The Philadelphia Real Estate Blog

Every week or so we post some random thoughts that relate to the real estate market, the economy or just general updates. 

1.  Facebook Fan Page for The Somers Team !

Thanks to the help from our virtual assistant (who rocks !!),  The Somers Team Facebook Fan Page is now live !! If you have not become a fan, please do so !  I really like the look and flow of this page as well as all the content we  have it on already.  Our goal will be to build our page through new and fresh content, a combination of photos, blog posts, listings, updates and the like.  For example, we have our Posterous blog linked up to the Facebook Fan page.  In addition, our other 2 facebook accounts will not be flooded with so much business content.  Also, if you have not connected with us yet on Facebook please do so:   Stephanie Somers on Facebook    Christopher Somers on Facebook

2. Posterous Blog

Posterous is just amazing !  It is so easy and simple.  How cool is it just by sending an email you complete a blog ?  With Posterous, the title of the email is your blog title and the narrative of the email is the blog post.  And of course the photo attachments are added to the blog content.  We use Posterous as our photo blog and created a new domain that attaches to our website.  Check it out:  http://photos.thesomersteam.com/  .  Now I am no SEO expert, but I believe that every day we add a new Posterous blog, our website is constantly refreshed with content.  That is good, isn't it ?

3.  Stock Market

This past week was brutal for the financial markets due to tremendous uncertainty that relates to the Obama Administration pressuring banks and threatening additional regulation, fear of slowdown in the Chinese economy as well as worries for some European countries not to mention the concerns regarding jobs in our own country.  Still, with all the good news regarding earnings for this past quarter and strong outlooks by many companies, I believe that the fundamentals will take center stage again which should fuel a bit of a bounce back in the weeks ahead.  Bottom line:  Buy the dips !

Please share your thoughts and ideas in the comments below ! 

Random Thoughts for The Week (Referral Network, Inman News, Posterous, Obama Administration)

1.  Referral Network

It is a great feeling to have such a powerful referral network coast-to-coast.  The combination of professionals here in Active Rain in addition to my contacts through RE/MAX at RE/MAX.com provided another opportunity to refer a great agent to a home seller outside of Richmond, VA.  I was a little bit nervous with this one as I have close ties to the sellers as they are my parents.  But after their appointment with the Realtor I referred, they said "Chris, we would have never found her without you."  That makes me feel great as a super resource was provided to them. 

2.  Inman News

I just subscribed to Inman News this week after attending Real Estate Connect.  What a tremendous resource of real estate info !  If you have not subscribed or checked it out, I would recommend doing so.  We did so after being completely inspired from attending Real Estate Connect in New York City this year.  That conference once again set the tone for us already in 2010.

3.  Posterous

Have you checked out Posterous yet ?  What an amazing, simple blog platform !  We are using it for updating photos and the like and added a subdomain to our website and included a space for it on Facebook.  Check it out :

The Somers Team Photo Blog

The Somers Team - Posterous on Facebook

4.  Obama Administration

Last week, I was so busy to post my random thoughts post.  One of the things I was going to mention was to look for an upset in the Massachusetts Senate race which was accurately predicted !  One aspect I did not predict was the assault on the banking sector and capitalism by the Obama Administration after-wards.  Thanks to that, there has been a significant wealth destruction of 5 to 10 percent on many publicly traded companies, especially the likes of JP Morgan, Bank of America and Citigroup.  Without going into too much detail on this, all I can say is what are they thinking ?  You would think the messages that have been communicated from Virginia, New Jersey and now Massachusetts would be loud and clear...  I guess we will know more tonight after the President's speech.  However, I will pass to have a nice dinner out in New Hope !

What are your thoughts ? 

Random Thoughts for the Week (Inman, Raincamp, Stockmarket)

Each week we post some of our random thoughts which primarily relate to real estate and business. 

