Hidden Valley, 7 Springs, Laurel Highlands, PA, Real Estate, News
Ever wonder what Days on Market (DOM) means to YOU as a buyer or seller? It can tell you what the current market is all about. What type of financing is winning multiple offers, how quickly an offer needs to be presented, the length of time the listed property is on the market. Check out this short video of a few of the November sales at Hidden Valley and Seven Springs.
Up, up and away we go. We all knew these HISTORIC LOW mortgage interest rates were not going to last forever. According to Mortgage News Daily 3.7% is now the average rate on popular 30 year mortgages. Last year around this time that percent was closer to 2.7%! What it means to YOU if buying, you’ll be paying more to borrow money for your forever home. Sellers are likely to see the beginning of fewer offers on their properties. The Federal Reseve Board meets next Wed to discuss next steps.
Many of our resort and cabin properties have spaces with ceilings that slant, most of these are in upstairs bedrooms as pictured. Beginning April 1, if the buyer is financing through Fannie Mae the appraiser has to follow new rules. Check out the section in this link, How Well Do You Know ANSI which details measuring space and what counts as a basement. The MLS may have to revise rules on what is considered a bedroom….
From the state weekly newsletter the PA Assistance Homeowner Fund, PAHAF, will begin taking applications Feb 1. PA was awarded more than $350 million in American Rescue Plan Act and supports Pennsylvania homeowners whose household income is at or below 150% of the area median income. See if you qualify!
The quick back story is that there a ton of PRIVATE ROADWAYS in PA. When the sellers go to sell, the buyers financing was able to walk away from the transaction if there was NO agreement as to how the road was to be maintained. Now the GENERAL ROAD LAW – REPAIR OF PRIVATE ROADS AND DEFINITIONS Act 25 provides a minimum standard.
All information deemed reliable but not guaranteed. Copyright 2022.
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