Tag Archive for: Homebuyers

Buying The Worst House On The Block

Affordability has become a concern in the real estate industry, but it isn’t a problem everywhere and it’s certainly not a headache for much of our region. And while affordability is more favorable in the Greater Scranton area, hesitation can capture many buyers who are eager to purchase. After all, mortgage rates are still elevated (even if they’ve come down since October) and inventory hasn’t sprung up to what we’d hoped it would have by now. It’s a time for some to get a little more creative in what exactly they’re looking for in a home.

Many homebuyers may overlook a house that needs work to bring it up to snuff, but purchasing the worst house in a desirable neighborhood can actually be a smart investment strategy. First, if you’re an investor who has an eye for flipping homes, purchasing this type of property could present a big opportunity. The lower price point may allow for a larger profit margin when renovating and reselling the property. Additionally, the potential for appreciation is higher in sought-after neighborhoods. In fact, there’s often excessive demand for rundown homes in desirable communities in Northeastern Pennsylvania. Furthermore, buying a fixer-upper can give buyers the freedom to customize their dream home while increasing its value. If the renovation costs are low-to-moderate and not too excessive, that’s a win-win. Finally, with this odd housing market still favoring sellers, buyers may have a better chance of finding a good deal on a property that needs TLC.

Buying the worst house on the block can be a smart approach, but as you may have guessed, it’s not for everyone. Experienced investors who have the time, resources and expertise to renovate and flip the property stand to make the most profit. However, more novice homebuyers with a limited budget and a willingness to take on a fixer-upper project can also benefit from this strategy. On the other hand, those who are risk-averse or lack the necessary skills to handle a major renovation may want to steer clear.

While buying the inferior house on the block may seem like a smart financial move, it’s important to understand the potential drawbacks before making a purchase. One of the biggest concerns is the amount of work and money needed to improve the property. This can be a significant and time-consuming undertaking, and unexpected issues may arise during the restoration process. This is why it could be beneficial to be handy, but also rely on the professionals for any jobs that might be over your head.

While this move can be a smart way to get into a desirable area at a lower cost, be aware of potential pitfalls. You may end up with a money pit that requires more repairs than you anticipated. It’s also important to weigh whether the surrounding homes are much nicer than your property. If this is the case, it will always be the odd one out. Don’t let the allure of a bargain blind you to the risks. Consult with a trusted real estate agent to help you navigate the potential issues and find the right home for you.

Additionally, the value of the property may not increase as much as expected even after improvements are completed. This is because the value of a home is often influenced by the value of surrounding properties, and it could be that other homes on the block are not well-maintained. Regardless, it’s imperative that you consult a real estate professional and preferably one who knows that neighborhood well. They’ll be able to assess the property and provide you with a competitive market analysis (CMA) to help you understand the value of the home after those proposed updates to it take effect.

If you’re not planning on living in the home, but instead would like to turn the property around as an investor, keeping your eye on its resale value is vital to making any profit on a future transaction. The number and cost of upgrades will certainly impact its resale value. This is why it’s important to understand and live by the five Ps, which you might already be familiar with: Proper Planning Prevents Poor Performance (and that’s resale performance!). Storyboarding your plans for renovation clearly helps with this preparation too.

While it can be a good tactic to buy the worst house on the block, in some cases, it’s not always the best option. Here are some other factors to consider:

Pros: 

  1. Lower purchase price: Buying an inferior home in a specific community often means you can get it at a lower price than other homes in the area. This can make it a more affordable option for those on a budget.
  2. Potential for equity: If you’re willing to put in the time and effort to renew the home, you may be able to increase its value and build equity over time.
  3. Opportunity to customize: When you purchase a fixer-upper, you have the opportunity to customize it to your liking and make it your own.

Cons: 

  1. Cost of renovation: Facelifting a home can be costly, and it’s important to factor in these expenses when considering purchasing a fixer-upper.
  2. Limited resale value: If you over-improve a home, you may not be able to recoup the costs when it comes time to sell.
  3. Locality concerns: If the neighborhood is in decline or has a high crime rate, purchasing the worst home in the area may not be a good game plan.
  4. Other pitfalls you might want to consider: Not relying on information that’s available at your fingertips, over-spending, etc.

In conclusion, buying the worst house in a neighborhood has the potential to be a profitable and rewarding investment if you’re willing to put in the time, effort (with proper planning and execution), and money to renovate it. However, it’s important to weigh the pros and cons and ponder any drawbacks before making the purchase. Decision makers should consider the surroundings, market conditions as well as other factors that could impact their bottom line.

