Is the market really slow?
I spent some time in my last post, discussing overall market conditions in the Yardley area. Everyone knows we are in a buyers market, and the statistics prove that.
However, there is a segment of the market, that is actually doing much better of late. In certain neighborhoods, primarily townhomes, houses that are priced effectively, are moving quite well. Case in point.
First time home buyer:
I have recently been showing houses to a very motivated, first time homebuyer. I really enjoy the process of making the home buying experience, clear and smooth, when working with this particular demographic. We spent several visits, looking at townhomes in a number of communities in the area, both in Bucks County, Pa, and in Mercer County, in New Jersey. The buyers decided that they liked a community just outside of Newtown, called Newton Grant.
After looking at 5 houses in the community on Thursday, the buyers planned to come back to my office on Sunday, to make an offer. Despite all the information in the press, about how horrible the market is, by Sunday, several of the houses we looked at, were sold. There are 5 townhomes, in Newtown Grant right now, that are pending, which means an offer has been accepted, and they are just waiting for closing. I spoke with a listing agent this evening, about another home that is on the market in the same community, and she is expecting 2 offers to be delivered, tonight.
The townhouses in Newtown Grant, are in a price range between about 285,0000 and 360,000. Some have basements, others don’t. I think the community is priced at a level that makes it attractive for first time home buyers. I believe that is why this community appears to be out performing the market, in general. The lesson in all of this is, that it is possible to sell your house, even in tough market conditions. In addition, because of the tax incentive for first time home buyers, and low interest rates, it appears as though the market for houses that are within reach of first time home buyers, is performing reasonably well.
If you would like more information on Newtown Grant, or other, similar communities, please call or email me.
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Continue Reading > Add a Comment |Lower Makefield Township Market Update
I regularly monitor the market statistics in all of the markets that I serve. Today I will focus on the latest update for single family homes, in Lower Makefield Township. Everyone knows that it is a buyers market, which means that there are more houses on the market, than there are buyers for those homes. Consider the following, through the end of February:
[iframe width="500" height="250"]http://spreadsheets.google.com/pub?key=poHkxDje-90KZ44AUnW0iUA[/iframe]
Putting all the statistices in perspective, this essentially substantiates the continuing buyers market. There is currently a 9 month supply of homes. Buyers are continuing to achieve increasing discount leverage. This means, for sellers, if you are interested in selling, it is imperative that you price your house correctly.
I have a number of tools that I can email, that will help sellers get a sense of what the market is doing in a particular neighborhood. If you are interested in that, or have any other questions, please feel free to contact me.
The sale price for homes sold in 2009, averaged 11% off the asking price.
The sale price for homes sold during the same period in 2008, averaged 94% of the asking price.
Continue Reading > Add a Comment |Confused? You probably are if you are a first time home buyer. Read on.
The current real estate market offers wonderful buying opportunities for first time home buyers. Lets look at some of the reasons.
- Home prices are lower than they have been in years.
- Interest rates are close to all time, historic lows.
- There is an 8,000 tax credit available specifically to first time home buyers, who buy this year.
- There are lots of homes on the market to choose from.
- First time home buyers do not have to worry about selling another house, in order to buy.
So, as a first time home buyer, what do you fear the most? From the many first timers that I work with and speak to, it seems as though the real estate buying process, is confusing, and overwhelming. I hear, all the time, things like, “we didn’t even know how to start the process”. This is a very common feeling.
I really enjoy working with first time home buyers, and would like to try and help clarify the process, and hopefully, make first time home buyers a little more comfortable with the entire process, from start to finish. In a series of posts, I will try and take the mystery out of buying a house.
For now, lets assume that you have decided to consider buying your first house. Where do you start? My first suggestion, would be to begin learning as much as you can, online. There are many websites, including my own, that allow you to search for houses that are on the market. Beging to get a feel for what is available. In the following posts, I will talk about the various steps that you will face, including financing, locating the right house, making an offer, home inspections, closing, and follow up after closing.
I will say, for now, that it is important to speak with a trusted mortgage person, very early in the process. Although this might be intimidating to you, as a first time home buyer, good mortgage people are very accustomed to speaking with first time home buyers. You will be asked to provide information about your income, debts, cash, investments, etc. It is a good idea to let the mortgage person run your credit report. It will not cost you anything, nor will you have any obligation to the mortgage company. Basically, the mortgage company will be able to tell you how much money you can borrow, and whether there are any issues on your credit report that would be problematic. Please keep in mind, that it is possible that the bank will lend you more money than you are comfortable spending. That is totally fine. You should have in mind, a monthly payment that you are comfortable with.
You can speak with family, friends, collegues, etc, to get recomendations of good mortgage people. Once you have the information from a lender, you are ready to move to the next step in the process. I will get you to the next step, in my next post. In the meantime, if you would like to learn more, please feel free to email or call me. I can also recommend several excellent mortgage people who will provide great service and guidance.
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