Home Warranty Shopping? Here’s What To Look For!

Are you a homeowner, seller or maybe even a buyer looking for some additional peace of mind for your investment? If you are, then you possibly should consider adding a home warranty, creating that umbrella for your home. We’ve seen hesitancy surrounding warranty providers in our industry and that’s certainly understandable. There are myths as well as pros when utilizing home warranty companies. It’s important to know what they are before buying a plan. Have a firm awareness of what your needs are so you can make the most of your home warranty.

Below, you’ll find additional insight as well as some tips, if you’re considering making this leap. We spoke with one of our real estate professionals, Florence Avvisato, who spoke of emerging trends to watch for, what factors consumers should have on their radar when choosing a warranty company, not to mention some of the common issues our clients experience.

With financial security becoming of rising concern for many homeowners this year, home warranties are an appealing option to consider. “One trend has been an increase in warranty providers, who are seeking owners who want to ease the risk and have financial security high on their lists,” states Florence Avvisato, REALTOR® with Realty Network Group. These companies are also shifting toward proactive home maintenance programs with numerous choices and varying levels of coverage for property owners to entertain. Another emerging trend in the industry is the increasing use of technology, such as online portals and mobile apps, to streamline the claims process and provide faster service to customers. While this technology has been available before, it’s certainly in wider use now. Having customers’ information in a database helps to engage the proper professionals to the home when they’re needed there sooner than later. Finally, “there has been a shift towards more customizable plans, allowing customers to tailor their coverage to their specific needs and budget,” emphasized Florence. “There’s an expansion of coverage options.” Over the years, there’s been a shift from general coverage to buyer and seller plans to now specific plans focused upon particular systems and appliances in the home. Customers should also be aware of the increasing competition in the home warranty market. As stated above, more warranty providers are entering the market to meet the demand from homeowners, who are starting to recognize the value of coverage lately. More providers in the market has led to more competitive pricing and better (and more specific) coverage options. It’s important for customers to stay informed and compare/contrast different companies to ensure they are getting the best bang for their buck.

When evaluating and choosing a home warranty company, there are several factors that consumers should consider. “At the top of the list, I advise my clients to contact two or more companies,” explains Florence. “They need to put in the time and should research a company’s reputation along with customer reviews to ensure that they have a good track record of providing reliable and efficient services. In this industry, we face scrutiny and praise from our clients too, and this is always an indicator of how we, or in this case, home warranty companies likewise rank and respond to concerns from their customer base.” Consumers should also look at the coverage options and pricing plans offered by the company to determine if they align with their specific needs and budget. It’s not always the case, but some warranty providers have coverage options which can be tailored to unique needs from the owner of the home. It’s important to thoroughly read and understand the fine print of the warranty to avoid any unexpected costs or limitations. “Another crucial factor to consider is the company’s network of contractors and their qualifications, as they will be the ones performing any necessary repairs,” maintains Florence. “If you can attain this list ahead of time, that would be ideal. I believe a company is only as good as the contractors and repair personnel who are coming into your home.” Even though this pursuit is harder to fulfill, consumers should also look into the company’s claim process and customer service to ensure that they will receive prompt and satisfactory assistance when needed. Overall, it’s essential to carefully evaluate all these factors to make an informed decision and choose a reputable and reliable home warranty company.

The biggest beef we hear in our industry with respect to home warranty providers is their inability to operate in an efficient manner whether it’s communication to all parties involved, getting the proper professionals on site or even getting the ball rolling on a filed claim. Issues in delays for service or repairs can dishearten mutual clients of both REALTORS® as well as home warranty suppliers. This can be frustrating for customers who are relying on their warranty to cover unexpected repairs in the home on things they rely upon. “They want to know when they sign up for coverage, they’ll receive good service when a repair of a home appliance or system, which is covered under their plan, fails,” reiterates Florence. “Additionally, some customers may face difficulty in reaching customer service or getting timely responses from the home warranty company. This can lead to further frustration and delays in resolving issues.” Lastly, another common issue is denied claims, where the home warranty company may refuse to cover a certain repair or replacement. This can be due to various reasons, and some of them are legitimate, such as pre-existing conditions or lack of proper maintenance. Again, property owners will want to confirm ahead of time what’s covered and what isn’t under the plan they’re considering. We never want there to be confusion or miscommunication regarding coverage and what’s included in the home warranty plan, causing disappointment and unexpected expenses for our clients. Overall, these issues can make the experience of dealing with home warranty companies a challenging one for sure, but it’s important to rely on your real estate professional, who can guide you throughout this process.

