The Cost of Getting a Loan is on the Rise
Posted by Matt Kellam in Real Estate News on May 15, 2012
Closing costs for a mortgage averaged $4,143 last year, which is 12.4 percent higher than in 2010, Bankrate.com reports.
Despite record low mortgage rates, borrowers are finding the cost of getting a loan is on the rise.
Origination fees have posted some of the biggest increases, rising 12 percent in 2011 to $1,045, according to Bankrate.com data. Attorney costs and other settlement fees now average $544, a 9.6 percent increase. Appraisal fees have risen 7.8 percent, averaging $406.
Closing costs vary quite a bit among lenders so it can pay for borrowers to shop around, housing experts say. For example, origination fees can range anywhere from $123 to more than $2,000.
Analysts say part of the reason behind the increase in fees is the increased cost to lenders of processing loans with more paperwork required nowadays.
Last week, the Consumer Financial Protection Bureau proposed new rules to limit certain fees lenders require borrowers to pay at closing. One of the fees the agency said it hopes to ban is a fee referred to as “origination points” that buyers sometimes must pay at closing.
“Mortgages today often come with so many different types of fees and points that it can be hard to compare offers,” Richard Cordray, the director of the Consumer Financial Protection Bureau, told The New York Times. “We want to bring greater transparency to the market so consumers can clearly see their options and choose the loan that is right for them.”
Source: “Rising Costs Hit Homeowners Chasing Lower Rates,” The Wall Street Journal (May 9, 2012) and “Consumer Bureau Proposes Mortgage Fee Limits,” REALTOR® Magazine Daily News (May 10,
Home Prices to Rise 4%?
Posted by Matt Kellam in Uncategorized on May 10, 2012
Have home prices finally hit bottom? Many analysts think so. According to the latest forecast by Fiserv, the market watcher sees a big boost to home prices on the horizon, projecting that home prices will rise nearly 4 percent per year for the next five years.
The real estate markets expected to see the biggest increases in home prices will likely be those hardest hit the last few years by foreclosures, such as in Phoenix and Las Vegas, and areas where prices have fallen the most, according to Fiserv’s forecast.
Housings rising affordability mixed with falling inventories of for-sale homes are the main factors driving the expected price increases, according to Fiserv.
Initially, investors are expected to help drive most of this price increase, and then followed by first-time and trade-up buyers as they re-emerge in bigger numbers to the market.
April Home Sales Report for Franklin and Cumberland County PA.
Posted by Matt Kellam in Real Estate News on May 7, 2012
| April 2012 Home Sales for Franklin and Cumberland County | ||||||
| Chambersburg | Original | Last | Seller | Days | ||
| Address | List Price | List Price | Sale Price | Assistance | on Market | |
| 3297 Grandpoint Rd. | $239,500 | $179,900 | $169,000 | Yes | 830 | |
| 201 Whitley Dr. | $154,900 | $159,900 | $152,000 | 469 | ||
| 730 Mahantango Dr. | $219,990 | $179,900 | $178,900 | Yes | 339 | |
| 2930 Constellation Dr. | $209,000 | $195,000 | $182,000 | 300 | ||
| 5857 Gabrielle Ln | $299,900 | $292,500 | $292,500 | 299 | ||
| 1063 Westgate Dr. | $129,900 | $119,900 | $117,000 | Yes | 264 | |
| 2913 Fillmore Dr. | $184,000 | $165,500 | $161,000 | 258 | ||
| 1513 Hearthside Dr. | $479,900 | $479,900 | $437,500 | 173 | ||
| 3529 Wayne Rd. | $135,000 | $99,900 | $92,800 | 212 | ||
| 1272 Thistledown Dr. | $374,990 | $374,990 | $324,990 | Yes | 0 | |
| 897 Geyer Dr. | $144,900 | $129,900 | $128,500 | 200 | ||
| 527 Briar Ln | $179,900 | $179,900 | $173,000 | 167 | ||
| 45 Greenlea Way | $138,000 | $132,000 | $122,000 | Yes | 182 | |
| 221 Fifth Ave. | $339,900 | $339,900 | $300,000 | 133 | ||
