Here's the report on the first quarter 2009 from the Lancaster County Association of Realtors:

According to a recent report by the Lancaster County Association of Realtors® (LCAR), the 709 homes sold in the first quarter of 2009 is a 24.7 percent decrease from the first quarter 2008 mark of 941. This year there were 187 sales in January, 225 in February and 297 in March; this compares to 244 in January of 2008, 330 in February and 367 in March. The five-year average of first quarter home sales is 1,121.

The average sale price for the first quarter of 2009 is $170,940, a decrease of 6.2 percent from the first quarter
2008 price tag of $182,150. The fiveyear average first quarter sale price is $177,280, and the average first quarter price in 1999 was $122,419. The median sale price for the first quarter of 2009 is $162,000 compared to $169,900 for the first quarter of 2008 (half of the properties sold during this period sold above the number, and half sold below).

For the first quarter, there were 1,940 new listings in 2009, an 11.4 percent decrease from the first quarter 2008 new listings of 2,190. The five-year average of new listings for the first quarter is 2,064.

“With a difficult first quarter now behind us, the signs are pointing to a much improved spring home buying season,” said LCAR president, Scott Ulrich. “Open house traffic is up; phones in the real estate offices are ringing more; and most importantly, contracts are being signed and settlements are taking place. There has been pent-up demand building all through the fall and winter months as interested buyers stayed on the sidelines until they found out what the new President’s stimulus package looked like and what interest rates would do.”

We’re excited to be hosting Rick Deluca, a nationally-respected real estate speaker and coach, right here in Central Pennsylvania!  The seminar topic will be “Achieving Success in A Changed Market”, and it will be held at the Holiday Inn at York, PA on April 29^th.

Learn more about Rick at www.RickDeluca.com.  Since his start in 1976, he has been a top producing agent, company owner and sought-after sales trainer offering real-world, practical tips for growing your business and staying productive.

Continental Breakfast:    8:30

Rick DeLuca:   9:00-Noon

Cost:  Free!

Vendors, Door Prizes will also be available...if you're interested in growing your business in 2009 this is a great opportunity to get motivated and

Sponsored by:  Coldwell Banker Select Professionals, Home National Mortgage and Guardian Transfer

Jim Gillespie, CEO of Coldwell Banker, was a guest on Fox Business last Thursday to discuss the housing recovery.  It was an excellent interview.  Here's the clip:

Selecting a real estate sales associate to assist in the large financial transaction involved with buying or selling a home can be a daunting process. While chemistry between the real estate professional and the consumer is important, it is not the only variable to consider. The history of the company, a sales associate’s success rate and the vibrancy of the local market are all things to keep in mind as well.

In order to streamline the decision making process, the professionals at Coldwell Banker Select Professionals have provided a list of questions to ask and guidelines to follow when screening a prospective real estate professional.

What percent of your company’s listings have sold in the last 12 months? Ideally a seller will want to work with a sales associate who has a high percentage of completed transactions within the local market. While this number will vary depending upon how active the local real estate market is, a higher percentage is preferable.

What was the average amount of time it took to sell those listings? Comparing marketing times between real estate companies will provide the consumer with an indication of how well that company and its sales associates market homes.

What was the average sales price? Look for a figure that is close to what you would like to receive for your home.

What was your company’s list-price to sale-price ratio? Significant differences between original listing prices and ultimate sale prices can be an indication that the list prices quoted at the outset were unrealistic.  

Retirement Communities May Benefit From Silver Lining in Economic Downturn

53 Percent of Surveyed Coldwell Banker® Real Estate Professionals in Retirement Havens Report Increase in Retirees Ages 60 and Younger Purchasing Homes
          
PARSIPPANY, N.J. (April 14, 2009) – According to a recent national survey of Coldwell Banker®  real estate professionals, over half of those who work in popular retirement areas are seeing younger retirees (ages 60 and under) looking to purchase homes in their markets.

Furthermore, 43 percent of all the sales associates and brokers surveyed believe market and economic conditions may cause an increase in demand for retiree homes in their areas throughout the next year.

“Over the past couple of years, home prices have declined significantly in the majority of markets with traditional appeal to retirees,” said Jim Gillespie, president and chief executive officer of Coldwell Banker Real Estate LLC. “Younger retirees are taking advantage of these desirable prices and turning the economic downturn into an opportunity.”

While the survey indicates that this is emerging trend across the country, driving factors seem to vary regionally.  For example, anecdotal feedback from Coldwell Banker real estate professionals in South Florida finds pre-retirees taking real estate-related steps now to support longer-term goals.  “Many individuals not yet ready to retire are purchasing these homes and leasing them until they are prepared to move permanently,” said Elaine Harari of Coldwell Banker Residential Real Estate in Bay Harbor Islands, Fla.

