first time buyers: Prices are Increasing in Lancaster Co., PA ! - 08/01/17 05:08 AM
Rising Home Prices Mean Great News for Lancaster Homeowners Recently there has been a lot of talk about home prices and if they are accelerating too quickly. As we mentioned before, in some areas of the country, seller supply (homes for sale) cannot keep up with the number of buyers who are out looking for homes, which has caused prices to rise.
The great news about rising prices, however, is that according to CoreLogic’s Homeowner Equity Report, the average American household gained over $14,000 in equity over the course of the last year, largely due to home value increases.
The map below was created … (3 comments)

first time buyers: Single ? Buy Your Lancaster Co. Dream Home ! - 07/21/17 05:10 AM
Singles Are Falling for Their Lancaster Co.Dream Home Some Highlights: According to NAR’s Profile of Home Buyers & Sellers, the share of recent homebuyers who were single at the time of purchase held steady at 24% last year. The percentage of first-time buyers who were single females rose to 17% (up from 16%), as the share of single men dropped from 11% to 8%. The primary reason for buying a home amongst singles was the desire to own a home of their own (38% for women and 37% for men). Buyers, your first step is obtaining Mortgage Pre-Approval ! Email  mikeperrykw@gmail.com … (3 comments)

first time buyers: Should Buyers Wait til next Year in Lancaster, PA ? - 07/21/17 05:07 AM
Do You Know the Cost of Waiting in Lancaster ? Some Highlights: The “Cost of Waiting to Buy” is defined as the additional funds it would take to buy a home if prices and interest rates were to increase over a period of time. Freddie Mac predicts that interest rates will increase to 4.8% by this time next year, while home prices are predicted to appreciate by 4.9% according to CoreLogic. Waiting until next year to buy could cost you thousands of dollars a year for the life of your mortgage! Buyers, your first step is Mortgage Pre-Approval ! Email mikeperrykw@gmail.com … (3 comments)

first time buyers: How to Obtain a Mortgage in Lancaster, PA - 07/21/17 05:05 AM
What You Need to Know About Qualifying for a Mortgage in Lancaster, PA Some Highlights: Many buyers are purchasing a home with a down payment as little as 3%. You may already qualify for a loan, even if you don't have perfect credit. Take advantage of the knowledge of your local professionals who are there to help you determine how much you can afford. Buyers, your first step is to obtain Mortgage Pre-Approval Email mikeperrykw@gmail.com to learn more !  … (2 comments)

first time buyers: What's More Important than a New Lancaster,PA Home ? - 07/21/17 05:02 AM
What Would You Sacrifice to Save For Your Next Lancaster County Home? Some Highlights: 95% of first-time homebuyers are willing to sacrifice to make homeownership a reality. The top item that buyers sacrifice is new clothes, at 54%. Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last home. Buyers, your first step is to obtain Mortgage Pre-Approval . Email  to mikeperrykw@gmail.com to learn how   … (2 comments)

first time buyers: Is a Down Payment Needed to buy a Lancaster, PA Home ? - 07/21/17 05:01 AM
69% of Buyers are Wrong About Down Payment Needs According to a recent survey conducted by Genworth Financial Inc. at the Annual Mortgage Bankers’ Association Secondary Market Conference, mortgage professionals say that first-time buyers still believe a 20% down payment is necessary to buy in today’s market.
Nearly 40% of mortgage industry professionals surveyed believe that a lack of knowledge about the home-buying process is keeping potential buyers on the sidelines. Saving for a down payment is often cited as a huge barrier for first-time homebuyers to make the leap into homeownership.
If homeowners believe that they need a 20% down … (4 comments)

first time buyers: Are Rates too High in Lancaster Co., PA ? - 07/21/17 04:59 AM
The Impact Your Interest Rate Makes Some Highlights: Interest rates have come a long way in the last 30 years. The interest rate you secure directly impacts your monthly payment and the amount of house that you can afford if you plan to stay within a certain budget. Interest rates are at their lowest in years… RIGHT NOW! If buying your first home, or moving up to the home of your dreams is in your future, now may be the time to act! Jump in right now to max your Purchasing Power with these low rates !  Email mikeperrykw@gmail.com to learn … (1 comments)

