Wallingford PA and Nether Providence welcomed 189 new homeowners to the area in 2013, registering an increase in the number of home sales of 34 properties, which is a 21.9% increase in sales. The average selling price in 2013 was $315,327 which is a $47,922 leap in price accounting for a 17.9% increase over 2012. It took on average 104 days to find a buyer in 2013.

Just over $52,565,100 in sales were the result of the 147 single detached family homes that changed hands in 2013. The average selling price for this predominant category was $357,586, with prices ranging from a low of $45,000 to a high price of $750,000. Single family homes were the quickest sellers needing an average of 89 days to sell.

Wallingford townhomes were the next most popular choice among area buyers last year with 21 sales and an average selling price of $217,448. Days on market for townhomes was slightly above the overall average coming in at 108. Joining with these new townhome owners in maintenance free living which averaged $260.59 per month via condo and homeowner fees, were 16 condo buyers who paid an average price of $105,925, shelling out between a low of $66,000 and a high of $155,000 for their new condo.

Twelve properties were classified as in need of some TLC(Tender Loving Care) along with 8 bank owned and 4 short sale properties that sold in 2013.

The 5 twin homes purchased in 2013 took the longest time to sell in 2013 averaging 244 days on the market, and sold for an average price of $154,080.

Of the 189 sellers 78% received less than their asking price, with one seller accepting $460,000 less than their original asking price of $995,000. The average difference between original asking price and selling price was $32,734. Sellers were marketing homes which on average were 52 years old, with 4 being brand new construction and the oldest at 134 years old.

On average, with 121 listings reporting land size, sellers were selling a home that was situated on almost a half acre – .49 acres to be exact. The largest parcel was reported at 4.52 acres. The home style on that land was most likely a colonial, 103 were sold (54%), along with 23 Cape Cods, 14 ranchers, and 3 bungalows.

Buyers received a seller assist from 40% of sellers during the year, receiving an average of $7,099 in assist money at the settlement table. One buyer squeezed out $22,000 in concessions in one transaction.

The average Wallingford home sold in 2013 had 3.4 bedrooms – with one home having 8 bedrooms, 2.03 full bathrooms, and 125 homes having at least one half bath – 13 homes had 2 half baths, and 1 had 3 half baths. Single detached homes average 3.72 bedrooms and 2.12 full baths, townhomes averaged 2.52 bedrooms 2 full baths, and condos averaged 1.88 bedrooms and 1.56 full bathrooms. Garages were found in 128 out of the 189 homes sold.

Square footage averaged 2,128 with the smallest home sold having 625 square feet of interior space, and the largest coming in a 6,082 square feet. Single homes averaged 2,268 square feet in size, townhomes coming in at 1,929 square feet, and condos averaging 1,080 square feet.

New home owners inherited an average tax bill of $8,505, with one lucky new resident having a tax bill of $23,325, payable monthly along with a conventional mortgage in 124 homes, a FHA mortgage in 18 homes, a VA mortgage in 6 homes, and 39 lucky cash buyers.

While not the time to think of cooling off right now 13 single  homes sold with a pool and 86% of the homes sold last year had central air. On the heating side 100 homes, 53%, are heated with gas, 54, 29% by oil, and 29 dwellings keep warm via electric heat. In the kitchen electric cooking was predominant being present in 62% of homes, gas cooking was found in the other 38% of homes sold.

 

 Wallingford PA Real Estate – Wallingford, PA 19086

1. Mortgage Rates Are Expected To Rise

Mortgage rates increased approximately 100 basis points in 2013 and are likely to rise in 2014. 30-year fixed-rate mortgages last week averaged 4.48 percent. At this time last year 30-year fixed-rate mortgages averaged 3.35 percent.The new chairman-designate of the Federal Reserve, Janet Yellen, is expected to continue the policies of Chairman Ben Bernanke.The Federal Reserve last week said it would in January start tapering economic stimulus that has helped keep interest rates low. Rates are expected to be above 5% by year’s end.

 

2. More Homeowners Will Emegre From Underwater

Rising prices helped 2.5 million homeowners who were previously underwater regain positive equity status during the second quarter of 2013. However, approximately 7.1 million homes were still in negative equity at that time and an estimated 10 million homeowners, or about 21.1% of all homeowners with a mortgage have less than 20% in home equity. The good news is that prices are expected to continue rising in 2014, which will lift more homeowners into positive territory.

Homeowners who purchased in 2006 and 2007 at the peak of the market and thus those who experienced the sharpest price declines are now nearly in positive equity. Moderate price growth in 2014 will help to further close this gap.

 

3. Foreclosure Activity Is Expected to Slow

Foreclosure sales are likely to play a minimal role in the housing market in 2014. September 2013 was the 36^th consecutive month with a year-over-year decrease in foreclosure activity. Foreclosure inventory has dropped to multi-year lows, down nearly 33 percent since the end of 2012. Foreclosure starts were down 39 percent in the third quarter of 2013 to the lowest level since the second quarter of 2006. In Wallingford there have been 8 bank owned forclosures reported year to date, accounting for 4.2% of sales.

 

4. Further Declines in Home Affordability Are Expected

The National Association of REALTORS®’ Home Affordability Index, which compares home prices with income, dropped to a five-year low in 2013 as price increases outpaced income growth. If the U.S. economy begins to grow at a faster pace and incomes begin to rise, though, the affordability index will slide further due to rising mortgage rates.

 

Wallingford PA Real Estate – Wallingford, PA 19086