Maybe you?re buying your first home in Pennsylvania, or perhaps you?re relocating to Pennsylvania from another state. Either way, it?s important that you educate yourself on Pennsylvania home loans before shopping for a home and mortgage. This article explains what you?ll need to know before buying a home in Pennsylvania:

The median price of a home in Pennsylvania is $97,000. Recently, homes in Pennsylvania have been appreciating at rates below the national average. However, in some parts of Pennsylvania, appreciation rates are at an all time high. The highest appreciation rates are in Philadelphia and Allentown. As a result, income levels in many parts of Pennsylvania are too low to purchase a median-priced home with a conventional loan. In fact, homeowners in many Pennsylvania cities pay more than the recommended 30% of their incomes toward housing.

The price of homes in Pennsylvania varies widely between zip codes. For example, in Westchester, Pennsylvania, the median price of a home in the summer of 2005 was $230,000; however, in Tornbury, Pennsylvania, the median price of a home was $300,000, and in Manheim Township, Pennsylvania, it was $170,000. Average interest rates in Pennsylvania are above the national average.

Pennsylvania law does allow prepayment penalties if the loan amount is greater than $50,000. However, it prohibits balloon loans that are to be paid off in less than 10 years. Additionally, Pennsylvania law does not allow mortgage contracts that include an increase in interest rate should the borrower default on the loan.

Jessica Elliott recommends that you visit Mortgage Lenders Plus.com for more information about Pennsylvania Mortgage Rates and Loans.

Posted in: on Tuesday, January 20, 2009 at at 7:36 AM 0 comments  

Every business demands a financial budget and the real estate agent?s practice is no exception. Small business financial budgeting is critical given the historically ups and downs of the real estate market place. Your financial budget should plan for your marketing costs, any additional costs such as education and your forecasted income.

Most individuals recognize that a budget improves overall financial performance. Yet, when it comes to a business, many small business owners drop the ball and ignore this critical step in improving their own financial business success.

Projected profit and loss (P&L) are part of any business plan. Actual P&L figures can be found within any completed tax return. P&L statements can be quite complex if the organization has high dollar volume. For the typical real estate agent, P&L statements are quite simple and probably take only 1 to 2 hours per month to complete and review depending upon the agent?s record keeping whether software driven or paper and pencil. These projections should be monthly and followed up with actual expenditures.

A financial budget has 2 categories:

• Revenue
• Expenses

Revenue is determined by your products and services. Revenue should be broken down for the real estate person into listings and sales and tied to the marketing plan and overall sales goals.

Expenses need to be consistently measured and managed. Specific categories may include:

• Staffing compensation
• Staffing benefits
• Other staffing costs
• Dues and subscriptions
• Marketing (business cards to purchased leads' lists)
• Management fees
• Office supplies
• Professional fees
• Rent
• Internet fees
• Advertising
• Telephone
• Utilities
• Travel ? gas
• Travel ? lodging
• Travel ? food
• Entertainment
• Education

Having a written financial budget will assist you in keeping within your projections. But, most importantly, a financial budget that you actively review will help to ensure that you are not one of the 40% or 80% who drop out after the first year and will allow you to be one of the 10% who stay within the real estate industry after 3 years.

P.S. Read the previous tip 7 Tips to Real Estate Agent?s Success: Tip #4 - Establish Sales Goals

Leanne Hoagland-Smith quickly doubles results for her clients from individuals (small businesses owners, entrepreneurs and young people) to large organizations by creating executable strategic action plans along with the necessary business skills to pull it off. By closing the gap between today's unsatisfactory performance to tomorrow's goals, limited resources are maximized with waste including time being reduced. Please feel free to contact Leanne at 219.759.5601 or visit http://www.processspecialist.com/ and explore how she can help you.

One quick question,if you could secure one new client or breakthrough that one roadbloack holding you back from success, what would that mean to you? Then, take a risk and give a call at 219.759.5601 to experience incredible results.

Mention that you read this article and receive a complimentary 45 minute coaching session.

P.S. If you are seeking an affordable speaker for that special event, Leanne may help fit your current speaking need.

Posted in: on at at 2:36 AM 0 comments