Lancaster County Real Estate Podcast with Gretchen Karr

Today, I have five tips to help you get a jumpstart on organizing your things and simplify your next move.Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price EvaluationIt’s important to get a head start on your move before you get an offer from a homebuyer. Here are five tips to help you jumpstart your organizing and simplify your next move. 1. Sort your belongings into these groups: keep, give away, maybe, and trash. Once you have, box up everything in the maybe pile and store those items for six to 12 months. If you don’t have a use for those items in the next year, then you can probably give those away. 2. Give yourself plenty of time. Be patient. The process of getting organized takes time. Sorting through personal paper and memorabilia will take much longer than sorting through other items. Give yourself some extra time for the reminiscing that will occur.The process of getting organized takes time. 3. Store your items in clear bins. Using plastic bins helps you know what’s inside each bin. If you use colored bins or cardboard boxes, use a pen to clearly label what’s inside and which room it will go in. Use a large piece of paper to write your labels on so that you can use that bin again later for another purpose. 4. Get rid of your paper. Another problem in homes is the paper trail you leave from room to room. It could be magazines, newspapers, documents, advertising, or receipts. Most homeowners keep a lot of paper, which creates a lot of clutter. Go through your files and reduce that paper by shredding or recycling documents that you do not need. 5. Do it now. This is the most valuable tip. As soon as you finish reading this, block some time off on your calendar to start getting organized. Putting it on your calendar should prevent any procrastination. If you start taking care of things right away, it will get simpler over time. The same is true for your move. I hope you found these tips helpful. If you have any other questions about buying or selling a home, just give me a call or send me an email. I would be happy to help you!

This winter is shaping up to be a huge moment for area homeowners who are looking to sell. Here are a few reasons why.Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price EvaluationThis winter is likely to be a very important moment for many home sellers. That’s because three big trends are coming together to affect Lancaster County home prices right now:1. Housing inventory remains extremely tight. The total number of homes on the market fell 10% year over year in the last quarter. This is the biggest drop since 2013, and it's part of a consistent pattern of very limited and decreasing housing supply. Of course, the fewer homes there are on the market, the easier it is to sell, and the higher the price you can expect to get. Home prices have increased almost 6.5% nationally since last year.2. Buyers are increasingly optimistic. Despite the tight inventory, homebuyers are increasingly optimistic and continue to look for homes. Some of this has to do with the recent growth in income and job stability. Loosening lending standards are also making many homebuyers eager to take advantage of current mortgage rates, which slipped under 4% recently.It’s the perfect time to get in the real estate market. 3. The new tax reform bill will impact the market. The federal government recently passed the Tax Cuts and Jobs Act, which majorly overhauled our tax code. While it’s unclear how this will affect the real estate market as a whole, there are some changes that do not favor home sellers. As a result of the changes made to the tax code, the National Association of Realtors now projects slower growth for home prices in 2018, with an appreciation rate of 1% to 3%. By doubling the standard deduction, Congress has significantly reduced the value of mortgage interest and property deductions as tax incentives for homeownership. On the bright side, no changes were made in the rules surrounding capital gains for home sales, which is good news for home sellers. When you put all three of these three trends together, two big conclusions emerge. First, now is a very favorable moment for home sellers, thanks to the shortage in the market, the many eager buyers, and the high and rising prices. On the other hand, higher cost, higher tax areas will likely see prices decline as the result of new restrictions on mortgage interest and state and local taxes. If you are looking to take advantage of the present moment to sell your home, please reach out by giving us a call or sending us an email. We look forward to hearing from you soon.

