York Home Listings

2011-02-16T06:54:00.000-08:00

Check out this Great House! Price Reduction & Open House Sunday 1-3 Feb 20th
Stop By and Say hello and view this Great property...

Click Here for More Details on this home.

Attention lenders, mortgage servicers and our wonderful government - some suggestions you might want to consider:

2011-01-20T16:05:00.000-08:00

Attention lenders, mortgage servicers and our wonderful government - some suggestions you might want to consider:

Many buyers are in need of closing cost assistance in order to purchase a home in today's economic environment - as a matter of fact it has been what would be considered common practice for as long as I can remember going back to when I purchased my 1st home many years ago.

Most of the mortgage products that exist today still allow buyers to receive up to 6% of the sale price in seller paid concessions.

With the market the way that it is and there being so many foreclosure & short sale listings why is it that buyers are only able to secure 1-3% closing cost assistance as a general rule?

I have a suggestion.....make the process of selling these properties easier as a win-win for everyone involved.

Lets apply some common sense to this whole process:

If the property is a REO (foreclosed asset)

1. Be realistic on the condition and market value
2. If you are targeting owner occupied buyers - be willing to offer 6% seller paid closing costs for sale price within 90-95% of appraised value

Its really not that hard to determine the current market value and condition. If you now own a property that needs repairs then you know its going to attract investors willing to fix it up and re-sell to owner occupants. If its likely to go FHA then be willing to work with a buyer and pay closing costs like many sellers are willing to do OR you will eliminate many potential buyers.

If the seller is behind on payments and the seller wants to work to list and sell as a short sale in lieu of a lengthy and costly foreclosure process then be part of the solution. When a seller contacts you or their Realtor contacts you get involved early in the process.

1. Collect seller data to explain hardship and get a financial profile on the seller - you did this during the mortgage pre-approval process so do it now.
2. Accepted things for what they are and not what you think they should be --- mortgage payments are not being paid, foreclosure will take months and cost you $$$....be part of the solution and lets get work together to get these non=performing assets off your books.
3. Get an appraisals asap to know exactly what your potential asset is worth in the present market - use 90 day comparable solds of comparable properties (location, condition, features) What is owed to you has nothing to do with its present market value---become educated.
4. Be willing to accept an offer that is at a net sale price within 10-15% of appraisal value - keep in mind many areas are still experiencing a decrease in values each quarter----a value today is no longer valid as soon as a few additional compatibles settle at lower prices- the sooner you sell the better your bottom line.
5. Remember you just might end up owning this great asset you think you have if you are unrealistic in your expectations.

I have seen some of the stupidest things done by lenders in the short sale approval process. One the lender would not accept and offer that was at full market value with 6% assistance but suggested we drop the price over $25k and offer 3% closing assistance - like really my $220k offer with 6% would not net you more than your suggested $195k price with 3% - like really you just cost yourself over $17k and the taxes, water, trash and sewer bills that were not being paid went up up up each month we did not settle - now that was a really smart person huh? Another lender would only pay closing costs if the buyer was doing an FHA mortgage and not if a VA or USDA - a little discriminating to me - who cares what type of financing the buyer is doing - your concern should be bottom line proceeds --- in the end many months later after loosing 2 qualified buyers it sold for thousands less than the initial offer - they must all be related and share the same stupidity dna/genes.

While I understand there is potentially alot of sellers who are not in a true hardship and many lenders feel they are being taken advantage of it just seems logical to me to have a pre-approval process with short sales like the process of securing a mortgage. a process that actually works to get these properties sold.

If we can get a mortgage approval and go thru the underwriting process and settle in 45-60 days from the time an offer is accepted then we should be able to contact the lender, submit the basic info, get an appraisal of value, submit a market analysis and marketing plan, and get the lender to agree that a short sale is there best shot of getting the best net proceeds within the same 45-60 day period.

Mr President and any other member of our government or any of the lending institutions- I think I speak for Realtors in general - ask us directly what we think is needed to get Thur this challenging market and we will tell you. If you want to know what is going on and what can make things better apply some common sense and look to make some SERIOUS changes in a process that for all intense purposes is not working and costing you millions of lost revenue. Something has to tell you your process is not working - you have more foreclosures today than ever, with those properties that you refused to short sale you end up selling for thousands less after incurring the expenses of the foreclosure and all of this plays into consumer confidence or lack there of which in turn feeds the negativity in the housing market. You are functioning on a lose - lose concept.

We have sellers who are willing to go thru the steps necessary to assist you with disposing of these properties that are costing you $ every month that goes by with a mortgage payment not being paid and we have buyers that see the value of home ownership and are willing to purchase.

Its a reality - just like many lenders made poor choices to approve these mortgages homeowners too made poor choices in taking on a commitment they just can not keep. It is what it is - lets move forward and look back on this as a period of learning what not to do.

bottom line: DO A BETTER JOB OF BEING PART OF THE SOLUTION AND NOT PART OF THE PROBLEM - I REALLY DO WANT HELP AND BEGIN TO ALLOW THE HOUSING MARKET TO RECOVER.