/by

Why Homes Sit on the Market: 5 Fixable Reasons

,

 Don’t let your home sit—let it stand above the rest of the competition and be noticed. If there’s one thing we counsel our clientele on today, it’s making a distinction between their home and others “on the market, not selling.” What are the unique selling points of their home? What is the state of the market, even as granular as their neighborhood? Are there comparable properties selling right now? Putting together a vivid picture of the subject property and how to elevate it above other similar homes could mean the difference between fewer days on market and maybe even a multiple offer situation. Understanding why homes sit on the market can help sellers create an effective strategy.

1. Pricing

This is the obvious. The elephant in the room. We’d be deceiving ourselves if we didn’t mention this one first, because it’s the most important and for good reason. Remember, the whole process for a buyer begins (or should begin) with an honest assessment of what they can afford and tailoring their search around that benchmark. The buyer consults a mortgage lender, discovers how much they’re pre-approved for, compares that to their financial situation, determines their must-haves when previewing homes, and investigates the market. Homebuyers, especially if they’ve been searching for some time, have an eye for present circumstances and how compatible properties have fared.

Sellers who better understand what buyers are witnessing in terms of pricing can better estimate and position their property for its initial release. That’s why having a REALTOR® generate a competitive market analysis (CMA) tailored to the seller’s home is ideal for understanding how to price it correctly. Although we might be in a period of correction, the market still favors sellers. Because of this, real estate professionals may advise homeowners to set their list price toward the higher end of its value range.

2. Repairs

When owners anticipate selling, they should review all aspects of their property to determine what needs repair and what could benefit from an upgrade. Ideally, this should be done months ahead of time. Consulting a REALTOR® can help owners judge which repairs or updates would help sell the home and which ones to avoid. Sellers want to skip changes that buyers won’t care about or that might negatively affect value.

Some homeowners pursue a “pre-listing” inspection, where a professional evaluates the home and pinpoints potential issues to address before listing. Though less common, this step can be extremely beneficial in certain cases and prevent scenarios where homes sit on the market due to condition concerns.

3. Curb Appeal

We emphasize this often—because it matters. Do you want increased engagement and more prospective buyers to see your home? One of the quickest ways to attract attention, both online and for in-person showings, is to create an inviting atmosphere. The exterior facade will either captivate or deter onlookers. It’s that simple. A fresh coat of paint on the front door, fresh landscaping, trimmed shrubbery, and a new garage door can all enhance appeal.

However, homeowners shouldn’t go overboard. Changes that don’t appeal to most buyers or that seem too high maintenance could turn people off. Sellers should avoid spending on upgrades that won’t deliver a return on investment. Enhancing curb appeal the right way can make a difference in why homes sit on the market or sell quickly.

4. Buyer Incentives

Offering buyers and their agents meaningful perks can help your home stand out. One popular incentive is a home warranty, which covers the home while it’s listed and provides coverage for the buyer after closing. This protects both parties and adds peace of mind.

Other incentives include seller concessions or closing credits. These financial boosts help buyers cover costs and may tip the scales in your favor. Some sellers offer a buyer’s agent bonus, which encourages agents to prioritize showing your home. These strategies can help minimize why homes sit on the market for extended periods.

5. Marketing

Investing in a knowledgeable real estate professional who understands current market conditions can reduce time on the market. Experienced agents know how to position a property for maximum exposure and understand what’s selling—and why.

Sellers should choose a REALTOR® and brand with a track record of attracting a large pool of buyers. Aggressive, strategic marketing and a willingness to go the extra mile are must-haves. Agents should have a clear plan for how to get your home noticed and shown. Without strong marketing, it’s easy to see why homes sit on the market unnecessarily.

Take Action Now

As a homeowner, some factors—like location or costly upgrades—may be out of your control. But the five listed above are well within reach. Sitting down with your agent to create a strategy based on these tips can ultimately reduce the number of days your home stays listed. Understanding why homes sit on the market helps sellers prepare and adjust before listing.

If you’re considering selling, even if it’s months away, it’s never too early to plan. Contact one of our professionals today to get started!

