Month: September 2019

How Does the Supply of Homes for Sale Impact Buyer Demand?

How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The Market

The latest edition of the Realtors Confidence Index from NAR sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand). Until the supply of homes for sale starts to meet buyer demand, prices will continue to rise.

The price of any item is determined by supply, as well as the market’s demand for the item. The National Association of REALTORS (NAR) surveys “over 50,000 real estate practitioners about their expectations for home sales, prices and market conditions” for their monthly REALTORS Confidence Index.

Their latest edition sheds some light on the relationship between seller traffic (supply) and buyer traffic (demand).

Buyer Demand

The map below was created after asking the question: “How would you rate buyer traffic in your area?”How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The MarketThe darker the blue, the stronger the demand for homes is in that area. The survey shows that in 3 of the 50 U.S. states, buyer demand is now very strong; only 2 of the 50 states have a ‘weak’ demand. Overall, buyer demand is slightly lower than this time last year but remains strong.

Seller Supply 

The index also asked: “How would you rate seller traffic in your area?”How Does the Supply of Homes for Sale Impact Buyer Demand? | Simplifying The MarketAs the map below shows, 18 states reported ‘weak’ seller traffic, 29 states and Washington, D.C. reported ‘stable’ seller traffic, and 3 states reported ‘strong’ seller traffic. This means there are far fewer homes on the market than what is needed to satisfy the buyers who are looking for homes.

Bottom Line

Looking at the maps above, it is not hard to see why prices are appreciating in many areas of the country. Until the supply of homes for sale starts to meet buyer demand, prices will continue to increase. If you are debating listing your home for sale, let’s get together to help you capitalize on the demand in our market now.

TGIF: State College Weekend Events for Sept. 27-29

Happy Friday, Happy Valley!

A very busy weekend around the area includes concerts at the BJC, State Theatre and Elk Creek, Pop Up Ave, the Great Insect Fair, Mexico Beyond Mariachi’s “Sugar Skull!” at Eisenhower, the 9/11 Memorial Stair Climb, theater, cabaret, fall festivals and a whole lot more.

We’ve picked out some of the weekend’s highlights below.

There is plenty more around the region for you to enjoy and you can find it all on our calendar page. Explore the weekend’s events and add your own if it isn’t listed. Or see our Bar Tour and Movies pages for more options this weekend or anytime.

 

FRIDAY

Friday in the ‘Fonte
The last Friday of each month is a celebration of downtown Bellefonte’s shopping, dining, arts and craft beverages. Bella Vino will be joined by Jake’s Cards and Games for Board Game Night, including snacks and mocktails, from 5 to 8 p.m.. Bellefonte Art Museum will have a closing reception for monthly exhibits and Confer Jewelers will feature tailgate foods and Penn State giveaways. Check out more details on featured businesses and specials here.

Millbrook Marsh Barn Dance Fundraiser
Dust off your dancing boots and get to Millbrook Marsh Nature Center for a barn dance fundraiser from 6 to 11 p.m. The night will feature live music by Sam Milz, Kristi Jean & Her Ne’er-Do-Wells, line dancing with the Silver Spurs, West Beaver Arts Collective and Triple A Blues Band. Happy Dishes and Brazilian Munchies will have full menu selections available for purchase. University Wine Company, and W.R. Hickey Beer Distributor will have drinks available, with one complimentary drink person person. Tickets are $35 per person/$50 per couple, available online, by phone at 814-231-3071 and at the door. Proceeds benefit environmental education programs at the center and land management of the marsh.

Mack Brady Match
Penn State men’s soccer hosts Michigan at 6 p.m. at Jeffrey Field for the seventh annual Mack Brady Match. The game marks the annual celebration of the life and legacy of Mack Brady, one of the team’s biggest fans who died in 2012 at the age of 8. The first 500 fans receive a free T-shirt.  