For Sale: 3BR/1+1BA Single Family House in York, PA, $114,900

2011-01-13T18:10:00.000-08:00

For Sale: 3BR/1+1BA Single Family House in York, PA, $114,900

2010-11-10T14:42:00.001-08:00

Open House ~Sunday 1-3 November 14, 2010

http://www.postlets.com/res/4428498

2010-11-10T14:34:00.000-08:00

Open House Sunday 1-3 November 14, 2010

http://www.postlets.com/res/4484315

2010-11-05T17:42:00.000-07:00

Open House Sunday November 7th 2010 ~1-3

http://www.postlets.com/res/4670212

For Sale: 2BR/1BA Single Family House in York, PA, $103,100

2010-10-29T10:09:00.000-07:00

For Sale: 2BR/1BA Single Family House in York, PA, $103,100

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $159,900

2010-10-29T10:07:00.000-07:00

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $159,900

2010-10-14T19:11:00.000-07:00

Build the Home of Your Dreams! Many Floor Plans Available. $129,900.

Postlets | Free Listing Syndication and Real Estate Marketing Tools

2010-09-29T08:43:00.000-07:00

For Sale 27 Woodland~ Price Adjustment!
$184,900 ~3 bedroom ~2 Bathrooms~in Desirable Woodland Springs Area
Hurry wont last at this price!

For Sale: 3BR/2BA Single Family House in York, PA, $249,900

2010-09-28T13:30:00.000-07:00

For Sale: 3BR/2BA Single Family House in York, PA, $249,900

For Sale: 4BR/2+1BA Single Family House in Stewartstown, PA, $258,500

2010-09-22T11:20:00.000-07:00

For Sale: 4BR/2+1BA Single Family House in Stewartstown, PA, $258,500

For Sale: 2BR/2BA Single Family House in York, PA, $114,900

2010-09-10T14:02:00.000-07:00

For Sale: 2BR/2BA Single Family House in York, PA, $114,900

Check out this new listing!

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $169,953

2010-09-10T14:00:00.000-07:00

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $169,953

For Sale: 5BR/2+1BA Single Family House in Redlion, PA, $79,882

2010-09-10T13:57:00.000-07:00

For Sale: 5BR/2+1BA Single Family House in Redlion, PA, $79,882

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $199,900

2010-09-06T11:57:00.000-07:00

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $199,900

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $174,900

2010-08-21T19:20:00.000-07:00

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $174,900

For Sale: 2BR/1BA Single Family House in York, PA, $134,500

2010-08-21T19:17:00.000-07:00

For Sale: 2BR/1BA Single Family House in York, PA, $134,500

48 Maple Street Seven Valleys,PA

2010-08-21T12:25:00.000-07:00

View this Breath Taking Custom Home built by Kuhns Bros Log Homes.

For Sale: 5BR/2+1BA Single Family House in Redlion, PA, $84,900

2010-08-06T15:04:00.000-07:00

For Sale: 5BR/2+1BA Single Family House in Redlion, PA, $84,900

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $179,900

2010-08-06T14:12:00.000-07:00

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $179,900

2010-08-05T11:20:00.001-07:00

For Sale: 3BR/1+1BA Single Family House in York, PA, $123,500

2010-08-05T06:59:00.000-07:00

Open House Sunday Aug 8th 1-3pm For Sale: 3BR/1+1BA Single Family House in York, PA, $123,500

For Sale: 4BR/3BA Single Family House in Seven Valleys, PA, $400,000

2010-08-04T10:52:00.000-07:00

For Sale: 4BR/3BA Custom Built ~ Great Views~Log Home in Seven Valleys, PA, $400,000

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $209,900

2010-08-02T15:41:00.000-07:00

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $209,900

For Sale: 2BR/1BA Single Family House in York, PA, $125,000

2010-07-23T07:42:00.000-07:00

Open House Sunday July 25th ~ 1-3 pm
For Sale: 2BR/1BA Single Family House in York, PA, $125,000

2010-07-17T17:16:00.000-07:00

View Housing Market Report for York and Adams County.

