Tag Archive for: NEPA Real Estate

Why Homes Sit on the Market: 5 Fixable Reasons

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 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!

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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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Forward-Thinking: The Key To Real Estate

Realty Network Group’s newest REALTOR®, Lisa Armetta, looks forward to the demands of today’s real estate market. Lisa has lived in Northeastern Pennsylvania her whole life. She understands the region, the culture, but most especially its inhabitants. “Our community is loaded with hidden treasures, including its people,” attests Lisa. “Locals need an advocate who will act (when need be) and guide them through the real estate search, transaction and beyond.”

With over thirty years experience in all facets of the restaurant and bar industry, Lisa understands firsthand how to treat clients well. Repeat business has always been extremely important to her! When customers come back, time and time again, it says something about your business: your product and your personal brand. Leaning upon her achievements in managing thriving area businesses, her focus now has shifted. Running a successful real estate business is her goal.

It’s important to work with professionals who understand how daunting the purchase of a home or business can be — it’s a large investment, to say the least. Lisa recognizes how vital it is for those involved to be comfortable with their purchase. Her wish is for her clients to not only see the property for what it is, but also be able to experience it for what it could be, its potential, a reflection of them.

“I chose Realty Network Group because it’s a small business, who’s very involved in our community,” asserts Lisa. “They have a wonderful reputation for supporting their agents and their clients. I’ve spent most of my career building small businesses, where people are family. I desired a company who was inline with that philosophy. My hope is to help prospective buyers find the right property to build their ‘family,’ even if it’s a business one, and help sellers find the right buyer.”

Being involved in real estate over the years, Lisa has a good understanding of potential setbacks for buyers and sellers. Forward-thinking is essential in this business. When Lisa sees opportunity for her and her clients, she acts. She’s an achiever, who will work tirelessly for her clients’ needs. She’s ready for the challenges that lie ahead in this market as well as the next one.

Seeking the services of a professional, but you’re hesitant because of a prior bad experience? If you’re thinking about making a move in 2021, call Lisa Armetta today at 570-840-1793 or via email at [email protected].

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The Same Principles Apply

Realty Network Group’s newest REALTOR® is a native of the Scranton area and currently resides in Eynon. “I understand that where you live and who you represent are most important,” describes Michael Turlip. “These values have been instrumental in my life and continue to guide my endeavors.” Mike Turlip graduated from the University of Scranton in 2000 with a bachelor’s degree in Criminal Justice. From there he served in the U.S. Army for four years as a Military Policeman. In January of 2002, he was deployed to Afghanistan following the events that occurred on September 11, 2001. Upon returning, he completed an overseas tour in Europe, serving as a member of NATO at the Supreme Allied Headquarters in Belgium. His experience in the military has instilled in him what it means to sacrifice and serve others. In 2005, he was accepted to the Pennsylvania State Police Academy in Hershey, Pennsylvania. For the past sixteen years, Mike has continued to serve the public as a Pennsylvania State Trooper.

“My experience in public service has embodied the principles that we as Americans should strive for every opportunity we can,” emphasizes Mike. “I’m thankful for my experience and wish to utilize this drive, which has developed from my military background, in order to be successful. My success will translate to success for my clients and that’s my priority.” Mike understands how central buyers and sellers are to real estate in 2021. He grasps the connection between homeowners, investors and tenants far greater than most real estate professionals who are beginning to grow their business.

Mike has always had an affinity for real estate. Eight years ago, he purchased his first investment property. “I think real estate has always offered me a challenge that intrigues me,” asserts Mike. Whether it’s buying a fixer-upper and transforming it back to a neighborhood treasure or investing in rental properties that provide affordable, well-maintained housing to those in the community, the growth of his portfolio has meant more to him than sheer assets. Investing in our community is foremost, and coupled with his passion to serve others. As a real estate professional, Mike fully intends to provide his clients with knowledgeable service, based on his experience, while taking into consideration their real estate goals.

For the past two decades, Mike has served in some of the most prestigious organizations in the country. The principles conveyed through them, led him to Realty Network Group. This company takes pride in serving its clients well and adheres to the highest standards in the real estate community. Loyalty and service to those we represent coincide with his values as a veteran and a State Trooper. He looks forward to applying these same principles to assist and meet all of his clients’ real estate needs.

If you’re seeking the services of a real estate professional who is dedicated to finding your forever home or selling your current one, contact Michael Turlip today directly at 570-290-4421 or via email at [email protected].

