Charlie visited Chez Bow in Northern Liberties

Chez Bow Wow in Northern Liberties
Last week we got our cat Charlie shaved and groomed at Chez Bow Wow in Northern Liberties. Whenever we bring him home, he is like a new cat. He is more limber and runs around like a mad man. The first time we brought him home, our other cat Ashley did not recognize for a day ! My wife Stephanie loves it for there is less hair to clean up and less hairballs ! He complains about going in the cat box but we think he really likes it afterwards !

Chez Bow Wow is a relatively new addition to Northern Liberties at Liberties Walk. The staff is always very pleasant and fun. There are always a number of other pets there which makes it a fun trip.

The store is certainly a great addition to Northern Liberties and we would recommend to go there for anyone who is intersted in getting their pet groomed !

Check out the website for Chez Bow Wow !
Also look at their photo gallery - a lot of great snapshots !
Maybe I can bribe them to add Charlie to their site ???

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Northern Liberties Real Estate - Chris and Stephanie Somers
The Philadelphia Real Estate Blog
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Cantina Dos Segundos - A Real Treat in Northern Liberties !

Cantina Dos Segundos - an awesome addition to Northern Liberties !

My wife Stephanie and I took a break from our workaholic schedule and the craziness of the philadelphia real estate market to enjoy dinner at Cantina Dos Segundos (otherwise knows as the restaurant that replaced Azure ) at 931 N 2nd St - see google map.What a treat ! We used to go to Azure at least once a week so we were very sad and disappointed when Azure closed. We just figured that the new restaurant would be the run of the mill Mexican joint.

We were pleasantly suprised ! We were started with delicious nachos and salsa - very fresh and appealing - was a great way to break in with a drink. Stephanie really enjoyed her red wine ! We ordered mini octopus for an appetizer and carne asada for an entre. Both dishes were delicious - we were in heaven !The service was superb and the atmosphere was a delight. We found out from our server that the name stood for "2 seconds" and it was the 2nd Cantina (first one is in South Philly) and of course it is on 2nd St (in Northern Liberties) If you have not gone as yet, we would highly recommend it !

Our Azure Blues are officially over (it took awhile) !

Philadelphia Real Estate - Chris and Stephanie Somers

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Are you using Trulia to generate business ?

Using Trulia.com to generate more business

When we first started blogging on Active Rain, we immediately saw the importance of having a presence and profile on other sites as well. We learned a lot about this through subscribing to blogs by Bill Gassett and Justin Smith (2 highly recommended blogs to subsribe to) .

One of the sites that we have had success with is Trulia.com . Trulia has become one of the premier consumer sites - it has a wealth of information for consumers and it also provides tremendous resources for realtors too such as setting up a profile, adding listings, having a blog and much much more. There is also a lot of info regarding statistics and analytics. If you have not checked it out, do so !

In any event, as an example, we just picked up a listing in our area due to our answering consumer's questions on Trulia voices. Trulia voices has an extensive network of questions from consumers and answers from real estate pros. It was on this forum that a seller contacted us to list her property in Port Richmond. She was looking for something specific in an agent and found it in The Somers Team ! Not only that, we sold her property for her in less than 45 days !
In addition, we have also received several leads from Trulia due to our presence on their site. With that in mind, we of course will continue to post blog entries there (see our Trulia blog ) as well as answering questions ! It looks like we have answered 311 questions ! Wow - I guess we have a lot of answers !!!

If you are interested in buying or selling real estate in the Philadelphia area, contact Chris and Stephanie Somers at 215-400-2612 or thesomersteam@yahoo.com .

Philadelphia Real Estate - Chris and Stephanie Somers

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Short Sale Specialists in Philadelphia - Plan and Prepare for Success !

Short Sale Specialists in Phildelphia

It is amazing how many realtors and sellers are listing properties just based on what is owed on the property at prices that are unrealistic and will never sell. A recent short sale we did was in Northern Liberties where 3 other realtors had the listing before us and just listed it hoping to get a sale to clear title ! When we met with the seller, we realized it was a perfect candidate for a short sale and got the property sold within 30 days !!!

If you are not familiar with short sales, refer to our previous post "What is a short sale ? "

When you do a short sale it is imperative to plan ahead and prepare in the very beginnning to have all your documents and paperwork in order. As a seller, it is critical to gather the information as quickly as possilbe to give to your realtor.

When we take a short sale listing, here is a basic checklist of items that we will do in the very beginning:

1. Discuss the situation with the seller in terms of their hardship. We need to know this when we communicate with their lender. We will also have the seller write a hardship letter in the first week of us taking the listing.

2. Have a title company do a mortgage and judgement search in the very beginning. We need to know as soon as possible what other types of liens we are dealing with besides the mortgage.

3. Authorization Letter - No bank will speak to any realtor without authorization. We will have the seller sign these letters when we take the listing.

4. Order the payoff - Often times, what is owed is more than the seller thinks due to interest and penalties.

5. Gather the info (bank statements, tax returns, W-2s, etc). Most banks will have on their website or in their short sale info, the documents that are needed for the short sale package.

6. Marketing - make sure in the MLS that is clearly communicated to the buyers agents and buyers that their agreement is subject to short sale approval. That way there is no confusion later on... it is important to try to get the best buyer for the deal... one who is flexible on settlement as sometimes once you get the approval, it needs to settle fast. Other times (as often is the case) there will be a delay so it is important that if need be, the buyer can wait an extra 30 to 60 days before closing.

There are other items to plan and prepare for. At least with this preliminary list, one can increase the chances of success right from the very beginning !

