All About Pennsylvania Real Estate

By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
  Some Highlights The language of buying and selling a home may sound scary at first, but knowing how key terms relate to today’s market can help you. For example, current low mortgage rates and higher wages positively impact affordability for buyers, while home price appreciation continues to grow home equity, which sellers can use to fuel a move up. Terms like appraisal (what lenders rely on to validate a home’s value) and contingencies (which buyers can minimize to make their offer stand out) directly impact the transaction. You don’t need to be fluent in the language of the market to buy or sell. Instead, let’s connect today so that we can translate the process together. Bottom Line What best fits your real estate goals right now - buy, sell, perhaps both? With years of area knowled...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
As we move into the second half of the year, one thing is clear: the current real estate market is one for the record books. The exact mix of conditions we have today creates opportunities for both buyers and sellers. Here’s a look at four key components that are shaping this unprecedented market.A Shortage of Homes for SaleEarlier this year, the number of homes available for sale fell to an all-time low. In recent months, however, inventory levels are starting to trend up. The latest Monthly Housing Market Trends Report from realtor.com says:"In June, newly listed homes grew by 5.5% on a year-over-year basis, and by 10.9% on a month-over-month basis. Typically, fewer newly listed homes appear on the market in the month of June compared to May. This year, growth in new listings is conti...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
Over the past year, many homeowners realized what they need in a home is changing, especially with the rise in remote work. If you’re longing for a dedicated home office or a change in scenery, now may be the time to find the home that addresses your evolving needs.Working from Home Isn’t a Passing FadBefore the pandemic, only 21% of individuals worked from home. However, if you’ve recently discovered remote work is your new normal, you’re not alone.A survey of hiring managers conducted by Statista and Upwork projects 37.5% of U.S. workers will work remotely in some capacity over the next 5 years (see chart below):Working from Home Gives You More Flexibility and More OptionsIf you fall in that category, working from home may provide you with opportunities you didn’t realize you had. The...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
In today’s real estate market, mortgage interest rates are near record lows. If you’ve been in your current home for several years and haven’t refinanced lately, there’s a good chance you have a mortgage with an interest rate higher than today’s average. Here are some options you should consider if you want to take advantage of today’s current low rates before they rise. Sell and Move Up (or Downsize) Many of today’s homeowners are rethinking what they need in a home and redefining what their dream home means. For some, continued remote work is bringing about the need for additional space. For others, moving to a lower cost-of-living area or downsizing may be great options. If you’re considering either of these, there may not be a better time to move. Here’s why. The chart below shows ...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
Last week, Fannie Mae released their Home Purchase Sentiment Index (HPSI). Though the survey showed 77% of respondents believe it’s a “good time to sell,” it also confirms what many are sensing: an increasing number of Americans believe it’s a “bad time to buy” a home. The percentage of those surveyed saying it’s a “bad time to buy” hit 64%, up from 56% last month and 38% last July. The latest Home Purchase Sentiment Index explains: "Consumers also continued to cite high home prices as the predominant reason for their ongoing and significant divergence in sentiment toward homebuying and home-selling conditions. While all surveyed segments have expressed greater negativity toward homebuying over the last few months, renters who say they are planning to buy a home in the next few years ha...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
An important factor in today’s market is the number of homes for sale. While inventory levels continue to sit near historic lows, there are indications we may have hit the lowest point we’ll see. Odeta Kushi, Deputy Chief Economist at First American, recently said of our supply challenges: “It looks like inventory may have hit a bottom (we’ve seen this in the higher frequency data as well). Unsold inventory in May was at 2.5 months supply, up from 2.4.” To put it into perspective, the graph below shows levels of inventory rising since the beginning of the year:We’re still not close to a balanced market, which would be a 6 months’ supply of homes for sale. However, we are seeing a slow but steady increase in homes coming up for sale. And that leaves many buyers and sellers wondering the ...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s economic reporting included readings from the National Association of Home Builders Housing Market Index, data on sales of new and previously-owned homes, and weekly reports on mortgage rates and jobless claims.NAHB: Affordability, Shortages of Labor and Materials Impacting U.S. Housing MarketsHousing market conditions are changing according to July’s Housing Market Index produced by the National Association of Home Builders. Although the HMI reading declined by one point in July, ongoing trends including labor shortages, higher prices for building materials, and affordability impacted builder confidence in overall market conditions. July’s index reading was 80 as compared to June’s reading of 81 and the expected reading of 82. Housing Market Index readings over 50 indicate ...
