With the economy tanking over the past year plus, the real estate business took a hit also.

In my opinion it was never the market that was hurt, only the money business that became the problem. Mortgages were hard to come by as the federal Government stepped in and threw heavy new regulations to those that loan money for housing. Loose lending practices led to this clamp down over the past few years and loans were made to those who could least afford them. Thus foreclosures were plentiful when owners couldn’t pay the heavy monthly payments they signed on the dotted line to pay. We are left with a weak buyers market and lots of homes for sale.

Whose fault was it?

Actually it was the fault of the government who wanted more people to be able to own property thus they encouraged lenders to loan to as many as possible, relaxing the rules  and since the lenders are in the business to make money they did just that to excess. Our economy is profit driven and when government agencies encourage profit, profit becomes the goal. there were attempts over the years to tighten regulations by some law makers however a segment of the congress fought to make more housing available to more people thus allowing lenders to make loans to those who couldn’t afford them. The system collapsed on itself when those buyers couldn’t pay the mortgages and as a result foreclosures became the rule instead of the exception……

As money becomes available

more and more in the coming months sellers will be able to find buyers and the “House for sale” inventories should shrink thus creating a more stable and thriving market. The trend in my eyes for the future is good and the business especially in Central Pennsylvania is solid. Inventories are already shrinking and there are more buyers out there. As the money sources become more available competition to buy property will increase and prices will move upward again.

Just like all other businesses,

the real estate market has it’s ups and downs. However interest rates are low and inventories of available properties are plentiful. I believe the trends now are positive for another real estate boom to happen over the next few years.

I have noticed that all the national news garbage about failing markets does not really apply that much here in our area. Yeah, things have slowed but there is little indication of prices falling. There are a few people that want to list their properties as if the boom was still happening but no real loss in value appears to be happening. Builders in the higher end of the market that started building in the middle to end of 2006 seem to be affected the most with price concessions and time on the market. I would be curious if anyone has other observations?  The lower ends of the market have extremely low days on the market still. Rates certainly are not prohibative. I hear from those in the lending business that the guidelines for some loans have tightened over credit qualifications which is slowing the lending a bit, people that can’t qualify that once did.

When the snow doesn’t snow and rain doesn’t rain, sleet and ice result. The sidewalks and driveways were a mess yesterday, Wednesday and it was a task just for snow blowers to get through the ice to remove it. When you own a home, the responsibility of the walkways and driveways around it are yours. A condo or a townhouse will give you the freedom to not have to remove impossible precipitation off your walkways. When looking for a home where you control the land around it or a townhouse where a community fee pays for the maintenance of your property, it is always best to decide how much time you want to give for the care of your home. If removing ice isn’t your thing, a townhome may be the answer.

Water pipes will burst, water mains will freeze solid and water ponds in your back yard are subject to harsh freezing.

Do you have fish or frogs in your ponds? Make sure the water doesn’t freeze all the way to the bottom.  Fish and water life will survive by assuming the temerature of the water unless of course the water is frozen. Then they become fishcicles. 

If you have the ability to cover the pond in very cold weather, it will insulate the air underneath and keep the water at slightly a higher temperature. Also your spigots outside are subject to breaking in severe weather. Places such as your local hardware stores and home centers sell covers for those outside spigots. For a couple dollars and 5 minutes of energy you could save a 200 dollar plumbing bill.  Sounds like a deal to me !

Here is one for the books; a picture of East Main Street in Mechanicsburg, Pa. over a hundred years ago. Other than paved streets, it doesn’t look much different. What will it look like in 2100? I wonder how much a house was priced at back then? Couple hundred?

 

The weather still has us in a deep freeze and water pipes tend to freeze and burst causing water leaking problems. Outside faucets only need a small amount of water in them to freeze and burst. It is best to disconnect hoses from the spigots and have non freeze spigots installed.  Years ago we didn’t use those outside faucets but with many people having ponds, with waterfalls, and hot tubs the need for using outside water sources has increased.

Here is one of Wildwood Park in the fall near Harrisburg Area Community College. A great place to walk, the path goes around the reservior and is about 3 miles long. There are hills on the path, you can walk your dog or ride your bike and the leaves as you can see are beautiful in autumn, plus egrets and ducks and geese as well as turtles are very plentiful.

 

 

This depends on the house and how secure you want to be in the house. If you do a visual inspection yourself and see things you don’t understand, such as cracks in the foundation, you may want to have an inspection done.

A Consumer Notice is something you agree to and sign before you work with a real estate agent. It relates the different ways an agent can work with you and it shows what that agent can and cannot do.

It is always helpful and attractive to a buyer if you can guarantee the structure of your home is sound. A home inspection can go a long way to build confidence in the potential buyer.