Contrary to popular belief, fall is a great time to put your home on the market. There are three reasons why. Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price EvaluationFall is upon us, and with it the end of the high season for real estate.However, if you're thinking you've missed your chance to sell your home, let me reassure you: This autumn actually presents a fantastic moment to sell. Here's why. First off, housing inventory is still incredibly low. In fact, according to data from the Census Bureau and the National Association of Realtors, inventory remains well below historic averages, and is 50% less than its peak in 2006. In addition, the recent slump in new construction means demand for existing homes will stay high in the near future.  The time to list your home is now. Second, while mortgage rates also remain very low, recent announcements by the Federal Reserve might cause them to finally start rising. This would make mortgages less affordable and might turn away a significant number of potential buyers. This is even more of a concern when you consider the continuing growth of home prices—6.9% in the last year alone.Third, buyers in the fall are likely to be more serious because they have probably been searching for months without success. Also, because fewer homes are listed in the fall, this means there's even less competition than we’ve seen due to the general low inventory. So what do you get when you put all those things together?Well, if you were to list your home right now, chances are good that you would be able to sell it very easily and for a top price. On the other hand, if you decide to wait, the situation might not be as favorable because mortgage rates might rise or because new construction might pick up.That means the time to list your home is now. If you’d like a precise estimate of what your home could sell for this fall or you have any other questions about the current Lancaster real estate situation, give me a call or send me an email. I'm here to help.

We’re experiencing a 30-year low in inventory. Here’s what that means to you.Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price EvaluationSpring is typically the busiest time of year for the real estate market. Buyers who are experiencing cabin fever come eagerly into the market in search of their dream homes. Homeowners who are anticipating the increased demand are enticed to list their homes for sale in order to move up or downsize and cash in.New data from CoreLogic shows that even though buyers came out in full force, not as many homeowners made the jump to list in the 2nd quarter as expected. Our sales growth has slowed, not due to lack of affordability but due to lack of inventory.Inventory is down for the 25th consecutive month nationwide. As of the end of the second quarter this year, our unsold inventory is at 1.9%—the lowest 2nd quarter reading in over 30 years. CoreLogic’s president says that home prices are marching even higher as mortgage rates keep things affordable from a financing perspective. Affordability will likely become a much bigger challenge in the years ahead.Overall, inventory across the U.S. is down for the 25th consecutive month according to the National Association of Realtors. It now stands at a 4.3-months’ supply. However, conditions in the luxury and premium markets are the opposite. These homes are staying on the market for a longer period of time than usual, putting that segment of homes in a buyer’s market.The bottom line is that buyers are out in full force and there has never been a better time to sell your home and move up than right now. If you’re interested in buying or selling a home or if you just have any questions, you can always reach out and give us a call or send us an email. We look forward to hearing from you!

Whether you’re a buyer or a seller, there are three tips you need to know to succeed in today’s market.Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price Evaluation In today’s highly competitive real estate market, where inventory levels are not keeping pace with the constant stream of buyer demand, there are three steps you can take to ensure you’re most prepared for success when buying or selling a home. These tips come from a fellow real estate blog called “The Skinny on Skinny Inventory.”First, be prepared. If you’re buying a home you should talk with a lender and a Realtor before even looking for a home or making an offer on a property. Being intentional, pre-approved, and prepared will set you up for the accelerated time tables that come with a highly competitive market. If you’re the most prepared buyer, you have a readily secured financial approval, and you’re ready to move fast, your bid will be much more attractive to sellers than others. If you’re selling your home, you want it to be in show condition before it even hits the market. Also, be prepared for showings the first day it’s listed.Finding a way to stand out from the crowd by getting creative will improve your chances of getting the home you want. Next, think strategically. If you’re a homebuyer and don’t have a home to sell but can be flexible on the closing date, this can help your offer stand out. If you’re a buyer who needs to sell your home, your first step should be listing your home with a real estate professional before looking for a home. This process can be smooth with the right real estate agent guiding you. Lastly, seek out the ugly ducklings. Consider looking for homes that have been on the market for a while and then investigating why. The reasons might be a deal-killer, but it only takes one ugly duckling to turn into a swan. Finding a fixer-upper or a home that needs a little love might be your best option to guarantee that you find a home in the neighborhood you want. The worst home on the block will go for a steal or below market value and offer instant equity once you fix it up. If you’re a seller, regardless of your home’s condition, know that there’s a buyer out there for every home. By pricing your home under its current market value and having a strong marketing and advertising plan, you home will get sold.In today’s market, finding a way to stand out from the crowd by getting creative will improve your chances of having a home to call your own. If you have any questions about succeeding in the market or you’re thinking of buying or selling a home, please don’t hesitate to give me a call. I’d be happy to help you.

