York Home Sales Projections for 2015
Sales in York County should start gaining steam in the coming year. York County has always historically ran2 years behind the national market. The article below goes into great detail on a national level.
The Real Estate Market Has Turned The Corner
Showing posts with label Buying a Home in York PA. Show all posts
Showing posts with label Buying a Home in York PA. Show all posts
Wednesday, December 03, 2014
Friday, December 02, 2011
York PA 2012 Real Estate Forecast
Looks like things are starting to stabilize here in York County after nearly four years of depreciation in the housing market locally. Looks like on average a 12% drop in prices have hit is this year. The silver lining in this cloud isthat prices have come down enough the the locally employed population can now afford to buy a home, especially with interest rates as low as 4%. For years as people from Maryland migrated here along with the higher wages they earned in Maryland they continued to push up the prices of homes. That trend has all but come to a halt. Maryland buyers use to make up nearly 80% of purchasers back in the pre-bubble days. It appears they are now around 12%.
Now is the time as a buyer to have a broad choice of homes to choose from at very reasonable prices and low mortgage payments. Lenders are loaning out money with as little as no money down with a USDA mortgage, or 3.5% total down paymentfor a FHA mortgage with help coming form the home seller in the form of a cash contribution. There are plenty of programs out there to choose from.
I expect 2012 to provide us with home price stabilization and even possible a slight tick up on prices. If you have been on the fence about buying a home now is the time to jump into the market.
Call the Pilgrim Team of Professional Realty Associates will we will help you to either buy or sell a home in a stress free way.
Now is the time as a buyer to have a broad choice of homes to choose from at very reasonable prices and low mortgage payments. Lenders are loaning out money with as little as no money down with a USDA mortgage, or 3.5% total down paymentfor a FHA mortgage with help coming form the home seller in the form of a cash contribution. There are plenty of programs out there to choose from.
I expect 2012 to provide us with home price stabilization and even possible a slight tick up on prices. If you have been on the fence about buying a home now is the time to jump into the market.
Call the Pilgrim Team of Professional Realty Associates will we will help you to either buy or sell a home in a stress free way.
Thursday, August 18, 2011
Make Your Home Search Easy and FAST!!
Have you met a house you liked?
That may sound funny to you. But the longer I'm in the business, the more I find that homes have personalities. To really get to know a home, you need some background. You need a proper introduction to the area, the neighborhood, the features, the amenities, and even some of the challenges.
As you use the Internet to tour unlimited geography, you may need help on a local level. To that end, I can help! Im a professional introducer. Ive seen and know hundreds of homes, so as we clarify what you prefer, its easier to find a match. When you see the right home, there will be a reaction. Youll know the right home when you see it, right?
In the meantime, if there are homes on the market in York Pa and the surrounding area's that you would like to meet, Id love to arrange an introduction. Just give me a call.
Jerry Pilgrim team leader of the Pilgrim Team and Broker of Professional Realty Associates
That may sound funny to you. But the longer I'm in the business, the more I find that homes have personalities. To really get to know a home, you need some background. You need a proper introduction to the area, the neighborhood, the features, the amenities, and even some of the challenges.
As you use the Internet to tour unlimited geography, you may need help on a local level. To that end, I can help! Im a professional introducer. Ive seen and know hundreds of homes, so as we clarify what you prefer, its easier to find a match. When you see the right home, there will be a reaction. Youll know the right home when you see it, right?
In the meantime, if there are homes on the market in York Pa and the surrounding area's that you would like to meet, Id love to arrange an introduction. Just give me a call.
Jerry Pilgrim team leader of the Pilgrim Team and Broker of Professional Realty Associates
Friday, August 12, 2011
How to Buy a Short Sale Home the RIGHT WAY!
So you want to buy a house and have noticed that the best deals in York PA are typically short sales. Buy you've talked to people and they have told you not to buy one because they have heard stories about how someone they new wanted to buy a short sale and they waited for months and they never did buy it.
There are a few reasons for short sale not to be approved by the Lenders.
1. The Realtor who has the listing has NO knowledge of the process and shouldn't have taken it to begin with. Not only did the house did not sell to the buyer but they also may have jeopardized the homeowners chance to keep the house from foreclosure.
2. The Realtor listed the house at a very low price to get an offer from a buyer, knowing full well the offer would most likely be countered back at a much higher price which the buyer will not accept or can't accept because they cannot be approved by their lender to get a mortgage for the property at the higher price. Now the Realtor who listed the property thinks they have an approved price (but they really don't) and re-lists the house at that price and they change the price and now claims it is approved. Wrong! Once another offer comes in the offer must be approved again even if it is the "approved" asking price.
