Lancaster, PA Real Estate News

By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
      The Equal Credit Opportunity Act prohibits discrimination in the lending process and applies for all lease applications. Property Managers need to know and implement the Act into all of their tenant selection activities. Property Managers need to conductthemselves in a consistent and systematic manner . The Property Manager should usethe same Lease Application for every applicant. Additionally if the Property Manager requires a Credit Report from one applicant, they must require them for all applicants .The same can be said about Criminal Background Checks . A Property Manager will use the following when evaluating potential tenants :1. Credit References & Credit Report 2. Criminal Backround Check 3. A Search of the Public Record 4. Information on previous Landlords 5. Employment ...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
.     Tenants occasionally find themselves in a rental where the Landlord is slow to fix things . Many times that Landlord is actually “milking the property”. They are pocketing the CashFlow the Property is generating , but not investing it back intothe property . Many are renting properties that may not be legally habitable.        So what exactly is the Implied Warranty of Habitability,that is offered to tenants? It’s a warranty contained in every Residential lease promising that the landlord will provide a rental unit that is safe, sanitary , and environmentally healthy.The Landlord must make necessary repair through out the lease period to maintain the unit as “fit to live in” . The right to livable housing can not be waived by the tenant . Some examples of violations:1. Unit is ins...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
    Many Propery Managers are confronted with one more challenge when inspecting a now vacant rental unit . The exiting tenants have left behind Personal Property . What should they do with all of this stuff ?     The “PA Landlord Tenant Act” requires tenants to remove their personal propery from the rental unit when they have relinquished possession. Regardless of why they leave , tenants have 10 days to communicate their intentions ( to the Property Manager) that they want to retrieve their property. The LT Actrequires Landlords To give the tenants notice that all personal property needs to be removed within 10 days of abandoning the property.     If the tenants communicate their intention to collect their abandoned personal property , then the Landlord must safe guard the tenant’s pr...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
     Some investors attempt to improve Cash Flow by eliminating unnecessary operating expenses . And some of these investors quickly learn that a Property Manager is not an expense , but rather a key component to your Investment Team. No business can grow unless the person at the top can Delegate . The true value of a Property Manager quickly becomes obvious when you realize just what they can do better than you ( the owner) . Here’s a short list of services / attributes :1. A Property Manager(PM) will keep a full time eye on eliminating Vacancy 2. A PM has been professionally trained how to Legally screen potential tenants. 3. A PM has ongoing Marketing that produces a pool of potential tenants. 4. A PM uses Legally Approved Leases and documents ( that hold up in court).5. A PM has a t...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
    America has always been a Land of Opportunity . From its' beginning you had no guarantees and had to take risk to live here . Those who boarded ships to sail here , knew that 10-20% would not survive the trip . But they came . Once they arrived, many decided to settle in some of the most dangerous parts of the Western territories. They slept with their guns , knowing they could be subject to hostile attack at any  moment . But still they came !      They came for opportunity , and greater freedoms than they had experienced in  Europe (and other parts of the world ) . Clearly they knew that they were risking  their lives and of their families to pursue settlement in America . But they came ! At any time did they have Fear ? Of course they did ! But many also had Faith . They had vis...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
    × It looks like you are using an ad blocker in your browser.This may cause challenges with your Personalized Posts, and prevent the share buttons from appearing with each post. We recommend whitelisting the KCM website or changing your settings to prevent any potential issues.   Where Lancaster Values are Headed over the Next Few Years? There are many questions about where home prices will be next year as well as where they may be headed over the next several years to come. We have gathered the most reliable sources to help answer these questions: The Home Price Expectation Survey – A survey of over 100 market analysts, real estate experts, and economists conducted by Pulsenomics each quarter. Zelman & Associates – The firm leverages unparalleled housing market expertise, extensive ...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
     × It looks like you are using an ad blocker in your browser.This may cause challenges with your Personalized Posts, and prevent the share buttons from appearing with each post. We recommend whitelisting the KCM website or changing your settings to prevent any potential issues. Copy Copied to Clipboard!Unable to Co Are You Spending TOO Much on Rent in Lancaster? Chances are if you are renting you are spending too much of your income on your monthly housing expense. There is a long-standing ‘rule’ that a household should not pay more than 28% of their income on their rent or mortgage payment. This percentage allows the household to save money for the future while comfortably covering other expenses. According to new data released from ApartmentList.com, 49.5 million renters in the Un...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
5 Ways Tax Reform Has Impacted Lancaster's Housing Market Starting late last year, some predicted that the 2018 tax changes would cripple the housing market. Headlines warned of the potential for double-digit price depreciation and suggested that buyer demand could drop like a rock. There was even sentiment that homeownership could lose its coveted status as a major component of the American Dream. Now that the first quarter numbers are in, we can begin to decipher the actual impact that tax reform has had on the real estate market. 1. Has tax reform killed off home buyer demand? The answer is “NO.” According to the Showing Time Index which “tracks the average number of buyer showings on active residential properties on a monthly basis” and is a “highly reliable leading indicator of cur...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
    Drop in Inventory Fuels Sales Slowdown in Lancaster ? Some Highlights: Existing Home Sales are now at an annual pace of 5.46 million. Inventory of existing homes for sale dropped to a 4-month supply, marking the 35th month in a row of declines. The median price of homes sold in April was $257,900. This is the 74th consecutive month of year-over-year price gains.  Sellers - Now is clearly the time to obtain TOP DOLLAR for your property . TEXT me (717-951-9933) to receive a Pre-Listing Packet   
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Home Inspections: What to Expect So you made an offer, it was accepted, and now your next task is to have the home inspected prior to closing. Oftentimes, agents make your offer contingent on a clean home inspection. This contingency allows you to renegotiate the price you paid for the home, ask the sellers to cover repairs, or even, in some cases, walk away. Your agent can advise you on the best course of action once the report is filed. How to Choose an Inspector Your agent will most likely have a short list of inspectors that they have worked with in the past that they can recommend to you. HGTV recommends that you consider the following 5 areas when choosing the right home inspector for you: Qualifications – find out what’s included in your inspection and if the age or location of y...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Home Buying Myths we Avoid in Lancaster, PA  Some Highlights: The average down payment for first-time homebuyers is only 6%! Despite mortgage interest rates being over 4%, rates are still below historic numbers. 88% of property managers raised their rents in the last 12 months! The credit score requirements for mortgage approval continue to fall. Buyers - your first step is obtaining Mortgage Pre-Approval ! Then you will need to hire a Buyers Agent to represent your interests through out the entire transaction ! The current Buyer's Market is Very Competitive ! TEXT ME to learn more !  
