Century 21 Fagan & Associates Join Coldwell Banker Select Professionals

(Lancaster, PA – April 6, 2009) -- Century 21 Fagan & Associates announced today that they have merged with Coldwell Banker Select Professionals of Lancaster, PA effective immediately.  All operations will move to Coldwell Banker Select Professionals’ Lancaster office at 1000 North Prince Street in Lancaster City, PA.

Century 21 Fagan & Associates has served the Lancaster County PA area for years and will now offer customers products and services exclusive to The Coldwell Banker System.  Fagan & Associates has 28 real estate sales associates who will join with 91 Coldwell Banker Select Professionals sales associates in 4 regional offices.

According to Jim Gillespie, President and CEO of Coldwell Banker Real Estate Corporation, "Coldwell Banker welcomes brokerages who have an outstanding reputation and exceptional understanding of their market. We are proud to have Century 21 Fagan & Associates joining us as part of our organization."  Ryan Hess, CEO of Coldwell Banker Select Professionals, added “we’ve known the team at Century 21 Fagan & Associates for years and are looking forward to helping their agents continue to be successful in this challenging market”.

Coldwell Banker Select Professionals is one of the fastest-growing real estate firms in Central Pennsylvania, with offices in Lancaster, Lebanon, Dauphin & York Counties staffed by professional real estate agents, in-house mortgage officers and title experts. 

Please direct questions on the merger to Ryan Hess at 717-735-8400.

Retirement Communities May Benefit From Silver Lining in Economic Downturn

53 Percent of Surveyed Coldwell Banker® Real Estate Professionals in Retirement Havens Report Increase in Retirees Ages 60 and Younger Purchasing Homes
          
PARSIPPANY, N.J. (April 14, 2009) – According to a recent national survey of Coldwell Banker®  real estate professionals, over half of those who work in popular retirement areas are seeing younger retirees (ages 60 and under) looking to purchase homes in their markets.

Furthermore, 43 percent of all the sales associates and brokers surveyed believe market and economic conditions may cause an increase in demand for retiree homes in their areas throughout the next year.

“Over the past couple of years, home prices have declined significantly in the majority of markets with traditional appeal to retirees,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “Younger retirees are taking advantage of these desirable prices and turning the economic downturn into an opportunity.”

While the survey indicates that this is emerging trend across the country, driving factors seem to vary regionally.  For example, anecdotal feedback from Coldwell Banker real estate professionals in South Florida finds pre-retirees taking real estate-related steps now to support longer-term goals.  “Many individuals not yet ready to retire are purchasing these homes and leasing them until they are prepared to move permanently,” said Elaine Harari of Coldwell Banker Residential Real Estate in Bay Harbor Islands, Fla.

In desirable areas with low property taxes, such as northeast Arkansas, it’s more common for younger retirees to move from more expensive cities; some even taking jobs for which they can telecommute to save money.  Additionally, Coldwell Banker professionals in Michigan note that some retirement communities are experiencing an influx of former automobile company employees who have received early retirement packages.

Andrew Briele, president of Coldwell Banker First Affiliate in Sedona, Ariz. reports a recent increase in sales volume.  “Lifestyle is certainly the reason why so many choose to move to Sedona.  We have 360 days of sunshine.  With the 30 percent price corrections we have experienced, many individuals who are at or near retirement are realizing this is a great opportunity for them.  Some buyers who have lost their jobs, taken retirement packages or sold their businesses are moving up their plans for retirement and taking advantage of the low mortgage rates and home prices.  Others, who are already here, are moving up.”

The Coldwell Banker real estate professionals surveyed offered their perspectives on the top reasons retirees are buying or selling homes, and 33 percent said the No. 1 reason retirees are moving right now is to live closer to their families. Interestingly, 12 percent cited improvements in housing conditions, such as buyer-friendly home prices and interest rates, as the key drivers.

Other results from the overall survey include:

    * 53 percent of Coldwell Banker real estate professionals have observed an increase in retirees who plan to downsize from their primary residences into smaller properties.

    * 37 percent are seeing an increased number of retirees who own more than one property sell their primary residences to move to their secondary homes.

    * 23 percent are seeing more people buy different homes for retirement, or move into their previously purchased retirement properties earlier than expected.

Methodology: Coldwell Banker conducted an online survey on trends regarding retirement-aged home buyers in March 2009.  The survey yielded responses from 1,475 Coldwell Banker real estate professionals across the United States, including 423 agents and brokers in communities typically described as “havens for retirees.”

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and 105,300 sales associates in 46 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

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Selecting a real estate sales associate to assist in the large financial transaction involved with buying or selling a home can be a daunting process. While chemistry between the real estate professional and the consumer is important, it is not the only variable to consider. The history of the company, a sales associate’s success rate and the vibrancy of the local market are all things to keep in mind as well.

