Posts Tagged ‘real estate market conditions’

The Real Estate Market in Harrisburg PA: The New Normal…

The Real Estate Market in Harrisburg PA: The New Normal…

 

The real estate market conditions in the greater Harrisburg – Hershey area have been a bit confusing over the past six months. Depending on the day, you may see one report that shows the market going up and another that shows the market is heading down. I can imagine you are sitting back wishing we could all get our stories to line up together.

I want to share some important information about the real estate market that I think is misunderstood by the consumer as well as the real estate agents themselves.

Let me start off with some basic facts:

– The market remains to be very active

– Real Estate prices have stabilized

– Average Days on Market is still reasonable

Additional information you will find interesting:

– We have seen a “steady” trend in the amount of monthly sales transactions over the last 6 months. Values are not increasing to speak of; yet they are no longer decreasing.

– We have seen interest rates increase slightly on people with less than perfect credit.

– We are seeing a slow-down in new construction sales

– We are noticing builder discounts and incentives being advertised to get rid of standing inventory.
So, what is really happening in our market?

This is the question that everyone is asking yet very few people want to answer. The answer is not a simple statement. The answer requires a much longer explanation than you would care to read in this email. I have answered these questions dozens of times for my clients and I am happy to answer your questions as well. I can share in detail what I see and why this may be the ‘New Normal’.

 

If there is anything else that I can do for you, please let me know. I will continue to be your South Central PA Real Estate Resource. I know you have the choice to work with thousands of real estate agents yet I am the ONE Agent that is trying to keep you informed about your business. Let me know what I can do help you.

 

Your Agent Today, Your Agent for Life…
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How Do I Find Property Trends in My Area?

How Do I Find Property Trends in My Area?

Knowing property value trends can be very helpful to you as a buyer, seller or investor. As a buyer, you can pinpoint bargains in areas that are trending upward (or downward) in price. As a seller, you can use the information as part of the bargaining process to get the maximum price from the sale. As an investor, you can use the latest forecasts and trends to determine whether you want to invest, when you want to invest, and how much to put into a property. 

Remember, the trends are not guarantees of future performance; they’re an educated guess as to which way the market is moving. Whatever your real estate goals, you want the latest and best information, and you want it from experienced professionals. In terms of your neighborhood and/or city, your local real estate agent is the best source for weekly and monthly trends. After all, it’s their job to stay on top of such trends in the markets they serve. 

Other organizations provide state, regional and national forecasts. They’re often updated on a monthly or quarterly basis. Sources of Information Thanks to the Internet, there are many, many sources for data on real estate property value trends. 

For state trends, go to the Federal Housing Finance Agency website (http://www.fhfa.gov/Default.aspx?Page=215). Click on your state to get the Housing Price Index (HPI)

If you’re wondering exactly what the HPI measures and how it’s calculated, here’s what the site says: “The HPI is a broad measure of the movement of single-family house prices. The HPI is a weighted, repeat-sales index, meaning that it measures average price changes in repeat sales or re-financings on the same properties.

This information is obtained by reviewing repeat mortgage transactions on single-family properties whose mortgages have been purchased or securitized by Fannie Mae or Freddie Mac since January 1975. The HPI serves as a timely, accurate indicator of house price trends at various geographic levels. Because of the breadth of the sample, it provides more information than is available in other house price indexes.” So, if you want property value trends for Pennsylvania from the FHFA site, click on “State HPI Summary” and scan down the list of states until you find PA. The handy table gives rankings and trends in quarterly, 1 year, 5 year and “Since 1991Q1” columns. On the same site, you can also click on “Research and Analysis,” and you’ll get a list of government and industry sites which will provide you with information on property trends. Note: The FHFA site doesn’t provide predictions; it simply reports data. To get analysis and predictions, try the respected RealtyTimes.com. It reports on current market conditions and provides advice to consumers as well. Another site for information on residential properties is Zillow.com.

To find local information, fist click on the “Local Information” tab. That takes you to the page where you’ll find the “State,” “City,” and “Nearby Neighborhoods” tabs. Click on the appropriate names, and you have local information! There are many, many other websites from which you can gather property value information. 

