January 25, 2012

Where Will Housing Prices be in the Spring?

Sellers are often under the assumption that they should wait until spring before putting their home on the market.  They believe that they will attract more buyers and sell their home at a higher price.  Typically, this makes sense.  However, the foreclosure properties that are being released by the banks will affect the market.  It is believed that this increase in the supply of homes will prevail over buyer demand, and cause home prices to decrease. 

“U.S. foreclosure activity has been mired down since October of 2010, when the robo-signing controversy sparked a flurry of investigations into lender foreclosure procedures and paper work. While foreclosure activity has registered well below levels from a year ago, there is evidence that this temporary downward trend is about to change direction, with foreclosure activity slowly beginning to ramp back up.” –RealtyTrac 

With today’s market, you may get a better price for your home by selling now, instead of waiting until spring!

Visit www.PrudentialHomesale.com to find an agent.

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January 23, 2012

Is now a good time to buy a home?

According to a report by JP Morgan thoroughly explained by KeepingCurrentMatters.com, now is the time to buy a home!

Price-to -Income Ratio
A measure of housing values is the ratio of income to home prices. “Since 1966, the median price of an existing single family home in the U.S. has varied between 150% and 251% of personal income per household. However, roughly three quarters of the time it has been in a relatively narrow band between 185% and 230%.”  Currently the ratio is only 153%.

Curent Mortgage Interest Rates
With current 30 year mortgage rates, housing prices are at historic lows as compared to income due to such low interest rates.  At a 4% interest rate:

“Assuming the use of a fixed rate mortgage with 20% down, this would make the median mortgage payment on a single family existing home just 6.9% of per household personal income, compared with an average of 14.4% since 1966.”

Monthly Rent vs . Monthly Mortgage Payment
A common question among renters, “Is it more expensive to own or rent a home?” 

“…we estimate that the implied median mortgage payment has fallen to just 78% of the median asking rent…”

Now Is The Time To Buy!
“The numbers on housing have an important message for American families today, and particularly younger families setting out on life’s great adventure: Five years ago, at the peak of the home-buying euphoria, it was emphatically a time to rent. Today, when home ownership is depreciated more than ever before, the numbers tell us it is a time to buy.”

 

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January 10, 2012

Prudential Homesale Poised To Grow In Chambersburg PA

Nearly one year after Prudential Homesale Services Group purchased the Long & Foster and Prudential Franklin offices in Chambersburg, Homesale has combined its two offices into one larger office, located at 730 Norland Avenue in Chambersburg.  

The Norland Avenue office was the former home of Prudential Franklin.  The Agents previously located at the former Long & Foster office at 1061 Lincoln Way East are now located at the Norland Avenue facility. 

“We are delighted to be able to serve the people of Chambersburg with our innovative, market-leading programs and systems”, said Len Eaton, Operations Manager of the combined office.  “Having more space means we can offer our Agents a comfortable, spacious office in which to work, with more room to grow”.  

For more information about this change, please contact Doug Rebert at 717-333-6123. 

Prudential Homesale is south central Pennsylvania’s most successful real estate company, with 23 offices located throughout the region.  For more information about Prudential Homesale, please go to www.prudentialhomesale.com.

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January 6, 2012

Prudential Bob Yost Homesale Services Continues to Grow in the Hanover Market

Bob Yost Homesale Services has been assisting home buyers and sellers in the Hanover area for 16 years.  They are a full service real estate company with complete settlement, insurance and mortgage services available.  Their location at 1444 Baltimore Street Hanover, PA (Grandview shopping plaza) has just been expanded to accommodate their 48 agents.

Homesale is known by home buyers and sellers for their innovation and use of technology.  They have a large inventory of technology tools that their agents use to achieve maximum exposure for their listings.

Among their many tools is an audio system called Info 24/7.  Every home for sale can be accessed through a phone recording (717-801-1845), even if it is not a Homesale listing.  Their online seller advantage system gives their customers a market update to keep them informed on housing activity in their neighborhood. 

In addition to all of the tools, Homesale’s focus has become online marketing.  Because 90% of home buyers start their home search on-line, they have created a network of online partnerships to highlight their listings using major and local real estate portals.  Among the major partners are Zillow, Trulia, Realtor.com and Oodle.  The local partners include HomesInYork, EveningSun.com, PennLive and the newest addition is WGAL.com.

When you are in need of Pennsylvania or Maryland real estate information come visit the newly expanded location at 1444 Baltimore Street Hanover, PA (Grandview shopping plaza) location.

