7 ways First-time Homebuyers can avoid a lemon

You've been out looking at homes with your real-estate agent all day. As you walk through the door of the last house on your list, your mouth falls open.

Finally, you've found "The One," the perfect house. Stars shimmer in your eyes. You love the layout, the paint colors and the little powder room by the back door.

You make an offer and move in within the month. It's not until things settle down that you discover that the roof leaks and that the foundation must be replaced — immediately. Suddenly, the stars dim as you face the prospect of several expensive repairs and unexpected home-improvement costs. Not fun at all.

Homebuyers, especially first-timers, often are caught looking at the wrong things when they buy a house. They fall in love with all the things that are easy to fix and never think to look at the important clues that the house might be more trouble than it's worth.

What should you do to make sure you're not buying a lemon? Here are seven tips.

1. CHECK THE FOUNDATION
A house's foundation is probably one of the most expensive things to fix, which is why you must go down to the basement before you even look at the rest of the house. Do you see any cracks in the concrete or stone? If so, the foundation might be structurally unsound. If the basement is finished, look for cracks in the drywall, especially around windows and doors.

2. INSPECT THE HVAC EQUIPMENT
While you're down in the basement, look at the heating and cooling equipment. How old is it? Does it look like it's running properly? Are the vents connected well? These are important questions to answer to make your home energy-efficient and to reduce your utility bills. Replacing a home's HVAC system can cost tens of thousands of dollars, but many first-time buyers never give it a second look.

3. LOOK FOR WATER DAMAGE
If the house has had problems with water in the past, you're looking at several expensive fixes. First, one-time occurrences, such as a basement leak, can happen again. Second, that water damage could have opened the door for mold, especially dangerous black mold, to grow. Look for brown or white stains down the side of the basement walls. These can indicate a past leak. If the floor is bare, look for horizontal stains. Be suspicious if the basement has been painted recently. Sellers often do this to hide water-damage stains. It's also important to check the bathroom and under the kitchen sink. Look for stains that would indicate mold growth.

4. CHECK THE ELECTRICAL SYSTEM
If you are looking at a home built before the 1930s, it still might have old knob-and-tube wiring. It can be a problem, if it has been tampered with in any way. For example, if the attic has blown insulation sitting on top of the knob-and-tube wiring, this is tampering — and it's a serious fire-safety hazard. Most insurance companies consider knob-and-tube wiring to be unsafe, so you're going to pay more or be turned down for homeowners insurance if you don't replace it. Replacing it means rewiring the entire house, which will cost tens of thousands of dollars.

5. LOOK AT THE HOUSE AT LEAST TWICE
Remember, when you first see that "perfect house," you're looking through rose-colored glasses. Always sit on the decision to make an offer and go see the house again a few days later.

6. GET A HOME INSPECTION (I repeat -- GET A HOME INSPECTION)
This seems like old advice, but many people still don't get a home inspection before they make an offer. If the home inspector says more research is necessary or files an inconclusive report, get a second opinion.

7. CONSIDER THAT IF THE PRICE IS TOO GOOD TO BE TRUE, IT PROBABLY IS
Trust your gut here. If your dream home's price is suspiciously low, there's probably a good reason. Beware. Buying a house is a huge decision and investment, especially if it's your first home.

Don't let first impressions and appearances sway you. Make sure you do your research and watch out for some of these pitfalls!

If you have any questions about buying and/or selling real estate in PA, or anywhere, please feel free to contact me:

Matt Goslee
Realtor
230 Sugartown Rd.
Wayne, PA 19087
"The McGarry-Hoopes Group"
Coldwell Banker Preferred
Cell: 610-505-6635
Email: mgoslee@cbpref.com























*By Heather Levin of U.S. News & World Report

Tips for Winning Over Spring-time Home Buyers

Spring is the optimum time to sell your home. Regardless of whether it's a buyer's market or a seller's market, inventory almost always rises in the spring. Why? Because the largest number of buyers are actively searching for a new home during the months of April, May and June. Here are a few things you can do to improve the odds that your home will stand out among the sea of new listings flooding the spring-time real estate market:

1. Due to search capabilities on the internet, so many potential homebuyers are first driving by homes before scheduling an appointment to go inside! If your home has poor CURB APPEAL, homebuyers may decide to strike it off their list without ever stepping foot into your home!

