Real Estate Information Archive


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Suburban Harrisburg, PA Real Estate Comparisons 2007 vs 2008

by Don Roth

Suburban Harrisburg, PA Real Estate Comparisons 2007 vs 2008

I am reporting the sales results as compiled by the Central Penn Multi List comparing the years of 2007 and 2008. These results are for the suburban locations of Harrisburg and include all of Dauphin, Cumberland and Perry counties and portions of York, Lebanon and Lancaster counties. As you probably already know, our local real estate market declined in 2008 when compared to 2007 in the number of sales and average sales prices. These results were not unexpected when we review the major headlines and the resulting effects on the nations real estate markets that occurred in 2008. The numbers are what they are and I will not attempt to spin the numbers in any fashion. But, I will tell some of the interesting statistics that are occurring right now. One, as I have stated, is that mortgage interest rates are at or near historic lows meaning that it is not out of the realm of possibility to secure a 30 year fixed rate at or just below 5% and I think that they may go lower for at least the first half of 2009. So if you are not thinking about buying a home you may want to consider a refi of your existing mortgage. If you have any questions whether it is worth your while, give me a call or send me an email and we can review what possibilities may be available to you.

I read a great quote from a REALTOR® in Portland, Oregon, Rob Levy, that said “when will I know that housing has hit bottom” and his answer was “when its going back up again,” This is very true and no one will know when you could have made a great deal in the real estate market until it has already happened! So if you are considering purchasing a home in the near future, contact me and allow me to establish a personalized search program for you so that you can educate yourself on the market activity and what may be available and at what price. Yes, there are home owners locally that are having a difficult time remaining in their homes, but there is still strength in our local real estate market and we will see a rebound and only then we will know where the bottom was in this market. One last thought, there are local lenders that are willing and able to secure mortgage at competitive rates and terms and they are just waiting for you to ask. Wishing you a Happy and Prosperous New Year.

Number of Home Sales
Average Sales Price
Mediam Sales Price

Renting vs Buying in the Carlisle, Pa. Area 17013

by Don Roth

The following question was posted on Trulia Voices on  January 7, 2009 and the following is my answer to the question

K asked. I am moving to Cumberland County, PA (Boiling Springs/ Carlisle) and would like to be a first time home owner. Unfortunately my job is a two year term. Is it smart to buy a house, as I've heard I would lose money, especially with houses depreciating?

K. Great question. Most people would say no to you purchasing a home and then reselling it in two years. My perspective is there are opportunities to purchase a home and not lose any money within your time frame. In most real estate cycles in recent years, most buyers that were looking to sell in two years were people that were transferred into the area and had most, if not all of their costs paid by the employer, so they had very little personal financial loss to be anticipated within that time frame.

My recommendation is to review the price range of homes that you are considering and calculate your total monthly housing costs and compare that to the amount you may pay in rent for the time frame. Yes, there are going to be costs in purchasing a home, but there possibly may be some tax benefits, not associated with the $7500. tax credit that may make it beneficial to you to purchase a home rather then renting.

The local market has seen a small decline in the average selling price in 2008 compared to 2007, but in many areas of our market AND a small increase in the selling price compared to 2006. I would anticipate a rebound in our local real estate market in 2009 when you look at some of the home values coupled with the extremely attractive interest rate environment we have right now. Good luck in your search and if you need any additional information, please contact me. Thanks, Don.

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