3. The Realtor does not know what the Lenders want during the negotiating process and cannot present a complete short sale package. What happens is the negotiator may totally reject the offer.
4. The Realtor may continue to take back up offers and forward them to the bank. Just in case the 1st offer falls through. This confuses the Lenders negotiator and they stop processing the offer.
5. The offer may contain many contingencies that the Lender does not want to see. There should not be any contingencies to make it a strong offer.
6. Believe it or not some real estate agents will take a listing as a short sale and not even know whether it can even be approved as a short sale based on necessary criteria. So what happens when an offer is submitted to the Lender and it will not even be considered because the seller has the ability to make the payments and nothing has changed that would keep that seller from not making that mortgage payments. The Seller just wants to sell because the house has lost equity, this is not a reason for the short sale to be approved.
Bottom line make sure if you want to buy a short sale use an experienced agent who has successfully negotiated sold short sales and helped buyers buy short sales. The Pilgrim Team is specially trained to help both Sellers and Buyers achieve their home goals. Call Jerry Pilgrim at Professional Realty Associates at 717-757-5955. You will be glad you did!
There are a few reasons for short sale not to be approved by the Lenders.
1. The Realtor who has the listing has NO knowledge of the process and shouldn't have taken it to begin with. Not only did the house did not sell to the buyer but they also may have jeopardized the homeowners chance to keep the house from foreclosure.
2. The Realtor listed the house at a very low price to get an offer from a buyer, knowing full well the offer would most likely be countered back at a much higher price which the buyer will not accept or can't accept because they cannot be approved by their lender to get a mortgage for the property at the higher price. Now the Realtor who listed the property thinks they have an approved price (but they really don't) and re-lists the house at that price and they change the price and now claims it is approved. Wrong! Once another offer comes in the offer must be approved again even if it is the "approved" asking price.
3. The Realtor does not know what the Lenders want during the negotiating process and cannot present a complete short sale package. What happens is the negotiator may totally reject the offer.
4. The Realtor may continue to take back up offers and forward them to the bank. Just in case the 1st offer falls through. This confuses the Lenders negotiator and they stop processing the offer.
5. The offer may contain many contingencies that the Lender does not want to see. There should not be any contingencies to make it a strong offer.
6. Believe it or not some real estate agents will take a listing as a short sale and not even know whether it can even be approved as a short sale based on necessary criteria. So what happens when an offer is submitted to the Lender and it will not even be considered because the seller has the ability to make the payments and nothing has changed that would keep that seller from not making that mortgage payments. The Seller just wants to sell because the house has lost equity, this is not a reason for the short sale to be approved.
Bottom line make sure if you want to buy a short sale use an experienced agent who has successfully negotiated sold short sales and helped buyers buy short sales. The Pilgrim Team is specially trained to help both Sellers and Buyers achieve their home goals. Call Jerry Pilgrim at Professional Realty Associates at 717-757-5955. You will be glad you did!
Thursday, March 24, 2011
Bring your horses and a Contractor!
4 acres in the country! Located in Red Lion School District. 3 stall barn and over 2 acres fenced pasture. Bring your horses! Priced at only $225,000, this property has unlimited potential and is a perfect location for the Maryland commuter. Could go FHA 203K so you can bring this home back to like new condition.
203K Loan - Rehab Program Overview
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.
The FHA 203k loan program is the Department's primary program for the rehabilitation and repair of single family properties. Basically a home improvement loan. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that FHA 203k loan is an important program and they intend to continue to strongly support the program and the lenders that participate in it.
Lenders have successfully used the FHA 203k loan program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine the FHA 203k loan with other financial resources, such as HUD's HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs, specifically for use with FHA 203k loan and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.
HUD also believes that the FHA 203k loan program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). HUD is committed to increasing homeownership opportunities for families in these communities and Section 203(k) is an excellent product for use with CRA-type lending programs.
FHA 203K Loan - How the Program Can Be Used:
This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:
• To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.
• To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.
• To refinance existing indebtedness and rehabilitate a dwelling;
To purchase a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property and the loan proceeds (other than rehabilitation funds) must be available before the rehabilitation begins.
To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it, the mortgage must be a first lien on the property; however, loan proceeds for the moving of the house cannot be made available until the unit is attached to the new foundation.
