Lehigh Valley Market Update
Posted 06-22-2008 at 08:41 AM by jeffvivian
I thoughts this would be a good time to start discussing the current housing market in the Lehigh valley. Althought the appearance is that the market is soft - and numbers are starting to resemble a softening -there is a silver lining. It seems the bottom of the marrel is upon us. And all-in-all the market was not as bad as the rest of the nation.
The reason I believe we have hit somewhat of the bottom, is mortgage rates are starting to trend higher
. I know this sounds crazy 
but it is putting a little more urgency in buyers to capitalize on what is a good interest rate by a historical standards. So more urgent buyers seems to be giving more "traction" to this market. Also the raising of the interest rate will go a long way in my eyes to curbing the inflation/weakening dollar, which will help strengthen our economy.
I know after reading this, there will be agreements and disagreements, and I would be glad to hear them. So lets post away!
The reason I believe we have hit somewhat of the bottom, is mortgage rates are starting to trend higher
. I know this sounds crazy but it is putting a little more urgency in buyers to capitalize on what is a good interest rate by a historical standards. So more urgent buyers seems to be giving more "traction" to this market. Also the raising of the interest rate will go a long way in my eyes to curbing the inflation/weakening dollar, which will help strengthen our economy. I know after reading this, there will be agreements and disagreements, and I would be glad to hear them. So lets post away!
Total Comments 6
Comments
-
I read recently that there is an FHA type of loan for "first time" home buyers that goes up to $237,000 that they will give first time buyers....I wonder if that has helped open up the market in your area.Posted 06-22-2008 at 04:56 PM by Summering
-
Absoultley, FHA has been a great help with our area for first time home buyers. In fact, it is probably safe to say that if we did not have the FHA loan, our market would have been in much worse shape.Posted 06-23-2008 at 07:57 AM by jeffvivian
-
Usually ,over the years, if the mortgage rates are heading higher........home buyers flock to try to get the lower rate before that happens.
I don't see an urgent race in the Pocono area.
I'm surprised with the first time home buyers type of plans advertized in the news, that there isn't a bunch of action.( up to $237,000 is a big chunk of change)
Maybe if someone would post a small outline of whats what out there.....I think that many sit back blindly and let the good opportunity go for naught.Posted 06-23-2008 at 11:08 AM by Summering
-
I think what the market is seeing is the "natural instincts" of human nature. That is to say "well if this is such a good deal why is no one else jumping in"...especially if you are a first time home buyer.
With that said, this market gives everyone in a year or two the opportunity to be a story teller. It s going to be comical in a couple of years to here the story of the "big one that got away". You know the story of I should have bought that house when....I could of had that house for x....If I could go back I would have......
It is actually stomatch turning, too see all this missed opportunities for first time home buyers. Because sellers in this market are ok with giving assistance.
And the most upsetting thing is when you try to give good pure advice and people say well you are just trying to sell me this home! UGH-Posted 06-24-2008 at 11:33 AM by jeffvivian
-
How about prices don't jump 70-90% in 6 years? This was the largest bubble in US history and is causing the current economy to spiral down worse than the great depression. Had greedy realtors told people the truth instead of putting up billboards proclaiming "housing values double every ten years" which is a bold face lie! Realtors and those in that industry and the cause of the current situation. [URL]http://graphics8.nytimes.com/images/2006/08/26/weekinreview/27leon_graph2.large.gif[/URL]Posted 09-18-2008 at 08:23 AM by EmmausRocks
-
Jeff-Any chance of an update since so much is going on these days with banking, etc?Posted 10-09-2008 at 10:38 AM by Stavs
