Critical Data and Rates
Active Listings: 156
Pending Listings: 131
Demand Rate: 84%
15 Year Mortgage Rate: 3.75%
30 Year Mortgage Rate: 4.5%
How did 2018 Compare to 2017?
Largest change was in the Bellefonte School District, which had a 13% increase in closed transactions. As an FYI…total closed in Bellefonte School District in 2016 was 353. So up and down in Bellefonte over last 3 years.
Bottom Line……Happy Valley Single Family Homes Sales are Stable
Keep in mind, these numbers are based on total transactions reported via the Centre County Association of Realtors MLS. These numbers include transactions in the following school districts only: SCASD/BASD/BEASD/PVASD
How Much does my Home Appreciate in Value Each Year?
Wouldn’t we all like to know the “absolute answer” to this question. But the world and market place never works in “absolute answers”.
The only rule of thumb I will hesitantly share on this topic is… “assume 2% appreciation annually over a 10 year ownership period”
(Keeping in mind what we have all heard about the word “assume”).
Your home is worth “fair market value” at all times. This value has nothing to do with what you paid for it any number of years ago.
My definition of Fair Market Value…
“What a qualified buyer is willing to pay in a reasonable amount of time”
The reasonable amount of time component is based on the “average number of days” it takes a home to secure an acceptable offer in your market place. Also known as “average days on market”.
Notice I did not really answer this sections title question.
Because there is no answer. Appreciation is an abstract notion of the market place. If you purchase something that generally maintains or increases in value over time, then in theory, the longer you hold it, the higher it’s value will be when you want to sell it.
I am and have been a full time residential Real Estate Sales Person for nearly 25 years in Centre County. I lived and worked through the “Great Recession” and Real Estate collapse of 2008.
If you purchased a Home in Las Vegas Nevada in 2005 and sold it in 2010….your Average Annual Appreciation would have been approx negative 20% .
If you purchased a home in State College Pennsylvania in 2006 and sold it in 2009 it likely dropped in value approx 10%.
If you bought a home in Centre County Pennsylvania in 2006, it likely did not increase in value at all by 2013. The market was slowly recovering from the crash and after values dropped in 2008, it took at least until 2013 for them to return to 2006 value levels.
Simplest and Safest Advice for Homeowners
Consider your home a safe, low interest savings account. Make your minimum monthly payments(or more) on time each month, keep it well maintained, live there for at least 10 years and do not borrow any money from your homes equity.
If you do this, your home is a fortress for you and your family and it will treat you very well.
OK 2019 Real Estate Market…Here We GO!
1. Great Job to all of you that I have already met with and outlined a plan and schedule. We are “locked and loaded” and your goals are ready to be attained this year! Preliminary Congratulations!!!
2. Good Job to all of you that have contacted me in the last 63 hours(number of hours since Holiday Season ended, as I write this months issue). We are scheduled to meet and have plenty of time to get you “teed up for success” I feel like I am in mid season form already, it has been a wild 63 hours of Hard Core Real Estate Service Providing.
3. If your not sure that 2019 will be the year to commit Real Estate? That is aok and normal. At least check in with me, let’s have a little phone or email interaction.
Even if it’s just a, “maybe this year”…I need to pencil in a spot for you.
As many of you know…I am not a “more is better” Realtor. I service my clients and those they refer to me. Providing real estate service’s is not a, one size fits all decision for the consumer or the service provider.
If I agreed to work with everyone or anyone who contacted me, the level of service and commitment I could provide each family I serve would be compromised.
No one can provide excellent service to everyone.
Selecting a Realtor that acknowledges this reality is a good first step.
This Month’s Prize Draw Winners
This month’s winners will each receive a $50 Starbucks Gift Card. Congratulations to Chad Eichfeld and Kate Heinzel!!
Next Month’s Prize
2 winners will each receive a $50 Wegmans Gift Card
To enter the prize draw, you need to join my newsletter (bottom of the page) and then simply reply to the Monthly Value Message email that is sent.
“I could agree with you, but then we’d both be wrong.”
– Harvey Specter
Todd is honest, hard working, dependable, fiercely intelligent, and extremely knowledgeable of the residential real estate business.
I trust Todd’s professional expertise, experience and thorough knowledge of the State College real estate market when buying or selling. I wouldn’t use any other real estate agent.
You’re so good at keeping in touch, Todd.
Thanks!
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