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First-Time Homebuyer Advice: Navigating The Purchase Process

Buying a home today is more complex than it was five years ago, as the market was gaining intensity – favoring sellers and their interests. Despite the pendulum shifting in the direction of homebuyers, there are those who are overwhelmed by the intricate process of a home purchase. Yet, some of the most intimidated are first-timers, who have never pursued homeownership before. Luckily, there are several programs available that can provide assistance to make this journey a little easier for first-time homebuyers. Below, we’ll attempt to present some of the challenges, resources available and the steps one should take as they seek homeownership for the first time.

The current market presents a myriad of challenges for first-time homebuyers. With rising home prices and limited inventory, finding an affordable home can be daunting. Buyers are still over-bidding now and again, and coming up short in multi-offer situations. In Pennsylvania, home prices have continued climbing, with a median sales price of $216,249 (up 4.2% year-over-year). A housing supply issue exists in the state as well, listings are down 23.4% year-over-year.* Additionally, competition from cash buyers and investors can make it difficult for first-time buyers to secure a home. Furthermore, strict lending requirements and high down payments can also pose challenges for those looking to purchase. The latter might not apply unless loan options such as FHA, VA, USDA and the like are not a possibility. To account for these challenges, first-time homebuyers should do thorough research, work with a trusted REALTOR®, and if they’re serious about shopping for a home in the current climate, be ready to make competitive offers at a moment’s notice. It may also be helpful to consider alternative financing options and be open to exploring different types of homes or different areas (i.e. alternate school districts, check out rural living over suburban or city living).

There’s good news for those who may have been classified as first-timers in the past, but haven’t purchased a home in over thirty-six months. They would likely be labeled as first-time homebuyers once again. In the industry, lenders do have various indicators, differentiating themselves from others in the business. These requirements for buyers can vary from institution to institution. Some of the typical criteria for first-time buyers includes a steady income, where a job history of two or more years must be validated, a clean credit history, a credit score of 620 or more, a debt-to-income ratio below 43% and a loan down payment of at least 3%. Furthermore, if you presently own a mobile home or have owned one within that three-year window, lenders will often grant you first-time buyer status since the rules for mobile-home ownership are unique.

Education in life goes a long way, and prospective buyers would do well to study up. The best way for first-time homebuyers to get educated on available programs is to do their research. First, talk to your real estate professional. An experienced REALTOR® has dealt with your situation before or one that was similar. Your agent will provide you with a roadmap of several avenues to follow, including homebuyer education classes/seminars as well as utilizing various online resources. These services can help buyers figure out their loan options by providing information on different mortgage programs, down payment assistance programs and other financial assistance options. It’s important for first-time homebuyers to take advantage of these resources to ensure they make informed decisions and find the best program for their individual needs. In Pennsylvania, there are programs geared toward assisting first-time homebuyers such as the Keystone Home loan program, the Keystone Advantage Assistance loan program and the HOMEstead program, just to name a few. Each state has programs in place to assist those who can qualify as first-time buyers. Moreover, there are local programs, such as NeighborWorks, who support buyers as they journey toward homeownership.

Buyers should expect help from their REALTOR® as it pertains to available first-time homebuyer assistance programs. After all, that’s the support real estate professionals provide – to counsel their clients in making the best decisions at each stage of their progress. If their agent doesn’t have the answers, they’ll direct them to the experts who do. These assistance programs can be complicated to navigate, but REALTORS® have the knowledge and expertise to guide buyers toward success. They can provide information about the eligibility requirements, the application procedures in addition to the potential benefits of these programs. They can also assist with finding the right program for a buyer’s specific needs and helping them gather all the necessary documents and information. With their lead, buyers can feel more confident and informed about taking advantage of these valuable resources to make their dream of homeownership a reality.

First-time homebuyers, listen up! As thrilling as it is to finally have a place to call your own (and it is), it’s important to manage your budget wisely and ensure you can qualify for a loan. Trust us, you don’t want to end up house-rich, cash-poor, where you’ve pumped all this equity into your home, but you’re struggling to pay your bills month after month, and regretting the decision you made to purchase. Before you buy, do a test run and start by setting a realistic budget and stick to it. Consider all expenses, including homeowners insurance, taxes, mortgage insurance (if applicable), utilities, maintenance and other debts you may have. When the time comes to acquire a loan, do your homework and shop around for the best interest rates and programs to suit your needs. Don’t immediately settle on the first lender you encounter. Don’t be afraid to negotiate and be aware of any hidden fees (such as points). Remember, a little bit of budgeting and savvy negotiating can go a long way in making your dream home a reality.

The good news is more help is on the way for homebuyers. The day when buyers can pay market value for a home without constant interference from other buyers or pay below market value in efforts to get a deal will become a reality once again. A time when buyers won’t feel rushed into making hasty decisions about homeownership is on the horizon. In the meantime, do your search and thoroughly understand all aspects of homeownership before making any decisions. With the right guidance and resources, purchasing your first home can be a rewarding and exciting experience. Happy house hunting! Take a look at our houses for sale in Clarks Summit PA.

