, than major, cross-country moves. Moving nearby is less disruptive as far as culture shock and local friends and family aren’t suddenly hundreds or thousands of miles away. Staying connected (and not only virtually) has emerged as an important consideration in home buying. For more on what to expect, click here.

Concierge Philadelphia Relocation Service

June 1, 2021 by Jennifer LeBow Leave a Comment

Philadelphia area relocation service concierge — If you’re considering a move the Philadelphia/Main Line are, you will need a concierge-level guide.

Relocating to Philadelphia?

If you are considering relocating to the Philadelphia area/Main Line, you’re going to have a lot of questions. You’re certain to do plenty of googling and will find a lot of information. That said, you will have some questions that will remain. Things like “Which neighborhoods would be the best fit for my family?” and “How do I make sense of these school district boundaries?”. In my experience, some of the most important questions will be ones non-locals don’t even know to ask, because they are founded in the idiosyncracies of the region. So what should you do?

Insist on concierge relocation service

Just like the concierge at a fine hotel, a Philadelphia concierge relocation service is your one-stop shop for everything related to your Philadelphia area move. Whether you are looking for help understanding the public transit system or learning which Facebook groups you should join to acclimate more easily to the Main Line, you need a trusted advisor who can help. Of course, many people expect to use their Realtor in this capacity, and I agree that you should start there. If you find your agent is providing you with the concierge service you are looking for, you are ahead of the game.

Identifying a concierge relocation provider

How do you find this elusive service person? You can also google some of the questions you have and see if there is a website/blog that consistently addresses some of your questions and concerns. If you are considering using a Realtor, read that person’s reviews on Zillow, etc. Contact a few agents and note who answers the phone or calls you back quickly. Don’t be shy: explain what you are looking for and evaluate who appears to have the right focus, responsiveness and area knowledge. Ask for referrals from past clients and call them to ask about their experiences moving to Philadelphia or the Main Line. Find out what those people found to be the most useful resources.

Service continues after closing

When you move to a new area, finding a home is the most immediate goal. However, it takes a while to find your way around. You won’t yet have a cadre of service people (who is a great plumber or electrician?) and what about the best orthodontist or veterinarian? Philadelphia is a large metropolitan area with very distinct neighborhoods. Where should you send your daughter for dance class or a great hair cut? You’ll need someone with wide area knowledge that crosses town boundaries in order to have the best breadth of options. Be sure that your relocation concierge service, especially if it is your real estate agent, plans to continue supporting you “after the sale”.

Why you might want to move to Philadelphia’s Main Line

Should you move to the Philadelphia area?

Why move to Philadelphia’s Main Line?

May 23, 2021 by Jennifer LeBow Leave a Comment

relocating to the Main Line — Should I move to Philadelphia’s Main Line?

Moving to the Main Line

This post is a corollary to one I wrote entitled Should I move to Philadelphia? The Main Line is what we call the suburbs immediately to the west of Center City Philadelphia. Therefore many of the advantages of relocating to Philadelphia equally apply to moving to the Main Line. (Lower Merion Township, contained within the Main Line, made Money Magazine’s top 50 Places to Live. In November of 2022 Money named it #2 in the nation for best places to live for people who work remotely.) For example, you will have easy access to the sporting events, arts and entertainment, dining and history of the city. You’ll also benefit from the location between Boston, New York and Washington and the proximity of the beach, Poconos, Lancaster County and more.

Schools

However, there are additional reasons to relocate specifically to the Main Line. High on the list are the excellent schools. Not only are some of the highest rated public schools in the state located in this area, but the number and variety of private school options is impressive. For many relocating families, the ability to have these great school options while still being easily able to commute to Philadelphia is a big draw. To read more about local public and private schools, go to the schools tab at jenniferlebow.com.

Landscape

While many suburbs tout green spaces as a reason to live outside the city, the Main Line offers more than most. While there are lots of parks (from fields and playgrounds to wooded areas, walking trails, arboreta, state parks, etc.), the region is known for its trees. Remember, the Main Line is an old, established community, so mature trees and perennial plantings are the norm. “I love all the trees” is one of the most common exclamations I hear from relocating buyers. This topography allows proximity to a very large city with a distinctly non-urban feel.

Established neighborhoods

Just as the trees and general physical landscape reflect the age of the Main Line, the buildings, too, remind you of its history. This area is the antithesis of cookie cutter developments. While there are some neighborhoods with HOAs comprised of houses that have more a of planned community feel, those are less common and tend to be on the periphery of the Main Line. The organic nature of how the area grew means that there is more variety and individuality to the buildings. When the region was being developed, the rocky soil proved conducive to quarrying and most older structures are built of stone. The traditional, solid stone facades are another local feature of the Main Line that often appeals to relocating buyers.

Lifestyle

While “lifestyle” is a broad term that can be interpreted in many different ways, there are some generally accepted ways to describe a Main Line lifestyle.

Convenience is one of the top reasons given by people who live here. This area is not only convenient to the city, and destinations like NYC and Washington, but also to dining, retail and services. The Main Line is a string of smaller towns that flow into each other fairly seamlessly. As a result, there aren’t long stretches with no commercial offerings. You are never far from a drug store, gas station, bank, salon, coffee shop, etc.).
Safety is another reason people give for choosing to buy homes on the Main Line. While adjacent to a large city, the crime rate is relatively low and people report feeling safe walking in their neighborhoods and being in their homes.
Work-life balance often receives high scores as well. In addition to great schools, proximity to work (often in Center City) and having the indoor and outdoor space Main Line properties offer, there is plenty to do. For people who love the outdoors, there are trails and parks, but also opportunities to kayak or canoe on the Brandywine River and Marsh Creek State Park to name a few. Skiing in the Poconos or heading to the beach are reasonable day trips and there are plenty of events and destinations for the family as well (like the Kennett Square Mushroom Festival, Mercer Museum, Linvilla Orchards, the Chester County Hot Air Balloon Festival.)

No region is a perfect fit for everyone and every place will have its negatives. So, wherever you are considering moving, do your homework and gather as much information as you can. Decide which characteristics are non-negotiable and evaluate your options carefully. For more reasons to move to the Philadelphia metro area, click here and here. If you think that the Philadelphia metro area, specifically the Main Line, might suit you, please give me a call!