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2010 First Quarter Central Pennsylvania Real Estate Report

Friday, April 16, 2010
by Don Roth

With the change in the seasons, we are beginning to experience a change for the positive in the real estate market in the area. As I have said previously, the change is not going to be a quick fix but rather a slow improvement in the market. But in comparison to many other areas of the country, we are in much better condition and this should continue going through the rest of the year.

The number of sold homes decreased by 3% in 2010 compared to 2009, but this is much improved over the 20% decrease we experienced in 2009 compared to 2008. And the average sales price for the same period decreased by less than 1% to $179,057. Although the days on market increased to 98 days, we are now back to what I call a normal market that was common prior to 2003.

As with last year, the mortgage rate environment is still extremely favorable to buyers, although rates on a 30 year mortgage have increased slightly to 5.25% compared to 5% in 2009. It is my opinion that these rates will continue to increase gradually as we go through 2010. But be sure that lenders have plenty of money available for qualified borrowers and that again should continue throughout the year. So what should a potential home buyer do in this environment, my opinion is take advantage of the low rates and the plentiful inventory that is in the market. There are approximately 4900 residential units available for sale at this time. In conclusion, we are moving onward and upward in the area and take advantage of the positive situation while it is available.

 

Average Sales Price
West Shore
School District
2009
2010
Days on Market
Camp Hill
$218,051
$138,560
119/71
Cumberland Valley
$237,685
$237,875
98/92
West Shore
$192,241
$168,876
89/62
Northern
$261,380
$205,270
136/97
Mechanicsburg
$206,677
$209,006
74/65
East Shore
Central Dauphin
$214,801
$174,302
92/101
Derry Township
$218,064
$205,865
97/103
Harrisburg
$ 63,960
$ 95,110
89/74
Lower Dauphin
$213,629
$210,019
70/164
Middletown
$123,344
$101,388
90/93
Steel High
$ 93,490
$ 65,127

56/108
Susquehanna Township
$163,731
$186,745
110/110

Harrisburg,Pa. is one of Forbes most liveable cities

Wednesday, April 8, 2009
by Don Roth
According to Forbes ranks 12th in the U.S. as one of America's most livable cities. This comparison is for metropolitan areas with over 500,000 people. This ranking is based on factors as five year household cost of living that was calculated by Economy.com, crime data and leisure index and annual unemployment. To read the whole story please click the following link
http://www.forbes.com/2009/04/01/cities-city-ten-lifestyle-real-estate-livable-cities_slide_5.html?thisSpeed=15000. If you want to review the rest the forward and backward buttons are reversed.

why as is? gas heat? recent taxes? central air? basement?

Tuesday, November 18, 2008
by Don Roth

Arthur asked the above question on Trulia Voices with reference to a home that is listed for sale AS IS in Camp Hill, PA. And my response was as follows:

Thank you for your inquiry. There are many reasons, as already stated, why a seller may not want to make the necessary repairs to a home that has been listed for sale. An additional reason may be indifference because with the market as it is right now, some sellers do not have the inclination or the "emotional attachment" to a home so they just place a home on the market and hope it sells. My recommendation is to engage a REALTOR® to represent your interests if you decide to move forward. Why? Because depending on the circumstances, you will need someone to navigate through the total process to insure that if you decide to purchase the home, you can get the appropriate loan to close on the deal, but more importantly, that you get to the closing table.

Thanks, Don.

And if you have any additional questions, please contact me at Don@DonRoth.com.

First Time Home Buyer Tax Credit Available

Monday, July 28, 2008
by Don Roth

The Congress has passed H.R. 3221, and the bill is on the way to the President for his signature. Although there are many aspects of the Bill, the major piece of this legislation that I want all potential home buyers to be aware of right now is that there is up to a $7500 tax creit now available to first time home buyers on homes purchased beteween April 8, 2008 and June 30, 2009. The credit is available to joint borrwers that have an adjusted income of $150,000 or less and to single buyers that have an adjusted income of $75,000 or less. More is to come, but this is great news since in many areas the market has adjusted somewhat making many homes more affordable. Take advantage of this great opportunity along with competitive interest rates and buy your home. More information will be available shortly and you can view the information at www.DonRoth.com.

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