203K Loan - Rehab Program Overview
The Federal Housing Administration (FHA), which is part of the Department of Housing and Urban Development (HUD), administers various single family mortgage insurance programs. These programs operate through FHA-approved lending institutions which submit applications to have the property appraised and have the buyer's credit approved. These lenders fund the mortgage loans which the Department insures. HUD does not make direct loans to help people buy homes.
The FHA 203k loan program is the Department's primary program for the rehabilitation and repair of single family properties. Basically a home improvement loan. As such, it is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities. Since these are the primary goals of HUD, the Department believes that FHA 203k loan is an important program and they intend to continue to strongly support the program and the lenders that participate in it.
Lenders have successfully used the FHA 203k loan program in partnership with state and local housing agencies and nonprofit organizations to rehabilitate properties. These lenders, along with state and local government agencies, have found ways to combine the FHA 203k loan with other financial resources, such as HUD's HOME, HOPE, and Community Development Block Grant Programs, to assist borrowers. Several state housing finance agencies have designed programs, specifically for use with FHA 203k loan and some lenders have also used the expertise of local housing agencies and nonprofit organizations to help manage the rehabilitation processing.
HUD also believes that the FHA 203k loan program is an excellent means for lenders to demonstrate their commitment to lending in lower income communities and to help meet their responsibilities under the Community Reinvestment Act (CRA). HUD is committed to increasing homeownership opportunities for families in these communities and Section 203(k) is an excellent product for use with CRA-type lending programs.
FHA 203K Loan - How the Program Can Be Used:
This program can be used to accomplish rehabilitation and/or improvement of an existing one-to-four unit dwelling in one of three ways:
• To purchase a dwelling and the land on which the dwelling is located and rehabilitate it.
• To purchase a dwelling on another site, move it onto a new foundation on the mortgaged property and rehabilitate it.
• To refinance existing indebtedness and rehabilitate a dwelling;
To purchase a dwelling and the land on which the dwelling is located and rehabilitate it, and to refinance existing indebtedness and rehabilitate such a dwelling, the mortgage must be a first lien on the property and the loan proceeds (other than rehabilitation funds) must be available before the rehabilitation begins.
To purchase a dwelling on another site, move it onto a new foundation and rehabilitate it, the mortgage must be a first lien on the property; however, loan proceeds for the moving of the house cannot be made available until the unit is attached to the new foundation.
Thursday, January 06, 2011
2320 Addison Ct York Pa 17404
New to the market in Manchester Meadows. This 4 bedroom 3.5 bath with over 3500 square feet of living space is competitively priced at 289,900. There is a 3 car garage and open space throughout the community. Located in Central York Schools and convenient to many popular York County shopping destinations and restaurants. Mike Rudacille with The Pilgrim Team can set up a private tour of this home at your convenience. There are many homes for sale in York PA but this one is special.
Most homes for sale, or sold in Central York Schools have held their value more than other areas in York County Pennsylvania. The Pilgrim Team can help you buying or selling a home in York PA. Contact Mike Rudacille at 757-5955 or 318-0991 for further information.
Listing provided courtesy of: Century 21 Heritage Realty
Tuesday, December 21, 2010
3185 Balsa Street York PA 17404
This home in the Central York School District has just been lowered10,000 dollars down to 249,900
The home features 4 bedrooms with 2 full baths and 2 half baths and over 2000 square feet. The home sits on almost a half acre lot and there is a private rear yard with a maintenance free deck and a POOL!
For more information contact Mike Rudacille with The Pilgrim Team at Professional Realty Associates 717-757-5955 or MRudacille@PilgrimTeam.com
Listing courtesy of: Country Home Real Estate
Thursday, December 16, 2010
1664 Guildford Lane York PA 17404
This bank owned home in Brittany II located in Central York Schools has just been lowered 30,000 down to 264,900
The home has 4 bedrooms 2.5 baths sits on over a half acre lot and is almost 3000 square feet. The home is in good condition for being a bank owned home.
If you would like more information just contact me at mrudacille@pilgrimteam.com
use the subject line "Guildford"
Listing provided courtesy of: Coldewll Banker Select Professionals
Tuesday, December 14, 2010
2120 Phillip Court in Aslan Heights
This home sold on November 10, 2010
It sold for 284,900 but the seller did pay 14,245 towards the buyers closing costs making it a "net" sale of 270,655
The home has 4 bedrooms, 2.5 bathrooms and is 2700 square feet. The lot is .28 of an acre.