/0 Comments/by

Choosing To Live On A Lake

, ,

Lake Life in NEPA

“Lake life” isn’t everyone’s cup of tea. Bugs, smells, sounds, dew, and fog—to name a few—keep many people at bay. But these are the exact same reasons some people gravitate towards lakes in Northeastern Pennsylvania (NEPA). If you own a residence or second home on one of our region’s lakes, you understand the experience as well as the peace that comes with living on a lake.

Benefits of Living on a Lake

There are numerous benefits when living near a body of water in our area of Pennsylvania.

Pros include:

  • Wildlife
  • Fishing
  • Outdoor recreation (Good luck getting the kids to come in for dinner.)
  • Sunrises and sunsets
  • Relaxation
  • Usually located in a private community
  • Opportunities to host and entertain

How Much Are Lake Properties Worth?

Property value is a big bonus for homeowners located on the waterfront or near the water itself. Valuation on these homes varies depending on surrounding amenities, lake views, and lake access, which most everyone wants.

In a way, when you sell a lake house, you’re selling a particular lifestyle. Is there an option to entertain outside on a deck with an exterior kitchenette, dock and/or pool? These are amenities that help prospective homebuyers realize they’re buying more than a home, they’re buying a vacation-like lifestyle. And the value far exceeds the lifestyle! While the exact premium depends on several factors, on average, the appeal of a waterfront property can boost a home’s value by nearly 80%!

Disadvantages of Living on a Lake

Besides the sense that you’ve made a good investment and you’re always on vacation, there are definitely cons to buying a lake house. While not all of these are relevant to every lake house, they’re important to identify when considering your purchase.

Some challenges include:

  • Lake homes are often exposed to the elements, requiring more regular upkeep and maintenance.
  • More money may need to be held in reserve to protect your investment and come to the rescue if storms and natural disasters strike.
  • While privacy can be a plus for those living on a lake, some communities have a lack of privacy. Certain times and seasons on a lake pose a threat to tranquility. The summer months will often usher in various forms of commotion and entertainment, not suited for everyone.
  • Higher insurance costs and lake association dues can become financial hardships for those not used to lake house living.

This article gives you a deeper glimpse into the advantages and disadvantages of choosing life on a lake.

Ready to Find Your Dream Lake Home?

Whether or not you’ve ever dreamed of living on a lake, we invite you to experience what it’s like. This is what poet Richard Milton Grahn wrote about “lake life.”

Butterflies in brilliant light
What a sight as dreams take flight
Whatever comes, whatever goes
The ripples in the lake still flow

[excerpt from “Lake of Dreams” by Richard Milton Grahn]

As spring emerges, so too does the foliage and critters around the lake. Summer makes way for water play, boats, kayaks, jet skis, swimming, and fishing. Autumn supplies us with brisk, clean air and the sounds of the ripples on the water. Winter invites us to listen to the stillness left behind.

We hope to see you on one of our many beautiful lakes in NEPA. If you’re interested in discovering more about our lakes or would like to purchase a lake house, take a tour here.

Always make sure you have a waterfront real estate professional on your side as you begin to pursue lake living.

/by

Downtown Living In Northeastern Pennsylvania

,

Downtown Living in Northeastern Pennsylvania

Downtown living is a different way of life, especially in Northeastern Pennsylvania (NEPA). Whether it’s Scranton or Wilkes-Barre, residents enjoy more amenities within reach and a different approach to everyday life than in many surrounding communities.

Downtown living provides options, not only for how people conduct their daily activities, but also for how they interact with their community.

Downtown living in NEPA is often viewed as the opposite of the more rural lifestyle many residents experience. Most of our school districts serve children from small towns and countryside communities. Heck, even some locals joke that driving into downtown Scranton is like entering “the big city.”

Yet many residents have relocated here from major metropolitan areas. To them, Scranton offers downtown living on a much smaller and more manageable scale.

Scranton’s History and Continued Revitalization

The Electric City, as Scranton is also known, was built on the shoulders of coal-mining families and has evolved into something of a regional legend.

On November 30, 1886, the first streetcar system powered entirely by electricity debuted in downtown Scranton. Neighborhoods that once centered around Irish, Italian, Polish, German, and Jewish communities have evolved into a cultural melting pot that continues to shape the city today.

You can see that influence throughout the local dining scene, from Thai Rak Thai to north-side favorites like Casa Bella and Ipanema Grille.