I don’t have the space to list them all, so here’s a partial list of major industry and governmental agencies: 

– National Association of Realtors = Freddie Mac 
– National Association of Home Builders 
– Census Bureau 

Of course, the network, cable, and satellite channels report many of the finding from the sources listed above on a national basis. But, if you want local information, I recommend you work with your local real estate agent! He or she is best positioned to give you the latest information on property value trends. 

 

Harrisburg PA Real Estate Expert

Ken Huebsch is your premier real estate agent in the Greater Harrisburg area.  I am a specialist in Harrisburg real estate  as well as the communities of Palmyra, Hershey, and Hummelstown.  My wife Leslye and I have a combined 40 plus years experience serving our clients -We KNOW Harrisburg. When you plan to buy or sell Harrisburg area real estate, allow us to work for you.  We are dedicated professionals and are here for your success.  For more information on how we can best serve your real estate needs, please complete our online contact form or give us a call.  Also, check out what our fabulous clients have to say about us on our testimonials page!

Cell: 717 514-1793
email: mailto:Ken@KensHomesales.com

Presented by KensHomesales.com

When Will the Housing Market Recover in Harrisburg, PA?

When will the Housing Market Recover in Harrisburg, PA?  A recent survey reveals some surprising results of what Americans believe about the housing market and how quickly it will recover. Trulia.com, a top real estate website, and RealtyTrac.com, the top online marketplace for foreclosure properties released the somewhat startling results last week that gives a glimpse into the minds of Americans’ attitude toward the current housing market crisis.

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When will the Housing Market Recover?

When Will the Housing Market Recover?

The first item the survey addressed is exactly when Americans believe the housing market will recover from its current crisis. The results are revealing of how much faith Americans put into our current real estate situation.

Year % of American adults who believe the housing market will recover:

Already recovered 4%                                                                                                                                  

2010  – 1%

2011   – 10%

2012  – 27%                                                                                                                                                   

2013  – 24%

2014  – 12%

2015 or later  – 22%

These results are revealing of how we view the current real estate crisis. In fact, over half of Americans believe it will take two years or longer for the real estate market to recover from its current situation. This certainly shows most people are ready for a long and possibly bumpy road until the housing market returns to an optimal level. I have compiled some Tips for Sellers, as well as some Tips for Buyers. These may help buyers and sellers in the market today with some advice that they may not normally consider.

Would You Walk Away from Your Mortgage?

Almost half (48%) of homeowners who have a mortgage said they would consider walking away if their mortgage was underwater. This figure is up from a similar survey released in May 2010 which showed only 41% would consider this a viable option.

An interesting aspect of this survey is men reported they were much more likely to walk away from their mortgage than women. Of the men surveyed, 57% said they would consider walking away from their mortgage, while only 40% of women reported they would consider this an option.

Calling in the Reinforcements

In lieu of walking away from a mortgage, the survey also showed two-thirds of home owners would consider Calling a Lender in an attempt to modify the current terms of their mortgage as their first option. Ten percent said they would actually have a tenant move into their home in an attempt to recover their mortgage.

As this survey shows, a majority of Americans believe we may be in for a longer than expected ride as we wait to see when will the housing market recover. For some who are in the midst of struggling with their mortgage, the survey also shows nearly half of Americans believe they might walk away if they were in over their heads. While others would also consider a mortgage modification or some other creative means to restore their mortgage.

This is a great time to buy for certain people. Just because we are not sure of when the housing market will recover, this does not mean that you should wait for it to get better. If interest rates rise, then the difference in your interest payment will more than outweigh the potential decrease in values, yet. For more questions or information, contact me (Ken Huebsch, Prudential Homesale Services Group) @ 717 514-1793  or Ken@KensHomesales.com

 

Harrisburg PA Real Estate Expert

Ken Huebsch is your premier real estate agent in the Greater Harrisburg area.  I am a specialist in Harrisburg real estate  as well as the communities of Palmyra, Hershey, and Hummelstown.  My wife Leslye and I have a combined 40 plus years experience serving our clients -We KNOW Harrisburg. When you plan to buy or sell Harrisburg area real estate, allow us to work for you.  We are dedicated professionals and are here for your success.  For more information on how we can best serve your real estate needs, please complete our online contact form or give us a call.  Also, check out what our fabulous clients have to say about us on our testimonials page!

Cell: 717 514-1793
email: mailto:Ken@KensHomesales.com

Presented by KensHomesales.com