2. Is there enough LIGHTING outside? Perhaps investing in some low voltage landscape lights will add something to your front yard!

3. Is the LANDSCAPING well maintained? This includes lawn & shrubs. Make sure the shrubs are cut back so that windows are not blocked!

4. Does the garden & walkway need WEEDING? Spend a weekend getting rid of all the weeds!

5. Is the garden equipment stored properly? The last thing someone wants to see is a hose strewn across the lawn, or the lawn mower sitting in the backyard!

6. Do the doors need new hardware, new & larger house numbers and/or new light fixtures?

7. Are there cracks in the driveway? If so, you may want to repair or even reseal the driveway!

8. Are there cracks in the foundation or walkways? Buyers will notice these things and they may shy away from your home if they begin to think there are some structural issues!

9. Where is the garbage cans stored? The last thing you want a buyer to notice, or even smell on a hot day, is the garbage! So make sure your cans are out of sight, and that there are tight fitting lids on each can!

10. How are the gutters & chimney? If the gutters need cleaning, go ahead and do that now! If the chimney is in need of repair, get in a good chimney sweep to take care of it now! These things may end up on a home inspection report if the buyer comes into your home!

11. How is the PAINT on the shutters, doors, trim, etc? The last thing you want is someone to look at the house with peeling paint or vinyl siding in need of a good power washing and decide that the home has not been properly maintained! So invest in some paint, or a good power wash now!

12. Are the windows dirty? Do any of them need to be replaced? After a winter of snow & ice, spring is always a welcome time! And making sure the windows are clean helps your home to shine! Wash the windows – and if any of the windows need replacing, do that now!

13. Does your home need some COLOR? Homes with lots of containers full of colorful plants on the steps & stoop tends to stand out from all the other homes surrounding it!

If you are interested in selling your home this spring (or if you are just looking for some information), please contact Matt Goslee of the McGarry-Hoopes Group at
(610) 505-6635 or mgoslee@cbpref.com

On The Fence About Buying A Home in 2011?

Here are 7 Reasons Why You Should Take The Leap this year:

1. TAX BREAKS --> The U.S. Tax Code lets you deduct the interest you pay on your mortgage, your property taxes, as well as some of the costs involved in buying your home.

2. APPRECIATION --> Real estate has long-term, stable growth in value. While year-to-year fluctuations are normal, median existing-home sale prices have increased on average 6.5 percent each year from 1972 through 2006, according to the National Association of Realtors. Despite the losses in home values we have seen in the past couple of years, home prices are still much higher than they were 10 years ago.

3. EQUITY --> Money paid for rent is money that you’ll never see again, but mortgage payments let you build equity ownership interest in your home.

4. SAVINGS --> Building equity in your home is a ready-made savings plan. And when you sell, you can generally take up to $250,000 ($500,000 for a married couple) as gain without owing any federal income tax.

5. PREDICTABILITY --> Unlike rent, your fixed-mortgage payments don’t rise over the years so your housing costs may actually decline as you own the home longer. However, keep in mind that property taxes and insurance costs will increase.

6. FREEDOM --> The home is yours. You can decorate any way you want and benefit from your investment for as long as you own the home.

7. STABILITY --> Remaining in one neighborhood for several years gives you a chance to participate in community activities, lets you and your family establish lasting friendships, and offers your children the benefit of educational continuity.

**If you are interested in getting the ball rolling or just looking for some information, feel free to contact me at mgoslee@cbpref.com**

Matt Goslee
Real Estate Agent
Coldwell Banker Preferred
230 Sugartown Rd., Ste 100
Wayne, PA 19087
Cell: 610-505-6635
Email: mgoslee@cbpref.com

Use the "McGarry-Hoopes Group" to Help You Find A Rental Home

You've decided that you're ready to rent a home. Perhaps you've been living in apartments for a long time and ready to move into a bigger space with a yard but aren't quite ready to commit to buying a home. Making a move like this generally suggests that you're looking for a home that you're going to be in for at least a short period of time and so you want to find a home that meets all of your needs. Seek help from the "McGarry-Hoopes Group" to help you through this process. Here's why:

1. IF YOU'RE NEW TO RENTING: If you're moving in to your first rental home and have previously lived in a parents' house or a dorm, you may not know what you need to look for in a rental home. We can help make sure that you get all of your rental needs met and get the best deal for your situation but will also take you through all of the steps in the process so that you'll have that knowledge when renting future homes.

