As you’ve driven thru the streets and communities of Lewisburg recently, you’ve seen the signs – the Realtor® signs. Over recent months, many signs have been changed or modified, saying ‘Price Reduced’ or “New Low Price” or other words to that effect. Probably made you wonder if it was a good time to think about buying real estate.
It may be time to think again.
Many of those Realtor® signs are being replaced with ‘Sale Pending’ banners, or the signs have disappeared all together as moving trucks now occupy the driveway.
Yes, it’s a great time to buy real estate in Lewisburg PA!
MORE HOMES FOR SALE, LOWEST INTEREST RATES
As BC welcomes NetEnt, national numbers and reports are showing growing consumer confidence. New home construction is on the rise. The most recent reports show that builders broke ground in June on the most new homes and apartments in nearly four years. Sales of existing homes are up too – about 4-and-a-half percent higher than a year ago. Real estate listings, in particular the amount of land for sale is increasing.
Mortgage interest rates are currently well below 4-percent and at least ½ percentage lower today than they were at the beginning of the year and almost a full percentage point lower than they were a year ago.
Sounds like it’s a great time to buy real estate in Lewisburg.
Mortgage rates falling and sales rising, is a great sign – and we expect to see a lot more ‘Sale Pending’ signs as these trends continue.
MORE PROPERTIES, MORE BUYERS COULD LEAD TO HIGHER PRICES
What is also going up is price. The average cost of a house is almost 8-percent higher now than it was a year ago. And that number includes those homes with ‘Price Reduced’ signs on the front lawn.
As mortgage rates remain low, and the numbers of homes being sold increases, it is only natural to expect that prices will rise as well. They call it ‘supply and demand.’ In real estate, it’s called either a ‘buyers’ market’ or a ‘sellers’ market’, and of late the benefit has been to the buyer as sellers look to lower prices.
There is every reason to believe that will change. It’s changing already. Prices going up. Interest rates going down. Buyers are more and more ready to buy.
We don’t necessarily know that it’s becoming a ‘buyers’ market’ because of the numbers we all read in the papers and hear about on TV. What real impact does data that looks at the entire nation have on our community of Lewisburg PA?
Trends and data and analyses and charts and figures are nice. But we have another way of knowing things are changing. Our phones are ringing. We’re taking down many of the ‘For Sale’ signs that have been standing on the curbside for longer than we, and our sellers had hoped. Those signs are coming down. And new ones are being put up as owners see the lower interest rates, the higher volume of sales and a more confident consumer base as signs of an advantageous market to sell.
TIMING COULD BE EVERYTHING
This is not just a ‘great time’ to buy real estate, it may also be a ‘perfect’ time.
There are plenty of properties being offered at great prices. And, while no one has the perfect crystal ball to predict the future of interest rates, we know that are incredibly good right now. (The pundits, analysts and chart makers are about evenly split as to whether rates will go up, go down, or stay about where they are. If they don’t know…..?)
We do know where the rates are now. The Pattisall Group Hilton Head real estate agents know where the houses, townhouses, investment properties and open lots are – now.
As you drive thru the streets and communities of Lewisburg, you see them too.
Which one has caught your eye?