For Sale: 4BR/2BA Single Family House in Windsor, PA, $100,000

2010-07-14T03:28:00.001-07:00

For Sale: 4BR/2BA Single Family House in Windsor, PA, $100,000

For Sale: 3BR/3+1BA Single Family House in Stewartstown, PA, $339,900

2010-07-14T03:28:00.000-07:00

For Sale: 3BR/3+1BA Single Family House in Stewartstown, PA, $339,900

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $215,000

2010-07-14T03:27:00.001-07:00

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $215,000

For Sale: 6.480 acres Vacant Land in York, PA, $395,000

2010-07-14T03:27:00.000-07:00

For Sale: 6.480 acres Vacant Land in York, PA, $395,000

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $189,900

2010-07-14T03:26:00.001-07:00

For Sale: 3BR/2+1BA Single Family House in Mount Wolf, PA, $189,900

For Sale: 2BR/1BA Single Family House in York, PA, $125,000

2010-07-14T03:26:00.000-07:00

For Sale: 2BR/1BA Single Family House in York, PA, $125,000

For Sale: 5BR/2+1BA Single Family House in Redlion, PA, $95,000

2010-07-14T03:25:00.000-07:00

For Sale: 5BR/2+1BA Single Family House in Redlion, PA, $95,000

For Sale: 3BR/2BA Single Family House in Wrightsville, PA, $125,000

2010-07-14T03:23:00.000-07:00

For Sale: 3BR/2BA Single Family House in Wrightsville, PA, $125,000

For Sale: 4BR/2+2BA Single Family House in Dallastown, PA, $234,900

2010-06-08T07:28:00.000-07:00

For Sale: 4BR/2+2BA Single Family House in Dallastown, PA, $234,900

2010-05-07T17:45:00.000-07:00

For Sale: 4BR/2+2BA Single Family House in Dallastown, PA, $234,900

For Sale: 3BR/3+1BA Single Family House in Stewartstown, PA, $339,900

2010-04-24T06:00:00.001-07:00

For Sale: 3BR/3+1BA Single Family House in Stewartstown, PA, $339,900

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $215,000

2010-04-24T06:00:00.000-07:00

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $215,000

For Sale: 3BR/1+1BA Single Family House in York, PA, $139,600

2010-04-10T12:31:00.000-07:00

For Sale: 3BR/1+1BA Single Family House in York, PA, $139,600

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $215,000

2010-04-10T12:30:00.000-07:00

For Sale: 3BR/2BA Single Family House in Shrewsbury, PA, $215,000

April is National Autism Awareness Month

2010-04-01T12:41:00.000-07:00

Dedicated to my son Joshua with Aspergers Syndrome.

Written by Pam Gifford, Assistant to Kimberly Gribbin and mother of 2 with Asperger Syndrome.

Joshua, Jonathan, Amy and all persons affected by Autism---we LOVE you exactly as God made you------We are blessed to have you in our lives!

So you think your child is Autistic!

So you think your child is Autistic!
Ok, Lets be realistic.

You say, he explodes over little things
Gets lost in thought and hums and sings.

You say he gets distracted, even from a simple chore
The future is looking like a closed door.

You say, sometimes he won't leave his room
He shuts down and goes into a cocoon

New Issues raise their heads every day
Other children don't want to play

He is hyper, a picky eater and misses every joke
Pulls at his hair and at his skin he will poke

Collects lint and by load noises he is affected
As a parent you feel at fault, overwhelmed and rejected

New friends are few and far between
Small improvements are hard to be seen

So you think your child is Autistic
So, Lets be realistic.

If this child sounds like yours
Acceptance can open many doors.

I recognize too well these signs
It can drive parents out of their minds.

Always love him, that comes first
Even when your heart could burst

Experts in Autism, parents must become
Little geniuses, these children are not dumb

Ignorance and bullying cannot be accepted
All children must be respected

Parents Groups can lend a sympathetic ear
They understand what you hold dear

To ask why?, It is a waste of time
No answer could satisfy your mind.

Education is the key to success
for this gift you were blessed

You need to learn about their problems
Training and knowledge can help you solve them.

I hope comfort in these words you find
And it helps relieve your troubled mind.

By Pamela M. Gifford Mother of two Asperger Children

For Sale: 3BR/2+1BA Single Family House in York, PA, $164,900

2010-03-31T09:33:00.000-07:00

For Sale: 3BR/2+1BA Single Family House in York, PA, $164,900

BBQ-A-THON Grand Re-Opening!

2010-03-31T09:08:00.001-07:00

Check out these Townhomes in Wrightsville. Many Builder Upgrades Included.
Visit our Model Home at 43 Riverview, Staged By York Staging Services. Six unit available. Including #17,27,29,37,41 & 43. Join us for Community Grand Re-Opening BBQ-A-THON...Sat 4/10/10 & Sun 4/11/10. Each Day 1-4 pm. Click Link Below for more details.

For Sale: 3BR/2BA Townhouse in Wrightsville, PA, $127,900

2010-03-31T09:08:00.000-07:00

For Sale: 3BR/2BA Townhouse in Wrightsville, PA, $127,900

For Sale: 3BR/2BA Single Family House in Wrightsville, PA, $129,900

2010-03-26T08:08:00.000-07:00

For Sale: 3BR/2BA Single Family House in Wrightsville, PA, $129,900

For Sale: 3BR/2BA Single Family House in Wrightsville, PA, $134,900

2010-03-26T08:07:00.000-07:00

For Sale: 3BR/2BA Single Family House in Wrightsville, PA, $134,900

An Opinion from the Assistant

2010-02-23T10:04:00.000-08:00

An Opinion from the Assistant
Pam Gifford, Assistant to Kimberly Gribbin

Before I started working with Kimberly, I use to think that REALTOR®’s and Brokers made too much money… That the fees I had to pay to sell a home was excessive. To pay 6% just to put my home in the MLS was stupid… Why would I as a seller ever agree to such highway robbery?