* Latest Pennsylvania Association of REALTORS® Housing Report – Sept 2023

Other first-time homebuyer resources:
8 Steps You Should Take When Purchasing Your First Home
First-Time Homebuyer Tips

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4 Tips For Stress-Free Moving

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Packing your whole life up into a large truck might be one of the most exhilarating experiences you can have in your lifetime. I mean after you’ve put all that effort into getting your home ready to market, dealt with your fair share of stress while your REALTOR® worked their magic, isn’t the “delight of moving” the next logical step towards sanity? Gearing up for the task of shipping some of your priceless belongings with a group of total strangers is completely normal.

All kidding aside, moving from one residence to another is daunting and has been known to rattle some sellers as they seek to begin a new chapter of their lives. It could be the mental energy we commit to those things, such as moving, which tends to drain us and in some cases, leave us feeling a little desperate. Quite honestly, this is why it’s critical whenever we’re faced with such a task as this, we unplug from our negative past experiences and truly take time to prepare for the move.

You can also find a helpful moving checklist on page eight of our homebuyer’s guide. In this post, we’re covering four ways moving is made easier. Having said that, we in no way want to make light of the experience. I, for one, don’t love the idea of packing up a room into boxes and then unpacking them on the other side, but I’ve always been able to deal with it in a healthy manner. We hope you can too and we feel confident these four tips as well as our checklist will help you navigate your way into your new home with minimal anxiety.

Give Yourself Time

Preparation is important whether you’re buying or selling a home. In fact, we advise many of our clients to give themselves extra time when they’re thinking about a life change. Big decisions can take time, especially getting used to them. Sellers who need to make repairs to their house, should factor in more time than they think to complete those jobs. Heck, even if a professional is making the repairs/updates, you’ll want to pack in additional time. The same can be said for those who are confronted with the challenge of moving.

Moving for some is excruciating, like on the level of public speaking bad. Yet, if you give yourself extra time in anticipation of unforeseen issues arising in the process, you’ll be much better equipped to handle them and stay calm. Our advice is you don’t procrastinate throughout the moving process. Whether you’re moving out of an apartment or a home, whether you’re the buyer or seller, once that switch is activated and your life is headed in another direction, act.

Gather Intel

For some, changing scenery is welcomed, for others there’s apprehension. Whatever flavor the move provides, it’s important you eliminate as much of the unknown as possible. Chances are you’ll erase some of that stress, if you gather information on your new town or neighborhood before setting down new roots. What is your new city/neighborhood like? What places would you like to visit after your move? What are some of the activities you’d like to do once you get settled? The more comfortable you are with your new surroundings ahead of time, the easier this transition will be. Those who put the effort in from day one, are better suited to handle the curveballs which may come their way. Learn all aspects of your particular process – mentally prep yourself.

Moving apps, like Sortly and Updater, have helped others organize their thoughts and well as their possessions. They could potentially aid you as well.

Hire A Reputable Mover

Not in all situations, but many moving endeavors do require the assistance of a moving company. Someone once said: “you never know how much you accumulate until you move” [author unknown]. Boy, isn’t that the truth! If you do need to choose a professional moving company, do your due diligence and research which options are best for you and your circumstances as well as your timetable. Prior to contacting movers on the phone, it’s important to make a list of five or more and read testimonials from other buyers and sellers who faced a similar task of having to hire one. What are the good and bad stories people are sharing? Make sure to do your homework and investigate registries like Angi, NextDoor, Yelp, Google, Facebook and others.

After you whittle your list down, make sure to compile a list of questions you’ll want to ask each of the moving companies. Need help creating your own? This is a great place to start. And there may be other factors you’ll need to consider such as special services required like packing/storage services or budgetary concerns or how you want your valuables transported. For starters, you’ll want to ask each company stuff like if they have a Federal Motor Carrier Safety Administration (FMCSA) registration number and how do they estimate costs for a particular job (binding estimates are usually better) and what fees are added on (hidden fees?) and what type of insurance they offer their customers.

Based upon this research and the responses to your questions, you’ll have a better idea of who you’d hire. Let’s face it, in real estate, banking, heck even cuisine, there are many choices… narrowing it down isn’t necessarily a bad thing. If one’s required, finding a reliable moving company should be at the top of your list. We hope these pointers provided you insight into making the right decision.

Soothe Thyself

Throughout the process of packing your life away and dealing with a real estate transaction, it’s vital to take care of yourself. This might sound puffed-up and maybe also a tad holistic, but stepping away from this process when it’s happening is healthy too. The self-care aspects shouldn’t be forgotten at this time. If you love to read first thing in the morning, then continue to do that even if you need to cut back slightly. If taking a walk in the evening in a park or on a trail is your thing, then keep walking. If working out a few times a week makes you feel better, gives you energy and relaxes your nerves, then by all means, do those burpees. If enjoying a glass of wine on your porch helps pacify your mind, then don’t let moving oust you from outdoor happiness.

