Housing Trends

U.S. Homes Worth Over $25 Trillion

December 31, 2013 by admin

San Francisco Skyline - Wallingford Real Estate

Los Angeles, San Fransicso, And NYC Acccount For Over $4 Trillion In Home Value

If you wanted to buy up all the homes in the country you would need to write a check for over $25 trillion dollars, according to a Zillow estimtae. It is estimated that the cumulative value of all homes in the U.S. at the end of 2013 is approximately $25.7 trillion, an increase of $1.9 trillion over 2012.

This represents the second yearly annual gain for U.S. housing stock. Duing the dark days between 2007 and 2011 the total value of the nation’s homes fell by almost $6.3 trillion – it is estimated that in 2008 alone home values fell by $2.67 trillion. With the gain in value this year homes have recouped $2.8 trillion in value. Future gains in value are predicted to be close to historical norms of 3% and 5% per annum.

U.S. housing stock is a huge asset. The $25.7 trillion in valuation exceeds the combined Gross Dosmestic Product (GDP) of both the United States and China for the year 2012.

New York City and Los Angeles alone account for over $4 triliion in combined housing value.

Wallingford PA Real Estate – Wallingford, PA 19086

What’s Hot In The Kitchen?

December 3, 2013 by admin

Wallingford PA Real Estate - Wallingford PA - Kitchen Trends

Stainless Steel Appliances And Granite Countertops Continue To Top Remodeling Checklists

Nearly half of all homebuyers are undertaking a kitchen remodeling project within three months of their purchase according to the National Association Of Realtors (NAR). No doubt with a great deal of influence from HGTV and others, homeowners are updating their kitchens and potential buyers are on the lookout for some specifics design features:

Granite Says On Top

Granite continues it’s reign as the king of the countertop, quartz comes in as the next most preferred material

Stainless Steel

The majority of remodelers plan to incorporate stainless steel in their kitchen upgrades, and stainless steel continues to be a very popular feature – especially among younger buyers

Eco Friendly Features

Going green with such features as Energy Star appliances and recycled materials are sought after by many buyers

Keep It Open

Kitchens that are open to other rooms – especially the Family Room is a trend in kitchen design and remodeling

Flooring

As in the rest of the home hardwood is the top flooring choice for the kitchen, especially sustainable wood products that tie in with an effort to be eco friendly

Tile Backslpashes

Tile backsplashes are far and away the top choice over other materials such as marble and stone. Tile provides an easy way to provide a colorful accent to the kitchen

Wallingford PA Real Estate – Wallingford, PA 19086

Highlights Of 2013 NAR Home Buyer Survey

November 12, 2013 by admin

Some highlights from the National Association Of Realtors (NAR) survey of recent home buyers, which is conducted annually.

– The typical home buyer was 42 years old – the average age of first time buyer was 31, and the typical repeat buyer was 52 years old

– 38% of buyers were first time buyers, down from the historical norm of 40%

– Married couples represented 66% of buyers – the highest share since 2001

– The median income of all buyers was $83,300, first time buyers median income stood at $64,400, and median income for repeat buyers averaged $96,000

– The typical home purchased was 1,900 square feet, was built in 1992, and had 3 bedrooms and 2 bathrooms

– Home buyers who bought previously owned homes perceived their home as a better overall value, and sought the character that an older home provides

– 80% of buyers purchased a detached single family home

– Buyers typically looked at 10 homes, and spent 12 weeks searching for a home

– The Internet was utilized by 92% of buyers in their home search

– 88% of buyers financed their home purchase, and buyers typically financed 90% of the purchase price

Wallingford PA Real Estate – Wallingford, PA 19086

Average U.S. Housing Stock Is Aging

November 10, 2013 by admin

Wallingford PA Housing Stock – Average Price By Age Range In 2013

A recent realtor.com article cited a RealtyTrac study that found that more than 70 percent of the U.S. housing stock was built prior to 1990. On average, homes built prior to 1990 sold for $233,211 this year, compared to $256,292 for newer homes.

Fourteen states were found to have the largest number of homes built prior to 1990 (making up more than 80 percent of its home sales). Nearly all of those states were located in the Northeast, except for Louisiana, New Mexico, and Kentucky.

Whenever presented with data from a national perspective I like to compare it with local Wallingford data to see what similarities or differences can be found.

First of all – the average age of a home sold in Nether Providence Township in 2013 stood at 51.6 years.

In comparison with the national average price for homes built prior to 1990 of $256,292, homes locally in that age category sold for an average of $440,043.

It is no surprise that homes less than 10 years old in our community had the highest average sale price in 2013 at $504,217 with homes in the 11 to 20 year range coming in second at $447,925 – averages are based upon sales data through October 31, 2013.

Homes in the 41 to 50 year range composed the largest number of sales with 40, followed by the 21 to 30 year range with 19. That range is dominated by condos and townhomes in Weston and Putnam Villages, which accounts for the lower average sale price of $171,979.

The oldest housing locally, greater than 80 years old, comes in at an average of $444,247.

Wallingford PA Real Estate – Wallingford, PA 19086

Pennsylvania Housing Markets Gaining Statewide

October 20, 2013 by admin

Wallingford PA Real Estate - Wallingford PA - Pennsylvania Housing Market Is Recovering

Statewide The Housing Market Is Recovering

According to a recent Pennsylvania Association of Realtors® (PAR) market analysis report, the housing market across the state of Pennsylvania is showing signs of bouncing back from the housing slump. Closed sales were up 15 percent and new listings rose 12 percent in the third quarter of 2013 over the same quarter a year ago. The statistics are based on MLS data reported to PAR.

This trend is surpassed in the Wallingford PA market with closed sales increasing 41.9% in the 3rd quarter of 2013 over the same quarter 2012.

Across the Commonwealth median sale prices were up slightly with a 3 percent rise to $185,000 in the third quarter this year compared to the third quarter in 2012. Days on market continued to drop, down 14 percent to 80 days in the 3rd quarter, compared to the 3rd quarter 2012.

Pressured by rising interest rates and higher home prices the housing affordability index has fallen nearly 10 percent compared to the third quarter last year with the affordability index in the third quarter is at 165. An index of 120 means the median household income is 120 percent of what is necessary to qualify for the median-priced home under prevailing interest rates. A higher number means greater affordability.

Wallingford PA Real Estate – Wallingford, PA 19086

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S. Clark Kendus