Key Changes for Homebuyers

The recent NAR settlement has resulted in several significant changes that directly benefit homebuyers. Here's a breakdown of what these changes mean for you:

• Written Agreements: Before touring a home, you must now sign a written agreement with your agent. This agreement should clearly outline the services provided, the agent's compensation, and any other relevant terms.
• Compensation Transparency: The agreement must include a specific and conspicuous disclosure of the agent's compensation, which should be objective (e.g., a flat fee, a percentage, or an hourly rate) rather than open-ended.
• No Hidden Fees: The agent is prohibited from receiving...

The way real estate is done has changed - here's how:

 

Before seeing a property, buyers have to sign a buyer agency contract. Now, it doesn't matter whether the contract is short-term, long-term, or for just one property. Before seeing any properties, a contract has to be signed. Sellers may not be offering commission, so as a buyer, you may need to come up with additional money to pay your agent. Now, sellers' commissions aren't going away, but they're no longer allowed to be advertised in the MLS. And it may end up being something you need to negotiate in your offer to purchase the property. As always, I'm here for all of your real estate needs, so feel free to reach out to myself...

Happy Valentine’s Day from Team Damis!

 We appreciate all of our present and past clients and everyone that trusted us with their business and referrals. We are here for you before, during and after your transactions. In honor of Valentine’s Day, we wanted to extend a heartfelt thank you and share some of our LOVE with you.

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Check out some helpful tips from Team Damis rental specialist, Jacky Damis!

 

https://www.tiktok.com/t/ZT8ntHNtY/

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Fannie Mae Introduces 5% Down Payment Option for Multi Family Homes, Opening Doors for Investors

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Why Invest in Real Estate?

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Are YOU Missing the Real Estate Boom? 

By: David Lereah

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Generational Housing Trends in Philadelphia: Gen Z is moving in, more Millennials are owning, and older generations are moving out. As older generations move out of larger cities, Gen Z is flocking to them, and Philadelphia is no exception. According to the Philadelphia Inquirer the country’s five largest cities — New York City, Los Angeles, Chicago, Houston, and Philadelphia — all experienced net increases in the number of Gen Z residents (ages 18 to 24) and net decreases for all other generations between Jan. 1, 2021, and Dec. 31, 2021. In Philadelphia, census data estimates that 12,947 Gen Z movers settled in the city and 6,698 from older generations left, leaving a net migration of 6,249 new young Philadelphia residents. However, there's a lot we still don't know about...

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It's true that the real estate market in Philadelphia is a bit tricky right now, especially for first time home buyers. As a recent WHYY article puts it, "Mortgage rates have come down a bit, but remain elevated. Home prices are still considerably higher than they were pre-pandemic. And inventory is low, in part because existing homeowners aren’t selling." However, WHYY continues by highlighting the silver lining that has always been true about our market, that it's steady. We may get smaller gains when the market booms, but we also get less severe declines in the tight times.

Team Damis has gone into 2023 in full force. With 8 settlements and several pending sales, we know how to navigate markets even when they're...

 

With a Yahoo! Finance headline like "Real Estate Rebound: Demand for New Mortgages Jumps 28% in One Week", you're bound to take a double-take. Applications up over a quarter? Really?

Here are some highlights from the article:

• Mortgage applications for the week ending January 13 rose a whopping 27.9% from the prior week, according to the Mortgage Bankers Association (MBA).
• There was a combined cause: falling mortgage...

We wanted to give you information on something that may prove useful to you in the coming year. Have you ever heard of a 1031 exchange? Under Section 1031 of the Internal Revenue Code, a taxpayer may defer recognition of capital gains and related federal income tax liability on the exchange of certain types of property. This process is known as a 1031 exchange. In 1979, this treatment was expanded by the courts to include non-simultaneous sale and purchase...

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In May, the City of Philadelphia reassessed thousands of residential properties, making for an increase in property taxes of 31% on average, to go into effect in 2023. Do you know if your home has been affected? Check on the city's website at property.phila.gov. There's...

