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Phila. Real Estate: 4th Quarter Housing Round-Up

February 26, 2009 at 11:43 am · Filed under For Home Buyers, For Home Sellers, Philadelphia Market Conditions

TREND is the Multiple Listing Service (MLS) for more than 32,000 real estate professionals in and around the Philadelphia metropolitan region. The report is a compilation of TREND data, government data and NAR (National Association of Realtors) analysis. The home sale statistics come from TREND, while the labor and industry data comes from government sources. All of the analysis is written by NAR economists. Complete 2008, 4th quarter report: Economic and Market Watch Report (pdf).

This information has been reprinted from the Economic and Market Watch Report with permission from TREND.

Potentially Related Posts:
Phila. Real Estate: Still a Strong Buyers Market
Phila. Real Estate: Market Data 2nd Q 2008

FIND YOUR 1st HOME IN PHILLY AND GET YOUR TAX CREDIT

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Philadelphia Median House Prices Dipped 2.6% Last Year

February 11, 2009 at 10:35 pm · Filed under For Home Buyers, For Home Sellers, Philadelphia Market Conditions

The median home price in the Philadelphia area fell 2.6 percent to $223,000 in 2008. Clearly housing prices took a hit from the economic crisis but not to the extent of the overall national market. Nationally, the median sale price dropped last year by 9.3 percent, according to the National Association of Realtors data, down to $198,600 $219,000 in 2007.

Philadelphia County was the only county in the region where the median price increased last year, rising by 0.9 percent to $141,237. Chester County registered the highest median sale price of $304,250, followed by Bucks County at $282,500. Montgomery County’s median sale price was $263,000.

Philadelphia Housing Sales Facts for 2008:

    **57,877 homes sold, a 23.9 percent decrease
               76,084 homes sold in 2007
             85,302 homes sold in 2006

      **Average days on market was 77
               65 days in 2007
               54 days in 2006

      **Monthly average inventory was 60,530
               60,166 in 2007
              54,009 in 2006

With historically low interest rates, some great buys and the imminent passage of the Economic Stimulus Bill eager sellers have been kicking up more sales at the start of the spring selling season, which unofficially launched after the Super Bowl.

How Much is My Philly Home Worth?

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Philadelphia Mortgage Rates

January 23, 2009 at 11:35 pm · Filed under First Time Home Buyers, For Home Buyers, Mortgage, Philadelphia Market Conditions

not all philly mortgage rates are the same

Not All Rates Are Cut From The Same Stone.

Please note that advertised mortgage rates are based on 720 credit scores and above with 20%down. The rates can very significantly depending on different factors:

Credit score

Down payment/equity percentage

Property type (owner‐occupied, 2nd or vacation home, investment property)

Reason for mortgage (purchase, rate/term refinance, cash‐out refinance)

Loan type

When looking at loan pricing on various scenarios, it’s extremely important for your mortgage broker to have full information on each borrower to do a preapproval.

This has turned out to be a volatile week for mortgage rates. They shot up from the mid 4’s to over 5%; that’s a half-percentage point rise in eight days. The mortgage bond market is skittish about our new President. If Obama’s Economic Recovery Plan is passed by Congress inflation could gather steam rather quickly. It relies on huge government borrowing and that is inflationary. A spike in inflation may make it harder for the Fed to drive mortgage rates much lower.

mortgage_chart-1-month

Rates appear to be on the rise but even the best of the best can’t predict what rates will be or when.

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How Low Can You Go?

December 18, 2008 at 3:16 pm · Filed under Mortgage, Philadelphia Market Conditions

average rate for 30yr fixed rate mortgages

As expected, the Federal Reserve cut its key short-term rate Tuesday; the Federal Funds rate is now a scant one-quarter of one percent. The Prime Rate is down to 3.25% – its lowest point since 1955.

Mortgage shoppers, it’s on: rates are now below 5% for fixed rate conforming loans, a decline of nearly a quarter of a percent.

Home buyers in Philadelphia that were planning to buy in the next six months should realize that sooner is probably going to be better than later. Rates may or may not go lower and if you have your application in process you can wait to lock your rate (that is if you think they will go lower). Those who are able to commit to locking are top priority over those who are still shopping rates—this is true with all Loan Originators—they just may not admit it.

Those sitting on the fence about buying will probably loose out. Interest rates are incredibly volatile and fluctuations that used to take months are now occurring in hours. Waiting to obtain the best rate is only possible for those with loan applications already in process otherwise you will lose out.

Looking for a good loan originator? Ask us we know a few!

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Philadelphia Housing Market is Still Outperforming

November 25, 2008 at 9:36 pm · Filed under Mortgage, Philadelphia Market Conditions

philadelphia-area-foreclosure-rate-2008-3rd-q

The Philadelphia area is showing more stability than most other markets, even though we are undeniably in the midst of a correction. Only 0.33% of all Philadelphia-area households—about one in every 303 households—are in the process of being foreclosed upon. This is well below the foreclosure rate in places like Las Vegas (3.5%), Southern California (3.1%) or Phoenix (2.1%).

What’s more, just 4.4% of Philadelphia homes bought in the last five years were considered “under water” – meaning that more is owed on them then they could bring if they were sold today. With negative equity much lower than the rest of the country, indicating that the area’s value declines may stay relatively small. And Philly has a healthy five-year annualized appreciation of 6% compared with 3.4% nationally.

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