Bucks County Fall Real Estate Guide 2023

BUCKS COUNTY

2023 Fall Real Estate Guide

You will need the help of a professional realtor more than ever to buy or sell your home

Are Current Trends Affecting Us?

by Sedia Wyatte

Regardless of the state and national trends in home sales, our market is still a burgeoning seller’s market in which we need the help of professional realtors more than ever to buy or sell homes

The real estate market in Bucks County is still a seller’s market. Prices have gone up in some areas but are basically remaining stable. The median price for a home in Bucks County is $449,740, an 8.5% increase from last years’ median price, and the inventory is down 7.7 %. Now this does not indicate an unstable market because the average sales time went down 23.3%. This of course indicates that by selling faster the inventory is lower, but factoring the average sales time seems to make the market look very much the same as last year.

Interest rates on mortgages are rising. This means that a home that is mortgaged costs more to prospective buyers. This trend is affecting statewide and nationwide sales. Mortgage interest rates fell to record lows in 2020 and 2021 during the Covid pandemic. Emergency actions by the Federal Reserve helped push mortgage rates below 3% and kept them there. The story changed in 2022. With inflation running ultra-hot, mortgage interest rates surged to their highest levels since 2002. According to Freddie Mac’s records, the average 30-year rate jumped from 3.22% in January to a high of 7.08% at the end of October. Throughout the first

half of 2023, the average 30-year fixed mortgage rate fluctuated within the range of 6% to 7%. Nevertheless, as July approaches, rates found stability within a tighter band.

So, what does this all mean for selling or buying a home in Bucks County and surrounding areas? One thing it definitely means is national trends can and probably will have an effect on first time buyers. But the truth is that historically these rates are still low. The pandemic crash of rates could not hole forever and now with inflation increasing, rates naturally are going up. But are they prohibitive?

Dave Ramsey, budgeting expert and home finance counselor, says “So, what if you are debt-free and do have a full emergency fund? In that case, now is actually a great time to buy a house. Sure, the interest rates and home prices are high, but they’re only going to keep climbing. And because interest rates are high right now, fewer folks are buying—that means you won’t have as much competition when you make offers. Plus, when and if interest rates do eventually go back down (we’re talking years here, by the way, not months), you can always refinance your mortgage.”

Houses are moving fast and so far it is still a seller’s market but that could very reasonably change if interest rates continue to climb and if lots of building takes place, which seems to be on the horizon, simply because a limited inventory makes investment in building a smart move.

For those selling a home in Bucks County, it is still a very good time to sell. And buying a home is the best alternative to renting. The cost of renting a home is continually rising. Younger families are not getting the same tax advantages as homeowners, and they have no accumulation of equity. This is why statistics from the National Association of Realtors show that first-time buyers made up 33% of all home buyers. And although downsizing has been a buzzword for the last decade, 12% of home buyers purchased a multi-generational home, to take care of aging parents or to provide space for children over the age of 18 who are moving back home with their parents.

The market is changing and it is still complicated for sellers getting the best price and for buyers finding what they need. It is vitally important that sellers and buyers use real estate professionals rather than act as their own agents. The Pennsylvania Realtors Association explains that buyers need a professional realtor because “They understand their local markets and can negotiate on the buyer’s behalf, which is especially beneficial in competitive markets.” As for sellers, “They help navigate the complex home selling process and have the experience to effectively prepare, position and price a home for sale.”

SHERRY W. JONES has received consistent recognition as a TopProducer in both international rankings and Central Bucks County. She has extensive knowledge of the Buckingham and surrounding areas and understands our local market conditions. Having relocated her family across the country in 1999, Sherry has personal experience dealing with the challenges sometimes associated with a move. She is familiar with the public school systems and raised three children in the Central Bucks School District. By realizing how important it is to focus on the needs of her clients and always keep herself accessible, Sherry alleviates many of the frustrations encountered during the process of buying or selling your home. For 20 years Sherry has continued to accumulate numerous awards; but more importantly, she continues to accumulate life-long customers. Integrity, Dedication and Experience

Sedia

Tim Murphy

Meg Roth

John Zygmont

Linda Strasburg

Casey Poretta Ashley Rutherford

Linda Kilroy

Chris Stevens

Todd McCarty

Janice Iaquinto Melanie Rush

Heather Walton

Cyndi Zglenski

Vikki Zebro

Marie Kovach

Sherri Belfus Kracht

Carrie Lager

Colleen&JoePeter&Tanya

THE COLLEEN EVANCHIK TEAM Where Everyone is Treated Like Royalty!

The Evanchik Family Team credit their success to 50+ combined years of real estate experience, and to their honesty and integrity, hard work, and ability to understand their clients’ needs. We recognize that buying and selling a home can be somewhat stressful, and are always there to help smooth the process before and after the sale.

If you are considering a move, we offer FREE and FRIENDLY real estate advice. Call us – you will be treated like royalty!

1081 General Greene Road Washington Crossing, PA 18977 215-493-2400 office 215-801-8957 direct Realbrit007@gmail.com / EvanchikHomes.com

John Suchy Knows Bucks County

Licensed Realtor specializing in Central and Upper Bucks County. Have assisted buyers and sellers with existing homes, land, new construction and restaurants. Member of the Pennsylvania Association of Realtors Member of National Association of Realtors Member of the Bucks County Board of Realtors. Area Rep for Lindal Post & Beam Homes for the past 33 years. Manager & Associate Broker CBH Upper Bucks County. Fellow Realtors looking for a positive change-give me a call!

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