Author Archives: econvery

1Q20 VERY Insight Report

At VERY, one of our core values is to share knowledge at every opportunity. Especially in these challenging times, its more important than ever to be a resource.

In that vein, we are pleased to present our first quarter 2020 VERY Insight Report, a review of residential market trends in VERY’s core neighborhoods, Philadelphia County and the surrounding suburban counties.

This report features a special section reviewing the impact of COVID-19 on year-over-year April numbers.

Over $2.6 billion of real estate changed hands in the first quarter. In April, we saw Sales Volume down nearly 35% year-over-year. April is traditionally one of the strongest months in our market as the closings reflected account for the early spring inventory.

Real estate is still considered a non-essential business under Governor Wolf’s Emergency Disaster Directive thereby limiting real estate services throughout the state effective mid-March. The longer term impact of COVID-19 and this shutdown will likely be more dramatically reflected in the year-over-year May numbers.

We are seeing many buyers and sellers on the sidelines and anticipate robust activity when our doors reopen.

Any questions about our report or curious about what your home is worth in this market, please don’t hesitate to reach out.

Stay safe and well.

To review report, click here.

Redefining HOME

Home.  Noun the place where one lives permanently, especially as a member of a family or household. Oxford dictionary.

What a bland definition for a word that means so very much.  Especially now.  

In these challenging, unprecedented, extraordinary (how many definitions can we use to describe?) times, our definition of home has dramatically changed.  

For me, home has always been my place of rest.  The sanctuary that envelopes me in peace the minute I walk through the door.  It’s the place I return to after a long day to the comfort of voices, smiles and embraces that are familiar and safe.  Home, to me, is a feeling.  

Today, home is still safe.  It’s still a place of love, of familiarity, of rest.  For that I’m grateful.  But, it’s also now an office, a home gym, a movie theater, a school, even sometimes a restaurant. 

One particular client has added marriage venue to his list of new home functions.  

Who could know, years ago, when Chris relocated to Philadelphia and selected a condo with an amazing roof deck that it would one day be the place where he would say “I do” to the love of his life, Melissa? 

After COVID-19 deterred their wedding plans, this savvy couple shifted to tie the knot in the place that brought them peace.  With the view of their new city as the backdrop and family and friends watching on Zoom, Chris and Melissa exchanged vows and created together their new definition of home.

May you forever feel the comfort of voices, smiles and embraces that are familiar and safe.  And in these challenging, unprecedented times, may you always know that your love is extraordinary.

And that, is truly home.

2Q19 VERY Insight Market Report

It is our pleasure to present the 2Q19 VERY Insight Report, our quarterly examination of residential market trends in Philadelphia and its surrounding counties.

Second quarter results confirmed a shift to a Buyer’s Market.  Interest rates declined, inventory increased and Days on Market ticked up over the quarter.

Center City experienced a slight year-over-year decline in Average Sold Price.  Prices remained steady or increased in greater Philadelphia county and the surrounding suburbs.

At VERY, one of our core values is ‘We Share Knowledge at Every Opportunity’.  The VERY Insight report was created in 2014 to provide our clients, business partners and friends with a picture of the market that we serve.  

We hope you enjoy our report.  And as always, please reach out with questions.  

The Summer Slump

People are on vacation. The phone isn’t ringing as frequently. Listings aren’t getting as many showings. There isn’t much new inventory for buyers to view. It’s hot out. The kids are home. The beach is calling my name.

There are endless reasons why us real estate agents may feel like we’re in a summer slump. Things may not be moving at as fast a pace as usual. And how wonderful does it sound to slow down our daily activities to match the pace of the market? Who doesn’t want to stay at home in the AC on a 90 degree day and sip lemonade?

But this “slow down” is one of the best times in our business to start planning for the second half of the year! Falling into the summer slump is one of the worst things a real estate agent can do for their future business.

The daily behaviors we need to do to make us successful real estate agents are like a train. If you stop it, it takes a long time to get the momentum going again.

Keep up with your self-discipline even if it feels like the market and the weather is against you. You’ll be grateful that you did when your fall pipeline is full and producing.

Rates at Record Lows

As of this writing, the 30-year fixed mortgage rate is hovering around 3.75%. This is the lowest rate I’ve seen in years. Low rates mean more buying power. Why would anyone be sitting on the sidelines wavering over a purchase?

The answer? There are so many factors other than interest rates that drive a purchase decision. First time home-buyers, in particular, often take an emotional approach to buying a home. Does this feel right? Am I ready? What if I buy something and don’t like it in a year?

Understanding the emotional aspect of purchasing a home, and being able to navigate the uncertainty for our clients are what set certain buying agents apart from the rest. Buying a home is often the largest purchase of a consumer’s life. The decision should be made with thoughtfulness and care. The first step to begin this journey is to hire a real estate agent who focuses on buyer’s needs to help guide the process.

