Has My Lancaster Co, PA Home Increased in Value ?

Reblogger Don Hess
Real Estate Agent with KW Elite Keller Williams 1280 Plaza Blvd. Lancaster, PA 17601 AB067316
http://actvra.in/58Gn

 

 

This is good news if you're planning on selling.

 

If you're planning on buying you will begin to acquire

equity

immediately.

 

Call me!

 

Don Hess

KW Elite
Keller Williams Realty
1280 Plaza Blvd.
Lancaster, PA 17601
717-553-2500 Office
717-715-6288 Mobile
717-786-7967 Direct
donhess39@gmail.com 
activerain.com/dfh  
Original content by Michael J. Perry

Home Prices Up 7% from Last Year

Home Prices Up 7% from Last Year | MyKCM

According to CoreLogic’s latest Home Price Index, national home prices have appreciated by 7.0% from October 2016 to October 2017. This marks the second month in a row with a 7.0% year-over-year increase.

A lack of supply of homes for sale has led to upward pressure on home prices across the country, especially in areas where both existing and new home inventory have not kept up with buyer demand.

CoreLogic’s Chief Economist Frank Nothaft elaborated on the significance of such a large year-over-year gain, 

“Single-family residential sales and prices continued to heat up in October. On a year-over-year basis, home prices grew in excess of 6 percent for four consecutive months ending in October, the longest such streak since June 2014.

This escalation in home prices reflects both the acute lack of supply and the strengthening economy.”

This is great news for homeowners who have gained over $13,000 in equity in their home over the last year! Those homeowners who had been on the fence as to whether or not to sell will be pleasantly surprised to find out that they now have an even larger profit to help cover a down payment on their dream home.

CoreLogic’s President & CEO Frank Martell had this to say,

“The acceleration in home prices is good news for both homeowners and the economy because it leads to higher home equity balances that support consumer spending and is a cushion against mortgage risk. However, for entry-level renters and first-time homebuyers, it leads to tougher affordability challenges.”

Any time the price of a home goes up there will likely be concern about the affordability of that home, but there is good news. Mortgage interest rates remain at historic lows, allowing buyers to enter the housing market and lock in a low monthly housing cost.

Rents Are Also Rising

The report went on to mention that over the same 12-month period, median rental prices for a single-family home have also risen by 4.2%.

With rents and home prices rising at the same time, first-time buyers may find the task of saving for a down payment a little daunting. Low down payment programs are available and have been a very popular option for first-time buyers. The median down payment for first-time buyers in 2017 was only 5%! 

Bottom Line

If you are looking to enter the housing market, as either a buyer or a seller, let’s get together to go over exactly what’s going on in our neighborhood and discuss your options!

 

Sellers, your home's value is in constant change . Email mikeperrykw@gmail.com to learn your home's current value .

 

 

 

 

Michael J. Perry

KELLER WILLIAMS Elite

www.lancaster4sale.com  

 

1280 Plaza Blvd. , Lancaster, PA 17601

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Longtime West Lampeter resident and Lancaster County Realtor!

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Topic:
Home Selling
Location:
Pennsylvania Lancaster County Quarryville Solanco School District
Groups:
Chester County, PA
Southern York County
Berks County PA Homes for sale and info
South Central Pennsylvania Realtors
Lancaster PA Real Estate
Tags:
sales
equity
home
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real estate
up
lancaster county pa
homes
increased
quarryville pa
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Rainmaker
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Michael J. Perry
KW Elite - Lancaster, PA
Lancaster, PA Relo Specialist

It's good to see that Appreciation is alive and well !!!!!!!!!!!!!!!!!!!!!!!

Dec 07, 2017 05:11 PM #1
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