Tag Archive for: Northeastern Pennsylvania

Our Award-Winning Website Strikes Again

It’s hard to imagine the real estate terrain we find ourselves in these days, but yet here we are. Many parts of the Northeast, who prior to the pandemic were struggling, are now reporting record signs of growth – the largest increase in home sales since the end of 2006. Unlike much of the Northeast portion of our country prior to COVID-19, Northeastern Pennsylvania’s market was thriving. When the economy became derailed in March, real estate entered stealth-mode for over two months. Since then the terrain has been very smooth, churning at a fast pace. Home sales and home prices have been on the rise. Though homes are selling for 11.6% more this August versus one year ago, home prices year-to-date are enjoying a more comfortable 2.2% increase (year-over-year).*

Sure, the challenges are present for our market: our inventory is very low, more homes are going under contract than are being listed and commercial space is beginning to saturate our market; but the Greater Scranton area appears to be insulated from the other surrounding regions. Lower-priced homes have been in short supply this year, especially in recent months. Hopefully new construction kicks it into gear, but the higher costs of lumber since mid-April hasn’t helped the situation. Some homeowners have decided to stay put, which hasn’t boosted the housing inventory either. Nevertheless, our area remains very affordable and for many first-time buyers, they eventually find what they’re looking for.

Demand remains strong and thus it can be frustrating for some homebuyers, especially in our current seller’s market. It’s particularly stressful if you’re searching in print these days! Some of the properties we market in print are no longer active when they appear in black-and-white in the publication. Honestly, properties are moving fast these days. May we make a suggestion? If you’re actively searching for a home in today’s market, look online without hesitation. We would also strongly suggest having your agent keep you up to speed with the latest listings that fit your criteria and the trends affecting the neighborhood(s) where you’re searching.

Where you search online can make a difference too. Recently, we were awarded Best Real Estate Website in Northeastern Pennsylvania for the third year in a row by local newspaper readership. Our award-winning website, realtynetwork.net, features the entire inventory of homes on the market through our comprehensive database. Our site has a simple interface with straightforward navigation and high mobile-performance, so you can easily connect with us from wherever you are. There are many tools available for visitors to explore as well. Venture to our award-winning website today and let us know what you think.

 

* Greater Scranton Board of REALTORS® stats

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How To Find Your Next Home While Sheltering In Place

It’s been a trying time for homebuyers and sellers since mid-March. They’ve had to put their plans on hold. Their real estate future has been met with uncertainty, but of course, sadly some have lost their jobs and are either in no position to purchase property or are afraid of losing their home. Thankfully, mortgage loan forbearance has rescued many in this post-COVID-19 society. In fact, loan forbearance won’t negatively affect your credit. (Learn more about it here.) There are others who have surprisingly found themselves in a better position than they did at the start of the year: People have realized how much they dislike their jobs by having time to reflect and/or working from their residences; some are “earning” more on unemployment compensation than they did when they were employed; and some, who have families, are working from home while saving money on daycare costs (though that’s coupled with homeschooling these days).

It is a crazy world we live in right now. It seems as if my third grader had written this tale – a contagious virus attacks our cities, school’s out (as well as our supply of toilet paper) and when we opened our pool in May, it began to snow.

Presently, real estate is opened for business in only twenty-four (yellow) counties in Pennsylvania, but it’s not “business as usual” yet. There are precautions taking place in those counties resuming in-person activities. Over the next few weeks, we could see real estate showings and in-person meetings resume in parts of Northeastern PA. Homebuyers, who are patiently waiting and believe they’ll be in a position to buy in the upcoming weeks, can take steps to be ready for action. We’ve outlined six ways you can find your next home while sheltering in place:

  • Use Google’s Street View option to explore areas of interest. This tool allows you to catch a view of a house or an entire neighborhood without even taking a step outside.
  • Time is a precious commodity. We value it and we know you do too! Therefore, when you discover areas of interest, estimate how long it will take you to commute to and from work.
  • Research area schools and learn how they stack up against other districts in your community. GreatSchools is one place to look, but there are others as well. Gain insight into our area school districts and properties available for sale within those districts.
  • Research local cities to find out all they have to offer. We’ve done a little research for you on some of the popular cities of NEPA, including Archbald, Carbondale, Clarks Summit, Dickson City, Dunmore, Factoryville, Moscow, Old Forge and Scranton.
  • Connecting with locals is a great way to gain insight into a neighborhood. Scour the web for resources from local communities as well as social media groups you can join.
  • Make sure to equip yourself with crime data for neighborhoods where you’re thinking about purchasing a home. This is one way to be informed about how safe or potentially dangerous an area might be.
  • Find a buyer’s agent you can trust, who has experience selling in various market conditions and who’s knowledgeable about the areas you’re interested in.

For more insight, check out 8 Ways To Test-Drive A Neighborhood While Sheltering In Place.

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A Home Is The Safest Place To Be

Coronavirus Q&A below. Over the course of the past three weeks, Northeastern Pennsylvania (NEPA) has undergone changes in lifestyle, business and just about everything else you can possibly imagine, including real estate. Governor Tom Wolf’s orders, as they pertain to our industry, remain non-life-sustaining. Yet, in a recent move by the Pennsylvania Association of REALTORS® (PAR), the association entered a brief in support of a lawsuit, which has been filed against Pennsylvania’s governor. The purpose of the suit? To designate real estate as a life-sustaining business.

