penn manor real estate news: Should I List My Lancaster,PA Home Now or Next Year ? - 11/14/17 06:22 AM
7 Reasons to List Your Home This Holiday Season Every year at this time, many homeowners decide to wait until after the holidays to put their homes on the market for the first time, while others who already have their homes on the market decide to take them off until after the holidays.
Here are seven great reasons not to wait: Relocation buyers are out there. Many companies are still hiring throughout the holidays and need their employees in their new positions as soon as possible. Purchasers who are looking for homes during the holidays are serious buyers and are ready … (3 comments)

penn manor real estate news: Why Consumers Buy Lancaster Co., PA Homes ! - 11/13/17 04:58 AM
5 Reasons Homeownership Makes ‘Cents’ The American Dream of homeownership is alive and well. Recent reports show that the US homeownership rate has rebounded from recent lows and is headed in the right direction. The personal reasons to own differ for each buyer, but there are many basic similarities.
Today I want to talk about the top 5 financial reasons you should own your own home.
Homeownership is a form of forced savings – Paying your mortgage each month allows you to build equity in your home that you can tap into later in life for renovations, to pay off high-interest credit … (2 comments)

penn manor real estate news: No Housing Bubble in Lancaster County ,PA ! - 11/12/17 05:51 AM
A Housing Bubble? Industry Experts Say NO! With residential home prices continuing to appreciate at levels above historic norms, some are questioning if we are heading toward another housing bubble (and subsequent burst) like the one we experienced in 2006-2008.
Recently, five housing experts weighed in on the question.
Rick Sharga, Executive VP at Ten-X: “We’re definitely not in a bubble.”
“We have a handful of markets that are frothy and probably have hit an affordability wall of sorts but…while prices nominally have surpassed the 2006 peak, we’re not talking about 2006 dollars.”
Christopher Thornberg, Partner at Beacon Economics: “There is … (2 comments)

penn manor real estate news: Lancaster,PA Veterans Do Not Need Money to Buy ! - 11/11/17 03:38 AM
Veterans Affairs Loans by the Numbers Some Highlights: Since the creation of the VA Home Loans Program, 22 million veterans have been able to achieve the American Dream of homeownership. So far in 2017, $188 billion has been loaned to veterans and their families through the program. VA Purchase Loans are on the rise in 46 out of 50 states and Washington, DC.  This a great loan that will allow Veterans to buy a home with absolutely NO out of pocket money ! Email to get started !     … (0 comments)

penn manor real estate news: New Housing Trend in Lancaster, PA - 11/10/17 04:33 AM
Multigenerational Households May Be the Answer to Price Increases Multigenerational homes are coming back in a big way! In the 1950s, about 21%, or 32.2 million Americans shared a roof with their grown children or parents. According to an article by, “Nearly 1 in 5 Americans is now living in a multigenerational household – a household with two or more adult generations, or grandparents living with grandchildren – a level that hasn’t been seen in the U.S. since 1950.”
Another report that proves this point is the National Association of Realtors’ (NAR) 2017 Profile of Home Buyers and Sellers which states that 13% … (3 comments)

penn manor real estate news: Prices Head Upward in Lancaster Co.,PA ! - 11/10/17 04:21 AM
Low Inventory Causes Home Prices to Maintain Fast Growth The National Association of Realtors (NAR) released their latest Quarterly Metro Home Price Report last week. The report revealed that severely lacking inventory across the country drained sales growth and kept home prices rising at a steady clip in nearly all metro areas. Home prices rose 5.3% over the last quarter across all metros.
Lawrence Yun, Chief Economist at NAR, discussed the impact of low inventory on buyers in the report:
“Unfortunately, the pace of new listings were unable to replace what was quickly sold. Home shoppers had little to choose from, and many had to … (3 comments)

penn manor real estate news: What if I Wait to Make My Offer ? - 11/05/17 05:41 AM
The Difference an Hour Makes in Real Estate Every Hour in the US Housing Market:  624 Homes Sell 347 Homes Regain Positive Equity Median Home Values Go Up $1.13 Five New Buyer Prospects view the same listing    Buyers ,your first step is obtaining Mortgage Pre-Approval ! Email to schedule a Buyers Consultation Session .     … (4 comments)

penn manor real estate news: Don't let Fear Stop You from Home Shopping ,Lancaster,PA ! - 10/31/17 05:00 AM
Buying a Lancaster, PA Home Can Be Scary... Unless You Know the Facts Some Highlights: Many potential homebuyers believe that they need a 20% down payment and a 780 FICO® score to qualify to buy a home, which stops many of them from even trying! Here are some facts:
40% of millennials who purchased homes this year have put down less than 10%. 76.4% of loan applications were approved last month. The average credit score of approved loans was 724 in September.   Buyers your first step is Mortgage Pre-Approval ! For more information email … (3 comments)

penn manor real estate news: Can Someone Help Pay My Mortgage in Lancaster, PA ? - 10/28/17 06:15 AM
How to Save on a Mortgage Payment Whether Buying or Selling In Trulia’s recent report, Rent vs. Buy: Roommate Edition, they examined the impact that renting with a roommate has in determining whether it is more expensive to rent or buy. The study explains:
“Since we started keeping track in 2012, it’s been a better deal to buy than rent in America’s largest housing markets – and for much of that time it hasn’t been close.”
It then goes on to ask the question:
“But does the equation change for renters who share their rent with a roommate?”
The report reveals: “While the … (1 comments)

