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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Post-COVID New York will be vastly different

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NY will look different post-COVID
New York City will never be the same post-COVID.

How is New York particularly affected by COVID-19?

Again and again, I hear New Yorkers saying “New York will never be the same.” If New York is known for anything, it’s for being crowded and full of people. From the subways to the restaurants, to event spaces and even sidewalks, New York is crowded. Even residential spaces are crowded. Not only are they very small, but the cost of living is so exorbitant that many people live with at least one roommate, so the chance of infection is higher than in less densely populated homes, like those in other, less expensive areas.

Reasons for living in NY may be less accessible after COVID?

The common assumption is that we will not, at least for quite some time, return to “life as usual” once the virus has been somewhat contained. All predictions include some degree of social distancing. If some of the activities and destinations that are most popular (and often cited as reasons for living in New York) become inaccessible due to efforts to reduce crowding, some people may feel that the rewards no longer outweigh the challenges of living there. Consider how going to the theater, Rockefeller Center, shopping, restaurants and museums (nevermind riding the subway to get there) might look very different in the near future.

The economic impact of COVID on the New York lifestyle

Obviously, people across the world have seen job losses and/or reduced income as a result of COVID. Keep in mind, though, that, due to the cost of living in NY, many residents spend a much higher percentage than others for their basic living needs. If, due to a reduced financial position, those favorite activities might no longer be affordable. Not being able to pay NY prices for retail, dining or special events may give some residents pause about whether it’s worth staying there with the high cost of living. COVID-related changes will just increase the already existing trend of migration out of New York.

Working from home is tough in New York

Prevailing wisdom points to an increase in the number of people working from home once the pandemic has subsided. Both employers and employees have seen that many jobs that previously required an on-site presence everyday, may be carried out from home. Consider that working from home in a tiny apartment (often with a roommate who might be doing the same thing) can be claustrophobic. Additionally, if you have not enjoyed living in NY and find you can do your job remotely, there may be no compelling reason to stay. Even if you have enjoyed living there, you may be swayed by the opportunity to have more disposable income and/or live more comfortably by choosing to work remotely from a less costly area.

Contact me if you’d like to talk about your relocation! 610 308-5973, jen@jenniferlebow.com.

If you are relocating to the Philadelphia/Main Line area, please go to my relocation tab.  If you’d like to read other blog entries related to relocation, please scroll down a couple of lines from here and click on RELOCATION (to the right of FILED UNDER). Thanks!

 

Moving from New York to Philadelphia

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Philadelphia Main Line relocation
New Yorkers have been relocating to Philadelphia for years, and now, more than ever. Find out why.

Are you a New Yorker considering a move to Philadelphia?

For many New Yorkers, there simply is nowhere else they’d rather live. Personally, I think that’s great. Loving where you live is a tremendously strong indicator of general happiness. There are, though, people who find themselves questioning whether a move might improve their overall satisfaction. Should you be considering a relocation? For those who might, but want to remain in a nearby city, Philadelphia might be just the ticket. Click here for a comparison of cost of living, lifestyle and vibe of the two cities. Click here for an overview of what it’s like to live in Philadelphia.

Over the last decade or so, there has been an increase in the number of people moving from NYC to Philadelphia. Some of those people even make the move with no job interruption as it is commutable (I wouldn’t want to do it, but if you’re already used to spending up to two hours commuting, it’s not any different!). Others either work from home or change jobs. The exodus can’t be traced to a single reason, but the most common ones were cost of living and lifestyle. Particularly post-COVID, a move from New York to Philadelphia makes a lot of sense. For more on that topic, click here. To see where those New Yorkers are going, click here.

Cost of living

There is no way around the astronomical cost of living in NY. From rents to parking to food, everything is expensive. While salaries are generally slightly higher than they are in Philadelphia, they don’t normally cover the gap. As a result, most New Yorkers spend a higher percentage of their income on the basics, leaving less for savings or luxuries. If you find that you have very little leftover after paying for necessities, it might be time to think about relocating to an area with a lower cost of living.

Lifestyle

The most commonly cited advantages of living in New York is that it “has everything, from shopping to theater to museums to great restaurants” and something is always open, regardless of time of day. Inarguably true….but, if you can’t afford those quintessentially New York activities, does it really matter that you’re surrounded by them? And I always wonder who is so committed to shopping/eating in the middle of the night. Yes, certain people work at night or are simply more nocturnal and need access to certain services. Philadelphia doesn’t offer the same number (or variety) of those as New York, but it’s not like you can’t get a cheesesteak from Pat’s or Geno’s even if it is 2:00 am.

