appreciation: There is no Housing Bubble in Lancaster,PA ! - 03/13/18 08:24 AM
A New Housing Bubble Forming…Not Before 2024! A recent report by CoreLogic revealed that U.S. home values appreciated by more than 37% over the last five years. Some are concerned that this is evidence we may be on the verge of another housing “boom & bust” like the one we experienced from 2006-2008.
Recently, several housing experts weighed in on the subject to alleviate these fears.
Sean Becketti, Freddie Mac Chief Economist  “The evidence indicates there currently is no house price bubble in the U.S., despite the rapid increase of house prices over the last five years.”
Edward Golding, a Senior … (2 comments)

appreciation: How Much are Lancaster,PA Homes Really Appreciating ? - 03/02/18 08:47 AM
 
  Are Lancaster's Home Values Really Overinflated? Last week, the National Association of Realtors (NAR) released their most recent Existing Home Sales Report. According to the report:
“The median existing-home price for all housing types in January was $240,500, up 5.8 percent from January 2017 ($227,300). January’s price increase marks the 71st straight month of year-over-year gains.”
Seventy-one consecutive months of price increases may have some concerned that current home values may be overinflated.
However, at the same time, Zillow issued a press release which revealed:
“If the housing bubble and bust had not happened, and home values had instead appreciated … (4 comments)

appreciation: Will Rising Interest Rates Affect My Lancaster,PA Home? - 02/25/18 07:32 AM
Mortgage Rates on FIRE! Lancaster Home Prices Up in Smoke? Mortgage interest rates have already risen by over a quarter of a percentage point in 2018. Many are projecting that rates could increase to 5% by the end of the year.
What impact will rising rates have on house values? Many quickly jump to the conclusion that an increase in mortgage rates will have a detrimental impact on real estate prices as fewer buyers will be able to qualify for a loan. This seems logical; if there is less demand for housing then prices will drop.
However, in a good economy, … (2 comments)

appreciation: Home Sellers are Obtaining Top Dollar- Lancaster,PA - 01/24/18 08:04 AM
Gap Between Homeowners & Appraisers Narrows to Lowest Mark in 2 Years In today’s housing market, where supply is very low and demand is very high, home values are increasing rapidly. Many experts are projecting that home values could appreciate by another 4% or more over the next twelve months. One major challenge in such a market is the bank appraisal.
When prices are surging, it is difficult for appraisers to find adequate, comparable sales (similar houses in the neighborhood that recently closed) to defend the selling price when performing the appraisal for the bank.
Every month in their Home Price Perception … (2 comments)

appreciation: Will the New Tax Changes Affect My Property Value? - 01/18/18 04:34 AM
What Impact Will the New Tax Code Have on Home Values? Every month, CoreLogic releases its Home Price Insights Report. In that report, they forecast where they believe residential real estate prices will be in twelve months.
Below is a map, broken down by state, reflecting how home values are forecasted to change by the end of 2018 using data from the most recent report.

As we can see, CoreLogic projects an increase in home values in 49 of 50 states, and Washington, DC (there was insufficient data for HI). Nationwide, they see home prices increasing by 4.2%.
How might the … (4 comments)

appreciation: Are Lancaster Co., PA Homes Appreciating in 2018 ? - 12/29/17 08:26 AM
There’s More to a Bubble Than Rising Home Prices What truly causes a housing bubble and the inevitable crash? For the best explanation, let’s go to a person who correctly called the last housing bubble – a year before it happened.
“A bubble requires both overvaluation based on fundamentals and speculation. It is natural to focus on an asset’s fundamental value, but the real key for detecting a bubble is speculation…Speculation tends to chase appreciating assets, and then speculation begets more speculation, until finally, for some reason that will become obvious to all in hindsight, the ‘bubble’ bursts.
I have taken … (0 comments)

appreciation: Lancaster , PA Home Prices Keep Rising ! - 12/26/17 06:13 AM
 
Housing Prices are NOT Heading for Another Crash As home values continue to increase at levels greater than historic norms, some are concerned that we are heading for another crash like the one we experienced ten years ago. We recently explained that the lenient lending standards of the previous decade (which created false demand) no longer exist. But what about prices?
Are prices appreciating at the same rate that they were prior to the crash of 2006-2008? Let’s look at the numbers as reported by Freddie Mac:

The levels of appreciation we have experienced over the last four years aren’t … (2 comments)

appreciation: Buy a Lancaster,PA Home ASAP ! - 12/19/17 05:16 AM
What is the Cost of Waiting Until Next Year to Buy? We recently shared that over the course of the last 12 months, home prices have appreciated by 7.0%. Over the same amount of time, interest rates have remained historically low which has allowed many buyers to enter the market.
As a seller, you will likely be most concerned about ‘short-term price’ – where home values are headed over the next six months. As a buyer, however, you must not be concerned about price, but instead about the ‘long-term cost’ of the home.
The Mortgage Bankers Association (MBA), Freddie Mac, and … (0 comments)

appreciation: What Lancaster,PA Price Point is in Most Demand ? - 10/05/17 05:06 AM
Which Lancaster Homes Increased Most in Value???  Home values have risen dramatically over the last twelve months. The latest Existing Home Sales Report from the National Association of Realtors puts the annual increase in the median existing-home price at 5.6%. CoreLogic, in their most recent Home Price Index Report, revealed that national home prices have increased by 6.7% year-over-year.
CoreLogic broke appreciation down ever further into four price ranges which gives a more detailed view than simply looking at the year-over-year increases of the national median home price.
The chart below shows the four tiers and each one’s growth from July 2016 to July 2017 (the latest data available).
(1 comments)

appreciation: How High will Lancaster Co., PA Home Prices Go ? - 08/30/17 04:40 AM
Where Are Lancaster Home Prices Heading in The Next 5 Years? Today, many real estate conversations center on housing prices and where they may be headed. That is why we like the Home Price Expectation Survey.
Every quarter, Pulsenomics surveys a nationwide panel of over one hundred economists, real estate experts, and investment & market strategists about where they believe prices are headed over the next five years. They then average the projections of all 100+ experts into a single number.
The results of their latest survey: Home values will appreciate by 5.0% over the course of 2017, 4.0% in 2018, 3.2% in 2019, … (5 comments)

 
Michael J. Perry, Lancaster, PA   Relo Specialist (KW Elite ) Rainmaker large

Michael J. Perry

Lancaster, PA Relo Specialist

Lancaster, PA

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KW Elite

Address: 1280 Plaza Blvd., Lancaster, PA, 17601

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