Homes on the Rise

Existing home sales fall, but up 11% from last year.

The National Association of Realtors said existing-home sales declined 1.7% from August to September, with 4.75 million units sold last month, down from 4.83 million in August. Still, September numbers are up 11% from the 4.28 million units sold a year ago.

 September existing-home sales fell slightly from the previous month, but remain well above year-ago levels as prices continue to escalate on new demand in key real estate markets.

The National Association of Realtors said existing-home sales declined 1.7% from August to September, with 4.75 million units sold last month, down from 4.83 million in August. Still, September numbers are up 11% from the 4.28 million units sold a year ago.

Overall, real estate is performing better than it was in 2011 with September home prices recording their seventh consecutive month of year-over-year increases, NAR said.

"Despite occasional month-to-month setbacks, we're experiencing a genuine recovery," said Lawrence Yun, chief economist with NAR.  "More people are attempting to buy homes than are able to qualify for mortgages, and recent price increases are not deterring buyer interest. Rather, inventory shortages are limiting sales, notably in parts of the West."

The national median price for an existing home shot up 11.3% from last year to $183,900 in September, making it the seventh consecutive month of annual price increases.

Distressed properties, including foreclosures and short sales, represented 24% of all September sales, an increase from 22% in August and down from 30% a year ago.

Foreclosures generally sold at a 21% discount while short sales sold 13% under market value in September, NAR said.

The country's total pipeline of existing inventory fell 3.3% in September to 2.32 million homes, which reflects a 5.9-month supply. Today's inventory level is 20% below year ago levels when the nation carried an eight-month supply.

"The shrinkage in housing supply is supporting ongoing price growth, a pattern that could accelerate unless home builders robustly ramp up production," Yun said. 

Homes also are spending less time on the market, with the median listing time now running 70 days, down from 101 days in September of 2011. About 32% of homes sold last month spent less than 30 days on the market. Nineteen percent remained listed for six months or longer.

Top Agent in the Country

RE/MAX Tops List of Most Productive Agents

Michael Cohen of Philadelphia Ranked Among Top 1,000 in U.S.

 PHILADELPHIA,

July 1, 2013 - RE/MAX agents led the 2013 list of the top 1,000 real estate sales professionals in the U.S. as measured by the number of properties sold per agent.

Published by The Wall Street Journal and REAL Trends,

"The Thousand" ranked the top 250 agents and top 250 teams for transaction sides and sales volume. When the 500 transaction standings are combined, RE/MAX agents hold 98 places. That’s one out of five – and more than any other real estate brand in the report, which ranks participating agents based on 2012 production.

43 RE/MAX agents were ranked among the Top 250 individuals for most transaction sides and

55 RE/MAX teams were ranked among the Top 250 teams for most transaction sides. Michael Cohen of RE/MAX Access in Philadelphia ranked 159 on the Top 250 Sales Professionals by Sides list with 162 closed transactions in 2012.

"We’re proud of these RE/MAX agents for their outstanding professionalism and commitment," said RE/MAX CEO Margaret Kelly.  "Their dedication to their clients is why– year in and year out – RE/MAX sells more real estate than any other real estate franchise."

Michael Cohen has more than 14 years of experience in the greater Philadelphia real estate market and has helped hundreds of families buy and sell their homes.

H"ard work and dedication to all of my clients are important factors in my success," said Cohen. "I believe our team can find a home for everyone in Philly.  Listening to the needs of all of our clients is the key to finding the right match."

The Thousand" results are not the first time that RE/MAX agents have been shown to be more productive.  Earlier this year, RE/MAX agents were found to be the most productive in the 2013

 REAL Trends 500 survey of the nation’s largest participating real estate brokerages, based on total transaction sides. RE/MAX agents averaged twice as many transaction sides per agent as all other agents. The complete "The Thousand" lists can be found by visiting realtrends.com.

 

Michael Cohen specializes in residential real estate in metropolitan Philadelphia. For more information, please contact Michael Cohen at 610-331-7213or MSKJ@comcast.net

Short Sale Success!

Short Sale Success on Main Street- 1.1 million in debt,

The property had a 1st , 2nd a 3rd and a 4th position mortgage, IRS lien, 2 years of unpaid taxes, and a Divorce.

