Bucks County Home Sale Facts Through September, 2014

The rate of single family home sales in Bucks County increased in September 2014 compared to September 2013. The figures year to date for 2014 show a 4% decrease in the number of homes sold compared to the same period last year. Average prices for 2014 are up 1.2% compared to prices during the first nine months of 2013.

Bucks County market statistics are as follows:

Bucks County Home Sale Facts Through August, 2014

The spring real estate market was brisk, but it has slowed down somewhat in recent months. Prices are up slightly, but more homes are on the market and the number of sales is down slightly. This chart sums up the market for single home sales through the first eight months of 2014.

Deadlines Matter in Pennsylvaial Home Sale Transactions

The Standard Agreement of Sale for selling and purchasing a home in Pennsylvania is loaded with dates and timeframes to which either the buyer or seller must comply. Our contracts are written on a "time is of the essence" basis which means that deadlines are binding.

This factor comes as a surprise to many buyers who come from states in which attorneys are heavily involved in real estate transactions. Generally, contracts in those states have more flexibility with deadlines.

Some areas in which care must be taken in order to comply are:

-The deadlines for response and acceptance of offers.
-The deadline for buyers to receive a mortgage commitment and provide proof of the commitment to the seller.
-The deadline for completing inspections of the property and requesting repairs or credits.
-The deadlines for sellers to respond to requests from the buyers for repairs or credits requested by buyers.
-The deadline for providing association documents to the buyers.
-The deadline for buyers to withdraw from the sale if the association documents are not to their liking.
-The deadlines for complying with local use and occupancy requirements.

If one of the parties fails to meet the deadline in the agreement of sale, that party loses their rights under that provision of the contract. If the buyer or seller is unable to complete an action within the timeframe in the agreement of sale, he or she request an extension of time from the other party. If agreeable that extension must be in writing and signed by both parties if it is to be binding.

The Best Time of Year to Sell a Home

Spring is generally the most active time of year for the sale of single family residences. Many people move during the summer so children can start school in a new district in September. That doesn't mean that homes don't sell at other times of the year. Not everyone has school age children that are affected by a move. People move for many reasons and may have little control over the timing of their move.

Some sellers delay listing their homes until spring. Doing so doesn't necessarily result in a higher sales price. More buyers may shop for homes in the spring, but there are also more homes to choose from at that time, and sellers have more competition. The summer and early fall are great times to sell a home as well.

Bucks County Real Estate Sales Through April, 2014

Statistics are in for Bucks County Real Estate Sales for the first four months of 2014.

There was a very significant decrease in the number of both pending and settled home sales in April, 2014 compared to the sales in2013. Prices have been relatively stable, and homes have been selling more quickly than a year ago.

Bucks County Home Sale Stats through 12/31/2013

Single family home sales in Bucks County were up significantly in 2013 with 19.3% more homes being sold during the calendar year. Prices were up slightly for the year with an increase of 2.4% in the median sale price of all homes sold.


Pending sales decreased in December, but there was a significant increase in the number of settlements. Fewer homes are on the market, so buyers have been unable to negotiate as great a discount off of asking prices as in past year.


The statistics below refer to ratios of sale price to original listing price. Many sellers reduce the listing price during the sale process. These figures do not reflect the most recent list price.

Homes Are Selling Again in Bucks County!

What a difference a year makes!

Last year, agents in Bucks County were commenting that there were too few serious buyers and homes were taking quite awhile to sell.  This year, sellers of the most desirable homes are frequently receiving multiple offers on their properties. I've had two instances in the past month in which buyers I have been working with have made excellent offers, but were out bid by other buyers.

The figures are striking.  The number of Pending Sales as of April 30, 2013 is up 46% compared to Pending Sales on the same day a year ago.  Pending sales are the number of homes under contract that have not yet been settled.



Bucks County Home Sales Statistics Through August 2012

The Bucks County Residential Real Estate Market appears to have bottomed out and is now showing signs of improvement.

Statistics for August 2012 vs. August 2011 show an 8.7% drop in the number of homes for sale and a 23.9% increase in the number of homes that settled.

Sale price information is less conclusive.

Figures for 2012, as compared to August figures for 2011, would suggest prices have risen by 7.4%; however, year to date figures for the first eight months of 2012 compared to the first eight months of 2011 show a very slight decrease in prices. Different periods of time produce notably different figures.

Home prices have leveled out but cannot be expected to rise quickly.  The unprecedented rise in home prices between 2000 and 2006 was artificially created by loose lending practices.  We cannot expect home values to again reach their 2006 levels for many years to come.

Now is a great time for buyers to purchase a home.  Mortgage interest rates are extremely low and home market prices do not seem to be getting any lower. For those waiting for the market to bottom out, this may be it.

Bucks County Home Sales Through May, 2012

What a difference a year makes!

Check out these home sales statistics comparing May, 2012 home sales in Bucks County with home sales for May, 2011. Statistics are also shown for the first five months of 2012 compared to the first five months of 2011.

Buyers currently have fewer homes to choose from.  The number of homes for sale has decreased by 10.9%, while the number of pending sales and settled sales has increased.

Prices have continued to decrease.  This trend may change as the market adjusts to the fact that the number of homes for sale has decreased.



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.