Category Archives: Market News

The Latest Real Estate Market News for our Area

Private Transfer Fees Now Prohibited in PA

“Pennsylvania has just become the 28th state to ban private transfer fees. Gov. Tom Corbett today signed HB 442 into law, becoming Act 8 of 2011.

Private transfer fees are part of a covenant attached to a property deed that forces the seller to pay 1 percent of the purchase price to a private third-party entity every time the property sells over the next 99 years. These fees cost unsuspecting homeowners thousands of dollars in additional closing costs.”

Quoted from:

http://www.parjustlisted.com/archives/8065#utm_source=feed&utm_medium=feed&utm_campaign=feed

PA New Construction Does Not Require Sprinklers

Consumers who are building a new single family home in Pennsylvania are now not required to install a sprinkler system. This just came in from the PA Association of Realtors:

“Sprinklers no longer a mandate in Pennsylvania!

Governor Tom Corbett today signed his first bill, House Bill 377 which removes the sprinkler mandate on all newly constructed one- and two-family homes. The new law is Act 1 of 2011.

Now that sprinklers are a consumer choice, builders must offer a buyer the option of installing sprinklers. Builders must also provide the buyer with information made available by the State Fire Commissioner on the possible benefits of installing a sprinkler system.

Among other things House Bill 377 will also change the codes adoption process in Pennsylvania and require increased standards for fire protection of flooring.

As of January 1, 2010, sprinklers are mandated in newly constructed townhomes. Act 1 will not change this requirement.”

Is this a Good Time to Buy a Home? Yes and Here’s Why . . .

Today is one of the best times to go for the American Dream of home ownership or upgrade if you need to expand to a larger place. Here are key points to keep in mind.

1. Low Interest Rates. Interest rates are still hovering at historic lows. This means that you can qualify for more house for your money than you may if rates shoot up. If you wait, you could be priced out of a home that is at the top of your comfort range if rates increase. No one knows how long rates will stay low.   If you are on the fence about buying this is definitely a reason.

2. Mortgage Interest Deduction: Currently home mortgage is deductible on your taxes saving you money.

3. Affordability: Low interest rates along with recently falling prices in some areas have given buyers even more of a reason to buy. Price is the number one reason a home sells.

4. Paying Towards Ownership. Each payment you make on your own home goes towards your future equity. You are paying yourself instead of the Landlord.

5. Appreciation: Besides paying toward ownership you have the opportunity to get more value as the equity as your home value increases. So, in most cases, you will gain more value in staying in your home longer.

6. Home equity: As you build home equity, you gain value by being able to borrow against it for repairs and improvements.

7. Stability: Owning a home builds stronger communities, people take pride in their homes and neighborhoods and get involved in their community.

8. Monthly Payments: Once you have paid off your 15, 20, or 30 year mortgage, you will be free of that monthly payment. You will still be paying property tax, insurance and some maintenance.  In most cases, reduction in monthly obligation will be less than what you would be paying a landlord.

Here is a photo of one of my puppies, to share from the February 2010 blizzard, since the snow season is upon is. We can hope we don’t get that much this year.

Pittsburgh – A Top City

Again Pittsburgh is getting attention for being a top city to reside.  Housing prices are very reasonable and it is still a buyers market with plenty of inventory. Here another article . . .

“Pittsburgh is quickly emerging as one of the top cities in the United States overall, with the largest number of green buildings, nationally high ranked museums and schools and even one of the best airports it truly aims to pull in top marks in all aspects and areas of life. As you can see Pittsburgh is a great choice to explore when you are looking to move, look at the prices, the culture and even the lifestyle and you are sure to fall in love with the city.”

Heinz Stadium 2009, Photo by A Myers
c 2009

Pittsburgh Home Construction is up almost Four Percent

Great news today for Pittsburgh housing market. Things are improving. The Pittsburgh area has always been a great place to buy. Prices are stable over time.

“New home construction in the Pittsburgh region increased for the first time in two years, rising 3.8 percent overall with single-family homes showing the most improvement, according to a report issued Thursday.

Housing construction permits issued during January through March reached 514 units, compared with 495 for the same period in 2009, according to Tall Timber Group, a construction market and research company in Ross.”

Quoted from Pittsburgh Trib

Tax Credit Expiring – Two Weeks Left

You have two weeks from today to get a home under contract to get up to that $8000 and close by June 30th.   Houses are going fast, especially if they are good buys. Don’t hem and haw if you want some of the $8,000 tax credit. I have been experiencing many homes already under contract when a buyer wants to see them. Not just one but several on their list. Then if you get the chance to look, there are also multiple offers.   One of my buyers was lucky last month. An agent in my office announced she was listing a home in a couple of days. I got my buyer in the day it was listed (under market price) and he make an offer and it was accepted all in one day. I advised him to move on it, if it was a house he liked because it would not last long. He was happy he did and all went well.

Tax Credit Details

Additional Tax Credit Details from Realtor.org

Frequently Ask Tax Credit Questions

AKHome.info Tax Credit Archives