Marty Millner

Archive for the 'Newtown Boro' Category

Newtown Township Real Estate, 10 year price comparison chart.

Today, I wanted to review with you, the same 10 year price comparison chart, for single family, residential homes, in Newtown Township, Bucks County, that I reviewed for Lower Makefield Township, in my last post.

I find these graphs a very easy and clear representation, of the direction prices have taken, over the past 10 years. It is pretty interesting to me, that from a price perspective, the average price of a single family home in Newtown, has only dropped about 6% from the peak, which was in 2006.

 

I also added units to this chart, and from that perspective, there has been a much more pronounced change. In 2004, there were 360 homes that sold, while in 2009, there were only 224. Although the volume has fallen substantially in Newtown Township, prices have held up extremely well.

As I have mentioned before, real estate is very, very local. We would find differences if we examine neighborhood by neighborhood, even within the same township.

As always, I welcome your thoughts and comments.

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.

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.

Bucks County, Pa 2009 Real Estate market recap

Now that 2009 has ended, we can beging to examine what happened to the real estate market, in the various communities that I serve, in Bucks County, Pa.  For my first post, examining market trends, entering 2010, I thought it could be helpful, to take a look at a chart that shows per year price appreciation (or depreciation) in markets that I serve, as well as throughout the county.

The table below, tracks very specific year to year appreciation, along with units sold, in various municipalities in Bucks County.  It is interesting to see, that the markets all are different.  For example, looking at Lower Makefield Township, prices declined by 6.7% in 2009, while in Newtown Township, prices dropped by 3.7% in 2009.


 

For all of Bucks County, prices dropped by 6.8% in 2009. 

These statistics are based on houses that sold, and they include all homes other than condominiums. 

In future posts, I will be taking an in depth look, at market statistics, in the Yardley, Newtown, Upper Makefield, Buckingham, and Solebury areas.

If you have any questions, or would like any clarification of this information, please contact me.

So you have an underground oil tank in Yardley, Lower Makefield Township, Newtown, Upper Makefield Township, Bucks County, Pa.

I represented a seller on a house that closed in Lower Makefield Township, recently, that was heated with oil, and had a tank burried in the ground. 

Real estate statistics in Yardley, Newtown, Upper Makefield Township, Lower Makefield Township & Bucks County

I have not done this in a number of posts, but I wanted to take a very detailed look at market statistics, through the end of November, in some of the markets that I serve. 
 In virtually all of the markets in which I work in Bucks County, the pace of 2009 year to date units has continued to improve.  For example, in all of Bucks County, the number of single family homes this November, was 79% higher than November of 2008. 

Read the rest of this entry »

So you’re thinking of selling your house in Yardley, or Newtown, Bucks County.

I just uploaded a new video, discussing the best time to put your house on the market, given current market conditions.

A lot of people are not aware, that the current tax credit for both first time homebuyers, and those buyers who already own a house, but are looking to move, requires that a contract be in place by April 30th, and that closing occur on or before June 30, 2010.  What effect will that have on sellers this year?

Real Estate property tax appeal update, Bucks County, Pa.

Over the past several months, I have posted a number of articles on real estate property tax appeals, in Yardley, Newtown, Upper Makefield, Lower Makefield, and all over Bucks County.

I have pointed out how easy the process is, and how most appeals actually succeed. 

There was another article in the Bucks County Courier Times, this morning, that addressed the outcome of the appeals, throughout the County this past year, and the overall effect on tax revenues.

As noted in the story, the overall value of property in Bucks County declined by approximately 40 million, according to the board of assessment report.  This is the first time in at least 35 years that the overall value declined. 

The municipalities that were coping with the largest reduction, are Upper Makefield, Northampton and Buckingham, among others.  There were more than 5100 appeals filed this past year, which was an all time record for appeals. 

According to the assessment board report, about 80% of the appeals were granted.  For those who appealed successfully, you will see the change in your 2010 real estate property tax bills, which will arrive in the spring.  As I have pointed out in my posts, it is a relatively easy process to file an appeal.  You merely download an appeal form from the county website, and submit it to the County Board of Assessment.   You will be given a hearing date, and you must appear at the hearing, with data supporting your position, that your property assessment should be lowered.

Appeals for 2011, will be accepeted from January 1, 2010 through August 1, 2010.

If you have any questions about the process or would like suggestions and/or help, please contact me.  See the chart below for the municipalities who lost the most, in the appeals process.

Does it make sense to sell or buy first, in Yardley, Newtown, Upper Makefield, Lower Makefield, Bucks County?

Just spoke with a client of mine, who purchased a town house several years ago.   They would like to take advantage of the market right now, to buy a larger, single family home.  They realize that interest rates are incredibly low, and there is a lot of inventory, since it is such a buyer’s market.  So, their question is, do we buy first or sell first?

This is a very common question, so I created this video blog, addressing the various options.

Check it out, and let me know what you think.

Is inventory of houses for sale in Newtown, heading up or down?

As you probably know by now, I do keep track of statistics in the market, on a regular basis.

A couple of interesing developments, in the housing market, in Newtown, Upper Makefield Township, and everywhere, in 18940 zip code.

On the table below, I have charted inventory levels for the entire 18940 zip code, for single family houses, agains the days on the market.  What the chart shows, quite clearly, is that inventory is falling, but houses are staying on the market longer.  When inventory falls, generally you would expect to see homes selling at a faster pace. 

I believe that what is happening, is that there are a great deal of houses on the market, that are overpriced, given the current market conditions.  When inventory levels fall, there is less competition.  Less competition, should mean a better opportunity for sellers to get their home sold! 

Look at inventory, compared with days on the market for 18940

If you are currently selling, take a careful look at your price point, and how long your house has been exposed to the market.  Ask yourself whether you are happy with the activity level?  It may be a critical time to take a look at pricing, given where the market is.

If you have any questions, please feel free to contact me.