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 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.

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

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.

The attendance for the York Fair is in and it is the second most attended fair behind the 2007 fair which reported 617,000 attendees through the gate that year. The attendance for 2010 was approximately 609,000.  It appears the great weather we had in York kept people attending locally instead of leaving the area and traveling to amusemet parks out of the area. Jerry Pilgrim even took time off and walked the midway.

Useful Information about York PA has a lot of history dating back to the pre-revolutionary days. The photo you see is the Central Farmers Market located on Wmarket and est Philadelphia Street.  York has three famers markets with The Farmers Market on West Market Street and Penn Streets being the oldest. Local Farmers have been tending their stands for decades. Fresh produce, meats and home made items are available for sale.

Pilgrim Team of Professional Realty Associates is proud to announce Lancaster Home Builders Newest Community located in Dover Towship in York County PA. Lancaster Home Builders is offering 13 home floor plans priced from the Mid $150's. House designns include Rancher, Two Story, Cape Cod. The Builder will work with the home buyer in some floor plan modifications so that the homeowner can modify a particular design to fit their individual needs and requirements. The Sales Representative is Jerry Pilgrim Broker of Professional Realty Associates located in York, PA.

Open houses will begin in early November on weekends, but appointments can be arraigned to meet with a representative to tour different floor plans throughout the week. Bring your own house design and we will be glad to work with you.

Fox Run Creek Estates is located in an area of York County wit gently rolling hills with scenic vistas of the Skytop area north of Dover, PA. Parks including Pinchot State Park, Ski are nearby. For more information visit us at: Fox Run Creek.

With college starting back up it could be time to consider buying an Real Estate Investment property for your child to live in rather than paying for a dorm room. With interest rates being so low it makes sense to invest in something that you can later sell or hold onto as a rental property rather than pay rent for a room.

York College, Penn State York, Gettysburg College, HACC, and York Technical Institute are some of the campuses nearby.

Pilgrim Team can help you find just the right property that could work for you. Contact us to discuss this opportunity further.