Here are the three biggest changes to note in our Harrisburg market.
There are a variety of opportunities in the Central Pennsylvania real estate market for both buyers and sellers.
If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
Schedule a Consultation with us today.
If you're a prospective buyer click here for a full home search, or if you're considering placing your home on the market, get a free home value report, right here.
Schedule a Consultation with us today.
What are the biggest changes that have occurred in our market due to COVID-19, and what can you do to take advantage of these adjustments?
1. Interest rates have dropped. In April 2019, rates hovered around 4%, and everyone thought they wouldn’t get any lower. However, now they’ve decreased to about 3%. Though they’re beginning to creep back up, they’re still historically low. Consider locking in a low interest rate now; just because you get approved for a house doesn’t mean you’ll get the lowest rate. They’re predicated on several factors—two of the most crucial are your debt ratio and your credit score.
2. The peak listing season has shifted. Usually, new listings steadily increase from February to May, meaning spring is the peak season. However, due to the pandemic, the peak time for 2020 is June through August. You shouldn’t be timing the market; it’s time to be in the market. Don’t wait until autumn or spring to list. In a traditional market, many real estate agents advise their clients to list in these seasons, but in this environment, you should list now while inventory is so low. This will ensure you’ll have the best home selling options possible.
3. The median price has increased. After more than a decade of decline, the year-over-year price has increased. Over the last year, the median price has risen from $212,000 to $228,000. We don’t know what will happen in the future, so sellers should take advantage of the market now. The best time to buy is whenever you can.
The housing market will always increase over time. For example, if you bought a home for $250,000 with a mortgage of $1,500 per month, you’d generate $50,000 worth of equity in just five years. If you rented that same home for that same monthly payment for five years, you would end up paying someone else $90,000.
If you have further questions about our 2020 market or any real estate needs, we can help. Email us or schedule a free, 15-minute video or phone consultation, and let us help you navigate your real estate needs. Stay safe out there!
1. Interest rates have dropped. In April 2019, rates hovered around 4%, and everyone thought they wouldn’t get any lower. However, now they’ve decreased to about 3%. Though they’re beginning to creep back up, they’re still historically low. Consider locking in a low interest rate now; just because you get approved for a house doesn’t mean you’ll get the lowest rate. They’re predicated on several factors—two of the most crucial are your debt ratio and your credit score.
“
To qualify for a low rate, the best things you can do are improve your credit score and decrease your debt. If you’re currently a homeowner, you can take advantage of the low rates through refinancing.
You shouldn’t be timing the market; it’s time to be in the market.
”
2. The peak listing season has shifted. Usually, new listings steadily increase from February to May, meaning spring is the peak season. However, due to the pandemic, the peak time for 2020 is June through August. You shouldn’t be timing the market; it’s time to be in the market. Don’t wait until autumn or spring to list. In a traditional market, many real estate agents advise their clients to list in these seasons, but in this environment, you should list now while inventory is so low. This will ensure you’ll have the best home selling options possible.
3. The median price has increased. After more than a decade of decline, the year-over-year price has increased. Over the last year, the median price has risen from $212,000 to $228,000. We don’t know what will happen in the future, so sellers should take advantage of the market now. The best time to buy is whenever you can.
The housing market will always increase over time. For example, if you bought a home for $250,000 with a mortgage of $1,500 per month, you’d generate $50,000 worth of equity in just five years. If you rented that same home for that same monthly payment for five years, you would end up paying someone else $90,000.
If you have further questions about our 2020 market or any real estate needs, we can help. Email us or schedule a free, 15-minute video or phone consultation, and let us help you navigate your real estate needs. Stay safe out there!