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December 29, 2011

Happy New Years from Homesale!

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December 20, 2011

How to Sell Your Home in the Winter

  1. Keep your house well lit- Since winter consists of short and cloudy days, pay attention to how well your house is lit.  For a showing, make sure all the bulbs are working and turn a light on in every room.  Keep the lights on in the front of your house to create a welcoming look for people driving passed.
  2. Maintain the outdoors- It is important to provide buyers with a safe and convenient place to park.  Shovel a parking space, clear the sidewalk, and keep walking areas salted to be sure that they have easy access from their vehicle to your doorstep.
  3. Don’t over decorate- Use white lights to decorate trees and bushes rather then big colorful bulbs and inflatable figurines in the front yard.  Place holiday decorations around the house to create a happy and comforting look but don’t be excessive. 
  4. Adjust your thermostat- Buyers are likely to keep their coats on as they walk through your home.  Keep the temperature at a comfortable 65 degrees to avoid roasting them. 
  5. Organize your outdoor clothing- Avoid stuffing your closet full of winter coats and creating a mound of gloves and scarves.  Hang coats that are worn most often in the closet, move the rest to a spare bedroom’s closet or storage bin.  Place a storage container in the bottom of the closet or a decorative chest/basket at the door for gloves and scarves. 

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December 15, 2011

How Much House Can You Afford?

The typical homebuyer has been browsing through properties online and driving around looking for yard signs.  This is a great start since it is important to get an idea of what you are looking for, however, it is even more important to know how much you can afford to spend.  Follow these steps to get a basic idea of what monthly mortgage payment will work for you: 

  1. Allowable Monthly Debt Payments

Although it varies, many lenders typically prefer that your monthly debt and housing costs are less than 28% of your gross monthly income.  Even if your debts are higher than 28% of your income, that doesn’t mean you can’t get a mortgage, there are financing programs that help make
homeownership a reality for people from various financial backgrounds.

            $5,500    Gross Monthly Income*
        x        .28    Debt-to-income ratio
       =   $1,540   Allowable Monthly Debt Payment 

*You and your spouse’s total income before taxes and other expenses 

  1. Total Monthly Debt Expenses

Add together your regular monthly debt payments: car payments, student loans, required minimum credit card payment, and any others. 

            $300   Monthly Car Payment
       +   $150   Monthly Tuition Payments
       +   $90    Other Monthly Debt Payments
       =  $540   Total Monthly Debt Expenses 

  1. Maximum Mortgage Payment

Subtract your monthly debt expenses from your allowable monthly debt payment in order to find your maximum mortgage payment.

            $1,540    Allowable Monthly Debt Payment
         -   $540      Total Monthly Debt Expenses
        =   $1,000    Maximum Mortgage Payment 

Keep in mind that your maximum mortgage payment should include mortgage insurance, homeowner’s insurance, and property taxes. 

If you have questions or need help obtaining a mortgage, please don’t hesitate to contact one of our loan officers at Homesale Lending. 

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November 28, 2011

Holiday Decorating Tips

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November 24, 2011

Happy Thanksgiving

Happy Thanksgiving from Prudential Homesale!  As you are gathering around the table with family and friends it is important to let them know what you are thankful for.  We would like to take this time to thank you, our customers, for allowing us to service all of your real estate needs!

May your Thanksgiving be filled with joy and tons of turkey!

For real estate information please visit www.PrudentialHomesale.com!

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November 21, 2011

Home for the Holidays

Here are some tips on how to get your home ready for the holidays so your guests will feel welcomed and comfortable

  1. Create Space for Guests- Move family’s luggage to a spare bedroom, clear out your coat closet, and have an umbrella stand handy if it is raining.  This will provide them with a welcoming space for their belongings.
  2. Freshen up the Bathroom- Once the bathroom has had its usual cleaning, set out guest hand towels and a new bottle of hand soap.
  3. A Warm Glow- Light some candles but be sure to keep an eye on them if they are in places such as a bathroom or hallway.
  4. Entryway Impression– Sweep your steps and front porch area to eliminate leaves, cobwebs, and dirt.  Shake out your doormat and remove any clutter.  Replace any outside lights that burnt-out. Keep in mind, your entryway is really your home’s first impression. 
  5. Quick Decorations- Make a centerpiece out of a wooden platter and some small white pumpkins or a vase full of fall branches.  Use fall colored placemats to spruce up your table.

Most of all enjoy spending time with your family and friends!  Have a wonderful Holiday!

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