Sales results have been released for Lebanon County for Jan 2011.Â Accoring to the report,Â 62 single-family homes were soldÂ which isÂ a 32 percent increase from 47 in January 2010. The average sales price increased from $148,457 in January 2010 to $163,782 this year.Â The averagesalesÂ figure was boosted by five homes which soldÂ in the Elco School District atÂ an average price of $232,160, and seven that sold in the Northern Lebanon School District, with an average price of $204,298.
This is a good way to start 2011 as 2010 showed a decline of 16% over 2009. We all look forward to a rebound in 2011.
A Gallup poll conducted Jan. 7-9, 2011Â shows that 67% of Americans feel now is a "good time" to buy a house. The results areÂ similar to the 72% of April 2010 and the 71% of April 2009. The Gallup poll suggest Americans are holding on to perceptions of a "Â buyer's market ".
ThereÂ are good reasons for most Americans to think now is a good time to buy a house. Home prices are down sharply, providing many incredible buys. Interest rates remain near historic lows.Â Also there is a largeÂ supply of unsold homes and more to come as foreclosures continue to hit the market.Â With all the inventoryÂ bargains could get even better as the year unfolds.
Overall this may not be the best time to buy a home as an investment, however given the current conditions this could be a great time to buy a home to "live in"
A land contract or sometimes called a contract for deed is an agreement between a seller and a buyer to sell a property by having the seller finance the purchase for a set time. These run 5 to 7 years with a balloon payment at the end. The idea is that by the time the balloon comes due the buyer can obtain regular financing. These also tend to require anywhere from 10% to 20% down depending on the property and the credit of the buyer. In these arrangements the buyer get equitable title however the seller retains legal title.
These can work well for someone who may have the cash for a sale but has credit issues for what ever reason. These can close fast, many in less than a week. They do however need to have a real estate lawyer review it for both the buyer and the seller.
It is just one more way to think out of the box when it comes to buying or selling. Just make sure you have a agent that is versed in them and you get the proper legal advise.
Don't be drawn in by the TV shows that have high price designers redoing a kitchen or bath with all new cabinets and fixtures. Maybe in the hot market this would work butÂ remodels done in 2010 will only recoup 60% of their price when the house is sold. This is according to Remodelingmagazineâ€™s 2010 Remodeling Cost vs. Value survey, done in partnership with the National Association of REALTORSÂ® (NAR). This survey can be found on line and has been completed by region. So if a home owner spends $20,000 updating their kitchen with all the latest design fashions they will be lucky to get $12,000 back when they sell. And maybe many of the buyers don't even like the appliances they chose or the floor tile color any more than the ones that were already there.
It may be better to do the basics.....Declutter, clean, refinish the cabinets in the kitchen, paint etc. It's these things that in the endÂ may help find a new owner for the home
Any military first time home buyer that has been deployed outside of the US from Dec. 2008 to May 1st 2010, and have served 90 days or more, are stillÂ eligible for the first time home buyer taxÂ credit. That means theyÂ may beÂ eligible to receive up $8,000 home buyer credit. With low home prices and very low mortgages rates this a great opportunity to spread the word.Â You would need to be under contract by March 31st 2011 and settle by June 30th 2011.
Every now and again it is nice to hear a positive news story about the housing market. Recently Donald Trump told Newsmax he sees one bright spot in the still struggling U.S. housing market I canâ€™t guarantee it, but Iâ€™m pretty sure this is right now a great time to go out and buy a house. And if you do, in 10 years youâ€™re going to look back and say, â€˜You know, Iâ€˜m glad I listened to that interview with Donald Trump,â€™â€ he says in his exclusive Newsmax interview. â€œThe good news is you get a good price.
Clear Capital reported Data Index shows that U.S. home prices stopped declining in early January and have posted their first uptick since mid-August 2010.
Good news doesn't hurt.
You always hear this when you are buying an appliance, a car or even real estate. But make sure you do the same when you go for your mortgage. I always advise my clients to shop around before they decide on a company to write their mortgage. You may find that between lenders there are different fee costs and even interest rates. Not all loans are created equal and it could be in your best interest to shop around. And you do not need all of them to run your credit, just ask what the fees are up front. Dare to Compare.