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Lancaster, PA Real Estate News

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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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Singles Are Falling for Their Lancaster Co.Dream Home Some Highlights: According to NAR’s Profile of Home Buyers & Sellers, the share of recent homebuyers who were single at the time of purchase held steady at 24% last year. The percentage of first-time buyers who were single females rose to 17% (up from 16%), as the share of single men dropped from 11% to 8%. The primary reason for buying a home amongst singles was the desire to own a home of their own (38% for women and 37% for men). Buyers, your first step is obtaining Mortgage Pre-Approval ! Email  mikeperrykw@gmail.com to learn how .
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
The 5 Greatest Benefits of Homeownership Recently, Freddie Mac reported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.” Homeownership can help you build equity over time. Your monthly payments will remain stable. You may have some tax benefits. You can take pride in ownership. Homeownership improves your community. Let’s expand on each of Freddie Mac’s points: Homeownership can help you build equity over time. Every three years, the Federal Reserve conducts a 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,...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
The High Impact of Low Interest Rates on Your Purchasing Power in Lancaster Co., PA According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.96%, which is still near record lows in comparison to recent history! The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power. Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease if you plan to stay within a certain monthly housing budget. The chart below shows what impact rising interest rates would have if you planned to purchase a home within the nation...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Homeowners: Your Home Must Be Sold TWICE In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 5%+ over the next twelve months. One major challenge in such a market is the bank appraisal. If prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank. Every month in their Home Price Perception Index (HPPI), Quicken Loans measures the disparity between what a homeowner who is seeking to refinance their home believes their house is worth, as compared to an appraiser’s evaluation of that same home. Bill Banf...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Do You Know How Much Equity You Have in Your Home? An RPR Report will tell you ! CoreLogic’s latest Equity Report revealed that 91,000 properties regained equity in the first quarter of 2017. This is great news for the country, as 48.2 million of all mortgaged properties are now in a positive equity situation. Price Appreciation = Good News for Homeowners Frank Nothaft, CoreLogic’s Chief Economist, explains: “One million borrowers achieved positive equity over the last year, which means risk continues to steadily decline as a result of increasing home prices.” Frank Martell, President and CEO of CoreLogic, believes this is a great sign for the market in 2017 as well, as he had this to say: “Homeowner equity increased by $766 billion over the last year, the largest increase since Q2 2014...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Epic Housing Shortage Being Reported in Lancaster, PA !!!! The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study. The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction. Regarding Existing Home Inventory: “For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were historically low 1.65 million homes for sale nationwide, which at the current sales rate was just 3.6 months of supply - almost half of the 6.0 months level that is considered a balanced...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
5 Reasons Why You Should Not For Sale By Owner! In today’s market, with home prices rising and a lack of inventory, some homeowners may consider trying to sell their homes 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 94% of buyers search online for a home. That is in comparison to only 16% 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 homes they actually purchased? 51% on the internet 34% from a Real Estate Agent 8% from a yard sign 1% from n...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Home Buying Myths Slayed in Lancaster Some Highlights: Interest rates are still below historic numbers. 88% of property managers raised their rent in the last 12 months! The credit score requirements for mortgage approval continue to fall. Buyers , your first step is Mortgage Pre-Approval  ! Contact mikeperrykw@gmail.com to learn more !  
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Median Days on the Market Drops to 27! Some Highlights: The National Association of REALTORS® surveyed their members for their monthly 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 a month in 24 out of 50 states, and Washington D.C. Homes typically went under contract in 27 days in May! Sellers , update your Current Market Value by emailing  mikeperrykw@gmail.com and receice a 25+ page report . 
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
NAR Data Shows Now Is a Great Time to Sell! We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house. Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report. REALTORS® CONFIDENCE INDEX Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that home-buying demand continued to outpace supply in May. The map below illustrates buyer demand broken down by state (the darker your state, the stronger the demand is ...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018. Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking to purchase and homeowners looking to refinance. The rate you secure greatly impacts your monthly mortgage payment and the amount you will ultimately pay for your home. Let’s take a look at a historical view of ...
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By Michael J. Perry, Lancaster, PA Relo Specialist
(KW Elite )
Buying Is Now 33.1% Cheaper Than Renting in the US The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States. The updated numbers actually show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide! Other interesting findings in the report include: Interest rates have remained low and, even though home prices have appreciated around the country, they haven’t greatly outpaced rental appreciation. With rents & home values moving in tandem, shifts in the ‘rent vs. buy’ decision are largely driven by changes in mortgage interest rates. Nationally...
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