 

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Smoke alarms are great devices that save lives and protect your home...but only if you have them installed, and know how to properly maintain them. Here are a few tips and tricks on how to not only make sure your alarms are properly cared for, but how to prevent common house fires from ever starting. And be sure to check out the last tip on making sure you keep your house and family safe during the upcoming holiday season!

 

1. Cook with safety!

• When frying, grilling, or boiling food,...

Top 10 Holiday Light Attractions in Philadelphia

There is no better time to explore everything Philadelphia has to offer than during the holidays when the city is covered in holiday lights and decorations. From the iconic light show at Macy's, to the secretly tucked away displays on Smedley Street, there is an event for everyone. Team Damis representatives have listed their favorite 10 holiday light events (plus a bonus event on the December 7th), to make your holiday in Philadelphia perfect!

 

1. Miracle on South 13th Street

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Warm weather that is made for eating and drinking outdoors has finally descended upon Philadelphia! Take in the city skyline and river views from rooftop bars, have a cocktail and people watch while sidewalk seated, or eat a delicious brunch or dinner while tucked away in some of Philly’s private urban escapes. From hidden gardens to sprawling decks, restaurants all over Philadelphia offer an al fresco tour of flavors.

 

POSITANO COAST
212 Walnut Street, Upper Floor

A Team Damis favorite for happy hour or a quick...

It's officially Spring, and the perfect time to enhance your home’s curb appeal! How your home looks from the outside can have significant influence on potential buyers' perception of its value.

Philadelphians understand the challenges and limitations of landscape design, but that doesn’t mean high population density should keep you from adding lush plant life to your personal space. All you need is access to sunlight and plenty of water to transform your property into an urban garden.
Looking to get your hands dirty? Below are Team Damis' Top 5 Ways to Urban Garden this Spring:

 

Container Gardening
Stoops, balconies, decks, porches and rooftops...

Good Cause Eviction Bill Passes Philadelphia City Council: Creates More Questions Than Answers

By: Paul Jay Cohen

 

On December 6, 2018, City Council passed a bill that will prohibit any landlord with a property in the City of Philadelphia from terminating a lease agreement at the end of its term unless the landlord has “good cause” not to renew the lease. This only applies to leases or lease renewals with a term of  less than one year. The bill has NOT been signed by the Mayor as of this date, so it is not yet a law.

 

Unanswered Questions:

 

1. Does the bill apply to non-payment of one month’s rent?

 

The...

By Marie Scarpulla - Associate Broker Berkshire Hathaway Fox and Roach

Marie's Email: scarpulla.phillyrealtor@gmail.com - 215-440-2096 

Philadelphians love Christmas! Below are 5 Holiday Happenings around our great city! I have been a Philly girl for many years and enjoy this time of year in my town! The lights and sights of Historic Philadelphia make the holidays, in my opinion, the best time to get a taste of this city. Also, see our previous blogs on Top 10 Holiday Light Attractions in Philadelphia and the Top 5 Fireplaces in...

by Jacky Coyne Damis

 

Personal development is a lifelong commitment for those seeking lasting success. This means not just creating, but maintaining a positive outlook on life which includes surrounding ourselves with positivity; both through people and experience is essential. As Zig Ziglar, an author and salesman once said, “your attitude, not your aptitude, will determine your altitude.” Our attitudes are constructed from and reflective of our effort; what we put into life, we will receive back.

In order to be successful, it is incredibly important to keep our minds sharp and constantly up to date. This means...

It is exciting to shop for and find your dream home, but during that process there are a few things you will want to consider prior to making that jump. Maintaining your credit score is pertinent to the process of applying for mortgages; good credit scores can get you better mortgage rates and opportunities. Since the holiday season is almost upon us, this will be especially important to keep in mind.

 

Here, we have accumulated a list of ways in which you can help maintain your credit score:

 

1. Don’t change your job before applying for a home loan.

Along with that, while searching for a home wrong time to become self-employed or quit your job. You want to show lenders stability,...

One of Team Damis’ featured agents, Marie Scarpulla, recently received the Certified International Property Specialist (CIPS) from the National Association of Realtors (NAR). CIPS designees have undergone specialized training to complete global transactions seamlessly and with reduced risk, helping to serve clients in over 45 countries around the world. This exciting development has allowed Team Damis to reach international markets, with Marie’s regions of specialization in North America and Western Europe; furthermore, her countries of specialization include the U.S.A. and Italy.

