The Market This Year

Well, here we go again. Different Spring, same question, "How is the market?" With recent events this question has more meaning than it did in previous years. Let me put forward some of the highlights and the low lights.

A. Interest Rates below 5%!!!! The banks have to lend and if you are credit worthy you will be getting a great rate. Also the banks are so money hungry that paying points to reduce your rate actually is worth it, especially if your credit is not so worthy.

B. Short Sales -- These are transactions where the mortgage company agrees to take less then they lent the homeowner. Why? Because they lent them too much!!!!

C. Huge Inventory-- For buyers this is great, you've got your choice and you have some serious bargaining leverage since there are so many sellers and a lot less buyers.

D. Foreclosures-- For the most part if these homes got this far along they really aren't worth it.

E. Stimulus-- $8000 credit for new homeowners (anyone who hasn't owned a home for the past 3 years) This is a straight tax credit that can be taken of this years taxes or next depending when you buy (probably next considering tomorrow is April) as long as you buy before December 1st. There are also some great township grants available, Haverford township is offering up to $15000.00!!!!

F. The Correction-- A lot of the outrageous prices are gone. The recent boom in Real Estate was too big and certain areas have definitely undergone a correction. If you bought in the last 4 years and need to sell expect to get what you payed and no more. Some people may not get what they payed. Certain townships are worse than others. Some in the area have stayed pretty stable, Havertown is still a great value.

G. Shiny Penny--- If your home is priced right and shows well you will sell fast, because the people on the fence are waiting for a nice home (because of the massive inventory). Conversely, buyers if the house looks great jump, because someone else will if you don't.

I could go on and on. I enjoy homes and enjoy talking about them. If you want to know more specifics for where you live give me a shout or drop me an email.