There is more good news to report on the housing market front. According to an October 2012 CNN Money article, home prices are on the rise for a fifth month in a row. This is the case across the United States, with few exceptions, and includes Central PA and Northumberland PA Real Estate. In fact, the average home price for 20 major cities jumped 0.9%, according to the S&P/Case-Shiller home price index.
“The sustained good news in home prices over the past five months makes us optimistic for continued recovery in the housing market,” said David Blitzer, spokesman for S&P.
According to the article, the Case-Shiller report is one of many gauges of housing market health that has turned upbeat in recent months.
New and Existing Home Sales
Across the board, sales of new homes and existing homes have remained strong. In addition, inventory of for sale homes has decreased and construction is trending upwards. Some of the factors contributing to this trend are the slow improvement of the national and regional economy and consistently low interest rates (still at about 3.7% for a 30-year mortgage) – making it a good time for people to take the leap.
Few Exceptions to the Trend
There are few exceptions to the trend, but there are three cities that continue to have year-over-year losses – Atlanta recorded the biggest decrease in home values and New York and Chicago have also had a similar fate.
Central PA Sales Remain Steady
Fortunately, Central Pennsylvania has been able to weather the ups and downs of the housing market relatively unscathed, compared to many major East Coast cities like New York City, Philadelphia, and Washington, DC. Northumberland PA real estate is on the market for a relatively short amount of time, thanks to competitive prices and low interest rates locally, and qualified homebuyers are actively looking for homes in the region.
The region continues to offer strong school systems, safe neighborhoods, and competitive wages and employment opportunities across a variety of industries, plus thriving downtowns, like Lewisburg, Northumberland, Danville, and Bloomsburg.
This area is also within close proximity to a variety of large urban areas – NYC, Washington, DC, Baltimore, Philadelphia and Pittsburgh are a short 3 hour drive, and Harrisburg and Wilkes-Barre/Scranton are even closer – just 1.5 hours away.
Central PA also offers a variety of amenities, from the Susquehanna River and pristine state parks and state forests, to downtown shopping districts, historic landmarks and arts and cultural opportunities. The region really does offer something for everyone.
Choosing the Right Home for Today – and For Tomorrow
With the housing market improving, it’s critically important for prospective home buyers to look at houses that both suit their needs today and have the flexibility to change with the family’s needs years into the future. We’re not talking about homes with tons of extra square footage and amenities, but rather homes that offer flexibility in the way the rooms are laid out and used.
MSN Real Estate says in an online article “Homebuyers want different things from their homes today. The watchword is flexibility — things such as rooms that serve multiple purposes and homes that can accommodate either boomerang children or aging parents.”
When the time comes for you to buy or sell a home, whether you’re a first-time homebuyer or seller or seasoned in the market, choose wisely. Choose Bowen Agency Realtors