Lancaster, PA Real Estate News

By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Top 5 A+ Reasons to Hire a Lancaster REALTOR Some Highlights: Hiring a real estate professional to buy your dream home, or sell your current house, is one of the most 'educated' decisions you can make! A real estate professional has the experience needed to help you through the entire process. Make sure that you hire someone who knows current market conditions & can simply and effectively explain them to you and your family! Whether you are buying or selling, your first step is to meet with a real estate professional (or two) ! Email mikeperrykw@gmail.com to have the entire process further explained . 
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
How Your Home’s Value Grows Your Family’s Wealth Over the next five years, home prices are expected to appreciate 3.64% per year on average and to grow by 18.4% cumulatively, according to Pulsenomics’ most recent Home Price Expectation Survey. So, what does this mean for homeowners and their equity position? As an example, let’s assume a young couple purchased and closed on a $250,000 home in January. If we look at only the projected increase in the price of that home, how much equity will they earn over the next 5 years? Since the experts predict that home prices will increase by 5.0% this year alone, the young homeowners will have gained $12,500 in equity in just one year. Over a five-year period, their equity will increase by nearly $49,000! This figure does not even take into accoun...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Number of Buyers Putting Down Less Than 10% Hits 7-Year High According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high. Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBC article points out, “Defaults on recent low down payment loans, so far, are slow, but that is as much a factor of the good credit quality as it is the strength of the housing market. Home prices are rising incredibly fast, meaning those borrowers ...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750 The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market. One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage. A recent article about millennials by Realtor.com explained that: “About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…” The article also explained that 29% of millennials believe their credit scores are too low to buy.The problem here is the fact that they th...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Empty Nesters: Best to Remodel or Time to Sell? Your children have finally moved out and you and your spouse now live alone in a four-bedroom colonial (or a similar type of house). You have two choices to make: Remodel your house to fit your current lifestyle and needs Sell your house and purchase the perfect home Based on the record of dollars spent on remodeling and renovations, it appears that many homeowners are deciding on number one. But, is that the best long-term solution? If you currently live in a 3-4-bedroom home, you probably bought it at a time when your children were the major consideration in determining family housing needs. Along with a large home, you more than likely also considered school district, the size of the property and the makeup of other families living in t...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
"If you really can do it  , ya ain't braggin !" - Dizzy Dean MLB Hall of Famer     This is why I love KW and it's Entrepreneurial Approach to running a business ! This allows us to stockpile reserves to address the cyclical nature of our business and prepare financially for April15th ! Please contact me to learn how easy it is to reach 100% !!!          
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Where Are Lancaster Home Prices Heading in The Next 5 Years? Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey. Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number. The results of their latest survey: Home values will appreciate by 5.0% over the course of 2017, 4.0% in 2018, 3.2% in 2019, 3.0% in 2020, and 3.0% in 2021. That means the average annual appreciation will be 3.64% over the next 5 years. The prediction for cumulative appreciation increased from 17.8%...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Want to Keep up with the Joneses? Now's the Time Does your current house fit your needs? Does it seem like everyone else is moving up and moving on to more luxurious surroundings? Are you wondering what it would take to start living your dream life? Market conditions around the country have presented an opportunity like no other for those who are looking to make the jump to a premium or luxury home. The National Association of Realtors reports that national inventory levels are now at a 4.3-month supply. A normal market, where prices appreciate with inflation, has 6-7-months inventory. The national market has echoed the conditions felt in the starter and trade-up markets as inventory has declined year-over-year for 25 consecutive months. The chart below shows the relationship between th...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Study: FSBOs Don’t Save Real Estate Commission One of the main reasons why For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe they will save the commission an agent charges for getting their house on the market and selling it. A new study by Collateral Analytics, however, reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent. In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that: “FSBOs tend to sell for lower prices than comparable home sales, and in many cases below the average differential represented by the prevailing commission rate.” (emphasis added) Why would FSBOs net less money than if they used an agent? The st...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Home Prices Up 6.64% Across the Country! Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more! Alaska & West Virginia were the only states where home prices are lower than they were last year. Prices are headed upward , don't delay your home purchase ! Your first step is to obtain Mortgage Pre-Approval . Email mikeperrykw@gmail.com to get started . 
