Lancaster County PA Realty Check

A Few Bright Spots in Local Lancaster County PA Real Estate Market

LANCASTER—According to a report released by the Lancaster County Association of Realtors® (LCAR), the 309 homes sold in November is a 1.9 percent decrease from the November 2010 mark of 315. For January through November of 2011, there have been 3,600 sales, a 4.6 percent decrease from 3,773 units during the same period in 2010.

The average sale price for November 2011 is $171,523, a decrease of 4.2 percent from the November 2010 price tag of $178,997. The five-year average sale price for the month of November is $178,175. The median sale price for November of 2011 is $157,000 compared to $164,900 in November 2010 (half of the properties sold during this period sold above the number, and half sold below).

For November, there were 555 new listings in 2011, a 32.5 percent decrease from the November 2010 new listings of 822. The five-year average of new listings for November is 609.

Pending sales, homes that went under contract in the month of November, increased 16.0 percent from 307 in 2010 to 356 in 2011. Over 43 percent of homes that sold in November were on the market 60 days or less.

“The bright light is that pending sales continue to trend upward (six of the last seven months). A drop over the last four months in the number of new listings is also an encouraging sign that the market is improving,” said LCAR president, Glenn Yoder. “Although 2012 will not be a record-breaking year, we do anticipate a steady return to a healthier local housing market.”

Lawrence Yun, NAR chief economist, said improved contract activity is a hopeful sign. “Home sales have been plodding along at a sub-par level while interest rates are hovering at record lows,and there is a pent-up demand from buyers who normally would have entered the market in recent years. We hope this indicates more buyers are taking advantage of the excellent affordability conditions,” he said. “Many consumers are recognizing that home buyers in the past two years have had one of the lowest default rates in history. Moreover, continued inventory declines are another healthy sign for the housing market.”

LCAR, representing over 1,400 members involved in all aspects of the real estate industry, is one of more than 1,800 local associations nationwide which comprise the National Association of Realtors®.

There are great singles activities in January, including several double-header weekends!

Saturday, January 7 - Singles Dance at the Wisehaven Ballroom, 2985 E. Prospect Rd. (PA 124), York, 7:30-11:00 pm.  BYOB.  Entertainment to be determined.  Admission $10.

Sunday, January 8 - Singles Dance at the Valencia Ballroom, 142 N. George Street, York, 7:30-11:00 pm.  Live music by Rumor Has It.  Admission $10.

Saturday, January 15 - Singles Dance at the Valencia Ballroom, 142 N. George Street, York, 7:30-11:00 pm.  Band to be announced.  Admission $10. 

Tuesday January 17 – Dine-out at Park City Diner, 884 Plaza Blvd. across from Park City, 6:15 pm.

Saturday January 21 – Singles Dance at the Wisehaven Ballroom, 2985 E. Prospect Rd. (PA 124), York, 7:30-11:00 pm.  BYOB.  Live music by The Dave Winter Group.  Admission $10. 

Sunday, January 22 - Singles Dance at the Valencia Ballroom, 142 N. George Street, York, 7:30-11:00 pm.  Band to be announced.  Admission $10. 

Saturday January 28 – Singles Dance at the Wisehaven Ballroom, 2985 E. Prospect Rd. (PA 124), York, 7:30-11:00 pm.  BYOB.  Band to be announced.  Admission $10.

Please bear in mind that the dances are not sponsored by Red Rose Singles, and are only provided as information. 

Is Your Agent Prepared When He/She Shows You Homes?

Many agents are all too willing to jump into their car and show listings to a prospect without any delay.  But is that the way to provide the optimum value to a potential Lancaster County home buyer?  In many cases, the best agents will take the time to preview the homes for themselves before they take buyers there.

Previewing a listing definitely gives both the agent and the buyer several advantages.

1)  Your agent knows exactly where the properties are relative to each other, so there's no hunting around  when you are seeing several properties in an unfamiliar area.  The most efficient route can be chosen, saving time and fuel.

2)  Your agent can answer questions with more depth than if he/she had just reviewed it on the MLS - such as what else is surrounding the immediate property.

3)  There won't be any embarassing moments trying to find lockboxes in odd places, or fighting with unfamiliar door locks.