Until I started working in the Real Estate business I never realized what all went into a real estate transaction. How much education REALTOR®’s need to keep up on all the changes in banking and real estate laws? How much money it costs to maintain their real estate license? How much their insurances cost?

As independent contractors, Real Estate Agents have to pay for their print and advertising costs upfront, regardless of whether the property sells. That’s a lot of color copies at 40ȼ each. They pay for their memberships, National, State and Local dues as well as dues for the MLS system and the lockboxes they place on your house for key security. They also There is print advertising expenses as well as internet/online expenses if they want their sellers home effectively marketed to all resources, Realtor.com, Homes.com, Trulia.com, Zillow.com just to name a few. They also have to advertise themselves as a REALTOR®, so they get the phone call from the potential buyer or seller.

How much it costs in gas to drive clients around all week long? And what about the wear and tear on their vehicles? And the cleaning expenses---have you seen some of their cars? I swear they live in them sometimes. Or how many hours they work to show every client every home they wish.

All of these expenses are justified when the home ACTUALLY sells. What if the home doesn’t sell because it’s not what buyers are looking for today? What if seller doesn't agree about fair market value and over prices and the house expires UNSOLD? Then the REALTOR gets nothing and has spent their money during the process.

Not to mention being on the phone for hours, talking to banks, title companies and other REALTOR®‘s. All in an effort to help get the transaction successfully negotiated and settled. While simultaneously holding the hand of frustrated homeowners who are desperate to sell their house, before they lose it. First Time Home Buyers to be educated on terminology of the real estate transaction. Part of the REALTOR® job is to educate their clients about the home buying processes that will help them see their desires end result----a new home or a sold house.

With this intensely depressed market, short sales are more common. Short sales require more work than the regular real estate transaction. The homeowners despite stories about why they need to sell can way heavy on the hearts of the REALTOR®’s. Sometimes the REALTOR® is called upon to help home owners find refinancing for their existing home so they can afford to keep them. Not all agents just want to sell their home---many are willing to help homeowners understand the loan modification process and see if there is a way for the homeowner to keep their house---at least the REALTOR® I work for does.

I understand that not all REALTOR®’s are alike. A good REALTOR® can make or break the real estate transaction. A well educated agent can successful foresee problems and avoid them leading the property to a successful closing. A good Real Estate agent is worth their weight in Gold, and a bad one is not worth their weight in air.
After working in the business for @ years now I appreciate now what a real estate agent goes through when listing & selling a home or finding that perfect home for their buyer clients.

In my Opinion I don't think they are paid enough---especially today with all of the new rules and paperwork and time needed to get the job done.

When choosing a REALTOR for the sale or purchase the experience of the agent in today’s market matters---what someone did years ago does not mean they are up to date with technology and the products needed to get the job done.

Pam Gifford
Assistant to Kimberly Gribbin

Relax and let us process things!

2010-02-22T06:09:00.000-08:00

Today's Real Estate market in York Co PA is full of inventory. We have everything available from starter homes for 1st time buyer, 55+ communities, detached single family homes both new construction & re-sales, condos and town homes and McMansions back to the prices of 2005.
The Ready, Willing & Able buyers are out there-they are on-line, attending Open Houses and keeping their Buyer's Agent busy looking at all of the options that exist.
These days, with darkness still early in the evening & 2 feet of snow still on the ground my weekends are slammed.
A busy agent is finding themselves showing different buyers properties all weekend long. On Saturdays-One set from 10-1pm another from 2-5pm then Sunday an Open House from 12-2pm then back out with buyers from 2:30-5pm.
As soon as the showing time arrives - buzz buzz buzz. The Blackberry is notifying me of a new email – It’s a Feedback request for the showing we are at that very moment.
Wow - there goes the email again--another showing feedback request from the last showing. This continues all day.
Before I can get home, eat & see my family for a few minutes buzz buzz buzz again. This time it’s the listing agent personally reaching out --Did you show my property at 123 ABC St today as scheduled? What did your buyers think? Are they writing? The sellers are anxious to know. Please provide feedback.
Hello- can we have a day to process things? We just previewed 5 homes. I DID receive your automatic feedback request-I actually prefer this way of providing feedback. Its non threatening and you can't get defensive when I give honest feedback about price & condition. We need a day to chat, run numbers & see what direction we want to proceed.
Relax-after all its 5pm on Sunday evening. Quite honestly until I am at my desk & looking at our notes I can't really give you a full feedback report.
I do understand at times you may need to reach out to an agent here and there but please give me the chance to respond. AND because we are pulled in so many directions on the weekends please understand this can wait till Monday morning.
Feedback is important for both the Realtor & Seller to know the public opinions of the price & condition. Beside the sold comparables, the feedback and response from the buyers is very important to agents & sellers alike.
Most quality agents that understand we, as REALTORS® work together. We respect each other and are often Sellers agents and want the same courtesy when you show our listings. The majority of us will complete feedback requests, just RELAX a little.

