Lancaster County Market Update - April 2012

Thursday, April 19, 2012

by Mike Skillman

The Market

The number of homes that went under contract in March 2012 was up 16% compared to March of 2011. This is the now the third consecutive month of double digit increases in this category. Sold Listings also saw double digit increases in March compared to last year. These improved numbers continue to make 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 holding steady….3.875% on a 30 year note. However the cost involved in obtaining a mortgage continues to go up. So far this hasn’t had a negative effect on buyer’s decisions. If rates start to go up though, the higher fees could start to have an impact. Take advantage of the rates while they are so good!

Home Trends

Spring is here! Even if you checked out this series of articles last month when I posted it, you may want to revisit it. There are some new articles posted. Here are some Spring Cleaning Tips that are sure to inspire!

Thinking of Buying?

USDA loans continue to be the most popular option for first-time homebuyers. It requires the least amount of money from buyer’s compared to the other options available. It is only available in certain areas though. Manheim Twp, Millersville and most of Hempfield don’t qualify, but Lititz, Ephrata, Mount Joy, Manheim, Leola, Strasburg and surrounding areas do. 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?

As I have been sharing with you for some time now, 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 for concern?...Another wave of foreclosures that has yet to hit the market. It is expected to hit sometime this summer. If you are thinking about selling, now is a great time to beat this next wave and get your house sold before the foreclosure market picks up speed. Give me a call or Click here to request a Home Value Report.

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Is the Housing Market Actually Recovering?

Tuesday, March 13, 2012

by Mike Skillman

Here is a good summary of what is currently taking place in the real estate market from KCMblog.com.

Everyone wants to know if the housing market is truly showing signs of a recovery. There are conflicting headlines every day. One day, we hear sales are up. The next day it is reported that prices are down. Is the real estate market coming back? The answer is ‘yes’ and ‘no’. Read further: http://www.kcmblog.com/2012/03/13/is-the-housing-market-actually-recovering/

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Lancaster Real Estate

Lancaster County Market Update - February 2012

Friday, February 17, 2012

by Mike Skillman

The Market

The number of homes that sold in January 2012 was up 11% compared to January 2011. Pending Sales were up a whopping 20%. The Supply of Inventory for January was the lowest it has been since July 2010. The Average Sales Price is holding steady after 7 straight months of decline. Needless to say, 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 VERY LOW….3.875% on a 30 year note. No doubt the low rates contributed to the great January numbers. Let’s hope they stay like this for a while!

Thinking of Buying?

Payroll Tax Cut, remember the showdown in Congress back in late December? One of the unfortunate parts of this bill gives HUD the ability to increase the cost of mortgage insurance associated with new loans. HUD is expected to exercise this right sometime this spring. If you have been sitting on the house-buying fence, now may be a good time to hop off and start shopping before loans get more expensive! Click here to receive a Daily Email List of Homes for Sale as they Hit the Market!

Thinking of Selling?

Spring is just around the corner. It is traditionally the most popular time to put your home on the market. It may be wise to get a jump on the competition and get your home on the market now. With the interest rates staying so low and the potential increase in mortgage fees mentioned above, buyers would be smart not to wait until the warmer weather to buy. Give me a call or Click here to request a Home Value Report.

Mike

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Lancaster Real Estate

Wall Street Journal & Forbes: It’s Time to Buy A Home

Monday, October 17, 2011

by Mike Skillman

We believe very strongly that now is the time to buy a home. Some will say we are just saying this to create real estate transactions and commissions. Because of that, today we will quote what those outside the real estate profession are saying to the people who look to them for financial advice. Read further: http://www.kcmblog.com/2011/10/17/wall-street-journal-forbes-its-time-to-buy-a-home/

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Rates Stay Low, BUT Will Costs Go Up?

Thursday, September 22, 2011

by Mike Skillman

Rates Stay Low, BUT Will Costs Go Up?

We are enjoying extremely low interest rates, for sure. With the global economy, the national economy and unemployment where they are, no one is predicting a dramatic change in rates any time soon. BUT, on Monday, the Obama Administration floated out some interesting proposals they are considering through the Acting Director of the Federal Housing Finance Agency (FHFA), Edward DeMarco. It appears that two significant changes in housing financing are on the table.

Read the entire article here: http://kcmblog.com/2011/09/22/rates-stay-low-but-will-costs-go-up/

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5 Great Reasons to Sell Your House Today

Tuesday, September 06, 2011

by Mike Skillman

We are often asked “Is it time to sell my home?” The answer to that question is based on what your families’ goals are. If you don’t need or want to move for a few years it might make sense to wait for the housing industry to recover and prices to appreciate. However, if you wish to move within the next six to eighteen months, it is probably better to sell sooner rather than later. Here are five reasons why: http://kcmblog.com/2011/09/06/5-great-reasons-t-sell-your-house-today-2/

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Delinquency Rates Dropping Dramatically

Monday, August 29, 2011

by Mike Skillman

In yesterday’s blog post, we explained that the ‘shadow inventory’ of distressed properties which has hung over the housing market will soon be released for sale. The real estate market won’t recover until we work our way through this discounted inventory. Read more: http://kcmblog.com/2011/08/25/delinquency-rates-dropping-dramatically/

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Homeowner: Why Wait?

Friday, August 19, 2011

by Mike Skillman

Here is a good infographic on why waiting to purchase a home isn't always such a great idea. Right now interest rates are still very low, making it a great time to get into a home!

http://kcmblog.com/2011/08/19/homeownership-why-wait/?utm_source=feedburner&utm_medium=email&utm_campaign=Feed%3A+KeepingCurrentMatters+%28The+KCM+Blog%29

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Should You Be Locking Your Loans?

Thursday, July 28, 2011

by Mike Skillman

The effects of the Debt Ceiling Debate have already started to push interest rates higher. If you have thought about buying a home, you may not want to wait much longer!

http://kcmblog.com/2011/07/28/should-you-be-locking-your-loans-2/

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Lancaster Real Estate Mortgage Loans

20% Down Not Required!

Tuesday, July 26, 2011

by Mike Skillman

I just met with some clients last night, and in talking with them, I learned that they were under the assumption that they would need 20% down in order to get a mortgage. I hear this time and time again. Although there is talk of the government imposing rules to force banks to require 20% down, nothing has been decided on this yet. So please spread the word.....20% down is not required in order to qualify for a mortgage! 3.5% for FHA loans and 5% down for Conventional loans is all that is needed in most situations.

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