The Lancaster County Association of Realtors(R) has released their housing market report for the first quarter of 2007. While the 1,164 homes sold and settled in January, February and March is a 3.2% decrease from the first quarter of 2006, the average price of $186,754 is an increase of 3.6% over the first quarter of last year.
The problems that have been widely reported about the subprime mortgage industry do not seem to have had too much of an effect on our market. While these loans formerly made up to about 17% of the total mortgage market, they may shrink to about a third of that in the coming months. However, buyers with decent credit, 3 to 5% to put down on a home, and a reliable income will still be able to get good mortgages at realonable interest rates.
A bit of a reality check may be necessary for both buyers and sellers. Some sellers are still being unrealistic in their expectations, and setting their prices too high. Then their homes languish on the market. On the other side, buyers waiting for prices to fall, will probably be waiting a long time while other buyers snap up the best listings.
Lancaster County mortgage interest rates have traditionally been slightly below the national averages, and remain so today. In fact, it is still a great time to buy or sell a home in Lancaster County.
Brian Schulman offers expert real estate representation for buyers and sellers of homes in Lancaster County, PA. To learn more, visit http://www.FindLancasterHomes.com/
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