Today, there’s a new-found sense of hope for a rebirth movement in this city.

What Makes Downtown Living Successful?

The rebirth of a city plays a major role in downtown living done right.

Some of the key ingredients include:

  • Walkable neighborhoods
  • Mixed-use commercial development
  • Gathering spaces for recreation, education, and entertainment
  • A strong residential presence
  • Accessible and affordable parking

While these aren’t the only factors that help a downtown thrive, they should be on everyone’s radar.

We believe Scranton is building toward something spectacular. There is still work to be done, but economic revitalization efforts led by the city and organizations such as Scranton Tomorrow have made a significant impact. It’s difficult to overstate how important this volunteer-driven organization has been to transforming downtown Scranton in recent years.

Building a Walkable Downtown Community

Walkability is one of the foundations of successful downtown living.

Wide sidewalks, decorative streetscapes, green spaces, and efforts to reduce graffiti and litter all help create a more welcoming environment for pedestrians.

A mixed-use mindset regarding development is equally important. Residents want to feel connected to the larger community around them. They want convenient access to businesses, services, and gathering places while still feeling like they’re part of something bigger.

Community connection goes beyond shopping and dining. Events, breweries, performing arts centers, fairs, movie theaters, parks, and artisan markets all contribute to the kind of downtown living experience that attracts both residents and visitors.

People want downtown living to feel like their city’s family room, especially during evenings and weekends.

Downtown Living After COVID

Since COVID, many businesses throughout NEPA have adapted in creative ways.

Restaurants and pubs have expanded outdoor dining opportunities, converted underutilized spaces, and created semi-covered patios and gathering areas. Hotels, convention centers, and other businesses have also adjusted, but local restaurants have often led the way in reimagining how people experience downtown spaces.

These changes have helped create a more lively and flexible downtown environment for residents and visitors alike.

The Future of Downtown Living in Scranton

One encouraging trend for downtown living has been the decline in vacant commercial space.

When businesses lease additional space, expand operations, or invest in the downtown area, the entire community wins. Likewise, when developers focus on creating spaces that support a balanced lifestyle rather than serving a single purpose, downtown districts become more attractive places to live, work, and spend time.

In Scranton, Noteology is one example of a business that has continued investing in the downtown area and contributing to its growth.

Successful downtown living is ultimately about creating a shared experience for residents and visitors. When people create memories, build connections, and develop a sense of place, the foundation for a thriving downtown begins to take shape.

Successful downtowns don’t sprout up overnight. They take time, hard work, cooperation, vision, patience, and community support.

Creating a true live-work-play environment in Scranton, or anywhere, takes all of these elements working together.

* Image courtesy of Discover NEPA

Real Estate and Houses for Sale in Scranton, PA

Commercial Properties for Sale Near Scranton, PA

Lake Houses for Sale Near Scranton, PA

/by

Holding On To Summer

,

Black-eyed Susans are in full bloom, raging across gardens and hillsides in Northeastern Pennsylvania. Chatter has begun about picking apples, not blueberries, from an orchard near you. Ritters, anyone? Sure, Dunkin Donuts is now showcasing its Blood Orange Refresher, claiming it’s their seasonal drink. Schools are reopening for the new academic year. Football has begun again! Did you catch yesterday’s Backyard Brawl thriller? The unofficial end to summer happens this Labor Day weekend. And yes, this morning was a little chilly, I must say, but I’m holding onto summer this year!

We lack the four seasons in our region, we really do. Spring, in recent years, is a mixture of winter slop and daffodils and crocuses refusing to make up their minds whether it’s time to sprout or not. Autumn seems hidden behind the winter breeze that kidnaps the summer heat. When summer finally gets into motion, department stores are cramming Halloween decor and Christmas lights into our shopping carts. Don’t get me wrong, fall is my favorite, absolute favorite season of the year. [I even purchased a case of Founders’ Oktoberfest a few days ago – shhhh!] I’m just not willing to surrender to autumn this year. I don’t care how many times you shout pumpkin spice!

Summer hasn’t made an exit yet. In fact, I had sand between my toes only days ago and a sunburn on my right arm.

