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Homebuying Insight

Its not the best time to sell, but it is a great time to buy! Historically, we are currently faced with an opportunity that is not mirroring anything we’ve experienced before in the real estate industry in Lancaster city and surrounding areas, such as Penn Manor, Manheim Twp, New Holland and every other town or school district in Lancaster, Pa. Interest rates are amazing, and home selection is phenomenal.

Here in Lancaster, we are not faced with the issue of value as much as other areas of the country. We are faced more, with under-informed buyers. People ask me all the time, what is the market doing, or tell me, the banks aren’t lending money. This is true, to a point if you don’t have a 700+ credit score, a down payment, and a steady work history. If you don’t fit this criteria, things may be a little more difficult.

Currently if you have credit that is in the 700’s or above and a reasonable down-payment, our Lancaster County banks are ready and willing to work with you, if you fit this criteria. An example would be, 3% for a first time buyer, or 10%+ for second time or more, home buyers.

Our market is correcting, and could take awhile, but don’t just sit there with your money under your mattress. Get out there and educate yourself on why this is a great opportunity and invest in a home. Take advantage of a great buyer’s market. Historically, real estate is one of the safest investments you can make. The real estate market will recover, I promise. Get out and look at what real estate investors are soaking up. There are tons of sellers that would just love to see an offer on their home, make one. You never know what the circumstances are or motivations behind the reason a seller needs to move. Make it reasonable, but make an offer, see what happens, you just might get it. Sellers are more motivated than ever right now. Don’t wait for the bottom, when we do hit it, historically it has, and should correct quickly after hitting bottom.

You don’t shop for other things when prices go up, why would you with a home?

Most importantly, no matter the economic times good or bad, spend within your means, just because you can spend $200,000, doesn’t mean you need to or should. Always pay bad debt before investing in a home, or a second home. Homeownership is nothing to rush into, or to be done on a whim. Buy SMART, take the time to educate yourself!!

As always, I want to know your thoughts!

Alex

(Each situation is different based on the individual needs with a loan or purchasing a home. This information is unique to Lancaster, County’s healthy real estate market)