2. YOU ARE MOVING TO A NEW CITY: If you're moving to a location that you aren't familiar with, it's usually a wise idea to get the assistance of a real estate agent for finding your rental home. We will be able to answer questions about the safety of a neighborhood as well as let you know about its proximity to schools, public transportation and area nightlife. These things can take awhile to research on your own so you may save time (and heartache) by letting us help.

3. NEGOTIATING RENTAL TERMS CAN BE COMPLICATED: Most landlords expect that you will attempt to negotiate certain terms of your rental agreement. You'll try to get a lower rate or at least a lower deposit, you'll want some leniency on the 'no pets' clause or you'll want to clarify points about maintenance of the home. If you aren't good at negotiating these things, you might just accept the rental agreement "as is" which is usually not a good idea. The "McGarry-Hoopes Group" can do these negotiations for you which will get you the best lease without harming your relationship with the new landlord.

4. YOU DON'T HAVE THE TIME TO FIND YOUR RENTAL HOME: Maybe you're a busy professional with too much on your plate and you can't be looking through rental ads all day long. By utilizing the "McGarry-Hoopes Group" we will listen to your needs and find you the right homes to look at. Ultimately, this can save you a significant amount of time and frustration.

Our job is to ask questions and find out what your needs are and then meet those needs while getting you the best possible lease agreement on your new rental home. If you are new to renting (or new to renting in a particular area) or you just don't have the time or ability to find and negotiate on your new home, then the "McGarry-Hoopes Group" is a great resource for you.

*Feel free to give me a call or shoot me an email at mgoslee@cbpref.com with all of your rental needs. Whether you are looking to rent out your home/apartment or if you are in the market for a rental, I can help you every step of the way*

6 Must-Do's Before Buying a Home

You might be ready to buy a home, but are you armed with the knowledge you need? Do you know about credit score requirements? Are you familiar with flexible standards on Federal Housing Administration loans? Whether you are a first-time homebuyer or an experienced owner, buying a house requires a "preflight check."

Here is a five-item checklist, including tips on two types of savings you need, plus advice about what's more important than buying a house for its resale value.

1. STRENGTHEN YOUR CREDIT SCORE
*One old rule still applies: The higher your credit score, the lower your down payment and monthly payments. Below 660 or 680, you're either going to have to pay sizable fees or a higher down payment. Improve your chances by pulling your credit reports and ensuring you're not being unfairly penalized for old, paid or settled debts.

2. FIGURE OUT HOW MUCH HOUSE YOU CAN AFFORD
*Get a home that's financially comfortable! Before you home shop, calculate the mortgage payment for the home in your intended price range, along with the increased expenses (such as taxes, insurance and utilities). Then bank the difference between that and what you're paying now. Not only does it allow you to build a nice nest egg, but "you can back away from it," or scale back, if the payments start to pinch.

3. SAVE FOR DOWNPAYMENT AND CLOSING COSTS
*Depending on your credit and financing, you'll typically need to save enough money to put anywhere from 3.5 percent to 20 percent down. If you're using FHA financing, then you need a score of 500 or higher. And in the 500 to 579 range, if you can find a lender, you'll have to put 10 percent down instead of 3.5 percent.
Another cash expense: closing costs. Whatever your loan source, you'll also need money to pay closing costs, which run (depending on where you live), from $2,300 to $4,000

4. BUILD A HEALTHY SAVINGS ACCOUNT
*This is over and above your money for the down payment and closing costs. Your lender wants to see that you're not living paycheck to paycheck. If you have three to five months' worth of mortgage payments set aside, that makes you a much better loan candidate. That money will also help you with maintenance and repair issues that come up when you own a home. While repairs are sporadic, items such as a new roof, water heater or other big-ticket items can hit suddenly and hard.

5. GET PREAPPROVED FOR A MORTGAGE
*Before shopping for a home, make sure to get your financing in place. The last thing you want to do is shop for homes, find the home of your dreams and then realize that it is way out of your price range -- a real downer. Be realistic and take this important first step before venturing out to house hunt.

