Home Buyer Book


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Home Buyer Book

  1. 1. Rock Solid. Family Proud. Our Market Dominance Means Peak Performance for You. Let’s do the numbers: 60 offices, 3,600 sales associates, #1 in the region, #1 single-market Realtor in the nation. Now let’s translate those numbers into a benefit for you: our size and muscle means we can afford the most advanced technological and human resources to help you find or sell your home. We Will Market Your Home Relentlessly and Systematically. From the very second you list until the second your home sells, it will be promoted nonstop. Our Home Marketing System has powerful, synergistic components: real estate’s finest web site, Guided Virtual Tours of every listing and full-page ads that trumpet every PF&R listing. Technology That Makes Buyers and Sellers say, “www.wow!” The Internet isn’t just an information source anymore. It’s an inescapable force. Homebuyers who use the net are younger and they spend more money. Knowing this, we have invested in what is arguably real estate’s most compelling and resourceful site, prufoxroach.com. This isn’t online presence. It’s online dominance. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  2. 2. Our Mission Statement Prudential Fox & Roach Realtors/Trident Group is an innovative home-related services company that dominates the markets we serve. We are a powerful team dedicated to providing the highest quality service and holding ourselves to a standard of excellence. Our relationships with our Clients, Sales Associates, Employees, Strategic Partners and the Community we serve is built on trust and integrity. We create a positive experience and add value to all those we impact. Our professionalism is a role model for our industry and the public. Here is Our Family’s Guiding Principles Pledge to Yours. All of our stakeholders are critically important to us. We are committed, therefore, to these Guiding Principles because it is our responsibility to provide: • Our Clients with a service experience that will delight them throughout every stage of their homeownership because they are our first allegiance and we place their interest above all else. • Our Sales Associates with a commitment to our ongoing and mutually beneficial relationship in an environment that will: nurture their professionalism, increase their growth opportunities and ensure their future quality of life by being “The Place to Be for the Professional Realtor.” • Our Employees at all levels with satisfying and financially rewarding work in a stimulating and enjoyable environment with continuing opportunities for personal development and advancement. • Our Strategic Partners with the opportunity for a long-term relationship built on fairness and a shared commitment to meeting the highest standards of excellence. • Our Industry with a devotion to professionalism and honesty that will serve as a role model to the larger business community. • Our Community with a dedication to their well-being and improvement by being an excellent corporate citizen through financial contribution and deep personal involvement and concern.
  3. 3. The Region’s Dominant Real Estate Company SALES TERRITORY BY STATE AND COUNTY DELAWARE NEW JERSEY Hunterdon PENNSYLVANIA New Castle Atlantic Mercer Bucks MARYLAND Burlington Middlesex Chester Cecil Camden Monmouth Delaware Cape May Ocean Montgomery Cumberland Salem Philadelphia Gloucester Somerset Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  4. 4. Relocation Services A Sampling of Clients/Corporations currently being serviced by Prudential Fox & Roach Realtors’ Relocation Services Division: • AET • Longshore Simmons • Adolor • Lowes • American Red Cross • Marriott Corporation • AmeriSourceBergen • MBNA • Ametek • McDonald's Corporation • Astro Power • Merck • Astra Zeneca • Merrill Lynch • Atofina Chemicals • Mobil Oil • BTG • Morgan Stanley Dean Witter • Bankers Trust-DE • Motorola • Boeing • Nabisco • Booz Allen Hamilton • Neose Technology • British Energy • Nycomed • Burlington Coat • Okidata • Campbell Soup • PNC • CGU • PSE&G • CIBA Specialty Chemicals • Pegasus Communications • Catholic Health East • Penn Engineering • Certainteed/St. Gobain • Penn Mutual Insurance • Chase Manhattan of DE • Philadelphia Inquirer • Children’s Hospital of Philadelphia • Philadelphia Newspapers • Chubb Insurance • Pin Point Inc. • Cigna Companies • Rodel, Inc. • Circuit City • Rowan University • Commerce Bank • SCT • CSX Transportation • Sanofi • Data Systems Analysts, Inc. • Shire Pharmaceutical • David's Bridal • Schlumberger • Decision One • Sarnoff • delage landen • Subaru of America • Delaware Investment Advisory • Synthes • E.I. Dupont • Temple University • Ernst & Young • Teva Pharmaceutical • FMC • The Bank of New York-DE • Franklin Mint • The Wharton School of Business • GE Capital • Thomas Jefferson University • Glaxo Smith Kline • Tyco Healthcare • Home Depot • Unisys • ING Bank • University of Pennsylvania • ISI • Valero Refinery • Independence Blue Cross/Blue Shield • Vanguard • Inter Digital Communication • Vertical Net • JP Morgan • Visteon • Johnson & Johnson • Williams Scotsman, Inc. • Kendall Confab • W L Gore • L-3 Corporation • World Gate Communication • Lippincott, Williams & Wilkins • Wyeth-Ayerst International • Lockheed Martin Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  5. 