What’s Happening in Our Market This Fall?

Here’s an update on our market and how we’ve been able to thrive.

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.

I’m enjoying fall as we head into November and I hope you are too. It’s time for a quick fall market update for the Central Pennsylvania real estate market.

Over the course of 2020, you’ve likely spent more time in your home than in any previous year. Perhaps this sparked the idea of moving in your head. According to the National Association of Realtors, homeowners are living in their homes for an average of 10 years, which is significantly longer than the 6- or 7-year average that was the norm before.

Here are a few market statistics that might help you decide whether now is the time to move:

• Inventory is down 46% from last year
• Pending home sales are up by 28%, a clear indication that buyers are motivated
• The average sale price is up by 10%

There’s no doubt that COVID-19 has created a lot of uncertainty in the world of real estate, but the adage that real estate never stops is still true. Homeowners still need to sell their homes, and buyers are still looking for their next home.

The good thing about real estate is that it is constantly evolving to become more convenient, accessible, and flexible. While certain occupations simply can’t work remotely, real estate professionals are resilient and adaptable. Trained agents were perfectly suited to complete most of their real estate transactions from home. 

The consensus among agents is that technology has been an industry life-saver. Our agents are able to help people buy and sell homes even under quarantine. While we were working from home, we continued listing, marketing, and selling homes.

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Trained agents were perfectly suited to complete most transactions from home.

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Our team is committed to making sure our buyers and sellers understand the real estate process and have trust in our ability to guide them through home buying or selling.

If you have any questions about how COVID-19 has affected real estate or you just have any real estate questions in general, don’t hesitate to reach out via phone or email. I look forward to hearing from you soon.

How Can You Have a Safe & Fun Fall Season?

Here are fantastic ideas for some fall fun that will keep you and yours safe this season.

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.

While many Halloween parades and fall festivities throughout Central Pennsylvania have been postponed or canceled, there is some good news: In many locations, trick-or-treating and other events have only been moderately altered.

If your Halloween events of years past can’t be properly socially distanced, consider these lower-risk activities as safe alternatives:

• Carve or decorate pumpkins outside at a safe distance with neighbors and friends 
• Decorate your house, apartment, or living space
• Put on a Halloween scavenger hunt
• Host a virtual Halloween costume contest
• Have a Halloween movie night at home

Click here for a list of countywide events happening this year.

As we begin to plan for fall and winter holiday celebrations, the CDC offers valuable information to help protect individuals, their families, friends, and communities from COVID-19.

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While the leaves are falling, home sales are rising.

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Click here to see their recommendations. Mind you, this information is meant to supplement—not replace—state and local guidelines. Preparation is key to keeping our families safe.

Over the course of 2020, you’ve likely spent more time in your home than in previous years, and perhaps now you’re thinking about moving. Whether for work, relaxation, or play, we have all found a need for space within our homes. If you’re a homeowner thinking about moving, now is an excellent time to sell. Inventory and interest rates are historically low at the moment. 

While the leaves are falling, home sales are rising. Our team committed early on to make sure that our buyers and sellers understand the real estate process and trust in our ability to guide them as they buy or sell a home, even during the shutdown.

If you have any questions about how COVID-19 has affected real estate, or if you’re interested in learning more about the buying and selling process, please reach out to us. We’d be glad to help you.

Q: What Are Some Great Central PA Trip Ideas?

Today I’m sharing a list of fun destinations near our Central PA area.

There are so many great spots and adventures within a short drive of our wonderful Central Pennsylvania area. Here are some of my recommendations for fun day trips: 

• Enjoy art, live music, outdoor dining, and shopping on the first Friday of every month in downtown Mechanicsburg as part of their ongoing “First Friday” tradition. 

• Hershey Park, ZooAmerica, and Chocolate World are all great local options; don’t forget about Hershey Gardens and the beautiful butterfly house! 

• Dutch Wonderland in Lancaster and Knoebels Amusement Resort in Elysburg offer tons of fun for the whole family. 

