If you are considering buying a home here in the Lehigh Valley – NOW IS THE TIME. Contrary to what you may see or hear on the news, yes you can get a mortgage. If you have a job, a decent credit rating, and at least 3% down payment, there is a very good chance you can get a mortgage right now.

Interest rates continue to be at at all time low, home prices are down, the economy is in the tank, it is 100% a buyers market out there – for now. There is absolutely no better time to buy a house in the Lehigh Valley than today. The longer you wait, you risk prices and interest rates going up, especially if you wait until spring or summer. As it is, real estate is a seasonal business. It is always better to buy in the fall and winter, than to buy in spring or summer.

If you are a potential home buyer, almost everything is on YOUR side right now. But all than can change very quickly. Experts are predicting we are at, or near the bottom of the market. This means that at any moment things will start turning around. When that happens, it will cost you more money to buy a house.

If you would like more information about getting a mortgage or buying a house in the Lehigh Valley, I invite you to call me today to discuss your home buying options.

Chris Hoffman, Realtor
Keller Williams Real Estate
http://govalleyhomefinder.com
Cell: 610-533-4549

Comparison of Lehigh Valley Home Sales from August 2007 to August 2008:


Number of Sales – During August 2008, 520 sales were reported, down approximately 23.4% from August 2007 at 679.

Average Sales Price – The average sales price for August 2008 was recorded at $228,000, down approximately 5.8% from August 2007 when the average sales price of the month was recorded at $242,000. The Average Sales price is obtained by dividing the number
of sales into the total sales dollars.

Median Sales Price – The Median Sales Price for August 2008 was recorded at $200,000 which is a decrease compared to August 2007 with a median of $210,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes sell for more.

Average Market Time-The average time on the market for Lehigh Valley properties sold during August 2008 was 68 days, an increase from 49 days in August 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of August 2008 is 97%, which remained the same compared to August 2007 at 97%.

New Construction:
For newly constructed homes with 4 bedrooms and 2 1/2 baths the average sale price is $440,000. The median sales price reported is $391,000. This information is based on 15 new construction properties sold during the month of August. During the month of July 2008 the average sale price was recorded at $421,000, the median was recorded at $401,000. The Average Sales price is obtained by dividing the total number of newly constructed sales into the total sales dollars of newly constructed homes. The Median Sales price indicates the mid-point of the range of sales-half of the homes sell for less, while half of the homes sell for more.

Comparison of Activity from June 2008 to July 2008

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold  in the Lehigh Valley during the month of July 2008 is 97%, which remained the same since April 2008.

New Construction:
For newly constructed homes with 4 bedrooms and 2 1/2 baths the average sale price is $421,000. The median sales price reported is $401,000. This information is based on 7 new construction properties sold during the month of July. During the month of June 2008 the average sale price was recorded at $473,000, the median was recorded at $423,000. The Average Sales price is obtained by dividing the total number of newly constructed sales into the total sales dollars of newly constructed homes. The Median Sales price indicates the mid-point of the range of sales-half of the homes sell for less, while half of the homes sell for more.

Lehigh Valley Real Estate Statistics:
The statistics presented in Market Update are compiled each month based on the figures generated from the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales prices and median prices fluctuate monthly depending upon the number of sales at the high or low end of the price range. The year-to-date numbers will generally remain more constant. The Lehigh Valley Association of REALTORS®, “The Voice for Real Estate in the Lehigh Valley”, represents 2636 real estate professionals involved in all
aspects of the real estate industry.

Comparison of Activity from July 2007 to July 2008:

Number of Sales – During July 2008, 524 sales were reported, down approximately 24.5% from July 2007 at 694.

Average Sales Price – The average sales price for July 2008 was recorded at $236,000, down approximately 4.1% from July 2007 when the average sales price of the month was recorded at $246,000. The Average Sales price is obtained by dividing the number of sales into the total sales dollars.

Median Sales Price – The Median Sales Price for July 2008 was recorded at $207,000 which is a decrease compared to July 2007 with a median of $215,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes sell for more.

