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
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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.