| 1474 Springside Dr. E | $179,000 | $164,800 | $164,900 | Yes | 167 | |
| 646 Warm Spring Rd. | $145,000 | $140,000 | $137,000 | 181 | ||
| 4088 Ricklyn Dr. | $159,900 | $145,900 | $147,500 | Yes | 140 | |
| 348 Phoenix Dr. | $199,900 | $199,900 | $199,900 | 136 | ||
| 932 Cypress St. | $234,900 | $219,900 | $205,000 | 119 | ||
| 169 Theodore Dr. | $189,500 | $189,500 | $182,300 | Yes | 106 | |
| 715 Hamilton Ave | $246,000 | $246,000 | $230,000 | Yes | 113 | |
| 7096 Talhelm Rd. | $179,900 | $179,900 | $180,000 | 110 | ||
| 1461 Spring Side Ct. | $250,000 | $235,000 | $215,000 | Yes | 99 | Short Sale |
| 1737 Raven Dr. | $209,900 | $198,000 | $196,000 | 110 | ||
| 2531 Appleway | $169,900 | $159,900 | $155,000 | Yes | 102 | |
| 467 Nottingham Dr. | $169,900 | $169,000 | $165,000 | 105 | ||
| 1880 Philadelphia Ave. | $148,000 | $134,500 | $136,000 | Yes | 70 | Foreclosure |
| 3201 Baltusrol Dr. | $410,000 | $389,000 | $362,500 | 103 | ||
| 2140 Philadelphia Ave. | $214,900 | $199,900 | $185,000 | Yes | 83 | |
| 57 Sanibel Ln | $159,000 | $159,000 | $148,000 | 66 | ||
| 444 Allen Dr. | $254,900 | $254,900 | $242,000 | 0 | ||
| 3588 Gregway Dr. | $49,900 | $49,900 | $45,000 | 35 | Short Sale | |
| 921 Dickeys Dr. | $239,000 | $234,000 | $228,000 | Yes | 48 | |
| 205 Sunbrook Dr. | $244,900 | $244,900 | $244,900 | 183 | ||
| 1266 Pleasantview Dr. | $90,900 | $90,900 | $92,000 | 2 | Foreclosure | |
| 1506 Crottlestown Rd. | $117,000 | $117,000 | $117,000 | 8 | ||
| 1785 Wisteria Dr. | $168,500 | $168,500 | $168,500 | 9 | ||
| 305 King St. W | $94,900 | $94,900 | $98,000 | Yes | 4 | |
| 3 Spanish Moss Ct. | $169,900 | $169,900 | $169,900 | 21 | ||
| 377 Elder St. | $27,000 | $27,000 | $15,000 | 36 | ||
| 2612 Banbury Ln | $99,777 | $99,777 | $90,000 | 95 | ||
| 1003 Byers Ave. | $118,900 | $118,900 | $112,000 | 7 | ||
| 3459 Glen Eagles Dr. | $135,000 | $135,000 | $127,000 | 10 | ||
| 237 Park View | $169,900 | $169,900 | $165,000 | 17 | ||
| 1152 Belmont Way | $305,569 | $305,569 | $305,569 | 0 | ||
| Total | $8,781,526 | $8,440,336 | $7,085,759 | 139 | ||
| % of Original List to Sold | 3.89% | 19.31% | ||||
| Fayetteville | ||||||
| 112 Mont Alto Rd. | $149,900 | $129,500 | $122,000 | 350 | ||
| 6385 Greenbriar Ln | $269,000 | $249,900 | $245,000 | 313 | ||
| 7138 Fairway Dr. S | $249,900 | $249,900 | $210,000 | 41 | ||
| 198 Hickory Ln | $212,900 | $212,900 | $206,500 | 15 | ||
| Total | $881,700 | $842,200 | $783,500 | 180 | ||
| % of Original List to Sold | 4.48% | 11.14% | ||||
| Greencastle | ||||||
| 2284 Grove Meadow Ln | $349,900 | $309,900 | $293,000 | Yes | 181 | |
| 14730 Ridge Rd | $109,900 | $109,900 | $90,000 | 719 | Short Sale | |
| h5679 Tranquil Way | $299,900 | $299,900 | $299,900 | 131 | ||
| 429 Harriet Ct. | $224,900 | $224,900 | $212,000 | 136 | ||
| 15305 Cobble Dr | $199,900 | $199,900 | $188,000 | Yes | 21 | |
| 465 Strite Rd. | $274,900 | $274,900 | $270,000 | Yes | 24 | |
| 67 Parkwood Dr. | $239,900 | $239,900 | $237,000 | 24 | ||
| 14832 Molly Pitcher Hwy | $149,900 | $139,900 | $130,000 | 110 | Foreclosure | |
| 11466 Rhapsody Rd. | $209,900 | $199,900 | $193,000 | 32 | ||
| 429 East Baltimore St. | $297,000 | $297,000 | $297,000 | 0 | ||
| Total | $2,356,100 | $2,296,100 | $2,209,900 | 138 | ||
| % of Original List to Sold | 2.55% | 6.21% | ||||
| Shippensburg/Orrstown | ||||||
| 78 Diller Dr. | $329,000 | $309,000 | $280,000 | 957 | ||
| 11076 Thornwood Rd. | $234,900 | $229,900 | $225,000 | Yes | 389 | |
| 11014 Hurley Dr. | $194,500 | $179,900 | $169,900 | 209 | ||
| 120 Park Place W | $212,000 | $197,500 | $195,500 | Yes | 158 | |
| 7156 Olde Scotland Rd. | $229,000 | $199,900 | $190,000 | 203 | ||
| 10478 Mapleton Rd. | $165,000 | $165,000 | $165,000 | Yes | 126 | |
| 406 Sunset Ln | $139,900 | $139,900 | $130,000 | 129 | ||
| 164 Rustic Dr. | $19,900 | $19,900 | $19,900 | 85 | ||
