Today it was announced that Century 21 Heritage has joined forces with Prudential Bob Yost Homesale Services.
“Over the years, our companies have worked together successfully to bring buyers and sellers together”, said Heritage partner Kim Moyer. “Starting today, we can do this on the same team.”
Century 21 Heritage was formed in 1970 and has been one of York County’s dominant real estate Companies for decades.
Heritage partner Bob Argento stated, “We are very pleased to join Prudential Homesale. The services they provide will be very important as the local real estate market continues to improve.”
According to multi-list data maintained by the Realtors’ Association of York and Adams Counties, Prudential Bob Yost Homesale is the number one homeseller in York and Adams Counties.
In 2012, the two Companies combined completed 3,572 real estate transactions worth $614.5 million in York and Adams Counties.
The 30 former Heritage Agents will continue at their 41 Cinema Drive location in York. This location will be the seventh office of Prudential Bob Yost Homesale throughout York and Adams Counties.
Nancy Fox, President of Prudential Homesale’s York/Adams Region, says, ”We have all worked with the Heritage Agents for years. They have consistently demonstrated their professionalism and success.”
All Heritage employees have been invited to join Prudential Homesale. Manager Marty Clayton will serve as Director of Operations for Prudential Homesale’s Cinema Drive office.
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.”