Steve’s Stat’s – Shippensburg Real Estate Stat’s for March 2017
Steve’s Shippensburg Real Estate Market Stat’s – March 2017
Number of active homes for sale in Shippensburg Area School District: 125
Number of homes sold in the past 3 months in Shippensburg: 57
Absorption Rate: |125/(57/3)| = 6.58
The Absorption rate is defined as the number of months it will take to sell through the current housing inventory given the current sales pace. This number measures housing market activity and is used to determine whether the real estate market place is one which currently favors the buyer or the seller. A measurement of 6 is defined as an average point. A higher measure results in a market which favors the buyer. a lower measure than 6 describes a marketplace in which the seller has the advantage.
Welcome to SPRING 2017? It appears that Punxsutaney Phil got it wrong this year. Some are blaming global warming for Phil seeing his shadow and incorrectly forecasting 6 more weeks of winter. As winter heats up and looks to be turning to Spring early this year, the local real estate market appears to want to heat up too. As we charge in to March both sales and inventory are down throughout the Shippensburg real estate market. There is a lot of activity though and what happens next is any one’s guess! The absorption rate remains low at 6.58 months to sell through the current levels of housing inventory at the current sales pace. Even though sales have been down by the numbers in January and February, inventory of existing houses for sales is really down so that evens things out a bit.
So here is what you NEED TO KNOW about Shippensburg real estate sales. If you have a house to sell…call me! We need to get the house on the market NOW before the rush because there are people out looking for houses and they just cant find one to purchase! Buyers need to buy now because interest rates are on the rise and they are ready to purchase and take advantage of mortgage interest rates that are still in the low 4’s. Keep in mind that a 4-4.25% interest rate is about .5% higher than at the beginning of November. The US stock market is booming and consumer confidence is at an all time high. Mortgage rates are projected to jump up to 4.75% – 5% by the end of 2017 according to the Mortgage Bankers Association of America and other sources including the National Association of Realtors. Recently a few houses have been listed for sale in the Shippensburg at some very high prices. There is definitely competition among real estate agents to get houses in their for sale inventory. That competition leads to, shall we say, a tendency to misinform the seller regarding the value of their property in order to get the listing. We call that “buying the listing”, in essence telling the seller what they want to hear so that you get a listing contract and 6 months to 12 months to reduce the price and eventually get that house sold. If you are selling pay particular attention to the agents analysis of market value. Look for an agent who will give you an opinion regarding the potential range in value. Make sure that the agent can explain how they came to that opinion of value very clearly. Ask your agent to share with you the date that they used to arrive to that opinion. You want honesty from your agent more than anything else. If you and your agent don’t agree that’s alright. I always tell people that my job is to advise and then get buyers in to the house and get you an offer! Remember, as a professional, if I don’t believe that I can sell your property for a particular price then I am obligated to tell you that. That’s honesty and that’s what you are looking for. Not someone who just tells you what you want to hear. One more thing, it is my job to get you the best price I can and that’s what I will do!
There is a lot of buyer traffic in the market right now. If you are buying a house we like to meet with you for a buyer consultation. Now days it is tough to get potential buyers to commit to any real estate agent. With so much information available on the internet many buyers feel that they only need a Realtor to open the door for them. We have been doing this a long time and have a lot of experience helping people buy and sell houses in the Shippensburg area. We know that you are going to be happier and much better off partnering with a local real estate agent who knows the area, and really knows what they are doing. You need to work with an agent who knows lenders who will get your loan completed. You need an agent who knows the houses, knows the inspectors and appraisers. Do yourself a favor, find someone with a proven record of success and give me a call. Let’s meet and talk about your goals. We will not push our listings on you. We will not try to sell you the most expensive house we can. We will not be pushy! We will be your partner through the process of purchasing your home. We will work in your best interests. We will be honest with you. We will show competence. We will show you that we care about your situation. So if that’s what you are looking for then call me for help searching for and purchasing your home. If that’s not what you are looking for there is no shortage of real estate agents these days!
For help buying or selling your home call Steve at 717-477-9326.
JALEX Real Estate Services