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By Westchester Modular Homes Construction Corp, Westchester, Putnam, Rockland, Dutchess, Orange
(Westchester Modular Homes Construction Corp)
Join us for a LIVE VIRTUAL TOUR of our sample homes, design center & factory on July 28th 2021 @ 6:30 PM EST... go to www.vt-sign-up.com today to reserve your spot... explore how we can help you design and build your dream home... we feature quality Andersen products in all of our homes... learn more at www.andersenwindows.com...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
In real estate, it’s normal to see ebbs and flows in the market. Typically, the summer months are slower-paced than the traditionally busy spring. But this isn’t a typical summer. As the economy rebounds and life is returning to normal, the real estate market is expected to have an unusually strong summer season. Here’s how this summer is stacking up against the norm and what it means for you. Inventory is increasing. According to the latest Existing Home Sales Report from the National Association of Realtors (NAR), inventory levels have been rising since February of this year. Looking at the graph below, there’s a clear upward trend, as shown in the green bars. Currently, there’s roughly a 2.5 months’ supply of homes for sale. And while inventory is trending up as more houses are comin...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
While the housing market forecast for the second half of the year remains positive, there may not be a better time to sell than right now. Here are four things to consider if you’re trying to decide if now’s the right time to make a move. 1. Your House Will Likely Sell Quickly According to the most recent Realtors Confidence Index released by the National Association of Realtors (NAR), homes continue to sell quickly. The report notes homes are selling in an average of just 17 days. Average days on market is a strong indicator of buyer competition, and homes selling quickly is a great sign for sellers. It’s one of several factors that indicate buyers are motivated to do what it takes to purchase the home of their dreams. 2. Buyers Are Willing To Compete for Your House In addition to sel...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
For many young or first-time homebuyers, purchasing a home can feel intimidating. A recent survey shows some homebuyers ages 25 to 40 may be unsure about the homebuying process and what they can afford. It found: “1 in 4 underestimated their buying potential by $150k or more” “1 in 4 underestimated the increase in value by $100k or more” “47% don’t know what a good interest rate is.” Because they feel uncertain, many young homebuyers have given up on their search, or worse, they’ve decided homebuying isn’t for them and never started on their journey to begin with. If you’re interested in buying but aren’t sure where to begin, here are three key concepts about homeownership you should understand before you get started. 1. What You Need To Know About Down Payments Saving for a down paymen...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
  Some Highlights Buyers hoping for more homes to choose from may be in luck as housing inventory begins to rise. Many experts agree – new sellers listing their homes is great news for buyers and the overall market. Although the supply increases are modest, more homes means more options for buyers. A rise in inventory may also help slow the price gains we’ve seen recently and could be a sign of good things to come. If you’re searching for a home, rising inventory is welcome news. Let’s connect today to discuss new listings in our area. What best fits your real estate goals right now - buy, sell, perhaps both? With years of area knowledge, repeat clients, trusted service and personalized guidance each step of the way, we find the solution(s) customized to your needs - growing family spac...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
Home prices have increased significantly over the last year, which in turn has grown the net worth of homeowners. Appreciation and home equity are directly linked – as the value of a home increases, so does a homeowner’s equity. And with these recent gains, homeowners are witnessing their financial stability and well-being grow to record levels. In more good news for homeowners, the most recent Home Price Expectations Survey – a survey of a national panel of over one hundred economists, real estate experts, and investment and market strategists – forecasts home prices will continue appreciating over the next five years, adding to the record amount of equity homeowners have already gained over the past year. Below are the expected year-over-year rates of home price appreciation from the ...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
If you’re thinking of buying a home, there really is no time like the present. With today’s low mortgage rates, you have a great opportunity to get more home for your money. The challenge is inventory. Like you, many buyers want to capitalize on these market conditions, and it’s leading to more buyer competition and bidding wars. If you’re having a hard time finding a home to buy, it may be time to talk to your trusted real estate advisor about a newly built home. Early indicators show new-home construction is beginning to ramp up. While new homes alone won’t be able to fix all of the inventory challenges, this does mean you’ll soon have more options as you search for a home. As a buyer, a newly built home may be exactly what you’re looking for – it’s brand new, and with builder customi...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
  The question of whether the real estate market is a bubble ready to pop seems to be dominating a lot of conversations – and everyone has an opinion. Yet, when it comes down to it, the opinions that carry the most weight are the ones based on experience and expertise. Here are four expert opinions from professionals and organizations that have devoted their careers to giving great advice to the housing industry. The Joint Center for Housing Studies in their The State of the Nation’s Housing 2021 report: “… conditions today are quite different than in the early 2000s, particularly in terms of credit availability. The current climb in house prices instead reflects strong demand amid tight supply, helped along by record-low interest rates.” Nathaniel Karp, Chief U.S. Economist at BBVA: “T...
