by Buz Wolfe
I have reasonably good vibes on the continued improvement of the real estate market both nationally, across the state and here locally. Overall activity for this time of year, and particularly this kind of weather, is good.
The Pennsylvania Association of Realtors recently reported that existing home sales are forecasted to rise about 7% in 2015. According to the Chief Economist for the National Association of Realtors, Lawrence Yun, this is thanks to an improving economy, steady job gains and a continued increase in overall home prices. New home sales are also on the rise with December having posted some of the largest gains in recent years. As noted in my previous blog, historically low interest rates and more generous down payment and mortgage underwriting requirements are helpful.
I am often asked the question “What is my home worth these days?” Well, I have been telling folks that your home is worth today approximately what it was worth in 2005. During a recent economic forecast meeting held by Wilmington Trust Investment Advisors, a subsidiary of M&T Bank, a graph was provided regarding the Carlisle – Harrisburg Metro Area. It confirmed that current values in the Carlisle Area are basically equivalent to the values of 2006 – – the height of the bubble market. While some additional appreciation was seen from 2006-2007, 2008 began a period of gradual decline which was slightly reversed in the 2010 market and then followed by some additional market depreciation in the 2012 early 2013 period. Values have steadily climbed from 2014 to present with an overall gain in the Metro Area of approximately 0.4% relative to the first quarter of 2006. Relative to a year ago, the Carlisle Area has seen a positive overall appreciation rate of 1.6% – – not outstanding, but certainly an improvement.
Wolfe and Company Realtors will be continuing to promote our theme of “NO FEES, NO TEAMS, NO NONSENSE” over the next several months with a local billboard campaign. We are the only Brokerage Company in South Central Pennsylvania, to my knowledge, that charges NO FEES to our Buyer clients and NO FEES in addition to the basic commission to our Seller Clients. This does not mean you are dealing with a “discount” Broker. The fact is, you are dealing with the most knowledgeable and experienced real estate company available to you in the Greater Carlisle Area.
For all of your Real Estate needs, contact Wolfe & Company Realtors of Carlisle. Because……….
*Ray L. “Buz” Wolfe, Jr. is a licensed Real Estate Broker in the Commonwealth of Pennsylvania. He is not an attorney and is not licensed to practice law. No comments made within the confines of his blog should be construed as legal advice.
**All information believed to be accurate but not guaranteed.