What does Philadelphia offer a New Yorker?

Well, to begin with, it’s not very far away. It’s commutable by train (from center city Philadelphia as well as the Main Line towns of Ardmore and Paoli). It’s still a big city (currently the sixth largest in the U.S.), so it has a big airport, sports teams, and all of the expected trappings of a larger metro area. It is, though, a city of neighborhoods. People who move here often note that within the city as well as in the suburbs, the neighborhoods are distinct and provide a sense of community and belonging. Culture and the arts are also thriving in Philadelphia; the mural arts movement began here and the museum choices are pretty impressive. While Broadway is found only in New York, Philadelphia has several well-respected theaters.

In terms of “feel”, if the East Coast vibe of “old, established city with history” is one of the aspects of New York that you like, Philadelphia won’t disappoint. There is more history in this city than you can shake a stick at. And if you’re worried about missing the jewel that is Central Park, Philadelphia has you covered. Philadelphia’s Fairmount Park is the largest urban park in the world and contains 63 separate parks within its borders. It’s five times larger than Central Park! All areas are open to the public and include horse trails, waterways, forests, gardens, open fields and more.  To learn more about how expats find things in Philadelphia that feel comfortable, click here.

So…..should you move to Philadelphia from New York?

Every move is unique as far as its motivating factors and all the pros and cons to the specific individual or family that is relocating. There are, though some common themes. Click here and here and here for some articles that address this migration. If you’re interested in reading some personal accounts of people who have made the move, click here and 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.

Quarantine-inspired home projects

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home projects during quarantine
While we are all forced to stay at home as much as possible, we can still be productive.

Projects during quarantine

We are home-bound, and for those with curtailed career-related work, some people are complaining of boredom. Instead of being bored, be productive! My guess is that, if you look around your home and property, you’ll find plenty of opportunities for improvement, like repairs that have been neglected and exterior lawn and garden work to be done. You know what I’m talking about–all those “We should…..” maintenance or improvement projects that have been neglected. If you are more likely to tackle a closet clean-out project, you may also be providing much-needed donations of clothes and household goods. There will be more people than ever needing those things you are no longer using. Click here for more.

I made the bold decision (read: bit off a little more than I wanted to chew) to repaint my interior space. With my daughter’s help, we actually did a decent job. The taping, spackling, sanding, tarping, removal of pictures from the walls were all time consuming and not what I’d call fun, but it looks so much better. I also feel a sense of having been productive and improved my home. It’s nicer for me to spend time in (which I’m doing a lot of these days) as well as improving its value were I to sell it.

Home improvement projects not your thing?

Not every home owner is a DIY enthusiast and some people keep their homes in pristine condition, so house projects might not make sense. Additionally, in this uncertain economy, many are uncomfortable with unnecessary cash outlays. Fear not! You can still be productive during quarantine. Are there things you’ve always wanted to learn how to do? Play the ukulele? knit? learn Korean? I’ve been teaching myself how to make sourdough bread. I’ve read a bunch on line and discovered an added benefit: there are blogs and facebook groups out there for just about any hobby or interest. Interacting virtually with people who are involved in something you’re learning about are usually happy to talk and provide another source of connection/community.

Organizing during quarantine is a worthy endeavor!

If your desk looks anything like mine, well….enough said on that subject. Maybe it’s time to digitize all of those old family photographs so they aren’t lost to damage. One of my daughters (strongly) suggested to me that I ought to type out all of my recipes so “they are readable and they don’t get lost”. Of course, if you are in sales or a business that relies on using your contact management system (CRM) for generating income, that’s a great thing to organize during this time at home. You might also look at your personal contact list and connect with people whom you haven’t talked to recently. A quick call or text or email saying, “I’m thinking of you and wanted to let you know that!” can be incredibly welcome and appreciated.