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Selling Beyond Home

Alice Manley is the newest agent to join forces with Realty Network Group. She infuses thirty years of sales expertise with an interest and passion for matching up buyers and sellers. Connecting both parties in a real estate transaction is more than a science. There’s an art to marketing homes or leading buyers in pursuit of theirs. Alice’s vast experience in media and hospitality are added advantages for her and her clients.

Alice will be a valuable asset to the firm as she brings a strong work ethic and a motivation to succeed into the field. She has a desire to work hard for her clients understanding that sometimes you don’t get a second chance to sell for the best price, terms and conditions as trends change. She’s also committed to homebuyers as they begin what will be a remarkable journey toward homeownership! She’s driven to succeed, realizing her successes will be victories for her clients too. Another strength for Alice is her problem-solving abilities. She has an uncanny sense for stopping issues in their tracks and moving toward a resolution that’s acceptable to everyone involved, especially her buyers/sellers.

“If it doesn’t feel right, we’ll search until it does,” expresses Alice. Her words to buyers never ring truer than they do now in a seller’s market. “Your ‘forever home’ wraps you in comfort like an old blanket, gives you refuge during difficult days and is always waiting for you after a long journey. Everyone deserves this and I look forward to bringing this experience to others.”

Alice has lived her entire life in Northeastern Pennsylvania. She loves all the area has to offer, including its seasons, natural landscapes and close-knit communities. She hopes those moving into the region or growing into it can have these experiences as well. “It’s an exciting time in real estate in NEPA,” underscores Alice. “I chose Realty Network Group because of a working relationship I had with one of its owners. It was knowing this person that attracted me to the company. I was certain of the value, integrity and respect I would find there. Furthermore, they train each new REALTOR®, like myself, which was incredibly important to me.”

Are you seeking the services of a real estate professional who’s extremely motivated and will work hard for your interests? Contact Alice Manley now at 570-954-3701 or via email at [email protected].

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Every Step Of The Way

Realty Network Group welcomes a new addition to its network of real estate professionals. Her name is Sarah Farrell and her unique skill set offers promise to future clients of the firm. As a native of Northeastern Pennsylvania and a current resident of the Abingtons, Sarah is very familiar with the areas in and around Lackawanna and Luzerne counties. She looks forward to connecting buyers and sellers in a variety of ways as she begins her real estate career.

Her skill set includes, but is not limited to, over twelve years experience in marketing, sales and management for industries pertaining to resorts and travel. She has a background in creative design, which will inevitably enhance her sellers’ ability to showcase their homes, especially when staging. Furthermore, she has a natural ability to connect with consumers while keeping the lines of communications open – a vital part of real estate – ask any successful, veteran REALTOR®.

“I love many aspects of real estate,” emphasizes Sarah. “I’ve always been intrigued by the market, looking at the trends in addition to discovering a home’s special character. That is, how it’s differentiated from the rest. And while HGTV is always ‘background music’ in my home, finding out what makes specific neighborhoods in our region tick is an essential trademark to suitably marketing properties.” Sarah has her sights set on a long and prosperous career in this industry. She’s passionate about getting her feet wet, helping her clients find their forever home or getting top dollar for her sellers.

“I look forward to expanding Realty Network Group’s footprint in NEPA,” underscores Sarah. “They’re an established, up-and-coming company, who offers a wealth of knowledge and professionalism to agents in the field. It felt like an instant fit for me. I love the camaraderie, which exists there. From what I’ve witnessed and heard, there’s a culture of support and encouragement within the company. I’m very happy to be part of this organization.”

The company will continue to grow with agents like Sarah, professionals who understand how cumbersome the real estate process can be at times. Going through this process herself, she knows how imperative being there for her clients is – being present every step of the way. She has a great work ethic and believes integrity and honesty are two of the most important traits a REALTOR® should possess. She also currently serves on a variety of boards in our community including Meeting Planners International, Middle PA Chapter (Vice-President of Education), Northeast Chapter of the Pennsylvania Restaurant and Lodging Association and American Cancer Society, Northeast Chapter (advisory committee).

If you’re seeking the services of a real estate professional who will work hard for you and your goals, contact Sarah Farrell today directly at 570-417-6932 or via email at [email protected].

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Our Award-Winning Website Strikes Again

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

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

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

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

 

* Greater Scranton Board of REALTORS® stats

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Readers’ Choice Awards

Over the years, we’ve been thankful for support from our clients as well as our professionals, who’ve been instrumental and vital to our success. They certainly are motivation through the obstacles brought on from this pandemic. As we can attest, connecting buyers and sellers requires new approaches in order to be successful during this surreal year. So far in 2020, the Greater Scranton market has shifted from being balanced to one now highly in the seller’s favor. The absorption rate (the rate at which homes are selling over a specific period of time) has dropped from 6.44 (last July) to 4.02 (this July), while inventory continues trending downward.* Though housing in Northeastern Pennsylvania is among some of the most affordable in our nation, affordability is dropping in many markets and difficult challenges for both buyers and sellers lie ahead.