• Indian Echo Caverns is a mysterious underground world located in Hummelstown, and it offers a mini-golf course and activities like gemstone panning, which your kids will love! 

• Lake Tobias Wildlife has a petting zoo and an open-air safari tour. 

• The Pennsylvania state Capitol offers free tours and interactive exhibits. While at the Capitol complex, visit the state museum! 

• The Gettysburg battlefield offers history for the entire family, and guided tours are offered year-round (consider a drive-through tour for added convenience).

• Hike the Appalachian Trail and bike or fish along serene landscapes. 

• You’re sure to find breathtaking views in so many of our wonderful state parks like Gifford, Little Buffalo, Ricketts Glen, and Trout Creek just to name a few! There are waterfalls, trails, and picnic areas to explore. 

• Take the seasonal bounty of local farm stands and farmers markets in Lancaster and Lititz. The joyous Sturgis Pretzel Factory in Lititz allows you to make your own pretzel, and the Utz Factory tour in Hanover is an enjoyable experience for potato chip fans. 

• If you’re looking for something to do without the kids, you can sample beer, wine, cider, and spirits along the Cumberland Valley Beer Trail.

Some of these ideas have an associated cost while others are completely free, but all are great day trip ideas for you and your family! For more information, check out the following links. As always, please reach out by phone or email if you have any real estate questions or needs I can help you with. I look forward to hearing from you soon, and I hope you make the most of your trips! 

How Has COVID-19 Affected the Central PA Market?

Here is a look at how COVID-19 has affected our market and what you can expect going forward.

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.

One of the top questions we’ve received from clients lately has been about the impact of the pandemic on the housing market. Naturally, buyers and sellers are nervous given the present state of the world, so today I wanted to share some of my findings.

Many real estate activities are being conducted either remotely or with limited in-person contact. For those activities that must be done in person, we are prepared to do them safely.

With respect to home prices, many buyers thought that the drop in the stock market, the rate of unemployment, and the lasting effects of COVID were going to create significant price drops. Sellers are afraid that prices will fall or there will be a lack of activity, but that’s just not the current state of our market here in Central Pennsylvania. Buyers haven’t left the marketplace, though, and this ongoing demand combined with low inventory has caused a dramatic increase in the average home sale price here in Central PA. Remember: Real estate is local!

The Greater Harrisburg Association of Realtors (GHAR) recently published some data about how COVID has affected home prices:

As of July 1, it looks as though the monthly number of homes for sale and the number of closed homes has decreased by nearly 50% when comparing May 2020 to May 2019. Many buyers have been shaken by the uncertainty that COVID brought to our sense of public safety, as well as the financial and housing markets.

Inventory decreased by approximately 25% in March, April, and May. New listings added in Central PA decreased from the 3,470 that were added in May 2019 to just 2,319 new listings added in May 2020.

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Any consistently large moves in a particular direction will be critical indicators of where this market is going.

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Why are these trends occurring? Well, when the governor announced the stay-at-home order on March 19, the daily number of new listings plummeted from approximately 110 per day to just 40 per day. Realtors were no longer able to meet with clients in person and all activities had to be performed remotely. This trend continued through the remainder of March, April, and early May. This information is contrasted by the uptick of new listings added in the months of late May, June, and July as in-person activities resumed in Central PA.

We do need to keep in mind, however, that this transactional data tells a story of the market in the past. To get a feel for how the market will look moving forward, we look at indicators like the number of showings our listings are generating as well as the conversations that our agents are having with clients. We need to keep a close eye on the daily inventory and pending/closed numbers; any consistently large moves in a particular direction will be critical indicators of where this market is heading.

Don’t hesitate to reach out to us with any questions you have or updates you’d like to hear. Our listing specialists are ready to help you safely sell your home during this tumultuous time, and our buyer specialists are ready to help you safely secure your next home. Give us a call or send an email to schedule a free, 15-minute video or phone consultation so we can help you navigate your real estate needs.