Real estate may likewise side with my position. It appears, like me, it could be summer dreaming. Some of its optics exude traditional summer responses. More properties have gone under contract in August of this year as opposed to August of 2021 and the housing supply remains dismal, 1.65 months supply, last time I checked. Keep in mind, a balanced market with normal inventory levels produces a month’s supply between five and seven. Nevertheless, as much as I hate to admit it, our market’s leaves are changing color. Sold listings through last month, year-to-date, are down 6.4%. New listings, likewise, are down month-over-month, when compared to last August, by over 23%. Perhaps this market has had enough of the surge it experienced over the previous twenty-six months (give or take).

Could it be that homebuyers, much like blueberry-pickers of July and August, have had their fill? They’ve looked at the entire inventory (which hasn’t been much), they’re fatigued by record-setting inflation and mortgage rates that don’t look as appealing as they did this past January. Although there’s certainly an element of truth to these pressures, the strain has been on buyers for some time now, our market remains rather healthy. When will inventory increase and the market become more balanced? That’s really anyone’s guess at this point – industry experts have yet to nail that down. In spite of that, year-to-date, there’s been a 19.9% increase in homes sold this year opposed to only five years ago in 2017.

We’re looking forward to a change in season in real estate, after all buyers need reprieve too! But summer wants to stick around this year (it told me so). We hope you can enjoy the few remaining weeks of the season.

* statistics from the Greater Scranton Board of REALTORS® (August 2017 – August 2022)

 

Whatever season you find yourself in, make sure to use our “search by city” feature and discover all our area has to offer.

/0 Comments/by

When Buyers Get More Realistic

,

When Buyers Get More Realistic: Shifting Trends in the Housing Market22

The housing market is seeing a shift, signaling opportunities for buyers. While inventory remains tight, changes in buyer behavior and market trends are creating a more balanced landscape. Here’s how buyers are navigating this evolving market.

Current Market Conditions

Low Inventory Levels

In July 2019, there were 1,387 active listings. By July 2023, this number dropped to 553, reflecting a 60% decrease in inventory.

National Trends

On a national scale, housing inventory has increased by over 30% year-over-year, marking the largest jump since 2017.

Interest Rates

Mortgage rates have fluctuated, climbing from around 3% at the beginning of the year to approximately 5.5%–5.6%. These rates are influencing buyer and seller behavior alike.

How Buyers Are Getting More Realistic

Adopting Contingencies

Buyers are increasingly relying on contingencies, such as home inspections, to protect their investments. These clauses allow for careful evaluation of properties, reducing risks during the escrow period.

Slower Pace of Transactions

With fewer bidding wars and reduced competition, buyers have more time to evaluate properties and negotiate terms.

Leveraging Escrow Protections

Escrow plays a critical role in ensuring fair transactions. In Pennsylvania, earnest money is held in compliance with the Real Estate Licensing & Registration Act (RELRA), safeguarding buyer and seller interests.

The Role of Contingencies

Why They Matter

Contingencies protect buyers from unforeseen issues, allowing for deposits to be refunded if specific conditions aren’t met.

Impact on Sellers

While contingencies may seem to favor buyers, they ensure a fair process for both parties, reducing potential disputes.

Conclusion

When buyers get more realistic, they make smarter decisions that align with evolving market dynamics. By using contingencies, understanding escrow procedures, and leveraging current trends, buyers can approach the homebuying process with confidence.

Contact Realty Network Group for expert guidance in navigating today’s real estate market!

/0 Comments/by

Top 3 Reasons To Purchase A Home

,

The later part of this year might bring about some stabilization in the way of a more balanced market, but don’t expect one favoring buyers anytime soon. As inventory shortages continue, and they will, prospective homebuyers are attempting to determine if they should stay in the game. Others have doubts and aren’t sure if they should join the quest for homeownership either. There are many reasons to purchase a home, and now is a great time to start planning.

The anticipation of homeownership can be intoxicating for some. Recent months have been a prime example of this in our region of Northeastern Pennsylvania. With homes sold on par with the previous year (843 versus 853, respectively), and inventory struggling to see the light of day (1.29 month’s supply), there’s an element of hysteria to real estate transactions these days. Certainly, the pandemic was a catalyst for the surge in activity, but make no mistake about it, our housing supply had already been depleted prior to 2020.

WReasons To Purchase A Home That Might Not Be Ideal

Before we reveal why now is a good time to buy, there are a couple reasons we caution some to re-evaluate their situation before purchasing a home. These reasons include those facing upheaval in their lives, those who must remain nomadic for the sake of their job as well as anyone who struggles to cover their monthly expenses.

