penn manor real estate news: What FICO Score do I NEED to Buy in Lancaster , PA ? - 08/30/17 04:32 AM
Don’t Disqualify Yourself… 52% of Approved Loans Have A FICO® Score Under 750 The results of countless studies have shown that potential home buyers, and even current homeowners, have an inflated view of what is really required to qualify for a mortgage in today’s market.
One such study by the Wharton School of Business at the University of Pennsylvania revealed that many millennials have not yet considered purchasing homes simply because they don’t believe they can qualify for a mortgage.
A recent article about millennials by explained that:
“About 72% of aspiring millennial buyers said they’re waiting because they can’t afford to buy…”
The … (1 comments)

penn manor real estate news: Do I Need 10% Down Payment to Buy in Lancaster, PA ? - 08/30/17 04:31 AM
Number of Buyers Putting Down Less Than 10% Hits 7-Year High According to Black Knight Financial Service’s Mortgage Monitor Report, 1.5 million Americans have purchased a home with down payments under than 10% over the last 12 months. This is great news for buyers as this marks a 7-year high.
Many mortgage programs offered by agencies like Freddie Mac and Fannie Mae allow buyers to put down as low as 3% to purchase their dream homes. The strength of the housing market has aided buyers who used low-down-payment programs to buy. As a recent CNBC article points out,
“Defaults on recent … (1 comments)

penn manor real estate news: Where are Lancaster Co., PA Home Prices Headed ? - 08/25/17 06:34 AM
Home Prices Up 6.64% Across the Country! Some Highlights: The Federal Housing Finance Agency (FHFA) recently released their latest Quarterly Home Price Index report. In the report, home prices are compared both regionally and by state. Based on the latest numbers, if you plan on relocating to another state, waiting to move may end up costing you more! Alaska & West Virginia were the only states where home prices are lower than they were last year. Prices are headed upward , don't delay your home purchase ! Your first step is to obtain Mortgage Pre-Approval . Email to get started .  … (3 comments)

penn manor real estate news: FSBO's Lose Money in Lancaster, PA ! - 08/25/17 06:26 AM
Study: FSBOs Don’t Save Real Estate Commission One of the main reasons why For Sale By Owners (FSBOs) don’t use a real estate agent is because they believe they will save the commission an agent charges for getting their house on the market and selling it. A new study by Collateral Analytics, however, reveals that FSBOs don’t actually save anything, and in some cases may be costing themselves more, by not listing with an agent.
In the study, they analyzed home sales in a variety of markets in 2016 and the first half of 2017. The data showed that:
“FSBOs tend … (5 comments)

penn manor real estate news: Do You Need a Larger Home ? Lancaster, PA - 08/25/17 06:25 AM
Want to Keep up with the Joneses? Now's the Time Does your current house fit your needs? Does it seem like everyone else is moving up and moving on to more luxurious surroundings? Are you wondering what it would take to start living your dream life?
Market conditions around the country have presented an opportunity like no other for those who are looking to make the jump to a premium or luxury home.
The National Association of Realtors reports that national inventory levels are now at a 4.3-month supply. A normal market, where prices appreciate with inflation, has 6-7-months inventory. The … (1 comments)

penn manor real estate news: Boomerang Buyers are Back in Lancaster Co., PA ! - 08/22/17 06:25 AM
More Boomerang Buyers Are about to Enter the Lancaster Market We previously informed you about a study conducted by TransUnion titled, “The Bubble, the Burst and Now – What Happened to the Consumer?” The study revealed that 1.5 million homeowners who were negatively impacted by the housing crisis could re-enter the housing market between 2016-2019.
Recently, HousingWire analyzed data from the US Bankruptcy Courts and revealed that 6 million Americans will have their bankruptcies disappear off their credit reports over the next five years and that this could “possibly send a flood of more homebuyers into the housing market.”
The chart below shows … (8 comments)

penn manor real estate news: Lancaster Co.,PA Sellers Need Representation ! - 08/22/17 06:24 AM
Why Is It Important to Use a Professional to Sell Your Home? When a homeowner decides to sell their house, they obviously want the best possible price for it with the least amount of hassles along the way. However, for the vast majority of sellers, the most important result is actually getting their homes sold.
In order to accomplish all three goals, a seller should realize the importance of using a real estate professional. We realize that technology has changed the purchaser’s behavior during the home buying process. According to the National Association of Realtors’ 2016 Profile of Home Buyers & Sellers, the first … (3 comments)

