Marty Millner
Real Estate Inventory trends, Yardley, Newtown, Bucks County, Pa.
I am working with a lot of buyers who want to find a home, and take advantage of the tax credit, before it expires. As I have posted, previously, in order to qualify, you must be under contract by April 30th, and close by June 30th, 2010.
What’s intersting right now, is that it appears as though the buyers are looking earlier than usual, for a spring market, but the sellers have not quite caught on. Check the chart below, which clearly shows that for both Yardley (19067) and Newtown (18940), inventory has very clearly, trended lower, over the past 90 days.
Yardley (19067) Newtown (18940) Single family homes inventory
As always, the real estate market in Yardley, Newtown, and all over Bucks County, is basically a function of suppy and demand. As we know, over the past several years, there have been many more people who want to sell, than those who want to buy. The result is a buyers market. Lots of inventory, all competing for a smaller buyer pool.
As we approach the spring market, the question really becomes, are we still going to see a market where there are a lot more sellers than buyers. The shift in inventory, at least offers the possibility that the dynamics in the market are shifting a bit, to a more balance market condition. We saw clear evidence, late last year, that the tax credit did stimulate transactions. From a units perspective, November 2009, was surprisingly busy.
It remains to be seen what the spring will bring. It is clear, that inventory levels have trended lower. Interest rates are incredibly low, and the tax credit is a wonderful incentive for those considering buying. How the relationship between numbers of buyers and sellers plays out , in each local market, will determine whether the market becomes more balanced in the spring.
If you would like to know what your house is worth, in the current market, please feel free to contact me.
Snow day in Yardley, Bucks County
If you live anywhere near Bucks County, Pa. then you know that today was a snow day. All over the East Coast, travel, and plans were disrupted, with anywhere from about a foot to 2 feet of snow. Not very conducive to real estate, but it did create a beautiful, quiet, and serene setting from Yardley, to Newtown, and all over Bucks County. Just a couple of quick, snow day pictures.
- Snow day in Yardley
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- Snow day in Yardley
Staging your home for sale, in Bucks County, winter.
home staging
I have written a couple of posts, explaining why the spring real estate market seems to be getting off to an earlier start than usual, in Yardley, Newtown and all over Bucks County, this year. Regardless of when the so called, spring market starts, in the North East, it generally means getting a house on the market while still in the winter season.
So, the question for real estate sellers in Bucks County, how do you make your house look as good as possible, in the winter months.
I am going to detail a few suggestions, that will help ensure that your property looks as good as possible. These suggestions are compliments of Charlene Storozuk, from an article in Realtor Magazine. Charlene is the owner of Dezigner Digz, a professional home decorating and staging company, based in Burlington, Ontario.
- This is a summary of the suggestions for staging your home, in winter.
- Make sure that all seasonal decorations are put away.
- Place a few frost resistant planters, or urns, outside. Decorate them with twigs, and witner greenery, and sparkly baubles.
- Statues look great in an outdoor winter garden. Make sure that the pieces are frost resistant, so they don’t crack. Place them strategically around the gardens, to help draw attention to outdoor spaces.
- For showings in darkness, a few outdoor lights, (clear, not colored) shining on statues and urns, or other interesting architectural details, help create drama.
- Invest in a digital photo frame, and load pictures taken in summer months. Buyers will have a sense of what is in the gardens, during warmer months. You can also include photos of family and friends, enjoying outdoor spaces, if they are available. Put the photo frame, in a conspicuous place, and play on continuous loop.
- Buyers want to appreciate a patio or deck. Make sure snow is removed as quickly as possible.
- If at all possible, leave your barbecue out in winter. It is even helpful to uncover it for showings. Many peple enjoy barbecuing in winter, and this will help them see that it is possible. You can go a step further, and set out a plate and some barbecue utensils along side of the grill. Can’t hurt to assist in the visualization process.
These are just a few of the ideas mentioned, to help with real estate showings in winter. I have mentioned it before, but I have a wonderful book, “450 ideas to help get your home sold quickly”. If you are interested in getting a copy, please send me an email, and I will email you a copy.
As always, your thoughts and comments are welcome.
Real Estate spring market early start, Yardley, Newtown, Pa; Bucks County
So the spring market seems to be off to an early start. How come? Check out the video.
Home buyers & sellers 2009; Yardley, Newtown, Bucks County, Pa.
The National Association of Realtors (NAR) recently released their report of home buyers and sellers, for 2009. Thought it would be interesting, to review some of the highlights of the report, with you.
Characteristics of Home Buyers
- 47 percent of recent home buyers were first time home- buyers.
- The typical first-time home buyer was 30 years old, while the typical repeat buyer was 48.
- The 2008 median household income of buyers was $71,300. The median income was $61,600 among first time buyers and $88,100 among repeat buyers.
- Twenty-One percent of recent home buyers were single females and 10 percent were single males.
- For one-thhird of recent hohme buyers, the primary reason for the recent home purchase was a desire to own a home.
Characteristics of Homes Purchased
- New home purchases were at the lowes level in eight years-down to 18% of all recent home purchases.