Please feel free to call and/or email me with all your real estate needs, including getting preapproved for a mortgage. Whether you are buying or selling in PA, or elsewhere, I can help.

RECENTLY LISTED for $155K: 332 Saude Ave in Essington!

Come see this, clean, "move-in ready" 3 BR, 1.5 bath charmer in Interboro School District! The 1st fl includes a spacious LR & DR area with absolutely beautiful parkay floors t/o as well as a kitchen w/breakfst nook. The 2nd fl consists of 3 generously-sized BRS and a full bath (with updated piping). The bright, full-finished basement, ideal for entertaining family & friends, completes this home. Several updates t/o including: newer roof, heater & central air (2004). New windows & doors to be installed as well -- ask agent for more details.

*Please call me on my cell and/or shoot me an email at mgoslee@cbpref.com to take a tour of this great home*

JUST REDUCED TO $179,999 (64 S. Glenwood Ave, Aldan)

JUST REDUCED TO $179,999. This well maintained, 3 BR, 1.5 bath Dutch Colonial is "move-in" ready. Seller is very motivated, flexible, and ready to negotiate! Located on a corner lot with absolutely beautiful hardwood floors throughout --This home has many updates!

SEVERAL OPPORTUNITIES EXIST for potential buyers including, Possible seller assist and rental option. Free One Year Home Warranty included!

FOR POTENTIAL RENTERS:
**SELLER IS CURRENTLY SEEKING $1,200 RENTAL PAYMENT/MONTH**

Bring an offer today! Feel free to call me at 610-505-6635 or shoot me an email at mgoslee@cbpref.com if you want to check it out.

Just Listed for $155K -- 332 Saude Ave in Essington

Come see this "move-in ready" 3 BR, 1.5 bath charmer in Interboro School District! The 1st fl includes a spacious LR & DR area with absolutely beautiful parkay floors t/o as well as a kitchen w/breakfst nook. The 2nd fl consists of 3 generously-sized BRS and a full bath (with updated piping). The bright, full-finished basement, ideal for entertaining family & friends, completes this home. Several updates t/o including: newer roof, heater & central air (2004). New windows & doors to be installed as well -- ask agent for more details.

*Please call me on my cell and/or shoot me an email at mgoslee@cbpref.com to take a tour of this great home*

"Real Estate Deals" during the Holiday Season!

Everyone loves a great deal, which is why an estimated 138 million shoppers could be hunting for bargains during the Black Friday weekend. While deals on iPads, smart phones and big screens are sure to be had, there is another category waiting for the right buyers: real estate.

As we approach the holiday season, there are traditionally less buyers in the market, which could mean more opportunity for you. And, closing costs, inspection repairs, mortgage points, etc. are great negotiating tools for a motivated seller who wants to head into the New Year with an “under contract” or “sold” status.


So, if you’re in the market for a home, don’t let the Black Friday madness put you in the red. This holiday may be the once-in-a-year opportunity you’ve been waiting for, especially if you’re a first time buyer. But make sure you’re camped out in front of the line.

•Have you met with a loan officer to get pre-approved, not just pre-qualified?
•Do you know the details of the foreclosure/short sale process vs. a traditional sale?
•Have you set the budget that you’re comfortable with, not what the bank says you can afford?
•Do you understand the market value of the communities you desire so you can make a fair offer?
•Have you committed yourself to homeownership even if it means giving up some Black Friday bargains?

*Please feel free to email me at mgoslee@cbpref.com with any questions you may have regarding buying and/or selling real estate*

Article by: Marsha Webster, Real Estate Groupie

10 Ways To Winterize Your Home

You'll get a season's worth of savings and peace of mind by taking a few steps to get your home ready for cold weather. You'll be a lot less comfortable in the coming months if you haven't girded Home Sweet Home for Old Man Winter.

1. Clean those gutters
Once the leaves fall, remove them and other debris from your home's gutters -- by hand, by scraper or spatula, and finally by a good hose rinse -- so that winter's rain and melting snow can drain.

2. Block those leaks
One of the best ways to winterize your home is to simply block obvious leaks around your house, both inside and out, experts say. The average American home has leaks that amount to a nine-square-foot hole in the wall, according to EarthWorks Group.

