Here at Ramus Realty Group, we field questions every day from homebuyers looking here in Northeastern and Central Pennsylvania. Here are three of the most common questions we keep hearing this fall:
How much can I afford to spend on a home?
Homebuyers often want to determine their budget and understand how much they can afford to spend on a home. Factors such as income, expenses, credit score, down payment amount, and prevailing interest rates play a significant role in determining affordability. Rates have come down significantly since their peak earlier in 2024, although they're not close to the lows we saw in recent years.
Consulting with a mortgage lender or using online affordability calculators can provide a clearer picture. Ramus Realty Group has several excellent mortgage lenders we work with regularly. They can guide you through the pre-qualification process and help determine how much you can afford.
What is the current state of the real estate market?
Homebuyers want to stay informed about the real estate market conditions to make better decisions. They may inquire about housing inventory levels, price trends, interest rates, and the overall competitiveness of the market.
Local real estate agents and online real estate portals often provide up-to-date information about the market in specific areas. For the best advice, ask your local Realtor what is going on with the market, as we know it best. What is going on in California or Florida, for example, doesn't always translate to the Pennsylvania real estate market. And even within our own state, the market varies between Philadelphia and Pittsburgh - and doesn't always translate to what is going on in Berks and Schuylkill real estate.
As of November 2024, we are still seeing a mild (not hot) seller's market in our area. Certain areas are starting to cool off and overpriced houses are indeed sitting on the market longer. The higher end properties can be still harder to sell, and often take a little longer than the mid-priced homes. We are still seeing multiple offers and even bidding wars in the $150,000 to $300,000 range in Schuylkill home sales. The lack of inventory in that middle range helps the current sellers and constrains our buyers.
What are the key considerations when choosing a home?
Buyers often have questions about the factors they should consider when selecting a home. These may include location preferences, school districts, proximity to amenities, transportation options, safety, future growth potential, and property features that align with their lifestyle and needs. They may also inquire about the home inspection process, property taxes, and potential resale value. We can answer your questions and help you through the process.
The real estate landscape is dynamic, always changing with the local economy, housing supply and demand and other factors. Consult with a local Realtor to receive personalized guidance. If you don't have someone you already work with and trust, any one of our Ramus Realty Group professionals would be happy to help you.
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