Special offer

Lancaster, PA Real Estate News

By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
The Role Access Plays in Getting Your House SOLD! So you’ve decided to sell your house. You’ve hired a real estate professional to help you with the entire process and they have asked you what level of access you want to provide to potential buyers. There are four elements to a quality listing. At the top of the list is Access, followed by Condition, Financing and Price. There are many levels of access that you could provide to your agent to be able to show your home. Here are five levels of access that you could give a buyer with a brief description: Lockbox On the Door – this allows buyers the ability to see the home as soon as they are aware of the listing, or at their convenience. Providing a Key to the Home – although the buyer’s agent may need to stop by an office to pick up the k...
Comments 2
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
The Past, Present & Future of Home Prices CoreLogic released their most current Home Price Index last week. In the report, they revealed home appreciation in three categories: percentage appreciation over the last year, over the last month and projected over the next twelve months. Here are state maps for each category:  The Past – home appreciation over the last 12 months The Present – home appreciation over the last month The Future – home appreciation projected over the next 12 months Bottom Line Homes across the country are appreciating at different rates. If you plan on relocating to another state and are waiting for your home to appreciate more, you need to know that the home you will buy in another state may be appreciating even faster. Track you property's value by receiving a n...
Comments 1
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Mortgage Rates by Decade Compared to Today [INFOGRAPHIC] Some Highlights: The interest rate you secure for your mortgage greatly influences your monthly housing costs. In the 1980s, 30-year fixed mortgage rates averaged in the high 12s making the monthly principal and interest payment over $2,000. Interest rates are still at historic lows; this is a great time lock in your housing cost and protect yourself from increasing rents, or refinance your current mortgage. Buyers don't miss out on these amazing LOW rates !  Your first step is obtaining Mortgage Pre-Approval . To get started with this process email   mikeperrykw@gmail.com   .   
Comments 1
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Why We Need More Newly Constructed Homes The number of new home sales is far off historic norms. The National Association of Realtors (NAR) just reported that the percentage of all house sales that were newly constructed homes has fallen to the lowest numbers in forty years. Here is a graph showing the percentages: This should come as no surprise as the number of new housing starts has fallen dramatically over the last several years: Bottom Line We need more new construction for two reasons: It will relieve some of the pent-up buying demand that is causing price appreciation to continue to increase well above historic norms. It will give better opportunities to many current homeowners who want to sell but can’t find an adequate home to move in to. Buyers your first step in considering a...
Comments 1
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Have You Put Aside Enough for Closing Costs? There are many potential homebuyers, and even sellers, who believe that you need at least a 20% down payment in order to buy a home, or move on to their next home. Time after time, we have dispelled this myth by showing that there are many loan programs that allow you to put down as little as 3% (or 0% with a VA loan). If you have saved up your down payment and are ready to start your home search, one other piece of the puzzle is to make sure that you have saved enough for your closing costs. Freddie Mac defines closing costs as: “Closing costs, also called settlement fees, will need to be paid when you obtain a mortgage.  These are fees charged by people representing your purchase, including your lender, real estate agent, and other third pa...
Comments 2
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Strong Buyer Demand Continues to Outpace Inventory 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 your rate buyer traffic in your area?” The darker the blue, the stronger the demand for homes in that area. Only four states came in with a weak or moderate demand level. Seller Supply The Index also asked: “How would your rate selle...
Comments 1
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Think You Should FSBO? 5 Reasons to Think Again! In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their home on their own, known in the industry as a For Sale by Owner (FSBO). There are several reasons why this might not be a good idea for the vast majority of sellers. Here are the top five reasons: 1. Exposure to Prospective Buyers Recent studies have shown that 88% of buyers search online for a home. That is in comparison to only 21% looking at print newspaper ads. Most real estate agents have an internet strategy to promote the sale of your home. Do you?  2. Results Come from the Internet Where did buyers find the home they actually purchased? 44% on the internet 33% from a Real Estate Agent 9% from a yard sign 1% from ne...