1.  Inman Real Estate Connect NYC 2010

Stephanie and I are thrilled to be going to New York City this week for the Inman Real Estate Connect conference.  They are bringing in so many experts as speakers.  This conference last year set the tone for our business in 2009 and really helped us grow as bloggers and stay ahead of the curve when it came to Internet Marketing and real estate technology.

2.  Raincamp

This year the added bonus will be Raincamp the day before the conference !  This will be my first Raincamp which is put together by the Active Rain gods !  From what I have read, this may even be more of the highlight than the Inman conference !

3.  Stock market

Since mid last year, I have been quite bullish on the market.  That continues to be the case going into 2010.  The first week of January alone was an impressive one for all the major averages.  I believe that the 4th quarter earnings (which begins this week) will be exceeding analyst expectations which will continue to drive the market higher.

Tax Tip:  You can still deduct your SEP or regular IRA contributions for 2009 as long as the contributions are made before the tax deadline.  Consult your accountant or CPA for more info.  

Please share with us your thoughts in a comment below !

Random Thoughts for the Week (Philadelphia Rentals, Lexus, Attitude)

1.  Philadelphia Rentals - We have seen a boom of rental demand in the last 2 weeks.  During that time, we rented out 4 units in Old Kensington, 2 in Old City and 1 in Northern Liberties.  For one of the units in Old Kensington, we had 4 applications.  For the one in Northern Liberties, we are still getting two emails a day.  It is amazing as each of these units has been marketed for the last 2 months or so.  Did folks just wait until the last minute for January Philadelphia rentals or is this a sign that demand is started to pick back up ?  Also, where there are more people looking to rent, there are more looking to buy, especially with low mortgage rates (for now) and the extended and expanded tax credit.

2. Lexus - Talk about customer service at Lexus of Cherry Hill!  This place is a good example for anyone to experience the epitome of client service.  Stephanie and I went in there one day last week and walked out with a Lexus (which was our goal).  But we did not expect the process and transition to be so smooth.  It has been a long time since either of us got a new car so we were expecting more haggling and frustration and for the process to take much longer than it did.  I will elaborate on this more but am still in awe about that experience.  Thank you Tim Deluca for referring me to Tom and Mike at Lexus of Cherry Hill.

3.  Attitude - I am excited about the next person in regard to 2010 !  I am a huge goal setter and believe in getting pumped up and goal setting to accomplish the things you dream about.  But a gentle reminder is that it all starts with attitude.  You have to really want it, believe in it, have faith and do not give up when the chips are down ! 

1.  Have you had a birthday on Facebook yet ?  If not, it is an amazing experience having a multitude of birthday wishes from your Facebook friends all throughout the day.  I even received a couple of personal videos.  I was a bit in awe... Sometimes in the past when I think of social media and "friends" I thought it was a bit cold and impersonal.  That thought has changed for there are so many great folks out there you can connect with through a multitude of sites whether it be Facebook, Twitter, Plaxo or right here in Active Rain !  The power of how far Social Media can reach is pretty darn amazing.  Are you taking advantage of it ?  If you have not connected with myself and Stephanie on Facebook (Chris Somers )  and ( Stephanie Somers ) , please click on the links and do so.

 2.  REFI or BUY - If you are in the position, I  would suggest do one or the other and do it soon.  I think when interest rates start to go higher they will go fast.  I just refinanced 3 of our investment properties getting a lower rate on each.  And if you are on the fence of buying, I know I keep mentioning it, but what are you waiting for ?  Interest rates have one way to go in 2010 and that is higher.

Each week we post a few random thoughts that came up in our weekly business and conversation.  Please share what you are thinking in response to our thoughts in a comment below.  Or please share your own random thought as well !

1.  Website traffic - Even though the activity is slower this time of year, we have noticed that our website traffic on The Somers Team has been high.  This is an indicator of the pent-up demand that is building for the spring market as buyers are starting to think about buying a house next year. 

