Real Estate Information Archive

When people dream of vacation homes, oftentimes they cut themselves off quickly, thinking they would never be able to afford one. However, new research by the National Association of REALTORS® shows that is probably not the case. While vacation homes are obviously a big investment, they aren’t out of reach for those under the six-figure salary mark. According to NAR’s 2015 Investment and Vacation Home Buyers Survey, the median household income for those who own a vacation property is $94,380, only about $15,000 more than the median income for those who own their primary residence ($79,650). And if you thought buyers needed cash to buy it, think again—70 percent of vacation homes purchased last year were financed with a mortgage. Considering buying a vacation home? Start your search here!

Take a look at May’s real estate sales broken down by school district.

Downingtown School District

The number of homes selling in the Downingtown school district in May 2015 rose by 34.72% when compared to May 2014. The average selling price increased by 1% to $389,856. The median selling price dropped by 1.17%, while the average market time increased by 6 days.

West Chester School District

The number of homes selling in the West Chester school district in May 2015 decreased by 19.49% when compared to May 2014. The average selling price decreased by .99% to $384,640. The median selling price increased by 5.19% while the average market time decreased by 9 days.

Coatesville School District

The number of homes selling in the Coatesville school district in May 2015 decreased by 1.69% when compared to May 2014. The average selling price decreased by 4.01% to $221,521. The median selling price decreased 6.33%, while the average market time dropped by 15 days.

Great Valley School District

The number of homes selling in the Great Valley school district in May 2015 remained the same when compared to May 2014. The average selling price increased 9.62 % to $447,965. The median selling price rose by 1.3%, while the average market time increased by 39 days.

Unionville School District

The number of homes selling in the Unionville school district in May 2015 increased by 16% when compared to May 2014. The average selling price increased 19.67% to $469,424. The median selling increased 37.98% while the average market time increased by 9 days.

Tredyffrin-Easttown School District

The number of homes selling in the Tredyffrin-Easttown school district in May 2015 increased 17.39% when compared to May 2014. The average selling price increased by 4.27% to $447,462. The median selling price increased by 11.26% while the average market time decreased by 4 days.

Owen J Roberts School District

The number of homes selling in the Owen J Roberts school district in May 2015 increased by 7.14% when compared to May 2014. The average selling price decreased by 3.84% to $356,279. The median selling price dropped by 6.01% while the average market time decreased by 18 days.  

Phoenixville School District

The number of homes selling in the Phoenixville school district in May 2015 increased by 3.45% when compared to May 2014. The average selling price decreased by 10.15% to $271,612. The median selling price decreased by 9.39%, while the average market time rose by 1 day.

Curious about the value of your home? Get your home's value here!

Information courtesy of Chester County PA Realtor Scott Darling.

Decades ago, it was not uncommon for people to work at the same job for the entirety of their professional career. Similarly, many people kept the same home their whole lives. Those trends, however, have shifted. Today most homeowners buy and sell several homes throughout their lifetime. The reasons to sell one’s home vary—changes in family situations, neighborhood transformations, financial changes, and many others. However, the most popular reasons sellers decided to leave their home for another are quite simple—people moving to new areas and outgrowing their homes. According to the National Association of REALTORS® 2014 Profile of Home Buyers and Sellers, 15 percent of sellers sold their previous home because the place was too small. That number was much higher (30 percent) among first-time sellers. Additionally, another 15 percent sold their last home due to job relocation. Are you considering selling your home? Get a free current market analysis here.

Take a look at Chester County PA Real Estate Market Trends for April broken down by school district.

Downingtown School District

The number of homes selling in the Downingtown school district in April 2015 rose by 32.73% when compared to April 2014. The average selling price increased by 5% to $381,938. The median selling price increased by 6.45%, while the average market time increased by 9 days.

West Chester School District

The number of homes selling in the West Chester school district in April​ 2015 increased by 15.48% when compared to April 2014. The average selling price increased by 12.53% to $405,894. The median selling price increased by 11.28% while the average market time increased by 13 days.

Coatesville School District

The number of homes selling in the Coatesville school district in April 2015 increased by 12.773% when compared to April 2014. The average selling price decreased by 8.91% to $224,979. The median selling price decreased 10.17%, while the average market time dropped by 1 day.

Great Valley School District

The number of homes selling in the Great Valley school district in April 2015 increased by 16.67% when compared to April 2014. The average selling price decreased 10.19% to $448,052. The median selling price rose by .34%, while the average market time increased by 10 days.

Unionville School District

The number of homes selling in the Unionville school district in April 2015 increased by 39.13% when compared to April​ 2014. The average selling price decreased 5.83% to $418,798. The median selling decreased 1.56% while the average market time dropped by 52 days.

Tredyffrin-Easttown School District

The number of homes selling in the Tredyffrin-Easttown school district in April​ 2015 decreased by 9.3% when compared to April 2014. The average selling price decreased by 3.98% to $399,919. The median selling price dropped by .64% while the average market time decreased by 12 days.

Owen J Roberts School District

The number of homes selling in the Owen J Roberts school district in April 2015 increased by 6.25% when compared to April 2014. The average selling price increased by 21.04% to $318,099. The median selling price increased by 25.31% while the average market time rose by 20 days.  