Some of the many features of this home are 9 foot ceilings, stainless steel appliances, and wood floors.
Thursday, November 11, 2010
The Neighborhood of Fountainhead
Anybody who is considering buying a home in York County Pennsylvania should stay informed by keeping up with my Blog. I will be describing Communities throughout the York area. I will be adding useful information on communities that will include the average price ranges, Lot sizes and area information.
Today I want to talk about the Community of Fountainhead located in York Township. It is a small neighborhood that consists of 26 lots that range in size from 1/3 acre to the largest being nearly 3/4 acre.
Home prices are typically in the low $300's to over $450,000. The predominant house style is the two story colonial with some brick and stucco exterior on the fronts and beaded vinyl siding making up the balance. Ray Markey Builders is and was the Builder of the neighborhood. The Builder is know for his innovative building materials that keep up with the latest trends in new construction. One of Ray's better known standard features include the ICF foundations. It is a foundation that comes nearly completed for drywall and is very energy efficient and also very water resistant. the quality of construction is second to none.
The neighborhood of Fountainhead is located near I-83 south of Useful Information about York PA, and is an easy commute for Baltimore bound people. It is also located near Apple Hill Medical Center which is a Well-Span campus that is more reminiscent of a indoor mall than a medical facility. You will find many indoor walkers using the area for their daily exercise and then stopping for a meal and sit down to meet neighbors. OSS is another medical facility that is within a mile that is primarily where Orthopedic Surgeons treat patients with back and spinal, and joint problems. They have recently opened a new wing that allows for overnight stays for patients.
Fountainhead is alos located in the Dallastown Area School District. The District is known for its achievements in Academics in particular Science and Math. There are just about any sports offered the students that range form Football, Wrestling, Basketball, Soccer, Swimming, Tennis, Golf, Field Hockey, Volleyball, Lacrosse and more.
So if you are looking for a charming neighborhood in a excellent setting with nearby ameneties check it out you won't be disappointed.
Today I want to talk about the Community of Fountainhead located in York Township. It is a small neighborhood that consists of 26 lots that range in size from 1/3 acre to the largest being nearly 3/4 acre.
Home prices are typically in the low $300's to over $450,000. The predominant house style is the two story colonial with some brick and stucco exterior on the fronts and beaded vinyl siding making up the balance. Ray Markey Builders is and was the Builder of the neighborhood. The Builder is know for his innovative building materials that keep up with the latest trends in new construction. One of Ray's better known standard features include the ICF foundations. It is a foundation that comes nearly completed for drywall and is very energy efficient and also very water resistant. the quality of construction is second to none.
The neighborhood of Fountainhead is located near I-83 south of Useful Information about York PA, and is an easy commute for Baltimore bound people. It is also located near Apple Hill Medical Center which is a Well-Span campus that is more reminiscent of a indoor mall than a medical facility. You will find many indoor walkers using the area for their daily exercise and then stopping for a meal and sit down to meet neighbors. OSS is another medical facility that is within a mile that is primarily where Orthopedic Surgeons treat patients with back and spinal, and joint problems. They have recently opened a new wing that allows for overnight stays for patients.
Fountainhead is alos located in the Dallastown Area School District. The District is known for its achievements in Academics in particular Science and Math. There are just about any sports offered the students that range form Football, Wrestling, Basketball, Soccer, Swimming, Tennis, Golf, Field Hockey, Volleyball, Lacrosse and more.
So if you are looking for a charming neighborhood in a excellent setting with nearby ameneties check it out you won't be disappointed.
Monday, August 16, 2010
York PA July 2009 and July 2010 Real Estate Comparison Report
Home Sales Comparisons for July 2009 and July 2010 in York County PA
July 2009
Homes sold = 407, Total new listings = 859, average list price sold was $189,141 and sold price was $183,511, Average unsold median price was $228,398.
July 2010
Homes sold = 271, Total new listings = 741, average list price sold was $176,203 and sold price was $170,014, Average unsold median price was $370,201. The amount of time it will take the market to absorb the current inventory (3,220) would be 11.88 months.
As you can see that there was a -33% decrease in sales from a year ago. With a total inventory of 3,220 currently unsold homes, properties must be positioned at the correct price or the market (buyers) will reject the over priced properties. Most surprising is the huge jump in the unsold median price of homes ($370,201) which is a indication that the upper price brackets are not selling and continue to build in the inventory of homes. This is an alarming trend that must be reversed sooner rather than later.
