Has Bucks Real Estate Market Bottomed Out?

Has the Bucks County Real Estate Market Bottomed Out?

Sales figures during the past few months have definitely increased compared to the prior year, Agents are reporting cases of multiple offers on properly priced properties. While statistics suggest the worst may be over, it will take a few more months before we can draw a conclusion.

Check out these figures for Bucks County  home sales through March, 2012.

It is still a buyers' market, however, and most buyers are looking for homes they can move into without having to remodel.  Sellers are well advised to prepare their homes for sale before putting them on the market. Homes that are in good repair and are neutrally decorated sell faster and for higher prices than others 

Bucks County Home Sale Statistics Through March, 2012

It is starting to look like the home sales market has turned around in Bucks County, PA.  Here is a chart created by the local Multiple Listing Service, TRendMLS, showing single family home sales statistics for March, 2012 compared to March, 2011. It also shows year to date figures.  

• The number of single family homes for sale dropped from 3,702 to 3,413 in the past twelve months.
• During the first 3 months of 2012, 864 homes sold compared to 778 during the first 3 months of 2011. 
• The ratio of Sale Price to Original Listing Price for March, 2012 has increased by .6%.compared to a year ago. Original Listing Price reflects the price of a home when it was first listed under the contract in force at time of sale.  If the price of the home was reduced after its initial listing, the reduced price is not reflected in this number.

For those buyers waiting for the market to bottom out, it may have already done so.  Buyers are fortunate, however, mortgage interest rates are at historically low levels providing those who qualify a lot of buying power.

Good Home Buys in Bucks County

I recently showed a home to an out of town buyer and we were both grossed out by the condition of the walls and carpet.  After some initial disgust,  we realized the property's faults were cosmetic and the home was a real bargain.The home was a Fannie Mae owned property with Homepath financing available.

The home wasn't suitable for my client, but I thought some more about the property and tried to make an appointment to see it again.  I was thinking of possibly buying it myself as an investment property.  The good buys don't last long, however, and it was already under contract.

Fannie Mae is pricing repossessed homes very attractively.  Most have flaws, so buyers beware, but bargains can be had by those who can see a property's potential.  To move these properties quickly, attractive financing is frequently available through Homepath, and some properties qualify for home improvement financing.  For more information go to  http://www.homepath.com/resources.html#buyersGuide.

 
An experienced real estate agent can help you locate qualifying properties.

Bucks County Home Projects with the Highest Pay Back

According to the latest Remodeling on Cost versus Value Report, in the Philadelphia area, the home improvements that provide the highest pay back are deck additions, attic remodeling, minor kitchen remodeling, major kitchen remodeling, bath remodeling and new siding.

This isn't surprising,  I was surprised , however that new fiber cement siding led the list with a 70.6% return on investment.  This is a great product, and home buyers evidiently prefer it to new vinyl siding.