If you have an area of your home where you and your family really take in life and the room acts like a sanctuary for you, don’t box that up until the last possible day.

Also, it’s important to keep ties to those you might be leaving behind, such as family, friends and neighbors. Set aside time to get together with neighbors and those in the community you’ve enjoyed getting to know, who you might not see again (depending on the distance of your move). Schedule your next return trip with family and friends, which will give you and them something to look forward to.

 

Moving is a trying time, yes, but there are methods we can take, which will help us deal with the challenges ahead. Stay focused on what matters, sure, but give yourself time and try not to beat yourself up when things go sideways. We’re here to help you throughout this process. Call one of our professionals should you want any assistance along the way.

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Why the Mind of a Buyer Agent is Important

Understanding the Mind of a Buyer Agent: What Today’s Buyers Should Know

For those entering the housing market, especially first-time buyers, navigating the complexities of real estate can feel overwhelming. Many buyers aren’t entirely sure what to look for in a home or in a real estate agent. This is where a buyer’s agent—a trusted advisor in the real estate transaction—becomes indispensable. Not only does a buyer agent prioritize the buyer’s needs, but they also “make a continuous and good faith effort to find a property” that aligns with the buyer’s goals and budget, as long as no other contractual obligations are in place.

Why Trust and Communication Matter in the Buyer Agent Relationship

The relationship between a buyer and their agent should be founded on trust, built from the initial meeting. A buyer agent’s commitment is to protect their client’s interests, ensuring confidentiality, negotiating on their behalf, and safeguarding them from pitfalls. As Ann A. Sheroda, Associate Broker with Realty Network Group, highlights, “Buyers have to be able to get in touch with you, their buyer’s agent. When they can’t, there’s frustration, distrust, and, quite frankly, a sense of abandonment.” Successful real estate transactions are rooted in strong relationships; a trusted buyer agent fosters this bond, ensuring the buyer feels supported every step of the way.

In the mind of a buyer agent, the top priority is ensuring that the buyer’s experience is smooth and informed. An agent committed to communication and transparency will be an invaluable guide, from understanding market conditions to making smart property decisions.

Protecting Buyers’ Interests: The Core of a Buyer Agent’s Role

In a competitive market, buyers need an advocate who will help them secure the best property for their needs and budget. A buyer’s agent plays a critical role in this, acting as the buyer’s safeguard throughout the process. “It’s the buyer’s agent who needs to protect their client,” Sheroda emphasizes. “If they won’t, who will?” From recommending reputable lenders, title companies, and inspectors to ensuring the contract terms favor the buyer, an agent’s responsibilities extend far beyond the initial search. For instance, they coordinate property inspections to ensure that potential issues are addressed before closing, preventing buyers from investing in a money pit.

The mind of a buyer agent and their connections provide clients with access to trustworthy professionals who help secure a seamless transaction. Sheroda shares, “If a buyer previews six homes that aren’t suitable, it’s our job to show them more until we find the right fit.” This commitment reflects an agent’s dedication to the buyer’s goals rather than rushing the process.

Why Every Buyer Should Have Representation in Today’s Market

With home prices at record highs and mortgage rates fluctuating, it’s critical for buyers to have someone in their corner. A buyer’s agent not only helps clients find suitable properties but also negotiates on their behalf and advocates for them at each stage of the transaction. Representation has become a must-have for buyers, particularly given the financial stakes in 2023’s housing market.

However, entering a buyer-agent relationship without care can have drawbacks. Sheroda points out that unresponsive agents can leave buyers feeling neglected. “It’s frustrating when you can’t reach your agent, and flexibility on their part is essential,” she says. Good buyer agents prioritize communication, understanding that if they’re not committed to their client’s success, they risk failing them during one of the most important purchases of their life.

Buyer Beware: The Risks of Poor Representation

One of the worst situations a buyer can face is feeling trapped in an agreement with an agent who doesn’t meet their needs. Lack of communication, poor availability, and a disregard for the buyer’s best interests can leave a buyer feeling unsupported. This can be particularly damaging when unexpected challenges arise in the home search or during contract negotiations. “Don’t think dealing with the listing agent is the answer,” Sheroda advises. In Pennsylvania, a listing agent can represent both buyer and seller through dual agency, but this often results in a less personalized experience. Instead, a dedicated buyer agent ensures the client’s needs remain the top priority.

The Importance of Trust in Real Estate Guidance

In her 17 years of experience, Sheroda has seen many scenarios where clients felt pressured to make an offer. She advises buyers to avoid purchasing out of urgency. “I once had a client considering a property that needed significant repairs, and I advised them to walk away,” she recounts. Sheroda’s client appreciated her honesty, understanding that her guidance was based on the client’s best interests. A good buyer agent provides objective advice, even when it means advising a client not to make an offer.

