Housing Trends

Foreclosure Rate Drops To 12 Year Low

January 18, 2018 by admin

Foreclosure filings in 2017 fell their lowest level since 2005 and decreased 27% from last year’s levels according to ATTOM Data Solutions, a real estate data research firm.

Foreclosure filings were reported on 676,535 properties nationwide in 2017 which represents just .51% of all housing stock in the country. When filings were at a peak during the housing crisis, they represented 2.2% of all U.S. housing units. Filings were down 76% from their peak of nearly 2.9 million properties in 2009.

New Jersey, Delaware, Maryland, Illinois and Connecticut had the highest foreclosure rates in 2017.

There were 5 foreclosures reported in the MLS for Nether Providence out of 221 properties sold representing 2.3% of transactions. In 2016 the percentage of foreclosures stood at 4.2%

Wallingford PA Real Estate – Wallingford, PA 19086

Home Improvements That Pay Off When Selling Your Home

January 12, 2016 by admin

While the trendiest and sexiest home improvements garner the most attention on today’s popular TV shows, more mundane home improvement projects tend to be a better investment.

As of October 2015 The National Association Of Homebuilders (NAHB) estimates Americans spent over $326 billion on home improvement projects. The National Association Of Realtors (NAR) asked members to rank projects based upon expected value at resale time.

In the NAR survey the following home improvement projects received some of the the highest expected return investment on investment (ROI) in the opinion of REALTORS.

Interior Projects:

– Refinishing hardwood floors – 100% ROI

– Upgrading Insulation – 95% ROI

– New flooring – 91% ROI

Exterior Projects:

– New roof – 105% ROI

– New garage door – 87% ROI

– New vinyl siding – 84% ROI

One of the most popular renovation projects – a complete kitchen overhaul – was estimated only to have an ROI of 61%. Most home improvement projects are not undertaken with the thought to their resale impact but for the enjoyment and pleasure of the homeowner which is really what it is all about.

Wallingford PA Real Estate – Wallingford, PA 19086

The Wide Appeal Of Hardwood Floors

June 8, 2015 by admin

Wallingford PA Real Estate - Wallingford, PA - Hardwood Flooring

Hardwoods Have A Wide Appeal To Buyers

Hardwood flooring is atop many of the wish lists for buyers these days. It is a predominant feature in many of the real estate shows show and has trickled down to a must have feature of many home buyers.

Sellers often ask is they should remove existing carpeting to reveal the hardwood floors beneath, and the answer is almost always a yes. I have seen homes languish on the market with dated carpeting, only to sell rather quickly once the hardwood floors are uncovered. It can make that much of a difference.

The Sunday Inquirer Real Estate section featured an article by Al Heavens, who asked me to contribute my thoughts on the subject for the article, discussing the appeal of hardwood flooring in today’s marketplace – Universal Advice: Refinish The Floors.

Wallingford PA Real Estate – Wallingford, PA 19086

Why Americans Are On The Move

February 28, 2015 by admin

If your home is on the market or you’re planning to sell in the future, it’s helpful to understand the reason why people choose to move from one home to another. According to the Demand Institute, which surveyed 10,000 households, location is the driving factor in most moves.

In fact, 75% of respondents cited one or more location-related reason for their move. On top of the list was the desire for a safer neighborhood, and other commonly mentioned reasons included being closer to family or work, seeking a change of climate and moving for a new job. Yet, 59% of household still expressed a desire to remain within 30 miles of their current home.

Additionally, the survey results provided insight about which location characteristics were most important to consumers. Having amenities and services within walking distance was deemed most important, followed by good schools, near proximity to work and public transportation, as well as the desire for diverse neighborhoods.

See more findings from the Demand Institute Survey.

Wallingford PA Real Estate – Wallingford, PA 19086

Rents And Renters On The Rise

January 5, 2015 by admin

Rents are rising at the fastest pace in six years, according to newly released data from the Bureau of Labor Statistics this week and nationally the vacancy rate at 7.4% has dipped to it’s lowest level in 20 years.

The share of multifamily housing units – those with five units or more units – being constructed as rentals is at its highest since record-keeping began in 1974. More than 93% of units in buildings with at least two units are being constructed as rentals.

Looks like a rental boom is underway.

The annual rent inflation reached 3.5% in November, the highest growth since November 2008, and up from 3.3% in October, according to The Bureau Of Labor Statistics. At the same time consumer inflation rose only 1.3%.

The National Association of REALTORS® recently forecast that 2015 will continue to be a “landlord’s market” as rent growth continues to run higher than overall inflation. However, NAR does project that rent growth will start to cool — slightly next year: Rent growth is expected to reach 3.9% in 2015 compared with 4% this year.

Vacancy rates for rental apartments is expected to remain low for at least two more years, NAR says. The vacancy rate for rental apartments in the fourth quarter is expected to be at 4%, and inch up to 4.1% in 2015 and 4.2%in 2016. Vacancy rates under 5% often are considered by housing analysts to be a “landlord’s market” and ripe conditions for landlords to continue upping rents.

Wallingford PA Real Estate – Wallingford, PA 19086

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S. Clark Kendus