Phoenixville School District

The number of homes selling in the Phoenixville school district in April​ 2015 increased by 10.53% when compared to April 2014. The average selling price increased by 13.17% to $215,470. The median selling price increased by 16.1%, while the average market time decreased by 7 days.

Curious about the value of your home? Get your home's value here!

Information courtesy of Chester County PA Realtor Scott Darling.

This is a great time to think about buying home. Home prices and interest rates are still at all-time lows and springtime historically offers the most inventory to choose from. The biggest hurdle for many home buyers is saving money for a down payment. Here are 10 things to do on a regular basis to save money:

1. Make it automatic. Before you see your paycheck, have a percentage of it automatically deposited into your 401(k) and savings.
2. Keep minimum funds in checking account. Transfer extra funds into your savings account where it will earn more interest than in our checking account.
3. Don’t pay banking fees! Use your bank’s free bill pay, automatic deposits, free checks, and free reimbursements for all ATM fees.
4. Use rewards credit cards. Use a credit card offering cash back on every purchase and pay the card off each month to eliminate interest fees.
5. Actively search out deals. It never hurts to try and find a better deal, or request a better deal from your service providers.
6. Drive smoothly. Accelerate smoothly and at a reasonable rate, and coast to a stop as often as possible. Also use cruise control on the highway. My car is rated to get 26 mpg around town and I regularly get 29. You can also use these tips to save money on gas, and use gas rewards credit cards to save money on fuel costs.
7. Buy quality products. Quality items may cost more up front, but they last longer and generally provide better results than cheaper, inferior products. Examples of items you should buy higher quality - furniture, clothes and shoes, vehicles, and other items that will see a lot of use.
8. Buy generic where applicable. You can save a lot of money on generic items for which the brand name product is essentially the same as the store brand. Food and medicines come to mind as items where generic products are good deals.
9. Use coupons and rebates. Use coupons for oil changes, groceries, books, on-line purchases, and just about anything else we can find.
10. Use store rewards cards. Many grocery stores have their own ‘reward cards’ saving you money each time your shop. If you are a senior, shop on designated senior citizen discount days.

Take a look at March’s real estate sales broken down by school district.

Downingtown School District

The number of homes selling in the Downingtown school district in March 2015 rose by 35.19% when compared to March 2014. The average selling price increased by 2% to $364,865. The median selling price increased by 1.92%, while the average market time increased by 28 days.

West Chester School District

The number of homes selling in the West Chester school district in March​ 2015 decreased by 10.26% when compared to March​ 2014. The average selling price increased by less than 1% to $371,708. The median selling price increased by 4.68% while the average market time increased by 17 days.

Coatesville School District

The number of homes selling in the Coatesville school district in March 2015 increased by 29.73% when compared to March 2014. The average selling price increased 6.53% to $237,735. The median selling price did not change, while the average market time dropped by 2 days.

Great Valley School District

The number of homes selling in the Great Valley school district in March 2015 decreased by 8.33% when compared to March​ 2014. The average selling price decreased 17.05% to $356,543. The median selling price dropped by 11.81% to $317,500, while the average market time decreased by 56 days.

Unionville School District

The number of homes selling in the Unionville school district in March 2015 increased by 15% when compared to March​ 2014. The average selling price decreased 14.35% to $418,798. The median selling decreased 9.38% while the average market time rose by 3 days.

Tredyffrin-Easttown School District

The number of homes selling in the Tredyffrin-Easttown school district in March​ 2015 decreased by 25% when compared to March 2014. The average selling price increased by .06% to $428,441. The median selling price dropped by 8.52% while the average market time increased by 1 day.

Owen J Roberts School District

The number of homes selling in the Owen J Roberts school district in March 2015 increased by 26.09% when compared to March​ 2014. The average selling price decreased by 4.72% to $333,536. The median selling price decreased by 23.61% while the average market time dropped by 69 days.  

Phoenixville School District

The number of homes selling in the Phoenixville school district in March​ 2015 increased by 62.5% when compared to March 2014. The average selling price decreased 4.4% to $275,037. The median selling price decreased by 10.23%, while the average market time increased by 14 days.

Curious about the value of your home? Get your home's value here!

2015 is off to a great start for home buyers according to an executive order announced last week authorizing FHA to cut .5 percent from the annual mortgage insurance premium for the FHA backed loans with terms greater than 15 years. For most FHA loans this will reduce the annual premium from 1.35 percent of the loan balance to .85 percent. Loans with balances above the loan limits in effect in most areas and with current MIP of 1.50 to 1.55 percent will see new premiums of 1.00 or 1.05 percent respectively. The upfront premium for all loans will remain unchanged at 1.75 percent.

Borrowers with FHA-insured loans can refinance and obtain the lower annual MIP, as long as the original endorsement was after May 31, 2009 (Older loans have a lower annual MIP. The annual MIP was increased from 0.55% to 0.90% in October 2010, to 1.15% in April 2011, to 1.25% in April 2012, and to 1.35% in April 2013 for borrowers with less than 5% down.)  

