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Delaware Valley Real Estate Market Trends

Fall 2017 Delaware Valley Real Estate Market Update

Delaware Valley Real Estate Market Trends

The Fall 2017 Delaware Valley Real Estate Market is up but also down.

Sales in the Delaware Valley Real Estate and Lehigh Valley Real Estate market exceeded last November by 4.7% and are now up 7.8% Year-To-Date. Sales have cooled a bit after a very strong start to 2017, but are still exceeding last year every month. The Fall 2017 Delaware Valley Real Estate Market is up but also down.

The median sold price is up just 1.4% this year, below the expectations of most housing market experts however, the median sold price in Pennsylvania is up 4.4% Year-To-Date. Delaware median sold prices are the same as in 2016 while New Jersey has seen a slight decline of 0.6% due primarily to an increase in foreclosure sales.


Fall 2017 Delaware Valley Real Estate Market Update

Delaware Valley Real Estate: Settled Listings
Category November 2016 November 2017 Change
Residential Real Estate 6,760 7,078 4.7%
Lots, Land and Farms 111 129 16.2%
Multi-Family 223 234 4.9%
Commercial 169 145 -14.2%

Sales in the Fall 2017 Delaware Valley Real Estate Market Update region were up 4.7% compared to last November, while Bucks County sales were down 12.9%. Year-to-date sales in TREND are up 7.9% year-to-date.

Delaware Valley Real Estate: Median Home Price
Category November 2016 November 2017 Change
Residential Real Estate $212,500 $215,000 1.2%
Lots, Land and Farms $60,500 $122,000 103.3%
Multi-Family $150,000 $138,950 -7.4%
Commercial $150,000 $110,000 -26.7%

The median sold price throughout the Delaware Valley and Lehigh Valley market was up 1.2% from last November, while Bucks County was down 0.3% compared to last November. The fall 2017 Delaware Valley Real Estate Market Update reveals that the year-to-date the median sold price in the local real estate market is up 1.4% while Bucks County is up 5.5%.

Click here for Bucks County Home Sale Data Fall 2017 Report.

2015 Home Remodel Project Report

2015 Home Remodel Project Report: Cost versus Value

Cost versus Value 2015 Report

Cost-Versus-ValueConsidering a remodel job at your home or property? Think again. You should always consult a handy “Cost vs Value” chart to see if your project is on the list… and how you can benefit (or not). Many times, unless you plan to enjoy the addition, kitchen remodel, bathroom remodel or new windows and siding before selling, you may decide it’s not worth the time, energy and expense to remodel.

The following chart shows how your remodel project stacks against the price paid versus price earned when you go to sell that improvement. It’s based on the Northeast region encompassing Pennsylvania and New York. While it’s slightly adjusted for the region, it’s within a small percent of the rest of the country. So plan accordingly.

2015 National Averages
Middle Atlantic

Project
Job
Cost
Resale Value
Cost Recoup
Job
Cost
Resale Value
Cost Recoup
Change vs 2014
Attic Bedroom $51,696 $39,908 77.2% $54,873 $37,563 68.5%
Backup Power Generator $12,135 $7,263 59.9% $12,445 $7,010 56.3%  
Basement Remodel $65,442 $47,637 72.8% $69,012 $39,926 57.9%  
Bathroom Addition $39,578 $22,875 57.8% $41,708 $19,658 47.1%  
Bathroom Remodel $16,724 $11,707 70.0% $17,497 $10,200 58.3%  
Deck Addition (composite) $15,912 $10,816 68.0% $16,313 $10,147 62.2%  
Deck Addition (wood) $10,048 $8,085 80.5% $10,512 $7,349 69.9%  
Entry Door Replacement (fiberglass) $2,926 $2,107 72.0% $2,967 $1,972 66.4%  
Entry Door Replacement (steel) $1,230 $1,252 101.8% $1,259 $1,115 88.5%  
Family Room Addition $84,201 $53,955 64.1% $87,505 $48,409 55.3%  
Garage Addition $52,382 $33,938 64.8% $55,846 $30,932 55.4%  
Garage Door Replacement $1,595 $1,410 88.4% $1,640 $1,270 77.5%  
Home Office Remodel $29,066 $14,155 48.7% $30,151 $11,674 38.7%  
Major Kitchen Remodel $56,768 $38,485 67.8% $58,536 $35,481 60.6%  
Manufactured Stone Veneer $7,150 $6,594 92.2% $7,239 $5,652 78.1%  
Master Suite Addition $111,245 $68,596 61.7% $115,020 $61,963 53.9%  
Minor Kitchen Remodel $19,226 $15,255 79.3% $19,957 $13,516 68.0%  
Roofing Replacement $19,528 $13,975 71.6% $20,084 $11,445 57.0%  
Siding Replacement (vinyl) $12,013 $9,694 80.7% $12,575 $8,621 68.6%  
Sunroom Addition $75,726 $36,704 48.5% $78,248 $32,348 41.3%  
Two-Story Addition $161,925 $103,848 64.1% $169,889 $92,503 54.4%  
Window Replacement (vinyl) $11,198 $8,163 72.9% $10,666 $6,911 64.8%  
Window Replacement (wood) $11,341 $8,937 78.8% $11,690 $7,730 66.1%  

Want to know the Cost versus Value for your home? Contact HMSRE and one of our REALTORS and licensed Real Estate Agents today to see how we let our clients Take More Home!