In order to streamline the decision making process, the professionals at Coldwell Banker Select Professionals have provided a list of questions to ask and guidelines to follow when screening a prospective real estate professional.

What percent of your company’s listings have sold in the last 12 months? Ideally a seller will want to work with a sales associate who has a high percentage of completed transactions within the local market. While this number will vary depending upon how active the local real estate market is, a higher percentage is preferable.

What was the average amount of time it took to sell those listings? Comparing marketing times between real estate companies will provide the consumer with an indication of how well that company and its sales associates market homes.

What was the average sales price? Look for a figure that is close to what you would like to receive for your home.

What was your company’s list-price to sale-price ratio? Significant differences between original listing prices and ultimate sale prices can be an indication that the list prices quoted at the outset were unrealistic.  

Jim Gillespie, CEO of Coldwell Banker, was a guest on Fox Business last Thursday to discuss the housing recovery.  It was an excellent interview.  Here's the clip:

Here's the report on the first quarter 2009 from the Lancaster County Association of Realtors:

According to a recent report by the Lancaster County Association of Realtors® (LCAR), the 709 homes sold in the first quarter of 2009 is a 24.7 percent decrease from the first quarter 2008 mark of 941. This year there were 187 sales in January, 225 in February and 297 in March; this compares to 244 in January of 2008, 330 in February and 367 in March. The five-year average of first quarter home sales is 1,121.

The average sale price for the first quarter of 2009 is $170,940, a decrease of 6.2 percent from the first quarter
2008 price tag of $182,150. The fiveyear average first quarter sale price is $177,280, and the average first quarter price in 1999 was $122,419. The median sale price for the first quarter of 2009 is $162,000 compared to $169,900 for the first quarter of 2008 (half of the properties sold during this period sold above the number, and half sold below).

For the first quarter, there were 1,940 new listings in 2009, an 11.4 percent decrease from the first quarter 2008 new listings of 2,190. The five-year average of new listings for the first quarter is 2,064.

“With a difficult first quarter now behind us, the signs are pointing to a much improved spring home buying season,” said LCAR president, Scott Ulrich. “Open house traffic is up; phones in the real estate offices are ringing more; and most importantly, contracts are being signed and settlements are taking place. There has been pent-up demand building all through the fall and winter months as interested buyers stayed on the sidelines until they found out what the new President’s stimulus package looked like and what interest rates would do.”

Looking to buy a home in Central Pennsylvania? Mortgage rates are at historic lows and there's a lot to attract first time home buyers this spring.  If you're curious about the different kinds of mortgages available, here's a summary of some common home loan programs.

The classification of loans is usually based on their loan-to-value ratio where value is either the sale price or the appraised value—whichever is less.  The lower the ratio the, the less risky the loan is for the lender.

Conventional Loans—These loans are generally viewed as the most secure because the loan-to-value ratio is lowest with a down payment of 20% or more.  Borrowers can still obtain these loans with a lower down payment through a private mortgage insurance program.  This insurance acts as additional security for the lender in the event that the borrower defaults.

FHA-Insured Loans—In order to make loans more affordable, the Federal Housing Administration (FHA) insures these loans to protect the lender from the borrower’s default.  These loans have a high loan-to-value ratio but they also have competitive interest rates.  In order to qualify for an FHA loan, the property in question must meet FHA standards.  There is no prepayment penalty and the loans are assumable.

VA-Guaranteed Loans—Such loans are only available to eligible veterans and their spouses and the home must be owner occupied.  Eligibility depends on length of service and the years of service.  There is no prepayment penalty on these loans and they are assumable after certain qualifications and a processing fee are satisfied.

Agricultural Loan Programs—The Farm Service Agency (FSA) is an agency associated with the Department of Agriculture that helps people who want to buy or run a family farm.  The FSA can also provide loans to people in rural areas who want to improve single-family homes.  These loans are available to families with low to moderate incomes and they have low interest rates.

If your looking for personal service and have questions regarding loans, be sure to connect with one of our mortgage specialists at www.homenat.com.  Home National Mortgage has local offices serving all of Lancaster, Lebanon, York, Hershey, Harrisburg, and Cumberland County PA.

We’re excited to be hosting Rick Deluca, a nationally-respected real estate speaker and coach, right here in Central Pennsylvania!  The seminar topic will be “Achieving Success in A Changed Market”, and it will be held at the Holiday Inn at York, PA on April 29^th.

Learn more about Rick at www.RickDeluca.com.  Since his start in 1976, he has been a top producing agent, company owner and sought-after sales trainer offering real-world, practical tips for growing your business and staying productive.