| 335 Firehouse Rd. | $134,000 | $134,000 | $134,000 | Yes | 50 | |
| 238 Garfield St. | $109,900 | $109,900 | $105,000 | 490 | ||
| 294 Bradley Ln | $224,900 | $224,900 | $224,000 | Yes | 18 | |
| 153 Baldwin Blvd. | $135,000 | $141,500 | $141,500 | Yes | 31 | Foreclosure |
| 269 Pin Oak Dr. | $164,900 | $164,900 | $161,500 | 0 | ||
| 10119 Cardinal Dr. | $169,000 | $169,000 | $165,000 | Yes | 68 | |
| Total | $2,461,900 | $2,385,200 | $2,306,300 | 208 | ||
| % of Original List to Sold | 3.12% | 6.32% | ||||
| Mercersburg | ||||||
| 12245 Buchanan Trl W | $145,000 | $139,900 | $100,000 | 884 | ||
| 100 Summit Vista Dr. | $269,000 | $269,000 | $255,000 | 151 | ||
| 12099 Buchanan Trl W | $137,500 | $124,000 | $112,600 | 78 | ||
| Total | $551,500 | $532,900 | $467,600 | 371 | ||
| % of Original List to Sold | 3.37% | 15.21% | ||||
| Waynesboro | ||||||
| 158 Bradford Spring Ct. | $159,900 | $119,000 | $116,500 | 279 | ||
| 122 Kristyn Ct. | $63,900 | $49,900 | $49,900 | 263 | ||
| 138 Briar Ridge Rd. | $217,000 | $199,000 | $195,000 | Yes | 245 | |
| 809 Main St. W | $125,000 | $117,400 | $117,400 | Yes | 178 | |
| 711 Potomac St. S | $149,900 | $139,500 | $137,000 | Yes | 112 | |
| 11772 Woodlea Dr. | $255,000 | $239,900 | $230,000 | Yes | 198 | |
| 726 Golden Spring Dr. | $209,900 | $209,900 | $199,900 | 209 | ||
| 8778 Kings Rd. | $84,900 | $79,900 | $79,900 | Yes | 53 | |
| 34 Fairview Ave. | $159,000 | $145,000 | $140,000 | Yes | 175 | |
| 339 Geiser Ave. | $149,900 | $144,900 | $142,600 | Yes | 96 | |
| 150 5th St. | $117,900 | $114,900 | $115,000 | Yes | 110 | |
| 11915 North Woodlea Dr. | $139,900 | $129,900 | $133,797 | Yes | 128 | |
| 49 East Fifth St. | $129,000 | $109,900 | $108,000 | Yes | 82 | |
| 29 North Grant St. | $109,000 | $104,900 | $106,200 | Yes | 41 | |
| 148 North St. | $79,900 | $79,900 | $79,900 | 71 | ||
| 237 Hamilton Ave. | $44,999 | $39,900 | $34,000 | 47 | Foreclosure | |
| 123 Hamilton Ave. #123 | $69,900 | $64,900 | $61,000 | 73 | Auction | |
| 12164 Pen Mar Rd. | $144,900 | $144,900 | $144,900 | Yes | 15 | |
| 9035 Gap Rd. | $37,900 | $37,900 | $37,250 | 13 | Foreclosure | |
| 500 4th St. W | $164,900 | $164,900 | $164,900 | 17 | Foreclosure | |
| 122 North St. W | $55,000 | $55,000 | $48,000 | 13 | ||
| 13862 Pennersville Rd. | $59,900 | $59,900 | $52,000 | 1 | Foreclosure | |
| 12450 Pen Mar Rd. | $149,900 | $149,900 | $155,000 | 4 | ||
| Total | $2,877,499 | $2,701,200 | $2,648,147 | 105 | ||
| % of Original List to Sold | 6.13% | 7.97% | ||||
| Mont Alto | ||||||
| No Sales Reported | ||||||
| Total | $0 | $0 | $0 | |||
| % of Original List to Sold | #DIV/0! | #DIV/0! | ||||
| St. Thomas/Fort Loudon | ||||||
| 158 St. Thomas Edenville Rd. | $89,900 | $69,900 | $61,000 | Yes | 130 | Short Sale |
| 8024 LWW | $229,900 | $229,000 | $226,000 | 236 | ||
| 745 St. Thomas Edenville Rd. | $146,900 | $129,900 | $129,900 | Yes | 259 | |
| 1322 Summerswood Dr. | $324,900 | $263,900 | $263,900 | 105 | Foreclosure | |
| 8091 Sunflower Cir. | $200,000 | $176,000 | $160,000 | Yes | 73 | Foreclosure |
| 7 Block D Laurel Dr. | $99,900 | $77,000 | $77,000 | 14 | Foreclosure | |
| 7275 Valley Camp Dr. | $142,000 | $142,000 | $142,000 | Yes | 8 | |
| 1024 Warm Spring Rd. | $12,000 | $8,000 | $8,000 | 14 | ||
| Total | $1,245,500 | $1,095,700 | $1,067,800 | 105 | ||
| % of Original List to Sold | 12.03% | 14.27% | ||||
| April Totals | $19,155,725 | $18,293,636 | $16,569,006 | |||
| % of Original List to Sold | 4.50% | 13.50% | ||||
363 Valley Drive, Fayetteville
Posted by Matt Kellam in Real Estate News on May 3, 2012
Recently listed three bedroom, 2 bath ranch home on .40 acre lot off Brookens road. Walk to Conocodell golf course. Home has been updated with paint, carpet, laminate flooring, remodeled bath, and privacy fencing. Take the tour and call Help-U-Sell Keystone Realty to see this or other homes in the area, 717-267-1300.
