Real Estate Information Archive

The Market

The number of homes that went under contract in February 2012 was up 30% compared to February 2011.  This is the second consecutive month of double digit increases in this category.  Pending Sales is the most accurate, up-to-date indicator as the overall health of a real estate market.  So, as I mentioned last month, there is reason to be optimistic.  These improved numbers are making a difference as I am seeing fewer housing options available for buyers and more showings scheduled for sellers in select markets and price ranges.

What's The Going Rate?
RATES ARE STILL LOW….3.875% on a 30 year note.   No doubt the low rates have continued to help contribute towards the improved market stats.  As a result of improved stats, there has been a stronger demand for loans.  The government has recognized this demand and has already stepped in and increased the fees associated with many loans.  Now there is talk that they will target the rates next.  This seems counter-productive, but nonetheless, it wouldn’t be a big surprise.  You may want to take advantage of the rates while they are so good!   

Home Trends
Spring is here!  Here are some Spring Cleaning Tips that are sure to inspire!  

Thinking of Buying?
For those of you who would love to buy a home but don’t think you have enough money to put towards the purchase, you may want to consider a USDA loan.  USDA will give qualified buyers a loan with no money down and will allow the seller to pay for a large percentage of the buyer’s closing costs.  USDA’s rate right now is 3.75%.  Call me if you’d like more information.  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?
There is good reason to believe that we haven’t reached the bottom of the housing downturn quite yet, even though the past few months have been better than we’ve seen in quite some time.  The reason, you ask??  Another wave of foreclosures that has yet to hit the market.  Here is an excellent blog post from a group that has been following this potential issue closely.  As this post reports, the best time to sell if this pending wave comes near you would be now!  If you are thinking about selling, give me a call or Click here to request a Home Value Report.

President Obama recently announced he would extend the nation’s mortgage refinancing program in an effort to provide relief to homeowners whose mortgages are worth more than the value of their homes. With 11 million underwater households no one can claim the housing crisis over. However, some regions have survived the crisis better than others. In those areas, home values are either stable or rising, and unemployment is below the national average. 

Read more: http://247wallst.com/2011/10/28/the-american-cities-where-mortgages-are-staying-afloat/#ixzz1cU0FPzob

The Market

391 homes sold in Lancaster County in the month of August, up 29% compared to August 2010.  Pending Sales, homes that went under contract, increased 15% in August compared to August 2010.  These strong numbers have helped decrease the Supply of Inventory , down 102 units in August compared to the month before.  The segment of the market seeing the most activity is the under $200,000 market.  70% of the homes that went under contract in August were listed at or below $200,000.

What's The Going Rate?

RATES ARE STILL VERY LOW….4.5% on a 30 year note and under 4% on a 15 year note.  These rates are amazing!  With rates so low and inventory so high, there are some incredible opportunities out there right now!

Thinking of Buying?

Attention RENTERS…I recently came across a local lender offering a 3% down Conventional loan WITH NO PMI!  PMI (Mortgage Insurance) is normally required on all loans with less than 20%.  PMI typically costs $50-100 per month. This program represents a great opportunity to buy a home with little down payment and a monthly payment very comparable to your monthly rent.  Call me for details.

If you are thinking about buying a home in Lancaster County, click here to receive a Daily Email List of Homes for Sale as they Hit the Market!

Thinking of Selling?

Ever wonder what homes have been selling for in your neighborhood?  Thinking of selling this fall? 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!

Enjoy the rest of your September!  It is a great time of year to live in Lancaster County!

Mike

Here is an update on the Lancaster County Real Estate Market.

After a busy March, the Lancaster County Real Estate Market began to slow down a bit in April.  Pending sales were down 3% and the number of homes for sale rose 3%.  The good news is that the number of sold properties went up 17% compared to March. 

Much of the improvement we have experienced in the housing market in the past few months can be attributed to First Time Home Buyers.  First Time Home Buyers (those purchasing homes less than $200,000) are buying homes again due to the improved economic outlook, the low interest rates (5%) and an overall increase in the average rental amounts. 

With an increase in the number of properties in the “under $200,000” price range going under contract or selling, we should start to see improvement in other segments of the market as well in the months ahead.  This is primarily due to the fact that the sellers of these homes going under contract are freed up to purchase a different home, often something in a higher price range. 

Get an instant Market Snapshot for Your Home!