3. Insulate yourself
"Another thing that does cost a little money -- but boy, you do get the money back quick -- is adding insulation to the existing insulation in the attic," says Lipford. "Regardless of the climate conditions you live in, in the (U.S.) you need a minimum of 12 inches of insulation in your attic."

4. Check the furnace
First, turn your furnace on now, to make sure it's even working, before the coldest weather descends. A strong, odd, short-lasting smell is natural when firing up the furnace in the autumn; simply open windows to dissipate it. But if the smell lasts a long time, shut down the furnace and call a professional.

5. Get your ducts in a row
According to the U.S. Department of Energy, a home with central heating can lose up to 60% of its heated air before that air reaches the vents if ductwork is not well-connected and insulated, or if it must travel through unheated spaces. That's a huge amount of wasted money, not to mention a chilly house.

6. Face your windows
Now, of course, is the time to take down the window screens and put up storm windows, which provide an extra layer of protection and warmth for the home. Storm windows are particularly helpful if you have old, single-pane glass windows. But if you don't have storm windows, and your windows are leaky or drafty, "They need to be updated to a more efficient window," says Lipford.

7. Don't forget the chimney
Ideally, spring is the time to think about your chimney, because "chimney sweeps are going crazy right now, as you might have guessed," says Ashley Eldridge, director of education for the Chimney Safety Institute of America. A chimney should at least be inspected before use each year. "I've seen tennis balls and ducks in chimneys," he says.

8. Reverse that fan
"Reversing your ceiling fan is a small tip that people don't often think of," says Lipford. By reversing its direction from the summer operation, the fan will push warm air downward and force it to recirculate, keeping you more comfortable. (Here's how you know the fan is ready for winter: As you look up, the blades should be turning clockwise, says Lipford.)

9. Wrap those pipes
A burst pipe caused by a winter freeze is a nightmare. Prevent it before Jack Frost sets his grip: Before freezing nights hit, make certain that the water to your hose bibs is shut off inside your house (via a turnoff valve), and that the lines are drained, says Broili. In climes such as Portland, Ore., or Seattle, where freezing nights aren't commonplace, you can install Styrofoam cups with a screw attachment to help insulate spigots, says Broili.

10. Finally, check those alarms
This is a great time to check the operation -- and change the batteries -- on your home's smoke detectors. Detectors should be replaced every 10 years, fire officials say. Test them -- older ones in particular -- with a small bit of actual smoke, and not just by pressing the "test" button. Check to see that your fire extinguisher is still where it should be, and still works. Also, invest in a carbon-monoxide detector; every home should have at least one.

Article By Christopher Solomon of MSN Real Estate

!!!REDUCED TO $185,000!!! 64 S. Glenwood Ave in Aldan

This well maintained, 3 BR, 1.5 bath Dutch Colonial was recently REDUCED to $185,000! Seller is very motivated, flexible, and ready to negotiate! Located on a corner lot with absolutely beautiful hardwood floors throughout --This home has many updates!

SEVERAL OPPORTUNITIES EXIST for potential buyers including, Possible seller assist and rent-to-own option. Free One Year Home Warranty included!

MLS #: 5764334

Feel free to contact me with any questions at (610) 505-6635 or mgoslee@cbpref.com

Thank You!

HOME FOR SALE: 64 S. Glenwood Ave in Aldan, PA ($190,000)

MLS #: 5764334
Come see this charming, well maintained Dutch Colonial on a nice corner lot! Absolutely beautiful hardwood floors t/o!!! FIRST FL features an enclosed, heated front porch, spacious LR, formal DR w/triple bay window, modern EIK w/Maytag stainless steel dishwasher and mud room with exit to a nice sized backyard. 2nd FL has been entirely redone, includ, new insulation, electric & drywall. 2nd fl also features 3 BRs, 1 newer Bath and some generous closet space. This home has MANY UPDATES T/O, incl: hardwood floors(09'); new roof (08'); new gas heater (07'); hot water heater (10'). Owner is flexible and willing to negotiate! Many opportunities exist (incl. possible assist and rent-to-own option). Free One Year Home Warranty. BRING AN OFFER TODAY!!!