When Marie Scarpulla visited her grandparent’s town in Italy in 2017, she rediscovered her love of all things Italian. She sees a viable connection between the established Italian-American...

Article: The Five Golden Rules of Homestaging

Author: Nick Caruso

When you show your home’s best features by staging it effectively, you help increase your final selling price without breaking the bank. In fact, on average, sellers receive $2 in increased sale price for every $1 they put into staging a home. As the infographic below shows, the following five golden rules of home staging will help you show off its best assets:

 This article...

Thank you to our friends at Philadelphia Crosstown Coalition for this thorough guide on appealing your Real Estate Tax Assessment!

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 by: Richard Nolan

Choosing which career path to go down is the biggest decision a graduate has to make and should never be rushed. As a graduate, you should first do your research to see if what you want to do is viable. If you've considered getting into the real estate business, you will discover it is a vast field to pursue on your professional journey.

Here are five reasons why it'd be beneficial to begin a real estate career after graduation:

You Get to Be Your Own Boss

Real estate agents are independent workers. A graduate will find that they'll get to make their own decisions. You will see that they are the ones scheduling their work. It is up to them to grow their client list and decide on the marketing strategies they want to use. The...

Independence Place Condos

Luxury Condominiums

History

Independence Place Tower 1 was started in the early 80's and by 1986 both tower 1 and 2 were completed. These two condo towers, designed by the Salkin Group, consist of 487 units located on one of the most picturesque blocks in Philadelphia....

The Residences at Dockside

Luxury Condominiums

History

The Residences at Dockside stands today as a landmark building, located along Christopher Columbus Boulevard at 7th Street. Designed and constructed by The DePaul Group, The Residences at Dockside substantiates the firm’s reputation of innovation,...

210 Rittenhouse Condominiums and Hotel

Condos with the Luxury of a 5-Star Hotel

 

History

The building at 210 Rittenhouse combines condominiums, hotel rooms, and office space in a single building of the historic center city district. The building opened to guests in 1989, however the site...

by Caitlin McCabe, philly.com

The Philadelphia suburbs aren’t what they used to be — at least when it comes to home-sale prices.

For the fifth year in a row, the suburban counties saw a near-negligible increase in median home-sale price, ticking up just 0.9 percent overall in 2016 to end the fourth quarter at $231,000. (Median is the middle number; half the houses sold for more, half for less.)

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Society Hill Towers

Why these historical structures still enhance modern living.

History

Within the Center City district of Philadelphia, Society Hill stands today as a model of what can come from urban renewal. Having been the target of redevelopment by the Philadelphia City Planning Commission in the 1950’s, Society Hill...

Our team at Berkshire Hathaway Fox & Roach Realtors is well versed in finding not only great homes in the neighborhood, but also finding your tucked away secrets too. This week's feature: The Top 5 Fireplaces in the City. Take some time this cold winter to check out these great locations!

Plough & the Stars 123 Chestnut Street, (215) 733-0300 With an impressive draft and bottle selection, true pub fare with ample seating and charismatic bar staff this is a Marie Scarpulla and a Team Damis favorite on a chilly winter night!

Race Street Cafe 208 Race Street, (215) 627-6181 The late night happy hour, interesting...

10 Must-See Philadelphia Parks from Team Damis

 

Philadelphia’s diverse landscape provides the opportunity for adventure to anyone. In no other city can you travel from an urban park, like Rittenhouse, to a hidden swimming hole in just 20 minutes. Team Damis representatives have listed 10 parks, which could make your time in Philadelphia full of opportunity, exploration and excitement!

 

1)   Forbidden...

Coolest Spot for Ice Cream in Each Philadelphia Neighborhood

If you’re moving this summer, like so many Philadelphians, take a break from touring homes and the summer heat and escape to your local ice cream shop. There’s no better way to prepare yourself for packing than a delicious bowl of ice cream. The locations below are local small businesses of Philadelphia, and a great indication of the thriving neighborhoods they are surrounded...