While Yardley, Newtown and Bucks County as a whole have not seen a drastic increase in home prices this year (see my recent Sept 4 Market Update), Inman News has reported that national rising home prices have brought 1.3 million homeowners out from underwater. This is a good sign for the national real estate market, and for Bucks County real estate as well.
News of negative home equity (mortgage loans on a home that are higher than the possible sales price), especially in lower-priced homes, has been a continuing blight on the real estate market since the recession ensued. But this spring and summer, increasing prices and low inventory have helped to bring many homeowners back “into the black” and able to sell or refinance. In Nevada, Florida and other states that were hardest hit by the recession, there is the most noticeable increase of home owners out of this underwater situation.
Since our local Bucks County real estate market has not been affected quite as much as others, the news may not seem as exciting or applicable. But with millions of additional homeowners across the nation now in a better position to sell, it can only affect our local market in a positive way.
Contact me if you are interested in more information on the state of Yardley, Newtown and all of Bucks County real estate. I am happy to assist you in the sale or purchase of your next home.