first time buyers: Do Lancastrians Believe in Home Ownership ? - 07/21/17 04:55 AM
84% of Americans Believe Buying a Home is a Good Financial Decision According to the National Association of Realtors®’ 2017 National Housing Pulse Survey, 84% of Americans now believe that purchasing a home is a good financial decision. This is the highest percentage since 2007 – before the housing crisis. Those surveyed pointed out five major reasons why they believe homeownership is a good financial decision:
Homeownership means the money you spend on housing goes towards building equity, rather than to a landlord Homeownership creates the opportunity to pay off a mortgage and own your home by the time you retire … (2 comments)

first time buyers: Lancaster, PA Buyers are Succeeding with these Tips ! - 07/21/17 04:53 AM
3 Tips to Succeed in Lancaster’s Real Estate Market ! In today’s highly competitive real estate market, where inventory levels are not keeping up with the constant stream of buyer demand, there are steps you can take to ensure you are most prepared for success when buying a home.
The 3 tips we are going to expand on today come from a recent blog by Trulia entitled, The Skinny on Skinny Inventory. 
1. Be Prepared “Homebuyers should talk with a lender, real estate agent, and a home inspector BEFORE finding a home to make an offer on.”
Being intentional, pre-approved, and … (1 comments)

first time buyers: Questions for Lancaster Co., PA Home Buyers - 07/21/17 04:50 AM
 
3 Questions to Ask Before You Buy Your Next Lancaster Co. Home If you are debating purchasing a home right now, you are probably getting a lot of advice. Though your friends and family will have your best interests at heart, they may not be fully aware of your needs and what is currently happening in the real estate market.
Ask yourself the following 3 questions to help determine if now is a good time for you to buy in today’s market.
1. Why am I buying a home in the first place?  This is truly the most important question to answer. Forget … (2 comments)

first time buyers: Lancaster, PA Home Buyers want these 5 Things ! - 07/19/17 05:49 AM
The 5 Greatest Benefits of Homeownership Recently, Freddie Mac reported on the benefits of homeownership. According to their report, here are the five benefits that “should be at the top of everyone’s list.”
Homeownership can help you build equity over time. Your monthly payments will remain stable. You may have some tax benefits. You can take pride in ownership. Homeownership improves your community. Let’s expand on each of Freddie Mac’s points:
Homeownership can help you build equity over time. Every three years, the Federal Reserve conducts a Survey of Consumer Finances in which they collect data across all economic and social … (2 comments)

first time buyers: Are Interest Rates Too High in Lancaster Co., PA ? - 07/15/17 08:56 AM
Be Thankful You Don’t Have to Pay Mom and Dad’s Interest Rate Interest rates have hovered around 4% for the majority of 2017, which has given many buyers relief from rising home prices and has helped with affordability. Experts predict that rates will increase by the end of 2017 and will be about three-quarters of a percentage point higher, at 4.5%, by the end of 2018.
Last week’s Freddie Mac Primary Mortgage Market Survey revealed that interest rates for a 30-year fixed rate mortgage have fallen to their lowest mark this year, at 3.88%. This is great news for homebuyers looking … (0 comments)

first time buyers: Here's What Lancaster, PA Buyers know about Rates - 07/15/17 08:51 AM
The High Impact of Low Interest Rates on Your Purchasing Power in Lancaster Co., PA According to Freddie Mac’s latest Primary Mortgage Market Survey, interest rates for a 30-year fixed rate mortgage are currently at 3.96%, which is still near record lows in comparison to recent history!
The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.
Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford will decrease … (3 comments)