Bidding Wars Catch Buyers Off Guard
Posted by Matt Kellam in Uncategorized on May 1, 2012
Home buyers are unexpectedly finding more competition this spring in landing their dream home. Bidding wars are increasingly being reported in markets across the country, from California to Florida, The Wall Street Journal reports.
“It’s a little surprising because we thought bidding wars were done with,” Andy Aley, a home shopper in Seattle, told The Wall Street Journal. Aley says he was outbid on a home earlier this year, even though he offered to pay $23,000 above the listing price and also waive inspections and other closing conditions.
Home buyers are frustrated and caught off-guard about the bidding wars re-emerging, real estate professionals report.
“We’re writing a record number of offers, but we’re not seeing a record number of closings and that’s because it’s so competitive,” Glenn Kelman, chief executive of Redfin Corp., told The Wall Street Journal.
Why are things getting so competitive? Many housing markets are seeing a drastic decrease in the number of homes listed for-sale, leaving home buyers with fewer options and more bidding on the same house. Housing analysts say the shortage in supply is from sellers unwilling to take much less for their home than what they originally paid for it and pulling their homes off the market. Also, a surge in investors has made the market more competitive, as investors snatch up homes in bulk in all-cash deals.
“The bidding wars caused by tight inventory provide the latest evidence that housing demand is starting to pick up after a six-year-long slump,” The Wall Street Journal reports.
Indeed, the National Association of REALOTRS® reported late last week that pending home sales in March reached their highest level in nearly two years and are up 12.8 percent from a year ago.
Source: “Stunned Home Buyers Find the Bidding Wars Are Back,” The Wall Street Journal (April 27, 2012)
March Pending Home Sales Rise, Market Recovering
Posted by Matt Kellam in Uncategorized on April 27, 2012
Pending home sales increased in March and are well above a year ago, another signal the housing market is recovering, according to the National Association of REALTORS®.
The Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 4.1 percent to 101.4 in March from an upwardly revised 97.4 in February and is 12.8 percent above March 2011 when it was 89.9. The data reflects contracts but not closings.
The index is now at the highest level since April 2010 when it reached 111.3.
Lawrence Yun, NAR chief economist, said 2012 is expected to be a year of recovery for housing. “First quarter sales closings were the highest first quarter sales in five years. The latest contract signing activity suggests the second quarter will be equally good,” he said.
“The housing market has clearly turned the corner. Rising sales are bringing down inventory and creating much more balanced conditions around the county, which means home prices will be rising in more areas as the year progresses,” Yun said.
Pending Home Sales Index by Region:
Northeast: slipped 0.8 percent to 78.2 in March but is 21.1 percent above March 2011.
Midwest: declined 0.9 percent to 93.3 but is 16.9 percent higher than a year ago.
South: rose 5.9 percent to an index of 114.1 in March and are 10.6 percent above March 2011.
West: increased 8.7 percent in March to 108.0 and is 9.0 percent above a year ago.
Source: NAR
March Home Sales in Franklin and Cumberland County
Posted by Matt Kellam in Real Estate News on April 20, 2012
| March 2012 Home Sales for Franklin and Cumberland County | ||||||
| Chambersburg | Original | Last | Seller | Days | ||
| Address | List Price | List Price | Sale Price | Assistance | on Market | |
| 318 Leedy Way West | $252,900 | $199,900 | $199,900 | 1362 | ||
| 708 Hamilton Ave. | $231,000 | $221,500 | $223,000 | Yes | 255 | |
| 2730 Fillmore Dr. | $189,000 | $164,900 | $165,000 | Yes | 634 | |