With the current interest rates hovering in the low 4's NOW is the time to buy a home at low prices and with potentially low principle and interest payments. I believe the current economic uncertainty must be cleared up and property taxes always on the rise are putting a damper effect on higher end homes. Something must be done in Harrisburg soon or we face a worsening crisis with high end homes.
July 2009
Homes sold = 407, Total new listings = 859, average list price sold was $189,141 and sold price was $183,511, Average unsold median price was $228,398.
July 2010
Homes sold = 271, Total new listings = 741, average list price sold was $176,203 and sold price was $170,014, Average unsold median price was $370,201. The amount of time it will take the market to absorb the current inventory (3,220) would be 11.88 months.
As you can see that there was a -33% decrease in sales from a year ago. With a total inventory of 3,220 currently unsold homes, properties must be positioned at the correct price or the market (buyers) will reject the over priced properties. Most surprising is the huge jump in the unsold median price of homes ($370,201) which is a indication that the upper price brackets are not selling and continue to build in the inventory of homes. This is an alarming trend that must be reversed sooner rather than later.
With the current interest rates hovering in the low 4's NOW is the time to buy a home at low prices and with potentially low principle and interest payments. I believe the current economic uncertainty must be cleared up and property taxes always on the rise are putting a damper effect on higher end homes. Something must be done in Harrisburg soon or we face a worsening crisis with high end homes.
Friday, July 09, 2010
Short On Space? Make The Most With What You Have!
One of the most common complaints that homeowners have is the lack of space. The home that had lots of space when you first bought it has seem to shrunk over the years. It could be that your family is growing or you just find that your needs have changed over the years and suddenly your home is too small and you need more space. If purchasing a new home with more space is not in your plans, you can still utilize the space you have with some helpful hints below!Utilize attic and basement storage. If you can gauge the temp and moisture levels in both attics and basements, they can be great places to store many things. Of course if your basement is susepable to moisture, storing items that can be effected by mold wont work. However, many things like old toys, sports equipment or small furniture can be stored no problem. Now, if you have no attic and no basement, but you have a lot of wall space, you could consider utilizing wall shelving units for things like books or pictures.
Utilize your closets. The problem a lot of people have with their closets is that they put too much in here and they don't utilize all the space available. If you need to reorganize your closet, it's a good idea to get your hands on some shoe racks, clothing bags (with hangers), storage systems, containers, etc. Try using some jewelry boxes as well for your earrings, watches, and necklaces. Storage systems are really popular right now for closets and most can be customize for your specific needs.
Don't overlook hidden space. The solution to finding extra space can be found in the areas you might have not thought about before. Some ideas are building drawers and shelves beneath a staircase or installing ceiling shelving units in the garage. Nooks and corners you may have thought were useless might end up being the extra space you need!
/kh
Friday, May 21, 2010
Is A Fixed Rate Mortgage Right For You?
If you are planning on purchasing a new home and will be obtaining mortgage financing, you will have many different mortgage loan programs to choose from. It can be confusing to decide which will be best for your situation with all the different choices on the market today. However, the vast majority of them are fixed rate mortgages with a 15 year or 30 year term. These traditional mortgages are amortizing, which means that you pay off the entire loan amount by the end of the term of the loan. While these are still the most common type of loan, there are advantages and drawbacks to these mortgages. Depending on your financial situation, and the prospects of changes in your financial future, a fixed rate mortgage may or may not be the best product for you.
Below are some of the pro's and con's of fixed rate mortgages:
PROS
Interest rate on your mortgage cannot be increased for the life of your loan
Monthly payment will remain the same for the life of the loan
Loan will be completely paid off by the end of the term
Fixed Rate mortgages are very common and standard and finding a lender who offers this loan will be easy.
Fixed monthly payment amount may be difficult to make at the start of the loan
Large percentage of payment goes to interest payment in first years of the loan
Usually has a higher interest rate than a variable rate loan initiated at the same time
Interest rate cannot be reduced as in some variable rate programs
Maybe harder to qualify for, as higher income may be required
Depending on your financial situation, a fixed rate mortgage may be the best solution for you. If you can afford the monthly payment required to obtain the loan, then the fact that your interest rate and monthly payments will stay the same for the life of the loan while give you peace of mind and make monthly budgeting easier.