Sheroda advocates for a “trial by error” approach to selecting an agent. Buyers should find someone they feel comfortable with and who they trust to act as their advocate. “If I weren’t licensed, I would still use a buyer’s agent,” she says, underscoring the value of an agent’s expertise. With insights on market conditions, negotiation strategies, and networking, buyer agents offer comprehensive guidance from the initial search to settlement.

Selecting the Right Buyer Agent: Key Questions to Ask

When choosing an agent, buyers should consider asking about their experience, availability, and area of specialty. A good agent has a network of reputable professionals, from lenders to inspectors, ready to assist in the homebuying process. Buyers can also benefit from interviewing an agent’s past clients to learn about their experience and reliability.

Here are a few essential questions for potential agents:

  1. How long have you been licensed as a real estate professional?
  2. Is your schedule flexible, and does it align with mine?
  3. What’s the typical timeframe for buyers you work with to find and purchase a home?
  4. Do you specialize in certain areas or types of real estate?

Why Buyer Agents Matter in Today’s Market

Buying a home is one of the most significant investments in a person’s life. Working with a buyer agent who prioritizes trust, communication, and the buyer’s best interests makes all the difference. A trusted advisor helps clients avoid common pitfalls, negotiates on their behalf, and connects them with the resources they need to make an informed decision. An effective buyer agent is not only an advocate but a resourceful partner who helps buyers achieve the best possible outcome in their home search.

For anyone considering entering today’s competitive market, an experienced buyer agent is a critical asset, ensuring that each step of the journey is informed, strategic, and supportive. With the right agent, buyers can navigate the complexities of real estate with confidence and peace of mind.

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Should You Buy Your Dream Home Or A Starter House?

Should you buy a starter home vs dream home? Buying a new house is an exciting experience, but it is also a huge life milestone. It is sometimes difficult to know whether you should purchase an affordable starter home or instead build or buy a dream house. There are benefits and disadvantages to each option, so here are three things you should understand to help you make the right decision.

Know the Benefits of Each Option

There are different benefits to buying a starter home or your dream house. It is up to you to analyze your current stage of life and determine which option is most beneficial for your unique situation.

Starter homes are more affordable than move-up homes (i.e. second home, typically a larger house), which you may want to live in for the rest of your life. They require less upkeep. You may even be able to rent them out in the future and generate additional income. However, starter homes generally need more repairs than newer ones. They are usually small in size and sometimes can be harder to sell, if/when you need the equity.

Your forever home, however, will be large enough to accommodate a growing family. Buying your dream home also gives you the opportunity to put down roots so you can avoid the hassle of moving again. The price tag is significantly higher and your dream home will likely need more upkeep than your starter house, depending upon its age.

Analyze Your Budget

The size of your budget has a direct impact on whether you purchase your forever home or a starter house. If you can only afford a small mortgage each month, you may have to buy a starter home to live within your means. If you have saved up enough money for a sizable down payment, you may be able to afford to purchase the house you’ll live in for the rest of your life. Knowing your budget and the features you desire in a home is important for finding the right house for a particular stage of life.

Understand the Costs of Each Option

Your new mortgage isn’t the only cost associated with purchasing a house. Homeowners insurance is a good investment because it covers the cost of any damage to the structure of your new house. It also covers the cost of any belongings that are stolen and any injuries that are sustained on your property. However, coverage does not extend to home systems or appliances. If you want to avoid unexpected expenses related to your plumbing, heating, electrical and cooling systems, it’s a good idea to consider buying a home warranty. While it’s an additional expense, it can save you money in the long run by dodging unnecessary repair costs.

According to one survey, less than 18% of Americans have home warranty coverage, however arming yourself with the right tools is essential for reducing unnecessary expenses for maintaining a home. When choosing a home warranty, decide which company is best by doing your research. You want to find a company with a great reputation for customer satisfaction. Furthermore, you want to ensure you’re getting excellent coverage for your home’s systems.

For some people, purchasing an affordable starter home is the best option. Others may prefer to go ahead and buy their dream house right out of the gate. There’s no one answer that’s right for everyone, but you must carefully weigh your options if you want to make the best decision for your family. Starter home vs dream home? We hope we’ve helped answer the question! Whether you choose to purchase a starter home or your dream house, purchasing a new place to live is a huge milestone for you! As always, we’re here to help you find the perfect place.

[This content is compliments of Well Parents]

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How to Find Homes Before They Are Listed

Surviving a seller’s market over the past few years has been exhausting, especially for buyers. Many have realized this competitive landscape isn’t working in their favor. When COVID-related restrictions eased in Pennsylvania in June 2020, homebuyers faced fierce bidding wars and limited inventory. Those needing to move due to career or lifestyle changes struggled to compete. However, relief is on the horizon as the buyer pool shrinks, providing new opportunities to find homes before they are listed.