| 1452 Millenium Dr. | $205,900 | $199,900 | $208,000 | Yes | 575 | |
| 1530 Lorraine Ln | $239,900 | $219,900 | $217,900 | 441 | ||
| 347 Catherine St. E | $117,900 | $99,900 | $100,000 | Yes | 418 | |
| 950 Leidig Dr. | $355,000 | $298,000 | $275,000 | 259 | ||
| 90 Lincoln Rd. | $123,900 | $123,900 | $117,500 | Yes | 250 | |
| 111 Lincoln Rd. | $164,900 | $154,900 | $154,000 | Yes | 219 | |
| 334 Debrina Ct. | $189,000 | $158,500 | $153,500 | 241 | ||
| 69 Franklin St. N | $89,900 | $60,000 | $48,500 | 254 | ||
| 7861 Talhelm Rd. | $112,500 | $99,900 | $90,000 | Yes | 128 | |
| 3014 Sundown Dr. | $157,900 | $157,900 | $154,500 | 195 | ||
| 516 South Main St. | $89,900 | $89,900 | $76,000 | 136 | ||
| 264 Woodvale Dr. | $249,000 | $249,000 | $239,000 | 182 | ||
| 17 Buckingham Dr. | $176,900 | $168,900 | $165,000 | Yes | 181 | |
| 112 Grandview Ave. | $109,900 | $89,900 | $73,000 | 880 | ||
| 152 Guilford Dr. | $169,900 | $164,900 | $152,000 | Yes | 150 | |
| 68 Grand Ave. | $224,000 | $169,900 | $165,000 | 141 | ||
| 261 Martina Dr. | $218,000 | $199,500 | $190,000 | 166 | ||
| 1956 Bell Ave. | $200,000 | $182,000 | $160,000 | 1 | Short Sale | |
| 2910 Constellation Dr. | $219,900 | $212,500 | $196,000 | 109 | Short Sale | |
| 217 Whitley Dr. | $139,900 | $139,900 | $135,000 | 85 | ||
| 221 Whitley Dr. | $139,900 | $139,900 | $130,000 | 85 | ||
| 32 Edgelea Dr. | $149,900 | $149,900 | $147,000 | Yes | 67 | |
| 2890 Big Dipper Ln. | $199,900 | $194,900 | $191,000 | 107 | ||
| 203 Sherwood Dr. | $164,900 | $164,900 | $152,000 | Yes | 77 | |
| 69 McIlvaine Ln. | $129,000 | $129,000 | $134,000 | Yes | 56 | |
| 431 4th St. S. | $150,000 | $135,000 | $132,000 | Yes | 49 | Foreclosure |
| 334 Elder St. | $84,900 | $84,900 | $76,000 | 142 | ||
| 1044 Heather Dr. | $120,000 | $120,000 | $115,000 | 59 | Foreclosure | |
| 574 Stanley Ave. | $144,900 | $144,900 | $139,000 | Yes | 352 | |
| 206 Minnich Rd. | $144,000 | $144,000 | $144,000 | Yes | 47 | |
| 218 Vine St. | $92,000 | $82,000 | $75,000 | Yes | 45 | |
| 702 South 2nd St. | $59,000 | $50,000 | $50,000 | 36 | ||
| 1625 Hawthorne Ln | $172,500 | $172,500 | $165,000 | Yes | 16 | |
| 260 Topaz | $239,900 | $239,900 | $239,900 | Yes | 395 | |
| 3576 Falling Spring Rd. | $159,900 | $159,900 | $157,400 | 14 | ||
| 164 Lantern Ln. | $160,000 | $160,000 | $145,000 | 42 | ||
| 1926 Powell Dr. | $120,000 | $120,000 | $122,000 | 19 | ||
| 1924 Powell Dr. | $125,000 | $125,000 | $123,000 | 19 | ||
| 18 Catherine St. W | $39,000 | $39,000 | $38,000 | 13 | Foreclosure | |
| 1841 Clinton Ave. | $114,900 | $114,900 | $107,000 | 172 | Foreclosure | |
| 433 Paul Ave. | $109,900 | $109,900 | $105,000 | 10 | ||
| 921 Cranberry Dr. | $229,900 | $229,900 | $229,000 | 465 | ||
| 2646 Mont Alto Rd. | $254,900 | $254,900 | $249,000 | 10 | ||
| 59 Nottingham Dr. | $69,900 | $69,900 | $65,000 | 29 | ||
| 3472 Letterkenny Rd. | $42,400 | $45,000 | $50,000 | 22 | Foreclosure | |
| 914 Bard Dr. | $159,000 | $159,000 | $150,000 | 19 | ||
| 4502 Scotland Main St. | $106,000 | $106,000 | $100,000 | 1 | Foreclosure | |
| Total | $7,908,700 | $7,470,700 | $6,174,300 | 193 | ||
| % of Original List to Sold | 5.54% | 21.93% | ||||
| Fayetteville | ||||||
| 6349 Greenbriar Ln | $245,000 | $207,000 | $192,000 | 663 | ||
| 2307 Aronimink Cir. | $189,000 | $174,900 | $168,000 | 252 | ||
| 349 Cameo Dr. | $24,000 | $14,000 | $14,000 | 222 | ||
| 941 Brookens Rd. | $135,000 | $135,000 | $135,000 | 839 | ||
| 215 Wilkson Ln | $129,900 | $118,000 | $118,000 | Yes | 94 | |
| 6398 Fairway Dr. W | $239,000 | $239,000 | $234,000 | 30 | ||
| 6377 Fairway Dr. W | $159,900 | $159,900 | $159,900 | Yes | 46 | |
| 120 Hillside Dr. | $155,000 | $155,000 | $155,000 | Yes | 12 | |
| Total | $1,276,800 | $1,202,800 | $1,175,900 | 270 | ||
| % of Original List to Sold | 5.80% | 7.90% | ||||
| Greencastle | ||||||
| 1115 Pebblebrook Dr. E | $269,900 | $269,900 | $250,000 | 43 | Short Sale | |