/kh
Monday, January 25, 2010
Foreclosure Market Trends
UsForeclosure Market Trends Foreclosure Market Trends
Monday, January 25, 2010by The Pilgrim Team
Phone: 717-757-5955x101
Email: jpilgrim@pilgrimteam.com
Jerry Pilgrim
Professional Realty Associates
3921 E Market St
TYork, PA 17402
I am a Certified Distressed Property Expert and I pride myself as the local expert on buying or Listing York PA Homes distressed Homes for sale in york pa in York County. Contact me for a confidential meeting to assist you.
January 2010
Vol. 4, Issue 3
6 month National Foreclosure Trends
NOD NTS NFS LIS REO
REALTYTRAC® YEAR-END REPORT SHOWS RECORD 2.8 MILLION
U.S. PROPERTIES WITH FORECLOSURE FILINGS IN 2009
A total of 2,824,674 U.S. properties in received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007, according to the RealtyTrac Year- End 2009 U.S. Foreclosure Market Report. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and0.58 percent in 2006. Foreclosure filings were reported on 349,519 U.S. properties in December and foreclosureactivity in the fourth quarter decreased 7 percent from the third quarter.
The latest idea bubbling up in the world of real estate is the use of principal reductions to stem the foreclosure tide, the theory being that if we lower mortgage balances then homeowners will have smaller monthly payments and fewer foreclosures. Truth is, the only reason lenders will reduce principal balances is when it's to their advantage. Reducing principal balances will instantly produce big and hideous losses, something Lenders don't want but something lenders will accept if the probability of even bigger and more hideous losses from short sales and foreclosures can be avoided.
Will Principal Cuts Reduce Foreclosures?
Here are some of the most recent Investment opportunities in the area.
Property Type Address Market Value Default Sq. Ft.
Bank-Owned
Airville, PA 17302
Delta Rd,$15,000 N/A 1,381
Auction Date: 2/8/10
Auction Dillsburg, PA 17019 Old Mill Rd,$78,140 N/A 2,127 Pine St Dillsburg PA, 17019 Market Value $126,040 Beds/Bath 3/1
Default Amount $N/A
Sq. FT 1,632
Pre-Foreclosure
FORECLOSURE TRENDS :
NOVEMBER 2009
NODs 88,790 0 0 NTSs160,660 0 0 FSs65,922 3,202 94
LISs 132,813 3,640 244
REOs 152,008 2,724 112
Faster Sales Coming For Foreclosure Buyers
Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy. With the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller? The answer, as we shall see, turns out to be good news for foreclosure buyers.
For More information on available foreclosures or short sales go to: www.StopyorkForeclosures.com
Monday, January 25, 2010by The Pilgrim Team
Phone: 717-757-5955x101
Email: jpilgrim@pilgrimteam.com
Jerry Pilgrim
Professional Realty Associates
3921 E Market St
TYork, PA 17402
I am a Certified Distressed Property Expert and I pride myself as the local expert on buying or Listing York PA Homes distressed Homes for sale in york pa in York County. Contact me for a confidential meeting to assist you.
January 2010
Vol. 4, Issue 3
6 month National Foreclosure Trends
NOD NTS NFS LIS REO
REALTYTRAC® YEAR-END REPORT SHOWS RECORD 2.8 MILLION
U.S. PROPERTIES WITH FORECLOSURE FILINGS IN 2009
A total of 2,824,674 U.S. properties in received a foreclosure filing in 2009, a 21 percent increase in total properties from 2008 and a 120 percent increase in total properties from 2007, according to the RealtyTrac Year- End 2009 U.S. Foreclosure Market Report. The report also shows that 2.21 percent of all U.S. housing units (one in 45) received at least one foreclosure filing during the year, up from 1.84 percent in 2008, 1.03 percent in 2007 and0.58 percent in 2006. Foreclosure filings were reported on 349,519 U.S. properties in December and foreclosureactivity in the fourth quarter decreased 7 percent from the third quarter.
The latest idea bubbling up in the world of real estate is the use of principal reductions to stem the foreclosure tide, the theory being that if we lower mortgage balances then homeowners will have smaller monthly payments and fewer foreclosures. Truth is, the only reason lenders will reduce principal balances is when it's to their advantage. Reducing principal balances will instantly produce big and hideous losses, something Lenders don't want but something lenders will accept if the probability of even bigger and more hideous losses from short sales and foreclosures can be avoided.
Will Principal Cuts Reduce Foreclosures?
Here are some of the most recent Investment opportunities in the area.
Property Type Address Market Value Default Sq. Ft.
