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.

Lower Makefield Home Sales Statistics

Although two months are too short a time period to predict a trend, the Lower Makefield real estate market may be improving.  There seems to be more buyers shopping for properties this year even though the number of sales during the first two months of 2012 were even with the first two months of 2011.   Prices, however, are still eroding, but not as significantly as they had been during the prior few years.

Bucks County Home Sales Statistics 2/29/2012

The housing market appears to be improving in Bucks County.  Statistics for January and February are favorable, but it's too early in the year to draw definite conclusions.  The number of sales are up, but conclusions about pricing trends are difficult to make at this time.

New Hope/Lambertville Restaurant Week

New Hope and Lambertville have many wonderful restaurants and during Restaurant Week, Sunday, March 18th through Friday, March 23rd, you can sample many at a reasonable price.  Participating fine dining restaurants will have a fixed price menu for $29.95 and participating casual restaurants will serve a fixed price menu for $19.95.  For further information and a list of participating restaurants, visit www.VisitNewHope.com and www.Lambertville.org. 

Bucks County Property Taxes

How do Bucks County Property Taxes differ from one community to another?

The school property tax rate varies by school district and township. Here's the county's web reference to the various milleage rates for each community. The milleage is applied to the assessed value to determine taxes.
http://www.buckscounty.org/government/departments/finance/BoardofAssessment/MillageRates.aspx

Be aware that the assessed value of two properties that are both appraised at the same market value can have notably different assessed values. A general county wide assessment has not been performed since the 70's; so, property assessments don't necessarily reflect market values.

Communities with few commercial or industrial properties will have higher tax rates than those with such sites.