Tim Bonfig - Emily Wolski Homes, 300 Willowbrook Lane, West Chester, PA (2026)

07/12/2022

Ready to take the next steps towards buying a home? It's a 𝗴𝗼𝗼𝗱 𝘁𝗶𝗺𝗲 𝘁𝗼 𝗰𝗵𝗲𝗰𝗸 𝘆𝗼𝘂𝗿 𝘀𝗽𝗲𝗻𝗱𝗶𝗻𝗴 𝗵𝗮𝗯𝗶𝘁𝘀. With inflation at an all-time high, the cost of (most) everything has gone up, so it's even more important now to get a grasp on what your true unnecessary expenses are.

No, we aren't telling you to cancel your Amazon, Netflix, or Peloton Membership because they increased, however, you may want to consider a few changes!

𝚆𝚑𝚎𝚗 𝚠𝚊𝚜 𝚝𝚑𝚎 𝚕𝚊𝚜𝚝 𝚝𝚒𝚖𝚎 (𝚒𝚏 𝚎𝚟𝚎𝚛) 𝚢𝚘𝚞 𝚛𝚎𝚊𝚕𝚕𝚢 𝚝𝚑𝚘𝚞𝚐𝚑𝚝 𝚊𝚋𝚘𝚞𝚝 𝚝𝚑𝚎𝚜𝚎 𝚎𝚡𝚙𝚎𝚗𝚜𝚎𝚜?

• Cell Phone / Internet / Home Phone Bill (compare carriers, negotiate costs, change plans)
• Daily Coffee / Tea / Shake / Smoothie (make it at home and prepare in advance)
• Grocery (meal prep, buy protein in bulk, take advantage of smart savings and deals)
• Home / Auto Insurance (compare carriers and coverage)
• Dining Out / Restaurants (consider a BYOB, limit yourself on frequency and choices)
• Credit Cards (compare interest rates, consider the utilization ratio, consolidate & balance transfer — pay them down & review your statements)

Buying a home is a big investment and you want to be comfortable in your decision. It's important to allow yourself the ability to purchase a certain home at a certain price, while also feeling comfortable making it your own, without feeling like it's a financial burden or as if you are overextended. Let's talk through how we can set up a personal savings plan and be strategic with payments.

07/08/2022

Showed these clients all the way to the finish line 🏁 (or settlement table 📝) ... Wishing our buyers all the best with their new place🏡!

07/05/2022

Buying a home since 2020 has been quite a dynamic challenge, and we've seen a lot of creativity come from the changing market. Lately, with the rising interest rates, homebuyers have had to look into more creative lending solutions. As a result, we have seen Adjustable Rate Mortgages coming back into the market.

An 𝙰𝚍𝚓𝚞𝚜𝚝𝚊𝚋𝚕𝚎 𝚁𝚊𝚝𝚎 𝙼𝚘𝚛𝚝𝚐𝚊𝚐𝚎𝚜 (𝙰𝚁𝙼) is a great way to lower your monthly payment through a lower interest rate. These are traditionally shorter-term loans that begin at a lower rate and increase after a specific term (think fixed-rate for the first 5, 7, or 10 years, and then it can fluctuate every year after that, to an extent). If you plan on living in the home for a shorter period or plan to make improvements and refinance, it might make sense for you to explore an ARM.

For example, a 10-year ARM has a fixed rate for the first 10 years and increases by a certain amount thereafter, up to a certain percentage increase/cap. Compare a 10-year ARM at 10% down with a 30-year fixed-rate mortgage at 20% down — you may get a similar payment, with less cash needed at settlement. 𝗞𝗲𝗲𝗽 𝗶𝗻 𝗺𝗶𝗻𝗱 𝘆𝗼𝘂𝗿 𝗰𝗿𝗲𝗱𝗶𝘁 𝘀𝗰𝗼𝗿𝗲 𝘄𝗶𝗹𝗹 𝗮𝗹𝘄𝗮𝘆𝘀 𝗱𝗲𝘁𝗲𝗿𝗺𝗶𝗻𝗲 𝘆𝗼𝘂𝗿 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲.

Let's talk specifics about your goals and see what makes the most sense for your lifestyle. I'd love to run through different scenarios and loan estimates so that you have a true understanding of what options you actually have.

06/28/2022

Wondering if we’re in a housing bubble? If so, you’re not alone.

This market may feel a lot like the market in 2008, but don’t worry, there are some major differences. Here are a few reasons economists argue that we are NOT in a housing bubble like we were in '08:

✔️ Lending standards have significantly changed! Subprime lending and no-documentation loans were a huge concern and cause during the crash, leading to many government bail-outs and defaults of mortgages. Appraisal Management Groups have been set in place for more of a firewall between appraisers and lenders to avoid interference/influence on values. Basically, it's much harder to get a loan today than it was in 2008.