Because of the shortage of inventory in our market, now might be the time to sell your home. If you’re a buyer, you also need to act fast because homes are moving quickly.Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price EvaluationOur housing market is moving along in positive recovery mode. In most price ranges, both home sales and home values are up. Distressed homes have fallen, and it looks as though our market is racing forward this year.However, a lack of inventory may cause this momentum to slow down. It appears that buyer demand will remain strong over the summer, but supply will not be able to keep pace. Lawrence Yeung, the chief economist at the National Association of Realtors, says that sellers are in the driver’s seat this spring. Intense competition for fewer homes for sale is forcing buyers to be aggressive in their offers. They’re showing resiliency, though, given the challenging conditions. Supply can’t keep pace with current buyer demand. Freddie Mac says that tight housing inventory has been an important feature of the housing market—at least since 2016. Inventory for starter homes is currently at its lowest level in more than 10 years. To quote Pro Teck CEO Tom O’Grady, “The lack of inventory is real, and could have a severe impact on home sales in the following months.”The bottom line is if you’re thinking about selling your house, now may be the time. Demand for your house is strongest when there is little competition among other sellers. If you’re thinking about buying a home, you should keep your eyes peeled—homes are moving very quickly. If you have any questions about our market or are thinking about buying or selling a home, feel free to reach out to me. I’d be happy to help you.

Should you buy or sell a home this spring? I’ll go over three reasons why now is a great time to do either today.Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price Evaluation There are three recent developments that make this spring a great time to buy or sell a home. First of all, mortgage interest rates have stabilized. Last July, we hit an all-time low of 3.4%. Rates went up after the election and reached a high of 4.31%, but they have stabilized over the past three months. Despite the increase, they are still historically low, making now a great time to buy. Secondly, employment is up. The U.S. Bureau of Labor and Statistics says that there were 235,000 new jobs in February, and 2.3 million new jobs over the past year. This reflects continued growth in business and consumer confidence over the recent months. Housing inventory is at record lows. Finally, housing inventory is at a record low in most price points. February saw a 17.9% drop in the number of homes on the market year over year. What do these developments mean for you? If you are thinking of selling your home, you will be able to do so quickly right now, as inventory is low and demand is high. You will also be able to sell your home for top dollar. If you have any questions about what your home is worth or if you would like to know more about our current market, please don’t hesitate to reach out to me. I would be happy to help you!

I get asked all the time about what I think will happen in the market. I can’t tell the future, but I can point to a few different sources to give you a better idea of what is likely to happen.Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price EvaluationA lot of people have been asking me lately about what they can expect from the market this year. My first response is always, “I don’t have a crystal ball, but I can tell you what I’ve been seeing in the local marketplace and what some experts think will happen in the future.” Here’s what I mean.According to Lawrence Yun, chief economist of the National Association of Realtors, the national median home price will increase by 4% in 2017. Also, low inventory levels are affecting affordability by slowly increasing housing prices. Factors such as limited land availability, shortages on construction labor, and tight credit for buyers are all contributing to increasing home costs that create a shortage of available housing. Also, Yun is predicting a 5.3% increase in new construction home starts.I predict a slow and steady price growth. At the state level, Realtor.com is predicting moderate sales growth with a changing composite of buyers. A few trends they are starting to see include millennials and baby boomers being the two demographic shifts powering through in the next 10 years. They also predict a slow and steady price growth of 3.9% from last year. Fewer homes will be on the market, and inventory will decrease by about 11% on average.We are generally seeing a lack of inventory and an increase in demand across all price points. However, I’m also seeing the days on market for listed homes increase. I’m optimistic for the outlook of the year as it starts off, but I also predict a slow and steady growth.If you or someone you know is thinking about buying or selling a home this year or if you just have a question, don’t hesitate to give me a call or send me an email. I would love to hear from you.

