Estates of Forest Hills

Real Estate Report

July 2010


The real estate activity in The Estates for the first six months has improved for the first time in almost two years. Yes, the sales prices in some instances have moderated in comparison to previous years but two homes have sold and there are three pending sales as of the end of June. I would anticipate continued price pressure in the near future but this is an issue on the higher priced homes, over $400,000, in the greater Harrisburg real estate market. The good news is that there appears to be some stability in the lower price ranges and that will eventually work through all the price ranges. Are we going back to the 6-8% appreciation per year that we experienced? Not anywhere in the near future but there will be firming of prices and then some appreciation.


Where I see absolutely positive signs right now are interest rates being at almost historic lows. A few lenders have quoted 4.75% and 4.25% for 30 and 15 year mortgages respectively. So if you are planning to remain in your home for a while you may want to consider refinancing you current mortgage and save money – it is better to have it in your pocket rather than the banks in my opinion.  Some examples are;

Per $100,000; 30 year mortgage @6% vs 4.75% the savings is $78 per month and the same dollar amount on a 15 year mortgage @5% vs 4.25% the savings is $38 per month. Naturally every circumstance is different so before any decision is made please consult with your tax advisor.


And if you are interested in value, market activity or any real estate related item please contact me at or call at 717-579-2879. Have a great summer.