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Real Estate Investment Today

by The Pilgrim Team

If you are an Investor or have been thinking of becoming a Real Estate Investor it is time to act on you ambition. There has been know better time then now to get a positive cash flow on your Real Estate Investment. Whether you pay cash or want to levarge your monetary investment by financing, I can show you properties that will generate long term or even short term positive cash flow. Call Jerry Pilgrim about Useful Information about York PA real estate property and I will be able to provide you a Cash Flow Analysis in detail on how iI can achieve your real estate goals. I am a CIAS (Certified Investor Agent Specialist) a exclusive designation that only a few have nationwide. Stay tuned for deatils in the near future.

Mandated Fire Sprinkler Systems Coming in 2010

by The Pilgrim Team

York County PA New Home Owners Beware of the New Building Code Changes!

 

Well the much anticipated required Fire Sprinkler Systems for new Homes for sale in york pa is going to take effect at the beginning of the year. Regardless of how you might feel about the new requirement it is going to be an additional expense to the purchaser of a new home that has its building permit issued after January 1st of 2010. Prices on New Homes could be increased anywhere from $3,000 (on a smaller home) to over $8,000+ for a larger home. I would expect the average to be around $4000. Keep in mind this would only work for homes with public water.  If the property does not have public water as we have quite a few of those here in York, PA the cost would go up considerably due to the need for a backup power source for the well.

My suggestion for anyone who has thought about putting off building until next year don't wait as it could be a little more expense out of your pocket. Another concern is how appraisers will take into account the value of the sprinkler system, if at all. If it doesn't appraise because the price of the home is higher due to the sprinkler system the home owner will have to make up the difference.

I Have Two New Homes for Under $170,000

by The Pilgrim Team

I have two new Homes for sale in york pa that are both 4 bedrooms and 2.5 baths and garage located in Brookside Heights in the Dover PA area. They are both prices in the $160,000's. There are exact same model homes that are re-sales in the general area that are on the market for over $200,000. If you are looking or know someone who is looking for a new home at a fantastic price don't pass up this opportunity. There is also special financing available starting at 3.25% interest rate! Call Jerry Pilgrim at Pilgrim Team for a showing.

3.25 % Fixed Interest Rates!

by The Pilgrim Team

Interest Rates As Low as 3.25% WOW!!

I did not think this would ever happen, but now it appears that it is reality. PHFA loans are now as low as 3.25% for new Construction and 3.75% for existing Homes for sale in york pa. This is through the Keystone Home Loan Program here in Pennsylvania. The conditions and requirrements are listed below and are provided by PHFA.

 

Now is definetly the time to buy, DON'T DELAY it could cost you thousands of dollars! Call or email us at Pilgrim Team for more details and property that would qualify.

You may be eligible for a Keystone Home Loan if you meet the following six conditions:

  1. You are not a first-time homebuyer, but you plan to buy a home in a Targeted county or area or you are a discharged veteran of the United States Armed Forces. Target counties are indicated by a "T" in the listing of Purchase Price and Income Limits. Please note that some Non-Target counties have targeted neighborhoods within them. Those areas are listed by county and census tract starting on page three of the purchase price and the income limits above. To determine the census tract of a specific property, visit www.ffiec.gov, and select 'Geocoding/Mapping System'.
    OR
    You and all other adults who intend to live in the home within 12 months from closing are first-time homebuyers. This is defined as someone who has not owned (had Title to) their principal residence during the previous three years.
  2. The gross annual household income for all adults that intend to occupy the home within one year from loan closing does not exceed the Keystone Home Loan Program income limit. All sources of income must be included, except for income received by persons under age 18 and income received by dependants enrolled in a full-time undergraduate program.
  3. The purchase price of your prospective home does not exceed the Keystone Home Loan Program purchase price limit. This includes all costs for a complete home. It is also known as the total acquisition cost. The appraised value of land owned outright for more than two years does not need to be included.
  4. You have an acceptable credit history and the ability to make monthly payments on the home you expect to buy. Generally, you should plan to use no more than 30 percent of your income for your monthly Home Financing payment. A participating lender or PHFA network counseling agency can help you determine how much of a home you can afford, as well as any credit issues you may need to work on.
  5. You have sufficient funds to pay standard Home Financing application and closing fees. Check with a PHFA participating lender to determine the specific costs. These would commonly include such things as credit reports, appraisals, title fees, etc. Buyers who qualify for a PHFA home loan may be able to receive a 25 percent discount on their title insurance, upon request. This could be a savings of hundreds of dollars, depending on your loan amount. So, be sure to ask the lender to request the discount, if applicable. The discount does not apply to loan amounts greater than $200,000 or to the Approved Attorney Procedure.
  6. You have sufficient funds for a downpayment on your prospective home. Borrowers who have a downpayment of less than 20 percent of the home’s purchase price or appraised value are required to obtain Home Financing insurance to protect the lender and PHFA in the event that the mortgage becomes delinquent (you fall behind on your payments). The amount of the downpayment differs according to the loan type as listed below.