✔️ Real Estate is local. When the market crashed previously, it was due to lending across the entire nation, which triggered the stock market, among other things. What we are experiencing now is staggeringly low inventory in certain hot spots, causing prices and values to rise even with increasing interest rates.

The main factors in the current housing market are low supply and strong demand, not subprime mortgages and sloppy lending. Yes, home prices are appreciating, and inflation is rising, but the market is strong with no hint of slowing down.

If you’re curious about buying or selling in our current market, let's chat. I would love to answer any questions you may have!

06/21/2022

Buying a home is an important milestone for anyone, but it can be intimidating when you’re not sure what to expect.

Here are 3 things you should do to prepare for the home buying process:

① 𝙳𝚎𝚝𝚎𝚛𝚖𝚒𝚗𝚎 𝚢𝚘𝚞𝚛 𝚏𝚒𝚗𝚊𝚗𝚌𝚒𝚊𝚕 𝚑𝚎𝚊𝚕𝚝𝚑 —
Get your finances & credit score on track. Figure out how much you will need/want to spend on a downpayment and closing costs, and how much you can afford to spend monthly. Don't forget to have an emergency savings fund set aside, and to budget for all of the utilities and typical upkeep,

② 𝙶𝚎𝚝 𝚙𝚛𝚎-𝚊𝚙𝚙𝚛𝚘𝚟𝚎𝚍 —
I've said it before and I will say it again. Make sure you get pre-approved BEFORE looking at homes! This is especially important in today's competitive housing market, and the way financing has changed (rates, grants, various loan programs). Do your research to find a good lender or ask your agent – this person will be handling the biggest purchase of your life, so don't just take the easy route and apply with an online lender (𝘤𝘰𝘶𝘨𝘩, 𝘳𝘰𝘤𝘬𝘦𝘵 𝘮𝘰𝘳𝘵𝘨𝘢𝘨𝘦, 𝘤𝘰𝘶𝘨𝘩).

③ 𝙵𝚒𝚗𝚍 𝚊 𝚁𝚎𝚊𝚕𝚝𝚘𝚛 𝚢𝚘𝚞 𝚝𝚛𝚞𝚜𝚝 —
Your agent will help guide you throughout the entire process and protect you during the sale, from sitting down to discuss what you're looking for in a home, to submitting an offer, negotiating repairs, handling all of the paperwork, and being there when you finally get the keys to your new home. Their knowledge of the home buying process, negotiating skills, and familiarity with the area you want to live in can be extremely valuable. And best of all, it's FREE! Your real estate agent is paid by the seller, in most cases.

If you're considering a move, I would be happy to send you a copy of my FREE homebuyer guide!

06/14/2022

“𝗔𝗽𝗽𝗿𝗮𝗶𝘀𝗮𝗹 𝗚𝗮𝗽 𝗖𝗼𝘃𝗲𝗿𝗮𝗴𝗲” is a term that has been a hot topic of conversation since 2020 and 2021 with the increase in home values and shift in the overall market. But what does it really mean?

When you purchase a home with a mortgage, the lender usually requires an appraisal to validate the purchase price and "protect" themselves to ensure that they are only loaning you what they are told the home is "worth" based on comparable homes. This is to protect you as well so that you are not underwater on your home value before you even settle.

𝘚𝘰 𝘸𝘩𝘢𝘵 𝘩𝘢𝘱𝘱𝘦𝘯𝘴 𝘸𝘩𝘦𝘯 𝘵𝘩𝘦 𝘷𝘢𝘭𝘶𝘦 𝘰𝘧 𝘵𝘩𝘦 𝘢𝘱𝘱𝘳𝘢𝘪𝘴𝘢𝘭 𝘤𝘰𝘮𝘦𝘴 𝘪𝘯 𝘭𝘰𝘸?

In an aggressive market with pent-up buyer demand and historically low inventory, offers are being made with stronger, more creative terms, such as providing assurance that any difference between the contract price and the appraised value (or up to a certain amount of the difference), will be made up in additional cash at settlement. It's important to understand the risk involved with covering an appraisal gap, along with your options if the appraisal does happen to come in lower.

There is no better time for you to have an experienced (well-connected and creative) agent on your side to explain how you can structure your offer to win the home of your dreams. You will want to partner with an agent AND lender who will share all available options, such as restructuring your down payment, adding a second mortgage, and buying-out mortgage insurance, just to name a few.

𝗣𝗿𝗼 𝘁𝗶𝗽: 𝘀𝗽𝗲𝗮𝗸 𝘄𝗶𝘁𝗵 𝘆𝗼𝘂𝗿 𝗹𝗲𝗻𝗱𝗲𝗿 𝗯𝗲𝗳𝗼𝗿𝗲 𝗮𝘀𝘀𝘂𝗺𝗶𝗻𝗴 𝘆𝗼𝘂 𝗰𝗮𝗻 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝗽𝗿𝗼𝘃𝗶𝗱𝗲 "𝗴𝗮𝗽 𝗰𝗼𝘃𝗲𝗿𝗮𝗴𝗲" — you don't want to drain your entire savings account or rainy day fund in doing so.