If your life is a little frantic today and you’re going through transitions, purchasing a home might not be the best course of action. If you’ve undergone more change than you care to admit, renting may provide you more freedom and less stress. It’s also favorable for those who need to move promptly due to work. Homeownership can only create headaches for these successful itinerant types, who could potentially sit on the sidelines waiting longer than expected for their home to sell.

Finally, owning a home comes with maintenance, presumably a mortgage, taxes, insurance and occasionally other fees or costs. If you presently grapple with covering your expenses and debt, purchasing a home isn’t a path you should pursue until your situation changes for the better.

Obviously, renting in particular situations just makes sense! Doesn’t a seller’s market, the likes of 2022, qualify as one of those instances? Not necessarily. In fact, since the “lockdown dam” ruptured in June of 2020, rents have been rising too.

Reasons To Purchase A Home Now That Make Sense

Yes, glaring issues in our economy such as inflation, the increasing costs for food and gas, among others, create barriers to buying (we can’t minimize them), but opportunities exist for those looking to enter the market, especially for the first time. They remain even in the midst of a supply shortage.

Homebuyers, now is the perfect time to pursue homeownership, especially if you don’t need to sell and your rental rates are continuing to climb. Purchasing property is advantageous, and in the majority of cases, will be the smarter play over leasing. Here are the top three reasons why buying your first house (or likewise, continuing to own one) now makes sense.

1. Stability

Because the landscape for buying and selling is more volatile recently, having a meticulous plan of approach is essential. Before you commit to taking on a mortgage, understand your finances and prepare them appropriately. The first step toward investing in your future in real estate is stability.

If you’re grounded in your finances, with trace amounts of bad debt in your name, and you have the ability to afford a home at a particular price point in addition to the closing costs that are associated with it, you’re in a good position to invest. If you have a nest egg or emergency fund, you’re in a superb position. Of course, having excellent credit gives you a competitive advantage and firmer stability still.

2. You’ve Been Squandering Your Extra Money

If you’re looking for safer places to store your loot, you should strongly consider building equity by purchasing a home. Homeownership forces you to produce equity. On the other hand, renting makes it easier to spend your extra cash rather than invest it. The money you’re putting into a home will come back to you as your property appreciates over time.

In 2021, we witnessed homes appreciate by roughly 19% and they should sustain 5-10% through year’s end. Housing appreciation in the Greater Scranton area registers 13.1%, year-over-year for April.* According to the latest numbers from CoreLogic from March, homes have appreciated by 20.9%, year-over-year. It’s a great time to make an investment in a home!

3. Feel At Home

As a result of owning property, you can create something that’s truly yours. Would you like to renovate? You can. [Make sure to check with your local municipality or borough first.]

Want a bigger say in lifestyle decisions? Make them for yourself and your family. Need increased privacy? You’re in the driver’s seat. You can make additions to your property to make it more secure. You can erect shrubs and fences. Alter the landscaping or design of your residence, because you can – you’re captain of this ship. Don’t worry about the logistics! Homeownership means less restrictions and limitations and more freedom.

Why not own a place you can call home, when it’s all said and done? As a prospective homebuyer, especially a first-time one, you have the ability to invest in your family and create a foundation to build on, for their stability too.

What’s more, homeownership statistically creates a better environment for children. There are many intangibles produced when a child has a safe and affordable place to live. Furthermore, homeownership drives your local economy and has the potential to enhance your community. For every two home sales, one job is generated, increasing economic mobility.

If you’re looking for housing, don’t give up hope. Our region might be slightly oversaturated with buyers, but that continues to improve. What we can expect six months from now is anyone’s guess, but we’re approaching a more balanced market in the months ahead.

At the moment, it’s a great time to buy, and if you’re in the position to do so, will you take the steps necessary to join those who find homeownership very rewarding?

* statistics from the Greater Scranton Board of REALTORS®

/0 Comments/by

Flex Space: It’s Here To Stay

It’s no mystery the past several years have altered home design in new construction, but what remains to be seen is whose tastes will prevail. Baby boomers are currently the largest group of homebuyers, but they’re only one segment of the market. What appeals to this generation may not resonate with Generation X, millennials, or younger buyers. One trend that’s gained momentum in recent years is flex space, especially among buyers looking for a home that can adapt to changing needs.