5. Prudential Real Estate Why Prudential Real Estate can do more to meet your homebuying needs: Reputation For more than 125 years, Prudential* has developed a Rock SolidSM reputation for building and preserving individual security. Commitment to Customer Service The needs of home buyers and sellers come first. Because the Prudential Real Estate Network is part of the Prudential family of companies, Prudential Real Estate Network members can help provide customers throughout the United States with a lifetime of financial services, ranging from insurance to securities to retirement planning. Advanced Technology The Prudential Real Estate Network has pioneered the most advanced tools in the industry to create solutions to customers’ homebuying and selling needs. A world-class web site, www.prudential.com, is designed with easy-to-use features that enhance the homebuying experience. Network Strength Prudential Real Estate is one of the largest real estate organizations in North America, with more than 1,500 Network member offices. Its network of 42,000 sales associates can satisfy your homebuying and selling needs virtually anywhere in the United States and Canada. High Standards Not every company is invited to join the Prudential Real Estate Network. It is a highly selective process, and only those companies that measure up to their demanding criteria may become part of the Network. * The Prudential Insurance Company of America (Prudential) Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  6. 6. Your Needs Come First Finding and buying the right home is a highly personalized process, and it all begins by identifying your needs. As you think about finding a home, the following worksheets can help me clarify your needs. These worksheets explore areas such as: • The values, interests and priorities you want this move to support. • The features you are looking for in a home. • How a neighborhood can best match your needs and lifestyle. • How the homefinding process will need to be tailored to fit your plans. • The support you expect to receive from me. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  7. 7. Finding and Buying a Home The homefinding process typically includes many of the following elements. I will be your resource and guide every step of the way. Initial Consultation • Determine your priorities and needs • Review "agency" choices and select appropriate working relationship • Discuss financing options Finding the Right Home • Sales associate to show you properties based on your criteria Obtain Financing • Evaluate each property with sales associate • Find a mortgage company • Choose the right home • Consult with a loan officer • Pre-qualification • Complete loan application • Obtain loan pre-approval • Provide requested documentation Preparing an Offer • Review comparable sales to determine offer price • Review progress of loan pre-approval; decide on financing • Decide on other terms (inspections, possession date, personal property, etc.) • Prepare earnest money deposit Reaching an Agreement with a Seller • Present your offer • Negotiation of terms and possible counteroffers • Agreed-upon sales contract with seller Completing the Settlement Process • Deposit of earnest money • Review seller's property disclosures • Review preliminary title report • Roof, termite and other inspections • Property appraisal • Remove any remaining contingencies • Loan processing • Arrange for homeowners insurance • Final loan approval • Arrange for home warranty • Arrange for movers • Final walk-through of property with sales associate • Provide balance of down payment and closing costs • Sign Documents • Loan Funding • Recording of title • Receive keys from sales associate • Move in! Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  8. 8. Your Single Source for Property Information I have access to virtually every property for sale in this market, and will show you the homes that best match your requirements, including: • All homes marketed by Prudential Real Estate members • All properties listed by other brokers through the Multiple Listing Service (MLS) • Properties not necessarily on the open market yet • Many properties offered “For Sale By Owner” To save you time, hassle and duplicated effort, call me for additional information on properties you see, regardless of whether or not they are being offered by a Prudential Real Estate sales professional. I can obtain important facts about homes you see: • Advertised in newspapers or buyers’ guides • On the Internet • Open houses • Displaying “For Sale” signs Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  9. 9. How to Look at Homes Discovering the right home should be an exciting event. As a Prudential Real Estate professional, my commitment is to make your home search as stress-free and efficient for you as possible. • Identifying up-front what is affordable will save time and frustration in the homefinding process. It is important to consider the financing options available and to begin the mortgage pre-approval process as soon as possible. • From the multitude of properties currently on the market, I will select those that most closely meet your unique needs and interests. It is best to preview only a few homes at a time. • We will schedule time to look at homes and neighborhoods. I will arrange showing appointments with the sellers or their brokers. • If the seller or their real estate professional is at the property when we are there, it would be best for you to limit your conversation with them. • You can use the Homefinding Worksheets I give you to evaluate each property. • In order to help me find the right home for you, I will ask you to tell me your thoughts about each property you see — the positives and the negatives. We will continue to assess your needs and buying criteria. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  10. 