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Chester County PA Real Estate Market Trends for June 2016

by Scott Darling

chester county pa real estate

FHA has recently relaxed many of its condo financing rules making it easier for condo buyers to secure loan when buying a condo. If you are in the market for a condo be sure to talk with your lender about how the new rules may help you.

Chester County PA Real Estate Market Trends for June 2016

3,045 Chester County PA single family homes were for sale in June 2016 which is a 6.43% increase from June 2015. 801 homes sold in June with a median sales price of $340,000, a 2.01% decrease from June 2015.

The supply of inventory was 6.1 compared to 5.3 in May 2015 and the Sales vs List Price was 96.4%.

Date Homes For
Sale
Months Supply
Inventory
Homes
Sold
Median Sales
Price
Sales Price vs
List Price
May 2016 3,045 6.1 801 $340,000 96.4%
 May 2015 2,861 5.3 784 $347,000 96.3%

 

Curious about the value of your home? Get your home's value here!

Chester County PA Real Estate Market Trends for May 2016

by Scott Darling

When putting a home on the market, there is a lot to consider. How will you find a REALTOR®? What should you price the home? And the big one—is the home ready to sell? Most sellers know to get rid of clutter and fix any big or obvious problems. But what else can sellers do to get top dollar for their home? The National Association of REALTORS has identified some staging tips for various rooms in a home. After all, NAR research shows that 81 percent of buyers believe it is easier for them to picture themselves in a home when it’s staged. To appeal to those buyers, NAR recommends scrubbing the fireplace, focusing on symmetry in decoration, packing up dishes that don’t match your main set in your cupboards, making the extra bedroom a fun activity room to showcase other functions (like a sewing room or office), and keeping all closets as empty as possible.

Check out how many local sellers were successful selling their homes in May:

Chester County PA Real Estate Market Trends for May 2016

2,984 Chester County PA single family homes were for sale in May 2016 which is a 6.76% increase from May 2015. 557 homes sold in May with a median sales price of $324,000, a 0.30% decrease from May 2015.

The supply of inventory was 6.1 compared to 5.2 in May 2015 and the Sales vs List Price was 95.9%.

Date Homes For
Sale
Months Supply
Inventory
Homes
Sold
Median Sales
Price
Sales Price vs
List Price
May 2016 2,984 6.1 557 $324,000 95.9%
 May 2015 2,795 5.2 591 $325,000 96.2%

Curious about the value of your home? Get your home's value here!

You’ve Moved into Your New Home—Now What?

by Scott Darling

Congratulations! You’ve survived the process of leaving one home and finding another and the onus of packing everything up and then unpacking the same boxes.  You’ve found a new bank and a new doctor; you’ve investigated trash pick-up times, licensing requirements, and car registration; and your mail is being forwarded on a regular basis.  So far so good, but now that you’re somewhat settled in your home, it’s time to become familiar with your new environment.

The following tips are designed to help you become part of your new community and re-create the sense of belonging you had in your previous location.

  • Go online to learn about the new area and what it has to offer. Look at the city or chamber of commerce website. Research religious facilities, cultural opportunities, parks and outdoor activities, and so much more!
  • Acquire a regional map and drive around. Explore shortcuts and pinpoint the location of shopping malls, medical services, libraries, the post office, city offices, etc.
  • Talk to neighbors. Ask advice about home maintenance companies, babysitters, doctors, or the civic league or homeowners’ organization association. .
  • Take a walking tour of your neighborhood. Introduce yourself to and initiate conversations with neighbors who are outside. Compliment their yard or ask directions, for starters
  • Attend garage/yard sales in the vicinity of your home. Shoppers at these events are generally friendly and gregarious, so talk to them/
  • Read the local newspaper to discover places of interest and happenings in the area. Look for clubs or group meetings that focus on your interests--art, gardening, books, sports, crafts, e.g.
  • Join a recreation center or gym. Attend classes there or work out with a group that you know will share your interests.
  • Volunteer. Check with a church or synagogue, a hospital, library, or school near you. Volunteering is a terrific way to meet people and to make you feel an integral part of the community.
  • Give a house warming party and invite all your neighbors. Such an occasion is a good reason to finish unpacking and decorating your new home and a wonderful way to make friends..

Before long you will become familiar with your new environment and be comfortable there. Best of all, you’ll “belong” once again!  

Courtesy of Chester County PA Realtor Scott Darling.

Chester County PA Real Estate Market Trends for April 2016

by Scott Darling

sold sign

2,719 Chester County PA single family homes for sale in April 2016 which is a 1.98% decrease from April 2015. 485 homes sold in April with a median sales price of $310,000, a 6.41% decrease from April 2015.

The supply of inventory is 5.1 compared to 5.7 in April 2015 and the Sales vs List Price is 9347%.

