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.
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.”
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.
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.