What Is a Flex Space?

Flex space is an area within a home that can evolve with its owner’s needs. Its defining characteristics are flexibility, versatility, and evolution.

Depending on a homeowner’s daily, weekly, or yearly needs, how can a home adapt? If you ever doubted homes could evolve with the people living in them, think again. Flex space gives a home the ability to change as life changes.

The concept isn’t new. Commercial real estate has embraced the trend for decades, blending office and industrial uses to maximize functionality.

What makes flex space so appealing in a home is that it changes how a space functions without changing the structure itself. No additions are required, making it a practical solution for homeowners looking to get more out of the space they already have.

Is Flex Space Right for Every Home?

That said, flex space isn’t for everyone. Like any design trend, it works best when there’s a clear purpose behind it.

Just as a kitchen serves as the heart of many homes, a flex space should have a meaningful role. Once it loses that purpose, it becomes just another forgotten space.

A room that once served multiple functions can quickly become a place for an extra bed, a computer monitor, and a collection of tchotchkes. That’s one of the pitfalls. Without intention, it can easily turn into little more than an oversized storage room.

How to Make the Most of a Room

When a room no longer offers flexibility, versatility, or the ability to evolve, it becomes just another room in the house or, worse yet, a source of clutter.

Flex space shouldn’t become a catch-all bonus room. Build upon it, yes, but don’t stop there. The goal is to create a space that continues serving a purpose as your family’s needs change.

As homeowners think about maximizing both space and functionality, they should first consider how they actually live. How much time do they spend at home? Do they work remotely? Do they entertain often? Having a plan is what makes flex space successful, and according to realtor.com Chief Economist Danielle Hale, adaptable spaces will continue to be an expectation for many buyers.

What’s Next in Home Design?

Today’s homeowners are shaping the way homes are designed, and flex space is a direct reflection of that.

We’re seeing home offices that double as libraries, playrooms that convert into guest rooms, and home theaters that become entertainment spaces complete with a wet bar.

As smart home features continue to advance, rooms will become even more adaptable to the people using them. That’s where the concept of flex space becomes even more exciting, particularly for younger homebuyers.

What are your thoughts about this trend, and how do you see it playing out in your residence?

/by

Post Pandemic: What Does Real Estate Look Like?

The 2020 pandemic accelerated remote work, changed what people wanted from their homes, and contributed to a period of intense demand and rapidly rising prices. Several years later, those effects have not completely disappeared. Buyers are still prioritizing space, flexibility, and affordability, while many homeowners remain reluctant to give up the low mortgage rates they secured during the pandemic. For anyone searching for houses for sale in Northeastern PA, these lingering changes continue to shape what is available and how quickly desirable properties sell.

So, what does post-pandemic real estate look like today, and what should buyers and sellers expect in the Greater Scranton area?

Why Today’s Market Is Different

One of the most lasting effects of the pandemic housing market is the shortage of available homes.

Many homeowners purchased or refinanced when mortgage rates were historically low. Selling now could mean trading that rate for a much higher one, making some owners hesitant to move. This “lock-in effect” has limited the number of existing homes entering the market and contributed to continued supply constraints.

New construction has not fully closed the gap either. National housing supply remains constrained, particularly for affordable and entry-level homes, which keeps competition alive even as the overall market moves at a more measured pace than it did during the height of the pandemic.

For buyers viewing houses for sale in Northeastern PA, that means the number of options may vary considerably by community, property type, and price range.

It is understandable that buyers and sellers may compare today’s uncertainty to the housing crash of 2007 through 2010. However, the conditions surrounding the current market are different.

Before the Great Recession, housing supply was much higher, lending standards were looser, and many homeowners had little equity in their properties. Today’s borrowers generally face more rigorous qualification requirements, and limited housing supply continues to support home values.

The market has certainly cooled from the unusually competitive conditions of 2020 and 2021. That does not automatically point to a widespread crash. Instead, the market is adjusting to higher borrowing costs, slower price growth, and buyers who must be more selective about what they can afford.

What the Post-Pandemic Market Means for Sellers

Sellers should not expect every property to attract immediate offers above asking price. The urgency that defined the height of the pandemic market has eased, and buyers are paying closer attention to price, condition, and monthly affordability.

Still, limited inventory can work in a seller’s favor. Well-maintained homes that are priced appropriately may continue to receive strong interest, particularly in desirable neighborhoods and more affordable price ranges.