Why Finding Homes Before They Are Listed Matters

While inventory remains low, securing a home before it hits the open market gives buyers a competitive edge. It reduces competition, increases negotiating power, and eliminates the stress of bidding wars. Here are three strategies to help you stay ahead of the game and uncover hidden opportunities before a listing goes public.

Work With a Well-Connected Agent

The best way to find homes before they are listed is to partner with an experienced real estate agent. But not just any agent—seek one with strong industry connections, a history of success, and a proactive approach.

Benefits of Working with the Right REALTOR®:

  • Insider Knowledge: A well-connected agent stays in touch with colleagues who may have upcoming listings.
  • Exclusive Access: Many agents know of properties before they are officially listed.
  • Personalized Opportunities: Your agent may have homeowners considering selling who would entertain offers from serious buyers.

In a tight market like Greater Scranton, agents constantly communicate with each other about upcoming listings. By leveraging your agent’s network, you can gain early access to potential homes before they reach the broader market.

Leverage Your Network and Direct Outreach

Finding homes before they are listed isn’t just about waiting for an agent’s call—you should take a proactive approach as well. Here are some ways to increase your chances of securing a hidden gem:

Strategies for Direct Outreach:

  • Explore Your Ideal Neighborhoods: Walk or drive through areas you’re interested in. Look for “For Sale by Owner” (FSBO) signs or distressed properties that may be coming to market soon.
  • Engage with Homeowners’ Associations (HOAs): Some associations have insight into residents considering selling their homes.
  • Send Direct Mailers: Personalized letters expressing interest in specific homes can encourage sellers to consider you before listing publicly.
  • Use Social Media and Community Boards: Many neighborhoods have private groups where members discuss upcoming moves or potential sales.

Homeowners who haven’t officially listed their property may still be open to selling if approached correctly. Direct engagement can be a game-changer in a competitive market.

Stay Active and Persistent

While your real estate agent does much of the legwork, you should also be proactive in your search. Here’s how to ensure you don’t miss any opportunities:

Steps to Stay Ahead:

  • Network Constantly: Let friends, family, and colleagues know you’re searching for a home. Someone in your extended circle might have valuable leads.
  • Monitor Off-Market Listings (A Pocket Listing): Some sellers test the waters by listing their homes on smaller platforms before committing to an MLS listing.
  • Attend Local Events: Open houses, professional networking events, and social clubs can put you in touch with people who know of upcoming listings.
  • Keep an Eye on Life Events: Pay attention to job relocations, estate sales, divorces, and other circumstances that might lead someone to sell quickly.

Staying active and persistent can help you discover a great opportunity before it becomes widely available. For more insight before purchasing a home, make sure to read this.

Finding Off-Market Homes Takes Strategy

Securing a home before it’s listed requires effort, connections, and persistence. By working with a knowledgeable REALTOR®, leveraging your network, and actively searching for hidden opportunities, you can bypass intense market competition and find the perfect home.

For expert guidance in navigating the real estate market, connect with Realty Network Group today. Our experienced professionals can help you find homes before they are listed and give you a competitive advantage in your search.

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When Buyers Get More Realistic

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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!

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What’s A Real Estate Broker? And What Do I Do When I Find One?

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What Is a Real Estate Broker—and How Do They Differ From Other Agents?

In today’s competitive housing market, having the right real estate professional in your corner can make all the difference. But if you’re asking yourself, what is a real estate broker, you’re not alone. Many buyers and sellers aren’t clear on the different roles and responsibilities in real estate.

In this guide, we’ll break down what a real estate broker is, how they compare to other real estate professionals, and why working with the right one can help you navigate a successful transaction.

What Is a Real Estate Broker?

A real estate broker is a licensed professional who has met additional education and testing requirements beyond those of a standard real estate agent. Brokers are qualified to manage their own real estate business, supervise other agents, and handle complex real estate transactions.

Unlike real estate agents, who must work under a broker’s supervision, brokers can operate independently. They often oversee contract compliance, provide legal guidance to agents, and manage the day-to-day operations of a real estate office.

Types of Real Estate Professionals

When entering the real estate market, it’s helpful to understand the different types of professionals:

  • Real Estate Agent: A licensed individual who helps clients buy, sell, or rent property. Agents must work under a broker.
  • REALTOR®: A real estate agent who is a member of the National Association of REALTORS® and adheres to a strict code of ethics.
  • REALTOR® with ABR® Designation: A REALTOR® who specializes in working with buyers and has earned the Accredited Buyer’s Representative (ABR®) credential.
  • Real Estate Broker: A professional who has completed additional education and training and is licensed to operate independently, supervise agents, and manage a brokerage.

