Real Estate Information and Homes For Sale

This just in from the Central Penn Business Journal:

Manor Township-based Prudential Homesale Services Group has joined Warren Buffett's international real estate network, Berkshire Hathaway HomeServices.

The midstate's largest residential brokerage, according to Business Journal records, will change its name in early June to Berkshire Hathaway HomeServices, Homesale Realty, the company said today.

"They're demonstrating to us all their belief in a healthy real estate industry. We're fortunate to be part of that," said Doug Rebert, Prudential Homesale's co-founder and managing director. "The world's most respected company believes in real estate, believes in our company, and wants to invest in our company."

Buffett's worldwide holding company, Berkshire Hathaway Inc., controls the broker network. Its first offices opened in September 2013. Since then, more than 600 offices with more than 24,000 real estate agents have joined or are in the process of joining.

It's a network of the top real estate brokers in the country.

The change for Rebert's group will affect about 700 agents in Central Pennsylvania and about 1,150 in total. He said June 4 is the target date for the transition.

The Lancaster County-based company is the only network member in this region.

"It's fresh and it's new. It's a franchise for today and in the future," Rebert said, citing state-of-the-art mobile technologies and an enhanced social media process.

The company closed more than 13,000 transactions and more than $2.5 billion in closed-sale volume last year, he said. Prudential Homesale has 28 offices that serve 11 counties in Pennsylvania, plus Maryland's Baltimore city and county as well as Carroll County.

Berkshire Hathaway employs nearly 300,000 people and owns more than 35 companies.

Berkshire's HomeServices of America unit is the majority owner of Prudential Real Estate.

If you’re gearing up for an annual spring cleaning session, we bet that the ‘ole oven is on your list. Cleaning your oven is one of those tasks that a lot of people dread doing, but there are ways to feel better about it! For example, getting the job done:

1. Without toxic chemicals.

2. Without scrubbing your arm out of its socket.

This is not a spring-cleaning myth! It can be done.

Here’s what you need:

• 2 cups baking soda
• ½ cup white vinegar
• ½ cup liquid dish soap
• Sponge
• Large-bristled paintbrush

Here’s what you do:

1. Mix all of your ingredients into a bowl. Then, slowly add water, stirring until everything forms a thick paste.

2. Remove all the racks from your oven (those, you have to clean separately).

3. Using your paintbrush, spread the paste over the entire interior surface of the oven.

4. Close the oven door and let the paste sit overnight (at least 8-10 hours).

5. Wipe the paste away with a wet sponge. It’s helpful to keep a bowl or bucket of water handy so you can dip frequently – the key to removing the paste is lots of water. Tip: If you run into any tough spots, try using a scrub brush instead of a sponge. You’ll get more leverage that way.

6. Clean off your paintbrush and admire your sparkly-clean oven. 

Information provided by BrightNest.com.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

We recently stumbled across a revealing report published by the Redfin Research Center . Redfin surveyed 1,909 home buyers in 22 major metropolitan markets and found that 39% of them prefer to rent their last home rather than sell. This is an astonishingly high number.

We also find it a somewhat disconcerting number. We've long been advocates of normalized housing markets – markets driven by occupied owners. These markets tend to be more stable, and less prone to speculative fervor.

To be sure, we have nothing against single-family rental properties. They satisfy a very real need. That so many people want to be rental landlords these days isn't necessary a good thing, though: For one, it withholds inventory that could benefit those who wish to own and occupy. Second, the rental market isn't what it used to be: Large institutional single-home landlords like American Homes 4Rent and Invitation Homes have entered the market. This is a recent phenomenon and one difficult to gauge on home prices and future rents.

Selling and financing these rentals is obviously good for business, but only if were not sacrificing the future for the present. After all, another housing bubble (and were not saying we're currently in a bubble) is the last thing we would want to again endure.

 Courtesy of Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

Slower and Steadier: The New Norm

For at least the past three months, we've anticipated a slowdown in the rate of home-price appreciation. Recent data are beginning to point in that direction.

The latest reading of the S&P/Case-Shiller Home Price Index suggests some wind has been trimmed from the sails. In December, the 20-city composite index showed a 13.4% year-over-year price increase. It's an impressive rate, but compared to November, the year-over-year increase was actually 30-basis points lower.

A recent article from the Wall Street Journal also points to slower price growth. The Journal featured data from housing-research firm Zelman & Associates. According to Zelman, land prices are cooling. A survey of builders, brokers, and developers in 55 major markets found that prices grew 2.9% in the fourth quarter of 2013 compared to the fourth quarter of 2012. Going back to the first quarter of 2013, prices were increasing at a more torrid 6.8% pace year over year. Land prices are obviously predicated on home prices.