What Buyers Should Expect

Buyers face a different set of challenges. Mortgage rates remain considerably higher than the record lows available during the pandemic, affecting both purchasing power and monthly payments. The average 30-year fixed mortgage rate is around 6.66%  in 2026, although individual rates vary based on the borrower, lender, and loan.

The good news is that buyers may have more negotiating room than they did during the peak pandemic years. Some properties sell below their original asking prices, and buyers may be able to negotiate repairs, closing costs, or other terms depending on the home and level of competition.

However, affordable and move-in-ready houses for sale in Northeastern PA can still attract attention quickly. Buyers should be prepared to act when a property meets their needs without allowing competition to push them beyond a comfortable budget.

The Houses for Sale in Northeastern PA Continue to Offer Value

Affordability remains one of our region’s greatest advantages. Compared with many larger markets throughout Pennsylvania and the Northeast, buyers can often find lower home prices and more space in communities throughout the Greater Scranton area.

This region also appeals to buyers who gained more flexibility after the pandemic. Remote and hybrid work can make it possible to live farther from a traditional office, while still remaining within reach of New York, Philadelphia, and other employment centers.

These factors help explain why interest in houses for sale in Northeastern PA has continued beyond the initial pandemic-era surge.

/by

Best Month To Sell Your Home

,

on, takHomeowners are incentivized to sell, if they’re in a position to do so, as we set sights on the spring housing market. It’s no surprise that last year was a stellar year for homebuying and selling. Unfortunately, many were left on the sidelines, especially first-time buyers who only had FHA loan approval or were relying on a more limited down-payment as they pursued homeownership. Often investors beat first-timers to the punch, swooping in and snatching up available homes for sale. The challenges still exist. You need only ask those who are still looking to buy.

Challenges for First-Time Homebuyers in a Competitive Market

Persistent low supplies, even locally, have driven up home prices. Fueling the fire was 2021 with its record-breaking growth in the housing sector. Appreciation in home prices was high at the start of the year and accelerated even higher by year’s end. “Price appreciation averaged 15% for the full year of 2021,” which was more than double the prior year.

How Low Inventory and Rising Prices Impact Home Sales

Sellers who can afford to sell, and we use that term “afford” loosely, should do so. If you’re a homeowner thinking about selling, is there a better time of the year to put your property on the market? Is there an optimal time to sell? Is there a month or a very specific time of the year where a seller would be in a better position than if he/she waited? These are great questions. To shed some light on this discussion it’s important to review new and sold listings in our market.

New and Sold Listings: A Look at Recent Years’ Data

New Listings in the Greater Scranton Board of REALTORS®
2021 2019 2018
February 172 244 228
March 267 324 320
April 330 400 364
May 387 432 448
June 374 381 434
July 368 360 387
August 397 331 353
September 329 329 313

*GSBR statistics 2018-2021

 

Sold Listings in the Greater Scranton Board of REALTORS®
2021 2019 2018
February 157 159 138
March 243 180 187
April 248 203 168
May 262 250 258
June 312 240 214
July 294 270 240
August 313 265 285
September 298 228 225

*GSBR statistics 2018-2021

March: The Ideal Month to List Your Home?

The COVID-filled year of 2020 was a tale of two markets, an extremely silent one as well as a vigorous one beginning in June of that year, and therefore, we skipped it for obvious reasons. But the patterns of three of the last four years show a trend. New listings entering the market peaked in May/June and sales hit their highs in July/August. And this correlation between sales and listings is logical with an estimated forty-five to sixty days to close for properties in our market.

It might be advantageous for prospective sellers to circle the month of March on their calendars. Next month you say? Yes, March is the perfect time to list! ATTOM data would also suggest March or perhaps even April is the best time to put your home on the market. May and June experience the highest returns for those looking to make a profit in selling their property. But don’t sweat it, if you’re not ready to go in March or April, you might be able to catch some of that buyer activity during the summer months.

We would caution anyone looking to sell though as home price appreciation may begin to taper as this year comes to a close. The median home price was almost 12% higher than it was a year ago and that should continue short-term, according to realtor.com’s chief economist. But many forecasters believe a plunge in home prices is coming by year’s end. Sellers who are on the fence, should act soon. In fact, next month might just be the perfect month!

/0 Comments/by