Lancaster, PA Real Estate News

By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
93.9% Of Homes in The US Have Positive Equity CoreLogic’s latest Equity Report revealed that ninety-one thousand residential properties regained equity in Q1 2017. The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year. The study also revealed that: Roughly 63% of all homeowners have seen their equity increase since Q1 2016 The average homeowner gained about $14,000 in equity between Q1 2016 and Q1 2017 Only 1.6% of residential properties are near-negative equity Below is a map showing the percentage of homes with a mortgage, in each state, that have positive equity. (The states in gray have insufficient data to report.) Significant Equity Is On The Rise Frank Martell, President & CEO of CoreLog...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
How Long Do Most Families Stay in Their Home? The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%. Why the dramatic increase? The reasons for this change are plentiful! The fall in home prices during the housing crisis left many homeowners in a negative equity situation (where their home was worth less than the mortgage on the property). Also, the uncertainty of the economy made some homeowners much m...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Millennial Homeownership Rate Increases Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group. This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons why homeownership numbers will continue to increase for Millennials. Millennials are the most educated generation in the U.S. Why does that matter? First America...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Money Making Tips for Preparing Your Lancaster House for Sale ! Some Highlights: When listing your house for sale your top goal will be to get the home sold for the best price possible! There are many small projects that you can do to ensure this happens! Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help! Sellers, your Agent can advise you in many of these areas . Also we have access  to a number of Stagging Professionals. Email mikeperrykw@gmail.com for more info .
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
3 Tips to Succeed in Lancaster’s Real Estate Market ! In today’s highly competitive real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home. The 3 tips we are going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory.  1. Be Prepared “Homebuyers should talk with a lender, real estate agent, and a home inspector BEFORE finding a home to make an offer on.” Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you are the most prepared buyer interested in a home, if you have already secured financial approval, and if you are ...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Be Careful Not to Get Caught in The Rental Trap! There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage. Don’t Become Trapped  A recent article by ConsumerAffairs addressed the continuous rise in rents, stating: “The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.” Additionally, in the Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report, it was revealed that, “Despite a slight improvement from 2014, fully one-third of US households paid more than 30 percent of their incomes for housing in 2015. Renters continue to be more likely t...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
A ‘Buyer’ in Hand is Worth Two in the Bush In today’s highly competitive seller’s market where there are more buyers than there are homes for them to buy, some sellers may feel like the ball is in their court. And they would be right when it comes to choosing which offer to accept, the closing date, or even which improvements they are willing to make to their house prior to selling. One thing to remember though, is that there is always a line that shouldn’t be crossed. Interest rates can change, financing might not go through, the appraisal might not come back at the price that you have agreed to. These are all opportunities to work with your buyer to make sure that the sale still happens. You may think that, because buyer demand is so high right now, you can choose to make your buyer j...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Rising Home Prices Mean Great News for Lancaster Homeowners Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers who are out looking for homes, which has caused prices to rise. The great news about rising prices, however, is that according to CoreLogic’s Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases. The map below was created using the same report from CoreLogic and shows the average equity gain per mortgaged home during the 1st quarter of 2017 (the latest data available). For those who are worried that we are ...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Lancaster's Buyer Demand Outpacing the Supply of Homes for Sale The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index. Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand). Buyer Demand The map below was created after asking the question: “How would you rate buyer traffic in your area?” The darker the blue, the stronger the demand for homes in that area. Only three states had a ‘stable’ demand level. Seller Supply The index also asked: “How would you rate seller traffic in your area?...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
U.S. Housing Inventory Hits a New Low… List Your House TODAY! Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home. Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year. Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive quarters.” There is now 20% less inventory than there was five years ago. Here is a chart showing the decrease in inventory levels by category: Bottom Line Demand for your home is very strong right now while you...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
84% of Americans Believe Buying a Home is a Good Financial Decision According to the National Association of Realtors®’ 2017 National Housing Pulse Survey, 84% of Americans now believe that purchasing a home is a good financial decision. This is the highest percentage since 2007 – before the housing crisis. Those surveyed pointed out five major reasons why they believe homeownership is a good financial decision: Homeownership means the money you spend on housing goes towards building equity, rather than to a landlord Homeownership creates the opportunity to pay off a mortgage and own your home by the time you retire Homeownership is an investment opportunity that builds long-term wealth and increases net worth Homeownership means a stable and predictable monthly mortgage payment Homeown...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
 3 Questions to Ask Before You Buy Your Next Lancaster Co. Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market. Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market. 1. Why am I buying a home in the first place?  This is truly the most important question to answer. Forget the finances for a minute. Why did you even begin to consider purchasing a home? For most, the reason has nothing to do with money. For example, a survey by Braun showed that over 75% of parents say, “their child’s education is an important part of t...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Lancaster's Inventory Drops Again, Sales Slow Highlights: Existing Home Sales are now at an annual pace of 5.52 million. Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines. The median price of homes sold in June was $263,800. This is the 64th consecutive month of year-over-year price gains. Now is the time to obtain TOP DOLLAR for your property ! Emailmikeperrykw@gmail.com today !  
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Top Home Renovations for Maximum ROI Some Highlights: Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI). While big projects like adding a bathroom or a complete kitchen remodel are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value. For more information about top renovation projects that net you the most ROI, you can check out the complete list here. Your Agent can help you greatly when it comes to preparing your house for sale . Some improvements do have an ROI , while others would represent a loss !  Email  mikeperrykw@g...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
69% of Buyers are Wrong About Down Payment Needs According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market. Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership. If homeowners believe that they need a 20% down payment to enter the market, they also believe that they will have to wait years (in some markets) to come up with the necessary funds to buy their dream...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
What You Need to Know About Qualifying for a Mortgage in Lancaster, PA Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don't have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford. Buyers, your first step is to obtain Mortgage Pre-Approval Email mikeperrykw@gmail.com to learn more ! 
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Do You Know the Cost of Waiting in Lancaster ? Some Highlights: The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time. Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic. Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage! Buyers, your first step is Mortgage Pre-Approval ! Email mikeperrykw@gmail.com to get statted !
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Thinking of Selling? You Should Act NOW! If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market. Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented: “Buyer interest is solid, but there is just not enough supply to satisfy demand. Prospective buyers are being sidelined by both limited choices and home prices that are climbing too fast.” Yun goes on to say: "Current demand levels indicate sales should...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
The Impact Your Interest Rate Makes Some Highlights: Interest rates have come a long way in the last 30 years. The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget. Interest rates are at their lowest in years… RIGHT NOW! If buying your first home, or moving up to the home of your dreams is in your future, now may be the time to act! Jump in right now to max your Purchasing Power with these low rates !  Email mikeperrykw@gmail.com to learn about Mortgage Pre-Approval
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
What Would You Sacrifice to Save For Your Next Lancaster County Home? Some Highlights: 95% of first-time homebuyers are willing to sacrifice to make homeownership a reality. The top item that buyers sacrifice is new clothes, at 54%. Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last home. Buyers, your first step is to obtain Mortgage Pre-Approval . Email  to mikeperrykw@gmail.com to learn how  
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