Looking for an experienced agent to help guide you and protect you in this aggressive market? Send me a message and let's chat!

06/07/2022

Yes — it’s 2022, not 1982 ... interest rates have certainly changed, along with many other aspects of the industry (construction standards, mortgage underwriting, home values, marketing, etc).

𝗝𝘂𝘀𝘁 𝗰𝘂𝗿𝗶𝗼𝘂𝘀, 𝘄𝗵𝗮𝘁 𝘄𝗮𝘀 𝘁𝗵𝗲 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗿𝗮𝘁𝗲 𝗳𝗼𝗿 𝘆𝗼𝘂𝗿 𝗳𝗶𝗿𝘀𝘁 𝗵𝗼𝗺𝗲?

There has been a lot of discussion around interest rates — we’re seeing scenarios where the typical fixed-rate mortgage might not be the best product for you.

For a 30-year fixed-rate mortgage just in the past 5-6 years, we have seen interest rates adjust from 4% down to 2.5% and back up to 5.5% — a lot can change in one year and it’s important for us to remember the cyclic nature and flow of the housing market. Real Estate continues to be one of the greatest (often the most profitable) investments you can make.

Have questions about the rising rates or our current market? Send me a message!

06/06/2022

Happy to find our buyer this perfect home 🏡... Congrats and Best Wishes.
Looking to Buy or Sell? We can Help! www.emilywolskihomes.com

05/24/2022

Buying a home can be complicated and time-consuming, but it should also be fun and exciting! Most buyers & sellers welcome help from a real estate agent to walk them through the process, handle the paperwork, and fight any battles that may arise.

Here are just a few ways your buyer's agent protects you during the homebuying process:

✔️ Complete analysis of the property, pointing out flaws and future "big ticket" items that may need attention, and other concerns: water stains, cracks, old windows, foundation or settling issues, broken or missing shingles, and old mechanicals.

✔️ Thoroughly researches the neighborhood in order to determine value, and suggest a good starting point (while recommending an upper limit) for an offer.

✔️ Negotiates on your behalf. In our current market, your agent should be aggressive and help you submit a competitive offer to win a multiple offer situation. There are creative ways to make your offer stand out amongst the others. They might even advise you to walk away and find another place.

✔️ Large local network. Your agent refers you to other trusted professionals, along with a title company or closing attorney,
a reputable and experienced home inspector, creative lender, and anyone else you may need — don't forget about those projects you have planned ... 𝚊 𝚐𝚘𝚘𝚍 𝚊𝚐𝚎𝚗𝚝 𝚠𝚒𝚕𝚕 𝚊𝚕𝚠𝚊𝚢𝚜 𝚔𝚎𝚎𝚙 𝚒𝚗 𝚝𝚘𝚞𝚌𝚑!

How often does a buyer go through the homebuying process? Maybe 2-3 times in a lifetime. How many times does a good agent go through the process? 20-40+ times a year! It's crucial to have a trusted agent on your side advocating for you and guiding you through the process.

𝗜𝗳 𝘆𝗼𝘂'𝗿𝗲 𝘁𝗵𝗶𝗻𝗸𝗶𝗻𝗴 𝗮𝗯𝗼𝘂𝘁 𝗺𝗮𝗸𝗶𝗻𝗴 𝗮 𝗺𝗼𝘃𝗲, 𝘀𝗵𝗼𝗼𝘁 𝗺𝗲 𝗮 𝗺𝗲𝘀𝘀𝗮𝗴𝗲. I would love to chat about your goals to make it a reality!

05/17/2022

𝗧𝗿𝘂𝘀𝘁 𝘂𝘀, 𝘄𝗲 𝗴𝗲𝘁 𝗶𝘁: it can be REALLY challenging for buyers right now, especially in certain segments of a market, and you may not have the opportunity to perform full due diligence as you may have in the past. Only you will truly know your comfort level to move forward, and it's important, as professionals, that we provide you with all available options.

To be competitive, you may waive the right to get an inspection or negotiate for any repairs, HOWEVER, that should not stop you from learning everything you can about your new home — even if it is after you move in. After all, how many years do you plan on living there? Effective budgeting and planning require full details: knowledge is power and ignorance is NOT bliss.

It is important to be aware of all safety issues, maintenance items to keep an eye on, and big-ticket replacements you may have to budget for. The other important inspection you should consider? Radon. this odorless gas is the leading cause of lung cancer among non-smoking adults.