Date Homes For
Sale
Months Supply
Inventory
Homes
Sold
Median Sales
Price
Sales Price vs
List Price
April 2016 2,719 5.1 485 $310,000 94.7%
 April 2015 2,774 5.7 470 $312,000 94.7%

Curious about the value of your home? Get your home's value here!

Know What's Below Before You Dig This Spring

by Scott Darling

before you dig

With the snow gone and the ground thawed, many eager homeowners and landscape professionals across the country are rolling up their sleeves and reaching for their shovels to start projects that require digging this spring.

During the transition into "digging season," Common Ground Alliance (CGA), the association dedicated to protecting underground utilities and the people who dig near them, reminds homeowners and professional diggers that calling 811 is the first step towards protecting you and your community from the risk of unintentionally damaging an underground line.

Every digging project, no matter how large or small, warrants a free call to 811. Installing a mailbox or fence, building a deck and landscaping are all examples of digging projects that should only begin a few days after making a call to 811. Calling this number connects you to your local one call utility notification center.

According to data collected by CGA in a phone survey in late February, more than half (46 percent) of American homeowners said they plan to do DIY projects involving digging this year, but 40 percent of them do not plan to make a free call to 811 before digging. Extrapolated to the full population of U.S. homeowners, approximately 51.8 million people will dig this year without first calling 811.

A utility line is damaged every six minutes in America because someone decided to dig without making a call to 811 to learn the approximate location of buried utilities in their area. Unintentionally striking one of these lines can result in inconvenient outages for entire neighborhoods, harm to yourself or your neighbors and repair costs.

As a result, CGA offers the following tips to make sure you complete your project safely and without any utility service interruptions, so you don't become a statistic.

Here's how the 811 process works:

1. One free, simple phone call to 811 makes it easy for your local one call center to notify all appropriate utility companies of your intent to dig. Call a few days prior to digging to ensure enough time for the approximate location of utility lines to be marked with flags or paint.

2. When you call 811, a representative from your local one call center will ask for the location and description of your digging project.

3. Your local one-call center will notify affected utility companies, which will then send professional locators to the proposed dig site to mark the approximate location of your lines.

4. Only once all lines have been accurately marked, roll up those sleeves and carefully dig around the marked areas.

There are nearly 19 million miles of underground utility lines in the United States that your family depends on for everyday needs including electric, gas, water and sewer, cable TV, high-speed Internet and landline telephone. That equals more than a football field's length of utilities for every person in the United States. With that much critical infrastructure underground, it's important to know what's below and call 811 before digging.

To find out more information about 811 or the one call utility notification center in your area, visit Call811.com. (BPT)

Courtesy of Chester County PA Realtor Scott Darling.

3 Smart Ways To Use Your Tax Refund

by Scott Darling

tax refund

The average tax refund in 2015 was approximately $2,800 according to the IRS, and similar refunds are expected in 2016. For those getting a refund, there are many options to consider in deciding what to do with this unexpected income. The big question is what is the smartest option?

While you may want to splurge with your refund, careful management for the majority of the funds is a smart financial move. A tax refund or any unexpected income can be used to help reach your financial goals without impacting your current standard of living.

Massachusetts Mutual Life Insurance Company (MassMutual) suggests three things to consider for this year's tax refund:

1. Pay down debt. Take a look at your current debt. Find out which have the highest interest rates and consider paying those down first to help prevent interest from continuing to add up. Another common strategy is to pay off your smallest debt first, then work your way up to the larger ones.

2. Build an emergency fund. Consider using at least a portion of your tax refund to give your emergency fund a boost. Make a goal to stash away three to six months' worth of expenses in cash in an emergency fund you can easily access if you need to, such as a savings account, and use your refund to work toward that goal.

3. Pay the future forward. The positive news is that Americans are living longer. The challenge is that their health may change with aging, and people are now faced with saving for a retirement period of up to 30 years. So if you haven't started to save or want to boost your retirement savings, consider putting your refund in a retirement savings plan. You may also consider taking a portion of your refund for higher education - whether for yourself, a child or grandchild. Or, if you haven't considered life insurance or disability income insurance yet or need to revisit your plans, now's a good time to talk to a financial professional.

A tax refund is money you've worked hard for, and it is OK to do something fun with it. Just make sure you consider committing at least a portion toward your short-term and long-term financial needs and goals. (BPT)

Information courtesy of Chester County PA Realtor Scott Darling.

Chester County PA Real Estate Market Trends Report - March 2016

by Scott Darling

homebuyer

According to the National Association of Realtors, mortgage rates are now lower than they ended in March. That means that rates are not only near the lows for the year to date, they are also close to the lowest rates in three years. These lower rates translate into increased buying power and/or improved ability to qualify for a mortgage.