penn manor real estate news: Will Staging Sell My Lancaster Co., PA Home Faster ? - 08/18/17 05:44 AM
To Stage...or Not to Stage? That Is the Question! Some Highlights: The National Association of Realtors surveyed their members & released the findings of their Annual Profile of Home Staging. 50% of staged homes saw a 1-10% increase in dollar value offers from buyers. 77% of buyer’s agents said staging made it easier for buyers to visualize the home as their own. The top rooms to stage to attract more buyers are the living room, master bedroom, kitchen, and dining room. Sellers, your Agent will know immediately upon touring your home , if Staging can increase your property's marketability ! Email  … (7 comments)

penn manor real estate news: Lancaster Co., PA won't have another Housing Bubble! - 08/17/17 11:44 AM
58% of Homeowners See a Drop in Home Values Coming According to the recently released Modern Homebuyer Survey from ValueInsured, 58 percent of homeowners think there will be a “housing bubble and price correction” within the next 2 years.
After what transpired just ten years ago, we can understand the concern Americans have about the current increase in home prices. However, this market has very little in common with what happened last decade.
The two major causes of the housing crash were: A vast oversupply of housing inventory caused by home builders building at a pace that far exceeded historical norms. … (3 comments)

penn manor real estate news: Lancaster Co., PA Properties Procuring Top Dollar ! - 08/16/17 06:30 AM
Sellers: Your Home is an Oasis in an Inventory Desert First-time homebuyers are flocking to the real estate market by the thousands to find their dream homes in order to make their dreams of homeownership a reality. Unfortunately for many, the inventory of starter and trade-up homes in the US has struggled to keep up with demand!
According to the National Association of Realtors (NAR), the inventory of homes for sale dropped 7.1% year-over-year to a 4.3-month supply and is down for the 25th consecutive month.
Some homeowners may be hesitant to list their homes for sale because they are worried … (1 comments)

penn manor real estate news: Lancaster, PA Properties are Selling Quickly ! - 08/15/17 04:53 AM
Homes Are Selling Quickly Nationwide The National Association of Realtors (NAR) recently released their latest Existing Home Sales Report, which revealed that homes were on the market for an average of 28 days in June. This is a slight increase from the 27 days reported in May, but down from 34 days reported a year ago.
54% of homes across the country were on the market for less than a month in June! Among the 27 states with homes selling in 30 days or less are Washington, Utah, California, and Colorado. The map below was created using results from NAR’s Monthly Realtors Confidence Index Survey.


penn manor real estate news: A Lancaster Co.,PA Home will increase your Net Worth ! - 08/14/17 04:51 AM
Homeowner’s Net Worth Is Still Greater Than a Renter’s 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, which includes data from 2010-2013, reports that a homeowner’s net worth is 36 times greater than that of a renter ($194,500 vs. $5,400). 
The latest survey data, covering 2014-2016 will be released later this year. In the meantime, Lawrence Yun, the National Association of Realtors’ Chief Economist estimates that the gap has widened even further, to 45 times greater ($225,000 vs. $5,000)! 
Put Your Housing Cost to … (4 comments)

penn manor real estate news: Is PA an Affordable Place to Live ? - 08/12/17 02:49 AM
What State Gives You the Most ‘Bang for Your Buck’ ? Some Highlights: Thinking of moving across the country? How far will your money take you? The majority of states in the Midwest and South offer a lower cost of living compared to Northeast and Western states. The ‘Biggest Bang for your Buck’ comes in Mississippi where, compared to the national average, you can actually purchase $116.01 worth of goods for $100. For more information regarding the methodology used to create the map, visit the Tax Foundation. Buyers,  your first step is obtaining Mortgage Pre-Approval ! Email  to get … (4 comments)