𝗣𝗿𝗼 𝗧𝗶𝗽: 𝗔𝗹𝘄𝗮𝘆𝘀 𝘁𝗮𝗸𝗲 𝗰𝗮𝗿𝗲 𝗼𝗳 𝗺𝗮𝗷𝗼𝗿 𝗯𝗶𝗴 𝘁𝗶𝗰𝗸𝗲𝘁 𝗶𝘁𝗲𝗺𝘀 𝗯𝗲𝗳𝗼𝗿𝗲 𝗰𝗼𝘀𝗺𝗲𝘁𝗶𝗰 𝘂𝗽𝗱𝗮𝘁𝗲𝘀! 𝗚𝗲𝘁 𝗾𝘂𝗼𝘁𝗲𝘀 𝗳𝗿𝗼𝗺 𝘁𝗿𝘂𝘀𝘁𝗲𝗱 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗼𝗿𝘀 𝗮𝗻𝗱 𝗽𝗹𝗮𝗻 𝗮𝗰𝗰𝗼𝗿𝗱𝗶𝗻𝗴𝗹𝘆.

I have home inspectors I trust and would be happy to recommend! Send me a message and I can connect you!

05/10/2022

If you've been looking to secure that "right home" in our current market, you know that there are a lot of factors to consider when submitting an offer. Although many people think that the highest offer always wins, that is not always the case. Here are a few reasons why a seller may NOT choose the highest offer:⁣
⁣
1. 𝙰𝚕𝚕 𝚌𝚊𝚜𝚑 𝚘𝚏𝚏𝚎𝚛𝚜
If a buyer brings an all-cash offer, the seller doesn't have to worry about the deal falling through because of financing issues, or an appraisal coming in too low (which can be a concern if there are multiple offers above the asking price).

2. 𝙵𝚒𝚗𝚊𝚗𝚌𝚒𝚗𝚐
One buyer may offer more, but another buyer could be more qualified with more cash for a downpayment, or pre-approved with a more favorable loan program (such as conventional, versus FHA financing, which can sometimes be seen as a "riskier loan"). Choosing the buyer with stronger financing helps avoid fallouts before settlement.

3. 𝙲𝚘𝚗𝚝𝚒𝚗𝚐𝚎𝚗𝚌𝚒𝚎𝚜
If a buyer doesn’t elect contingencies. A common contingency is that a buyer must sell his or her home before buying. The other main contingencies are mortgage (financing), and inspection contingencies.
Sellers love when an offer is free and clear of contingencies that could potentially cause a sale to fall through or cost them money. Did you know that inspections are the main reason a sale will fall through?

Although it is important to go in with a strong price, sellers also take into consideration other factors when deciding which offer is the winner.
Sellers are looking for a competitive offer — an offer that is clean, and with the least amount of contingencies.

If you are looking to buy a home and want an aggressive agent on your side, shoot me a message! I'd love to help you WIN in this market ... experience and creativity matter in the market of the moment.

05/03/2022

"I'll just wait until prices go down because it will be cheaper for me to buy."

𝐖𝐫𝐨𝐧𝐠.

It's important to understand that it has historically never been cheaper to borrow money, aka finance a mortgage. Yes, prices are higher than they were 20 years ago, HOWEVER, rates were in double-digits.

Spoiler alert: it's cheaper to buy now than it is to wait, and experts don't anticipate values to drop, they just won't appreciate in double-digits as they have in recent years.

Don't get caught in the rental trap — monthly rents are keeping on track with demand as purchase supply is not on pace with buyer demand, causing prospective buyers to renew lease terms and get stuck into lengthy lease agreements.

𝐋𝐞𝐭'𝐬 𝐝𝐨 𝐭𝐡𝐞 𝐦𝐚𝐭𝐡:
• $300k loan amount @ 3.5% =
$1,347/month
• 280k loan amount @ 4% =
$1,337/month

Let's say you were waiting until prices dropped ... and just assume prices continued to rise, and interest rates continued to follow (as both have been):

• $300k loan amount @ 3.5% =
$1,347/month
• $320k loan amount @ 3.75% = $1,482/month
• 340k loan amount @ 4% =
$1,623/month 🤯

𝙳𝚘 𝚝𝚑𝚎 𝚗𝚞𝚖𝚋𝚎𝚛𝚜 𝚠𝚘𝚛𝚔 𝚏𝚘𝚛 𝚢𝚘𝚞 𝚗𝚘𝚠 𝚘𝚛 𝚒𝚗 𝚝𝚑𝚎 𝚏𝚞𝚝𝚞𝚛𝚎? We can only act on what's best for us right now. Frustrated with the current market? Let's chat and figure out a way to get you into a new home!

Tim Bonfig - Emily Wolski Homes

07/12/2022

07/08/2022

07/05/2022

06/28/2022

06/21/2022

06/14/2022

06/07/2022

06/06/2022

05/24/2022

05/17/2022

05/10/2022

05/03/2022

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