What's Going On In YOUR Backyard?

What's Going On In YOUR Backyard?

It’s mid-January…how are you doing on those resolutions and goals? Don’t worry! It’s never too late to start again, in fact, I read that the 2nd Monday in January is always #RecommitDay. What a GREAT idea! One of my goals this year is to BLOG! Eeek! So out of my comfort zone, but here I am! 😊

If one of your goals for 2019 is to buy or sell a house, you may want to know how the market is doing in our area! While home prices are on the rise at about 4.6% nationally, here in Central PA we can expect prices to rise 3.8% through 2019 as they have in the previous few years. Home sales are down 1.5% nationally but remain stable in the Capital Area. Inventory is tight as people are staying in their homes longer and new construction housing starts are at an all time low according to the National Association of REALTORS. This is good news for sellers!

But on the flip side, rising prices and interest rates are reducing home buyer activity…not so good for sellers. However, most consumers do want a place to call their own, raise a family, feel secure, and ensure investment/financial health. Furthermore millennials are entering the market in large numbers!

Keep an eye on interest rates (predicted to rise), inflation (predicted to increase slightly), and the strength of the economy (continued growth and strength expected). And if you’re in the market to buy, get preapproved for a mortgage to stay competitive in case of multiple offers on your dream home! Also work on your credit score and save as much as you can for a down payment. I recommend working with A Plus Mortgage Solutions. Jeremy McMichael is extremely attentive and thorough and while those slick online services may seem like a good idea, there's nothing better than being able to call an actual person!

Sellers should start getting ready at least two months prior to putting your house on the market. Start to declutter rooms (call Laura at www.healthierspaces.com) and make a list of potential repairs. Visit my Preferred Vendors page at www.MichelleSneidman.com for a list of trusted business partners to help you! And contact me for a comparative market analysis.

Locally, Silver Spring Township continues to have one of the lowest tax brackets in Central PA, with new construction plentiful and growing. While resale homes in this area are still increasing in equity and we are experiencing a strong market presence, there were 198 homes SOLD in 2018 in a price range of 250,000 - 550,000! The average market time was 43 days! A great township to call HOME!