PHFA Appendix A Seller’s Guide Page 1 of 5 July 2010

 

KEYSTONE HOME LOAN PROGRAM

PENNSYLVANIA HOUSING FINANCE AGENCY

MAXIMUM PURCHASE PRICE AND INCOME LIMITS * By Region and County (Target Areas indicated by "T")

Maximum Purchase Price

Income Limit

County

Purchase Price Limit

1 & 2 Member Households

3 or more Member Households

Region 1

Bucks

$ 378,000

$ 93,900

$ 109,600

Chester

378,000

93,900

109,600

Delaware

378,000

93,900

109,600

Montgomery

378,000

93,900

109,600

Philadelphia (T)

417,000

93,900

109,600

Region 2

Berks

$270,000

$75,900

$ 87,100

Bradford (T)

298,000

77,000

89,800

Carbon

362,000

84,000

98,000

Lackawanna (T)

298,000

77,000

89,800

Lehigh

362,000

84,000

98,000

Luzerne (T)

298,000

77,000

89,800

Monroe

243,000

66,800

77,400

Northampton

362,000

84,000

98,000

Pike

348,000

76,500

89,300

Schuylkill (T)

298,000

77,000

89,800

Sullivan (T)

298,000

77,000

89,800

Susquehanna (T)

298,000

77,000

89,800

Tioga (T)

298,000

77,000

89,800

Wayne (T)

298,000

77,000

89,800

Wyoming (T)

298,000

77,000

89,800

Region 3

Adams

$ 243,000

$ 67,400

$ 77,200

Cumberland

243,000

71,000

81,600

Dauphin

243,000

71,000

81,600

Franklin

243,000

67,500

77,600

Lancaster

345,000

80,000

93,300

Lebanon

243,000

67,800

77,400

Perry (T)

298,000

85,200

99,400

York

380,000

82,400

96,100

*The maximum purchase price for a two unit property (duplex\doubles) cannot be greater than the lesser of 10% above the current existing single unit limit, or $417,000.

National Numbers for Homes in Default

by The Pilgrim Team

The statistics below are for the National Real Estate Market. I track these numbers to get a better of what can be predicted in the future regarding pricing of Homes for sale in york pa. As you will see because there is so much inventory yet to be sold nationally and here in York, I believe that we can expect some further depreciation of value on real estate here unfortunately. If you would want more specific information on the current market value on your property contact Jerry Pilgrim at Professional Realty Associates for a complimentary Free Market Analysis analysis.

 

National Numbers for all current FHA Home Financing Loans in the 2nd quarter 2010

3.62% in Foreclosure, 12.63% in Default (30+ days late) which means there is a Total of 16.25% FHA properties in distress.

