According to Trend MLS, the Philadelphia region real estate listing service, October saw an overall increase from the previous year. They said that despite the fear the government shutdown would have a negative effect on real estate activity, October closed sales exceeded last year by 18% and year-to-date is now 16% above last year.
In Montgomery county, there were 669 settled units in October 2013 compared to 514 in October 2012. The median sale price also increased from $246,000 in 2012 to $276,000 in October 2014.
All good signs!
According to Lawrence Yun, the chief economist and senior VP for the National Association of Realtors (NAR), he predicts the housing demand to plateau next year with housing prices to increase by 6% and interest rates hitting 5.4%. The higher interest rate my discourage some buyers, but with the increase in job creation and loosening lending standards, he believes sales should balance out.
I think if you're on the fence on buying (moving up, scaling down, or first time) it's a great time to start the process. Now is the time to speak to a mortgage consultant and Realtor to get yourself in the position to make a move in 2014!
In Montgomery county, there were 669 settled units in October 2013 compared to 514 in October 2012. The median sale price also increased from $246,000 in 2012 to $276,000 in October 2014.
All good signs!
According to Lawrence Yun, the chief economist and senior VP for the National Association of Realtors (NAR), he predicts the housing demand to plateau next year with housing prices to increase by 6% and interest rates hitting 5.4%. The higher interest rate my discourage some buyers, but with the increase in job creation and loosening lending standards, he believes sales should balance out.
I think if you're on the fence on buying (moving up, scaling down, or first time) it's a great time to start the process. Now is the time to speak to a mortgage consultant and Realtor to get yourself in the position to make a move in 2014!
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