If you are thinking about upsizing or downsizing here in Lancaster County, now would be a great time to get your current home on the market.  As I mentioned above, the number of buyers returning to the market is steadily improving which should help your home’s marketability.  If you are currently renting and are thinking about buying your first home, interest rates are still low and you may be surprised what a monthly mortgage payment would look like compared to the amount you are paying in rent each month.  Don’t wait too long though, as rates are starting to show signs of going up.  Most economists expect rates continue to rise steadily throughout the year, as the economy continues to pick up steam.

Receive a Daily Email List of Homes for Sale as they Hit the Market!

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!

Enjoy the rest of your May!

Mike

Here is an update on the Real Estate Market for Lancaster County.  January 2011 showed continued promise as Pending Sales picked up where it left off prior to the holidays and the Supply of Inventory dropped for the first time after showing several months of increases.  These are the two most accurate indicators for the current state of the market.

Pending Sales – the number of homes that went under contract in January 2011 was 299, up from 256 in December.  This is a healthy number for this time of year.  It shows that the number of buyers out looking for homes is improving, which is what we were seeing prior to the holidays.

Supply of Inventory – the number of months needed to sell all the homes currently for sale was at a rate of 9.18 in January 2011.  This rate is a significant improvement compared to the last 5 months of 2010.  We had a very slow summer in 2010, which led to a backlog of properties available in the fall, which led to the higher Supply of Inventory.  It peaked in December 2010 at 9.88.  We started to see improvement in Pending Sales in the fall, and now with January’s Pending Sales, we are seeing an improved Supply of Inventory.

The number of Sold Listings and the Average Sales Price were significantly less in January 2011, but both were heavily influenced by the holidays, since that is when the decision making process of purchasing a home in January most likely took place.

Get an instant Market Snapshot for Your Home!

Hopefully, with the economy continuing to show signs of stability and interest rates holding steady around 5%, our number of Pending Sales will continue to improve going into Spring, which would greatly help us return to a reduced supply of inventory.  A reduced supply would improve demand, which would allow us to start seeing appreciation again.

If you are in the market to buy a home, whether it would be a home for you to live in or an investment property, now would be an excellent time to buy.  There is still a clear opportunity to purchase real estate in Lancaster County at a reduced price.  But, as the numbers above show, there are signs that the market is beginning to improve.  So the buying power you have today in a slower market with the low interest rates may not be around for very long! 

Receive a Daily Email List of Homes for Sale as they Hit the Market!

Feel free to call me with any questions you may have about this report or anything else real estate- related that I can help you with.  And please let me know if you know anyone considering buying or selling real estate in the near future.

Enjoy the rest of your February!  Remember, Spring is right around the corner!

Mike

After a sluggish summer, 2010 ended on a positive note in the Lancaster County Real Estate Market, as the number of homes being sold began to pick up the pace.  October and November in particular were very healthy months, which is evident by the strong number of Sold Listings in December, up 20% compared to December of 2009.

In looking at the other statistics, the number of Pending Sales in December was slightly better than in 2009.  The number of New Listings was slightly higher as well.  The Average Sales Price also showed just a slight change compared to December 2009.  These statistics are all fairly normal and to be expected for the month of December, when holiday events take priority.

Although we are seeing signs of improvement, the last 3 categories in the chart (Listings Available, Sales in Previous 12 Months, and Supply of Inventory) show that there is still much work to be done.  The slow 1^st and 3^rd Quarters in 2010 took their toll and there is quite a bit of inventory that needs to be sold. The healthy 4^th Quarter helped keep the inventory from continuing its upward climb.  This is important because as the number of households deciding to place their home on the market increases, the number of those selling needs to increase as well to minimize a downward pressure on prices.

Get an instant Market Snapshot for Your Home!

Hopefully, with the economy continuing to show signs of stability and interest rates continuing to stay low, our number of Pending Sales will hold steady until Spring, which would greatly help us return to a reduced supply of inventory.  A reduced supply would improve demand, which would allow us to start seeing appreciation again.

If you are in the market to buy a home, whether it would be a home for you to live in or an investment property, now would be an excellent time to buy.  Many homeowners would prefer not to carry their (often-vacant) homes through the winter, so they extra-motivated to sell right now.  There is a clear opportunity to purchase real estate in Lancaster County at a reduced price.  But, as the numbers above show, there are signs that the market is beginning to improve.  So the buying power you have today in a slower market with the low interest rates may not be around for very long! 

Receive a Daily Email List of Homes for Sale as they Hit the Market!

Feel free to call me with any questions you may have about this report or anything else real estate- related that I can help you with.  And please let me know if you know anyone considering buying or selling real estate in the near future.

Enjoy the rest of your January, and all the snow it brings!  Remember, Spring is right around the corner!

Mike