Local RE Market Improving
LOCAL REAL ESTATE MARKET IS IMPROVING Blue Bell, PA— Despite the news from all the websites, blogs and cable channels, the real estate market really IS getting better, according to Art Herling, Regional Vice President of Long & Foster Real Estate in Blue Bell.
“Our region in the Delaware Valley sold more real estate during the month of June 2009 than June of 2008”, according to Herling. “We have found that buyers in the Delaware Valley are paying more attention to what’s going on in their own backyard, and tuning out what’s happening in the rest of the country. From June of last year, the average sale price is down very slightly-by only 2.6%-as compared to the rest of the country, where prices are down between 20 to 40% in some areas.”
Interest rates continue to remain extremely affordable, and motivated buyers have a wide selection of both new and resale homes to choose from. “Mortgage money is readily available at good rates, and the $8,000 first time buyer tax credit is helping to get many first-time buyers into the marketplace. In my 30 years in business, there have been three great times to buy: the early 80’s, the early 90’s and today”, said Herling. “The early 90’s home buyers have seen their values triple and those who bought in the early 80’s have benefited from values that quintupled.”
And what about investors who bought multiple properties in those days? “They’re all very wealthy people today”, said Herling.
Written by Chadd Martin on July 11, 2009 at 3:19 am
Filed under: General Business News
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