Continental Breakfast:    8:30

Rick DeLuca:   9:00-Noon

Cost:  Free!

Vendors, Door Prizes will also be available...if you're interested in growing your business in 2009 this is a great opportunity to get motivated and

Sponsored by:  Coldwell Banker Select Professionals, Home National Mortgage and Guardian Transfer

Moving can be a complicated process, especially when the new home is in a different state or across the country. Buyers must research the town, school systems, job market, and neighborhood all before settling on a new location.
The professionals at Coldwell Banker Select Professionals recommend taking the following steps to ensure that when it comes time to move to a distant location, the process goes as smoothly as possible.

First, Get Organized.

When moving many miles away it makes sense to compile a list of the key information required before deciding where to live.  Important questions that will need to be answered include:

•    What is the cost of living? How far will the new money go?
•    What is the price of a similar sized house in the new location?
•    What is the community like? Crime rates?
•    How is the school system?
•    What is the noise factor?
•    Will this be a good area for my spouse to find work?
•    What is the public transportation system like?
•    How long will the commute be?

Due Diligence.

To learn more about the typical lifestyle of the new town, as well as community events and crime rates, get a few back copies of the local newspaper, or log on to the local paper’s Web site.  This third party information, together with information from the local Chamber of Commerce, will give a sense of the area.

Use the Internet.

When it comes to selecting the home itself, the Web is an invaluable tool. Web sites such as www.cbselectpros.com can provide visitors with an abundance of useful information. Functions like the Coldwell Banker Home Price Comparison Index will calculate approximately how much a house will be worth in the new market, which as a result will provide insight into the cost of living.  Visitors also can find a variety of community and neighborhood information including median age and income, percentages of married couples and children, recent home sales, and a listing of elementary and high schools with demographic information on the schools.  

Feet on the Street.

Begin to work with a real estate associate early on when visiting the new city. Look to see how much new construction and remodeling work is taking place. This will indicate whether the neighborhood is growing and developing, and whether current residents plan to stay.  Also, have the sales associate take you through the neighborhood “after hours” to see what the neighborhood looks like when all have returned from work and school.  

Coffee Talk.

If possible, try to have a few conversations with the “locals” near a prospective home. More than anyone, they have their fingers on the pulse of the neighborhood and the community at large.

Work With Your Employer.

If your spouse will be in need of a job, make it clear to your new employer. The company likely will have relationships with relocation experts and executive recruitment firms to help in the spousal job search process.

Simplify the Move. 

Coldwell Banker® customers can use their local Coldwell Banker Concierge® Service Program for assistance in all aspects of the move.  With service categories across the nation, local Coldwell Banker Concierge Service Program representatives can help make things easier.

Looking to buy a home in Central Pennsylvania? Mortgage rates are at historic lows and there's a lot to attract first time home buyers this spring.  If you're curious about how home loans can be repaid, here's a summary of some common repayment options:

Fully Amortized Loans—The borrower pays a constant amount every month that goes towards both principal and interest.  The lender credits the interest portion before the principal, meaning that over time, more of the payment is applied toward the principal.  This is the most common type of loan and it is long term.  They run for 15 and 30 years.

Adjustable-Rate Mortgage—ARMs are made at one interest rate, but over the term of repayment, they fluctuate up or down based upon an economic indicator called an index.  ARMs usually have rate caps that limit the amount the rate can increase, while payment caps set a maximum amount for individual payments.  The adjustment period identifies how frequently the rate can change—e.g. monthly, quarterly, or yearly.

Interest-Only Loan—Borrowers only repay the interest on the loan, meaning they’re not repaying any of the principal and are expecting to build equity in the home from the strength of the marketplace.  While you benefit from relatively low monthly payments, you risk that your property will not build equity as anticipated leaving you with a large loan to repay.

Balloon Payment Loan—These are considered partially amortized loans because at the end of the term, the borrower still owes principal.  The final payment is called a balloon payment because it is usually much larger than all the others. 

Growing Equity Mortgage—GEMs are also called rapid-payoff mortgages because payments of the principal increase over the repayment period allowing the loan to be paid off more rapidly.  They have fixed interest rates.

Reverse Annuity Mortgage—RAMs are unique because payments are from the lender to the borrower and are based on the equity the homeowner has in their home.  This is a popular choice among senior citizens on fixed incomes.  The property is given as security for the loan upon the death of the borrower.       

If your looking for personal service and have questions regarding loans, be sure to connect with one of our mortgage specialists at www.homenat.com.  Home National Mortgage has local offices serving all of Lancaster, Lebanon, York, Hershey, Harrisburg, and Cumberland County PA.