Call us toll-free @ 1-866-502-LIST

Why For-Sale by Owner Sales Fail

Why For-Sale by Owner Sales Fail (Part 2 of 2)

Why For-Sale by Owner Sales Fail

It’s not just a price advantage to the seller using a real estate agent. It comes back to several advantages of using a professional Realtor.

Benefits using a Home Marketsite Real Estate Agent:

FSBO

Going For Sale by Owner sounds great, but nets you less.

– Access to local market data (recent sales, comps and other properties currently for sale).
Important: Studies show that homes priced right when they’re first listed sell more quickly and for a higher price than those that linger on the market.
– Realtors can show your home when you’re not available.
– Get valuable feedback to make adjustments to how the home shows, compares to others for sale and is priced.
– Objectivity from an agent who suggests ways to improve appearance and add value. Sometimes this includes, staging and minor repairs to increase appeal.
– Buyers prefer the Seller to not be present.
– Realtors can screen visitors to your home.
– A professional agent has proven marketing tools available to attract greater buyers to their listing.
– A good agent knows how to negotiate for their Sellers. It’s not only price, but settlement date, municipal inspections, certifications and other instruments needed to bring the home to settlement.

If you’re a For-Sale by Owner, Contact Us today to learn how we can help sell your home in PA. Get your free market analysis and custom home value report.

For Sale by Owner vs REALTOR

CALL Home Marketsite:866-502-LIST

 

Credit: http://www.realtor.org/reports/highlights-from-the-2012-profile-of-home-buyers-and-sellers

 

Why For-Sale by Owner Sales Fail

Why For-Sale by Owner Sales Fail (Part 1 of 2)

Why For-Sale by Owner Sales Fail

In the era of DIY blogs, magazines, TV shows and big-box stores, today’s consumer feels brave when exploring options to sell their home. One of the main reasons a Sellers wants to go at it themselves is to pocket the traditional real estate commission. What they fail to realize is that it’s semi-flexible and can be negotiated directly with an agent. The other reason is they know their home best and think they can sell it better than anyone else. Remember, they were sold on buying it in the first place and think there are others like them looking for the same thing. And there in lies a major issue for anyone looking to sell their home – emotion.

FSBO

Going For Sale by Owner sounds great, but nets you less.

There are a select few who think it’s as easy as sticking the sign in the yard and it will sell. Yet they haven’t the foggiest idea what to do. Putting up a sign and posting it online may work for a few sellers, but it’s not ideal. Here’s why. Statistics prove time and time again that using a professional real estate agent will always garner a higher price (and profit) than going at it alone. The different not only covers the commission but also puts more money in the seller using an agent. According to the NAR (National Association of REALTORS) 2013 Profile of Home Buyers and Sellers, the average sold price for a home represented by an agent was $215,000 while the For Sale by Owner or FSBO sales price was $174,900. The difference? $40,100 Let’s look at both examples by the numbers:

FSBO MLS (REALTOR)
Sale Price 174,900 215,000
Gross Difference -40,100 +40,100
Net Amount:
Commission (6%)* 0 -12,900
Net Amount -40,100 +27,200

*Assuming an average commission of 6% or 3% for the Seller’s Agent (Listing Agent) and 3% for the Buyer’s Agent. On paper, you can see why For-Sale by Owner sales fail. The listing choice is obvious. When you finish comparing what you get in addition to a greater net sale price, the choice is obvious.

If you’re a For-Sale by Owner, Contact Us today to learn how we can help sell your home in PA. Get your free market analysis and custom home value report.

For Sale by Owner vs REALTOR

CALL Home Marketsite:866-502-LIST

 

Credit: http://www.realtor.org/reports/highlights-from-the-2012-profile-of-home-buyers-and-sellers

 

Real Estate Sales Commissions

Why Real Agents are worth their Commission

Why Real Agents are worth their Commission

Real Agents worth their Commission

Well, all joking aside, maximizing value for Buyers, Sellers and Agents is serious business. Are Real Agents worth their Commission – yes!

Even in this age of the Internet, real estate agents are still a “very integral” part of buying and selling homes, Zillow CEO Spencer Rascoff on CNBC’s Squawk Box.

  1. Not going away anytime soon. The remain an integral part of the transaction.
  2. Even though the total commission is traditionally up to 6%, they provide great value in the transaction – similar to an investment banker.
  3. The successful agent has change from being an information gateway to a great negotiator and transaction expert.

You may be asking:
Are Real Agents worth their Commission?

Even in the era of online data overload, agents will continue to evolve to provide greater value throughout the process. The total 6% commission is negotiable but should be discussed directly with a licensed real estate agent. Is the REALTOR worth their collective 6% Commission? Many are and some aren’t.

Every client is our valued partner in the home-buying process. That’s why we’ve created the Home Marketsite – Buy & Save™ program. When you register and sign up for this program, we give you up to 20% of our commission as a cash rebate at settlement! We give YOU up to 20% of our commission when you close on your home.See details below.

Come find out how Home Marketsite is worth their muster! Our real estate agents are worth their commission – come see why. List & Sell for less. Buyers using a Home Marketsite agent get Cash-Back.

SELL & BUY
If you need to Sell your home, GREAT NEWS. We now offer Home Sellers who also buy with us a DOUBLE CASH BACK REBATE. For Sellers who are not purchasing after selling their home, we do discount our commission to help you sell your home faster and with savings.

Contact a Home Marketsite Realtor today and put our value to work for you.

Call us today: 866-502-LIST

Take MORE Home!™