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%.

Prospective Lehigh Valley homebuyers want to see your home at its best. Making a few simple changes often increases the number of interested buyers or the selling price of a home. After a few years, a home may take on a “lived in” look that may be detrimental to its selling price. The following are a few tips to make your house look its best.

1. Clean the driveway and remove all cars.

2. Keep the entrance and the exterior of your house spotless and welcoming (consider buying a new doormat). Remove garbage cans, lawnmowers, newspapers, toys, and anything that is lying around the outside of your house.

3. Keep the landscaping clean. Be sure to mow the lawn, trim the hedges and shrubs, and remove weeds.

4. Clean all of the rooms in your house, including the garage. Visitors will likely view the whole house.

5. Paint the exterior and the interior of your house. Walls should be clean. Use art sparingly, it often makes the room appear cluttered and smaller.

6. Make sure all appliances and plumbing are working.

7. Make sure the roof and gutters aren’t leaking.

8. Pay attention to the floors including vacuuming, sweeping, and mopping. The carpets should be new and/or clean, the floors should be shining.

9. Dry clean drapes, replace if needed.

10. Tidy closets and storage spaces. Donate or throw out items that you no longer need.

11. Brighten up your rooms with fresh flowers or small plants.

12. Open windows and let in as much natural lighting as possible. Lights should not be dimmed and the rooms should not appear dark.

13. Get rid of any odors.

14. Remove any personal touches such as extra pictures, collections, or old furniture.

If you, or someone you know needs help selling their home, or you want more information on preparing your Lehigh Valley home for sale, please feel free to contact me at (610) 533-4549, or visit our website at http://www.govalleyhomefinder.com/

Selling a house here in the Lehigh Valley can be very profitable. The home inspection is an important part of getting the price you want for your home.

The preparations you make prior to listing your home and holding open houses can make all the difference in the price you expect for your home. If you can operate from the perspective of the prospective buyer who expects to see their dream home in pristine condition, you will be better able to receive full market value, or even more. There are several things you need to remember:

1. Realize that while you may view your house as a home that you’re comfortable with even if it is in less-than-ideal condition, others may not see it that way. If you’ve lived in your house for more than a few years and have accumulated various items, give yourself a few months prior to the listing date to clean the home.

2. Do repairs and upgrades as necessary. An experienced realtor can assist you in getting the best possible value from your home. I know what the client wants to see and can help you prepare the home for inspections.

3. Providing pre-sale inspection reports can reduce the selling hassle. By providing information to alleviate the anxiety of any prospective buyer, you put yourself ahead of your competitors who haven’t taken the time to organize a report. Thus, even if your home has a few quirks, you will be seen as a forthcoming, trustworthy seller.

If you, or someone you know needs help selling their home, or you want more information on home inspections, please feel free to contact me at (610) 533-4549, or visit our website at http://www.govalleyhomefinder.com/

In a recent Morning Call letter to the editor, LVAR (Lehigh Valley Association of Realtors) expressed  frustration with government officials continued reliance on the real estate transfer tax (PA recieve 2% on every Lehigh Valley Real Estate Transaction, buyer and seller each pay 1%).  Municipalities that were once booming with residential development are seeing the effects of a slow housing market, namely in the loss of income from estate transfer tax, which is shared by municipalities, school districts, and the state.  Collections REALTORS® have argued for years that local governments should not rely on the transfer tax for revenue because it is unstable and cyclical. 

source: Lehigh Valley Association of Realtors

So what exactly is a shot sale anyway? A short sale is when a home is in pre-foreclosure and the bank allows the owner to list the home with a Realtor and try to sell the home and avoid foreclosure. In most cases it is being sold for less than what is owed to the bank. The owner may be very behind on the payments, and may also have multiple loans on the home. The bank(s) will agree to the short sale because they will ultimately recoup more money a lot faster than if they had to go through the foreclosure process. Also, if the home was foreclosed upon, usually only the primary lender gets paid. So if  the owner has 2nd mortgages, or lines of credit with other banks, they may not even get paid at all if the house goes into foreclosure. The owner makes out because even though they are paying back less than what they owe, their accounts are marked settled and paid, also there credit does not suffer as badly as if the property was foreclosed on.

This works out well for the potential home buyer as well. He or she is able to purchase a home in the Lehigh Valley for less than market value, usually 10 to as much as 30 or 40% below actual value of the home. One thing to consider is that the bank(s) approve all offers, and the homes are being sold as-is, and quite often the may need minor repairs and/or TLC. Time is another factor to consider, it may take the bank(s) up to 6 or even 8 weeks to approve the offer.

If you look at the big picture, everyone makes out. The banks recoup most of their money and don’t have to deal with the hassle and expense of the foreclosure process, the seller gets to save their credit and satisfy their account(s) and best of all, the buyer gets a good deal on a pre-foreclosure in the Lehigh Valley!

Contact an Agent for more info

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.

Number of Sales: During May 2008, 517 home sales were reported in the Lehigh Valley, down 22% from May 2007 at 663.

Average Sales Price: The average sales price for May 2008 was recorded at $217,000, which is up approximatly 9% from May 2007 when the average sales price was recorded at $215,000. The average sales price is obtained by dividing the the number of sales into the total sales dollars.

Median Sales Price: The median sales price for May 2008 was recorded at $190,000, which is an decrease compared to May 2007 with a median of $200,000. The median indicates the mid-point of th 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 May 2008 was 68 days, an increase from 51 days in May 2007.

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