Real Estate Information

First-time Homebuyers:
E-mail info@marshamarsh.com if you're ready for your first home!

(WALL STREET JOURNAL)
WASHINGTON -- Senate negotiators reached a tentative deal to extend a tax credit for first-time home buyers, but its passage remains uncertain.

The agreement would extend the existing credit for first-time home buyers, worth up to $8,000, while offering a new credit of up to $6,500 for some existing homeowners, Senate aides said. The reduced credit would be available to all home buyers who have been in their current residence for a consecutive five-year period in the past eight years.

The new provisions are aimed at broadening availability of the credit beyond first-time buyers and giving the weakened real-estate market a bigger boost while preventing real-estate investors from benefiting.

Many property experts have cited the credit as a reason for signs of recovery in the housing market in recent months. But that recovery was somewhat undercut by the September drop in new-home sales reported Wednesday.

The credit would be extended from its current expiration date of Dec. 1 to all contracts entered into by April 30, and closed before July 1. It is expected that income limits on people claiming the credit would be increased to $125,000 for singles and $250,000 for couples, from the current $75,000 and $150,000, aides said. The credit phases out for people making more than those amounts.

While Senate lawmakers appear to have reached a deal on the substance of the tax credit, they are still at odds over how it would be brought to the Senate floor. Senate Majority Leader Harry Reid (D., Nev.) hopes to add it to a bill currently on the Senate floor to extend federal unemployment insurance benefits. But agreement on that hasn't been finalized.

While Senate Republicans are likely to support the measure, House Democrats have raised concerns that it carries a high cost to the government. The Internal Revenue Service is examining the program for alleged abuse.

Printed in The Wall Street Journal, page A4

Testimonial from one of Don Johnson's clients

Just wanted to let you know what a great job Don Johnson did in getting our home sold. He really had his work cut out on this one and he came through with flying colors. We had many issues pop up and Don worked through all of them and got the sale through. Don also was a great help in locating a home for us. We love the place we purchased and it fits our criteria perfectly. Kudos to Don for a job well done.   

~ Ken (Chip) & Cheryl Hunt

Want to learn more about Don Johnson? [Learn more]

Nearly 150 United Way supporters turned out for a rally at United Way's offices on Wednesday, October 14. The event marked the halfway point of United Way's campaign and encouraged everyone to redouble their efforts as they work to make the campaign a success.

Interim President Bill Jackson highlighted some of the early successes in the campaign, including the first ever electronic United Way campaign at PNC. Another highlight was Marsha Marsh Real Estate, where in addition to posting photos on their website of their employees in LIVE UNITED t-shirts, they also raised over $1,000 for United Way at a Client Appreciation Party.

Thanks to Jim Martin, 2009 Campaign Chair, and his wife Cheryl for generously underwriting the cost of the event.

(C) United Way of Erie County.

Daylight savings reminder

Turn your clocks back on Sunday, November 1, 2009. Change the battery in smoke and carbon monoxide detectors and check your light bulbs for energy efficiency. Switching to energy efficient bulbs in your ceiling fixtures could save you $30 a year per bulb on your electric bill.

If you or someone you know is considering buying or selling a home, remember Marsha Marsh Real Estate Services for all your real estate needs.

How to Create a Household Budget
Many people spend their income without any planning and end up broke before month's-end. Then, they borrow to make ends meet and wind up with more problems because they fail to repay their debts promptly. Obviously, this is not a prudent way of managing your personal finances. Planning your financial affairs by prioritizing your needs and budgeting income and expenses is the best way to achieve financial success.

It is important first to assess your financial needs.
What are your financial objectives? What do you want to achieve in the course of time? Do you have any targets? What are your short, medium and long term needs? List all of them down.

Next categorize income and expenses on a monthly basis. Then prioritize expenses into least important, important and most important. After this, assess costs based on consumption per month.

Put figures to the expense items. Then write down your income sources and the amount you earn per month from them. List the income on the left and the expenses on the right. Add up income amounts against expense amounts and find the difference to determine surplus or deficit.

