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Pricing your Milford PA Real Estate

Pricing your Milford PA Real Estate to Sell

 

 

Pricing Your Milford PA Real Estate

 

 

 

 

 

 

 

 

 

 

 

Pricing your Milford PA Real Estate to sell can be easier said, then done. And it’s one of the most important steps when listing your home.

Don’t let the Real Estate Market fool you

Even though there’s a big buyer demand for homes in today’s low inventory market, it doesn’t mean you should price your home as high as the sky when you’re ready to sell. Here’s why making sure you price it right is key to driving the best price for the sale.

If you’ve ever watched the show “The Price Is Right,” you know the only way to win the game is to be the one to correctly guess the price of the item up for bid without going over. That means your guess must be just slightly under the retail price.

The Strategy of Pricing your Milford PA Real Estate to Sell

Pricing Your Milford PA When it comes to pricing your Milford PA Real Estate, setting it at or slightly below market value will increase the visibility of your listing and drive more buyers your way. This strategy actually increases the number of buyers who will see your home in their search process. Why? When potential buyers look at your listing and see a great price for a fantastic home, they’re probably going to want to take a closer look. This means more buyers are going to be excited about your house and more apt to make an offer.

When this happens, you’re more likely to set up a scenario with multiple offers, potential bidding wars, and the ability to drive a higher final sale price. At the end of the day, even when inventory is tight, pricing it right – or pricing it to sell immediately – makes a big difference.

Don’t make this common mistake

Here’s the other thing: homeowners who make the mistake of overpricing their homes will eventually have to lower the prices anyway after they sit on the market for an extended period of time. This leaves buyers wondering if the price drops were caused by something wrong with these homes when in reality, nothing was wrong, the initial prices were just too high.

Bottom Line

If you’re thinking about selling your home this year, make sure you have The Arlene Quirk Team on your side to help you properly price your home and maximize demand for your Milford PA Real Estate from the start.

 

Posted in: Seller Tips Tagged: Arlene Quirk, Milford, PA, Pennsylvania, Pricing, Real Estate, Real Estate Market

The Milford PA Real Estate Market

 

The Milford PA Real Estate Market

and Buying your Dream Home

Buying your dream home and the Milford pa real Estate market

 

 

 

 

 

 

 

Outside of a robust economy, the strong Milford PA Real Estate Market, low unemployment, and higher wages, there are three more great reasons why you may want to consider buying your dream home this year instead of waiting.

  1. Buying a Home in Milford PA is a Great Investment

Several reports indicate that the Milford PA Real Estate Market is a good investment, topping other options such as gold, stocks, bonds, and savings. Why? Real estate helps build equity, a form of investing for you and your family. According to CoreLogic’s Equity Report,

“U.S. homeowners with mortgages (roughly 64% of all properties) have seen their equity increase by a total of nearly $457 billion since the third quarter 2018, an increase of 5.1%, year over year.”

This means the average homeowner gained approximately $5,300 in equity over the past year. If you want to start building your equity, put your housing costs to work for you through homeownership this year.

  1. Mortgage Interest Rates Are Low

The Primary Mortgage Market Survey from Freddie Mac indicates that interest rates for a 30-year mortgage have fallen since November 2018 when they hit 4.94%. In their latest forecast, Freddie Mac expects rates to remain low, leveling out to a yearly average of 3.8% in 2020.

When you purchase a home at a low mortgage rate, it will impact your monthly mortgage payment, giving you the opportunity to buy more house for your money.

  1. Investing in Your Family is a Win

There are some renters who haven’t purchased a home yet because they’re uncomfortable taking on the obligation of a mortgage. Everyone should realize that, unless you’re living rent-free with your parents, you’re paying a mortgage – either yours or that of your landlord.

Today, rental prices continue to increase, and when you’re paying your landlord’s mortgage instead of your own, you’re not the one earning the equity. As an owner, your mortgage payment is a form of ‘forced savings’ you can use later in life to reinvest in your family. You can use it for a variety of opportunities, such as saving for your children’s education, moving up to a bigger home, or starting your own business. As a renter, it can be more challenging to achieve those types of dreams without home equity working for you.

Are you Ready for the Milford PA Real Estate Market?

Buying a home sooner rather than later could lead to substantial savings and long-term financial growth for you and your family. Reach out to The Arlene Quirk Team to determine if homeownership and the Milford PA Real Estate Market is the right choice for you this year.

 

Posted in: Buyer Tips, Uncategorized Tagged: Arlene Quirk, Dingmans Ferry, Milford, PA, Pennsylvania, Real Estate, Spring market

The New Spring Real Estate Market is Here

The New Spring Real Estate Market is Here in Milford PA

Which month do you think most people who are considering buying a home actually start their search? If you’re like most of us, you probably think the surge happens in the spring, likely in April. Not anymore. The New Spring Real Estate Market is Here in Milford PA now! According to new research, January 2019 was only 1% behind February for the most monthly views per listing on realtor.com.

So, what does that mean for the real estate market? 

The busiest season in real estate has just begun in Pike County, PA.

The-New-Spring-Real-Estate-Market-is-Here

The same research indicates,

“Historically, April launched the kickoff of the home shopping season as buyers would come out of their winter hibernation looking for their new home. However, the spring shopping season now starts in January for many of the nation’s largest markets.”

