Relevant Commentary, all information Philly (real estate and otherwise), Open Houses, Listings, Happenings, and More — by Jeff “City” Block
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Like all of my clients, I am always looking to take prudent steps to save money when it comes to my home. Today, I have two suggestions, one that I just did and one that I am about to sign up for.
Everyone will be familiar with the first suggestion, which is refinancing. What you may not realize is that even if you refinanced in the past few years (even the past year), it could still make sense to refinance again. It all depends on your rate, how long you plan to stay in your home, and whether you are in a position to perhaps reduce the term of your loan.
Of course, everyone knows a lower rate is a great way to reduce immediate payments and lower the amount of interest you pay over the entire loan term. But the best way to build equity and remove $10,000’s if not $100,000’s in interest payments is to reduce the term as well (lower terms often have lower rates as an added bonus).
For example, I purchased my home in July 2018 and got a historically great rate at that time. But by July 2019, rates had reduced so much that it made sense for me to consider a refi. I got even a lower rate by switching from a 30 year to a 20 year and significantly reduced the cost of the loan over the term. Then in December 2020, with rates at an all-time low, I refinanced again with a 15 year, further reducing my costs over time.
Of course, the shorter term will have higher payments, so it may not work for everyone, but if you can now afford a higher payment than you could when you purchased or last refinanced, this is a great mechanism.
And even if you keep the term the same, you may be able to materially reduce your monthly payment if you simply refinance at this time.
If you want further information about refinancing or the names of a couple excellent local loan officers who can help you get the best rate and program to meet your needs, please contact me directly.
By the way, how many times have we heard over the past 15 years that “rates are at an all-time low.” This has got to be the real all-time low now, right?
The second suggestion is something I have looked into and now plan to do. It is Philly’s water and sewer service line protection program that is available for homeowners and landlords in Philadelphia.
Unless you have learned the hard way, you might not even realize that it is typically a homeowner’s responsibility to maintain and repair your water and sewer lines, and when the unexpected happens, and there is an issue, it can cost thousands of dollars. Well now, the Philadelphia Energy Authority and American Water Resources have partnered to establish a program to insure against this potential loss.
Now I understand that some people are leery of warranty programs in general, and I understand that. Many are totally not worth it. This program is about $10/month, and I have seen a lot of homeowners have to shell out $7,500+, especially based on a buyer sewer scope inspection.
If you live in Philly, you should definitely consider adding this extra layer of protection to your home. I plan to do it ASAP.
Click here for more info or to enroll today.
I hope you find this information helpful, and please contact me directly if you would like to discuss the specifics of your property or situation.
Thank you and have a great weekend.
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CBT Open Houses on hold. Safe private showings continue.
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The City Block Team strives to be a leader in the real estate community, and keeping our clients and community safe is always a primary goal. So our open houses remain on hold until further notice due to the substantial rise in COVID-19 cases in the Philadelphia area.
All of our listings remain available for safe, private showings at your convenience, and we are always available to show.
So if you planned to hit an open house this weekend, just let me know ([email protected]). Or, if you already have a buyer agent, please contact them, and we will set the showing right away, at your convenience.
Thank you for your understanding.
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2 BD | 2 BA | 1,140 SF
$624,000
FRESHLY PAINTED THROUGHOUT AND CROWN MOLDING STUNNINGLY RESTORED. A MUST SEE IN PERSON. Truly a unique residence in a charming doorperson building in Rittenhouse.
This 2-bedroom, 2-bathroom corner residence is sun soaked with tree lined views from all 7 East and South facing windows. You can watch the seasons change right from your over-sized living and dining area overlooking a quiet street.
Open kitchen perfect for entertaining, and breakfast bar. Stainless steel appliances, Sub-Zero Fridge and brand-new washer and dryer.
High ceilings with crown moldings, and hardwood floors throughout give this wonderful condominium a romantic yet desirable floor plan.
Primary bedroom with ensuite marble bathroom and glass shower and great closet space. The second bathroom features marble tiling and jacuzzi tub.
This dog friendly building is located just one block from Rittenhouse Square Park, perfect for walking your dog, people watching, and dining, and convenient to all the city has to offer.
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(Safe) Philly Fun This Week
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More Black History Month Events
Here’s are some events to celebrate Black History Month this week in Philly:
Photograph from @
marianandersonhistoricsociety
on Instagram & content courtesy of uwishunu.com.
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Presidents Day Weekend in Philly
The National Constitution Center reopens just in time for Presidents Day weekend, complete with interactive trivia games, presidential role-play scenarios, and more.
Also, visit the nearby Museum of the American Revolution where programming includes take-home crafts and the Washington’s War Tent experience, as well as virtual activities and tours.
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4 Bed | 4.5 Bath
$1,275,000
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East Mount Airy
New Construction
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250 S 17th Street, Unit 100
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4617 Pine Street, Unit H210
4 Bed | 2.5 Bath
$449,000
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As always, please know that I’m humbled by and appreciative of your introductions and referrals. If you have a friend, colleague, or family member that is in need of Expert Real Estate Representation, please have them contact me.
Be assured, I will do my best to exceed their expectations! Thanks for taking the time to read this issue of Around the Block.
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Some imagery in this e-newsletter was sourced via Visit Philadelphia®. UWISHUNU Philadelphia, and Canva.
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