Bank-Owned
Airville, PA 17302
Delta Rd,$15,000 N/A 1,381
Auction Date: 2/8/10
Auction Dillsburg, PA 17019 Old Mill Rd,$78,140 N/A 2,127 Pine St Dillsburg PA, 17019 Market Value $126,040 Beds/Bath 3/1
Default Amount $N/A
Sq. FT 1,632
Pre-Foreclosure
FORECLOSURE TRENDS :
NOVEMBER 2009
NODs 88,790 0 0 NTSs160,660 0 0 FSs65,922 3,202 94
LISs 132,813 3,640 244
REOs 152,008 2,724 112
Faster Sales Coming For Foreclosure Buyers
Foreclosure buyers got a Christmas Eve goodie from Fannie Mae, a new strategy that's likely to make foreclosure purchasing very much quicker. The catch? A bunch of lenders are about to be very unhappy. With the growing number of distressed properties there's now a substantial “foreclosure discount” in most markets. What were once tolerable and controlled losses are today steep and sharp declines that leave lender red ink everywhere. The question for loan owners is this: Is there anyway to make such lender losses smaller? The answer, as we shall see, turns out to be good news for foreclosure buyers.
For More information on available foreclosures or short sales go to: www.StopyorkForeclosures.com
Saturday, January 23, 2010
The Closing Process fr a Real Estate Transaction
Once the buyer and seller have agreed on price and terms for the sale of a piece of real estate, the escrow process begins. This can be a confusing process, especially for first time homebuyers. Below are some key points that can help answer some questions about the escrow process.
What exactly is an escrow ?
An escrow is an arrangement in which a disinterested third party, called a escrow holder, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions. In York PA the Listing Broker typically is the holder of the escrow funds that will be distributed at settlement.
How does the escrow (Title) process work?
The escrow is a depository for all monies, instructions and documents necessary for the purchase of the home, including funds for the down payment, lender’s funds and documents for the new loan. The duties of an Title Company include: following the instructions given by the principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with instructions; paying all bills as authorized; closing the escrow only when all terms and conditions have been met; and, distributing the funds in accordance with instructions.
What documentation is required?
Receipt of your deposit is generally included in your copy of your purchase contract. Your funds will then be deposited in your separate escrow or trust account and processed through your local bank.
What information will I have to provide?
Typically you will be asked to complete a statement of identity as part of the necessary paperwork. Because many people have the same name, the statement of identity is to identify the specific person in the transaction through such information as date of birth, social security number, etc.
How long is the escrow (closing) process?
The entire escrow process can vary and is typically determined by the terms of the purchase agreement. It can range from a few days to several months. Typically an escrow often takes an average time of 30 to 45 days. The escrow process ends when you actually close on the home, during the closing procedure. This is when all funds are transferred accordingly, when all documents are signed, and when you get the keys to your new home.
For more information contact the Pilgrim Team at Professional Realty Associates or go to www.PilgrimTeam.com
What exactly is an escrow ?
An escrow is an arrangement in which a disinterested third party, called a escrow holder, holds legal documents and funds on behalf of a buyer and seller, and distributes them according to the buyer's and seller's instructions. In York PA the Listing Broker typically is the holder of the escrow funds that will be distributed at settlement.
How does the escrow (Title) process work?
The escrow is a depository for all monies, instructions and documents necessary for the purchase of the home, including funds for the down payment, lender’s funds and documents for the new loan. The duties of an Title Company include: following the instructions given by the principals and parties to the transaction in a timely manner; handling the funds and/or documents in accordance with instructions; paying all bills as authorized; closing the escrow only when all terms and conditions have been met; and, distributing the funds in accordance with instructions.
What documentation is required?
Receipt of your deposit is generally included in your copy of your purchase contract. Your funds will then be deposited in your separate escrow or trust account and processed through your local bank.
What information will I have to provide?
Typically you will be asked to complete a statement of identity as part of the necessary paperwork. Because many people have the same name, the statement of identity is to identify the specific person in the transaction through such information as date of birth, social security number, etc.
How long is the escrow (closing) process?
The entire escrow process can vary and is typically determined by the terms of the purchase agreement. It can range from a few days to several months. Typically an escrow often takes an average time of 30 to 45 days. The escrow process ends when you actually close on the home, during the closing procedure. This is when all funds are transferred accordingly, when all documents are signed, and when you get the keys to your new home.