Once you have added and reduced items and figures several times and you are finally satisfied with the results, type your figures into a computer spreadsheet or word processor table and save it. To make it work successfully for you, you must vow to stick to the budget. Any deviation must be absolutely necessary and funds should be made available separately to meet the extra expenditure. Where no funds are available, some cutbacks or borrowing from other expenses may be necessary. This should always be the exception, and never the rule.

If we could, most of us would want to spend more and more irrespective of our financial ability. However, arbitrary unbudgeted spending is generally hazardous to our financial health!

Investor's Night hosted by Laban Marsh
Join us at 6 pm to enjoy a discussion on Erie’s Real Estate Market and the abundant opportunities available here in Erie. We’ll cover issues on financing, flipping, and the never ending need for good rental property throughout the county. Learn about tax advantages and how to buy a property with equity already available. Meet others who are looking to begin partnerships to build wealth, and share success stories about today’s opportunities.

When: The last Tuesday of every month at 6 pm
Where: Marsha Marsh Real Estate Services • 8840 Peach St. • Erie, PA 16509

If you would like to attend, please e-mail Laban.Marsh@MarshaMarsh.com

Tracking your expenses for a month is a great way to identify routine expenses. However, life is not routine. Prepare for the unexpected. Here are a few examples of unexpected or unusual expenses. Set aside a little every month to spend on these events.

You'll need to examine your own life to make a complete list. Some examples below:
Home & Car Repairs
Medical Costs
Emergency Travel
Broken Appliances
Change in Life Expenses
Holidays & Birthdays
Weddings & Baby Showers

10 Tips for Creating a Household Budget

1. Make Goals: Goals can be as short-term as buying a new pair of shoes next week, or as long-term as going on vacation next spring.
2. Involve Your Entire Household: If it's just you, great. But if you have a spouse and/or children, create a budget together, and explain to everyone that they may be asked to make sacrifices.
3. Budget in Fun: A budget that leaves no money for an occasional dinner out or for a family outing at an amusement park is designed to fail. Your budget should help you, not put you in a bind.
4. Make the Effort to Save: Most people look at saving as putting away money for a rainy day. But a better way to look at it is putting away money for a nice vacation.
5. Take Inventory: If you don't know where your money goes, how do you expect to manage it?
6. Distinguish Between Wants and Needs: Buy what you need first. The wants belong in the "what's left over" category.
7. Expect Changes: Look down the road, and get into the habit of thinking ahead.
8. Get Ride of High-Interest Debt: Focus on identifying high interest-rate debt and work on paying that debt off.
9. Find a System That Works for You: It could be the envelope system, a bank or a credit union. If it works for you, use it.
10. Stick To It: Creating and sticking to a budget that works won't be easy, but in the end it will help you make the most of your hardearned money.

Investor's Night hosted by Laban Marsh
Join us at 6 pm to enjoy a discussion on Erie’s Real Estate Market and the abundant opportunities available here in Erie. We’ll cover issues on financing, flipping, and the never ending need for good rental property throughout the county. Learn about tax advantages and how to buy a property with equity already available. Meet others who are looking to begin partnerships to build wealth, and share success stories about today’s opportunities.

When: The last Tuesday of every month at 6 pm
Where: Marsha Marsh Real Estate Services • 8840 Peach St. • Erie, PA 16509

If you would like to attend, please e-mail Laban.Marsh@MarshaMarsh.com

The ABCs of Property Rental
Okay, so you've decided to rent out your home. Where do you start? First, you need to get the house into tip-top shape in order to get the highest reasonable rent. This includes:

• Interior painting: your best bet is to use neutral colors. Don't forget to patch cracks and nail holes in walls.
• Exterior painting or siding: again, a nice neutral color scheme is best.
• Professionally clean or replace carpets.
• Make sure your home insulation is adequate to cut down on utility bills.
• Don't leave any furniture or accessories behind that you want to keep. Furniture in rental properties gets burned, scratched, dented, broken, and sometimes permanently "borrowed."
• Clean the house from top to bottom. Consider hiring a heavy-duty cleaning service (not a maid service) to do it for you.
• Fix whatever needs fixing, and tune up and clean appliances. If they are part of the rental agreement, you'll be responsible for fixing or replacing them if they break down.
• Set the proper rent price. While cleanliness, attractiveness, and amenities are important, location still rules when setting prices. Contact a property management company to find out prices they're seeing in your area, and look in the real estate section of your Sunday paper for similar houses on the rent market. If you set your price too high, it's unlikely that you'll find a tenant. If you ask too low a rent, prospective tenants may wonder what's wrong with the place.