- The typical home purchased was 1800 sq. ft and was built in 1991
- Seventy-eight percent of home buyers purchased a detached single-family home.
- The median price of home purchased was $210,000 in the Northeast, $158,000 in the Midwest, $175,000 in the South, and $240,000 in the West.
- When considering the purchase of a home, commuting coosts were considered very or somewhat important, by 78 percent of buyers.
The Home Search Process
- For more than one-third of home buyers, the first step in the home buying process was looking online for properties.
- 94% of home buyers used the internet to search for homes.
- Real Estate agents were viewed as a very useful information source by 81% of buyers who used an agent while searching for a home.
- The typical home buyer searched for 12 weeks and viewed 12 homes.
Home Buying and Real Estate Professionals
- Seventy-seven percent of buyers purchased their home through a real estate agent or broker.
- Ten percent of buyers purchased a home in foreclosure, up from 3% in 2008.
- Forty-Four percent of buyers found their agent through a referral from a friend or family member.
Financing the Home Purchase
- Ninety-two percent of home buyers financed their home purchase.
- The percentage of first-time buyers who financed 100 percent of the purchase price with a mortgage, dropped to 15% from 23% last year.
- Nearly half of home buyers reprted they have madae some sacrifices such as reducing spending on luxury items, entertainment or clothing.
- One-fifth of first-time home buyers reported their mortgage application and approval process was somewhat more difficult than they expected, and one-in-ten reported it was much more difficult than expected.
Home Sellers and Their Selling Experience
- About half of home sellers traded up to a larger size and higher priced home and slightly more than one-fifth traded down to a smaller and less expensive home.
- Eighty-five percent of sellers were assisted by a real estate agent when selling their home.
- Recent sellers typically sold their home for 95 percent of the asking price and 60 percent reported they reduced the asking price at least once.
- Forty-two percent of sellers offererd incentives to attract buyers, most often assistance with home warranty policies and closing costs.
Home Selling and Real Estate Professionals.
- Forty percent of sellers who used a real estate professional found their agents through a referral by friends or family, and 26 percent used the agent they previously worked with.
- Ninety percent of sellers reported that their home was listed or advertised on the internet.
- Among recent sellers who used an agent, 81 percent reported they would definitely or probably use that real estate agent again or would recommend that person to others.
For Sale By Owner (FSBO) Sellers.
- The share of home sellers who sold their home without the assistance of a real estate agent was 11 percent. About half of them, 45 percent, knew the buyer prior to home purchase.
- The primary reason that sellers choose to sell their home without the assistance of a real estate agent to a buyer they did not know was that they did not want to pay a fee.
- Nearly one-third of FSBO sellers took no action to market their home, and 57 percent did not offer any incentives to attract buyers.
- Eighteen percent of FSBO sellers reported preparing or fixing upu the home for sale was their most difficult task, while 15 percent reported getting thte price right and and additional 15 percent reported understanding and performing paperwokr was the hardes part of selling their home.
So how does all of this compare with our market in Yardley, Newtown and throughout Bucks County? A couple of quick observations. Our prices tend to be higher than the National median, for sure. In most of the areas I cover, our median income is higher than the national average. It is certainly true that there were more first-time home buyers in 2009, than in previous years. I expect that trend to continue, for at least as long as the first-time home buyer tax credit exists. Also, for most of the markets that I cover, the number of foreclosures and distressed property transactions is higher than I ever remember, it is not as high as the national averages.
Hope you found this information helpful. Wonder what we will be saying about 2010, this time next year. Please feel free to share your thoughts.
First time home buyers in Yardley, Newtown and the entire Bucks County area.
Those who know me, know that I really enjoy working with first time home buyers. I think I have always been a frustrated teacher. I miss the days when my kids were younger, and I was involved in coaching all of their sports. Over the years, I coached softball for girls, baseball, basketball, soccer and tennis.
When working with first time home buyers, I feel like I am teaching. I especially love making first time home buyers, comfortable with the entire home buying process. I love their excitement, as well as their questions. They are so appreciative, and that makes me feel really good about what I do.
In no particular order, here are some of the questions that regularly come up when working with first time home buyers;
- We think we want to buy a house, where do we start?
Home many houses should I see before making a decision?
How will we know when it is time to make an offer?
When should we speak with a mortgage person?
What questions and what information will the mortgage person need?
How will we know if there is something wrong with a house that we like?
How long does it take to buy a house?
Why are the real estate taxes on houses that are the same price, so different?
What happens at the real estate closing?
We see lots of properties listed as short sales. What does that mean?
Shoud we buy something older or newer?
What do we do when we find the right house?
What do we have to sign, in order to make an offer?
How much money will we need?
Do we need an attorney?
How do we find someone to inspect a house we are interested in?
First time home buyers are scared, and excited. I get a great deal of satisfaction, going through everything with them, and sharing in their joy and happiness, at closing. For those considering buying right now, I really belive that it is a great time to buy. Interest rates are extremely low, and prices are down. As evidence of my belief in buying opportunities in the current market, 2 of my 3 kids have either purchased a house within the past few months, or are in the process, right now.
In future posts, I will address answers to the most common questions that first time buyers ask.
