Real Estate Information

Check out all the fun things going on in Lancaster County this month!

http://www.mikeskillman.com/Top-10-Things-to-Do-in-Lancaster-County

http://www.kcmblog.com/2012/01/30/what-does-warren-buffet-think-about-buying-a-home/

The Market
329 homes sold in Lancaster County in the month of December, down 2% from December 2010.  Pending Sales, homes that went under contract, increased 7% in December compared to December 2010.  This, along with a lower number of New Listings, has helped further decrease the overall Supply of Inventory of homes for sale.  We have now had 5 consecutive months of improvement for this category.  The lower the Supply of Inventory, the higher demand (and property values) will go. 

Here is another indication that things are improving...December (and November) showed a lower reliance on the entry level homes to carry the market.   Although still the busiest segment of the market, homes selling under the $200,000 price level only accounted for 64% of the number of homes that went under contract and 67% of the number that sold in December, down from the past year average of 70%.  This has helped increase the Average Sales Price from November to December by $9073. 

What's The Going Rate?
RATES ARE STILL VERY LOW….3.75% on a 30 year note.   Here is an example of what the current interest rates (3.75%) can do compared to what is considered the average interest rate (7.0%) for the past 30 years.  Let’s say you can afford a monthly principal and interest payment of $1000.  At the 30 year average interest rate of 7.0%, your $1000 per month could cover a mortgage amount of 150,308.  At today’s current rate of 3.75%, that same $1000 per month could cover a mortgage amount of $216,000.  That is a $65,692 difference in buying power with today’s rates!

Thinking of Buying?
We are starting to see some sustained improvement in the overall economy and in the housing market.  Showing activity is picking up during what is historically considered the slowest time of year.  Curious to know what is currently for sale in your area, click here to receive a Daily Email List of Homes for Sale as they Hit the Market!

Thinking of Selling?
Many people thinking of selling in the near future tend to believe that it is best to wait until warm weather returns before putting their home on the market.  That may be true in years past during better markets, but in the current market, I don’t recommend waiting.  With the interest rates staying so low, buyers would be wise not to wait until the warmer weather to buy.  If you are thinking of selling, now is a great time for us to meet to get things started.  I can walk through your home with you and give suggestions as to how best prepare your home for the market.  Give me a call or Click here to request a Home Value Report.

Here is a clever list of resolutions for your home.  http://www.houselogic.com/home-advice/home-thoughts/houselogic-new-years-resolutions-home/

The Market
312 homes sold in Lancaster County in the month of November, up 2% from November 2010.  Pending Sales, homes that went under contract, increased 12% in November compared to November 2010.  This has helped further decrease the overall Supply of Inventory of homes for sale.  In fact November is the 4th consecutive month of improvement for this category.   Now at 10.21 months of inventory, it had peaked in July at 11.53.  (4-6 months of inventory is ideal.)  We still have a way to go, but there are certainly signs of improvement.

The segment of the market seeing the most activity continues to be the under $200,000 price level (entry level homes), which accounted for 68% of the number of homes that went under contract and 70% of the number that sold in November.  Because of the high percentage of entry level homes selling, the Average Sale Price in the county continues to drop and in November was $173,123.

What's The Going Rate?
RATES ARE STILL VERY LOW….3.875% on a 30 year note and 3.375% on a 15 year note.  Yes, I did say 3.875% for a 30 year rate!  That’s amazing!  With rates so low and inventory so high, there are some incredible opportunities out there right now!

Thinking of Buying?
Do you have a goal of purchasing a home in 2012?  If so, you may want to get started early in the year.  We are starting to see some sustained improvement in the overall economy and in the housing market.  If this continues I would not be surprised to see interest rates start to rise.  Winter is a great time to be searching for a home because there are fewer buyers to compete against and there is plenty of inventory to choose from.  I’d be happy to help you get the process started.  Give me a call today.  If you are curious to know what is currently for sale, click here to receive a Daily Email List of Homes for Sale as they Hit the Market!