4)  You may be able to cross off a property from the tour altogether due to the condition it is in (some homes have overly "optimistic" descriptions posted; some homes have deteriorated since the original listing date) or a location that makes it inappropriate for the particular search.

Previewing properties before a showing is just one of the little things that a good agent can do behind the scenes that make the home buying process go more smoothly.

     Red Rose Singles of Lancaster PA December Newsletter      

 November 8 the gang dined out at the Kingdom Buffet. We had a great turn-out at Chancey’s Pub in East Petersburg November 15. Join us at the December 6 meeting for a holiday party!

There’s a full holiday line-up of activities for December 2011!

Sunday, December 4 - Singles dance at the Valencia Ballroom, 142 N. George Street, York, 7:30-11:00 pm.  Live music by Solid Gold.  Admission $10. 

Tuesday, December 6 – Red Rose Singles meeting - Farm & Home Center, 1383 Arcadia Rd, Lancaster.  Sign-in starts at 7:00 pm; meeting starts at 7:30 pm.  Holiday party - bring a refreshment to share! 

Sunday, December 11 - Singles dance at the Wisehaven Ballroom, 2985 E. Prospect Rd (PA 124), York, 7:30-11:00 pm.  BYOB.  Live music by The Headliners.  Admission $10. 

Tuesday, December 13 - Longwood Gardens day trip - meet at the Giant, Lancaster Shopping Center at 4:00 pm.  Cost will be about $18. 

Friday, December 16 - Dawn - holiday party - 6:00 pm.  Call 717-201-0715 for directions. 

Saturday, December 17 - Singles dance at the Lancaster Host, 2300 Lincoln Highway East, 6:30-10:00 pm.  admission $10. with coupon.  Santa will be making an appearance!

Sunday, December 18 - Singles dance at the Valencia Ballroom, 142 N. George Street, York, 7:30-11:00 pm.  Annual Christmas Dance.  Great door prizes, including a giant 51" plasma TV!  Music by D.J.Ray.  Admission $10. 

Tuesday, December 20 - Dine-out at Infinito's Pizza, 874 Plaza Blvd, across from Park City, 6:15 pm. 

Sunday, December 26 - "I Survived Christmas" Dance at the Valencia Ballroom, 142 N. George Street, York, 7:30-11:00 pm.  Entertainment to be announced.  Admission $10. 

Sunday, December 30 - Annual "New Year's Eve Eve" Dance - New Year's Eve one night early - at the Valencia Ballroom, 142 N. George Street, York, 7:30-11:00 pm.  Live music by The Headliners.  Admission $10.

 Please bear in mind that the dances are not sponsored by Red Rose Singles, and are only provided as information.

For Numerology Fans - 11-11-11 - Happy Veterans Day!

At 11:11:11 AM this morning we will have the unusual numerological event of 11:11:11 AM on 11/11/11!  After a repeat of the phenomenon at 11:11:11 PM, this will not repeat in our lifetimes.

Veterans Day was originally called Armistice Day, when an end was finally officially declared to World War I on the eleventh minute of the eleventh hour of the eleventh month of 1918.

For all veterans, and all you brave men and women currently protecting our country - thank you for your service!

       Red Rose Singles of Lancaster PA November Newsletter       

Twenty singles dined out at D & S Brasserie in Lancaster October 18 – great atmosphere.  There was a large crowd of singles and some wonderful costumes at the Wisehaven dance October 30.  Join us at our November 1 meeting for a free line dance lesson!

   Here are some great singles activities for November 2011!

Tuesday, November 1 – Red Rose Singles meeting - Farm & Home Center, 1383 Arcadia Rd, Lancaster.  Sign-in starts at 7:00 pm; meeting starts at 7:30 pm. 

Sunday November 6 - Singles dance at the Valencia Ballroom, 142 N. George St, York, 7:30-11:00 pm.  Live music by the Citations Duo.  Admission $10. 

Sunday November 13 -  Singles dance at the Valencia Ballroom, 142 N. George St, York, 7:30-11:00 pm.  Live music by Rumor Has It (tentative).  Admission $10. 

Tuesday November 15 - Dine-out at Chancey's Pub, 6049 Main Street, East Petersburg, 6:15 pm. 