In desirable areas with low property taxes, such as northeast Arkansas, it’s more common for younger retirees to move from more expensive cities; some even taking jobs for which they can telecommute to save money.  Additionally, Coldwell Banker professionals in Michigan note that some retirement communities are experiencing an influx of former automobile company employees who have received early retirement packages.

Andrew Briele, president of Coldwell Banker First Affiliate in Sedona, Ariz. reports a recent increase in sales volume.  “Lifestyle is certainly the reason why so many choose to move to Sedona.  We have 360 days of sunshine.  With the 30 percent price corrections we have experienced, many individuals who are at or near retirement are realizing this is a great opportunity for them.  Some buyers who have lost their jobs, taken retirement packages or sold their businesses are moving up their plans for retirement and taking advantage of the low mortgage rates and home prices.  Others, who are already here, are moving up.”

The Coldwell Banker real estate professionals surveyed offered their perspectives on the top reasons retirees are buying or selling homes, and 33 percent said the No. 1 reason retirees are moving right now is to live closer to their families. Interestingly, 12 percent cited improvements in housing conditions, such as buyer-friendly home prices and interest rates, as the key drivers.

Other results from the overall survey include:

    * 53 percent of Coldwell Banker real estate professionals have observed an increase in retirees who plan to downsize from their primary residences into smaller properties.

    * 37 percent are seeing an increased number of retirees who own more than one property sell their primary residences to move to their secondary homes.

    * 23 percent are seeing more people buy different homes for retirement, or move into their previously purchased retirement properties earlier than expected.

Methodology: Coldwell Banker conducted an online survey on trends regarding retirement-aged home buyers in March 2009.  The survey yielded responses from 1,475 Coldwell Banker real estate professionals across the United States, including 423 agents and brokers in communities typically described as “havens for retirees.”

About Coldwell Banker®
Since 1906, the Coldwell Banker® organization has been a premier full-service real estate provider. In 2008, Franchise Times magazine’s prestigious Top 200 issue ranked the Coldwell Banker system No. 1 in real estate for the ninth straight year and 12th among franchisors in all industries. The Coldwell Banker System has approximately 3,500 residential real estate offices and 105,300 sales associates in 46 countries and territories. The Coldwell Banker System is a leader in the industry in residential and commercial real estate, and in niche markets such as resort, new home and luxury property through its Coldwell Banker Previews International® division. It is a pioneer in consumer services with its Coldwell Banker Concierge® Service Program and award-winning Web site, www.coldwellbanker.com. Coldwell Banker Real Estate LLC is a subsidiary of Realogy Corporation, a global provider of real estate and relocation services. Coldwell Banker® is a registered trademark licensed to Coldwell Banker Real Estate LLC. Each office is independently owned and operated.

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Century 21 Fagan & Associates Join Coldwell Banker Select Professionals

(Lancaster, PA – April 6, 2009) -- Century 21 Fagan & Associates announced today that they have merged with Coldwell Banker Select Professionals of Lancaster, PA effective immediately.  All operations will move to Coldwell Banker Select Professionals’ Lancaster office at 1000 North Prince Street in Lancaster City, PA.

Century 21 Fagan & Associates has served the Lancaster County PA area for years and will now offer customers products and services exclusive to The Coldwell Banker System.  Fagan & Associates has 28 real estate sales associates who will join with 91 Coldwell Banker Select Professionals sales associates in 4 regional offices.

According to Jim Gillespie, President and CEO of Coldwell Banker Real Estate Corporation, "Coldwell Banker welcomes brokerages who have an outstanding reputation and exceptional understanding of their market. We are proud to have Century 21 Fagan & Associates joining us as part of our organization."  Ryan Hess, CEO of Coldwell Banker Select Professionals, added “we’ve known the team at Century 21 Fagan & Associates for years and are looking forward to helping their agents continue to be successful in this challenging market”.

Coldwell Banker Select Professionals is one of the fastest-growing real estate firms in Central Pennsylvania, with offices in Lancaster, Lebanon, Dauphin & York Counties staffed by professional real estate agents, in-house mortgage officers and title experts. 

Please direct questions on the merger to Ryan Hess at 717-735-8400.

Jim Gillespie, president and CEO of Coldwell Banker Real Estate LLC, participated in a discussion about the state of the housing market live from the New York Stock Exchange on CNBC last friday. Mr. Gillespie participated on the "Roadmap to Rebound" segment hosted by Maria Bartiromo. Yale economist Dr. Robert Schiller and Sanjiy Das, CEO of CitiMortgage, also participated. Here's the conversation, which was very enlightening:

Mr. Gillespie called upon government leaders to enact a $15,000 non-refundable tax credit to ALL buyers and also a mortgage buy down that would bring rates to the 4-4.5% range which NAR reports could generate an additional 840,000 home sales over 12 months. This home buying activity would have major implications in stimulating the overall US economy since NAR also reports that each home sold generates more than $60,000 in economic activity. The proposal would also have a greater impact on foreclosures than the current stimulus package.