10. Homefinding Worksheet Evaluation of (property address) _____________________________________________________________________________ Size (number of rooms or square footage) _____________ H/O assoc. dues $ __________ Asking price $ ________________ Date visited ____________________ Most memorable feature ____________________________________________________ Interior Overall condition _________________________________________________________________________________ Floor plan _________________________________________________________________________________ Bedrooms/baths _________________________________________________________________________________ _________________________________________________________________________________ Living Room _________________________________________________________________________________ Family room/dining _________________________________________________________________________________ Kitchen/laundry _________________________________________________________________________________ Heating/air _________________________________________________________________________________ Other features _________________________________________________________________________________ _________________________________________________________________________________ Exterior Overall condition _________________________________________________________________________________ Paint and trim _________________________________________________________________________________ Roof _________________________________________________________________________________ Deck/patio/pool _________________________________________________________________________________ Garage _________________________________________________________________________________ Landscaping/fence _________________________________________________________________________________ Other features _________________________________________________________________________________ _________________________________________________________________________________ Location Appearance of neighborhood __________________________________________________________________________ House value relative to area __________________________________________________________________________ Distance to employment, __________________________________________________________________________ schools, shopping, etc. __________________________________________________________________________ Summary Favorite features __________________________________________________________________________ Least desirable features __________________________________________________________________________ Comments __________________________________________________________________________ __________________________________________________________________________ Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  11. 11. Submitting an Offer Once you have found the right property, the next step is to make a purchase offer to the seller. l Determine the price you want to offer. n The price the seller is asking may or may not reflect realistic market value. n The best way to determine market value is with a Comparative Market Analysis (CMA) showing similar properties that sold recently, those that are currently active on the market and those that failed to sell. n I will discuss with you an estimate of costs associated with purchasing this property. l Decide on financing. n We will review together the status of your loan pre-approval. n We will work together with your loan officer to explain financing options and help you determine the mortgage plan that best fits your requirements. l Decide on other issues that are important to you, such as: n Items of personal property you want included with the house. n Warranty, inspections, repairs or other home enhancements by the seller. n Closing date and possession. l I will present your offer. n The seller will have three choices: accept your offer as it is presented; reject it completely; or propose adjustments to your offer (counteroffer). n If there is a counteroffer, you can choose whether to accept it, reject it or counter it. l Once you have reached agreement with the seller, you will have a firm contract to purchase the home. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  12. 12. Estimate of Costs It is helpful to have an estimate of the costs associated with purchasing a home.* Costs required to close the transaction Title insurance __________ Settlement fees __________ Recording fees __________ Property tax (pro-rated) __________ Loan origination fee __________ Appraisal __________ Credit report __________ Other loan fees __________ Interest on new loan (pro-rated) __________ Home warranty __________ Termite inspection __________ Other inspections (roof, property inspection, geological, etc.) __________ Homeowners insurance __________ Other: __________ Other: __________ Total estimated closing costs $__________ Estimated monthly payment Principal and interest __________ Property tax __________ Howeowners insurance __________ Private Mortgage Insurance (PMI) __________ Homeowners association dues __________ Total estimated monthly payment $__________ Home Purchase Summary* Purchase price of home $ ____________________ Down payment $ ____________________ Amount financed $ ____________________ Estimated closing costs $ ____________________ Estimated monthly payment $ ____________________ * This is a preliminary estimate only. Actual costs will vary depending on the property, the lender and other factors. You will receive a detailed breakdown of costs prior to closing of the transaction. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  13. 13. Important Ways to Protect Your Interests There are several ways to help support a trouble-free home purchase: • A written property disclosure statement from the seller will reveal any problems with the house and the surrounding area that you need to know about. • Professional inspections can reveal structural, roof, termite, and other problems with the property that the seller will need to remedy. • A home warranty can give you peace of mind by providing repair-or-replace coverage of major home operating systems and appliances. • A preliminary title report informs you of any problems with the property’s title and a policy of title insurance protects your rights to the property. • A walk-through before closing will allow you to make sure all required work has been taken care of and that the property is ready to become yours. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  14. 14. Completing Your Home Purchase Many details need to be taken care of in order for a home purchase to be completed. It can take 15 - 90 days to complete all the steps involved in a home sale, depending on the complexity of the transaction. I will work closely with everyone involved in the transaction to help ensure that it moves ahead as smoothly as possible: • Explain to you in detail all the steps that will occur, and answer any questions you might have. • Work with the seller’s broker to see that they fulfill their responsibilities under the contract. • Stay in touch with the settlement officer, title officer, lender and others to help coordinate their activities and to help keep the transaction moving forward. • Communicate with you on a regular basis so that you can stay informed and as worry-free as possible. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  15. 15. A Smooth Transition to Your New Home Here are some things to consider as you make the move to your new home. I can suggest local professionals for many of these services. 4 weeks before your move q Contact and contract with a reputable moving company. q Have school records transferred. q Arrange to transfer (or take with you) medical, dental and other important records. q Prepare to transfer your homeowners and auto insurance to be sure you will be covered for any unforeseen disasters. q Keep track of moving-related expenses. (Check with your accountant to find out what expenses will be deductible). 3 weeks q Obtain and mail change-of-address cards to the post office, subscriptions, credit card companies and important contacts. 2 weeks q Arrange for final utility reading at your former residence the day after your move and have utilities and phone turned on at your new home the day before you move in. q Close or transfer bank accounts. q Terminate newspaper delivery service. q Arrange for transfer of vehicle licenses and driver’s licenses. q Have an extra supply of prescription medications for the next four weeks. q We will schedule a final walk-through of the property to make sure everything is in order. Week of your move q Keep valuable financial records and personal papers with you; do not pack them with the rest of your household goods. q On closing day, the home purchase documents record and the home is yours. q Move in! After you move in q Consider plans for landscaping design, installation and maintenance. q Review home security requirements and systems. q New home furnishings, appliances, and interior decorating will help make the house your home. Enjoy your new home! Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  16. 16. Financing Your Home Purchase Unless you are in a position to pay all cash for your home, you will need to obtain a home loan (mortgage) to complete the purchase. I will assist you in this process to help ensure that you obtain the financing that meets your needs. l Being approved for a loan before you submit an offer will put you in a stronger negotiating position and can save time in the loan approval process. l I can put you in touch with experienced loan officers at leading mortgage companies. Your loan officer will be your principal guide through the financing process. l Various financing options may be available to you, including: n Fixed Rate Mortgage n Adjustable Rate Mortgage (ARM) n Government-assisted (FHA or VA) financing n Seller-assisted financing l You can expect the lender to ask for standard information regarding your income, expenses and obligations. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  17. 17. What Can You Afford? Realistically assessing your finances up front will streamline the homefinding process. Step 1 Monthly Income Wages, salaries, business income after expenses ____________________ Interest, dividends or rental income ____________________ Other income (alimony, child support, pensions, or Social Security) ____________________ Total Monthly Income (Step 1) $ ____________________ Step 2 Monthly Non-Housing Expenses Food/clothing ____________________ Medical (include insurance premiums and prescriptions) ____________________ Life insurance ____________________ Child care ____________________ Automobile expenses (loan, insurance, maintenance) ____________________ Education/student loans ____________________ Travel/recreation ____________________ Monthly credit card payments ____________________ Monthly bank loan payments (other than a mortgage) ____________________ Alimony or child support you owe ____________________ Savings and investments ____________________ Income taxes ____________________ Total Monthly Non-Housing Expenses (Step 2) $ ____________________ Step 3 Amount Available for Monthly Housing Expenses Total Monthly Income (Step 1) ____________________ minus Total Non-Housing Expenses (Step 2) ____________________ Equals Amount Available for Monthly Housing Expenses (Step 3)$ ____________________ Step 4 Monthly Estimated Housing Expense Mortgage loan payment (principal and interest—see chart) ____________________ Property taxes ____________________ Mortgage insurance ____________________ Homeowner’s insurance (liability, flood, fire) ____________________ Utilities (heat, water, electricity, gas, trash removal) ____________________ Maintenance and repairs ____________________ Other (assessments, homeowners association dues) ____________________ Total Monthly Estimated Housing Expenses (Step 4) $ ____________________ Compare Step 3 and Step 4 totals. The Total Monthly Estimated Housing Expenses (Step 4) should not exceed the Amount Available for Monthly Estimated Housing Expenses (Step 3). Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  18. 18. Loan Application Checklist The following information is typically needed when applying for a mortgage. Purchase contract and property information q Copy of the sales contract q Mailing address and property description q Contact information for access to the property q Plans and specifications (new construction only) Personal information q Social Security number q Age q Years of schooling q Marital status q Number and ages of dependents q Current address and telephone numbers q Addresses for the past seven years q Current housing expenses (Rent, mortgage, insurance, taxes) q Name and address of landlord or mortgage holder for past two years Employment history and income q Two years of employment history, with complete details of each job q Recent pay stubs and two years of W-2 forms q Complete tax returns and financial statements if self-employed q Written explanation of employment gaps q Records of dividends and interest received q Proof of other income Assets q Complete information on all bank and money market accounts q Two months of bank statements q Current values of stocks, bonds, mutual funds and other investments q Vested interest in retirement funds q Value of life insurance q Information on vehicles you own q Information on real estate you own q Value of significant personal property you own Liabilities q Itemized list of all current debts (loans, credit cards, and other bills) q Written explanation of past credit problems q Full details of bankruptcy during the last seven years Fees q Credit report and appraisal fees (usually $500 or less) Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  19. 19. The Trident Group Mortgage Financing. Title Insurance. Homeowners Insurance. They’re All Under One Roof. Ours. We Bring You Title Insurance with Assurance. Settle with confidence. Trident Land Transfer Company is America’s largest Realtor-affiliated title company. We are backed by LandAmerica, the oldest and one of the largest title insurers in the United States. We offer you complete settlement services including ownership, tax, and special assessment searches, survey examinations (in N.J.), abstracting, document recording and owner’s title policies. We Bring You Mortgage Options with Dispatch. Trident Mortgage Company is a full-service mortgage banker and the second largest Realtor-affiliated mortgage company in the United States. We offer you personal mortgage consultants at more than 50 We Bring You Homeowners Insurance regional offices and a completely automated application system for streamlined applications and instant loan approvals. Our selection with Competitive Rates. of loan programs is unmatched. You can even apply for a mortgage any time of the day or night at Our independence pays off for you. Trident Insurance Agency is an our website: www.thetridentgroup.com. independent agency. We solicit the best policies and rates from many Everything is set up to get you the best financing program in the underwriters. Result? The best coverage at the best prices. What’s more, shortest possible time. our service goes beyond the sale. We’ll take care of changes and updates, and periodically review your policy to let you know when better coverages and rates become available. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  20. 20. Building a Legacy of Giving Committed to Addressing the Needs of Children and Families in Stressful Life Circumstances; Especially Their Housing In 1995, Prudential Fox & Roach/Trident founded Fox & Roach Charities, a Pennsylvania nonpro t corporation that is a public charity. Since our inception, Fox & Roach Charities has donated over $3,400,000 in charitable contributions to more than 350 organizations in the tri-state area. It is thanks to our sales associates and employees, who contributed about $1,600,000, and the company contributing more than $1,800,000 to Fox & Roach Charities, that we have successfully raised and donated $3,400,000. Outside of the charitable funding program Prudential Fox & Roach/Trident has the Bill Fox, Sr. Family Fund to help our own sales associates and employees. We have donated in excess of $435,000 to this fund to help our own. Without the voluntary support of our sales associates’ and employees’ contributions from commissions and salary, this could not have been accomplished. Since beginning in 1995 “Community Service Day” has become an important company-wide tradition at Prudential Fox & Roach/Trident. Each year, the company closes every office and department to enable sales associates and employees to lend a helping hand to those in need. A day of hammering nails, painting walls and sprucing up yards … at soup kitchens, day care centers, shelters, food banks, and construction sites…allows us to give back to our communities, touch lives, and help the less fortunate. It’s a day that gives us another dimension and lets us feel good about ourselves, our company and our work. For eight years, Fox & Roach Charities has partnered with Delaware Valley Habitat for humanity for their annual “Build A House … Build A Dream Contest for Kids.” rough this partnership, we have helped raise over $516,000 (gross) to support Habitat’s regional home building mission. For six years, we have partnered with Delaware Hospice for the annual Barbara Santoro Jazz Brunch and other smaller scale events. is has enabled the Delaware Hospice to grow that $60,000 in donations into over $330,000 (gross). Last but not least, we have partnered with ESF Dream Camp Foundation for the past three years to hold our annual Main Line Jazz event. Fox & Roach Charities gave $30,000 and through this event, we were able to raise over $285,000 for ESF Dream Camp Foundation’s year-long mentoring and summer camp for underprivileged children. In addition, through a partnership between Prudential Fox & Roach/Trident and our sales associates and employees, we were able to raise more than $400,000 for Tsunami Relief and over $450,000 for Hurricane Katrina Relief, resulting in a “House in a Box” for a Louisiana family who lost their home. The Charitable Arm of Prudential Fox & Roach, REALTORS® and The Trident Group
