| 24-Hour Market Watch |  |
| New Listings | 105 |
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| Back on Market | 11 |
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| Price Increases | 6 |
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| Price Reductions | 110 |
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| Contingents | 2 |
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| Pendings | 22 |
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| Solds | 25 |
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| Expireds | 22 |
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| Inactives | 38 |
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Looking for 100% No money down financing?
Go To
http://www.nocashdownprogram.com
or call 24/7
877-735-3527 ID # 1074
Don Wenner
The Don Wenner Home Selling Team
Keller Williams Real Estate
2901 Emrick Blvd. Suite 100
Bethlehem PA 18020
PA RE License #RS300485
(C) 484-542-2868
(O) 610-867-8888
(F) 610-867-8889
http://www.donwenner.com
don@donwenner.com
"Your Home Sold Guaranteed, Or I'll Buy It"
"Buy A home with our Team and Receive
up to a $10,000 Cash Reward!
Chris Hoffman
Pa Re License #RS298340
Theresa Barlow
Pa Re License #RS281312
Barb Miers
Pa Re License #RS278138
The housing glut aside, the Lehigh Valley is a popular residential area for affluent commuters who work as far as 90 miles away in New York City, New Jersey, and Philadelphia. Nearly 60,000 people have added the population since 2000; by 2010, the population growth will represent a 12% increase in 10 years.
Ironically, this growth was facilitated by relatively low housing and fuel prices. Farmlands gave way to new developments and a prosperous retail market that lead to the development of three malls new and a mall expansion. The housing market boomed and prices skyrocketed, often showing double digit increases between 2000-2006.
Because the new residents were affluent, the region remained prosperous and the housing market steady until early 2008. Sales were down but prices held firm as sellers resisted dropping prices. In August, 2008, however, price fell 6% as the average selling price of area homes fell to 2005 levels; the average selling price was $228,000. Days on the market increased from 49 in 2007 to 65 in 2008. Prices for new construction are down as much as 11%, while new housing starts are less than half what they were in July, 2005. Prices for new homes average $440,000, down about $100,000 from 18 months ago.
The housing market is not expected to fully rebound until early 2010. At that point, housing prices are expected to be more stable and not subject to the wild inflation of the past. This may be disappointing to current owners who bought when the prices were high and will not be able to break even or make out when they sell. However, it is great news for two types of future homebuyers in the Lehigh Valley: the commuters who view it as a desirable bedroom suburb and the homeowners who view it as a great place to both live and work. The Lehigh Valley has not lost its appeal and will become an even better housing value in the coming years.
| New Listings | 29 |
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| Back on Market | 0 |
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| Price Increases | 2 |
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| Price Reductions | 8 |
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||||
| Contingents | 1 |
|
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| Pendings | 1 |
|
||||
| Solds | 3 |
|
||||
| Expireds | 11 |
|
||||
| Inactives | 5 |
|
||||
Looking for 100% No money down financing?
Go To
http://www.nocashdownprogram.com
or call 24/7
877-735-3527 ID # 1074
Don Wenner
The Don Wenner Home Selling Team
Keller Williams Real Estate
2901 Emrick Blvd. Suite 100
Bethlehem PA 18020
PA RE License #RS300485
(C) 484-542-2868
(O) 610-867-8888
(F) 610-867-8889
http://www.donwenner.com
don@donwenner.com
"Your Home Sold Guaranteed, Or I'll Buy It"
"Buy A home with our Team and Receive
up to a $10,000 Cash Reward!
Chris Hoffman
Pa Re License #RS298340
Theresa Barlow
Pa Re License #RS281312
Barb Miers
Pa Re License #RS278138
As we noted in a previous post, buying in these troubled times will be successful if you are both fiscally sound and prepared. If your bills are behind, your job is getting ready to close, and you are embroiled in a nasty divorce, you might want to reconsider the idea of buying. On the other hand, if you think things are stable, you should check your credit, get pre-qualified with a lender, check your financing options - especially in view of buyer-friendly programs, and get pre-approved. Buying a home is not an impulse purchase. If you know you're not fiscally ready to buy - or the bank makes that clear for you - you have options.
Maybe you found a house you love, but the timing is wrong. The prudent thing to do is wait while you work on improving your credit score, your savings, and your income. It's very likely another nice home will be available when you are in a better position to buy. Many lending institutions have programs to help people with spotty credit histories buy homes and offer guidance to clear up problems. In addition, non-profits in many cities put home buying within range of some who might not otherwise qualify.
However, maybe you're convinced that this home is the home of your dreams. The home is one that is in your price range, in a neighborhood where you and your family could afford to live comfortably. If your credit score is mediocre - the type that could be fixed up in a few months - you might still try for a loan, with the knowledge your rate might be higher. In these times, when homes are harder to sell, you might work with your agent to persuade the seller to rent the home to you for a year.
If the bank comes back and says you can afford $150,000 worth of house when you had your sites set on more, refocus your efforts to find one in that price range, even if it means you can't get moved by the time the kids start school in the fall. The common wisdom has always been that no more than 30% of income should go toward housing. Banks tend to be overly generous when telling prospective buyers how much they can afford, while buyers tend to underestimate their expenses. Many people caught up in the current foreclosure mess had 50% or more tied up in housing, either because loan terms changed or because they overestimated their income when they got the loan.
When the bank says "no" or "yes, but" to your loan requests, your best (and cheapest) option may be to wait. If all else fails, this may mean you sign a lease for another 12 months. This possibility might seem disappointing, but premature home buying could trap you in a cycle of late and missed mortgage payments that could put you at the point of foreclosure in that same 12 month period.
Look no further, you have found the only Realtor you will ever need to serve all your real estate needs in the Lehigh Valley.
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
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