We’re excited to be hosting Rick Deluca, a nationally-respected real estate speaker and coach, right here in Central Pennsylvania!  The seminar topic will be “Achieving Success in A Changed Market”, and it will be held at the Holiday Inn at York, PA on April 29th, 2009.

Learn more about Rick at www.RickDeluca.com.  Since his start in 1976, he has been a top producing agent, company owner and sought-after sales trainer offering real-world, practical tips for growing your business and staying productive.

Continental Breakfast:    8:30

Rick DeLuca:   9:00-Noon

Cost:  Free!

Vendors, Door Prizes will also be available...if you're interested in growing your business in 2009 this is a great opportunity to get motivated and

Sponsored by:  Coldwell Banker Select Professionals, Home National Mortgage and Guardian Transfer, your Perfect Partners

Wondering about the detais behind the 2009 "Stimulus" Law and what affects the real estate market in Central Pennsylvania?  Here's a summary of the details:

BACKGROUND

The American Recovery and Reinvestment Act of 2009 (H.R. 1) was approved and signed into law on February 17, 2009.  The Act is a $780 billion package.

Many elements of the National Association of Realtors® legislative housing agenda were incorporated into the Act.  The President and congressional leaders have indicated that housing issues will be further addressed in upcoming legislation.

DETAILS

Homebuyer Tax Credit – The Act provides an $8,000 tax credit available to Lancaster County first-time homebuyers for the purchase of a principal residence between January 1, 2009 and December 1, 2009.  This credit does not need to be repaid and may be claimed on a consumers 2008 or 2009 tax return.  If any credit amount remains unused, then the unused amount is refunded as a check to the purchaser. 

FHA, Fannie Mae and Freddie Mac Loan Limits – The Act reinstates the 2008 loan limits for FHA, Fannie Mae and Freddie Mac.  These limits were equal to the greater of 125 percent of the 2008 local area median home price or $271,050 for FHA and $417,000 for Fannie and Freddie, with an overall maximum cap of $729,750.  In 2008, the median sale price for homes in Lancaster County was $173,000.

Neighborhood Stabilization – The Act provides $2 billion in funding for the Neighborhood Stabilization Program, which funnels grants to local and state governments to assist neighborhoods facing a large number of foreclosures.  The funds may be used to purchase, manage, repair and resell foreclosed and abandoned properties.  After purchase, the homes must be used to assist individuals and families with incomes at or below 120 percent of the area’s median income.  25 percent of funds must be used for households with incomes at or below 50 percent of area median income. 

Commercial Real Estate – The Act provides funding for state energy programs used to support commercial property owners’ investments in energy efficiency upgrades.  Commercial property owners seeking to invest in alternate energy systems for onsite power generation will benefit from the U.S. Department of Energy Renewable Energy Loan Guarantees Program.  Small businesses receive tax relief in the area of bonus depreciation and capital expenditures as well as the five-year carry back of net operating losses.

Rural Housing Service – The Act provides $500 million to existing USDA rural housing programs.  The RHS maintains a guaranteed loan program and a direct housing loan program for those meeting the eligibility criteria.  $270 million is allocated to the direct loan program and $230 million is allocated for unsubsidized guaranteed loans.  This level of funding will provide for 192,000 additional homeowners.

Low Income Housing Grants – The Act allows states to trade in a portion of their 2009 low-income housing tax credits for Treasury grants to finance the construction or acquisition and rehabilitation of low-income housing.

Energy Efficient Housing Tax Credits and Grants – The Act provides $6 billion in energy efficiency and conservation grants to local and state governments.  Through 2010 homeowners will be able to claim a 30 percent tax credit for purchases of new furnaces, windows and insulation.  The Act provides an additional $5 billion to modernize America’s electricity grid and install smart meters on homes that help save consumers money.  The Act also provides $5 billion for weatherization assistance for low-income households and $2 billion for federally assisted housing (Section 8) efficiency programs.

Transportation Investments – The Act provides $46.7 billion to local and state governments for surface transportation projects such as highways, bridges, transit and rail.  The Lancaster County Planning Commission estimates $34 million in funding for bridges and highways and $21 million for transit programs will be directed to projects in Lancaster County.  LCAR supports increased spending on transportation infrastructure as a means of promoting smart growth, lessening traffic congestion and improving the quality of life, and thus the value of real estate, in Lancaster County.

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Coldwell Banker Select Professionals, based at 1000 North Prince Street in Lancaster and with additional offices in Lebanon, Hershey & York can be reached at 717-735-8400 or at www.cbselectpros.com. Coldwell Banker Select Professionals serves the Lancaster PA real estate, York PA real estate, Hershey PA real estate, Harrisburg PA Real Estate, Lebanon PA real estate markets with local offices and agents. 

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