  21. 21. “The Housing Market Appears to be Cooling Down ... ...but the Market Leader is Still Hot.” The “inventory” of homes for sale is larger than a year ago. The “average days on market” is longer. The real estate world is changing, shifting, cooling. You might think all real estate companies are affected equally by this. Not really. • Prudential Fox & Roach’s market share, with three times the sales volume as our closest competitor, is dominant. • Our average sales price is the highest of the major brokers. • And we’re Prudential’s largest, most robust affiliate. In times like these, the real real estate professionals step forward. It’s time for the professional. Time for the Market Leader. Time for Prudential Rox & Roach, REALTORS®. Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  22. 22. It’s time for a few Real Estate Reality Checks: In a recent study 72% of homebuyers and homesellers said they think this is a good time to buy a home. Here are some real reasons for that optimism... Is this a good time for first-time buyers to buy? The selection is big. Prices are good. You don’t have to worry about selling another property. And if you have reasonable credit scores, financing is easily available. All things considered, it’s an excellent time for first-timers. Is this any time to move up to a bigger home? Given the market, when you sell your home, you might get less than you would have two years ago. But given the selection and the prices today, chances are good you might just get a lot of house for the money. For a net gain. So, yes, bigger can be better! How does our region compare with other parts of the country? This region is economically stable. And it’s still growing. Ours is a diverse economic base and job growth is expected to continue. This has translated into real estate numbers that are much less severe than many other American cities and regions. Should you just “wait out” the real estate market? This is one of those “rear view mirror” questions. We won’t really know whether the market has hit bottom until after it has. If you wait until then, a pent-up demand will have been created. And you might have waited too long. So, don’t. Because... It’s time to buy! Nate Anderson Office: 215.627.6005 Office Fax: 215.627.3412 E-mail: nate.anderson@prufoxroach.com Direct: 215.440.2274
  23. 23. A rare second opportunity — The $8,000 Homebuyer Tax Credit Returns! Federal Tax Benefits Extended and Expanded! New provisions of the tax credit law: Great news: Congress has extended and expanded the • Homebuyers now have through April 30, 2010 to have homebuyer tax credit. If you are thinking of buying a a purchase contract in place and settlement must close home, find out now if you qualify and don’t miss out on before July 1, 2010. this second chance! • The new law offers a tax credit for repeat Here are some of the details of the new credit: homebuyers. Homeowners who have lived in one residence for five consecutive years during the previous Similarities with the original eight can claim a tax credit of 10% of the purchase $8,000 tax credit: price, up to $6,500. The new home need not cost more • First-time homebuyers can claim a than the old one. credit of as much as 10% of the • Income limits for both first-time and purchase price, up to $8,000. repeat buyers have been increased. (Homes above $800,000 do not The full amount of the credit may be qualify for any credit.) First-time claimed by single filers with income homebuyers are defined as not up to $125,000 and for married owning a principal residence for couples filing jointly up to $225,000. three years before the new home The tax credit is phased out over an purchase. additional $20,000 of income in • The purchased home must be used as both cases. your principal residence for the next Any type of residence three consecutive years. qualifies: single family homes, • The tax credit is a dollar-for- condominiums, co-op dollar reduction in taxes owed apartments, attached or to the I.R.S. For example, if semi-attached townhomes, your entire income tax liability and more. for the year is $5,000, and an The new tax credit law took $8,000 credit can be claimed, effect on November 6, 2009, your would receive a $3,000 so if you have a transaction refund check from the I.R.S. pending you may be able to • You may claim the credit for a take advantage of the new home purchased in 2009 on expanded benefits. And if either your 2008 or 2009 tax returns. 2010 buyers you are considering a new home purchase — don’t let may claim the credit on their 2009 or 2010 returns. this opportunity pass you by! Talk to your Prudential Fox & Roach Sales Associate or Trident Mortgage Consultant for more details. Trident Mortgage Company LP www.prufoxroach.com An independently owned and operated member of The Prudential Real Estate Affiliates, Inc. Trident Mortgage Company is a member of The Fox & Roach/Trident family of companies. ©2009 Trident Mortgage Company.LP All Rights Reserved. Trident Mortgage CompanyLP is licensed by the Pennsylvania Department of Banking as a Mortgage Lender. Licensed by the New Jersey Department of Banking and Insurance. Licensed lender, Office of the Delaware State Bank Commissioner.