first time buyers: These Myths will not Stop Lancaster Co., PA Home Buyers - 07/15/17 08:48 AM
Home Buying Myths Slayed in Lancaster Some Highlights: Interest rates are still below historic numbers. 88% of property managers raised their rent in the last 12 months! The credit score requirements for mortgage approval continue to fall. Buyers , your first step is Mortgage Pre-Approval  ! Contact mikeperrykw@gmail.com to learn more !  
(1 comments)

first time buyers: Renting is a Losing Proposition in Lancaster Co., PA ! - 06/27/17 08:49 AM
Buying Is Now 33.1% Cheaper Than Renting in the US The results of the latest Rent vs. Buy Report from Trulia show that homeownership remains cheaper than renting with a traditional 30-year fixed rate mortgage in the 100 largest metro areas in the United States.
The updated numbers actually show that the range is an average of 3.5% less expensive in San Jose (CA), all the way up to 50.1% less expensive in Baton Rouge (LA), and 33.1% nationwide!
Other interesting findings in the report include: Interest rates have remained low and, even though home prices have appreciated around the country, … (4 comments)

first time buyers: Your Lancaster Co. , PA Realtor Knows - 06/06/17 07:15 AM
Can Your Real Estate Agent Answer These Important Questions? Whether you are selling or buying a home, the real estate agent you hire is critical to guaranteeing your family makes the right decision. Most agents can walk you through the process and explain the industry 'lingo,' but you should expect so much more than that.
The housing crisis made everyone aware that truly understanding the real estate market is more complicated than it seems. Today, there are many questions your real estate agent must be able to answer to ensure your family is making the right decision. Here are just a … (1 comments)

first time buyers: Rising House Prices are causing this ! Lancaster, PA - 06/06/17 07:14 AM
What Would You Sacrifice to Save For Your Next Home? Some Highlights: 95% of first-time homebuyers are willing to sacrifice to make homeownership a reality. The top item that buyers sacrifice is new clothes, at 54%. Even repeat or experienced buyers say they sacrificed taking a vacation or buying a new car to buy their last home. Buyers , prices are headed upward ! Your first step is Mortgage Pre-Approval  ! Email mikeperrykw@gmail.com  to learn more . … (3 comments)

first time buyers: You Need Representation in Lancaster Co., PA ! - 06/06/17 07:13 AM
Why Working with a Local Real Estate Professional Makes All the Difference If you’ve entered the real estate market, as a buyer or a seller, you’ve inevitably heard the real estate mantra, “location, location, location” in reference to how identical homes can increase or decrease in value due to where they’re located. Well, a new survey shows that when it comes to choosing a real estate agent, the millennial generation’s mantra is, “local, local, local.”
CentSai, a financial wellness online community, recently surveyed over 2,000 millennials (ages 18-34) and found that 75% of respondents would use a local real estate agent over … (1 comments)

first time buyers: Low inventory Dives up Prices in Lancaster Co., PA ! - 06/06/17 07:10 AM
Inventory Challenges Continue! Some Highlights: After a surge in March, existing home sales and new home sales slowed due to a drop in inventory available for sale in the start-up and trade-up categories. Median existing home prices surged for the 62nd straight month, up 6.0% over last year to $244,800. New home prices slowed as builders have started to turn their focus toward single family, smaller homes. To view the value of any property ,request a25+ pageRPR  Report !  Email  mikeperrykw@gmail.com … (2 comments)

first time buyers: More Fast to Buy a Dream Home in Lancaster, PA ! - 05/10/17 04:06 AM
Is 2017 the Year to Move Up to Your Dream Home? If So, Do It Early! If you are considering moving up to your dream home, it may be better to do it earlier in the year than later. The two components of your monthly mortgage payment (home prices and interest rates) are both projected to increase as the year moves forward, and interest rates may increase rather dramatically. Here are some predictions on where rates will be by the end of the year:
Freddie Mac “While full employment and rising inflation are signs of a strong economy, they also have … (2 comments)

 
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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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