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Both Seller's & Buyer's Markets in Lancaster , PA  ? Some Highlights: A trend that has been emerging for some time now is the contrast between inventory & demand in the Premium & Luxury Markets vs. the Starter & Trade-Up Home Markets and what that’s, in turn, doing to prices! Inventory continues to rise in the luxury & premium home markets which is causing prices to cool. Demand continues to rise with low inventory in the starter & trade-up home markets, causing prices to rise! Buyers - you will need Representation to navigate through a Very Competitive Market in most local Price Points ! Higher Ended Sellers - You Need This to Succeed !   Text me to explore all of your options !  
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
    SELLERS - Now is the time to obtain TOP DOLLAR for your property BUYERS - You will need skilled Representation to navigate your way through this very competitive Sellers Market !  Text or email me to get started mikeperrykw@gmail.com  The PERRY PROPERTY GROUP is a PAID Vender Account on NextDoor.com  FOLLOW us on FB ! 
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
VA Loans by the Historical Numbers , Lancaster, PA  Some Highlights: Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership. In 2017, $188 billion was loaned to veterans and their families through the program. VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.   Vets, your first step is obtaining Mortgage Pre- Approval ! Text me to get started !     
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Be Thankful You Don’t Have to Pay Your Parents’ Interest Rate! Interest rates hovered around 4% for the majority of 2017, which gave many buyers relief from rising home prices and helped with affordability. In the first quarter of 2018, rates have increased from 3.95% up to 4.45% and experts predict that rates will increase even more by the end of the year. The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home. Don’t let the prediction that rates will increase stop you from purchasing your dream home this year. Let’s take a look at a historical view of interest rates over the last 45 years.   Bottom Line Be thankful that you can still get a better interest rate than your older brother or sister did ten years ago, a lower r...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
The Cost of Renting vs. Buying Today in Lancaster Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (28.9%) vs. the percentage needed to buy a median-priced home (15.7%), the choice becomes obvious. Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!    Your first step to end the Rent Cycle is obtaining Mortgage Pre-Approval .    Email  mikeperrykw@gmail.com  to get started !    
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Buyer Demand Still Outpacing the Supply of Homes for Sale The price of any item is determined by the supply of that item, as well as 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 four states had a ‘stable’ demand level. Seller Supply The index also asked: “How would you rate seller traffic in your area?” As you ca...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Freddie Mac: Rising Mortgage Rates DO NOT Lead to Falling Home Prices Recently, Freddie Mac published an Insight Report titled Nowhere to go but up? How increasing mortgage rates could affect housing. The report focused on the impact the projected rise in mortgage rates might have on the housing market this year. Many believe that an increase in mortgage rates will cause a slowdown in purchases which would, in turn, lead to a fall in house values. Ultimately, however, prices are determined by supply and demand and while rising mortgage rates may slow demand, they also affect supply. From the report:  “For current homeowners, the decision to buy a new home is typically linked to their decision to sell their current home… Because of this link, the financing costs of the existing mortgage ...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
20 Tips for Preparing Your House for Sale This Spring  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! Inventory is still very low ! Email mikeperrykw@gmail.com  to update your Current Market Value .  
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
A New Housing Bubble Forming…Not Before 2024! A recent report by CoreLogic revealed that U.S. home values appreciated by more than 37% over the last five years. Some are concerned that this is evidence we may be on the verge of another housing “boom & bust” like the one we experienced from 2006-2008. Recently, several housing experts weighed in on the subject to alleviate these fears. Sean Becketti, Freddie Mac Chief Economist  “The evidence indicates there currently is no house price bubble in the U.S., despite the rapid increase of house prices over the last five years.” Edward Golding, a Senior Fellow at the Urban Institute’s Housing Finance Policy Center  “There is not likely to be a national bubble in the way that we saw the first decade of the century.” Christopher Thornberg, Part...
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