What Do Real Estate Brokers Do?

A broker can perform all the duties of an agent—such as listing homes, showing properties, and negotiating offers—but they also handle:

  • Supervising real estate agents
  • Overseeing contracts and transactions
  • Ensuring compliance with state and national regulations
  • Managing a brokerage firm

Some brokers work directly with clients, while others focus on operations and team leadership.

Why Work With a Broker?

You don’t necessarily need to work with a broker directly, but there are advantages to doing so—especially if they’re actively involved in client services. Real estate brokers often bring:

  • More experience and training
  • A deep understanding of market regulations
  • Enhanced oversight for complicated transactions
  • A higher level of professionalism

Dianne Montana, Principal Broker for Realty Network Group, explains, “The dynamics of real estate have changed significantly over the past five years, but the standards of practice remain the same. I enjoy helping our talented professionals thrive and succeed.”

Finding the Right Real Estate Professional

So, what is a real estate broker, and should you work with one?

That depends on your situation. If you’re a first-time buyer, a REALTOR® with an ABR® designation might offer the most support. If you’re selling a complex property or want added oversight, working with a broker could be the right choice.

Ultimately, choose someone who listens, understands your goals, and has a proven track record. When you find the right fit, you’ll gain a true advocate in your real estate journey.

Let’s Talk

Whether you’re buying or selling, the professionals at Realty Network Group—including licensed real estate brokers—are ready to help you move forward with confidence. Reach out today to get started.

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NEPA’s Most Walkable Communities

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Discover NEPA’s Most Walkable Community

If you’re dreaming of settling down in a walkable community, Northeastern Pennsylvania (NEPA) might not be the first place that comes to mind—but it should be. While much of the region is known for its rural charm, pockets of walkability are growing. And in today’s world—where remote work, lifestyle balance, and convenience are top priorities—walkable communities are becoming more desirable than ever.

Summer is a fantastic time to explore what NEPA has to offer. (Okay, maybe early autumn with cider donuts and crisp evenings is technically the best, but let’s give summer some credit.) From scenic trails to revitalized downtowns, this region has more to discover than you might expect—especially on foot.

Why A Walkable Community Matters More Than Ever

In recent years, homebuyers have started thinking differently about the spaces they live in. Remote work has made flexible home layouts more important. Privacy, quiet spaces, and room to focus have pushed many buyers to rethink the once-popular open floor plan. But beyond the home’s layout, where it’s located matters just as much.

That’s where the concept of the walkable community comes in. When you live somewhere that lets you walk to the coffee shop, grab a bite to eat, run errands, or hit a nearby trail—life just feels a little easier. Less time in the car, more time outside, more time connected to your neighborhood.

While many NEPA towns are car-centric, there are a few gems where you can live, work, shop, and play without needing to drive everywhere. Below are four of the most walkable communities in Northeastern Pennsylvania, each with their own unique vibe.

Pittston: Revitalized River Town

  • Location: Northeast of Wilkes-Barre, southwest of Scranton, in Luzerne County
  • Access: Route 11, near I-81 and the northeast extension of the PA Turnpike
  • Walk Score: 76
  • Highlights: Campbell’s Ledge for hikes, Lackawanna River Heritage Trail nearby
  • Parks: Riverfront Park, Sullivan Park, Jefferson Park, James Clark Park, Albert West Park
  • Amenities: Restaurants and shops throughout Main Street and across the bridge in West Pittston

With a strong focus on downtown revitalization, Pittston offers a vibrant small-town feel with the perks of a walkable community. Whether you’re grabbing brunch, enjoying river views, or strolling to a local event, it’s easy to enjoy life on foot here.

Dunmore: Quiet Charm on Scranton’s Edge

  • Location: Directly east of Scranton
  • Access: Interstates 81, 84, 380/80 and the Casey Highway all accessible from town
  • Walk Score: 74
  • Highlights: Walkable neighborhoods near Marywood University and Dunmore Cemetery
  • Parks: McHale Park, Sherwood Park, Saint Anthony’s Memorial Park
  • Amenities: South Blakely and East Drinker Streets offer a variety of dining and retail options

Dunmore offers all the convenience of a walkable community without the hustle of a big city. You can enjoy peaceful neighborhoods, beautiful walking routes, and easy access to both Scranton and natural green space.

Tunkhannock: A Small-Town Walkable Community

  • Location: Northwest of Scranton in Wyoming County
  • Access: Route 6 and Route 29
  • Walk Score: 61
  • Highlights: Boutique shops, welcoming atmosphere, and a growing downtown district
  • Parks: Riverside Park, McCord Park, Lazybrook Park
  • Amenities: Tioga Street and Bridge Street offer great access to stores, eateries, and entertainment

Tunkhannock’s walkable downtown has become a major draw for new residents and tourists alike. While it’s a smaller borough, it packs a lot into just a few blocks—and walkability is central to the town’s charm.