penn manor real estate news: Why are Lancaster,PA Sellers Listing Now ? - 10/27/17 03:09 AM
The #1 Reason to List Your House, NOW! The National Association of Realtors (NAR) released the results of their latest Existing Home Sales Report which revealed that sales rose 0.7% month-over-month, but remain 1.5% lower than they were a year ago. Some may look at these numbers and think that now is not a good time to sell their house, but in fact, the opposite is true.
The national slowdown in sales is directly tied to a lack of inventory available for the buyers who are out in the market looking for their dream homes! The inventory of homes for sale … (1 comments)

penn manor real estate news: Zero Downpayment Loans are Available in Lancaster,PA ! - 10/26/17 07:12 AM
Millennials Flock Towards Low Down Payment Programs
A report released by Down Payment Resource shows that 61% of first-time homebuyers purchased their homes with a down payment of 6% or less.
The trend continued among all buyers with a mortgage, as 73% made a down payment of less than 20%.
An article by Chase points to a new wave of millennial homebuyers:
“We teamed up with Google to help us better understand what customers are searching for and how the home buying landscape is evolving. We found that millennials and first-time homebuyers are making a big splash in the market, and affordability remains top of mind.”
Among … (0 comments)

penn manor real estate news: It's Cheaper to Own than Rent in Lancaster,PA ! - 10/26/17 07:01 AM
The Cost of Renting vs. Buying a Home
Some Highlights: Historically, the choice between renting or buying a home has been a tough decision. Looking at the percentage of income needed to rent a median-priced home today (29.2%) vs. the percentage needed to buy a median-priced home (15.8%), the choice becomes obvious. Every market is different. Before you renew your lease again, find out if you can put your housing costs to work by buying this year!       Buyers , your first step is Mortgage Pre-Approval ! Email to get started .     … (1 comments)

penn manor real estate news: Build Wealth with a Lancaster Co.,PA Home ! - 10/16/17 05:03 AM
Net Worth of Homeowners 44X Greater than Renters Every three years, the Federal Reserve conducts their Survey of Consumer Finances in which they collect data across all economic and social groups. The latest survey data, covering 2013-2016 was released two weeks ago.
The study revealed that the 2016 median net worth of homeowners was $231,400 - a 15% increase since 2013. At the same time, the median net worth of renters decreased by 5% ($5,200 today compared to $5,500 in 2013).
These numbers reveal that the net worth of a homeowner is over 44 times greater than that of a renter.
Owning a home is a … (3 comments)

penn manor real estate news: Should I Wait toBuy a Home ? - 10/16/17 04:52 AM
Millionaire to Millennials: Buy a Home Now! In a CNBC article, self-made millionaire David Bach explained that “the single biggest mistake millennials are making” is not purchasing a home because buying real estate is “an escalator to wealth.”
Bach went on to explain:
“If millennials don’t buy a home, their chances of actually having any wealth in this country are little to none. The average homeowner to this day is 38 times wealthier than a renter.”
In his bestselling book, “The Automatic Millionaire,” Bach does the math:
“As a renter, you can easily spend half a million dollars or more on rent over the years ($1,500 a month … (1 comments)

penn manor real estate news: Will I need a 20% Down Payment to Buy ? - 10/13/17 08:43 AM
No… You Do Not Need 20% Down to Buy In Lancaster,PA !
The Aspiring Home Buyers Profile from the National Association of Realtors (NAR) found that the American public is still somewhat confused about what is required to qualify for a home mortgage loan in today’s housing market. The results of the survey show that non-homeowners cite the main reason for not currently owning a home, as not being able to afford one.
This brings us to two major misconceptions that we want to address today.
1. Down Payment NAR’s survey revealed that consumers overestimate the down payment funds needed to qualify … (3 comments)

penn manor real estate news: Why Lancaster Co.,PA Homes will Sell this Fall - 10/13/17 08:35 AM
4 Reasons to Sell This Fall in Lancaster, PA
Some Highlights: Buyer demand continues to outpace the supply of homes for sale! Buyers are often competing with one another for the listings that are available! Housing inventory is still under the 6-month supply that is needed for a normal housing market. Perhaps the time has come for you and your family to move on and start living the life you desire.   Sellers, update your Current Market Value with a FREE national RPR Report To get started email   … (1 comments)

penn manor real estate news: What Lancaster,PA Price Points have the Greatest Demand ? - 10/07/17 08:06 AM
A Tale of Two Markets: A 6-Month Update Six months ago, I reported that the mismatch between the type of inventory of homes for sale and the demand of buyers in the US was causing the formation of two markets.
In the starter and trade-up home categories, there were significantly more buyers than there were homes for sale, causing a seller’s market. In the premium, or luxury, home categories, the opposite was true as there was a surplus of these homes compared to the buyers that were out searching for their dream homes, which created a buyer’s market.
According to the National … (1 comments)

penn manor real estate news: How Do I Get a Mortgage in Lancaster Co., PA ? - 10/07/17 08:03 AM
The Mortgage Process: What You Need to Know 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 . Your first step in the Home Buying Process is to obtain a Mortgage Pre-Approval .  Email  to get started .

penn manor real estate news: 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).

penn manor real estate news: Should Lancaster,PA Home Buyers Wait til Next Year ? - 09/29/17 06:40 AM
Should I Buy a Home Now? Or Wait Until Next Year? Some Highlights: The Cost of Waiting to Buy is defined as the additional funds it would take to buy a home if prices & interest rates were to increase over a period of time. Freddie Mac predicts interest rates to rise to 4.4% by next year. CoreLogic predicts home prices to appreciate by 5.0% over the next 12 months. If you are ready and willing to buy your dream home, find out if you are able to! Buyers, your first step is obtaining Mortgage Pre-Approval ! Email to get … (1 comments)

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

Michael J. Perry

Lancaster, PA Relo Specialist

Lancaster, PA

More about me…

KW Elite

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

Office: (717) 735-1145

Mobile: (717) 951-9933

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