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Posted 06-11-2009 at 02:35 PM by jeffvivian
Despite the slide in the real estate market over the last year, the spring and coming summer marketplace has provided some much anticipated optimism from buyers. With this optimism, real estate agents will tell you that activity is building with showings, prequals, buyers consultations and even....yes....Listing Consultations. Although the main word in still is "ACTIVITY" there is certainly an air of recovery on certain levels about the Lehigh Valley Housing Market.
I wanted to give a little insight into the Lehigh Valley Housing Market....most of the activity is still concentrated under the $250K mark, thanks to the passing of the housing bill that created a $8000.00 tax credit for fist time homebuyers. Over the 250K mark is still slow and it will probably take a couple of months for the property ladder (a person selling at $150K gets a buyer then goes and buys at $250K, which allows that seller to buy at $350k, which allows for that seller to buy at $450k...etc) to establish itself.
The reason it will take sometime for the property ladder to establish can be attributed to the "glut" of foreclosed/short sale properties that entered the market. Obviously, buyers closing on a foreclosure creates a single transaction, not a scenario where a seller would be entering the market at a higher price range.
However what seems to be some light in the market under $250K...is the divide that most buyers are evaluating right now. Which is to say a buyer in the market under $250K seems to be looking at 2 different things...a home in foreclosure/short sale which is a good deal (cheap) but will require TLC...or a property that maybe a little more expensive but is a finished product (move in ready). This is the opportunity that presents itself, it seems throughout the property ladder...and is getting buyers and sellers focused on this marketplace. And why NOT...I mean currently we have the lowest prices in the past couple years, lowest interest rates in some time, and sellers/banks willing to negotiate a win-win scenario. Now THAT is OPPORTUNITY.
So start your search for OPPORTUNITY Today...
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I wanted to give a little insight into the Lehigh Valley Housing Market....most of the activity is still concentrated under the $250K mark, thanks to the passing of the housing bill that created a $8000.00 tax credit for fist time homebuyers. Over the 250K mark is still slow and it will probably take a couple of months for the property ladder (a person selling at $150K gets a buyer then goes and buys at $250K, which allows that seller to buy at $350k, which allows for that seller to buy at $450k...etc) to establish itself.
The reason it will take sometime for the property ladder to establish can be attributed to the "glut" of foreclosed/short sale properties that entered the market. Obviously, buyers closing on a foreclosure creates a single transaction, not a scenario where a seller would be entering the market at a higher price range.
However what seems to be some light in the market under $250K...is the divide that most buyers are evaluating right now. Which is to say a buyer in the market under $250K seems to be looking at 2 different things...a home in foreclosure/short sale which is a good deal (cheap) but will require TLC...or a property that maybe a little more expensive but is a finished product (move in ready). This is the opportunity that presents itself, it seems throughout the property ladder...and is getting buyers and sellers focused on this marketplace. And why NOT...I mean currently we have the lowest prices in the past couple years, lowest interest rates in some time, and sellers/banks willing to negotiate a win-win scenario. Now THAT is OPPORTUNITY.
So start your search for OPPORTUNITY Today...
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