Suburban Harrisburg, PA Real Estate Comparisons 2007 vs 2008
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.