It is not my fault you can not purchase a house!

2010-02-15T10:59:00.000-08:00

All too often I feel as though consumers want to blame us, Realtors & Lenders, as to the reason they can not purchase a house. I have yet to meet a Realtor or Lender who is responsible for a potential buyers credit score, debt to income ratio, lack of savings, lack of job security,etc.

Buying a home is something we earn. We work hard, pay our bills, save for our future and live within our means. It is not an entitlement or something that everyone is granted---it is earned.

While I support the efforts to help bring some stability to the Housing Market I also agree that as a society we need to get back to the basics.

The 1st time Buyers Tax Credit and Tax Credit for repeat buyers is a great opportunity to take advantage of---however they should not be the reason you make such a large investment.

The local programs offered by specific lenders to assist with median or below median income level borrowers are again something to take advantage of but not a reason to purchase. These community & 100% rural housing mortgage programs are there to assist buyers that qualify not to replace some of the loosey goosey lending of days past.

While many sellers find themselves paying the majority of the buyers closing costs remember the seller too has cost involved with selling and that the buyers too have expenses to pay. If the seller is willing to pay some of these expenses on top of their expenses than it is a benefit and not an entitlement.

A buyer has an equal part in this process and likewise and equal responsibility: maintain good credit standing and scores by paying bills on time and managing credit wisely, saving for the down payment and closing costs, having realistic expectations of what is obtainable.

If in the end we are able to negotiate some closing costs assistance from the seller that is a bonus. When many sellers are being conditioned that the buyers are going to ask for this assistance it is not an entitlement and part of the process to being ready to own a home and the responsibility that comes along with such is showing yourself and the lenders that you are credit worthy and ready to handle the many demands of home ownership. Starting the process with savings and a healthy balance of credit management will better assist you with the financial responsibilities that come along with owning a home.

Remember as Realtors and Lenders we are here to assist you and be part of the team----you too are a team member in your own pursuit of Home Ownership!

False Illusions and What You Need to Know

2009-12-22T06:57:00.000-08:00

Homebuyer Alert…
For prospective homebuyers who are on the fence about making a home purchase, the next few months represent a countdown of sorts for two reasons.

The first of these, the coming expiration of huge tax incentives, may be a bit more obvious to most borrowers. April 30, 2010 is the last day to enter into a home purchase contract and still potentially qualify for a federal income tax credit of up to $8,000 for first-time homebuyers and up to $6,500 for repeat homebuyers. The credit can be claimed only on contracts that close by June 30, 2010.
Secondly, beyond the waning benefit of the Federal income tax incentive, another form of stimulus will soon disappear, as the Federal Reserve winds down a program that has been keeping home loan rates artificially low.

Rate Alert…
The lowest rates of 2009 were driven down to their attractive levels because of the Fed’s Mortgage Backed Securities (MBS) purchase program. Home loan rates have an inverse relationship with the value of MBS. When these securities trade higher on the market, rates move lower and vice-versa. So when the Fed originally agreed to be a big buyer, it helped provide a market for MBS, which helped keep prices high and, as a result, helped push home loan rates low.
And while the Fed continues that program through the end of March 2010, the reality is that the Fed‘s “extension” was really more of a rationing intended to prevent home loan rates from spiking as the program is phased out. It’s sort of like weaning the market off of its life-saving treatment instead of forcing it to go cold turkey.
Already, some in the media have mistakenly reported the extension of the program through March as good news, telling consumers that rates will continue to decline, and remain low into the spring. This gives a false sense of security that homebuyers and refinancers simply cannot afford.
The problem is…
Those reports do not accurately report what’s going on or where rates are really headed. That can have a very costly impact on consumers who may miss out on historically low rates if they listen to these media outlets.

Here’s what’s really going on…In May 2009, the Federal Reserve's purchases of MBS peaked at an average of $25 Billion per week. As of November, the average weekly purchases dropped down to $14 Billion. At the end of November, the Fed had already used over 80% of the allocated funds for MBS, meaning less than 20% remained to be used over four months.
Making the problem worse is that the Fed now has less money available to purchase MBS while at the same time, the supply of these securities has increased as a result of refinance and purchase activity that was triggered by lower rates.

Why is that important?

