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.