Lancaster County Market Update - March 2012
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!
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.