July 9th, 2009
It’s summer, and I’m sure this scene is playing all around the country: kids are in the pool, splashing around and playing, while one child creeps around the edge, nervously tickling their toes in the water.
“Come on in! It’s great,” the other kids shout.
The child wants to swim. It looks like fun. She’s been excited about it all day. But the sudden chill of the water, and the fear of how it will feel at first, holds her back and makes her shiver.
“The water’s great! Really!”
So, finally, she plugs her nose, closes her eyes, and jumps in all at once, her face emerging wide-eyed with a bright smile that’s ready to splash and play with her friends.
I kind of liken that to today’s housing market, and all the thousands of potential buyers who are just a little too scared to jump in yet.
Yesterday’s Lanacster Newspaper reported that Lancaster’s housing market continued it’s healthier trend in May, with home sales very comparable to last year. Click here for the full link: http://tinyurl.com/kwo2xj.
Our home added to those figures, and I’m so glad we got in the market when we did. We just got an agreement of sale on our old house (5 weeks after we listed it), and while it’s just slightly lower than what we bought it for two years ago, I keep remembering what a great deal we got on our new home. We probably could not have afforded it if prices were at 2006’s level.
The water really IS great! Think how much you’ll be having when you finally move into that home you’ve always wanted! Sure, it’s a little scary at first, especially with all the bad news we keep hearing about the economy. But let’s pay attention to our local friends at Lancaster Newspapers, who told us yesterday with their article to “Jump In, the Water’s Great!”
Tags: Bad News, Bright Smile, Country Kids, Economy, Fear, Fun, Housing Market, Jump In The Water, Kids Pool, Lancaster Newspapers, Liken, Market Trend, Positive News, Scary, Shiver, Splash, Sudden Chill, Tickling, Toes, Trend
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June 29th, 2009
My husband and I had a great find on Craigslist this weekend - a full solid wood dining room set (complete with table, six chairs, china cabinet, and buffet server) for $400! We were thrilled, since we’re settling on our new home tomorrow and still had no dining room furniture (and still no place to put all of that lovely china, stemware, and serveware we got for our wedding). Just one more excitment in the whole moving process!
When we met with the owners of that set, we found out that they just purchased their first home and will settle in late July. They had been considering taking that step for a while, but the $8,000 credit pushed them over the edge - and they’re going to use that $8,000 to buy new furniture!
I’m so glad when I hear about people who have decided to take the home buying plunge thanks to the $8,000 credit. It gives me stronger faith that we’ll be able to sell our current house - an excellent starter home - very soon, too.
So for those of you still in your starter home and dreaming about more space - don’t be afraid! There are so many great deals on the market, and if you price your home right, you shouldn’t have trouble attracting first-time homebuyers. More and more of them are discovering that this is an opportunity of a lifetime, and they’re taking advantage of it!
And for those of you who are renting and weighing whether now is a good time to buy your first home: what would YOU do with your $8,000? Pay down the mortgage? Pad your savings? Buy new furniture? Think about it…and then move!
Tags: Buffet Server, China Cabinet, Dining Room Furniture, Excitment, Faith, Good Time, Great Deals, Home Tomorrow, Met, Mortgage, New Furniture, Opportunity Of A Lifetime, Plunge, Renting, Serveware, Six Chairs, Solid Wood, Stemware
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June 23rd, 2009
I’ve been seeing a lot of brouhaha over “skyrocketing mortage rates.” A couple of weeks ago, rates jumped from the high-4-percents to the mid-5-percents. Since then, they’ve wavered back and forth a bit.
Okay, so for all of you potential homebuyers who saw that and decided to back off your search: May I just remind you of one thing? 5 1/2% is still an excellent mortgage rate! And truly, no one can tell just how long rates will linger this low.
My husband and I are settling on our home next week, and we’re SO glad we bought it when we did! We’ll be saving thousands of dollars in interest payments over the life of our mortgage because of the low rates.
So don’t be scared off when you hear rates are rising. Sure, it’s all the more reason to jump in the market now while the getting is good. But a rate that’s risen to 5 3/4% is still a fantastic rate! And a fantastic rate means a lower monthly payment. And, a lower monthly payment means you can get mroe home for your money. Which is why now is the time to buy that new home!