With fewer homes on the market in the winter in Pike County, and supply naturally increases as we head to the spring market, waiting for more competition to list in your neighborhood this year might put you behind the curve. Perhaps now is the time to jump into the market.

Senior Economist, George Ratiu at realtor.com says,

“As shoppers modify their strategies for navigating a housing market that has become more competitive due to rising prices and low inventory, the search for a home is beginning earlier and earlier.”

There is a lot of speculation in the market about why the search for a home is shifting to an earlier start. The one thing we do know is if you’re thinking about buying or selling a home this year, the earlier you get started, the better.

Reminder: When should you sell something? When there is less of that item for sale and the greatest number of buyers are in the market. That’s exactly what is happening in real estate in Milford PA right now.

The Bottom Line is:

 The new spring market for real estate in Milford PA is underway. If you’re considering buying or selling, reach out to the Arlene Quirk Team, so you have the advantage in this competitive market.

Posted in: Seller Tips Tagged: Arlene Quirk, Dingmans Ferry, Milford, PA, Real Estate, Real Estate Market, Spring market

Delaware Valley School District and Home Values

Delaware Valley School District and Home Values

Delaware Valley School District

Home value of homes in the Delaware Valley School District and the value of homes in general are determined through a complicated series of calculations roughly based on the cost of actual construction plus value-adds like proximity to shopping and other conveniences. The prices that other nearby homes have sold for in the past are also taken into consideration. Formulas are applied, mysterious algorithms are run.

In short, home valuation is magic and appraisers are all wizards.

Although the workings behind the curtain may be both intimidating and seemingly unpredictable to home buyers and sellers, there is one thing that we can say definitely can affect your home’s value is your school district.

The Numbers Have It

A quick twirl around the web turns up a handful of recent surveys and studies that all say essentially the same thing: better schools means your house might be worth more.

It’s interesting, though, that at least one study from the Federal Reserve Bank of St. Louis found that schools that were just barely below the average for quality had no influence on the homes where their students lived. These houses were priced based only on their characteristics, like having three bedrooms or a lot the size of a city block. On the other hand, higher-quality school districts increased each home’s price well above what the physical characteristics would have normally indicated.

The National Association of Realtors reports that 26 percent of all buyers chose their house based on the school district’s quality. However, among age groups prime to have children in the household, 40 percent of those under 36 years of age considered the school district an influential factor, as did 35 percent of those buyers 37 to 51.

The New York Times noted that “There are many factors in a home price, of course, but ecoDelaware Valley School Districtnomists have estimated that within suburban neighborhoods, a 5 percent improvement in test scores can raise prices by 2.5 percent.”

How Much More Will You Pay?

The problem with trying to price a home based on less concrete metrics, like school district quality, is that there’s someone else out there that also has an idea what that added value amounts to and may want to fight you for it. This year in the Dallas-Fort Worth, Texas metroplex, for example, homes were frequently being sold for more than their listed price because someone out there had to have that house in that location and right now.

But, you can still look at price trends for homes in a very general and national way to get a feel for the influence of school districts. Redfin did a huge study that included 407,000 home sales and almost 11,000 elementary school districts across 57 metropolitan markets. The study’s goal was to determine the average additional value brought to homes by their elementary districts.

Surprisingly, top-rated districts brought a whopping $50 per square foot extra when compared to average schools. That’s an extra $100,000 for a 2,000 square foot home!! The effect in California’s hottest markets was even more dramatic, with buyers paying up to $500,000 more for the best districts.

Compromises: School or Shopping?

When Realtor.com announced its findings from a back to school survey in 2013, a few surprising trends popped up. For example, buyers were more than happy to make major sacrifices in order to get their kids into the right school district. Of the people surveyed and indicated that school boundaries were an important factor in their search (90.53 percent), 42 percent would give up parks and trails, 43.96 would give up a bonus room, 50.6 would give up easy accessible shopping and 62.39 percent could live without a pool or spa.

Three out of five buyers said that school boundaries would definitely influence their buying decisions.

Breaking It All Down

All of this may sound quite complicated, but at the end of the day, it’s really simple. There are only so many houses in the best school districts, and there are more buyers to buy than sellers to sell. Since school districts are so important to many buyers, things like bidding wars may result, where buyers make above sales price offers, perhaps many of them, until someone is tapped out and a winner is named.

Their prize? The house that is now $40k over asking price.

It’s a snowball effect, really. Those way-over-asking-price homes end up being comparable homes when the appraiser comes around a few months later, raising the prices of all the homes around them. So, in a very real way, it can be said that your school district, provided it’s a good one and not merely average, has a massive impact on your home’s value.

Where Can You Go for Advice on Buying or Selling in Delaware Valley School District?

The Arlene Quirk Team in Milford PA, has over 30 years combined experience Listing and Selling homes in the Delaware Valley School District. Contact us today so we can guide you through the process of Selling your home for the best possible price or finding your Dream home.

Posted in: Buyer Tips, Seller Tips Tagged: Arlene Quirk, Delaware Valley, Dingmans Ferry, Milford, PA, Pennsylvania, Real Estate

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Keller Williams Real Estate

Office Phone: 570-296-6400

500 W. Harford Street Milford, PA. 18337