Given the latest price data, we shouldn't be surprised that the median price of an existing home fell 4.5% to $188,900 in January, according to the NAR . As for new homes, the median price fell 2.2% to 260,100. Price growth in new home sales have actually reverted to a more normalized rate. After posting a double-digit, year-over-year price gain last year, the gain has fallen to 3.4%, according to the Census Bureau.

The good news for new homes is that sales continue to rise, with January posting a strong 9.6% increase to 468,000 units on an annualized basis. Existing home sales, on the other hand, continue to struggle, with sales falling 5.1% for the month.

We surmise that by the end of 2014, we'll see year-over-year price gains in the 3%-to-4% range, which better calibrates with long-term economic reality. Our outlook is somewhat corroborated by a new report published by the Demand Institute, a subsidiary of the Conference Board, which expects annual price gains of 2.1% from 2015 through 2018.

Of course, we all know that real estate markets are local markets. National averages frequently hold little relevance for any particular market, and especially for any particular segment of that market. But it's reasonable to expect slower price growth, and possibly even negative growth in the hottest markets since the 2008-2009 recession.

Local mortgage rates, in contrast, are more attuned to the natural averages. Here, rates remain steady. Bankrate.com's survey shows the 30-year fixed-rate loan averaged 4.48% over the past week, which is about where it was the week before. Freddie Mac's survey shows a slight increase, with the rate on the 30-year loan rising to 4.37%.

Mortgage rates are muted, and still very reasonable, which is something we have to continually remind people. Ten years ago, 6%-and-higher on the 30-year loan was the norm. A 4.5% rate on the same loan is a bargain in comparison.

 Courtesy of Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

How is your home’s energy being used? Where is it going? If you’ve never conducted an energy audit, it might (literally) be going out of the window.

Conducting a home energy audit will help you pinpoint where your house is losing energy and what you can do about it. Some steps are easy as pie, but others may require a professional. So we’ve provided three levels of actions you can take for a more energy efficient (and more comfortable home). Let’s get started!

Easy: Get It Done in 5 Minutes, No Sweat

These three simple adjustments are a great start to changing your home energy use:  

1. Audit Energy Bills. The first step to an energy audit is understanding your household’s energy consumption. Check out your energy bills and come up with “base” number for how much energy is typically consumed during a billing cycle.

2. Inspect Windows. Move from room to room, inspecting all of your windows. Look for condensation buildup on the windowpanes. Then, wet your hand under a sink and run your hand along the perimeter of every window. The moisture on your hand will help you detect drafts instantly. Jot down any windows with leaks so you can seal them later.

3. Inspect Doors. Check all exterior doors for air leaks the same way you inspected your windows. Inspect the door’s weather stripping for air leaks, too, recording anything you find.

Moderate: Some minor adjustments, but nothing crazy

Now that you know where your home’s energy is going, it’s time to fix it! If you’re unhappy with your energy bills and want to actively lower your household’s energy consumption, try these improvements:

1. Seal Air Leaks. Use a caulk gun to seal leaks around any windows that had air leaks. Repair or replace any weather stripping along any exterior doors that showed signs of leaks.

2. Inspect the Furnace. Replace your furnace filters every three months and schedule a routine checkup for your furnace at least once a year. If your furnace is more than 15 years old, consider replacing it with a more energy efficient system.

3. Regulate Fridge and Freezer Temps. The recommended temperature is 37-40 degrees for the fresh food compartment and 5 degrees for the freezer section. Any higher than this, and your refrigerator is working too hard!

Hard: These Require Some Handy Skills or a Professional

These are jobs that should only be tackled if you’re comfortable handling all of the steps yourself. Before you start, read over the instructions carefully. If you need a hand, hire a professional to help you with these projects:

1. Inspect Air Ducts. Clean ductwork means better indoor air quality and up to a 40 percent increase in your HVAC system’s efficiency. Inspect your air ducts at least once a year on your own or hire a professional to examine (and possibly clean) your ducts.

2. Install a Programmable Thermostat. Not only does a programmable thermostat make your life easier, it can save your about $180 a year on energy costs. Tip: If one room is always colder than the rest of your home, you may need to balance your central heating system. 

3. Hire a Professional Auditor. If you’d like a more in-depth look at your energy consumption, consider hiring a professional auditor to conduct a more thorough assessment. The professional will usually use several tools, including infrared cameras, manometers, digital probe thermometers and moisture meters to gauge how air, heat and moisture are working in your home.

Which level is right for you?

Information provided by BrightNest.com.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

Mortgage rates have taken a breather over the past couple weeks. Bankrate.com's weekly survey has the 30-year fixed-rate mortgage rising a mere basis point to 4.49% this past week; Freddie Mac' s survey shows 4.33% for a similar loan.