Comments 3
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Home Sales Expected to Increase Nicely in 2017Lack of Existing Home Sales Inventory Impacting Sales [INFOGRAPHIC] Some Highlights: Existing home inventory is down 10.1% from last year. A lack of inventory explains the modest increase in home sales (0.8% year-over-year) despite strong buyer demand. Existing home prices increased 5.1% year-over-year, which is directly related to the lack of inventory. Now is the time to take action  ! Buyers will need to start the process by obtaining a Mortgage Pre-Approval  ! Sellers need to confirm their property's updated Market Value is this changing market ! Email            mikeperrykw@gmail.com  to begin yourfirst step .  
Comments 3
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Home Sales Expected to Increase Nicely in 2017 The National Association of Realtors, The Mortgage Bankers’ Association, Freddie Mac and Fannie Mae are all projecting that home sales will increase in 2017. Here is a chart showing what each entity is projecting in sales for this year and the next. As we can see, each is projecting sizable increases in home sales next year. If you have considered selling your house recently, now may be the time to put it on the market. Buyers , your first step in entering this active housing market is to obtain Mortgage  Pre- Approval !  Email  mikeperrykw@gmail.com  to start this process ! 
Comments 1
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
      Most unrepresented Sellers have been unable to cash in on one of the largest buyer sources in our current housing market ! Millennial Buyers are now starting to dominate the Lancaster County , PA Housing Market ! They, more than any generation before them , realize that home buying is a process. They also value Representation when making large financial decisions . The majority of Millennials are hiring REALTORS to be their advocate in helping them navigate through the entire home buying process . Bottom line for all unrepresented Sellers is - nearly all of the buyers age 18-35 have all ready contractually employed a real estate agent to protect their interests in their next home purchase .
Comments 4
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
US Housing Market Moving Further into ‘Buy Territory’ According to the latest Beracha, Hardin & Johnson Buy vs. Rent (BH&J) Index, the U.S. housing market has continued to move deeper into buy territory, supporting the belief that housing markets across the country remain a sound investment. The BH&J Index is a quarterly report that attempts to answer the question: In today’s housing market, is it better to rent or buy a home? The index examines the entire US housing market and then isolates 23 major cities for comparison. The researchers “measure the relationship between purchasing property and building wealth through a buildup in equity versus renting a comparable property and investing in a portfolio of stocks and bonds.”  Ken Johnson, Ph.D., Real Estate Economist & Professor at Flor...
Comments 4
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
4 Reasons to Buy This Fall It’s that time of year; the seasons are changing and with them come thoughts of the upcoming holidays, family get-togethers, and planning for a new year. Those who are on the fence about whether or not now is the right time to buy don’t have to look much further to find four great reasons to consider buying a home now, instead of waiting. 1. Prices Will Continue to Rise CoreLogic’s latest Home Price Index reports that home prices have appreciated by 6% over the last 12 months. The same report predicts that prices will continue to increase at a rate of 5.4% over the next year. The Home Price Expectation Survey polls a distinguished panel of over 100 economists, investment strategists, and housing market analysts. Their most recent report projects home values to...
Comments 5
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Foreclosure Rate Drops to Pre-Crisis Levels [INFOGRAPHIC] Some Highlights: Only 2.9% of homes are in serious delinquency, down 17.1% from July 2015. This is the 57th consecutive month with a year-over-year decline. The national foreclosure rate has returned to August 2007 levels, at only 0.9%. Receive a 25+ page Report (RPR) on any property in Lancaster Co.. Email  mikeperrykw@gmail.com        
Comments 3
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
5 Stats that Prove the Real Estate Market is Getting Stronger Whenever there is talk about an improving housing market, some begin to show concern that we may be headed toward another housing bubble that will be followed by a crash similar to the one we saw last decade. Here are five data points that show the housing market will continue to recover, and that a new housing crisis is not about to take shape. 1) Mortgage availability is increasing, but is nowhere near the levels we saw in 2004-2006. A buyer’s chances of being approved for a mortgage have increased over the last three years; That’s good news for the market. This is not a precursor to another challenge, as many experts maintain that it is still too difficult for many buyers to attain house financing. As Jonathan Smoke, the C...