Sunday November 20 - Singles Dance at theWisehaven Ballroom, 2985 E. Prospect Rd (PA 124), York, 7:30-11:00 pm.  Live entertainment by The Headliners.  BYOB.  Admission $10. 

Sunday November 27 - Singles Dance at the Valencia Ballroom, 142 N. George St, York, 7:30-11:00.  Entertainment to be announced.  Admission $10.

Please bear in mind that the dances are not sponsored by Red Rose Singles, and are only provided as information.  

Lancaster County PA: Home Sale Increase May Be Misleading - 2011 September

The Lancaster County Association of REALTORS®  (LCAR) has released a report showing that 345 homes settled in July 2011, a 21.1% increase over the 285 homes sold in July 2010.  While an increase like this is encouraging, it masks the distortion of the Federal tax credit program last year.

In 2010, homes that were under agreement by April 30, that settled no later than June 30, were eligible for up to $8,000. tax credits.  This was a great incentive for buyers to schedule their settlements before the end of June 2010.  The result was that sales that might have otherwise gone into July 2010 were compressed into June settlements so that the tax credit would not be lost.

The effect of this artificial increase in June 2010, was a depressed level of July 2010 settlements.  Hence the percentage increase for July 2011 is somewhat overstated.  Nonetheless, there does seem to be an increased level of interest by homebuyers.

               "Increased Consumer Interest Bodes Well for Local Home Sales"

LANCASTER—According to a report released today by the Lancaster County Association of Realtors®  (LCAR), 345 homes sold in July of this year, a 21.1 percent increase from the 285 sales in July 2010. During the first seven months of the year, there was a 12.2 percent decrease from the 2,518 sales in 2010 to 2,210 in 2011.

Pending sales, homes that went under contract in the month of July,  increased 15.5 percent from 348 in 2010 to 402 in 2011. Over 52 percent of homes that sold in July were on the market 60 days or less.  The $180,678 average sale price for July 2011 is a 13.6 percent decrease compared to the July 2010 price tag of $209,023 (the highest single monthly average sale price recorded). The median sale price for the month in 2011 is $165,000 versus $184,000 for July 2010 (half of the properties sold during this period sold above that number, and half sold below). When comparing July 2001 to 2011, the average sale price increased 40.4 percent from $128,699 in 2001.  There was a 4.5 percent increase in the number of new listings from 685 in July 2010 to 716 in July 2011. The five-year average number of new listings for July was 734.

“Since trying to determine trends at this point by comparing 2010 to 2011 is difficult due to the effects of last year’s government-sponsored tax credits, we are predicting increased activity based on higher numbers of internet page views, greater volumes of calls, increased traffic at open houses and Government promises that interest rates will remain low into 2013,” said LCAR president, Glenn Yoder.  “Many offices throughout the County report that the public is expressing renewed interest in housing through the initial phases of the home ownership process.”

                                      Red Rose Singles of Lancaster PA August Newsletter                

This posting by Brian Sirota is so valuable that I thought it was worth passing on!  A healthy relationship between a client and a Realtor involves expectations and responsibilities on both sides. 

Here is a realistic set of expectations and rights that agents and consumers ought to be able to receive from each other.

Supersize a VA Loan

Since 2004, the maximum VA loan is the same as the maximum FNMA mortgage which is currently $417,000.  Occasionally, a Veteran wants a loan in excess of that amount.  If the Veteran will put a 25% down payment on the excess amount, a lender will loan the other 75%.

Example
Sales Price                                                         $475,000
Maximum VA Loan                                              $417,000
Excess Amount                                                   $ 58,000
25% Required Down Payment on Excess              $ 14,500
Adjusted Loan                                                    $460,500

VA loans are eligible for veterans of the military with a certificate of eligibility.  A Veteran can get a 100% loan up to the maximum VA loan amount and the seller can pay their closing costs which would allow a Vet to get into a home with no down payment and no closing costs.  The VA Funding Fee can be rolled into the mortgage or paid by the Seller.

When the Vet sells the home, their VA loan is assumable at the existing interest rates but does require qualification of the new buyer.  The benefits would be a possible lower interest rate and lower closing costs.

There's more to finding the "Right" home than driving around looking at houses.  A Residential Finance Consultant can help you make better decisions to help you understand the tax advantages, financing alternatives and investment aspects of homeownership.