These are still good rates from a historical basis, and from an expectations basis. Unless civil unrest in Ukraine and Venezuela spread throughout Eastern Europe and South America (which is unlikely), we see little impetus for rates to move lower, and significant impetus for them to move higher.

We say that because the Federal Reserve appears to be all-in on tapering. In the minutes from the latest Federal Reserve governors meeting, several participants argued that, in the absence of an appreciable change in the economic outlook, Treasury bond and mortgage-rate securities purchases will be reduced by $10 billion each month. (The Fed currently purchases $65-billion worth of these securities monthly.) As the Fed tapers, the ceiling on mortgage rates weakens, meaning it becomes more likely rates will rise.

At the same time, many local housing markets are becoming less affordable. While it is still cheaper to own than to rent in the vast majority of markets, CNBC reports the scales are tipping the other way in major markets like Seattle, Los Angeles, San Francisco, Chicago, and Denver. We expect that trend to continue, and to spread to other markets.

So we have low lending rates and high affordability. It's not going to stay that way, though, and the dynamic can change faster than most people realize.

 Courtesy of Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

Are the Good Times Gone?

If the question were put to home builders, the answer might be a resounding “yes.”

We take our supposition from the latest NAHB/Wells Fargo Home Builder Index , which gauges home builder sentiment. The index plunged 10 points in February, to post a 46 reading – essentially erasing 12 months of improving optimism.

Weather has been fingered as the catalyst for the sudden change of heart, especially in the South, Northeast, and Midwest. These regions were plagued with unusually cold weather. Because of the weather, starts in January stalled. Month over month, starts fell 16% to an 880,000 annual unit rate. Given the cold weather we've had in February, we expect another monthly decline in the data to be released next month.

Our concern really isn't the weather, though. After all, weather is always unpredictable and usually volatile in one part of the country or another. Home builders surely understand that weather can impede immediate plans. So weather alone wouldn't lead to a rash of pessimism.

Our concern is more fundamental. The trend in permits is telling. Permits are less affected by weather, and they, too, also declined, falling 5.4% to a 937,000 annual unit rate in January. Somewhat encouraging, the single-family component showed relative strength, down only 1.3%. Overall, though, activity appears to be abating.

It's no secret that housing – both new and existing – has stumbled over the past few months, and not solely because of weather. Other factors are weighing on the market, including high prices, low supply, and sluggish job growth (which is possibly the most leaden of the factors). Rising mortgage rates, particularly in the latter quarter of 2013, have impacted sales, to be sure. But in the grand scheme of things, the slow rate of job creation trumps everything.

When population is factored in, you can appreciate just how much potential is on the table. In 1970, there were roughly 205 million Americans ; today, there are roughly 317 million , yet starts remain far below 1970 levels. This suggests to us that there is huge pent-up demand for new household formation.

Of course, household formation is predicated on job formation, which is why without fail we continually highlight the importance of job growth.

We're eager to get to March, where we hope we'll see warmer weather, more sales activity, and rising builder sentiment. We'll be keenly interested in the employment numbers for February (to be released the first full-week in March). As employment goes, so, too, goes housing.

 Courtesy of Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

The past few years in real estate have been unpredictable. Between high foreclosures one year to low inventory in some major markets the next, it’s hard to tell where the market is going to go.

This year, we've found a few constants that everyone can agree upon for 2014. A few might surprise you! If you’re looking to buy a second home or buy a first one without it turning into a bidding war, 2014 may be your year.

1. Dodd-Frank Lending Changes

If you’re looking to get a mortgage in 2014, watch out. The lending changes in the Dodd-Frank Wall Street Reform and Consumer Protection Act took effect on January 10. As an effort to prevent future housing meltdowns, they have some tight requirements for borrowers seeking what are now called “qualified mortgages.” One of the biggest changes is that lenders will be taking a closer looking at living expenses as well as your debt-to-income ratio, to make sure a borrower can make payments.

2. Expect Turnarounds

When it puts together its Turnaround Towns Report, Realtor.com crunches a lot of numbers, including nationwide median list prices in a variety of cities as well as the number of days properties for sale stay on the market. Based on this data, they’re frequently seeing signs of strength in areas that were previously hit hard by foreclosures or very high inventory.

3. Home Affordability will Decline

Home affordability isn’t just an issue in major markets like New York City and San Francisco, which are seeing median sales prices in the mid-to-upper six figures. The National Association of Realtors’ Home Affordability Index, which compares home prices with income, found that home affordability dropped to a five-year low in 2013 as increases in home prices outpaced income growth.

4. Don’t Count on Finding a Foreclosure

Fewer homeowners are losing their homes as the economy improves — and as lending rules tighten — so there aren’t as many foreclosure deals and short sales to be found.

5. It May be a Good Time to Buy a Second Home

The real estate market, particularly in places like Florida and Nevada, is seeing more inventory, but listing prices are well below the national average. This is ideal if you’ve always dreamed of having a vacation home but worried about affordability.