As always, I welcome your thoughts and comments.
Real Estate Update From Yardley, Pa., Bucks County-My recent experience with Multiple offers!
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My video recap of a recent experience with a listing where we had 2 offers within one week of listing the property. How and why? what can you do to sell you house faster?
Lambertville, New Hope, Pa – Bucks County – Winter Festival 2010 – January 23 to January 31, 2010
Lambertville, New Hope, Pa – Bucks County – Winter Festival 2010 – January 23 to January 31, 2010.
Winter Festival 2010 is upon us! This year it starts on January 23rd and goes through January 31, 2010.
There are many of your old favorites along with what will be come your new favorites this year. The Chili cook-off, the Winter Festival Concert (XPN Welcomes Daniela Cotton), and the Parade, but look for some new and updated offerings such as the Taste of Winter Fest and the Photo Tour.
You will have the opportunity to visit over 30 free events as well as 5 ticketed events. For a complete listing of events and to learn more, click on Events on the Winter Festival site. Tickets are currently on sale for all of the ticketed events – click on the Tickets link on the Winter Festival site to purchase. Most events sell out in advance, so be sure to get your tickets early.
Proceeds from the Festival go to many local organizations in need. You can also place donations, in canisters at all events and along the parade route. Non-perishable food items would be great, to help fill shelves of the organizations in need.
Please email me if you have any questions about the events. Hope to see you there!
Upper Makefield Township, Bucks County, 2009 real estate year in review
On my last post, I took a detailed look at what happend in 2009 in Lower Makefield Township real estate market.
Today, we are going to check out the results from 2009, in Upper Makefield Township real estate market.
Here is what the real estate market looked like, as we finished 2009, in Upper Makefield Township.
Inventory in Upper Makefield Township
There were 101 homes for sale, as of the end of 2009, in Upper Makefield. This compared with an inventory of 134, as of the end of 2008. There were 113 homes for sale, at the end of November, 2009. This represents a decline in inventory of 24.6%, from the end of last year. Normally, that is a good sign for sellers.
Pricing Trends in Upper Makefield
The average price of a home for sale in Upper Makefield, at the end of 2009, was 1.43 million. At the end of 2008, the average price of a home for sale, was 1.59 million. This represents a decline of 9.8% in list pricing.
There were 72 homes that sold in 2009, and they sold at an average of 88% of the asking price. 71 homes sold in 2008, and they sold at an average of 91% of the asking price.
Summary;
Inventory levels are down and unit sales are modestly, up. Probably the most telling statistic is that at the current sales pace, there is a 16.8 momnth supply of homes in inventory. We consider a balanced market when there is approximately a 6 month supply. You can clearly see that there is a strong, buyers market in Upper Makefield Township, at the current time.
Average days on the market for all price levels, is 111 days. For homes priced between 1-3 million, the average days on market are considerably longer, and the supply is measured in years! 82% of the 72 homes that sold this year, were priced below 1 million! 55% of the current inventory, is priced above 1 million. Specifically, based on the current rate of sales for homes over a million, there is a 4.3 year supply! 13 homes sold over 1 million in 2009, which represents 1.08 per month.
It is particularly telling that the average sale price in 2009, was 762,000 yet the average price for the current inventory, is 1.43 million!
It is evident that there is a lot of competition in Upper Makefield, especially at the higher price levels. It is critically important, that you price your house correctly, if you intend to sell.
As always, I welcome your thoughts and comments on any of this information. I will review additional communities, in future posts.
Lower Makefield Township real estate year in review
I posted the other day, a wonderful chart that tracked the rise of fall of real estate values, in a number of markets in Bucks County.
Today, I am going to start to review 2009, community by community. We will start by reviewing 2009 results in Lower Makefield Township.
First, prices in Lower Makefield Township, delcined in 2009, by 6.7%. Please see the table that details pricing in Lower Makefield, starting from a base year of 2000. The price of an average house in Lower Makefield Township was 288,000 in 2000, and was 462,000, as of the end of 2009.
We ended the year with an inventory of 174 homes, which happened to be exactly the same as what the inventory was, at the end of 2008. There were 196 homes for sale, as of the end of November of 2009, so inventory dropped a bit in December, but remained exactly the same as a year ago.
How about pricing? The average price of a home for sale in Lower Makefield Township, at the end of 2009, was 501,000. This compared with 562,000, at the end of 2008. This represents a drop of 10.9%.
Unit sales for 2009 were 255, and those homes sold for 91% of the asking price. This compared with unit sales of 251 for 2008, and in 2008, those homes sold at 94% of the asking price.
Currently in Lower Makefield, there is an 8+ month supply of homes on the market. The average days on the market is now 84, compared with 67 last year. We consider a market to be balanced, when there is a 6 month supply, so you can see that conditions are favorable for buyers. I am sure that this does not surprise anyone.
All of these statistics are based on all house types, including townhomes, but do not include condominiums.
In future posts, I will examine the year for other communities, including Newtown, Upper Makefield, New Hope and Buckingham.
As always, it is critically important to price your house well, if you want to sell.
Please let me know if you have any thoughts or comments.
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