IN Millcreek Summer 2014 | Page 28

Real Estate is Moving in Millcreek by Aimee Nicolia The housing market here is looking up, according to Mark Eller manager of Howard Hanna South Office on Peach Street. People are looking to buy, with the only problem being that there aren’t enough homes on the market. We talked with Eller to find out more about what’s happening in our area’s real estate market right now. ICM: How would you chara cterize Erie’s current real estate market? ME: It’s very solid. I would call it a combination of both a seller’s and buyer’s market. For buyers, the market is good because interest rates continue to be relatively low and home prices have not yet risen dramatically. For sellers too, the market is good because there is a shortage of houses on the market, so sellers should be able to get top dollar for their homes. ICM: How does this compare with the rest of the country? ME: The Erie market has always stayed pretty solid. Home prices never went sky high, as they did in other parts of the country like Florida and California. So the Erie market never 26 724.942.0940 to advertise | Millcreek really suffered the drop that those areas experienced. For example, Erie didn’t have nearly as many foreclosures as compared to national levels. Employment in Erie has also stayed fairly steady which helps. We do tend to follow the markets in other areas but later and to a lesser degree. ICM: What do you think buyers are looking for right now? ME: For the most part people are looking for traditional homes. But I would say that there are two categories of what I would call “HGTV Buyers” out there. The first type of buyer is looking for a home that is move in ready; and they’re willing to pay for it. The second type of buyer is looking for a fixer upper at a bargain price; something they plan to redo. In both cases I would attribute it to all of the home shows that are on television. ICM: If someone were planning to be a first time homebuyer, where would you recommend they start the process? ME: Buyers should first meet with their loan officer to find out how much they can afford. Getting a mortgage is by far the most difficult part of the process. It’s different than it used to be, because of regulations that the federal government put in place to protect both the consumer and the entire housing market. So determining what you can afford ahead of time helps your realtor know which houses to show you. And you might be able to afford more than you think, because of some of the new loans and programs available. ICM: What would you want potential buyers to know? ME: Buying a house is a really good investment. Don’t be afraid because of your current job or credit. Think of it as an investment that you can live in. You can either pay a landlord, or you can invest that money into a house. ICM: What would you want sellers to know? ME: Be realistic about your price. Sellers are hearing that there is a shortage of listings – and there is – but your home still has to meet the appraisal process. If a home is priced too high, and the appraisal comes in much lower, the buyer’s loan won’t go through. I would also recommend getting your house ready to sell by getting an inspection and appraisal before it goes on the market. It may cost you around $500, but it is money well spent, and you can market your house as such. It can save you surprises later on and you can address any problems before listing your house. It may even save you money in the long run.