As the Fed now has fewer funds to last through the remaining months of the program, its ability to keep rates low will wane.As the Fed's program winds down and ends, we’ll likely see two things happen.
First, we will probably see higher levels of volatility—with rates sometimes shifting dramatically in the middle of the day. That means it is more important than ever for buyers to work with a knowledgeable mortgage professional who has a finger on the pulse of the market at all times and can provide trusted, proven advice.
Second, since MBS will have less support from the Fed, rates are likely to rise over time.
In short, while rates are still very good, they may not be for long.

What should you do to protect yourself?

First and foremost, work with a knowledgeable mortgage originator who studies and monitors the market.
Second, don’t be fooled by media stories that only report the headlines and don’t understand the underlying implications of the Fed’s actions. If you ever hear something in the news but aren’t sure what it means to your situation, Please contact your Financial Advisor to see how the Feds' actions effect you and your financial situation.

Finally, if you haven't yet explored how the current rate environment might benefit you or someone you know, let’s arrange a time to sit down and discuss your unique situation as well as your short- and long-term goals. Remember, rates are still very good, but they may not be for long.

THE 5 THINGS YOU MUST KNOW ABOUT BUYING REAL ESTATE AND GETTING A MORTGAGE IN 2010

2009-12-17T07:11:00.000-08:00

THE 5 THINGS YOU MUST KNOW ABOUT BUYING REAL ESTATE AND GETTING A MORTGAGE IN 2010

1. NEW Good Faith Estimates take effect- on January 1st, 2010, RESPA(Real Estate Settlement and Procedures Act) which is one set of governing bodies over the real estate, mortgage and title industry is implementing a new 3 page estimate of settlement costs and new settlement statement that all industry providers must use. The goal of RESPA with these changes is to make settlement costs more transparent to homebuyers and home refinancers and at the same time guarantee certain costs to consumers. We do see it as helpful to the industry and consumers however it will take several months for all industry players to get all the working parts of it working smoothly. How could this affect you? Consumer will be more informed however RESPA has implemented very tedious rules for lenders that may cause the need for homebuyers and sellers to be more flexible with a settlement date. Bottom Line: A target date for settlement may become more normal versus a specific day and time for settlement.

2. INTEREST RATES- On March 31st, 2010 the Federal Reserve will end a program in which they have purchased $1.25 Trillion in Mortgage-Backed-Securities(MBS). The reason mortgage rates have been so low in the past 12 months is because of MBS purchases. The Federal Reserve did this to purposely drive down mortgage interest rates to potentially spur more home sales to in turn help the economy return to some sort of normal sooner rather than later. To keep it simple, mortgage interest rates drop when there are a lot of buyers of MBS and inversely mortgage rates go up when there are a lot of sellers in the MBS market. So, if rates went down to around 4.5% APR for the last year because the Federal Reserve was systematically buying $1.25 Trillion of MBS, what needs to happen as they end this program and start to sell their MBS portfolio? If you said rates must go up you are absolutely correct! As the largest investor(Federal Reserve) in the MBS market sells their holdings rates will rise. The biggest question still looming is how fast will the Federal Reserve sell their MBS portfolio after March 31st? The answer to this will be determined by how well the economy does in 2010. Many Federal Reserve members have stated that they understand that they need to be cautious in how fast they sell MBS because if they sell too fast rates could rise dramatically and quickly which would not be in the best interest of overall economic stability. We expect mortgage interest rates to stay relatively low in the 1st quarter of 2010 but will rise significantly by mid year with average rates expected between 6% to 6.5% on 30 year fixed mortgages for the second half of 2010. Bottom Line: It is possible that the next 3 months will be the last time in our lifetimes that we can get a 4.5% APR 30 year mortgage! I would recommend that if you can, buy a home or refinance your current home before the end of April 2010.

3. TAX CREDITS - On April 30, 2010 the tax credit for first time homebuyers of $8000 and the $6500 tax credit for those who have owned a primary residence 5 of the last 8 years will end. Tax credit recipients will have until June 30th 2010 to actually settle on the home purchased. Bottom Line: You must find a home to buy by April 30, 2010 and settle by June 30, 2010 to take advantage of this opportunity.

4. INDUSTRY CHANGES- 2009 saw more than 60% of mortgage companies go out of business and many good mortgage consultants have been forced from the industry as well. More than 60% of mortgage products that existed 3 years ago are gone. The Department of Housing and Urban Development and the Federal Reserve along with State regulatory bodies have forced new and imposing regulations on the mortgage industry on a regular basis throughout 2009 with more coming. A lot of the regulations will eventually be helpful however to have multiple changes and new rules implemented multiple times monthly every month makes for a lot more red tape for consumers to get a mortgage. There is currently a 1271 page document floating through congress that will add even more regulation change to the industry and until lenders know what the rules will ultimately be which appears to be coming in mid 2010, requirements to obtain a mortgage will continue to be tough and get tougher. Bottom Line: Start working on your mortgage options well in advance of choosing a home to purchase.