2.  Success - For every little success that I have I feel guilty for those that are in more need, especially this time of year.  There are a lot of folks struggling out there with the recession and unemployment being high.  I feel burden in my heart and have not found a solution to make it okay.  It is not like we are overly successful dripping in luxury and it is not like we have not had our down moments as well as life can be hard, but would just like to see others do well and be happy.   I hope that 2010 is a strong bounce back year for many Americans.

3.  Interest Rates - Interest rates are at lifetime lows.  I like the term lifetime over historical as I really believe the current rates will be the lowest a buyer will see in her lifetime.

4.  Health Care- What I have read in terms of how those votes were procured to get to that critical 60 vote mark makes my stoumach churn.

Please comment below in regards to what you are thinking.  And subscribe to our blog to see this post every week !

Each week, Stephanie and I post a few random thoughts that came up throughout the week.  We encourage you to share your own thoughts or remark on our thoughts in a comment below.

1.  Christmas Cards - Are the number of Christmas Cards you receive another social barometer similar to the number of friends you have on Facebook (thesomersteam) or followers on Twitter (thesomersteam)?I always get a little sad around Christmas as the majority of Christmas Cards I receive are from people looking for my business or to retain my business such as my insurance agents and dentist.   Are Christmas cards a social gauge in terms of your true friends ?  Is the quantity of Christmas cards you receive any reflection in terms of how well liked you are or the number of true friends you have ?  Does the amount of Christmas cards you receive determine the type of person you really are ?  Back when I was a teaching I received a multitude of cards, from the children and their parents.  Like receiving reciprical comments on a blog, I am realizing I should be sending out more Christmas cards !  Is it too late this year ?  The big picture that even in this day of modern technology, there is still tremendous value of a personal note or card that comes through the mail. 

2.  FHA Relief for Condos - On December 7th, FHA announced updated condo requirements which are much looser than before.  Now a condo must be 30 percent sold or under contractand the developer can still be in control of the association.  Before you needed 75 percent soldand the condo association must have been in control of the condo association for over 1 year.  The previous requirements basically ruled out every new or newer condo building in Philadelphia.  So this could be huge news for developers and owners of condo buildings, Realtors looking to do more business, and a great opportunity for those buyers who are interested in these types of properties who could not get a loan to go through before !

3. Interest Rates- I expect interest rates to be substantially higher 4 to 5 years from now.  This belief is also shared by many veteran and seasoned mortgage bankers.  So if you are a home-buyer on the fence, this is an opportunity of your lifetime to take advantage of lifetime lows in interest rates.  And the same goes for those folks who are in the position to do a REFI.  The time is now !

Please share your thoughts in a comment below !

Each week we have been sharing some of the random thoughts that go through our heads.  If we wrote everything, it would be a large book, so below are just a few from this week:

1.  Scheduling appointments to show houses - We have had difficulty this weekend getting several appointments confirmed as to make an appointment for a couple of houses, you must call the agent.  Well if the agent does not call you back, what good does that do ?  I wonder if the sellers realize that they are losing potential buyers for their properties.  With us, we use E-Showings .  If we had to schedule showing appointments, it would be a full time job.  With a professional appointment center, agents can make the appointments at anytime and online as well.  It amazes me that some agents and/or offices do not use an appointment center.

2.  Economy - The data continues to show we are in the midst of a global economic recovery.  And the stock market is loving it.  I do not think the market has gotten ahead of itself.  However, I think many of the pundits are behind the curve and are not happy they missed one of the great bull market runs in our history.  This shows the importance of staying in the market and being diversified.

3.  Local Philly Market - We have seen a decline in the showings for our listings in the last couple of weeks.  We attribute it to:

 (1) seasonal slowdown and

 (2) pretty much everyone who wanted to take advantage of the tax credit did already. 

However, with the extension and expansion of the tax credit, we predict February - April will be a VERY busy time period.

4.  Do the Right Thing - When given the opportunity to do the right thing, it makes sense to reach out and exert effort in terms of working together, instead of doing nothing and risking burning bridges. 