Planning for post-quarantine

This one is a little tricky. Thinking beyond today, since none of us can predict what the immediate future looks like, is a challenge. However, there will be life after quarantine and while we don’t know exactly what shape it will take, it’s best to be ready for it! So you might want to consider some longer term planning. (If nothing else, it will allow you to focus on something other than corona virus news.). You don’t have to spend any money, either! For exampe, I looked through all the websites I use to order my bulbs and perennials and made lists of what I’d like to plant this fall. I made a garden sketch to figure out how many of which plant I needed and noted where everything would go to make planting much easier.

Are you considering a vacation with your family? You can do the research now and scope out the best hotels, attractions, time to go….true, it might not come to fruition, but if it does, you’ll be prepared! If you are NOT interested in doing home improvements as mentioned in the beginning of this post, you can make a master list of all those projects for future planning. If you are a calendar keeper, make sure all your important dates (events, birthdays, appointments) are recorded and reminders are created.

Make the most out of quarantine

Very few of us would choose to be in quarantine. However, we are. So try to make the best of it and find things you can do that are productive. They can be personal betterment projects, like learning a new skill, community-focused projects, like donating items you are finished with, or tangible projects like painting your house. Soon enough, I promise you, we will be complaining of being too busy to do these kinds of things. My advice is to follow the adage “When life gives you lemons, make lemonade”. Stay healthy and safe.

Spring cleaning, covid-style

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Spring cleaning becomes Covid-19 donations
Donations of household goods will be in extremely high demand as a result of Covid-19

Covid-style spring cleaning

While it happens to be spring, the cleaning out of closets I’ve been doing over the last several weeks isn’t really related to the season. It’s a direct result of two realities, both specific to covid-19. The first is that, in quarantine, with very limited real estate work I am able to do, I can’t use the excuse that I don’t have time to do things around the house. The second, more significant reality, is that donations of clothes, toys and other household goods are and will continue to be in great demand. With so many people economically hurt by the closing down of businesses, many are and will be in a difficult financial position. With no spare cash, people will need donations of all kinds of items.

Covid-style cleaning:

Clothes

Clothing is the first line of attack for me. It’s fairly easy to go drawer by drawer and then to the closets and take out clothing I don’t wear. If there’s something I think I might eventually wear, I keep it, but am trying to be more honest with myself. If I haven’t worn it in a couple of years, I figure it’s not ever going to see the light of day again if I don’t give it away. After your clothes, don’t forget how important sheets and towels are and go through your linens.

Stuff

Next is “stuff”. If you have kids, I’d recommend going through toys, games, books, art kits, abandoned instruments, dress-up clothes and similar things. Note: in the hopes of having grandchildren one day, I have certain books and toys that I have set aside. As long as you have space, I think keeping the really special ones is wise. Just divest yourself of the ones your kids don’t enjoy anymore. Same thing for the “meh” ones, things that won’t stand the test of time, or are very common and easy to replace.

Kitchen

Next, I advise tackling the kitchen. You may have things you’ve received as gifts you don’t use, like a salad spinner, wine decanter or any number of gadgets. You may also have extras of certain things. I know I seem to have mugs that reproduce in the cabinets. How many mugs do you really need? Any extra dishes pots and pans or other cooking vessels you don’t use much? Someone will be very glad to have them.

Equipment and tools

If you have an unused weed whacker or an extra drill, you can be sure someone would be happy to take it off your hands. How about a vacuum that you haven’t used since you got the Roomba, or a computer that you’ve recently upgraded from? You might even have an extra bicycle or piece of exercise equipment that hasn’t been used in a long time–use a critical eye to consider what you might be willing to part with.

Small way of contributing

Many people are making cash donations, delivering or ordering meals for others, making masks, and otherwise supporting their fellow community members. If you are looking for a way to help that doesn’t involve spending money (which is not unreasonable in any case, but particularly with the current economic situation), donating things you aren’t using anymore is a great option. And, of course, you also end up with a lot less clutter and a more organized home, with fewer unused and unnecessary items.

Downsizing can get you down

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When moving down feels like a fall from grace
When you downsize, it’s hard not to feel like you’re taking a step down in status or quality of life.

Why do people downsize?

There are many reasons people move into smaller and, usually, less costly residences. It can be a choice to have less to take care of. Sometimes people want to move into a lower maintenance situation, like a condo, especially if it’s within easy walking distance to desired amenities. Maybe the clutter-free lifestyle appeals to you and you don’t want to make any larger a footprint than necessary. However, it is often less of a choice and more of a financially-motivated decision. Note that the opposite of “moving up” is not usually referred to as “moving down”, but, rather “downsizing”. Click here for things to consider when “moving down”.