5. YOU- What can you do with this information to take advantage of the situation for you and your family? Understanding that mortgage rates will be rising at some point in 2010 and that tax credits are due to end by the end of April it is highly recommended that you start looking into your mortgage options as soon as possible. Also, be sure to get educated on all current market conditions. Ask how new mortgage regulations will affect you, ask about tax credit pre-approval, ask for free mortgage pre-approval, ask about buying short sale and foreclosure properties, ask about seller assistance, ask about low and no money down mortgages, ask what you should budget for a housing payment to be safe. Bottom Line: Get educated, search your options now and if you can buy a home before April 30, 2010.

If a little paint is needed will you do it to get your house SOLD?

2009-10-13T09:01:00.000-07:00

If a little paint is needed will you do it to get your house SOLD?
Why is it that everyone who is trying to sell their house is always complaining about the market conditions and yet still refusing to do what is suggested to move their property?
Today with inventory up and fewer buyers jumping into home ownership and the tax credit days numbered-sellers need to get on board with doing what is needed to neutralize their homes.
A little paint & scrub brush can go a long way- along with fresh linens, new hardware, a new light fixtures are inexpensive and well worth the few $ and time.
In the end a small investment will be much less than a price reduction.
I suggest seller invest 1% to get their homes market ready. With price adjustments from $5k-$10k a small investment can go a long way.
For more info on staging visit http://www.YorkHomeListings.com/staging.html
& Return on staging investments.

"Sales Stats for York PA thru 8-31-09'

2009-10-05T14:41:00.000-07:00

Well the stats for year over year sales for the York PA area are here. Overall the York PA area has seen a 3% decline in Median home prices and a 7% decline in the total units sold compared to same period in 2008. Many in the Real Estate profession here locally in York PA expected total units sold to be above the 2008 lows with incentives like FHA interest rates in the high 4's to low 5%'s, a $8000 Tax Credit for 1st time buyers, aggressive listing prices and a PHFA $5000 Tax Credit Advance to help 1st timers enter home ownership.

Compared to our -27% decline in total units sold thru August 2008 over same period in 2007---all in all I am please at the 1st eight months of this year----it will be interesting to see what happens over the traditionally slower 3rd & 4th quarters. With the possibility of the Fed's not extending the 1st time buyer tax credit I would expect to see these numbers continue to adjust downward thru 2010.

Many different areas have been affected by this ever changing market --- some areas, like the Central and Dover School District areas have seen price adjustments for the 1st eight months at -4 out of 16 reporting districts reports a small increase in Median values-----this does not factor in closing cost assistance paid by sellers which can further adjust the prices by 3-6%.

Whether you are looking to sell your present home of looking to make a purchase being informed of the market affecting your investment is imperative.

Follow the statistics as they are posted by visiting http://housingstats.yorkhomelistings.com
regularly.

To Sell now or wait?

2009-10-03T11:30:00.000-07:00

If you want to buy up should you do it now? Or wait til prices come down a bit more?

For many existing home owners this is a common question. In most cases selling now while you have equity to produce the funds needed for today's financing - down payment & closing costs- selling now and buying that dream home is my recommendation. We know what comparable properties are selling for and can determine how much of that equity you need for your purchase. We also know that today we have interest rates around 5% or lower.

Waiting til that dream home comes down another $15k, $25k or even $40k may seem like a good reason to wait however what many existing home owners do not realize is that while their dream home adjusts in price so does their existing home.

Many existing home owners are putting themselves at risk of not having the money to make their purchase. As the market adjusts so does they cash funds that are needed to purchase that dream home.

It is imperative that home owners be fully educated about the possible risks if waiting for a slightly better price on that new house.

1. Interest rates of the future are unknown- they can't get better that what we have today.

2. The criteria for a mortgage approval is changing all of the time- today we have stricter guidelines than just a few months ago with higher credit score requirements and tighter debt-to-income ratios.

3. While they wait for anticipated price adjustment on that dream house to hit-their existing house is also adjusting. The money needed to make a purchase is dwindling away every time the market adjusts down.

4. More competition will be in the market place. More seller will be putting their "starter" home on the market increasing the available competition and these sellers will now also be looking for those "good" deals of "buy up" properties. This will limit your ability to negotiate as there will be more and more players all going after the same inventory.

Today we have an abundance of homes available in all price ranges and in all areas.

Taking advantage of the "Right Now" is my suggestion for most consumers who are looking for a place to call home for at least the next 5 years.

Whether you are a 1st buyer, a seller looking to buy up or downsize or looking to exit the home ownership world- ACT TODAY - waiting just might cost you thousands in the end and prevent your dreams from ever coming true.

2009-07-31T08:05:00.000-07:00

Hello,

Here is some great information as to how the housing market has been affected here in York Co.

Attached are the housing stats found monthly on www.RAYAC.com.

Housing Stats & Housing Snapshot

Take a look at how your area compares from 2007 to present---now that stats are in thru June 30th this give us a great idea of where we are compared to our peak prices from 2006-2007 depending on what area you live in.