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By Kris Collis, Associate Broker, Professional Results you Expect 570-801-5525
(Smart Way America Realty)
You may have been told that it’s important to get pre-approved at the beginning of the homebuying process, but what does that really mean, and why is it so important? Especially in today’s market, with rising home prices and high buyer competition, it’s crucial to have a clear understanding of your budget so you stand out to sellers as a serious homebuyer. Being intentional and competitive are musts when buying a home right now. Pre-approval from a lender is the only way to know your true price range and how much money you can borrow for your loan. Just as important, being able to present a pre-approval letter shows sellers you’re a qualified buyer, something that can really help you land your dream home in an ultra-competitive market. With limited housing inventory, there are many more...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
There are many people who are looking at the housing market wondering if now is the time to make the jump from renting to owning. At the same time, is it more affordable to rent a home? Or, is it a smarter move to buy a home? Even though many people like the comfort of renting because it is someone else’s problem if something goes wrong, waiting too long to purchase a home could be costly. Here are a few of the most important points you need to keep in mind when it comes to renting versus buying a home.Renters Spend A Higher Percentage Of Their Income On HousingFirst, renters usually put a higher percentage of their income toward housing than homeowners. When looking at the numbers, people may believe that the percentage is higher for renters purely because people who own homes make mor...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
If you’re just jumping into the game of home purchasing, you are likely considering all of your loan options and may even have heard the term mortgage rate lock. For those who don’t like to gamble, a mortgage rate lock can offer a bit of reassurance, but there are also some downsides to this type of protection. Before signing off on this, here are the details on rate locks so you can make an informed decision.What Is A Rate Lock?For many people who are buying a home, the idea of interest rates can make the heart race a little faster, but this is the purpose of rate locks which offer consistency in a market in flux.Instead of having to deal with day-to-day fluctuations of the rate – which increases or decreases what you owe – a rate lock is a lender promise that you will be held to a spe...
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By Joe Gonzalez, NMLS# 126036 (610) 739-6563
(CrossCountry Mortgage, LLC NMLS #3029)
Last week’s scheduled economic reports included readings on inflation, Fed Chair Jerome Powell’s testimony before the House Financial Services Committee, and the University of Michigan’s Consumer Sentiment Index. Weekly readings on mortgage rates and jobless claims were also released.Consumer Price Index: June Inflation Grows at Fastest Pace Since 2008June’s Consumer Price Index showed the fastest pace of inflationary growth in 13 years; inflation grew by 5.40 percent on a seasonally-adjusted annual basis. Used car sales accounted for one-third of the growth, but prices also rose for clothes, food, energy, and travel/hospitality. The year-over-year inflation rate for May was 5.00 percent.Inflation grew by 0.90 percent month-to-month, which exceeded analyst’s expectations of 0.50 percent...
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By Gloria Todor, & Doug Durren (484) 431-3686 in SE PA
(Berkshire Hathaway Home Services)
Residential Homes For Sale in Springfield, Delaware County, PA as of July 16, 202113 Active ListingsPrice Range $269,900 - 634,90049 Houses Pending Sale Residential Homes Sold in Springfield, PA in June 2021Price Range $225,000 - $585,000Average Days on Market was 10 Days!!37 Houses Sold(info Bright MLS various brokers/agents) Smedley Park Springfield PA Golf View 55+ Community in Springfield PA 
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Pennsylvania Real Estate Agents and Real Estate Professionals