The real estate market is showing signs of heating up, slowly. The number of showings on properties actively listed for sale is increasing, as well as phone and internet requests for more information on homes in the area. Also, a greater number of people are preparing for to buy (meeting with mortgage professional).
In talking with other local agents and mortgage brokers, the pulse of the market was unanimously, “getting warmer” and “picking up”. Offers are being generated, and on occasion, competing offers are being presented.
Can spring be in the air early this year? The housing climate is surely ready.
There are fewer homes for sale now than this time last year, so the supply and demand see-saw looks a little different. Buyers still have a healthy supply of homes to browse, but there is about an eight month supply of homes versus a nine month supply in the last year in Montgomery County.
Looking at January of 2011 compared to January of 2012, more homes sold this year: 356 vs. 383. That’s not a drastic difference, but a step in the right direction. That’s the good news.
I’d like to think things are finally moving in a positive direction. The not as good news is that the median home price fell when comparing the same period of time for single family homes in our county: $245,000 vs. $239,000. Unless of course you are a buyer, who views this information as a positive and time to make a move.
The mortgage interest rates are also attracting new home buyers and those looking to refinance. Rates are near historic lows, around 4 percent on a 30-year loan, and in some cases lower.
If you are looking in more rural areas, there is a mortgage type called a USDA loan. Yes, that means the department of agriculture. And no, you don’t have to buy a farm to get one. Homes in areas as close by as Souderton (and many points north and west) qualify for USDA loans in Pennsylvania.
Buyers can benefit from this type of loan if they have very little money to put down and will not have more than $5,000 in their bank account after settlement. There are income limits with a USDA loan as well. Its best to ask a mortgage professional about all loan options to see what is the best fit.
My husband brought home a bouquet of flowers yesterday for me and our daughter. They were a lovely mix of colors including tulips. Seeing those tulips and feeling the current pulse of the day to day business as a Realtor, I couldn’t help but feel like it was already that second season of the year, Spring.
Every Wednesday at noon, the Scott Loper Team of Re/Max Realty Group in Harleysville offers some sage advice to potential and current homeowners in our area. The Scott Loper Team includes Scott Loper, Lisa Loper and Gina Wherry, Re/Max Realty Group, 439 Main Street, Harleysville, PA 19438, (215) 256-1200.