A record number of Americans are actively searching and looking at the current inventory on Realtor.com®. We currently have 2% fewer homes for sale in the U.S. relative to last year, but we’ve seen 137,000 new listings come onto the market so far in April.

Looking ahead, great weather will likely draw even more people to look at open houses and available homes over the rest of the month. According to Cleveland Research, after a cooler than normal start to April, the weather forecast for the next 10 days is expected to be “near perfect” across many of the largest housing markets in the country, especially in the central and eastern U.S.

But who cares about a national or regional weather or housing forecast? What matters most are the trends and conditions in your neighborhood.

Chester County PA Real Estate Market Trends for February 2016

2,614 Chester County PA single family homes for sale in March 2016 which is a 4.47% increase from March 2015. 405 homes sold in March with a median sales price of $280,000, a 0.70% decrease from March 2015.

The supply of inventory is 5.0 compared to 5.2  in March 2015 and the Sales vs List Price is 93.7%.

Date Homes For
Sale
Months Supply
Inventory
Homes
Sold
Median Sales
Price
Sales Price vs
List Price
March 2016 2,614 5.0 405 $280,000 93.7%
March 2015 2,502 5.2 409 $282,000 94.9%

Curious about the value of your home? Get your home's value here!

Chester County PA Real Estate Market Trends Report - February 2016

by Scott Darling

Homeowners looking to sell and move to a new place are in a great position; according to the National Association of REALTORS®’ 2015 Profile of Home Buyers and Sellers, sellers are seeing the sales price of their home creep up closer to list price—the median sales price as a percent of the listing price is 98 percent. Just a few years ago, in 2011, owners were selling their home for 95 percent of the list price. The amount of time a property sits on the market also matters in the sales price compared to the listing price. For homes that lasted less than a week on the market, half were sold for full listing price, while another 19 percent were sold for more than that price. The  sale-to-list price ratio falls as time goes on (for example, homes that are on the market for 5-8 weeks are only sold for 100 percent of the listing price 17 percent of the time and more than listing price only 3 percent of the time).

Take a look at how many successful home sellers there were in our market in February:

Chester County PA Real Estate Market Trends for February 2016

2,416 Chester County PA single family homes for sale in February 2016 which is a 4,67% increase from February 2015. 276 homes sold in February with a median sales price of $305,000, a 6.72% decrease from February 2015.

The supply of inventory is 4.5 compared to 4.9 in February 2015 and the Sales vs List Price is 93.2%.

Date Homes For
Sale
Months Supply
Inventory
Homes
Sold
Median Sales
Price
Sales Price vs
List Price
Feb 2016 2,416 4.5 276 $305,000 93.2%
Feb 2015 2,308 4.9 276 $327,000 94.6%

Curious about the value of your home? Get your home's value here!

Chester County Market Trends Report - January 2016

by Scott Darling

Sales were 15.1% higher than in January 2015 while the median sold price was down 0.5% compared to January 2015.

Residential activity in Chester County (Single-family and Condo)


chester county real estate

What's happening in the Local Market?
 

Sales in January were considerably higher than expected, exceeding 2015 by 17%. Additionally, the median sales price was 4% higher than a year ago. The sales price increase is not too surprising since most forecasts were for a 3-4% increase in prices this year over 2015. Of course, one month does not a year make. For February we are projecting about a 10% increase in sales. Pending sales, usually a good indication of sales to come over the next month or two, were 6% ahead of last year in January; that’s in line with the experts expectations of a 3-5% sales increase for 2016. Inventory is beginning to build and it looks like a strong spring market ahead.chester county real estate

Curious about the value of your home? Get your home's value here!

2016 Cost vs Value Report

by Scott Darling
cost vs value

The 2016 Cost vs Value Report shows that home improvement projects relating to curb appeal and energy efficiency had the highest rate of return.

The report compares the average cost of 30 popular remodeling projects against the value of those projects at resale in 100 US markets. The average cost and average return at resale for the 30 projects in this year’s report resulted in an average of 64.4% of a project’s investment dollars getting recouped if the home is sold within a year. That’s up from 62% in the 2015 report and the second-highest return in the past eight years.

Many of the biggest percentage gains were for higher-dollar upscale projects (jobs that are more expansive and complicated than midrange projects). Four of the top five gains in cost recouped were for upscale projects. Topping the list was:

  • fiberglass entry door (energy efficiency project) up 21.2%
  • two-story addition, an 8.1% higher recoupment than in the 2015 report
  • the master suite, up 6.5% and
  • major kitchen remodel, 4.2% higher 

The report is broken down into national results and then regionally. Click here for the full 2016 Cost vs. Value Report and here to view the data specifically for the Philadelphia region.

Courtesy of Chester County PA Realtor Scott Darling.

Displaying blog entries 21-30 of 81

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