This past week we faced a professional situation where we reached out to a peer and asked them to do the right thing in a situation.  Their response included rigidity and many reasons why no to.  When faced with a dilemma, sometimes doing the right thing cannot be found in the rulebooks.  You just have to use your heart and sense of rightness to try to do what is best and not default to rigidity and rhetoric. 

Karma in the business world goes a long way.  In life, there will always be a loophole to opt out, but for those that seek growth in their professional and personal lives, doing the right thing may not be an easy decision and may feel uncomfortable, but the longer term rewards are well worth it.  Actions are louder than words.  Even the smallest consideration can go miles and leave a lasting impression on people's minds.  The opposite leads to longer term detrimental impressions.   These situations can ultimately determine the long-term growth and success (and failure) of both a business and an individual.

Please share your thoughts on the above or post your own random thoughts in the comments below.

Each week we have been sharing some of the random thoughts that go through our heads.  If we wrote everything, it would be a large book, so below are just a few from this week:

1.  Dubai or Do Buy- The Dubai sell-off in the market creates tremendous investment opportunities for those companies that sell off and have no impact from Dubai.  If this continues next week, take advantage of the opportunity.  Further, the Black Friday shopping folks probably did not even catch the news and if they did, I am sure they were thinking "Do Buy" instead of "Dubai".

2.  Thanksgiving- Speaking of the Thanksgiving holiday, I read a blog by Seth Godin saying that this is one of his favorite holidays.  It has become one of mine too.  Giving thanks and spending time with the people you love is so special.  I also love the "no gifts, no guilt" aspect of it as well.

3.  Appraisals- I think the folks doing the appraisals are getting too conservative.  In the heyday, it was the opposite, to the point of being goofy excessive which caused many of the problems for folks to be in.  One thing that really bothers me is having to back out the sellers assist.  For neighborhoods that are primarily first time home-buyer markets with sellers assist, you can immediately bring down the value of that area by six percent.  It does not make any sense when those houses sold for AND APPRAISED for the sales prices, not the sales prices minus the assist.

4.  Pro Bono Work- I read an article in Realtor.com about Fran Hoover, a RE/MAX agent who does one pro-bono deal a year and how rewarding that is to help those folks that are in despair or just do a good deed.  They called her the "Closing Angel".  What a beautiful story.  With us, we have gone the extra mile so many times going above and beyond where it has been noticed and appreciated.  Still, I really like this idea and am thinking about incorporating it.

Please share your thoughts on the above or post your own random thoughts in the comments below.

Each week I post some random thoughts related to the housing market, the Philadelphia real estate market and related topics.  Please share some of your insight as well in a comment !

1.  Dining Recession ?  Not in Philly - It does not appear to be a recession when you go out to dinner in Philly (Old City) on a Saturday night.  Last weekend, two places had waits for over an hour.  We ended up at Union Trust, a high-end steakhouse, that was packed !  It was great to see.  The filet mignon and raw oysters were both incredible !

2.  Health Care "Reform"- I expect after all the "hoopla" that a significantly watered down health care bill will get passed that will not be "reform" at all, but more government inefficiency.  I think the focus instead  should be on stimulus to small businesses in America which can have both immediate short term and long term benefits to the country.

3.  Got my Raincamp ticket yesterday !

     See Brad Andersohns "What is Raincamp ? "

     And Bob Stewart's "Raincamp is Coming to New York City January 12, 2010"

4.  Will be taking The Somers Team to Triple Play in Atlantic City in December and should now be attending Real Estate Bar Camp Atlantic City !  I think December and January are excellent times and opportunities to attend these types of conventions !  Give yourself a chance to learn all the latest trends and technology in your industry, network and have some fun too by taking a break during a slower time of the year.

5.  Stock Market - Expect the financial markets to remain choppy but overall to trend higher.   Would expect this coming up week to be positive and to have a Santa Claus rally going into XMAS.  Happy holidays !! 

Please comment on some of these thoughts and add what you are thinking or post your own random thought in a comment below !  And if you have not subscribed to this blog as of yet, what are you waiting for ?  The best is yet to come !