Should You Hire a Property Management Company?
This is especially important if you're moving far away from the house and won't be able to keep an eye on things. It's not absolutely essential to hire a property manager, but it can make your life a little easier. Ask Laban Marsh about Property Management services offered by Marsha Marsh Real Estate Services. Points you’ll want to cover when talking with Laban:

• Accreditation: While not imperative, it's wise to deal only with firms that are Accredited Management Organizations (AMOs). l References. Don't just ask for them - contact them and ask pointed questions.
• Tenant screening: If you're interested in keeping your house in good condition, your property management firm should have a thorough screening process in place.
• Contact: Can you phone, email, or fax your property manager? Do they have a 24-hour emergency number?
• Experience: How long have they been in business? Are their employees professional and experienced?
• Vacancy rates: Find out the average time it takes to turn the property when it's vacant.
• Maintenance: How long does it take to repair problems? Is maintenance handled internally or through an outside contractor?
• Reporting: Ask if it's standard procedure to get a monthly report and copies of all bills.
• Evictions: How are they handled?
• Insurance: Determine how much insurance the company carries and through whom they carry it.
• Fee structure
• Inspection: Does the manager or an outside party do the inspection?
• Customer service: Can you talk to the owner of the company if you want? How do they take care of tenants?
• Special services: Are there any incentives or special services they offer?

Set the Right Rent
The best place to start is by checking your Sunday newspaper for the range of rent prices in your area. In trendy areas, there is a constant demand for rentals. Still, if your property is in such an area, common sense dictates property with repair or maintenance issues won't demand the same price as a well-maintained property.

Amenities like dishwashers, laundry facilities, and parking can affect a renter's decision.

Join Apartment Association of Northwestern Pennsylvania to learn of trends affecting rental rates. They also offer advice on pricing and management issues.

When you decide on a price, err on the high side - it's easier to lower prices than raise them. Offer incentives when the market is soft, like a free month of cable TV.

Another great year! We passed out 500 shirts, 300 footballs, and loads of candy in under 40 minutes! GO BLUE!

View pictures

Thanks to all who came to our Client Appreciation Party on Sept. 13. We had a great day with great weather, cornhole, rock walls, dino jump, great food, and a chinese raffle to raise money for the United Way - of which we raised a total of $1,290! Thank you again clients, for helping us have successful transactions in 2009!

To view pictures from the event, visit our Facebook page.

You are invited to attend Erie’s very first
Mature Real Estate Buyer’s Seminar
Recommended for Real Estate Buyer(s) 60 years of age and up!!

Learn how to buy a new and or existing single family owner occupied home with no monthly mortgage payment while the buyer(s) live in the home!!!

A sizable investment of funds from the buyer from the sale of an existing home and or other assets will be required utilizing the FHA reverse purchase mortgage (HECM)

Hot dogs, hamburgers and soft drinks provided!!

That’s right you can now buy a home with no monthly mortgage payment while the buyer(s) live in the home!! Sell your existing home and buy a home more suitable to age in place or relocate to another part of the country (near the grandchildren)!! Leverage the equity in your present home to buy a second home or camp!!

What’s the catch? The buyer(s) must be a minimum of 62 years of age. The purchase home must be an owner occupied single family residence that meets minimum HUD property standards. Buyer responsible for taxes, upkeep, insurance and keeping the property owner occupied.

Special Guest Presenters: Richard Proctor, HECM for Purchase Specialist; Rebecca Outlaw, Housing Counselor; Rea Nowak, Senior Helper

Come and find out how this program can work for you!

When: Wednesday September 16th 5:30 pm till 7:30 pm (rain or shine)
Where: 4734 Thoroughbred Loop Erie, PA 16506 Millcreek Township
Host: Dan Omniewski, Marsha Marsh Real Estate Agent
Please R.S.V.P. to (814) 866-8840 Marsha Marsh Real Estate Services or e-mail DanO@MarshaMarsh.com