For more information contact the Pilgrim Team at Professional Realty Associates or go to www.PilgrimTeam.com
Monday, January 18, 2010
New Community Coming Spring 2010
New Community Coming Spring 2010
Monday, January 18, 2010by The Pilgrim Team
Pilgrim Team at Professional Realty Associates would like to announce a new community located in Dover, PA. Ashcombe Farms South is the newest community now being offered by Lancaster Home Builders. This community will be the final and maybe considered the best of all the Homes for sale in york pa built and marketed by Jerry Pilgrim and his team of his professionals in the Dover area over the last 12 years.
Situated next to Ashcombe Farms West the lots will average .50 acre and offer an idyllic setting near shopping, schools, parks and health care services of Wellspan. Floor Plans offerd will include ranchers, two story colonials and cape cod styles. Some Homes for sale in york pa will also include first floor master bedrooms and laundry area's, even the two stories. Fifteen different plans are available and each can be semi-customized to accommodate your own needs. Prices will begin in the upper 100's.
Contact us at your convenience
Monday, January 18, 2010by The Pilgrim Team
Pilgrim Team at Professional Realty Associates would like to announce a new community located in Dover, PA. Ashcombe Farms South is the newest community now being offered by Lancaster Home Builders. This community will be the final and maybe considered the best of all the Homes for sale in york pa built and marketed by Jerry Pilgrim and his team of his professionals in the Dover area over the last 12 years.
Situated next to Ashcombe Farms West the lots will average .50 acre and offer an idyllic setting near shopping, schools, parks and health care services of Wellspan. Floor Plans offerd will include ranchers, two story colonials and cape cod styles. Some Homes for sale in york pa will also include first floor master bedrooms and laundry area's, even the two stories. Fifteen different plans are available and each can be semi-customized to accommodate your own needs. Prices will begin in the upper 100's.
Contact us at your convenience
Saturday, January 09, 2010
Searching for York PA Foreclosures?
If you are searching for Bank Owner Property (REO'S) we offer a free list of foreclosures and also pre-foreclosures of real estate in York County PA. Go to our web site or our link at www.yorkpabankowned.com for your list. We have agents who are experienced with this type of property and who are trained in dealing with lenders so we may be able to get you the best deal possible. Contact The Pilgrim Team at Professional Realty Associates.
Friday, November 06, 2009
Home Buyer Tax Credit Extended with Changes
This is what I just received from NAR.
Charles McMillan, 2009 NAR President
As of today – Thursday, November
– that bill has passed and will be sent to President Obama for his signature.
We have posted a side-by-side comparison of the changes on Realtor.org. Let me summarize the changes quickly now:
When the President signs the bill, the expiration date for the credit will move to April 30, 2010.
First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.
Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.
The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.
Charles McMillan, 2009 NAR President
As of today – Thursday, November
– that bill has passed and will be sent to President Obama for his signature.
We have posted a side-by-side comparison of the changes on Realtor.org. Let me summarize the changes quickly now:
When the President signs the bill, the expiration date for the credit will move to April 30, 2010.
First-time buyers who have not had interest in a principle residence for three years are still eligible, and the maximum amount remains the same – $8,000 for married couples, $4,000 for those filing separately.
Current homeowners, who have consecutively maintained the home they want to sell as their primary residence for five of the last eight years, are also eligible. However, the maximum amount for those homeowners is lower: $6,500 for married couples and $3,200 for those filing separately.
The tax credit may not used to purchase a home for more than $800,000. All buyers who want to get the credit must include documentation of the purchase on their tax returns.
Tuesday, October 27, 2009
Big Savings on Big Homes!
If you ever thought of a time to buying a larger home in an upscale neighborhood, now is the time. With Mortgage interest rates low and larger home prices that have dropped substantially and now you can save $10's of thousands of dollars like never before. Local York neighborhoods, such as Wyndham Hills, Brittany, Autumn Wood, Springwood, Chestnut Ridge, South Wynd, Sentry Woods and many more have seen dramatic price reductions. Take the time to search the local house market and call us to take a peek. You will be glad you did.
Update on the $8,000 Tax Credit
I recently had a conversation with our local congressman about what may be happening to the first time home buyers tax credit as it now exists. It sounds like our Representatives in Washington are leaning towards allowing all buyers of real estate to use the tax credit and it may be increased to as much as $15,000. I expect the program to be passed by both houses. What this will do for homeowners in the price ranges above $200,000 should help stabilize the prices and hopefully see an increase. Stay Tuned! This is good news York, PA.
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