Tag Archive for: housing inventory

5 Factors To Consider When Buying A Home This Spring

What Are the Main Factors When Buying a Home in Spring?

If you’ve ever wondered what are the main factors when buying a home, spring is a great time to explore the market—but preparation is key. While spring brings renewed energy and inventory to the real estate world, the path to homeownership still requires thoughtful planning and strategic moves. Let’s break down the five main factors to consider before you make an offer.

1. Saving for a Down Payment

The first major factor when buying a home is your down payment. Ideally, you’ve been setting money aside long before you’re ready to start your home search. A larger down payment can reduce your monthly mortgage, help you secure better loan terms, and show sellers you’re serious. While the traditional 20% rule is often cited, many loan programs allow for much less. Speak with a lender about your options to determine the best approach for your situation.

2. Getting Pre-Approved for a Mortgage

One of the most important answers to the question what are the main factors when buying a home is simple: get pre-approved. It not only gives you a clear budget but also makes your offer more appealing to sellers. Pre-approval signals you’re financially ready and can save you time and heartache by narrowing your home search to what you can realistically afford. Don’t skip this step—it could be the difference between landing your dream home and missing out.

3. Choosing the Right Location

Your future home’s location affects everything from your daily commute to your long-term satisfaction. Consider the neighborhoods you’re drawn to and prioritize key factors:

  • Proximity to work
  • School district quality
  • Local amenities
  • Walkability and safety

Spring often makes buyers more conscious of things like snow removal or drive times after a long winter. Think about how the weather, lifestyle preferences, and neighborhood layout all play into your decision. After all, what are the main factors when buying a home if not location, location, location?

4. Understanding Market Conditions

Before you make any decisions, take time to understand the current real estate market. Are you entering a buyer’s market or a seller’s market? Inventory, pricing trends, and competition can impact how quickly you need to act—or how much room you have to negotiate. In Northeastern Pennsylvania, for example, low inventory has kept the region firmly in seller’s market territory. Partnering with a knowledgeable local agent will help you stay informed and ready to make smart, timely decisions.

Work With the Right Professionals

As the season—and the market—heats up, make sure you’re surrounded by experienced professionals. From inspectors and appraisers to mortgage lenders and real estate agents, the right support team is one of the most overlooked answers to what are the main factors when buying a home. Interview agents, ask questions about their experience, and find someone who listens to your needs and advocates for your goals.

Ready to Buy This Spring and Know What are the Main Factors When Buying a Home?

Tackling these key factors—down payment, pre-approval, location, and market readiness—can set you up for a successful home purchase. Don’t let the clutter or chaos of the season stop you from making a confident, informed decision.

Whether you’re buying or selling a home, the team at Realty Network Group is here to guide you every step of the way. Let’s talk about how to turn your homeownership goals into reality.

* Greater Scranton Board of REALTOR® data

 

For more, check out our buyer FAQs.

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Holding On To Summer

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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.

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Considering Selling? What Can Today’s Seller Expect?

Considering Selling? What Can Today’s Seller Expect?

As we enter the spring housing market, today’s seller finds themselves in a uniquely advantageous, yet complex, position. The past year was stellar for homebuying and selling, though many first-time buyers, often relying on FHA loans or smaller down payments, found themselves outbid by investors or more competitive buyers. Today’s market, marked by continued low inventory, has kept prices high and demand strong, although sellers still face questions about timing, pricing, and post-sale decisions.

Understanding the Seller’s Market in 2022

While it’s a clear seller’s market, potential sellers face concerns, particularly if they’ll need to purchase a new home after selling. Christina M. Keller, REALTOR® at Realty Network Group, notes that in northeastern Pennsylvania, sellers are generally in a favorable position, though some feel pressured to prepare their homes quickly and effectively. This rush, combined with the need for a new home post-sale, adds a layer of complexity and even hesitation for many.

