Market Conditions are great in Erie Pa and the rates are low!!

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Real Estate Agent with Howard Hanna

Hello fellow Real Estate professionals. 

 I wanted to share with all of you how things are going here in Erie,PA. Erie has a stable market house prices have actually increased.  In the first 11 months of 2007 the Median residential house price in Erie county was $103,950 and in the first 11 months of 2008 it increased by 3.3% to $107,500. Looking at the same time frame in 2007 the average price of a residential property was $130,265 and in 2008 the average price of a residential property increased by 1.5% to $132,301. Also, here in Erie the banks are lending money and the rates are low.  I Have heard that in some parts of the country buyers need 30% down no matter their credit score or income.  That is not the case here in Erie. On a 30 year conventional your buyer could qualify for only 5% down with an interest rate of 5.75%, FHA/VA 3% down and 6.25% rate and PHFA is 3-5% down with a rate of 6.0%.  Now you can understand why I get upset with the media putting a blanket on the market conditions. We as Realtors have a responsibility to let the consumer know that rates are good and houses are affordable and appreciating. What are the conditions like in your area.

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Konnie Mac McCarthy
MacNificent Properties, LLC - Cobb Island, MD
Broker/Owner - VA & MD "Time To Get A Move On!"

Things are starting to look up around here, just a little, but up is better than down, glad things are looking up for you too :) :)

Dec 09, 2008 02:30 AM #1
Rainmaker
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Mary Yonkers
Alan Kells School of Real Estate/Howard Hanna Real Estate - Erie, PA
Erie/PA Real Estate Instructor

Sonja,

It is good to hear an upbeat voice amist the gloom of the new media.  When asked how the market is anwer, "Unbelievable,"

Keep smiling.

Mary Yonkers, Educator/Trainer

 

 

Jan 09, 2009 08:27 AM #2
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Rainer
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Sonja Thompson

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