Mortgage interest rates have shot up a bit recently. They’re about to shoot up a whole lot more. Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price Evaluation The Federal Reserve is the entity that sets interest rates and they meet on a quarterly basis. Last year, they increased interest rates twice in their four meetings. When they met in the first quarter of this year, they increased their benchmark interest rates again by 0.25%. However, this move was widely anticipated by the market and mortgage rates aren’t expected to go up in the next few weeks. They are expected to increase rates at least two more times this year. What does this mean for buyers and sellers?If you’re thinking about selling, now is the time to list so you can sell for the maximum amount of money possible before rates go up and decrease buying power. Right now, demand is high and inventory is low. That’s a perfect storm for sellers.Now is the time to sell for max money. If you’re looking to buy a home, increasing rates could greatly affect your buying power. Let’s say you are approved for a $300,000 loan right now with a 4.5% interest rate. If rates went up by just 1%, you would only be able to afford a $270,000 home at the same monthly mortgage payment. Take advantage of rates where they are now and lock in a low one before they go up even further.If you have any questions for us or you’re interested in buying or selling a home, give us a call or send us an email. We would love to hear from you.

Right now is the best time to put your home on the market for a few reasons.Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price Evaluation Every year around this time people ask, “When is the best time to sell my home?” The answer is right now! Most people believe that the spring is the best time to sell their homes. However, right now inventory levels are incredibly low, the days on market have decreased, and multiple offers are commonplace. If you decide to list your home now, you have an advantage over those who are going to wait a month or two because they will face more competition when they finally go on the market. You will have much more competition if you wait until spring to list. It is going to be a fantastic spring market and demand is going to be at an all-time high over the next three to four months. Getting ahead of the competition will ensure you can take advantage of that demand before competition increases. If you’re thinking about selling your home and would like to learn how to get top dollar, please feel free to give me a call or send me an email. I look forward to hearing from you! 

Lancaster County is currently undergoing a reassessment for all property values, and here’s what you need to know about it.  Buying a Lancaster County home? Get a Full Home SearchSelling your Lancaster County home? Free Home Price EvaluationDon’t shoot the messenger, but Lancaster County is undergoing a reassessment for all property values that will take effect on January 1st, 2018. The last time this happened was in 2005.There is no precise way to predict what your upcoming taxes will be because the reassessment takes into consideration not only your new property assessment value, but also the upcoming tax millage rates for 2018 and 2019. That being said, you can use the 2016 and 2017 millage rates as a pretty good indicator—along with this new assessment value—of what your incoming taxes will be.You have the right to appeal your reassessment. The overall assessment timeline has some important dates you need to watch out for: March 2017. During this whole month, reassessment notices will be mailed out. Keep in mind that this is just a preliminary notice—it might not be the set value at the end. March 3rd to March 31st, 2017. During this time period, once you receive that preliminary notice, the Lancaster County Assessment Appeals Board is offering a free preliminary consultation if you dispute or have any questions about your preliminary value. They have a site set up at the Park City mall in Lancaster in the conference room of the meeting rooms in there. You can discuss your value with one of the officers present. They’re open Monday through Friday, 8 a.m. to 5 p.m. No appointment is necessary.June 1st, 2017. On this day, final notices will be mailed out. This is the assessment value that will go into effect on January 1st, 2018. You have the right to appeal this assessment free of charge within 40 days from the date on the notice. You can still appeal after that 40-day limit, but they will charge you to do so. If you want to appeal this final notice, a hearing will be arranged and a date and time will be scheduled for you to appear before the board. If you do decide to appeal, I suggest you visit their website and obtain the rules and regulations so you can be more knowledgeable about your appeal. Here are two other links I suggest you check out for more information on the subject:This one gives you more of a Q&A explanation of the property reassessment value of Lancaster County.This one lets you access the Lancaster County website. This will not only reveal more about the appeal process, but also give you information about accessing your current property assessment as well as the current millage rates for 2016 and 2017.If you have any questions about this topic or are looking to buy or sell in the current market, feel free to contact me. I’d be glad to help!