Regardless of the interest rates, large impactful decisions are not made overnight. Real estate professionals with proper training to advocate for buyers understand all the factors that enter into a purchase decision, and are excellent partners along the way.

VERY Excited to Share!

We are so excited to share that our VERY Own Jenna Pinchbeck has a leading role in Philadelphia’s Walnut Street Theatre’s production of Legally Blonde: The Musical!

Have you seen the show?

Playing Enid, Elle Wood’s law school colleague, Jenna brings her talent to delightfully entertain audiences in this season’s performance.

The VERY team attended Opening Night to cheer Jenna on and we highly recommend checking out the show if you haven’t already!

Legally Blonde: The Musical runs through July 21st. For more information on the show or to purchase tickets click here

A VERY Special tip: Check out the $10 ticket special on Monday, July 1st. Call the box office and use the code LBIND.

Choosing a Mortgage Lender

It can be very challenging navigating today’s lending space, especially as a first time home-buyer. Do I go to my local bank? Should I hire a mortgage broker? What about getting a mortgage online?

I receive many of these questions from my clients.

I believe strongly in the power of a personal recommendation for just about everything in life; and I am happy to provide contact information of lenders who have successfully worked with my clients in the past. Leveraging friends and family to ask them about their experiences with obtaining a mortgage may also lead to a great introduction.

Some things I share with my clients to consider when choosing a lender: 1) Most lenders are very competitive on their rates. Unless you are a more complex borrower (some examples: self-employed, struggling credit, second home, investor), lenders have access to similar products with similar rates, so “shopping around” will likely yield competitive results, 2) During the home-buying process, you will speak to your lender daily. Make sure he/she is someone you enjoy connecting with, 3) Getting a lender local to your market is key. There are nuances in every city and state and a local lender can navigate this with ease, 4) Your lender should attend your closing. Ask about this up front. My experience is that a lender “too busy to attend closings” is not a lender who will promptly answer your phone calls or questions throughout the process. As a first time home-buyer, you will need someone who is attentive.

Do your diligence and trust your gut when selecting a lender. Remember, your real estate agent is a resource. Ask for recommendations and get his/her opinion.

Understanding the Home-buying Process

Buying a home is arguably the largest purchase of the consumer’s life. Understanding the steps in the home-buying process is important to a successful transaction and helps to safeguard your largest investment.

Where have you found information on how to buy your first home?

At VERY, one of our core values is “We Share Knowledge at Every Opportunity.” We host monthly events to help consumers learn more about the home-buying process and introduce them to some of the key players in the transaction like mortgage lenders and title agents.

Our next event is on Tuesday, July 16th from 5:30 to 7:30pm at Positano Coast in Old City. We’d love to see you there!

In the meantime, feel free to reach out to us at any time with questions about the process or how best to get started. We are here to help!

How has your Real Estate Experience Been?

I can’t tell you how many times I ask people about their last real estate experience and they roll their eyes. Are real estate agents really that bad?

Of course, I probe deeper asking questions to draw out what prompted the eye roll. The consistent response is that they felt they did more work than their agent or that their agent didn’t necessarily have their best interests at heart. Eek.

I was so intrigued by this seaming lack of genuine service and care that I put together a survey to send to my contacts. Through a series of questions, I asked them their thoughts on the state of the current real estate industry.

I wanted to know about the role the agent played in their real estate experience and if they’d hire the same real estate agent again. I concluded by asking them if they felt real estate agents, as a whole, were professionals.

I can’t wait to see the results! I mean, is the eye roll warranted?

Stay tuned.

Building a True Team

When I set out to start VERY Real Estate, I wanted to create a brokerage with a team environment.

Sure, I think every entrepreneur says that. I mean who doesn’t want to build a team? In fact, building a team is at the core of almost every real estate brokerage model.

But, I wanted to build something different. I didn’t want to just say we had a great team environment, I wanted everyone who walked through our doors to feel that we had a great team environment from the minute they crossed our threshold.

I wanted to build a team where collaboration was key. I wanted to lead by example showing that when one person rises, we all rise. I wanted to build a team who truly like to be together and are invested in one another’s growth.

It took me years to recognize that great teams are built by rallying around great cultures. Like most business owners, I had a lot of missteps along the way when it came to building a team. Each one was a learning experience.

It wasn’t until I defined VERY’s Core Values and literally had them framed on the office wall did I start to hire the people who believed in what I believed in and wanted the things that I wanted from their peers. The standards were high and we held one another to them. We still do.

Now, one of my greatest pleasures is to hear my agents say that they love being at VERY because we all work together to solve problems, grow our businesses and help each other.

Each day, I see an example of our team collaborating and I can’t help but smile.