**Please call Matt Goslee at (610) 505-6635 or mgoslee@cbpref.com with questions about this property or if you would like to schedule a showing**

7 Fixes To Boost Your Homes Value

It's time to tackle home-improvement tasks you put off during the cold winter weather. Below are some relatively simple and affordable things you can do to give your home a face lift and boost its value!

1. ADD THE PERFECT TOUCH WITH PAINT
"A fresh coat of light paint on the interior walls can work wonders," says Kelly O'Ryan of Coldwell Banker in Lexington, Mass. "Paint will always clean up dirty walls and give a room a better image." Although dark colors can be stylish, O'Ryan advises going for lighter shades to brighten things up in warmer seasons. Karol Nickell, editor-in-chief of Fresh Home magazine, offers this advice: "Smart color selections can make a small or cramped room appear dramatically larger. In the foyer, make a good first impression with similar tones mixed at different strengths. In the living room, a bold color paired with a white ceiling makes the room seem taller than it really is."

2. FOCUS ON THE FLOORING
Good, well-maintained flooring can set a positive tone for the entire interior of your home. "Like paint, flooring can help create an impression of spaciousness and airiness," Nickell says. "Whether it's a floating laminate floor, tile or a natural 'green' alternative, lighter-tone flooring can make formerly drab areas appear modern and streamlined."

3. LIGHTEN UP THE ACCENTS
"Spring (or summer) is a great time to change your window treatments and area rugs," O'Ryan says. "Once again, dark colors are associated with winter months; a lighter, airy curtain will give any room a brighter and more pleasant appearance. If your floors are in great shape, you may want to remove the area rugs and leave the floors bare. Eliminating the rugs will open up the room and make it appear larger."

4. UPDATE THE WINDOWS
Old windows aren't just ugly — they can also let your heat and air conditioning escape, costing you big bucks. "While window treatments are typically a focus in many home makeovers, the actual windows themselves are often overlooked," says Victor Gonzales Maertens, an energy efficiency expert with Lennox Industries. "However, upgrading old single-pane windows with new Energy Star-qualified windows can save an average of between $126 and $465 per year on energy bills, and some new windows qualify for the federal tax credit."

5. WEED OUT BAD LANDSCAPING
Neglected bushes and overgrown lawns can kill a home's curb appeal. Don't worry – you don't need a green thumb to spruce up your yard. "Clean up the site by removing any dead or dying plants, branches and flowers," suggests Jennifer Hoxsie, landscape designer with Greenhaven Landscapes in Lake Bluff, Ill. "Prune overgrown shrubs along the home's foundation so they are below the windowsills and off walkways and driveways. Fill empty holes with site-appropriate plants. Have all the planting beds weeded, edged and mulched for a clean, crisp look. Finally, weed and fertilize the lawn and provide supplemental watering if necessary to maintain a lush green carpet."

6. ADD DECORATIVE TOUCHES TO THE YARD
We're not talking about plastic pink flamingos or creepy garden gnomes. Taylor Graves of CertainTeed building products says, "Adding benches, steppingstones, fountains or other garden accents could go a long way in making your outdoors a visually appealing and welcoming environment."

from realestate.msn.com

Homebuyer Tax Credit is extended until Sept 30th!

Homebuyer tax credit deadline is Sept. 30
By Kay Bell · Bankrate.com

Thursday, July 1
Posted: 9 am ET
If you were struggling to close on the purchase of a home so you could get an $8,000 tax break, thank the housing gods or whatever deity you follow.

You now have three more months to close on your new home.

At the literal eleventh hour last night, the Senate signed off on a measure extending the first-time homebuyer tax credit's settlement deadline until Sept. 30. Since the eventual bill that was approved is identical to the House measure passed on Tuesday, it is now on its way to the president to be signed into law.

While this bill gives buyers who were frantically trying to get the paperwork finalized yesterday some breathing room, it remains a very specific tax break.

Yes, eligible home purchasers now have until Sept. 30 to finalize the closing of their home. And yes, the potential $8,000 credit for first-time buyers or $6,500 maximum credit for repeat buyers remains.

But to be eligible for the extra time, you must have had a valid contract for the home you're buying in force on April 30. Folks looking to buy a new place now are out of tax credit luck.

For those of you who are eligible, though, take a breath. Relax. You've finally got time to get into your new place and get a tax credit, too.