The stigma of downsizing

For the majority of people who find themselves in a position where downsizing is a necessity rather than a choice, the emotional component is significant. If a downsize occurs as a result of a change in finances, it can be humiliating. While it shouldn’t be, people may be embarrassed about a job loss or perceived inability to manage money well. Not being able to continue to live in a certain style can result in unwelcome social stigma. It’s not difficult to understand how, in this example, downsizing could bring you down.

Seniors are often prompted to move from a practical standpoint; property care and maintenance may have become too difficult, or living independently may no longer be feasible. Even if the financial picture hasn’t changed (which is rare, since older people are often on a fixed income), the loss of independence that comes with physical age is frustrating. Change can also be especially hard for older people. In addition, few of us want to face the fact that we can no longer care for ourselves independently. Another reason downsizing may get you down. For more information directly pertaining to downsizing for seniors, click here.

Acknowledge the negative of downsizing

Leaving

Don’t pretend that downsizing doesn’t have its drawbacks. You may be leaving friends, neighbors and family behind whom you care about and who make up much of the social fabric of your life. You are probably leaving memories of your previous home, which can be hard. Most people have to discard possessions including furniture, artwork, clothing and all the things that are kept as long as there is storage to keep them. Giving or throwing away your personal belongings is very challenging. There’s no point in sugar-coating it: it’s hard. Here are some suggestions on how to cope.

Adjusting to the new place

Once you move into your smaller, less expensive new home, you will be aware that it is smaller and less expensive. The size means less room to live in, less storage space and maybe even less room for guests to visit (which may feel very important as you haven’t yet developed a local social sphere). If you new home is more modest in cost, you might look around and feel like you can longer keep up with the Joneses, which may be an unwelcome reality. You will also have to learn where to go for services (drug store, dry cleaner, car repair) as well as where to find good substitutes for favorite retail and dining spots you left behind.

Try to see the advantages of downsizing

While, without a doubt, it’s not easy to step down, there may actually be some benefits. Less to clean, lower utility bills and usually, less maintenance. Mowing the lawn, trimming the trees, plowing the driveway–most downsizing moves lead to less of those tasks and their associated costs. Setting up your new home with less stuff, overall, may feel more organized and simpler. The lifestyle of living with fewer things is increasing in popularity everywhere. Maybe you can embrace it and find that the reduced size as well as the fewer possessions don’t negatively impact your lifestyle.

Main Line towns and school district boundaries

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Main line relocation school districts
If you are considering moving to one of Philadelphia’s Main Line towns, you will need a primer on how to know which schools a given property is districted to. It’s not a simple answer.

How are school districts determined?

So you want a quick answer to which Main Line towns go to which school districts. Seems like a simple question, right? Maybe it is. But I assure you, it’s not a simple answer. The first thing to understand is that, in Pennsylvania, it’s the township you live in that determines your school district. There could be many different schools within a single township, but they are all part of the same school district. For example, in Lower Merion Township, there are six elementary schools, two middle schools (with a new, third one, being built) and two high schools. All of those schools are Lower Merion School District Schools. With me so far? Ok, here comes the tricky party.

How do I know which towns go to which schools?

Well, see, here’s the thing. In many cases, a single town may be divided into different school district areas. Here’s an example. The town of Bryn Mawr straddles two different counties (see how complicated this is?). Townships are completely contained within counties. However, there are multiple school districts within a single county. All of the Montgomery County properties in Bryn Mawr fall in Lower Merion Township and, therefore, are districted to Lower Merion School District. The southern portion of Bryn Mawr is in Delaware County, but not in only one township. Some of the Delaware County section of Bryn Mawr is in Radnor Township and some of it is in Haverford Township. As a result, that first group goes to Radnor School District schools while the second attends Haverford School District. So, how can you tell which area a given property falls in? By looking at the school boundary maps or the public record (or real estate listings). If you are not certain, don’t guess. Ask your real estate agent or look it up.

Does school district matter that much?

Yes. School district is a huge determinant of home values on the Main Line. While we have some of the very top ranking districts in the state, we also have some that are ranked slightly lower and others a little lower still. Other than rankings, there are other considerations which might push you toward or away from a specific school district like diversity of student population, AP course offerings, class/school size, emphasis on sports, STEM opportunities, support programs, availability of art or music offerings, etc. So it’s vital that you know which school district a property is in if you are considering buying a house on Philadelphia’s Main Line.

