penn manor real estate news: Attention Lancaster , PA Renters - 08/05/17 05:57 AM
Be Careful Not to Get Caught in The Rental Trap! There are many benefits to homeownership. One of the top benefits is being able to protect yourself from rising rents by locking in your housing cost for the life of your mortgage.
Don’t Become Trapped  A recent article by ConsumerAffairs addressed the continuous rise in rents, stating:
“The cost of putting a roof over your head continues to go up. Not only are home prices still rising, but the cost of rent rose 0.5% in June.”
Additionally, in the Joint Center for Housing Studies at Harvard University’s 2017 State of the Nation’s Housing Report, it … (2 comments)

penn manor real estate news: Plenty of Buyers in Lancaster Co., PA ! - 08/01/17 05:39 AM
Lancaster's Buyer Demand Outpacing the Supply of Homes for Sale The price of any item is determined by the supply of that item, as well as the market demand. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.
Their latest edition sheds some light on the relationship between Seller Traffic (supply) and Buyer Traffic (demand).
Buyer Demand The map below was created after asking the question: “How would you rate buyer traffic in your area?”

The darker the blue, the stronger the demand for homes in that area. … (0 comments)

penn manor real estate news: 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)

penn manor real estate news: Nothing Left to Show in Lancaster Co., PA ? - 07/30/17 03:33 AM
U.S. Housing Inventory Hits a New Low… List Your House TODAY! Every summer, families across the country decide if this will be the year they sell their current house and move into their dream home.
Mortgage rates have hovered around 4% for all of 2017, forcing buyers off the fence and into the market, resulting in incredibly strong demand RIGHT NOW!! At the same time, inventory levels of homes for sale have dropped dramatically as compared to this time last year.
Trulia reported that “U.S. home inventory has tumbled 8.9% over the past year and has now fallen for nine consecutive … (5 comments)

penn manor real estate news: Lancaster, PA's Housing Inventory Drops Again ! - 07/30/17 03:32 AM
Lancaster's Inventory Drops Again, Sales Slow Highlights: Existing Home Sales are now at an annual pace of 5.52 million. Inventory of existing homes for sale dropped to a 4.3-month supply, marking the 25th month in a row of declines. The median price of homes sold in June was $263,800. This is the 64th consecutive month of year-over-year price gains. Now is the time to obtain TOP DOLLAR for your property ! today !   … (2 comments)

penn manor real estate news: 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 … (3 comments)

penn manor real estate news: 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 … (3 comments)

penn manor real estate news: 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 to learn more !  … (2 comments)

penn manor real estate news: 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 to learn how   … (2 comments)

penn manor real estate news: 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)

penn manor real estate news: 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 to learn … (1 comments)

penn manor real estate news: What do I Need to Fix when Selling a Lancaster,PA Home ? - 07/21/17 04:57 AM
Top Home Renovations for Maximum ROI Some Highlights: Whether you are selling your home, just purchased your first home, or are a homeowner planning to stay put for a while, there is value in knowing which home improvement projects will net you the most Return On Investment (ROI). While big projects like adding a bathroom or a complete kitchen remodel are popular ways to increase a home’s value, something as simple as updating landscaping and curb appeal can have a quick impact on a home’s value. For more information about top renovation projects that net you the most ROI, you can … (5 comments)

penn manor real estate news: 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)

penn manor real estate news: 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)

penn manor real estate news: Sellers are doing Very Well in Lancaster Co., PA ! - 07/21/17 04:52 AM
Thinking of Selling? You Should Act NOW! If you thought about selling your house this year, now more than ever may be the time to do it! The inventory of homes for sale is well below historic norms and buyer demand is skyrocketing. We were still in high school when we learned the concept of supply and demand: the best time to sell something is when supply of that item is low and demand for that item is high. That defines today’s real estate market.
Lawrence Yun, Chief Economist at the National Association of Realtors, recently commented:
“Buyer interest is solid, but there is … (1 comments)

penn manor real estate news: 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)

penn manor real estate news: 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)

penn manor real estate news: When is the Right Time to Sell my Lancaster,PA Home ? - 07/15/17 08:58 AM
NAR Data Shows Now Is a Great Time to Sell! We all realize that the best time to sell anything is when demand is high and the supply of that item is limited. Two major reports issued by the National Association of Realtors (NAR) revealed information that suggests that now continues to be a great time to sell your house.
Let’s look at the data covered in the latest REALTORS® Confidence Index and Existing Home Sales Report.
REALTORS® CONFIDENCE INDEX Every month, NAR surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions.” This month, the index showed (again) that home-buying … (0 comments)

penn manor real estate news: 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)

penn manor real estate news: No Homes Left to Sell in Lancaster, PA ? - 07/15/17 08:55 AM
Epic Housing Shortage Being Reported in Lancaster, PA !!!! The Joint Center of Housing Studies (JCHS) at Harvard University recently released their 2017 State of the Nation’s Housing Study, and a recent blog from JCHS revealed some of the more surprising aspects of the study.
The first two revelations centered around the shortage of housing inventory currently available in both existing homes and new construction.
Regarding Existing Home Inventory: “For the fourth year in a row, the inventory of homes for sale across the US not only failed to recover, but dropped yet again. At the end of 2016 there were … (1 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

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