It closed in less than 60 Days. The lawyers and the bankers said it could not be done.  Hard work and good contacts got this to closing

Experience is what Counts with Michael P. Cohen & Company at KW Philly

Main Street Networking Really Works

I was in Las Vegas at the Zillow conference a few weeks ago and perhaps one of the greatest networking events I have attended this year. I met an Agent at a Speed Networking Event, (you get 3 minutes to exchange ideas with an Agent).  I met100’s of Real Estate Agents from around the country, as Zillow encouraged networking and exchanging ideas and cards with fellow realtors.  I returned home to find a Voice mail, yes a voice mail, did I say VM. “Hello Mr. Cohen, I met you in Las Vegas last week and wetalked very briefly, however, I want you to list my mother’s house in Brewerytown, (a very Hot area) and she will be moving out to Northern California with me.  She leaves in 2 weeks, How fast can you sell her house…?  Call me right away.” 

 

I go out and meet Mom, we list the house (a double wide Philly row with high ceilings, large rooms and great character) and the showings are just not happening, very few calls. I am getting concerned as Mom is packing up. Then we get the Low Ball offer, and you know the sellers don’t like this.  Then, on Monday, Mom calls me, I am leaving Thursday, when willyou sell my house,

 

"Come see me Weds, I want to say good bye to you.", She says to me, you know ,I am never coming back to Philly again’. I am packed and ready to go.  I have a 1pm flight to Napa Valley on Thursday.

 

Wednesday night at 10 PM I get an email, a full price cash offer with at 15 day closing.  I can’t call Mom, too late. I call daughter, its only 7 on the west coast.  Hello Angelia, are you there, check out this Miracle that just occurred on Main Street, she said” I willbe up at 5 am and tell her to sign”.  I called Mom at 9 am, and told her Iam on my way to get her to signthisamazing offer.

 

The Moral of this miracle:  You never know who you will meet in your day, and every day should be considered a networking event, and Mom who was leaving Philadelphia, a place she grew up and raised her family, got on a plane, with a big smile and had asigned sales contract in her back pocket.  She said. “she felt sad and happy at the same time”..   Another Amazing journey on Main Street.  

www.PhillyReo.com 

610-642-0347 leave a voice mail if I don’t answer.

Why I Sell the Lower End Market in Philadelphia

I was at the RE/MAX Home office in Denver, CO earlier this year and I met an agent that said “I won’t list a home less than $500,000.”  I told him I just signed a deal for $16,500.

 

We are both top Realtors in our markets, but I achieved my status by working with customers that buy and sell at the bottom of the market.  This market place fuels my regular sales and commercial deals as well.

 

I changed careers in 1999, and by 2005 I dominated the foreclosure market in Philadelphia and you bet, I make a great living selling distressed Real Estate in Philadelphia, Delaware County and Montgomery County.

 

As this market improved, I found myself spending more time in the higher price range where the fees are much larger and the deals are more complex, but I never stopped working with my bottom market buyers.

 

The commission in foreclosures, shells and fixer uppers are low and average about $1,500 per transaction.  I typically close about 10-15 fixer uppers a month.  I could never get 5 transactions a year from a traditional customer.

 

Here is the best part.  There is little to no drama and hardly any contingencies except good title.  I have 2 experttitle companies that handle all the hair that comes with this type of deal.  Each title company processes over 100 deals a year from just my transactions. I typically always have 30-40 deals under agreement at all times

 

I made a great move when I joined RE/MAX Access in 2010.  I was pushing so much paper that I needed an assistant.  Now I have 2 assistants and a third to help when needed. I have3 buyersagents, that are on the street showing properties all day long.  It made my job easier, my customers happier and I am able to keep up the pace and spend 94% of my day on the phone, listing properties or attending settlements. (Thanks Steve O)

 

Now that the market has changed, my investors are calling their local agent to sell condos, land, small commercial & rehabbed properties in Center City, as my name is consistently given out to traditional buyers and sellers looking for their next home.

 

In conclusion, The Michael P. Cohen Team is the 2nd highest volume in units for RE/MAX in the State of Pennsylvania...  Honest, dependable and on-time.  We answer the phone until 9pm.  We have the experience and knowledge to help all our customers whether its $10,000 or $10 million dollars.

 **This was originally published 1/16/2016