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In this section I will highlight trends and issues affecting the local and national real estate market, including new legislation, local news and topics of interest. If you have a suggestion for a topic, or questions regarding any of the topics highlighted below, please contact me.
Mortgage Disclosure & Waiting Periods Have Changed Under the Federal Reserve Board Truth in Lending Regulation (Reg Z), mortgage loan applications are now subject to new disclosure requirements. It is important for consumers to understand the impact of this new legislation since these new requirements apply to all mortgages secured by a borrower's home, including primary and secondary homes and refinancing. The intent of this new regulation is to allow home buyers time to make an informed decision about their home loan. However, the time it takes to complete the mortgage process will be impacted by this regulation. READ MORE Cost vs. Value Remodeling Report Remodeling Magazine recently published their Cost vs. Value Remodeling report for 2009-2010. An important note to consider when reading this report: factors that affect overall home values in an area - such as location, school district, etc - and local market trends will also affect the cost recouped for a remodeling project. Predicting the "value" of a remodeling project at resale is not as simple as the numbers in this report might imply.READ MORE Have you recently re-financed your home and been surprised by the "low" valuation you received for your home? Has a neighbor tried to sell their home, only to have the deal fall-apart when the appraised value turned out to be less than the sale price? Decreased home values are only part of the story. READ MORE Chester County Local Food Guide & Buy Fresh Buy Local Campaign Do you know where to find the freshest, locally grown foods in Chester County? The Chester County Agricultural Development Council has published a local food guide, including a list of farm stands and farm stores, community supported agriculture cooperatives, farmers' markets and more. MORE INFO Pennsylvania Home Improvement Consumer Protection Act The Pennsylvania Home Improvement Consumer Protection Act became effective July 1, 2009, but many homeowners are not aware of this important piece of legislation and how it may protect them. READ MORE Changes in the Truth in Lending Act: Mortgage Disclosure & Waiting Periods Under the Federal Reserve Board Truth in Lending Regulation (Reg Z), mortgage loan applications filed on or after July 30, 2009 will be subject to new disclosure requirements. It is important for consumers to understand the impact of this new legislation since these new requirements apply to all mortgages secured by a borrower's home, including primary and secondary homes and refinancing. READ MORE Tredyffrin Township Adopts New Comprehensive Plan At the March 2, 2009 public hearing, Tredyffin Township Board of Supervisors adopted a new Comprehensive Plan for growth and development. The plan includes objectives and recommendations regarding important topics such as historic preservation, land use, community facilities....READ MORE "Buy Now? Sell Now? Wait?" Excerpts from The Chairman's Report by Larry Flick Question: "You bought your house in 2000 for $195,000. You put 20% down and had closing costs of $24,000. In 2005, your neighbor sells a similar house for $325,000. Now, when you wish to sell, your Realtor suggests a list price of $300,000. Your closing costs to sell would be $21,000. Did you lose $25,000 on your house? Or did you realize a $72,000 net gain after paying closing costs for the purchase and sale? "When will we know we hit the bottom of the market?" READ MORE
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Forbes magazine recently published its annual list of the nation's "Best Places to Raise a Family" with the Philadelphia suburban counties of Montgomery and Chester both ranking in the top 10. Factors such as low cost of living, reasonably priced homes and excellent schools propelled these two Main Line counties to the top of the list. To read more CLICK HERE.
