Research shows that Americans are confident in the economy. In fact, a recent Gallup poll states that Americans view the economy more positively since the election in November than they did in the previous nine years.
The housing market has remained steady, since last spring. We did not home sales dip in Novemeber, December or January. Normally, spring is thought to be the optimal time to sell however demand for housing did remain high over the winter.
Jonathan Smoke, the chief economist at realtor.com, stated in his latest article that “In most markets most years, the optimal time to list is in the spring so that the maximum number of potential buyers view the home. This year, the conventional wisdom of buying and selling may need to change. Inventory levels at the beginning of 2017 are at multi-year lows. Sellers now face very little competition.”
As I am sure you know Interest rates on the rise.
In a recent survey of loan officers that asked them how they thought rising rates will impact demand for mortgages, 16.7% said it would have no impact because there is not enough supply to fulfill current demand. Another 16.7% said rising rates will weaken demand. I agree with that assertion. The vast majority of people moving on—they’re just going to have to pay more.
If you’re a first-time buyer or a seller who’s thinking about buying, you have to take into consideration that if you wait until later in the year, you will have to spend more money. All experts are projecting that interest rates will continue to rise throughout the year.
Let’s take a look at where the experts are projecting rates to be in the next three quarters:
If we look at the average interest rates are going to rise about a tenth of percent each quarter. So why wait?
I have had clients reach out to me and ask if interest rates go up, will my home value decrease?
In this economy, that does not appear to be the case. The fact remains that there is low inventory out there and that drives the demand up.
CoreLogic Chief Economist Frank Nothaft said, “Very low mortgage rates sparked demand, and with inventories low, the result has been a pickup in home-price growth.”
If you have any questions about our market or are thinking about buying or selling a home, please don’t hesitate to reach out to us. (215) 757-7257 or TheSwainTeam@gmail.com.
In the meantime, be on the lookout for my next video market update.
39 Rain Lily Rd., Levittown, PA 19056
Coming Soon!...Mid-April! To learn more about this home or to schedule a tour in advance, please call 215-757-7257 or email: TheSwainTeam@gmail.com
Great Location! Well maintained country clubber with 6 bedrooms and 3 bathrooms. Step inside to the foyer with ceramic tile floor and decorative entry door. Step inside to the bright & airy living room accented by the fireplace. The living room opens to the banquet sized dining room. The sliding glass door in the dining room leads to the enclosed 25 x 11 sunroom. The remodeled eat in kitchen features maple cabinets, granite countertops, glass top range, and more! From the kitchen you can access the garage and the laundry room located there. For your convenience there is a large master bedroom suite on the first floor with a private full updated bathroom. Two nicely sized bedrooms and an updated full bathroom complete the first floor. Upstairs hosts three bedrooms and a full bathroom. The upstairs bedroom to the left offers walk in attic access for all your storage needs. Let the rear yard be your oasis for summer fun! The fenced rear yard offers privacy while you swim in your inground pool with diving board and sliding board!
7204 Radcliffe St., Bristol, PA 19007
Coming Soon!...Mid-April! To learn more about this home or to schedule a tour in advance, please call 215-757-7257 or email us at: TheSwainTeam@gmail.com
Like New Construction offering river views. Completely Remodeled with high end finishes!!! As you drive up take notice of the prominent pergolas that overhang both sides of the driveway. The picturesque porch is ideal for relaxing with a cup of coffee. Step into the home through the oversized (4’2”x 9’ 6”) ornate mahogany door. The spacious open floor plan is sure to please! Hard wood floors throughout the entire home. The bright and airy living room features a coffered ceiling. The gourmet chef in your family will fall in love with the stainless steel restaurant style eat in kitchen. Featuring: a 54” Double Door Refrigerator, 54” Double Door Freezer, 48” 6 Burner gas range with double oven and grille pot filler for your convenience, and three bay sink with dual faucets and pre-rinse faucet. Sliding glass doors off the kitchen lead to the outdoor entertaining area with exterior commercial natural gas grilles (36” chargrille & 24” Flat top). The first floor master suite offers a recessed ceiling with dual rotational ceiling fan and sliding glass door leading to the private side deck. The private bathroom with ceramic tile floor, pedestal sink, Jetted tub with ceramic tile surround. Upstairs hosts two master suites with 10.6ft ceilings as well as a laundry room. The first spacious suite is illuminated by recessed lighting and a dual rotational ceiling fan and offers a sizeable walk in closet. The bathroom includes upgraded his & her vanity, ceramic tile floor, and a large walk in shower. In the second suite you will enjoy river views as well as a sliding glass door leading the upper deck. Just imagine sitting outside on a spring evening as the sun goes down and enjoying the view. The master bathroom offers a custom ceramic tile shower with seating, his & her vanity, and storage space. The expansive rear yard includes vinyl privacy fencing.
The home underwent a complete renovation down to the foundation in 2008, 2x6 construction (walls) engineered floor joist & beams. Anderson 400 Series windows with custom grilles, and Anderson Frenchwood Hinged Double doors with both sides operating were installed. 3 ½ in trim throughout with 5 ½ in baseboards accent each room. 9ft ceilings on the first floor, 10’ 6” on the second floor each room except baths have ¾ x 5 ½ hardwood flooring. All plumbing, water, sewer, and gas have been replaced. There are two HVAC systems that are gas condensing furnaces & Central air. Home also features a newer roof (2009), 200 amp electric, tankless hot water heater, fenced yard, garage, 2 laundry rooms one upstairs and one in the basement), walk out basement and a 3rd floor for storage.