| 13162 Whispering Springs | $259,900 | $190,000 | $185,000 | 204 | Short Sale | |
| 365 East Ave. | $149,900 | $94,900 | $94,900 | 193 | Short Sale | |
| 11134 Katie Ln | $149,900 | $124,900 | $112,500 | 248 | ||
| 557 Hilltop Cir | $202,000 | $179,900 | $178,900 | Yes | 203 | |
| 15380 Cobble Dr. | $149,900 | $149,900 | $140,000 | Yes | 23 | Short Sale |
| 3700 Rolling Hills Dr. | $154,900 | $154,900 | $154,900 | 156 | ||
| 5735 Timmons Dr. | $159,900 | $150,000 | $150,000 | Yes | 105 | |
| 8953 Willowdale Rd. | $174,900 | $174,900 | $169,800 | Yes | 101 | |
| 11129 Williamsport Pike | $179,900 | $179,900 | $175,000 | Yes | 54 | |
| 5925 Hager Rd. | $89,900 | $89,900 | $90,000 | Yes | 20 | |
| 20 Hykes Rd. | $60,000 | $54,900 | $47,900 | 89 | Short Sale | |
| 447 Carlisle St. S | $85,000 | $76,500 | $65,000 | 59 | ||
| 56 Chadwick Dr. | $172,600 | $172,600 | $165,000 | 50 | ||
| 14595 Williamsport Pike | $820,000 | $820,000 | $700,000 | 62 | ||
| 606 Lynn Dr. | $1,680,000 | $168,000 | $160,000 | 25 | ||
| Total | $4,758,600 | $3,051,100 | $2,838,900 | 102 | ||
| % of Original List to Sold | 35.88% | 40.34% | ||||
| Shippensburg/Orrstown | ||||||
| 9963 McCreary Rd. | $175,000 | $160,000 | $150,000 | 173 | ||
| 44 Rustic Dr. | $48,000 | $38,000 | $35,000 | 236 | ||
| 129 President Ave. | $249,900 | $249,900 | $240,000 | Yes | 202 | |
| 23 Independence Dr. | $289,900 | $284,900 | $275,000 | 228 | ||
| 218 King St. W | $109,900 | $89,900 | $77,500 | 194 | ||
| 118 Longview Dr. | $178,000 | $176,000 | $176,000 | Yes | 132 | |
| 111 Quentin Cir. | $219,900 | $219,900 | $215,000 | Yes | 76 | |
| 716 Marden Ave. | $114,900 | $114,900 | $110,000 | 126 | ||
| 323 Roxbury Rd. | $238,900 | $224,900 | $207,000 | 157 | ||
| 223 Mohn Dr. #223 | $11,900 | $11,900 | $115,000 | 116 | ||
| 1 Deadend Ln. | $114,900 | $114,900 | $114,900 | Yes | 28 | |
| 534 Carma Dr. | $224,900 | $224,900 | $220,000 | 22 | ||
| 92 Lenwood Park | $67,000 | $67,000 | $62,000 | 0 | ||
| 275 Pin Oak Ln | $169,900 | $169,900 | $164,000 | 0 | ||
| Total | $2,213,000 | $2,147,000 | $2,161,400 | 121 | ||
| % of Original List to Sold | 2.98% | 2.33% | ||||
| Mercersburg | ||||||
| 3648 Lemar Rd. | $147,500 | $140,000 | $144,000 | Yes | 112 | |
| 101 Main St. | $187,000 | $187,000 | $185,000 | 56 | ||
| 13415 Buchanan Trail W | $144,900 | $144,900 | $144,900 | Yes | 115 | |
| 11376 Anne Ln | $69,000 | $69,000 | $55,060 | 50 | Foreclosure | |
| 4348 Mercersburg Rd. | $124,900 | $124,900 | $132,900 | Yes | 14 | |
| 6233 Charlestown Rd. | $129,900 | $129,900 | $129,900 | Yes | 28 | |
| 10400 Knob Rd. | $249,900 | $249,900 | $238,250 | 0 | ||
| Total | $1,053,100 | $1,045,600 | $1,030,010 | 54 | ||
| % of Original List to Sold | 0.71% | 2.19% | ||||
| Waynesboro | ||||||
| 117 Tritle Ave. | $119,900 | $104,900 | $100,000 | 556 | ||
| 6022 Anthony Hwy | $129,900 | $99,900 | $99,900 | Yes | 358 | |
| 13560 Harbaugh Church Rd. | $129,900 | $106,900 | $100,000 | Yes | 176 | Short Sale |
| 226 Highland Ave. | $119,900 | $69,900 | $65,000 | 149 | Foreclosure | |
| 151 2nd St. E | $69,900 | $31,000 | $29,000 | 157 | Foreclosure | |
| 8861 Picadilly Cir. | $81,500 | $68,000 | $65,000 | 125 | Foreclosure | |
| 10655 Bailey Springs Rd. | $44,900 | $39,900 | $35,000 | 161 | ||
| 10892 Old Forge Rd. | $269,900 | $269,900 | $242,910 | 133 | ||
| 11707 Terra Cotta Dr. | $439,900 | $399,900 | $390,000 | Yes | 103 | |
| 13387 Old Mill Rd. | $169,900 | $169,900 | $169,900 | Yes | 96 | |
| 7851 Tomstown Rd. | $129,900 | $129,900 | $120,000 | 96 | ||
| 12627 Wagon Trail Rd. | $79,000 | $79,000 | $70,000 | Yes | 33 | Foreclosure |
| 341 Church St. S | $75,000 | $45,000 | $45,000 | 95 | Foreclosure | |
| 820 Anthony Ave. | $149,900 | $139,900 | $121,000 | 33 | Auction | |
| 13217 Scott Rd. | $254,900 | $254,900 | $210,000 | 103 | ||
| 10928 Partridge Dr. | $295,000 | $295,000 | $295,000 | Yes | 73 | Short Sale |
| 203 Homewood Ave. | $56,900 | $51,900 | $49,900 | 73 | Foreclosure | |
