Harleysville-Lansdale Real Estate and More: June 2009

Calling All Home Buyers...

New to the housing market?
Ready to move up?  Downsize?

 Attend our Home Buyer Seminar:

• Learn about opportunities to grab and pitfalls to avoid in today's market!
• This seminar is a MUST for the 1st Time Home Buyer!
• All home buyers are welcome and encouraged to attend!

We’ll cover information on many topics, including:

The Home Buying Process
From the very start of your search for a home through the settlement day, you’ll get a complete understanding of the many steps involved in purchasing a home.  Not only will you gain the knowledge of what to expect in your first home purchase, but we’ll also highlight some pitfalls to avoid and some opportunities that you may be able to capitalize on along the way.

The Home Search
From a Realtor’s MLS search to your own online searches,
learn the best ways to find available homes that meet your
wants and needs.

The Real Costs of Buying a Home
Avoid the sticker shock when you actually sit down to make an offer.  Learn about closing costs, escrows, and the breakdown of your monthly payment.

Tax Credit for 1st Time Buyers
Uncle Sam wants to bring new buyers to the housing market.  There are true tax refunds of up to $8,000 available for qualified 1st time buyers.  Learn about the requirements and whether you would qualify to receive an $8,000 refund.

Agency – Who is Working for Whom?
Every buyer should know about representation before engaging the services of a Realtor.  If you see a home you are interested in and call the number on the yard sign, who does that agent represent?  Learn the options available to you.

New Construction
If you walk into a new construction site and want to purchase one of their homes, do you know that you may have to work with the salesperson who greets you?  Do you know that these salespersons represent the builder and cannot represent you?  Learn about this and other pitfalls of buying new construction and the opportunities/incentives currently being offered.

Mortgage Pre-Approval
It’s very difficult to buy a home without one.  Mortgage preapproval is a key step toward home ownership.  It will let you know how much house you can afford and help assure that your offer will be taken seriously.

The Loan Application and Approval Process
Mortgage companies will scrutinize your financial well-being to make sure you can afford the home you want to buy.  Knowing ahead of time what type of documentation they will ask for helps you be prepared and avoid scrambling to find the right paperwork.

Free Credit Report
Good credit is an absolute must to get a mortgage.  There are different degrees of “good credit” and your credit score will affect your ability to buy a home and the interest rate that you will be offered.  Learn what factors affect your credit score the most and useful tips to boost your score.  Seminar attendees can receive a free, detailed credit report.

Insurance Issues
What types of insurance should homeowners have?  What levels of coverage are recommended?  Find out more.

Date, Time, & Location
July 21, 2009 at 7pm
Hennings Market
290 Main Street, Harleysville, PA  19438 
Call (215) 513-1333 or email Scott@LoperRealty.com to reserve your spot.

If you are unable to attend this seminar, we would be happy to meet with you at your convenience.  We work as Buyer’s Agents throughout Montgomery County and Bucks County PA and in many surrounding areas.  We welcome your questions.  So, please let us know how we can help you.

Copyright © 2009, The Scott Loper Team, All rights reserved.  Lansdale-Harleysville Home Buyer Seminar.

Here’s some up-to-date information on home sales in Montgomery County PA and neighboring Bucks County.  Like most areas of the nation, our region has seen declines in both the number of homes sold and in their prices.  Thanks to a robust and very diverse local economy, however, we have weathered this correction much better than most by many measures.  For example, our average selling prices year-to-date are down by approximately 10% (8.9% in Montgomery and 11.7% in Bucks) compared to the same period last year.  Not exactly the doom and gloom of some particularly hard hit areas of the country which the media love to emphasize.

Typical of market downturns, the lower price ranges have actually held up the best while the higher prices ranges struggle a bit more.  I believe this is especially the case in our current downturn due to purchase incentives (like the $8,000 tax credit) for first time buyers.  If your home is in a price range that is likely to attract this market segment, there’s reason for optimism.  Consider these facts…

Number of Homes Pended* – January through May, 2009

*Homes Pended is the number of homes listed for sale that went under contract with a buyer.

As you can see, there is significantly more activity in the $201-$300k price range and prospects for a sale can be quite good if your home is in this range or closer to it.  In our area, this is a market segment that is largely comprised of first time buyers.  Between now and December 1^st, 2009, these buyers may be eligible for an $8,000 tax credit if they purchase a home before that deadline.  That incentive along with attractive interest rates and reduced prices has spurred the first timers into action.

If your home is in a higher price range, you should be prepared to compete with more listings and for a smaller pool of buyers.  But even in these higher ranges, there are still active buyers.  More than anytime in the last two decades, your home will now need to compete for these buyers in three main areas: Location, Condition, and Price.  Despite the current market, homes that show well, are priced appropriately, and have good locations will sell (and often within a relatively short time).  If any one of these three factors is sub-par, however, it could lead to an extended time on market and an ultimately lower selling price.  If you have a less than desirable location, be prepared to price the home more aggressively (lower) to generate a sale.  If your home has outdated features or deferred maintenance, be prepared to address those areas (this will typically result in a quicker sale and higher net proceeds even considering the costs of improvements).  Click here for some helpful information about the home selling process and about preparing you home for sale.

Copyright © 2009, The Scott Loper Team, All rights reserved.  Selling a Home in Montgomery County PA – Reasons to be Optimistic if You Can Lure First Time Buyers