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John Salkowski | The Greater Philadelphia Area Home Search Blog

Thursday, March 31, 2022   /   by John Salkowski

Interest Rates May Stabilize Our Market

Rising interest rates may stabilize our market, but not by lowering prices.
Will home prices go down as interest rates go up? In short, I don’t believe prices are going down anytime soon.
Interest rates are going up, and that will limit buyers’ purchasing power. You may see things stabilize. We might not have as many multiple-offer situations and offers over list price. However, I don’t see prices going down.
Our market has been crazy with all of these multiple-offer situations. We need something to help it stabilize, and I believe interest rates will do that.
If you have any questions about this or another real estate topic, feel free to call or email me and my team. We would love to help. ...

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Friday, March 11, 2022   /   by John Salkowski

When You Should Consider a Co-signer

Here are a few things to keep in mind when picking a co-signer.

Recently, many clients have asked me, “Is a cosigner needed for a mortgage application?” If your credit is good and your income is high enough, the answer is no. However, not everyone can be in that position. Today I want to talk about a few things to keep in mind when having someone co-sign your mortgage application. 
When you’re filing a mortgage application and your income or credit is not where it needs to be, the next best option is a co-signer. Just remember that your co-signer’s financial standing is crucial. The lender will consider each person's credit score and income, so pick your co-signer wisely. 
If you pick someone who also has suboptimal credit, you still might not be accepted for a loan. Talk to a financial expert to see if your co-signer will help you become approved. 
If you need to get in touch with a great lender, or if you have que! ...

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Thursday, February 17, 2022   /   by John Salkowski

You Could Save by Buying New Construction With Us

Our new construction program can save you money if you buy with us.
We’re starting a new construction program that could save you quite a bit of money. As part of this program, we will sell your home for 4% commission rather than the traditional 6%. $300,000 at a 6% cut is $18,000. If you end up buying new construction through us by registering our name or bringing us on site, we will sell your home for $12,000 instead. You’ll save over $6,000 if you list your home and buy new construction through us!
If you have any questions regarding this program, please call or email us. There is never any cost or obligation. We look forward to seeing you soon. ...

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  philadelphia homebuyers

Tuesday, February 1, 2022   /   by John Salkowski

Our Market Isn’t Slowing Down

The data explains why our market won’t be slowing down anytime soon..

Over the past few weeks, I’ve been getting asked if the market will slow. I don't believe the market is slowing down anytime soon, and I don’t think it will crash like it did in 2006. Back then, they were literally giving out mortgages without documentation to prove you could afford the house. 

The numbers show that our market is still strong. Here is data from Montgomery, Delaware, and Chester counties that compare December 2020 to December 2021:

Montgomery County
Closed Sales: 1,142 (2020); 1,044 (2021)
Average Price: $396,000 (2020); $431,000 (2021)

Chester County
Closed Sales: 745 (2020); 679 (2021)
Average Price: $457,000 (2020); $502,000 (2021)

Delaware County
Closed Sales: 763 (2020); 723 (2021)
Average Price: $324,000 (2020); $345,000 (2021)

As you can see, our market is only going up, and it's going to hold stable for many years to come. If you’re lookin ...

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  philadelphia market update

Wednesday, January 19, 2022   /   by John Salkowski

Be a Competitive Buyer in a Seller's Market

Here are three ways buyers can stay competitive in a hot market.
Looking to buy a home? Search all homes here.Looking to sell your home? Get a free home value report here.

If you’re a buyer in today’s market, it’s easy to become frustrated. Bidding wars are the norm, and it seems like sellers have the upper hand. Here are three ways you can stay competitive as a buyer in today’s seller’s market:
1. Hire an experienced agent. For 99% of people, buying a home is the most important and emotional financial transaction they will ever undertake. Make sure you hire someone you can trust to work on your behalf.
2. Discuss your wants and needs with your agent. The more communication, the better. Before you start looking for homes, let your agent know what your wants and needs are.
3. Speak with a mortgage lender to get pre-approved. Your lender will ask you questions about your financial situation to determine what your price range will be. If you go in ...

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