Average Market Time-The average time on the market for properties sold  in the Lehigh Valley during July 2008 was 65 days, an increase from 51 days in July 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold in the Lehigh Valley during the month of July 2008 is 97%, which remained the same compared to July 2007 at 97%.

If you are looking to search for homes for sale in the greater Lehigh Valley Area, including Allentown, Bethlehem, and Easton you can now do so with ease.

Introducing www.GoValleyHomeFinder.com ! This is a brand new free online search engine that gives you direct access to the Lehigh Valley Mult List system – the same one the Realtors use.

There are no registration forms to gain access, you can just enter your search criteria and instantly see live, update listing of all the homes for sale in the entire Lehigh Valley – Free.

The site is very user friendly and has many unique features that allow to quickly and easily save searches, inquire about listings, schedule showings, email the listing info and many more great features that make searching the Lehigh Valley MLS very easy.

One of the new features is the unique map search which allows you to select specific areas and view all homes in that particular town or city. The system allows you to search search by school district, zip code, town or city, or area of your choice.

Of course you can also select price range, property type, and features including bedrooms, bathrooms, square feet, and amenities. It’s just a very nice, real easy way to search live, updated results at your own pace, and in the privacy of your own home, then when you do find homes that interest you, you can quickly and easily request more information.

Click here to Search Lehigh Valley MLS Listings on the new GoValleyHomeFinder.com!

Comparison of Activity from June 2007 to June 2008:


Number of Sales – During June 2008, 550 sales were reported, down approximately 29.3% from June 2007 at 778.

Average Sales Price – The average sales price for June 2008 was recorded at $234,000, down approximately 0.85% from June 2007
when the average sales price of the month was recorded at $236,000. The Average Sales price is obtained by dividing the number of sales into the total sales dollars.

Median Sales Price – The Median Sales Price for June 2008 was recorded at $200,000 which is an decrease compared to June 2007 with a median of $207,000. The Median indicates the mid-point of the range of prices-half the homes sell for less, while half the homes
sell for more.

Average Market Time -The average time on the market for properties sold during June 2008 was 61 days, an increase from 51 days in June 2007.

List Price to Sold Price Ratio:
The average sale price compared to list price for residential properties sold during the month of June 2008 is 97%, which is a decrease compared to June 2007 at 98%.

Just a few short weeks ago mortgage rates were still dropping and even people with less than perfect credit could buy a home here in the Lehigh Valley for just over 6%. Persons with strong credit scores (over 650) were getting 30 year fixed rate loans for 5.5 – 5 3/4%. But those days are gone, at least for the time being.

Contrary to what may people believe, banks and mortgage brokers have little control over the rate that you pay when you buy a new home. especially if it’s an FHA loan. The federal government sets and controls the interest rates. Guidelines are set, based on credit score, purchase price, and type of loan. Recently rates have been creeping back up. So even if you have a good credit you can expect to pay over 6% – even close to 7%.

Don’t panic though, rates are still the lowest they have been in years, and are not expected to go too much higher any time soon. But 6.5% to 7.5% will be the norm for the next few months at least. And prices are still coming down, though again not as drastically as you may believe if you watch the news. The Lehigh Valley has always been a strong housing market, and will continue to be for the foreseeable future.

If you are considering buying a home within the next few months and would like a free pre-approval to see what kind of rate and purcahse price you can qualify for, please contact us

Lehigh Valley Real Estate Statistics: The statistics presented in Market Update are compiled each month based on the figures generated from the Lehigh Valley Association of REALTORS® Multiple Listing Service. Average sales prices and median prices fluctuate monthly depending upon the number of sales at the high or low end of the price range. The year-to-date numbers will generally remain more constant. The Lehigh Valley Association of REALTORS®, “The Voice for Real Estate in the Lehigh Valley”, represents 2586 real estate professionals involved in all aspects of the real estate industry.

Determining the value of you home is done by researching comparable homes that have sold in close proximity to your home. A licensed real estate agent can do this with a comparative market analysis or CMA. Comparable homes should be of similar size and style, and should be as close to your home as possible. It may sound easy, but it is a complicated process that should be done by a realtor. Homes are a commodity and ultimately the market will determine the price.

For more information on what your home is worth – contact an agent