penn manor real estate news: Are Lancaster , PA Millennials Selling their Houses ? - 08/10/17 04:37 AM
Hey, Millennial Homeowners!! It May Be Time to Sell Contrary to what many believe, Millennials are not the ‘renter’ generation. Millennials purchased a larger percentage (34%) of homes in the U.S. than any other age group in 2017 and the most recent Census Bureau report shows that the homeownership rate among Millennials is finally on the rise.
Many Millennials took advantage of post housing crash prices and the First-Time Homebuyers’ Tax Credit and jumped into homeownership in 2010. If you are one of these buyers, now may be the time to sell for many reasons. Here are a few:
1. Equity … (2 comments)

penn manor real estate news: Housing Inventory Evaporating ,Lancaster.PA ! - 08/09/17 03:56 AM
Housing Inventory Hits 30-Year Low Spring is traditionally the busiest season for real estate. Buyers, experiencing cabin fever all winter, emerge like flowers through the snow in search of their dream home. Homeowners, in preparation for the increased demand, are enticed to list their house for sale and move on to the home that will better fit their needs.
New data from CoreLogic shows that even though buyers came out in force, as predicted, homeowners did not make the jump to list their home in the second quarter of this year. Frank Nothaft, Chief Economist for CoreLogic had this to say,

penn manor real estate news: Lancaster Co., PA Homes help Build Net Worth ! - 08/08/17 04:58 AM
93.9% Of Homes in The US Have Positive Equity CoreLogic’s latest Equity Report revealed that ninety-one thousand residential properties regained equity in Q1 2017. The outlook for 2017 remains positive as well, as an additional 600 thousand properties will regain equity if home prices rise another 5% this year.
The study also revealed that: Roughly 63% of all homeowners have seen their equity increase since Q1 2016 The average homeowner gained about $14,000 in equity between Q1 2016 and Q1 2017 Only 1.6% of residential properties are near-negative equity Below is a map showing the percentage of homes with a mortgage, in each state, … (0 comments)

penn manor real estate news: Are Lancaster, PA Home Owners Moving More Often ? - 08/07/17 04:43 AM
How Long Do Most Families Stay in Their Home? The National Association of Realtors (NAR) keeps historical data on many aspects of homeownership. One of the data points that has changed dramatically is the median tenure of a family in a home, meaning how long a family stays in a home prior to moving. As the graph below shows, for over twenty years (1985-2008), the median tenure averaged exactly six years. However, since 2008, that average is almost nine years – an increase of almost 50%.

Why the dramatic increase? The reasons for this change are plentiful!
The fall in home prices … (2 comments)

penn manor real estate news: How to Prepare Your Lancaster,PA House for Sale - 08/05/17 06:03 AM
Money Making Tips for Preparing Your Lancaster House for Sale ! Some Highlights: When listing your house for sale your top goal will be to get the home sold for the best price possible! There are many small projects that you can do to ensure this happens! Your real estate agent will have a list of specific suggestions for getting your house ready for market and is a great resource for finding local contractors who can help! Sellers, your Agent can advise you in many of these areas . Also we have access  to a number of Stagging Professionals. Email for … (1 comments)

penn manor real estate news: Millennials are Buying in Lancaster Co.,PA ! - 08/05/17 06:01 AM
Millennial Homeownership Rate Increases Recent headlines exclaimed the homeownership rate, as reported by the Census Bureau, rose again in the second quarter of 2017. What didn’t get much attention in the reports is that the homeownership rate for American households under the age of 35 increased a full percentage point from last quarter’s 34.3% to 35.3%. Millennials proved to have the highest increase of any age group.
This came as a surprise to some considering Millennials have come to be known as the “renter” generation. However, a new study by First American, 6 Trends Poised to Reshape Homeownership Demand, revealed reasons … (2 comments)

penn manor real estate news: Lancaster,PA Owners have enough Equity to Sell Now ! - 08/05/17 05:59 AM
Do Your Future Plans Include a Move? What's Stopping You from Listing Now? Are you an empty-nester? Do you want to retire where you are, or does a vacation destination sound more your style? Are you close to retirement and not ready to move yet, but living in a home that is too big in size and maintenance needs?
How can you line up your current needs with your goals and dreams for the future? The answer for many might be the equity you have in your house.
According to the latest Equity Report from CoreLogic, the average homeowner in the … (2 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

Office: (717) 735-1145

Mobile: (717) 951-9933

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