| 310 Tritle Ave. | $197,500 | $189,900 | $189,900 | Yes | 23 | |
| 2999 Oak Hill Rd. | $185,000 | $185,000 | $185,000 | 14 | Foreclosure | |
| 9820 Masters Rd. | $169,900 | $169,900 | $145,000 | 19 | ||
| 11221 Weatherstone Dr. | $299,900 | $299,900 | $299,900 | 11 | ||
| 251 North Broad St. | $189,900 | $189,900 | $181,000 | Yes | 16 | |
| 10655 Bailey Springs Rd. | $29,900 | $24,900 | $20,000 | 23 | Auction | |
| 10 East Ninth St. | $134,900 | $134,900 | $125,000 | 2 | ||
| 12309 Country Club Rd. | $110,000 | $110,000 | $112,500 | Yes | 7 | |
| 11677 Country Club Rd. | $139,900 | $139,900 | $142,000 | Yes | 15 | |
| 341 Church St. #1/2 | $47,900 | $47,900 | $43,110 | 7 | Foreclosure | |
| 11870 Village Heights Dr. | $144,900 | $144,900 | $144,900 | Yes | 68 | |
| 27 King St. W | $59,900 | $59,900 | $60,000 | 4 | Foreclosure | |
| Total | $4,325,800 | $4,052,800 | $3,855,920 | 94 | ||
| % of Original List to Sold | 6.31% | 10.86% | ||||
| Mont Alto | ||||||
| 102 Park St. | $59,900 | $59,900 | $51,000 | 243 | ||
| Total | $59,900 | $59,900 | $51,000 | |||
| % of Original List to Sold | 0.00% | 14.86% | ||||
| St. Thomas/Fort Loudon | ||||||
| 3357 Keller Rd | $239,900 | $239,900 | $225,000 | 0 | ||
| 6812 Jack Rd. | $92,000 | $92,000 | $94,500 | Auction | 12 | |
| 6138 Nugget Way | $28,900 | $23,000 | $18,000 | 448 | ||
| Total | $360,800 | $354,900 | $337,500 | 149 | ||
| % of Original List to Sold | 1.64% | 6.46% | ||||
| March Totals | $21,956,700 | $19,384,800 | $17,624,930 | |||
| % of Original List to Sold | 11.71% | 19.73% | ||||
March Existing-Home Sales Saw Decline, Lower Inventory, Stabilizing Prices
Posted by Matt Kellam in Real Estate News on April 20, 2012
Existing-home sales dipped in March, but continued to outpace last year’s levels. At the same time, inventory tightened and home prices showed further signs of stabilizing, according to the National Association of REALTORS®.
Total existing-home sales, which are completed transactions that include single-family homes, townhomes, condominiums and co-ops, declined 2.6 percent to a seasonally adjusted annual rate of 4.48 million in March from an upwardly revised 4.60 million in February, but are 5.2 percent above the 4.26 million-unit pace in March 2011.
Lawrence Yun, NAR chief economist, said the recovery is in the process of settling into a higher level of home sales. “The recovery is happening though not at a breakout pace, but we have seen nine consecutive months of year-over-year sales increases,” he said. “Existing-home sales are moving up and down in a fairly narrow range that is well above the level of activity during the first half of last year. With job growth, low interest rates, bargain home prices and an improving economy, the pent-up demand is coming to market and we expect housing to be notably better this year.”
Total housing inventory at the end of March declined 1.3 percent to 2.37 million existing homes available for sale, which represents a 6.3-month supply at the current sales pace, the same as in February. Listed inventory is 21.8 percent below a year ago and well below the record of 4.04 million in July 2007.
“We were expecting a seasonal increase in home listings, but a lack of inventory has suddenly become an issue in several markets with not enough homes for sale in relation to buyer interest,” Yun said. “Home sales could be held back because of supply factors and not by demand – we’re already seeing this in the Western states and in South Florida.”
The national median existing-home price for all housing types was $163,800 in March, up 2.5 percent from March 2011. Distressed homes – foreclosures and short sales sold at deep discounts – accounted for 29 percent of March sales (18 percent were foreclosures and 11 percent were short sales), compared with 34 percent in February and 40 percent in March 2011.
Foreclosures typically sold for an average 19 percent below market price in March, while short sales were discounted 16 percent.
