Howz the Real Estate Market in the Poconos? (Scranton, Wilkes-Barre: buying a home, transfer)

[MrTudo]

We've long thought of maybe buying a second house, up yonder but after the prices went crazy we backed off. Hows things now? Is it imploding like many other parts of the country ? Prices coming down yet? We're interested primarily in Wayne Cnty.

[ff18wife]

Here's what my realtor in Pike Cty told me the other day...

"The market is very slow right now. Houses are taking anywhere from 6 to 8 months to sell. Plenty more homes are coming on the market. There is an abundance of inventory and plenty in the way of price reductions. The buyers are in control and they are putting in crazy offers.... anywhere from $30,000 to $150,000 off list price."

[ScranBarre]

Agreed. There is a huge housing glut right now in NEPA, and it continues to get worse. Greedy housing developers are slapping up tract-housing left and right in the suburbs, and many of those homes aren't selling (yet they still build more anyways). Scranton and Wilkes-Barre each have the highest level of housing inventory they've had in years. The Poconos market is also oversaturated. If a seller is desperate enough to get the hell out, then they'll probably entertain all reasonable offers.

[BLUEDIAMOND64]

I have a wonderful real estate agent that only gets referrals. I am getting 4 showings a week. If the house is priced right it will sell, if it doesn't it will stay on the market. I read the transfers every week in the newspaper and houses are selling. It might take a little longer but they are selling.
Most of the folks looking at my house are from Bergen NJ and New York.
The Hat

[poconosmama]

I am in Wayne County and our house has been on the market for about 4 months now. I think if we had a more aggressive realtor we would be getting more showings. We are in a small community where people are buying, but they are buying houses in the $125-150 range and we are around $250 so for most summer residents thats a big jump. We have no plans to lower our price despite what other people have been going through. We are asking a fair price and I'd rather just wait it out then screw myself!

[BLUEDIAMOND64]

The commuter areas are doing great because of the easy access to 84 and the trains into NYC from Port Jervis. Predictions for the real estate market are not good long term and much depends on how bad you want to sell. If the market goes down as they predict so will the prices of houses. A popular part of the market are second homes for the $200,000 range, but many people are moving this way becaue of all the hype. Milford has been getting quite a bit of attention in the Budget Travel magazine as the 2nd Coolest Town in the U.S. to live. Good luck, things are moving, a little slower - but a good realtor who works for you makes all the difference in the world!

The Hat

[I LOVE PA!]

Originally Posted by poconosmama

I am in Wayne County and our house has been on the market for about 4 months now. I think if we had a more aggressive realtor we would be getting more showings. We are in a small community where people are buying, but they are buying houses in the $125-150 range and we are around $250 so for most summer residents thats a big jump. We have no plans to lower our price despite what other people have been going through. We are asking a fair price and I'd rather just wait it out then screw myself!

DITTO! I am in the same boat, but our house has been on the market for about a year. I am on my third realtor, and I feel strongly that my curret one who I hire a few weeks ago will sell my house. I have had more communication with her in 3 weeks than the other 2 in 6 months. Everyone says my house is priced right, so I'm waiting....I'll need every penny for the next house!

I know people who have built brand new spec houses looking to make some money and haven't been able to sell for a yr. now.

I have lived here for 14 years and according to all the realtors I talk to, the market has not been this bad for a very long time.

[BLUEDIAMOND64]

Hi, PA

I have learned quite a bit from realtors. The first one I had was a "list collector" collect the listings and hope someone else sells it and she just colllects the money. The second one is tops! My house gets so many showings, we had a virtual tour done yesterday and she is non-stop busy with clients and closings. She only goes by referrals and I know agents get a bad rap sometimes but she is a real go getter!!! There are realtors despite the market that are busy, busy busy, and the realtor that we have now was the one that was showing our house when the other agent collected our listing.

The Hat

[builderforthepeople]

Hi,

If you are interested in buying a house right now, it is actually a good time, as this market is now being referred to as a "buyer's market" Sellers that have homes that have been sitting on the market for a long time tend to want to cut the price or accept a more reasonable offer than what is listed. The same goes for builders of new homes. In this market, they are slashing prices by huge amounts on their homes that are ready for immediate sale, but the time to buy is now - befor the tide turns back in their favor.
If you need financing, this may be a bad time to buy or build, so be careful with that. It is wise to use a lawyer, even if you've been told you don't need one. An inspector will also be invaluable when buying a home.

[BLUEDIAMOND64]

Houses are selling in the Dingmans Ferry and Milford area, one house just sold in our development over the weekend. Houses are moving if they are priced right.