The national media would still have you believe that houses are not selling and they would use statistics to justify their position. And while I agree that an overpriced listing will sit on the market for months, I think some balance needs to be taken into account. Statistics can be manipulated to tell any story, or state any position imaginable. Think about the all star baseball player with a 300 batting average. This individual makes millions of dollars a year hitting a baseball 3 out of every 10 times he comes to the plate, yet the “glass is half empty” crowd would have you believe that he fails to get a hit 70 % of the time.
This is a chart of all the homes that sold in Bucks County PA in the last year. Note the highlighted home that listed for 16 million and sold for 8 million. Someone will no doubt look at that and be convinced that home prices in Bucks County are down 50% when in reality, many other possibilities exist.
All the data in the world is useless unless you can interpret it and understand what it means.
Here are some figures that need no interpretation.
30 year fixed rate mortgage loans are as low as they have been since 1971, about 5%
The federal government, for 71 more days will give a first time home buyer $8,000.00 to buy their first home and a move up buyer $6,500.
The temperature in Philadelphia is expected to be in the 40’s this weekend and we can say goodbye to a lot of the snow.
As always for information on your particular area or the area you would like to buy visit www.Homevaluesinpa.com where you will receive and email on the statistics of the area and a community and school report.