You will see that the Southern end of the co has started to stabilize somewhat--they have felt the market affects much sooner than that of the rest of the co....their values went up faster and higher earlier on and they were most affected during the adjustment periods as early as late 2005.

For example:

Dallastown School Dist: in 2007 median home prices were $204k with 266 homes sold in the 1st 6 mos whereas this year median prices are at $174k with only 213 homes sold compared to 266 in same period 2007 (that's is factoring in the 1st time buyers spike we had during April & may with the $8000 tax credit and 4.75% FHA mortgage rates) Over all this is showing us that we have a decrease in Median Home prices from 2007 to 2009 of -15% and total units sold are down by -20%.

The unfortunate thing about these reports is that they do not calculate in any closing cost incentive that were paid by the seller which further reduce the sale price bottom line. It would be fair to say that a large % of the more recent sales have included 3-6% in seller paid closing costs. During 2007 we were still able to access the 80/20 100% financing programs and buyers were able to cover their closing costs themselves for the most part. With today's financing terms requiring the buyers to invest at least 3.5-5% in down payment funds alone they have turned to the sellers more and more to cover the closing costs.

When you factor in these additional seller expenses it further reduces the bottom line and it would be fair to factor in an adjustment of 3% less off of the median prices.

We have recently had reports that state that the new construction starts were up by 11% and prices are trending towards stabilizing. Again, the reports and stats are compared to the months prior and not a snapshot of where we are today compared to same period last year of 2007.

Yes housing has had a positive reaction to the tax credit incentive and the lower 30 year fixed rates but we are still way off of our record high of 2006-2007.

It is and has been my opinion that we are not necessarily in a declining market but a correction market to what should have never happened to begin with. housing prices should increase at a 3-5% rate year over year---not 10, 15 or even 20% in one year alone. When prices go up too high too fast they will in the end need to balance out to reflect what should be a more normal appreciation ratio.

On average York Co housing prices are up over 54% for the past 10 years--that is a yearly increase of 5% for each year for the last 10 years---factoring in all of the ups and downs we have had during the last decade. We experienced a slight dip during the 9/11 period, then went way up and now we are balancing out. All in all this is what is normal in any 10 year period.

If you purchased or refinanced during this "housing peak" is is likely that you are seeing a decline in what you have into your investment. Many homeowners who are trying to sell today are feeling first hand the affects of the market over these last 2 years and are struggling to get sold for what they now have invested into they homes or what they feel their home was worth during this peak period. All in all i believe there is still about 10% or more of pricing adjustments we will see here in the coming months. I also believe we will go back to the basics and should expect that after prices stabilize we will sit still for a period and then begin to see the 3-5% increases year over year---not quarter over quarter or month over month.

Take a look at your specific area and property details to see where you fall in this market adjustment period. If you purchased during the peak for your area then you are most likely felling a decline in value at this time. Same holds true if you refinanced and took equity out of your home at that time. if you have made improvements to your house you may have been able to lessen the decrease but most likely have not gained much if anything at all.

If you are purchasing at this time you know with certainty that what you will purchase will be less than what you would have paid 2 years ago and the numbers will balance out in the end---most often the higher priced homes are harder hit by the market adjustments and if you are buying up you will probably save way more than what you feel your loss is on your sale.

If you have any questions about your specific property let me know---we can always run comps to show exactly where things were for your property during 2007 compared to today.

Is it time to sell or should I wait?

2009-04-09T06:09:00.000-07:00

I am faced every week with Homeowners who are questioning if now it the time to sell or should they wait til the market "comes back". I feel that we still have some adjustments to go, York has been trailing way behind the national averages and is just coming into our "peak" of foreclosures and homeowners falling behind on mortgage payments. This leaves us with some softening in prices still to come.

Right now buyers are out there taking advantage of the "Spring" season, low interest rates (4.5-5%) and the 1st time buyer tax credit of $8000. they have been told its a buyers market and so they are getting in on it.

Over the last 2 months I have not been able to keep listing inventory as they are selling. Often we are finding ourselves as sellers with multiple offers. My sellers are getting full asking price without having to pay closing costs or are able to add the closing cost that the buyer wants/needs to the price of the property---again giving them their full list price.

As an ASP (Accredited Staging Professional) I am able to assist my sellers with having their home enter the market in "move in" condition therefore buyers want to react quickly and are willing to pay full price(of course it must be priced within the market comparables).

Whether you live in your home and need some enhancement staging services or your home is now vacant we can pull it together and GET STAGED to GET SOLD.

As a homeowner how do you feel staging can help you in this market?

As a buyer how does homes that are staged help you with the buying process?

As another Real Estate Professional what are your experiences on assisting your clients with staging?

thanks,

Kimberly

Welcome to My Blog

2009-03-25T12:07:00.000-07:00

Kimberly Now has a Blog....