NEPA Housing Market...How Bad Is It? (Scranton, York: for sale, real estate market) - Northeastern Pennsylvania - Pennsylvania -Scranton, Wilkes-Barre, Pocono area - City-Data Forum

JimmyLane · 01-10-2008, 10:35 PM

There's been a lot of talk about some regions not being as succeptible to the decline in real estate as others. Honestly, how bad is NEPA real estate? What's your gut telling you these days? In other words, how screwed are sellers, really?

SteelCityRising · 01-10-2008, 10:52 PM

Quote:

Originally Posted by JimmyLane

There's been a lot of talk about some regions not being as succeptible to the decline in real estate as others. Honestly, how bad is NEPA real estate? What's your gut telling you these days? In other words, how screwed are sellers, really?

NEPA has traditionally weathered volatile real estate markets much better than the rest of the nation. In 2007 Greater Scranton was ranked as having both the 4th-most affordable housing market in the nation and the 4th-"hottest" housing market in the nation, so things can't be too bad. One thing I can say though is that we're facing a huge glut right now making it a buyers' market in NEPA. Too many housing developers pounced upon our region all at once and now not only are they looking to dump their newly-built homes but existing homeowners are competing for the same buyers with their older homes as well. The housing stock has increased too quickly for the market to absorb. Unless we either get an influx of buyers into the region or an easement on new housing starts, we're going to be in this glut for a while.

MermanMike · 01-11-2008, 02:55 AM

I agree that there is an abundance of homes on the market...I don't think we'll see a whole lot of price depreciation though because this area doesn't have inflated real estate values. Land can still be had around here (many part of NEPA anyway) for less than 10,000/acre, so chances are that values will not go up for at least a few years, but I doubt prices will come down much.

I feel bad for sellers in a way, because the national news has made buyers feel like they can low ball any house on the market, without taking into account that NEPA in particular already has very reasonable real estate prices.

BLUEDIAMOND64 · 01-11-2008, 04:56 AM

If the house is nice and priced right in a good location it will sell. Houses stay on the market longer - but it boils down to how motivated a seller is. Location is important. I think we are in for the long haul with the housing market. I do not see it getting better real soon. However, the cost of prices in other areas such as New Jersey and New York are good signs for sellers in the NEPA area.

TERMINOLOGY · 01-11-2008, 05:05 AM

Agreed HH. Even though we are in a long market now, hasn't the average market value improved here over the past 5 years?

BLUEDIAMOND64 · 01-11-2008, 05:10 AM

Hi Term,
Yes, I think NEPA is unique and not like other areas........Pike being one of the fastest growing counties in PA. The lure is closeness to NYC - transporation by bus or rail and being able to get more bang for the buck......and I say this compared to other areas such as Bergen County, Westchester County, etc. The classroom sizes are growing steady - another indication that this area is prime.

TERMINOLOGY · 01-11-2008, 05:20 AM

The lure for us was the good quality, small, affordable, private schools also. This really is a nice community. It has it's cons, services are a joke, but they don't pay anything, so it's kind of a wash. The income tax in Scranton is regressive, and probably hindering the economy. I enjoy living here.

poconosmama · 01-11-2008, 05:33 AM

I feel like as sellers we are screwed. The realtors around here for the most part dont want to push your house, they just want you to lower the price so it sells itself. They like to use the excuse that the housing market is bad, but I disagree. We are looking for a house and are looking at a very high price range for this area, and it has nothing to do with the sale of our house. So there are people out there that are looking and not looking to screw a seller and give a ridiculous lowball. I hate the whole process and cant wait to be done its so stressful

I LOVE PA! · 01-11-2008, 06:12 AM

I agree poconosmama....my house is for sale for over a year. I have listed with 3 different offices, and all the offices as well as the agents say my house is priced right. I refuse to lower it. I would only be doing my share by lowering home values in this horrible market. I unfortunately cannot buy until I sell...so I wait. And most days I forget my house is even for sale! I have definitely seen a dramatic increase of resales, listings and new home bulding in my area. New homes were going up all over the place, I probably drove past 10 -15 just in a few blocks for many months. It's rare to see a foundation going in these days here.
I'm hoping spring....if my house doesn't sell by the summer, I'm just going to stay...(I think!)

TERMINOLOGY · 01-11-2008, 06:32 AM

More than likely if your house is on the market, you probably have to sell. This being said, if you don't have to sell, DON'T. Now is not the time. We are in, or in the begining of a recession. Hopefully, its mild, and we have hit the bottom of it.

I would wager that waiting a year to sell, at the worst, can be no worse than now. On the upside, it will be better.