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
More Boomerang Buyers Are about to Enter the Lancaster Market We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019. Recently, HousingWire analyzed data from the US Bankruptcy Courts and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “possibly send a flood of more homebuyers into the housing market.” The chart below shows the total number of bankruptcies filed by year in the US over the last 10 years. The light blue bars represent over 3.3 million people who have...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Why Is It Important to Use a Professional to Sell Your Home? When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold. In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, the first step that “…44% of recent buyers took in the home buying process was to look online at properties for sale.” However, the report also revealed that 96% of buyers who used t...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
To Stage...or Not to Stage? That Is the Question! Some Highlights: The National Association of Realtors surveyed their members & released the findings of their Annual Profile of Home Staging. 50% of staged homes saw a 1-10% increase in dollar value offers from buyers. 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own. The top rooms to stage to attract more buyers are the living room, master bedroom, kitchen, and dining room. Sellers, your Agent will know immediately upon touring your home , if Staging can increase your property's marketability ! Email  mikeperrykw@gmail.com to get started !
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
58% of Homeowners See a Drop in Home Values Coming According to the recently released Modern Homebuyer Survey from ValueInsured, 58 percent of homeowners think there will be a “housing bubble and price correction” within the next 2 years. After what transpired just ten years ago, we can understand the concern Americans have about the current increase in home prices. However, this market has very little in common with what happened last decade. The two major causes of the housing crash were: A vast oversupply of housing inventory caused by home builders building at a pace that far exceeded historical norms. Lending standards that were so relaxed that unqualified buyers could easily obtain financing thus enabling them to purchase a home. Today, housing inventory is at a 20-year low with n...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Sellers: Your Home is an Oasis in an Inventory Desert First-time homebuyers are flocking to the real estate market by the thousands to find their dream homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand! According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month. Some homeowners may be hesitant to list their homes for sale because they are worried that they will also have a problem finding a home to buy and move in to. This is a legitimate concern; no one wants to sell their home quickly and not have anywhere to live. But there is good news...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Homes Are Selling Quickly Nationwide The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 28 days in June. This is a slight increase from the 27 days reported in May, but down from 34 days reported a year ago. 54% of homes across the country were on the market for less than a month in June! Among the 27 states with homes selling in 30 days or less are Washington, Utah, California, and Colorado. The map below was created using results from NAR’s Monthly Realtors Confidence Index Survey. Bottom Line Buyer demand is increasing as the inventory of homes available for sale remains low. If you are thinking about listing your home for sale this year, let’s meet up so I can help you t...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Homeowner’s Net Worth Is Still Greater Than a Renter’s Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400).  The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)!  Put Your Housing Cost to Work for You As we’ve said before, simply put, homeownership is a form of ‘forced savings.’ Every time you pay your mortgage, you are contributing to your n...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Do Your Future Plans Include a Move? What's Stopping You from Listing Now? Are you an empty-nester? Do you want to retire where you are, or does a vacation destination sound more your style? Are you close to retirement and not ready to move yet, but living in a home that is too big in size and maintenance needs? How can you line up your current needs with your goals and dreams for the future? The answer for many might be the equity you have in your house. According to the latest Equity Report from CoreLogic, the average homeowner in the United States gained $14,000 in equity over the course of the last year. On the West Coast, homeowners gained twice that amount, with homeowners in Washington gaining an average of $38,000! Do you know how much your home has appreciated over the last yea...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Hey, Millennial Homeowners!! It May Be Time to Sell Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise. Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few: 1. Equity Build-Up Home prices have been on the rise since the beginning of 2012 and your house may have appreciated by more than you think. ATTOM Data Solutions, in their Q2 2017 U.S. Home Sales Report revealed th...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
 Housing Inventory Hits 30-Year Low Spring is traditionally the busiest season for real estate. Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home. Homeowners, in preparation for the increased demand, are enticed to list their house for sale and move on to the home that will better fit their needs. New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft, Chief Economist for CoreLogic had this to say, “The growth in sales is slowing down, and this is not due to lack of affordability, but rather a lack of inventory. As of Q2 2017, the unsold inventory as a share of all households is 1.9 percent, wh...
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