Town and School District pairings

While I fear this list may just further muddy the waters, I’ve been asked so many times to provide it, that I’m going to. The name of the town is on the left and all of the school districts that serve ANY portion of that town are on the right. The school district a property is assigned to is directly tied to the township it lies in. There is no option to attend a different school district than the one your property is assigned to. (Please note: this list is not exhaustive as there are no strict boundaries for what comprises the Main Line. Some of the towns toward the end of this list are not always considered Main Line communities, but they are certainly adjacent and many relocating buyers choose to purchase in these areas, so I am including them.)

TOWN                          SCHOOL DISTRICT(S)

Bala Cynwyd:               Lower Merion

Merion:                        Lower Merion

Penn Valley:                 Lower Merion

Narberth:                     Lower Merion

Gladwyne:                   Lower Merion

Wynnewood:               Lower Merion, Haverford (a very small percentage of properties)

Ardmore:                    Lower Merion, Haverford

Haverford :                 Lower Merion, Haverford (Yes, just to confuse you, Haverford is a town and is also a Township,  but not all of Haverford is in Haverford Township.)

Bryn Mawr:                 Lower Merion, Haverford, Radnor

Villanova:                   Lower Merion, Radnor

Wayne:                       Radnor Township, Tredyffrin-Easttown, Upper Merion

Berwyn:                      Tredyffrin-Easttown

Devon:                       Tredyffrin-Easttown

Paoli:                          Tredyffrin-Easttown

Malvern:                     Tredyffrin-Easttown, Great Valley

Havertown:                 Haverford

Newtown Square:       Marple Newtown, Radnor, Great Valley Rose Tree Media

Media:                        Rose Tree Media, Marple Newtown, Wallingford-Swarthmore

Wallingford:               Wallingford-Swarthmore

Swarthmore:              Wallingford-Swarthmore

For more on school district boundaries, click here. To learn more about how to choose a good fit for your child(ren), click here, here and here. For an interactive Main Line school district boundary map, click here.

Contact me if you’d like to talk about your relocation! 610 308-5973, jen@jenniferlebow.com.

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

Does it make sense to relocate?

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Should you relocate for a job?
Should I relocate for this job?

Many people considering a job-related move ask this question. Obviously, there are several different factors that need to be addressed in order to determine if a relocation makes sense. The job itself is usually the major one. As I am not an employment expert, I will not give advice on how to decide if a position is a good fit (I’m sure there are plenty of resources for that!). There is, however, one job-related characteristic which does fall under my purview as a relocation expert: Does the salary, adjusted for different costs of living, mean a move up, down or sideways? The primary driver of cost of living is housing. While intangibles such as being closer to family or climate may definitely influence your decision, you probably should find out what kind of housing is available at what price.

What does “housing” cover?

You’ll want to think about not only the “brick and mortar” (whether it’s a condo, twin, or single-family house), but the neighborhood too. Does it feel safe? Does it need to be walkable to shopping and dining? Maybe school district is important to you. How about the commutability to work? Do you need train access or can you drive? How long will it take? Then there are “lifestyle” questions, like, “Is it near a state park” or “Does that city have major sports teams” or “Will I be able to find museums and theater nearby?” Access to high-quality health care, an airport or a competitive rock climbing gym may also play into your decision.

Relocating is uprooting.

While you hope that friends and family you’d be leaving would come visit, be realistic about time and cost associated with traveling from here to there. (Again, access to an airport or major rail hub may become important). How good are you at meeting new people and making friends? Does that matter to you? If you have children, do not underestimate the difficulty of changing schools and being “the new kid”. It’s challenging. Maybe, though, part of the reason you’re considering a move is that the schools are better.

Relocating has a cost.

Unless your company is paying for your move, consider the costs of a move. You have to pay the moving company and usually spend some time in hotels and eating out while you’re between places. Depending on when the new job starts, you may even have a week or more without income. If you are buying a house, there are the closing costs as well as the purchase price related to a home purchase. Once you move in, you’ll invariably need to buy some new things for your new home. If the house you buy needs any repairs, don’t overlook the associated costs.

What are the benefits?