PAR recognizes the importance of “[minimizing] in-person services wherever possible and [following] appropriate CDC guidelines” to keep the public safe and flatten the spread of COVID-19, but when deemed necessary, the association believes sellers and homebuyers should have the ability to attain shelter – one of life’s three essentials.

Coronavirus Q&A: How to approach selling your home or buying one during the coronavirus pandemic.

Nevertheless, it’s a confusing time for buyers and sellers and you can add real estate professionals to the list also! Some consumers are left wondering if obtaining a roof over their head is even an option right now. The world is changing, which is fairly evident. Real estate and how the industry will operate henceforth will be altered too. We look to keep you informed as this fluid situation constantly changes. In the meantime, we’ve addressed some of the common questions we’ve received from our clients/customers.

Can I sell my home in this current climate?

If you’re thinking about selling your home immediately, understand that the present terrain in real estate has numerous roadblocks, which you’ll encounter in some way, shape or form. Can a home be sold momentarily? Yes, it’s possible, but realize tremendous assistance from the seller would probably be required in conjunction with the agent, while attempting to procure a buyer. This is a discussion you need to have with your REALTOR®.

Are there things I can be doing now to prepare to sell my home?

There are absolutely things which can be done now to prep your home to sell in the months to come. “Clearing out the clutter” should definitely be on the top of your list. Other strategies like painting, reorganizing, attacking problem areas of the home and landscaping should strongly be considered as well. Check out this page on our site, which will give you a few more ideas to consider. As a homeowner, you should contact your REALTOR® to come up with a plan for proceeding, as many sellers find themselves on the sidelines during this outbreak.

Should I look for a home now or wait?

There are multiple phases to the home search process. Prospective buyers typically start their search online months before they even physically enter a home (which is practically impossible since the outbreak of COVID-19). For the consumer who doesn’t have to move – wait. In the state of Pennsylvania, there are no in-person showings until further notice. Only services that a REALTOR® could offer remotely are permitted at this time. Of course, you can look at homes virtually through our extensive online catalog of properties available for sale in NEPA.

As a buyer if I decide to wait, what steps would you suggest I take so that I’m prepared for a time when in-person showings resume?

First and foremost, we would recommend setting up a “virtual” homebuyer consultation. If you have an agent, get in touch with them and discuss your needs. If you don’t have one yet, start your search there. Choosing a real estate professional is more important than one might think. Select the perfect agent for you! Secondly, reach out to mortgage lenders. Have a firm grasp on what you can and can’t afford, find ways to improve your credit score, if necessary, and look at the lending options available to you. Lastly, begin examining the market and what’s available in your price range. Create a list of pros and cons. Having a better understanding of these three dimensions can only propel you toward making better decisions when the time is right.

As homebuyers and sellers, can we engage in executing an agreement of sale during this unprecedented time?

Yes, but there’s so much that goes into making these types of decisions: Can I place an offer on a property I haven’t stepped foot in? Are there certain reasons I might want to press pause for the time being whether I’m buying or selling? We strongly suggest you discuss your concerns with your REALTOR® as well as your real estate attorney.

 

We hope this Coronavirus Q&A was helpful. Should you need further assistance, please reach out to our network of real estate professionals.

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Are Millennials Missing Out On Homeownership?

Over a decade ago, the Great Recession was coming to an end. Mortgage lenders were beginning to tighten their requirements as they were sifting through the mess of an influx of foreclosures. Housing prices began to plummet. Millennials, anyone who was then ages 13 to 28, obviously didn’t have much of an impact on the housing market, many will still in school. Over the course of the past decade, home prices as well as the impact this generation has had on housing have steadily increased. The question remains though: What sort of effect have they had?

A recent article from Fortune written by Shawn Tully discusses the challenges millennials have encountered in recent years in a slightly volatile real estate market. Although housing experienced cheaper prices relative to the previous decade, millennials had little impact until two years ago. “[M]illennials had loads of college debt, and many had bad credit,” as the above mentioned cites. Until 2017, this generation became the “lost generation” when it came to home ownership. Last year, they made a big impression accounting for half of new homes sales. Now it appears with under-building in home construction, diminishing home affordability and rising rates on home loans, sales could be shifting back to more affluent buyers (Gen-Xers and baby boomers). We may once again witness a drop in homeownership rates for millennials.

This is concerning for the state of affairs in many markets throughout our nation: multiple locations such as California, Nevada, New York, Florida, just to name a few. The cost of housing has spiked so much in recent years that first-time homebuyers, many of which are millennials, don’t stand a chance. Yet, not all millennials are fighting this battle. In Northeastern Pennsylvania, the “lost generation” continues to be found in the first-time homebuyer market.

The Greater Scranton market presently carries with it an absorption rate of 6.34 year-to-date and 5.82 year-over-year (YOY) for December. Absorption rate is “the rate at which homes are selling in a specific area.” I bring this up, because this market is actually slipping into a seller’s market. Absorption rates between 6-9 (months of inventory) signal a balanced market, whereas rates between 3-6 indicate a normal seller’s market. Millennials are actually the catalyst. They’re buying up homes now.

Millennials, the largest generation in our country, lead the charge to homeownership and improved financial stability in Northeastern PA. As family formation increases in our area this year, we’ll see the effect this “lost generation” has on the growth of our local economy.

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