National Numbers, VA Loans 2nd quarter 2010

2.50% in Foreclosure, 7.48% in Default (30+ days late) for a Total of 9.98%

National Numbers for Subprime Loans 2nd quarter 2010

14.38% in Foreclosure, 25.90% in default (30+ days late) which is a Total of 40.28% properties in distress

National Numbers for Prime Loans 2nd quarter 2010

3.49% in Foreclosure, 6.66% in Default (30+ days late) for a Total of 10.15% properties in distress

National Numbers 2nd quarter 2010

4.57% in Foreclosure, 9.40% in default (30+ days late) for a Total of 13.97%

National Numbers all Home Loans

Total Distressed Properties    6,216,650

Total Predicted sales            3,830,000

* Numbers provided by the Home Financing Bankers Association, based on 44.5 million Home Loans, non-seasonally adjusted

 

The numbers above indicate a national inventory of 19+ months properties to be sold. Keep in mind real estate is a local market so the numbers will vary from area to area. Here in York County PA we currently hava 17 month inventory based on local MLS statistics.

Real Estate Market Trends - The Pilgrim Team

by The Pilgrim Team

The National Association of Realtors® (NAR) reported a 7.6 percent increase in existing-home sales for the month of August, to a seasonally adjusted rate of 4.13 million units anticipated in 2010. The increase was higher than many experts predicted, as real estate markets showed strong activity even without the home buyer Tax Credit. Regionally, the West showed the biggest increase in existing-home sales, with a jump of 13.8 percent. The Northeast followed with an increase of 7.9 percent, while the South and Midwest grew sales by 5.2 and 5.0 percent respectively.

Existing Home Sales By Region

NAR chief economist Lawrence Yun remains cautiously optimistic. "The housing market is trying to recover on its own power without the home buyer Tax Credit," he said. "Home values have shown stabilizing trends over the past year, even as the economy shed millions of jobs, because of the home buyer tax credit stimulus. Now that the economy is adding some jobs, the housing market needs to steadily improve and eventually stand on its own."

Freddie Mac reported that the average commitment rate for a 30-year fixed-rate Home Financing dropped to 4.43 percent in August, a record low. The rate was 5.19 percent during this time last year. Total housing inventory fell slightly to 3.98 million units, representing an 11.6 month supply.

First time buyers accounted for 31 percent of the Homes for sale in york pa purchased during August. Investors also had a strong showing, accounting for 21 percent of the market, up from 19 percent the month before. Repeat buyers acounted for the remaining 48 percent of August home purchases.

Find the Right Coverage

When purchasing a home, you will need to acquire homeowners insurance. In fact, all lenders will require a policy be in force prior to funding the loan. Make sure you have enough coverage, should anything happen. Policies refer to "replacement costs" that may not cover everything. You should ask your insurance agent a lot of "what if" questions. The deductible amount also plays a big part in setting your premium. Higher deductibles lower the number of claims, and reduce your insurance costs.

Check with your insurance agent for more information on these issues, and any others. If you don't have an insurance agent, we have access to several top-notch agents we can refer you to with confidence.

Seller Opportunities

selling your home in today's market requires strategy and execution. Here are three tips to help sellers reduce their time on market:

  • Make it shine. Buyers are attracted to attractive Homes for sale in york pa. Make your home stand out by mowing the lawn, raking the leaves, washing windows, and cleaning the carpets. These are small things that will make a big difference.
  • Remove clutter. Not only do clean Homes for sale in york pa show better, but tidy homes offer more to the imagination. One person's treasure is another person's trash. Removing unnecessary clutter will help potential buyers envision their own potential or the home.
  • Pay attention to the market. Work with your agent and price your home to sell. A competitively priced home is the one that sells first, and in this market that counts for a lot.

These simple tips can help you sell your home and take advantage of our today's market. Please contact us if you have any questions about selling your home. We are here to help!

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The Pilgrim Team
Professional Realty Associates
2002 S Queen St, Suite 3
York PA 17403
Office: 717-757-5955
717-755-2683
Fax: 717-757-2887