Market Update-Lehigh Valley, PA

By
Real Estate Agent with Keller Williams/Lehigh Valley Homes TV

Spring Market is here! Is winter over yet? The past 2 days we have been teased by 60 degree weather and in the past week 319 new homes have come on the Lehigh Valley real estate market! In the past 30 days 731 new homes have come on the market. That’s a lot of homes for sale! Does this mean that the real estate “winter” is over? Not quite. In the past 30 days only 161 homes have gone under contract or have sold. Out of the 731 new listings 175 of them were short sales, foreclosures, or estate sales! So winter is not yet over for the Lehigh Valley real estate market. In order for spring to arrive we need A LOT of “ready” buyers to balance out supply and demand! Yes some of those 731 sellers are solid buyers who will purchase in the Lehigh Valley but most of them need to sell their homes first. First time home buyers are the spark necessary to thaw out this cold market. But will they or can they buy? Only time will tell but if they do they are buying in the best market since 2003-2004. Home prices have dropped to 2004 levels in the Lehigh Valley with an average sales price hovering around 190-200k and median prices around 170-180k. Interest rates are currently in the low 5’s and there are over 4,000 homes to choose from with over half of the inventory ranging from 100-250k. Even more incentive for first time home buyers to make a move is the recent increase in rates and dramatic increase of foreclosures which are heavily discounted typically 20-40% below average market prices! There are also 2 financing programs that first time buyers easily forget about, USDA’s Rural Housing Program and HUD’s FHA program. The Rural Housing Program allows for 100% financing and no monthly mortgage insurance. There are income restrictions and the property must be in a rural location. To see if your income and the property are eligible you can visit http://www.rurdev.usda.gov/rhs/ or call me @ 610-295-5822. FHA currently allows for 3.5% minimum down payment and has no income or property location restrictions. Don’t miss out on the amazing opportunities that are available in this market! I will address sellers in an upcoming post with some tips and ideas you may not have thought of. If you have any real estate needs call me or send me an e-mail at phil@lvhomestv.com, you can also find us on http://www.facebook.com/pages/Lehigh-Valley-Homes-TV/127112163967577#!/pages/Lehigh-Valley-Homes-TV/127112163967577 and http://twitter.com/lvhomestv

Thanks. 

http://lehighvalleyhomes.tv

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