Philadelphia AVI Update!

As you know the AVI Actual value Initiative affects the value of homes and is the basis for our real estate taxes. GPAR has and is continuing to work with City Council on various pieces of legislation that would protect homeowners from tremendous increases in their real estate taxes.

The link below will show 3 forms for you to distribute to your clients who may need some form of relief of the tax burden:

1.     Senior Tax Freeze (filing deadline January 31, 2014) – Your real estate taxes are “frozen” at the 2013 amount. To be eligible, you must be low income (less than $23, 500 in annual income if single; $31,500 if married) and over 65 (or be a widow/widower over 50 whose deceased spouse was over 65).

2.     Homestead Exemptions (filing deadline September 13, 2013) – $30,000 is deducted from the assessment from owner-occupied residences. Applications were sent to all homeowners late 2012. You can check to see if you have applied by visiting: http://avicalculator.phila.gov  type in your address and under Property Information, verify that “YES” is under Homestead. If “NO” then complete attached form.

3.     BRT Appeal – (filing deadline October 7, 2013) – If you believe that the assessment is truly inaccurate as determined by the OPA (office of Property Assessment) you can appeal to the Board of Revision of Taxes. While on appeal, you will pay your real estate taxes at the 2013 rate with no interest and penalty accruing until the BRT rules on your case.

Click on this link to find forms. http://gpar.org/images/uploads/tax_assessment_application_201308291427.pdf

For more info contact Jim Onesti. 215.440.2052 or jonesti@mccannteam.com

*Info courtesy of GPAR*

 

Fantastic Development Opportunity!

I have 5 lots not on the mls! Between 3rd street and 4th street, 3 blocks north of Northern liberties in 19122.

This area is on fire!  New construction is now selling for $370k-$425k.

All 5 lots run street to street! The homes can have two car parking each. There is new construction all around this block.

Aasking $69k ea. They are zoned C2 and need to be taken through zoning.

These homes would be 2500 sq ft+/- with two car driveways.  Resale $375k each.

For more information contact Jim Onesti 215.440.2052 or jonesti@mccannteam.com

With Economic Improvement Comes Higher Interest Rates…

1For months, the financial markets have been focused on the question of when the Federal Reserve will begin to scale back its massive bond buying program.

On Wednesday, comments from Fed Chief Bernanke and the Fed Minutes (the details of their internal meeting that gets published) caused investors to think that the tapering may begin sooner than expected.

The acknowledgment that Fed officials believe that economic growth actually could pick up quickly enough to justify a reduction in monetary stimulus was encouraging, but it was bad news for mortgage rates.

The rate sheet reflects rates that have not been up to this level since around the same time last year, ironically enough.

One of the primary goals of the Fed’s bond buying program is to to keep mortgage rates low to stimulate the housing market and boost the economy. To this end, the Fed currently purchases the vast majority of newly issued mortgage-backed securities (MBS) each month.

Since mortgage rates are mostly determined by MBS prices, this enormous demand from the Fed has helped mortgage rates decline to historically low levels.

Publication1The Fed’s MBS purchases will eventually end, however, and this week’s Fed comments raised investor concerns that this will take place sooner than previously expected.

On Wednesday, Bernanke acknowledged that there is a chance that the Fed could begin to taper its MBS purchases at one of its “next few meetings”, based on economic conditions.

So the overall feeling that the economy is continuing to recovery is good news, but with this improvement will come higher interest rates.  While this is about as high as we’ve seen in about a year this still reflects historically low mortgage rates.

I hope everyone enjoyed their Memorial Day weekend. Above is a striking picture of Pearl Harbor as we remembered all our heroic men & women who have served in our Armed Forces this past weekend.

Courtesy of Jason Griesser, Trident Mortgage

For more information contact Jim Onesti. 215.440.2052 or jonesti@mccannteam.com

Mike McCann is Featured on CNBC’s Power Lunch!

Mike McCann on CNBCMike McCann “The Real Estate Man” spoke on CNBC’s hit show POWER LUNCH about the real estate market and real estate trends in Philadelphia.

McCann is the broker and team leader of one of Philadephia’s top Real Estate teams and works in all areas of the metro area, and spoke about the values in some of Philly’s hottest neighborhoods.

CLICK HERE TO WATCH THE VIDEO!!

Mike McCann 215.440.8345 – Jim Onesti 215.440.2052 – Office 215.627.6005
Prudential Fox & Roach Realtors – 530 Walnut St # 260 – Philadelphia PA 19106

 

New This Week in Philadelphia…

median list price in PHILADELPHIA, PA this week is $189,900.
Demand measured by the Market Action Index is increasing and days-on-market is trending downward.
Even as more properties come available, these are positive trends for the market.

Phila pic

For this weeks summary report CLICK HERE!
For this weeks update report CLICK HERE!

For more info or to sign up for auto email updates please contact Jim Onesti 215.440.2052 or jonesti@mccannteam.com