Old Forge: Pizza, People, and Pedestrian Perks

  • Location: Southwest of Scranton
  • Access: Close to the PA Turnpike, I-81, and Route 11
  • Walk Score: 59
  • Highlights: Famous for pizza, easy walk to eateries and stores
  • Parks: Limited park space, though surrounding areas offer green space
  • Amenities: Great access to restaurants and shops on Main and Oak Streets

While some errands may still require a car, Old Forge offers a compact and convenient setting for day-to-day life. If you’re looking for a walkable community with big flavor and small-town energy, this might be your spot.

Looking for a Walkable Lifestyle in NEPA?

Finding the perfect walkable community in NEPA takes local knowledge, market insight, and a deep understanding of what walkability means for your lifestyle. Whether you’re relocating, downsizing, or searching for a place that lets you park the car and enjoy the fresh air, these four towns are worth exploring.

Let’s talk about your goals—and find the walkable neighborhood that fits your next chapter.

 

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Post Pandemic: What Does Real Estate Look Like?

There’s more uncertainty in the national real estate market than we’ve seen in some time. We’re two years beyond the onset of COVID and while we’re past many of the main health concerns of the virus, obstacles still remain. Remote work is likely here to stay, thus there are adjustments to housing post pandemic, which continue to unfold and impact the market. Is time running out for sellers to take advantage? Will buyers have a better chance of acquiring real estate being that their purchasing power has somewhat diminished? What’s in store for our market in the Greater Scranton area?

The future of real estate isn’t as dark as some would have you believe. The chance of a housing crash, the likes of 2007-2010, lacks much supporting evidence. In fact, the exact opposite might be true. Many experts are calling for a busy spring market this year and even Zillow projects home appreciation to hover around 9% for 2022. Many of the conditions, which existed prior to the housing bubble, simply aren’t present. When the market began to tank fifteen years ago, there was a surplus in housing inventory, mortgage lending resembled the Wild West and foreclosures occupied their fair share of the market.

Today, the narrative is quite different. There are shortages in markets throughout the country. Here in Northeastern Pennsylvania, our month’s supply of homes continues to unimpress buyers: year-to-date we sit at 1.29.* A magnifying glass would be required if the inventory got any smaller. In the four years, which consisted of the housing bubble, the market was heavily in favor of buyers and saw surpluses of housing between 7.3 and 9.6 month’s supply, according to the National Association of REALTORS®. Furthermore, lending restrictions are much tighter than those that existed fifteen years ago. In 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act became law with its eye toward consumer protection and a reform of the lending industry, especially riddance of predatory lenders. In general, those who are approved for a mortgage in 2022 are much more qualified than those approved even a dozen years ago. Finally, negative equity in the national housing industry has reached its lowest level over this same period of time. Much fewer homeowners are underwater than were during the housing bubble.

The future of housing post pandemic is not scary. Actually, 2023 will probably resemble 2019 more than it will last year. Inventory will bounce back, but that might take a year or two. The immediate future for sellers does pose a threat to them receiving top dollar for their investment. “There’s a little insanity in our market right now,” maintains Amy L. Kiesinger Bohenek, an Associate Broker with Realty Network Group. “Listing agents are faced with multiple showings and offers, sometimes over asking price. The appraisal process can be cause for a headache from time-to-time too. When a home doesn’t appraise, where does that leave both parties, especially the seller?” Despite this, the window for bidding wars and high price appreciation is closing. Despite climbing mortgage rates, demand for housing remains strong. Price appreciation will continue to trend up, albeit home prices shouldn’t be in the neighborhood of 18%, like much of last year. Sellers in our region should act sooner than later if they want to take advantage of this market they find themselves firmly entrenched.

Buyers must hang in there if they have a desire to pursue real estate anytime soon. The question remains, how can you sit tight when your purchasing power appears to be vanishing? Homebuyers have seen the average thirty-year fixed mortgage rate increase to roughly 5.3%, which is about 2% higher than it was at the beginning of the year. Many first-time buyers are already struggling to get their foot in the door and compete with others, including investors. Higher rates, for those who require a mortgage, generally mean they’ll have less to contribute toward a monthly payment. That’s why it’s important for buyers to have a plan, stick to a budget and know what they can afford.

In addition to the factors listed above, real estate in Northeastern Pennsylvania continues to have affordability as its ally. Year-to-date, the median home sales price is $179,000 (up 7.7% from the previous year).* New listings are down slightly, but inventory is expected to pick up. The groundwork for homes to appreciate at a slightly slower pace with small improvements in inventory is being laid. With an increase in buyer and seller competition that’s sure to come this spring and summer, being too conservative, will surely impact homeowners thinking about selling.

 

* Greater Scranton Board of REALTORS®

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