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Central Pennsylvania Real Estate Report

Thursday, February 3, 2011
by Don Roth

Central Pennsylvania Real Estate Report

 

Average Sales Price
West Shore
School District
October 2009
October 2010
Days on Market
Camp Hill
$189,869
$156,151
79/116
Cumberland Valley
$234,894
$271,152
106/64
West Shore
$812,266
$169,591
88/61
Northern
$231,593
$201,446
134/60
Mechanicsburg
$190,350
$204,067
58/81
East Pennsboro
$178,055
$198,450
62/102
East Shore
Central Dauphin
$176,217
$209,175
92/123
Derry Township
$285,399
$281,982
62/99
Harrisburg
$ 83,577
$ 65,564
100/84
Lower Dauphin
$199,019
$261,211
85/72
Middletown
$141,258
$152,164
80/124
Steel High
$ 77,103
$ 74,450

87/182
Susquehanna Township
$176,968
$150,182
70/70

 

Average Sales Price
West Shore
School District
November 2009
November 2010
Days on Market
Camp Hill
$201,900
$148,980
79/104
Cumberland Valley
$248,639
$277,533
68/110
West Shore
$200,547
$181,043
58/107
Northern
$228,233
$194,650
100/57
Mechanicsburg
$179,385
$157,319
92/69
East Pennsboro
$151,279
$186,271
75/68
East Shore
Central Dauphin
$177,627
$148,780
79/104
Derry Township
$222,578
$288,382
131/136
Harrisburg
$ 81,986
$ 59,497
64/68
Lower Dauphin
$209,484
$229,143
99/84
Middletown
$112,700
$139,500
60/87
Steel High
$ 108,967
$ 64,738

113/149
Susquehanna Township
$160,150
$157,266
54/96

 

Average Sales Price
West Shore
School District
December 2009
December 2010
Days on Market
Camp Hill
$159,725
$215,883
174/63
Cumberland Valley
$252,226
$275,893
111/115
West Shore
$194,431
$178,015
72/95
Northern
$199,756
$175,307
80/68
Mechanicsburg
$188,229
$226,874
60/110
East Pennsboro
$164,392
$138,260
55/93
East Shore
Central Dauphin
$182,435
$167,787
65/80
Derry Township
$289,291
$189,216
130/103
Harrisburg
$ 69,958
$ 62,138
120/135
Lower Dauphin
$212,463
$274,087
70/54
Middletown
$122,829
$154,688
52/137
Steel High
$ 70,667
$ 48,000

137/78
Susquehanna Township
$164,504
$153,279
69/240

If there is one subject that is constantly discussed, it is the state of the real estate market in the Greater Harrisburg area. I am always asked are homes selling and what sales range is the strongest. The short answer is that homes continue to sell in our market, but they are taking a little longer to sell than what we have experienced is the past few years and that trend probably will continue into the first half of 2011. Homes priced in the low to mid $100,000s are selling the best, if you will but we must remember there are traditionally more homes in this range than any other price range. But homes in all price ranges continue to sell in our market. We must remember that some of the unfortunate news that we hear about in some areas of the country are not being experienced by this market to the degree that other areas have experienced. Yes there has been a slowdown in sales and increases in foreclosures and short sales in this market and that trend will again continue in the near future.

Is there good news in the Harrisburg real estate market? Absolutely, mortgage rates, although they have increased recently, are still below 5% and most likely will increase slightly in the months ahead. Additionally, the average home sales price has held up remarkably well and in my opinion that will continue. And lastly if you are looking to purchase a home there is a great selection of homes to choose from in all price ranges. We will most likely never see the frenzy that we saw a few years back, but I have been in this business for over 19 years and we will see the normalcy of the early 2000s and we will experience excellent home sales numbers with appreciating, not depreciation average home sale prices. No the glass is not half full yet but we are getting closer. May you have a Happy and Prosperous 2011.

If you have any real estate questions please contact me at Don@DonRoth.com and if you would like to see the list of available homes for sale visit my web site www.DonRoth.com and click on the search listings tab and search away.

Refinancing a Home Purchased One Year Ago

Wednesday, February 4, 2009
by Don Roth

Greg posted this question on Trulia Voice this morning and my response follows:

My wife and I bought a 2 unit duplex about a year ago. We went FHA and got locked in at a rate of 6.25. We both have 710 credit scores. We do not have much equity in the house yet. But with rates now around 5 % is it worth us to try and refinance and if so who would you recommend?

Greg:

I would first talk to the loan officer that you originally secured your current mortgage through and see what they may be able to do for you. The difference between the two rates per $10,000 is about $8.00 or $80.00 per month. Before you refinance, find out what, if any, costs you are going to incur for the refi. Then take into consideration how many years you are planning to remain in your home and see how long before you begin realizing the savings. In many cases, it can be four, five or six years, again depending on what your costs can be (ie origination fees, new title insurance, etc.). Using my above example of $80 per month on a $100,000 mortgage and say your refinacing costs are going to be $4000, you would need to be in your home for at least 50 months before you started realizing a savings from the refinance. And I know it is difficult to anticipate how long you are going to be in a home, but sometimes it is better to pay the higher rate than refinance, especially if you have to include some of the closing costs into the refi. There isn't a pat answer, but look at the costs versus what you will be saving and as additional piece of information, there is a proposal from The National Association of Realtors® to have a program where mortgage interest rates would be pegged at 4.5% for a certain period. And this proposal has gained some traction in Washington so maybe watch what comes out of D.C. before you make a decision. I hope this helps you in your decision.

Don Roth

Lower Mortgage Rates in Central Pennsylvania Are Here

Wednesday, November 26, 2008
by Don Roth

First, as we approach Thanksgiving, I want to wish the happiest of times to you, your families and your friends. We have been through some interesting times in the last year and it appears that this trend will continue for the foreseeable future. Let us count our blessings and look for a brighter tomorrow.

I am sure many people saw the news that the Federal Reserve enacted a second large multibillion dollar initiative in hopes of stimulating the housing market for both buyers and sellers in this challenging market. What does that do immediately for you? Well, the initial reaction was to reduce current 30 year mortgage rates down by about .75% or a savings of $72 a month on a $150,000 mortgage or a yearly saving of $864 a year. Not a lot but better in your pocket than the lenders.

If you are considering the purchase of a home, this may be the market of opportunity for you now and for the next few months. While no one can accurately predict the bottom of a market, many will be upset that they waited too long to buy a home. If you are a current owner, you may say that your home isn't worth as much as last year and that may be true. However, if you are considering moving up the home, what you are looking for isn't worth as much as it was last year. There are many opportunities that will be available and if you are considering a move, you should begin your planning now so you are adequately prepared. Just remember the Greater Harrisburg, Carlisle and Hershey real estate markets have been one of the most stable market in the nation - put that to your advantage.

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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