Homebuyer tax credit MAY BE extended!

With the cutoff to qualify for a federal tax credit fast approaching, Congress wants to delay the deadline for consumers scrambling to close transactions. Congress is considering an extension for would-be homebuyers who are racing to close home sales in order to receive a federal tax credit.

The real-estate industry has warned that tens of thousands of buyers who rushed to buy homes to qualify might not close before the deadline imposed by Congress, meaning they could miss out on receiving credits worth thousands of dollars if lawmakers don't act. Congress last fall extended an $8,000 tax credit for first-time homebuyers and added a smaller $6,500 credit for current homeowners who were buying a primary residence. To qualify for the credit, buyers had to sign purchase contracts by April 30 and must close on the transaction by June 30.

But there are so many transactions in the pipeline that the companies responsible for handling the sales, including mortgage lenders, appraisers and title insurers and real-estate brokers, say the last-minute homebuying rush in April has created bottlenecks.

Senate Majority Leader Harry Reid (D., Nev.) last week said he would back a measure to extend the June 30 closing date to Sept. 30 for buyers who had met the April contract deadline.
The National Association of Realtors estimates that from 55,000 to 75,000 homebuyers who are under contract won't be able to close in time to claim the tax credit. The trade group is lobbying Congress to extend the June 30 deadline only for those buyers who met the April deadline.

It is unclear how many sales would fall through for those who miss out on the tax credit. Buyers could be hard-pressed to void sales contracts unless they have made their closing contingent on receiving the tax credit or are willing to forgo any deposits.

--This article was reported by Nick Timiraos for The Wall Street Journal--

Ridley Township Tidbits

As of 2009, Ridley township's population is 29,942 people. Since 2000, it has had a population growth of -2.10 percent.

The median home cost in Ridley township is $191,350. Home appreciation the last year has been -5.70 percent.

Compared to the rest of the country, Ridley township's cost of living is 4.52% Lower than the U.S. average.

Ridley township public schools spend $7,610 per student. The average school expenditure in the U.S. is $6,058. There are about 17 students per teacher in Ridley township.

The unemployment rate in Ridley township is 7.10 percent(U.S. avg. is 8.50%). Recent job growth is Negative. Ridley township jobs have Decreased by 0.50 percent.

Marshalls, health club eyed for MacDade Mall

*From: April 30, 2010 Delaware County Daily Times news article*
By BARBARA ORMSBY
Times Correspondent

RIDLEY TOWNSHIP — Redevelopment of the MacDade Mall is on the agenda for the township, according to a report at a recent commissioners meeting.

Commissioner Dave White said the developer is putting together drawings for the mall that would include a Marshalls, a health club and a major pet store. A Sonic drive-in restaurant, which is part of a national chain, is planned for the front of the mall, near Ruby Tuesday.

White said the Acme supermarket at the Glenolden end of the mall, and the K-Mart, which is in the township, will remain.

A call to representatives of MacDade Mall Associates LP for comment was not returned. The last of the retail establishments that had been tenants in the mall moved out last December. A Citizens Bank branch remains at the mall.

White cited other economic boosts for the township, including the 137-room, all-suites hotel now under construction on the Industrial Highway, between Sellers and Stewart avenues, scheduled for completion in August. The Springhill Suites Hotel is part of the Marriott Hotel chain and is the first hotel for the township.

Also, redevelopment of the old Penn Hills Apartment complex is scheduled to begin in about two months. White said 30 buildings in the 44-building apartment complex will be torn down and 49 single-family dwellings will be built, a combination of town houses and apartments.

In other matters, it was announced that notices will be sent to property owners who are not in compliance with the township’s property maintenance code.

During the public comment portion of the meeting, commissioners heard a plea from Danby Paterson of Eddystone for support of the effort of a group of Eddystone residents who are working to keep Camden Metal & Iron from locating a metal-shredding facility in that borough.

She said there is no fence that will keep toxic airborne material from coming into the township.

Paterson spoke of fires that have occurred at other metal-shredding operations, citing a fire a few years ago in the pile of junk cars at the foot of the Platt Bridge in Philadelphia that sent smoke wafting over parts of the city.

“The building we are standing in (municipal building) is just within a three-mile radius of Camden Metal & Iron,” Paterson said.