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.
Tuesday, October 13, 2009
Monday, October 5, 2009
"Sales Stats for York PA thru 8-31-09'
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.
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.
Saturday, October 3, 2009
To Sell now or wait?
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.
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.
Friday, July 31, 2009
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.
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.
Thursday, April 9, 2009
Is it time to sell or should I wait?
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
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
Wednesday, March 25, 2009
Subscribe to:
Posts (Atom)