Take a look at December’s real estate sales broken down by school district.

Downingtown School District

The number of homes selling in the Downingtown school district in December​ 2014 dropped by 2.56% when compared to December​ 2013. The average selling price increased 1% to $379,527. The median selling price decreased by less than 1% while the average market time decreased by 15 days.

West Chester School District

The number of homes selling in the West Chester school district in December​ 2014 increased by 20.4% when compared to December​ 2013. The average selling price dropped by 11.5% to $317,000. The median selling price decreased by 11.9% while the average market time decreased by 2 days.

Coatesville School District

The number of homes selling in the Coatesville school district in December​ 2014 dropped by 31.76% when compared to December​ 2013. The average selling price decreased 1.73% to $215,000. The median selling price decreased 2.74% while the average market time grew by 31 days.

Great Valley School District

The number of homes selling in the Great Valley school district in December​ 2014 increased by 83.3% when compared to December​ 2013. The average selling price increased 15.6% to $480,567. The median selling price didn't change while the average market time increased by 15 days.

Unionville School District

The number of homes selling in the Unionville school district in December​ 2014 increased by 16.67% when compared to December​ 2013. The average selling price increased 2.09% to $475,173. The median selling price dropped 11.17% while the average market time increased by 3 days.

Tredyffrin-Easttown School District

The number of homes selling in the Tredyffrin-Easttown school district in December​ 2014 increased by 94.59% when compared to December​ 2013. The average selling price increased 1.25% to $451,108. The median selling price increased 3.8% while the average market time decreased by 15 days.

Owen J Roberts School District

The number of homes selling in the Owen J Roberts school district in December​ 2014 increased by 29.03% when compared to December​ 2013. The average selling price decreased by 5.7% to $318,523. The median selling price dropped 16.67% while the average market time increased by 23 days.

Phoenixville School District

The number of homes selling in the Phoenixville school district in December​ 2014 decreased by 19.51% when compared to December​ 2013. The average selling price increased 1.27% to $261,252. The median selling price decreased 8.73% while the average market time decreased by 32 days.

Curious about the value of your home? Get your home's value here!

Information courtesy of Chester County Realtor Scott Darling.

You may be asking if now is a good time to be looking to buy a home before 2015. Experts predict home prices will continue to rise in 2015. Therefore, it is definitely a good time to be buying with prices continuing to climb. Here are some other considerations about house hunting during the holidays…

• Lower seasonal prices are likely before the anticipated increases in 2015. Many homes on the market during the holidays are being offered because the sellers are being transferred. January is a high workplace transfer month. Transferees are trying to sell their homes during the holidays because they feel they have to.
   
• Less competition among buyers is common because many are concentrating on holiday activities. If they don’t have to move for some reason they tend to wait until after the year-end holidays. That means fewer competing offers and less likelihood of bidding wars.
   
• Seller anxiety begins to set in during the holidays. That means potentially better deals can be had. Sellers who need to move get more willing to bargain during the holidays because there is less demand from buyers.

Take a look at the Chester County real estate sales for October, broken down by school district.

Downingtown School District

The number of homes selling in the Downingtown school district in Oct 2014 increased by 20% when compared to Oct 2013. The average selling price increased 8.6% to $387,862. The median selling price increased less than 1% while the average market time decreased by 22 days.

West Chester School District

The number of homes selling in the West Chester school district in Oct 2014 increased by 7.6% when compared to Oct 2013. The average selling price decreased 6.1% to $367,679. The median selling price decreased 2.1% while the average market time decreased by 6 days.

Coatesville School District

The number of homes selling in the Coatesville school district in Oct 2014 increased by 1.7% when compared to Oct 2013. The average selling price increased 1.6% to $215,624. The median selling price increased 2.3% while the average market time increased by 30 days.

Great Valley School District

The number of homes selling in the Great Valley school district in Oct 2014 decreased by 28% when compared to Oct 2013. The average selling price increased 4.5% to $469,749. The median selling price increased 11.1% while the average market time decreased by 4 days.

Unionville School District

The number of homes selling in the Unionville school district in Oct 2014 decreased by 7.6% when compared to Oct 2013. The average selling price decreased 24% to $481,851. The median selling price decreased 29.3% while the average market time decreased by 3 days.

Tredyffrin-Easttown School District

The number of homes selling in the Tredyffrin-Easttown school district in Oct 2014 increased by 18% when compared to Oct 2013. The average selling price decreased 3.4% to $549,439. The median selling price decreased 1.8% while the average market time decreased by 14 days.

Owen J Roberts School District

The number of homes selling in the Owen J Roberts school district in Oct 2014 increased by 35.7% when compared to Oct 2013. The average selling price increased 19.8% to $366,364. The median selling price increased 4.0% while the average market time increased by 1 day.

Phoenixville School District

The number of homes selling in the Phoenixville school district in Oct 2014 increased by 34.2% when compared to Oct 2013. The average selling price decreased 3.7% to $242,828. The median selling price increased 3.1% while the average market time increased by 5 days.

Curious about the value of your home? Get your home's value here!