If you are a seller in Philadelphia who thinks that this may be the best option for you, contact Chris and Stephanie Somers at 215-400-2612 or thesomersteam@yahoo.com

Philadelphia Real Estate - Chris and Stephanie Somers

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Short Sale Specialist in Philadelphia

A short sale is when your bank agrees to accept a lower payoff than what they are owed in order to approve a sale of the property.

Short sales are becoming increasingly common as the housing crisis has accelerated and many home values have depreciated since an owner purchased. In all these cases, the value of what a house can be sold for is less than what it is worth.
In our Philadelphia real estate market, we have noticed that the average realtor will list a property for way over what it is worth in hoping that it sells. Of course, it rarely does and even if an agreement does come in, chances are it will not appraise. The better solution is to look at the circumstances to determine if the house should be marketed as a short sale candidate.

Without going into too much detailed discussion, the process is extremely complicated and time-consuming. But it can be very beneficial to a seller who is in desperation and does not want their credit ruined as a result of a foreclosure and very beneficial to a buyer who has an opportunity to procure a property below market value. As real estate agents, we have successfully completed many short sales for our clients who were so appreciative of the outcome. In several cases, their properties were even listed with prior realtors (in one case 3 prior realtors) who never even explored the option of doing a short sale.

Typically for a short sale to be approved a seller has to have a level of hardship and is behind on their mortgage. Although we did have one short sale approved for a seller who never missed a payment on her Northern Liberties condo, but had a case of extreme hardship due to her husband passing away.

Are you in a predicament where a short sale may be your best option ? If so, contact Chris and Stephanie Somers at 215-400-2612 or thesomersteam@yahoo.com to discuss further.

Stocks vs Real Estate - The Ongoing Debate

Stocks versus Real Estate - Lessons to be Learned

I think as individual investors we can all come to conclusions which investment classes are most suitable for us as far as meeting our individual goals. Over time, the debate will always continue and sway back and forth over the question "What is the better investment ? The stock market or real estate ? "

In times like this, I think it is pretty simple. Companies like Merril Lynch, Lehman Brothers (LEH), Washington Mutual (WM), AIG, Wachovia to name a few are down 60 to 70 to 80 percent in the last 1 year ! Lehman brothers is down close to 90 percent ! These are all investments that the average stockbroker or investment banker would have promoted as "conservative" or a vital part of a stock portfolio. This list does not even include a Fannie Mae (FNM) or a Freddie Mac (FRE).

The risk here is even with a 5 stock portfolio, just having one of these equities would have destroyed a portfolio. Now some will say, these companies do not represent the whole market.

True.... so lets see what the market has done.

In the last year, the Dow Jones Industrial Average is down approximately 21 percent - see 1 year chart .
The Nasdaq is down 15.4 percent in the last 12 months - see 1 year chart .
Conversely, Toll Brothers is up 20 percent over the same periord !!! Who would have thought ? - see 1 year chart .

Either way, outside of California, Florida, Arizona, and Nevada, how many individual brick and mortar homes lost 60 to 80 percent of their value like a Washington Mutual, Lehman Brothers and so forth ? Further, the average real estate investment property generates cash flow from the rent received. Are the stock market companies paying dividends that can match the rent received ? No !!!

I met with a client yesterday who is pulling out $90,000 in the stock market to buy an investment property in Old Kensington (Philadelphia Real Estate). He told me, "Chris the stock market just has not been my friend in the last 10 years." I agree, it has not been mine either. He elaborated by saying he will put the $90,000 (he is paying cash) in this property as the investment will be in his control. He can touch it, see it, improve it, rent it and so forth. He can see the neighborhood improving around him. He knows the average comparable property sells for around $130,000 so he knows he is getting built in equity off the bat. Can the stock market provide that ? No !!! He does not have to worry about, of the $90,000, that his broker will not place more money in the likes of Fannie Mae preferred stock which lost pretty much all of its value one day last week ! Ouch !!!

This will certainly be a topic to discuss more. I know diversification is always key. But over the long term, real estate certainly has to be a sizeable percentage of an investment portfolio.

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Are you excited to sell this house ?

Philadelphia Real Estate

We had a listing appointment on Monday where everything was going great. I had great rapport with the potential sellers, a fantastic Q&A session answering all the questions regarding pricing, strategy, marketing, advertising, our experience and so forth. I was on fire ! Then a final question was asked by the husband: Are you excited to sell my house ?

I almost froze on the question and thought "Oh my God - am I excited ? Am I not excited ?" I have not froze on a question on a listing appointment in years !! But I took a moment and smiled. I remembered that this is what it is all about. Helping people accomplish their goals, being part of their lives, and really being excited and feeling honor and pride that you are the one that they are choosing to help them with one of the most important decisions in their lives ! This process will net them the most amount of proceeds and help them move foward in their lives and you are a part of it !

I found myself thinking for a moment, wow... I have been caught up in the details, some of the drainers and being drained in the tough real estate market. Sometimes I worry about all the things that could go wrong or look at the fact of why did we not get a certain listing... Instead of focusing on all the positive things which they are numerous. It really is all about perspective and gratitude.

I answered his question, "Yes I am pumped up to sell your property ! " That is what we do !!!
We just listed the property last night and we look foward to selling it for them. It makes me happy to be able to see the big picture and not get totally lost in all the clouds and confusion of the tough real estate market. Remember when you first started and got your first listing ? Or your second ? Or closed your first deal ? Or had your first settlement ? Or accomplished that first milestone ?

It is important to maintain that energy and excitement - that attidue of excellence and vibrancy. It shows and it is important not only to success, but to ones inner soul as well.
Are you excited to sell your client's house today ?

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