Thinking of Selling?
Many people thinking of selling in the near future tend to believe that it is best to wait until warm weather returns before putting their home on the market.  That may be true in years past during better markets, but in the current market, I don’t recommend waiting.  With the interest rates staying so low, buyers would be wise not to wait until the warmer weather to buy.  If you are thinking of selling, now is a great time for us to meet to get things started.  I can walk through your home with you and give suggestions as to how best prepare your home for the market.  Give me a call or Click here to request a Home Value Report.

I gladly welcome any questions/comments you may have about this information.  And please keep me in mind if you come across someone considering buying or selling real estate in Lancaster County.  Referrals make up a large part of my business!  And feel free to pass this post along to anyone you think could benefit from it!
 

Don't you just love this time of year!  Here are some great events taking place in Lancaster county throughout the month of December!

http://www.mikeskillman.com/Top-10-Things-to-Do-in-Lancaster-County

The Market

300 homes sold in Lancaster County in the month of October, up 13% compared to October 2010.  Pending Sales, homes that went under contract, increased 4% in October compared to October 2010.   This is a slight improvement from last month, which has helped lower the overall Supply of Inventory, a key indicator of the overall health of a market.  (4-6 months of Supply is ideal.  October’s Supply was 10.44 months.  It was as low as 2 during the peak of the market in 2005.)  The segment of the market seeing the most activity continues to be the under $200,000 price level (entry level homes), which accounted for 70% of the number of homes that went under contract and 73% of the number that sold in October.  Because of the high percentage of entry level homes selling, the Average Sale Price in the county continues to drop and in October was $175,806.

What's The Going Rate?

RATES ARE STILL VERY LOW….4.25% on a 30 year note and 3.75% on a 15 year note.  These rates are amazing!  With rates so low and inventory so high, there are still some incredible opportunities out there right now!

Thinking of Buying?

If you are thinking about upsizing or downsizing here in Lancaster County, now is as good of a time as any to be looking.  Interest rates and lower home prices are making homes more affordable than they have been in a long time.  If you are currently renting and are thinking about buying your first home, you may be pleasantly surprised with the impact that the low interest rates can have on a monthly mortgage payment.  If you are thinking about buying a home, click here to receive a Daily Email List of Homes for Sale as they Hit the Market!

Thinking of Selling?

Many people thinking of selling in the near future tend to believe that it is best to wait until warm weather returns before putting their home on the market.  That may be true in years past during better markets, but in the current market, I don’t recommend waiting.  With the interest rates staying so low, the buyers won’t all wait until the warmer weather to buy.  Plus, there are still many unknowns as to what the market will be like in 2012.  If you are thinking of selling, now is a great time for us to meet to get things started.  I can walk through your home with you and give suggestions as to how best prepare your home for the market.  Give me a call or Click here to request a Home Value Report.

I gladly welcome any questions/comments you may have about this information.  And please keep me in mind if you come across someone considering buying or selling real estate in Lancaster County.  Referrals make up a large part of my business!  And feel free to pass this email along to anyone you think could benefit from it!

Have a Happy Thanksgiving! 

Well maintained Cape Cod in great Brickyards location. Flexible floorplan offering an option for a 1st floor Master Bedroom. Very nice sunroom overlooking backyard. Laundry on 1st floor. Two large bedrooms and a bonus room (could be nursery or office) on 2nd floor. Finished walkout lower level with plenty of room for storage. HVAC system only 4 years old.
http://www.mikeskillman.com/Property/239-Mason-Drive-Ephrata-Pennsylvania

As the presidential debates start to heat up, there will be comments about the Administration’s Health Care Bill. We are again getting many questions about a possible 3.8% tax on home sales that some claim is in the bill. To answer these questions, we have decided to re-run a blog post we did last year. – The KCM Crew

Read more: http://www.kcmblog.com/2011/11/14/is-there-a-3-8-tax-on-homes-in-the-health-bill/