Just as you have a responsibility to consider the reasons why you shouldn’t relocate, you will want to think about the benefits. I’ve already mentioned a couple: perhaps the new location puts you closer to family or in a better school district. Maybe the target area puts you closer to places you’d like to travel to on weekends like a beach or skiing area. The job, too, may have great growth potential or put you in a location where your industry has lots of job opportunities (like a tech or pharma hub, for example).

I’ve known people who use a spreadsheet to try to make sense of all the pros and cons and others who rely solely on whether it “feels” right. Since everyone is different, I won’t suggest any specific method to make a decision. For most, it is made through a combination of head and heart. I would, though, visit more than once and do some research to figure out if the things that are important to you are available in the city you’re considering. Also, check to see if there are any features of that place that you find intolerable like traffic, topography or lack of diversity. Relocating is not something I’d suggest you do on a lark; it’s a big commitment. Remember, though, if it turns out not to be a good move, you can always try somewhere else! For more advice on how to decide whether to relocate for a job, click here and 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

 

How high should I bid in a seller’s market?

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Main line philadelphia relocation
In a seller’s market, how do you know how high to bid on a property with multiple offers?

Buying a house in a seller’s market

You’ve probably heard the expression “seller’s market”. It means that the housing market favors sellers because the demand for houses outstrips the amount of properties for sale. When you are buying in a seller’s market (which currently describes Philadelphia’s Main Line suburbs) you have to be willing to spend more and commit to making a strong offer faster than in a normalized market (where supply and demand is equal). Obviously, in a buyer’s market, you can be choosy, take your time and often pay below list price.

Competitive bids/Bidding wars

When there is low housing inventory, the “good ones” tend to receive multiple bids as soon as they hit the market. Almost always, many of these offers are above the list price. How should you, as a potential buyer, decide how much to offer? Not surprisingly, the answer depends on a few factors. The main one is what you can afford. You, clearly, shouldn’t offer more than you can spend. When I say “can spend’, I’m talking both about the amount you are qualified for as far as a loan, but also what you feel comfortable affording on a monthly basis and for a down payment. Beyond what you can afford, you have to think about the appraisal. For more on how to write a competitive offer, click here.

(When a bank is providing a mortgage, they will only loan you a percentage of the property’s appraised value. So offering high above the list price may land you in a situation where you are the winning bidder, but three weeks later have to terminate the contract because the appraisal is too low for you to afford the purchase. For example. if you put a house under contract for $700,000 and are planning on an 80% loan, that means you’re expecting the mortgage to be $560,000 and the balance of $140,000 to be your cash contribution. If the property appraises at $670,00, the bank will now only loan you 80% of that number ($536,000). In order to honor your $700,000 price, you now need to find an extra $24,000 in cash. If you are not prepared to do that, the deal may fall through.)

So how high do I go?

Either you are willing to waive the appraisal contingency (and guarantee the seller the amount on the contract, regardless of appraisal) or not waive it and understand that, in the event of a low appraisal, you may have to find that “extra cash” to prevent the transaction from falling apart. Once you’ve figured out all of that, you need to decide how high you will go to get the house. Remember, we are talking about being in a multiple bid situation, where the seller is not going to negotiate with each buyer, but, rather, will ask for everyone’s “highest and best” offer. You get one shot at it.

So how do you pinpoint that magic number? Here’s how I always explain it to my buyers:

Let’s assume you put your offer in and I call you the next day to tell you that someone outbid you. And let’s assume that, somehow, I was able to tell you in that moment what the winning bid was (which almost never happens). If you would say, “Oh no! Seriously? I would have paid that!” then your offer was not your highest. At what number would the response to that same message become “Oh no! We really wanted the house, but you know what? If we’d gotten it, but had had to pay that much, I think I would have had buyer’s remorse”.

The number at which the buyer’s response shifts to the latter one is the one that should be your highest bid.

Highest and BEST?

Note: If you look back a couple paragraphs, you’ll notice the description of the final competitive offers as “highest and best”. “Highest” refers to the price, but what about “best”? There are a lot of other terms, like settlement date, deposit amount, loan specifics, etc. that can sway a seller. Sometimes it’s not the highest offer that gets the house. There are several ways you can make your offer more appealing to a seller beyond price but I don’t really want to publish them for public consumption. Trade secrets…you know? I’d be happy to talk more about them with anyone who contacts me directly, though!

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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