Our network of REALTORS® will help you navigate these obstacles and put you on the path toward homeownership or vice versa, if you need to sell.

Please spread the love and vote our firm, Best Real Estate Agency and Best Real Estate Website in this year’s Readers’ Choice Awards. [<– This has since ended, but you can see past winners here.]

We sincerely appreciate your time and support!

* Greater Scranton Board of REALTORS® stats
Readers’ Choice Awards – Times-Tribune

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Providing The Best Service Available

Realty Network Group continues to build a brand predicated on experience and reputation as evidenced by its newest edition to its family, Cheryl Gerrity. Cheryl has lived in Northeastern Pennsylvania her whole life, born in Scranton and spending the last three decades residing in the Abingtons. She has bachelor’s degrees in Computer Science and Business Administration, working seventeen years in corporate America prior to attaining her real estate license.

Cheryl not only has an affinity for NEPA architecture and design, but she’s also equipped with a drive for providing top-notch service to her clients. “This area has so many architectural wonders that can’t easily be duplicated today,” acknowledges Cheryl. “The homes, the region, the heritage – there’s so much to love here. It’s wonderful to connect families to the gorgeous composition present in some of these properties through the buying and selling process.”

She attends to both buyers and sellers on a regular basis, but she’s energized by her ability to offer sellers the best service available. “Realty Network Group has our area’s best all-inclusive marketing campaign, utilizing social media platforms to outdoor advertising to print media to professional photography, video and more,” contends Cheryl. “This enables me to provide outstanding service and marketing to my sellers. They won’t find this anywhere else! Furthermore, I’m excited about being part of a company that’s centrally-located, with seasoned professionals operating with integrity and a stellar reputation.”

Selling real estate is financially intensive. You need a person with expertise to handle the transaction and take care of all the minutiae – there’s so much at stake. She has experience, which has helped her thrive in this business. “Cheryl brings over eighteen years of real estate experience to our firm,” emphasizes Dianne Montana, the Principal Broker of Realty Network Group. “She’s well organized and always prepared, which serves her clients well. She has a skill for organizing ideas into plans and understands the concerns of consumers, often under the stress of moving from one place to another.”

If you need a real estate professional to help you to realize the possibilities of selling your home or purchasing one, contact Cheryl Gerrity today at [email protected] or 570.947.7967 (cell). Her first concern – a real estate win for you!

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His Focus Remains The Same

Realty Network Group is pleased to announce that Justin Gerrity, a REALTOR® serving the Greater Scranton area, has joined their company. He’s been a licensed agent for several years and looks to his new “home” as providing him more opportunities for his clients. He has a passion for meeting them where they are and discovering their present needs. He understands that navigating them through the twists and turns of the transaction in an easy-going and informative manner can be critical toward building a partnership that will last. “My joy is getting to know my clientele and what they hope to achieve in the market,” emphasized Justin. “In the end, making it a satisfying experience: For homebuyers, finding them the perfect home, one of my favorite things to do. And for sellers, gaining maximum exposure for their home.”

Prior to real estate, Justin, a Northeast Pennsylvania native – born-and-raised, spent all of his time in the service industry caring for people’s needs, assisting them and providing the special attention they deserved. This was the primer he required, grooming him for the exciting and sometimes challenging world of real estate. Today, his focus remains the same – to achieve the best possible outcome for his clients. “I have an incredible drive to make their needs my priority, and deliver on the sale or purchase of their home,” reveals Justin. “I’m always there for my clients. I take my job very seriously!”

“Justin is an experienced professional, who is well-equipped to handle people’s real estate investments with the utmost care and attention to detail,” declares Dianne Montana, Managing Broker of Realty Network Group. “We’re looking forward to the relationships he’ll develop as he establishes his book of business.”

He’s happy to have made the move: “Realty Network Group provides me a supportive, collaborative environment whose marketing is second to none,” asserts Justin. “The main office, which is ultra-modern and in a prime location, is the perfect place to meet my buyers and sellers.

If you need someone who can offer new solutions, ideas and personal touches to assist you with your real estate needs, contact Justin Gerrity today at [email protected] or 570.909.7160 (cell).

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