Tags: Brouhaha, Homebuyers, Interest Payments, Money, Mortage Rates, Mortgage Rate, Mortgage Rates, Percents, Thousands Of Dollars
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June 5th, 2009
About a month ago, I was somewhat frustrated with the brazen headline on the front page of the Intelligencer Journal blaring ”Foreclosures Triple Here, Report Says.” Because of my job, I knew that our foreclosure rate in Lancaster County was very low - and the body of the article even said so, stating that our number was small, so even tripling it didn’t make it that big. (Click here for the full article: http://articles.lancasteronline.com/local/4/236632)
Today, while in a meeting with other housing folks in the county, I received word that confirmed what I already knew: Lancaster County is 62nd out of 67 counties in Pennsvlvania in foreclosures. That means that, in a state which already has one of the lowest foreclosure rates in the country, our county has the fifth lowest rate!
This signifies a lot: fewer distressed properties, higher and more stable property values, better employment figures. So, bottom line: Don’t be too scared by all the big bad foreclosure news you read or hear. Sure, it’s more magnified right now, even here in Lancaster County. But it hasn’t gotten us down!
Tags: Bad News, Bottom Line, Distressed Properties, Employment Figures, Foreclosure Rates, Foreclosures, Front Page, Intelligencer Journal, Job, Lancaster County, Lot, Property Values, Scary Word
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May 31st, 2009
MSN Real Estate recently published an article detailing 5 reasons you should buy a home this year. They make perfect sense:
1. Affordability - Just a few years ago, many people were getting nervous that Lancaster County homes were soon going to skyrocket in price way beyond what many middle-income working families could afford. Thanks to the recent correction, there are still plenty of homes on the market in all different price ranges. It’s a buyer’s market; you’re not as likely to get into a bidding war with another buyer (or three), pushing the price up, as you would have been in 2005. And that’s great news for buyers!
2. Large inventory to choose from - The Lancaster County housing market is ripe with all different varieties of homes! We like to refer to it as “pick your own,” just like those homegrown strawberries. City living, country living, brand new, resale, townhome, single family, under $200,000 or over $300,000, you can have fun shopping around for your perfect home.
3. Builders are offering great deals - Always wanted a brand-new home but never thought you could afford it? This may be your year! Whether it’s getting added features thrown in, help selling your current house or other discounts, many builders here are making it easier than ever to step into fresh new home that’s yours alone. Visit LancasterBuilders.org for a directory of new home builders to check out.
4. Mortgage rates are phenomenal - Perfect example: My husband and I are purchasing a new home (hopefully!) this month. We locked in our rate last week at 4.6%! Wow! You won’t find better rates than this. I’m sure you can make this conclusion, but I’ll say it anyway: lower rates mean lower monthly payments, which means more home for your money!
5. You can get a tax credit - First-time home buyers can get an $8,000 tax credit if they buy a home before November 30. And, it was just announced that you may be able to get that money at settlement if you’re using an FHA loan. Hello? $8,000 of practically free money? Count me in!
Click here for the whole article: http://realestate.msn.com/article.aspx?cp-documentid=17856930&page=2.
Tags: Affordability, Bidding War, Fha Loan, First Time Home, First Time Home Buyers, Fun Shopping, Great News, Housing Market, Lancaster County, Loa, Lower Monthly Payments, New Home Builders, Perfect Home, Perfect Sense, Purchasing A New Home, S Market, Single Family, Strawberries, Tax Credit, Time Home Buyers, Working Families
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May 31st, 2009
A couple of months ago, a local home builder approached the Building Industry Association with a frustration to vent. So many people coming through his homes had one common apprehension about buying them: they didn’t think any financing was available!
Of course, while it’s true that lending standards have tightened (to a healthier level), that couldn’t be farther from the truth. Banks ARE lending mortgages to reasonably qualified buyers, and at great rates! We realized after talking with several other builders and realtors that there were many other fears and misconceptions floating around, mostly based upon the doom and gloom hype from national news stories.
So, this site is designed to show you the facts about Lancaster County’s market, to give you a local perspective on this national housing story. If you have been toying with the idea of making a move, but haven’t because you feel like the market’s not right, we hope this gives you some reasons to take the next step toward that move. Economic recovery begins with housing, and there’s never been a better time to invest in a home than now!
Tags: Apprehension, Banks, Better Time, Building Industry Association, Doom And Gloom, Economic Recovery, Fears, Frustration, Home Builder, Hype, Lancaster County, Misconceptions, Mortgages, National Housing, National News, News Stories, Perspective, Realtors, S Market, Truth
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