In Fort Lauderdale, for instance, prices have gone up 29 percent in the last year, but still remain below the national median list price. This means demand continues to be high, but sellers have not yet taken advantage of the increase in demand. Miami, Phoenix and Las Vegas are also showing similar trends. 

Read more about what's happening in real estate at LearnVest.

Information provided by BrightNest.com.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

The new-home market continues to go like gangbusters. Purchase applications for new homes soared 35% in January compared to December. This bodes well for the outlook. We expect to see a strong rebound in new-homes sales for January after a disappointing December.

Existing homes are another story. Sales continue to languish. If we look at the trend in purchase applications, we see few signs of improvement. The purchase index was down 2.0% in the February 7 week. This points to continued weakness for existing-home sales, which dominate the overall market.

Most of us are familiar with the inventory issues that plague existing-home sales. This is somewhat confounding when you consider that home prices across the country continue to improve. The latest data from FNC show its Residential Price Index closed 2013 on an up note, with property values improving 8.7% year-over-year. Rising prices should have drawn in more supply than they have.

This suggests to us that sluggish GDP and job growth are impacting the existing-home market more than the new-home market. This makes sense when you consider younger and first-time buyers are more active in the existing-home market.

Once again, higher economic growth is what's needed. Unfortunately, it still refuses to materialize.

Courtesy of Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.

The Trend Finally Ends

The run of lower lending rates has come to an end, at least for the time being.

Mortgage rates across most offerings and jurisdictions rose this past week. Bankrate.com's survey showed an average rate of 4.48% on the 30-year fixed-rate loan, five-basis points higher than the previous week. As to be expected, Freddie Mac's survey also showed a rise. It's data show the 30-year loan averaged 4.28%, which is also a five-basis-point increase. (The surveys differ because of methodology and average discount and origination points.)

Market participants point to two factors in the turnaround in rates: New Federal Reserve chair Janet Yellen and an encouraging economic report from China.

On the former, Janet Yellen reassured Congress this week that the economy continues to grow despite some softness. This means the Fed is unlikely to back away from tapering its purchases of mortgage-backed securities (MBS) and U.S. Treasury notes and bonds.

Over the past two months, the Fed has reduced its purchases by $10 billion each month. The Fed is expected to continue along this measured path – reducing purchases $10 billion each month – until it ceases. As we've noted frequently in the past, these note and bond purchases have helped keep mortgage rates low.

On the latter, China excited financial markets with an upbeat export report, which eased concerns of a possible global recession. This inspired investors to cycle out of haven investments – like Treasury notes and bonds and MBS – and cycle into riskier investments, like stocks. Money leaving the haven investments puts upward pressure on mortgage rates.  

For anyone concerned that rates will establish a new trend – up – we see little reason to worry. Five percent on the 30-year loan is still unlikely for the foreseeable future.

Despite the Fed chair chatting up the economy, things still aren't all that great. The employment numbers for January were particularly disappointing. The economy added 113,000 new jobs for the month, but this was far below the 180,000 many economists were expecting. Job growth remains stubbornly sluggish.

Interestingly, the unemployment rate actually fell to 6.6%, even though the participation rate increased slightly to 63%. Lower-than-expected job growth coupled with a higher participation rate would lead you to believe the unemployment rate would have at least remained constant, if not risen. Instead it fell, which is bit confusing to say the least.

The outlook for gross domestic product (GDP) growth is also vague. Some Fed officials still expect GDP to grow at a 3% rate this year. The private sector is a little more circumspect. The Wall Street bank Goldman Sachs has lowered its first quarter 2014 GDP estimate to 1.9% from 2.3% on an annualized rate. Anything below 3% is nothing to cheer about.

In short, there is no clear beacon to where the economy is headed. This leads us to believe that borrowers should still act to lock in today's low rates, but they've got some time to do so.

Courtesy of Jessica Regan.

Search all Harrisburg PA homes for sale.

When you are buying or selling property in today's Harrisburg PA real estate market, it's important to have confidence in your real estate professional. Don’s commitment as your Harrisburg PA REALTOR® is to provide you with the specialized real estate service you deserve.

When you are an informed buyer or seller, you'll make the best decisions for the most important purchase or sale in your lifetime. That's why Don’s goal is to keep you informed on trends in Harrisburg PA real estate. With property values continuing to rise, real estate is a sound investment for now and for the future.

As a local area expert with knowledge of Harrisburg PA area communities, Don’s objective is to work diligently to assist you in meeting your real estate goals.

If you are considering buying or selling a home or would just like to have additional information about real estate in your area, please don't hesitate to call me at (717) 657-8700, complete my online form, or e-mail me at don@donroth.com.