Comments 5
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Ready to Make an Offer? 4 Tips for Success So you’ve been searching for that perfect house to call a ‘home’ and you finally found one! The price is right, and in such a competitive market you want to make sure you make a good offer so that you can guarantee your dream of making this house yours comes true! Freddie Mac covered “4 Tips for Making an Offer” in their latest Executive Perspective. Here are the 4 Tips they covered along with some additional information for your consideration: 1. Understand How Much You Can Afford “While it's not nearly as fun as house hunting, fully understanding your finances is critical in making an offer.” This ‘tip’ or ‘step’ really should take place before you start your home search process. As we’ve mentioned before, getting pre-approved is one of many ...
Comments 4
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
76% Of US Homeowners Now Have at Least 20% Equity in Their Homes! CoreLogic’s latest Equity Report revealed that 91.1% of all mortgaged properties are now in a positive equity situation, while 75.9% now have significant equity (defined as more than 20%)! The report also revealed that 548,000 households regained equity in the second quarter of 2016 and are no longer under water. Price Appreciation = Good News for Homeowners Frank Nothaft, CoreLogic’s Chief Economist, explains: “Home-value gains have played a large part in restoring home equity. The CoreLogic Home Price Index (HPI) for the U.S. recorded 5.2 percent growth in the year through June, an important reason that the number of owners with negative equity fell by 850,000 in the second quarter from a year earlier.” Anand Nallathamb...
Comments 1
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Don’t Underestimate the Importance of Using an Agent When Selling Your Home When a homeowner decides to sell their house, they obviously want the best possible price with the least amount of hassles. However, for the vast majority of sellers, the most important result is to actually get the home 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. For the past three years, 92% of all buyers have used the internet in their home search according to the National Association of Realtors’ most recent Profile of Home Buyers & Sellers. However, the report also revealed that 95% percent of buyers that used the internet when searchin...
Comments 4
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
The Cost of NOT Owning Your Home Owning a home has great financial benefits. Because of this, more and more experts are growing concerned about the ramifications of a falling homeownership rate. Today, let’s look at the financial reasons why owning a home of your own has been a part of the American Dream for as long as America has existed. The outcomes of a falling homeownership rate can be devastating. As explained by ApartmentList.com: “Our research indicates that not owning a home has a sizable financial cost, as renters miss out on low mortgage rates and are hit by higher rents. This phenomenon may exacerbate inequality in our society, as those wealthy enough to invest in real estate benefit from lower interest rates, whereas minorities and younger Americans, hit by rising rents and...
Comments 4
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
50% of Houses sold in 36 Days or Less in July [INFOGRAPHIC] Some Highlights: The National Association of REALTORS® surveyed their members for their Confidence Index The REALTORS® Confidence Index is a key indicator of housing market strength based on a monthly survey sent to over 50,000 real estate practitioners. Practitioners are asked about their expectations for home sales, prices and market conditions. Homes sold in less than 60 days in 38 out of 50 states and Washington D.C. Homes sold in less than 30 days in 17 states Buyers homes are moving quickly in our market !  It is very important for you to obtain a Mortgage Pre-Approval  !  Email  mikeperrykw@gmail.com  to begin the process .    
Comments 2
By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Mortgage Standards Easing TOO MUCH? NO!! There is no doubt that getting a mortgage is easier today than it was right after the housing crash a decade ago. However, the easing of credit availability has led to some questioning of whether or not we are headed for another housing crisis. Let’s put everything into the proper perspective. Mortgage Credit Availability Over the Last Three Years Getting a home mortgage has definitely gotten easier over the last three years as evidenced by the Mortgage Credit Availability Index, issued by the Mortgage Bankers Association, in the following graph (the higher the index, the easier it is to get a mortgage): However, if we look further back at the index we see quite a different story. Mortgage Credit Availability Today Compared to 2006 The graph belo...
Comments 2
Explore Lancaster, PA