New Trends in Home Sales

Aware of high demand, many of today’s sellers are opting to save on pre-sale upgrades. Where homeowners might have repainted, updated kitchens, or replaced floors in previous years, today’s sellers are finding that buyers are willing to take on these cosmetic changes themselves post-purchase. Keller observes, “Sellers are counting their savings, knowing buyers are willing to tackle projects post-settlement.” This trend aligns with the broader competitive landscape, where buyers are often just grateful to secure a property, even if it needs some work.

Buyers Ready to Compromise

Given the high level of competition, many buyers are forgoing requests for minor repairs or updates, choosing instead to purchase “as is.” This willingness to accept properties with minor issues can often be the deciding factor in competitive bidding, sometimes even outpacing higher offers. While this benefits sellers by expediting the sale and reducing pre-sale costs, it means buyers are finding fewer opportunities to negotiate on price.

Timing is Everything: Why April Might Be Ideal for Today’s Seller

For sellers looking for an optimal listing time, April might hold the key. Realtor.com pinpoints April 10-16 as an ideal week, citing a combination of high buyer interest and limited competition that often leads to quicker sales at higher prices. Similarly, Zillow’s data from 2021 suggests that late April (21-28) can provide the best conditions for a successful sale. Timing the market could help today’s sellers maximize their returns, especially in an environment where housing demand remains strong but inventory is slow to rebound.

April’s “Sweet Spot” for Today’s Seller

In sum, today’s seller is uniquely positioned to make the most of the spring market. With robust demand, limited competition, and a favorable timing window, listing in April could yield top dollar. For those contemplating a sale, acting in the next few weeks could capture high buyer interest and maximize profit, creating an ideal exit point in 2022’s dynamic housing market.

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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.

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Our Award-Winning Website Strikes Again

Looking Back at the Scranton PA Real Estate Market in 2020

It’s hard to imagine the real estate terrain we found ourselves in during 2020, but looking back, it was a pivotal year for the Scranton PA real estate market. Many parts of the Northeast that had struggled before the pandemic began reporting record growth, including the largest increase in home sales since the end of 2006. Unlike many surrounding regions, Northeastern Pennsylvania entered the pandemic with a strong housing market already in place.

When the economy derailed in March, real estate activity entered stealth mode for more than two months. However, the market quickly regained momentum. Home sales increased, and home prices continued to rise. Though homes sold for 11.6% more in August compared to the previous year, year-to-date home prices experienced a more moderate 2.2% increase year over year.*

Challenges and Opportunities in Scranton PA Real Estate

The Scranton PA real estate market faced its share of challenges during 2020. Housing inventory remained low, more homes were going under contract than were being listed, and commercial space availability was beginning to increase. At the same time, lower-priced homes were in short supply, creating additional competition among buyers.

New construction offered some potential relief, but rising lumber costs added obstacles for builders. Many homeowners also chose to stay put in their current homes, further limiting available inventory. Despite these challenges, Northeastern Pennsylvania remained one of the nation’s most affordable housing markets, providing opportunities for first-time buyers.

Buying a Home in a Fast-Moving Market

Strong demand created a competitive (and frustrating) environment for homebuyers throughout the region. Properties often sold quickly, making it difficult for buyers who relied solely on print advertising or delayed their searches. Staying informed about new listings and working closely with a knowledgeable real estate professional became increasingly important.

For buyers navigating the Scranton PA real estate market, access to accurate, up-to-date listing information was often the difference between finding the right property and missing an opportunity.

Scranton PA Real Estate Listings and Local Expertise

Where buyers searched online also mattered. In 2020, Realty Network Group was awarded the Best Real Estate Website in Northeastern Pennsylvania for the third year in a row by local newspaper readers.

Our award-winning website provides access to Scranton PA real estate listings and homes for sale throughout Northeastern Pennsylvania, helping buyers explore available properties, research communities, and stay informed about local market trends. Combined with the guidance of our experienced REALTORS®, these tools helped clients make confident real estate decisions during one of the most unique housing markets in recent history.

* Greater Scranton Board of REALTORS® stats

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