John Lee Real Estate

John Lee

What's going on, guys? I'm John Lee, The Most Interesting Realtor. I help people buy, sell, and invest across Philadelphia and Montgomery, Bucks, Chester, and Delaware counties in Pennsylvania. Here we talk about what actually happens in real estate: the deals, the mistakes, the money, and the people behind it. I share what I'm seeing with clients, what I've learned owning rental properties, and conversations about business, family, and life outside of work. John Lee | Real Broker, LLC More episodes and articles: johnlee-realestate.com/podcast/

  1. Sep 4

    Appraisal Gap: Why the Highest Offer Doesn't Win | John Lee Real Estate

    Anybody can write a big number on an offer. Very few buyers can actually close at it. If you are buying a home in a multiple offer situation, the instinct is simple. Go higher. If you are selling, the instinct is just as simple. Take the biggest number. Both instincts miss what actually decides who gets to the closing table. The price at the top of an offer is only one part of the offer. What matters is how much money the seller is likely to actually receive, how much risk is attached, and whether the buyer can perform under the terms they promised. The asking price is a marketing decision made by the seller and the listing agent. It is not a guarantee of value.An appraisal is an independent opinion of value. The lender generally calculates financing off the appraised value, not off whatever number you agreed to pay.An appraisal gap is the difference between your purchase price and the appraised value. Somebody has to address it.Appraisal gap coverage is your written promise to cover some or all of that difference. The exact responsibility depends on the language in the agreement.Covering a gap does not always require new money. Depending on your qualifications and loan program, a lender may be able to restructure how your existing cash is applied.⬇️ CONNECT WITH ME ⬇️ INSTAGRAM: @johnlee_realestate FACEBOOK: facebook.com/jl.johnleee TIKTOK: @johnlee_realestate WEBSITE/NEWSLETTER: https://johnlee-realestate.com/

  2. Jul 29

    The LeBron Effect Is Real. It Stops at 1 Mile | John Lee Real Estate

    LeBron James is officially a Philadelphia 76er, and somebody is already using that to sell you a house in South Philly. Slow down.Economists have actually measured what happens to a local economy when LeBron James arrives. A Harvard Kennedy School and American Enterprise Institute study tracked his moves between Cleveland and Miami and found something specific: the number of restaurants and bars within one mile of the arena rose roughly 13 percent, and employment at those businesses jumped about 23.5 percent. The LeBron effect is documented, but it is a foot traffic story, not a home value storyRestaurants within one mile of the arena rose about 13 percent, employment about 23.5 percent (Shoag and Veuger, Harvard Kennedy School, 2017)The measurable effect disappears past roughly seven miles from the arenaLeBron signed a two-year, 8 million dollar deal with a player option in year two, so the timeline could be as short as one seasonThe real asset is the district, not the player: the Stateside Live expansion, a planned new arena targeted for 2030, a WNBA franchise debuting in 2030, and a 2.5 billion dollar sports complex master planThe new arena still needs legislative approval, which is exactly why you time decisions to shovels, not headlinesThe rule: never buy a long-term asset based on a short-term narrative with an expiration date ⬇️:CONNECT WITH ME ⬇️INSTAGRAM: @johnlee_realestate FACEBOOK: facebook.com/jl.johnleee TIKTOK: @johnlee_realestateWEBSITE/NEWSLETTER: https://johnlee-realestate.com

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What's going on, guys? I'm John Lee, The Most Interesting Realtor. I help people buy, sell, and invest across Philadelphia and Montgomery, Bucks, Chester, and Delaware counties in Pennsylvania. Here we talk about what actually happens in real estate: the deals, the mistakes, the money, and the people behind it. I share what I'm seeing with clients, what I've learned owning rental properties, and conversations about business, family, and life outside of work. John Lee | Real Broker, LLC More episodes and articles: johnlee-realestate.com/podcast/