Bucks County’s Town & Country Real Estate
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. In January 2024 the median price for a home in Bucks County is $565,000, up 13% year over year while inventory remains low. Now this does not indicate an unstable market because homes sell quickly when listed. 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 continues to go up interest rates have increase slightly from a year ago. In Feburay of this year the average 30year fixed mortgage rate in Pennsylvania was 7.39% and 6.74% year fixed rate mortgage. Throughout the year mortgage rates adjust and sometimes on a daily basis and mortgage experts expect the rates to drop in 2024. Your real estate agent can help with locking rate quesitons and fixed, adjustable,conventional, jumbo or government - backed loans and rates. 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.
IPAULINA DRABIC
Real Estate Salesperson
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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.”
Sedia Wyatte is a freelance writer from Bristol, PA.
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 . . . WORKING FOR YOU!
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Quality service delivered with Integrity is a priority for me when working with my clients. I pride myself on providing a seamless transaction by being responsive and available to meet the needs of those who have engaged me to guide them through their Real Estate experience. My Real Estate career has been diverse, allowing me to manage and perfect my knowledge of varying types of transactions. I have represented both Residential and Commercial clients and enjoy the diversity that each of those markets provides. Whether you are buying or selling, first time or move up, downsizing or just looking for that perfect weekender, I have the knowledge and experience to assist. Are you ready to buy or sell a home? Let’s work together to create the perfect scenario for you.
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Nestled within the enchanting Bucks County, Pennsylvania, evokes a profound sense of awe and admiration. Encompassing over 11 acres of meticulously curated land, it bestows upon its inhabitants an unparalleled feeling of seclusion and expansiveness. The entrance, adorned with an extended gated drive, not only imparts an air of exclusivity but also assures a realm of utmost security. Part of the security is an incredible SAFE ROOM!!! Agent has all details! Undisputedly, the pièce de résistance of this estate lies in its commanding vista of the majestic Delaware River, accompanied by a sprawling panorama that extends as far as the eye can behold. These sweeping, panoramic views conspire to create an ambiance of serenity and aesthetic splendor. The principal allure of this haven is further accentuated by the inclusion of a guest house, a space both gracious and commodious, capable of hosting esteemed visitors and offering supplementary living quarters. This versatile addition presents the opportunity to graciously welcome friends and family, or alternatively, to explore the prospects of utilizing it as an elegant rental retreat. Amidst the opulent offerings of this estate, the presence of a sumptuous pool and its accompanying pavilion elevates the sense of opulence, providing a haven of respite during the balmy summer months. Here, one can relish the great outdoors while luxuriating in the privacy and convenience of a personal aquatic oasis. For those with an affinity for automotive excellence, the provision of multiple garages, including one with an integrated lift, stands as nothing short of a reverie realized. This provision furnishes an expanse amply capacious to house and maintain an impressive collection of vehicles, catering to the desires of avid car connoisseurs.