NAR President Moe Veissi, broker-owner of Veissi & Associates Inc., in Miami, said buyer traffic is up. “Our members are reporting an increase in foot traffic from a year ago, but more importantly, home shoppers this year are much more serious about finding the right home and making an offer,” he said. “Stabilizing home prices and historically favorable affordability conditions are giving buyers more confidence, and REALTORS® have become more optimistic since the beginning of the year from the positive shift in buyer patterns.”
According to Freddie Mac, the national average commitment rate for a 30-year, conventional, fixed-rate mortgage was 3.95 percent in March, up from a record low 3.89 percent in February; the rate was 4.84 percent in March 2011; recordkeeping began in 1971.
All-cash sales slipped to 32 percent of transactions in March from 33 percent in February; they were 35 percent in March 2011. Investors account for the bulk of cash transactions.
Investors purchased 21 percent of homes in March, down from 23 percent in February and 22 percent in March 2011. First-time buyers accounted for 33 percent of transactions in March; they were 32 percent in February and 33 percent in March 2011.
Single-family home sales declined 2.5 percent to a seasonally adjusted annual rate of 3.97 million in March from 4.07 million in February, but are 5.9 percent above the 3.75 million-unit pace a year ago. The median existing single-family home price was $163,600 in March, up 1.9 percent from March 2011.
Existing condominium and co-op sales fell 3.8 percent to a seasonally adjusted annual rate of 510,000 in March from 530,000 in February, and are unchanged from March 2011. The median existing condo price was $165,200 inMarch, which is 7.1 percent above a year ago.
Existing-Home Sales by Region:
Northeast: Declined 1.7 percent to an annual level of 580,000 in March but are 5.5 percent higher than a year ago. The median price in the Northeast was $228,300, down 1.9 percent from March 2011.
Midwest: Unchanged in March at a pace of 1.02 million but are 15.9 percent above March 2011. The median price in the Midwest was $132,800, up 5.2 percent from a year ago.
South: Declined 1.1 percent to an annual level of 1.75 million in Marchbut are 3.6 percent higher than a year ago. The median price in the South was $146,500, up 6.2 percent from March 2011.
West: Declined 7.4 percent to an annual pace of 1.13 million in March and are 0.9 percent below March 2011. The median price in the West was $198,300, up 1.6 percent from a year ago.
Source: NAR
Inventory of For-Sale Homes Posts Big Drop
Posted by Matt Kellam in Real Estate News on April 18, 2012
The nationwide inventory of residential homes for-sale dropped 21 percent in March compared to a year ago, according to newly released housing data from Realtor.com, tracking 146 metro markets.
In fact, all 146 markets posted a drop in their inventory, except for two — Hartford, Conn., and Philadelphia.
The nationwide median list price in March also saw improvement, increasing more than 5 percent last month compared to last year at this time.
The housing picture is much different than last year at this time, when inventory was up 26 percent and list prices were down 4.81 percent.
“If the market continues to hold its own, 2012 could well mark the beginning of a broad-based housing recovery,” according to Realtor.com.
The metros that posted the biggest drops in listings of for-sale homes in the last year are:
1. Oakland, Calif.: -51.91 percent year-over-year drop in total listings
2. Bakersfield, Calif.: -50.35 percent
3. Phoenix-Mesa, Ariz.: -48 percent
4. Fresno, Calif.: -45.56 percent
5. Miami: -42.34 percent
6. Fort Lauderdale, Fla.: -39.66 percent
7. Seattle-Bellevue-Everett, Wash.: -39.38 percent
8. Atlanta: -39.26 percent
9. Orlando: -39 percent
10. Portland-Vancouver, Ore.-Wash.: -38.79 percent
11. Tampa-St. Petersburg-Clearwater, Fla.: -37.35 percent
12. Stockton-Lodi, Calif.: -36.18 percent
By Melissa Dittmann Tracey, REALTOR® Magazine Daily News
Will Housing Prices Soar By 2014?
Posted by Matt Kellam in Uncategorized on April 4, 2012
Real estate economists and analysts are increasingly optimistic that the housing market will have a dramatic recovery in the next two years, according to results of a new semi-annual survey of 38 real estate economists and analysts conducted by the Urban Land Institute’s Center for Capital Markets and Real Estate.
The economists predict that the national average for home prices will stop falling by this year and a subsequent turnaround will occur. By next year, they project that home prices will begin to rise by 2 percent, and then get a larger boost of 3.5 percent by 2014. The economists also predict that housing starts will nearly double by next year.
They also foresee rental prices continuing to increase for all property types, ranging from 0.8 percent to 5 percent.
The economists’ predictions were made on assumptions that the economy would continue to strengthen, including a larger drop in unemployment.
“While geopolitical and global economic events could change the forecast going forward, what we see in this survey is confidence that the U.S. real estate economy has weathered the brunt of the recent financial storm and is poised for significant improvement over the next three years,” says Patrick L. Phillips, ULI chief executive officer. “These results hold much promise for the real estate industry.”
Source: “Real Estate Will Rock in 2014,” RISMedia (March 31, 2012)
