There is no time like the present :) all the best...
I can see why you would be asking this question. I know that in a lot of areas throughout the country we have seen significant price drops but I don't believe that you will see them around here. Areas like Florida and Arizona have seen prices drop about 25% where we have only seen a reduction of, at most, 10%. Bucks and Montgomery counties have weathered the storm very nicely. For better deals you might want to go look in the Lehigh Valley. They have seen greater depreciation then the Philly suburbs.
In general, you usually can tell a local market by looking at the unemployment. For instance, the national unemployment is between 9 and 10 (not sure of the exact number). Bucks county is around 7%, Lehigh Valley is at 12 % and Philly is also above the national average. If you then compare the housing markets with those other areas you will see that the housing prices are dropping quickly in the areas with higher unemployment rates.
If you want more information about the various markets, please feel free to drop me a line.
Real Estate prices differ in every area of Bucks County. For example, the average price of sold homes in New Britain Township in 2010 was $313,704 versus $303,550for the same period in 2009. Days on market were 87 in 2010 and 97 in 2009. These statistics tell me that the price of homes increased slsightly in 2010 and the day on market were less. The average price of sold homes just in Chalfonte Boro in 2010 was $309,848 versus $299,905 in 2009. Average days on market was 91 in 2010 for the Boro and 120 days in 2009. Both sets of data indicate that home prices are increasing and they were on the market for less time in 2010 versus the previous year. This data was procured from TREND MLS statistics!
So, if you are looking at buying or selling, from all indications, 2011 is going to be even a better year for Real Estate!
Frank Dolski MBA, ABR, e-PRO
CARTUS Certified Relocation Specialist
Previews Luxury Home Specialist
Coldwell Banker Hearthside Realtors