Friday Night Nitts
Bring your lawn chairs and blankets to Tussey Mountain and watch Penn State football’s Friday night game at Maryland under the stars on the big screen at the amphitheater stage. It will be a kid-friendly night, and guests are welcome to bring tailgate games like cornhole. Admission is free. Food and beverage will be available to purchase inside the amphitheater. You’ll find a menu of tailgate favorites  by Catering with Style’s Dan Rallis, and a wide selection of beer and bar will be available on site as well. Amphitheater tickets can be used for this event. Otherwise, it’s cash only. Gates open at 7 p.m.

“Hooded or Being Black for Dummies”
A Penn State Centre Stage Off-Centre production, “Hooded or Being Black for Dummies,” is the story of two 14-year-olds, Marquis and Tru, who live in different worlds that overlap one day in a holding cell. Tru decides that Marquis has lost his “blackness” and pens a how-to manual titled “Being Black for Dummies.” He assumes the role of professor, but Marquis proves to be a reluctant pupil. The play by Tearrance Arvelle Chisholm is being guest directed by Penn State alum and theater and film actor Herb Newsome. Shows are at 7:30 p.m. Friday and Saturday in the Penn State Downtown Theatre. Tickets.

Jazz in the Attic
Nancy Reed and Spencer Reed have been making music together for over 40 years and their credits include performing and recording with some of the greatest jazz musicians of the 20th century. They’ll perform at 7:30 p.m. at the State Theatre as part of the Jazz in the Attic series.


SATURDAY

Central Pennsylvania 9/11 Memorial Stair Climb
WHVL-TV and the State College Spikes partner with the National Fallen Firefighters Foundation (NFFF) to host the inaugural Central Pennsylvania 9/11 Stair Climb at Medlar Field. Open to the community and participants may register as an individual or as part of team for $30 per person. All proceeds go to the NFFF to support the families of fallen firefighters. Online registration closes at noon Friday. Onsite registration is at 8 a.m. Saturday. Opening ceremonies at 9 a.m. will be followed by climbing at 10 a.m., with participants climbing the equivalent of 110 stories to symbolize the number of floors in each of the Twin Towers. Following the climb, participants and volunteers will treated to an after party beginning at 1:30 p.m.

Milesburg Car Show & Applefest
The Milesburg Museum and Historical Society presents the 2019 Milesburg Car, Truck, & Motorcycle Show and Applefest from 8 a.m. to 3 p.m. Car show registration is 9 a.m. to noon. Lunch service begins at 10 a.m. The day also includes a bake sale and apple dumplings with ice cream, children’s face painting and crafts and a DJ and live music. See the schedule here.

Great Insect Fair
Penn State’s annual Great Insect Fair returns from 10 a.m. to 4 p.m. at Snider Ag Arena. This year’s theme, “Living With(out) Insects,” focuses on appreciating insects’ role in agriculture and the environment and understanding their worldwide decline. A wealth of exhibits and exhibits will inform and entertain, allowing guests to get up close to insects. Parking and admission are free. Donations are welcomed to help defray costs.

Sayers Dam 50th Anniversary
From 10 a.m. to 2 p.m.The U.S. Army Corps of Engineers, in coordination with state and local representatives, hosts a public open house and presentation at Foster Joseph Sayers Dam in Howard to recognize 50 years of flood risk management operation of the dam, as well as  its namesake, a former Centre County and Medal of Honor recipient for heroic actions during World War II. The event will have tours of the gate house, historical information, music and more. The presentation will be at 11 a.m.

Pop Up Ave
State College’s urban-style flea market, Pop Up Ave, returns for its fall edition from 11 a.m. to 7 p.m. on the 100 block of South Fraser Street. Check out a curated list of nearly 50 vendors of vintage and hand-crafted wares from around Pennsylvania, along with local food purveyors, live music and beer. Admission is free.

StoryWalk Opening
Celebrate the opening of Centre County’s first StoryWalk from 11 a.m. to 1 p.m. at Autumnwood Park, 2207 Autumnwood Drive. StoryWalks encourage children and adults to walk together and make stops to read pages from a book, which are spread out and displayed along a walking path. “Cat’s Colors” by Airlie Anderson is the featured book at the park. During the opening celebration families can receive a free copy of “Cat’s Colors” while supplies last, and partake in face painting, a bubble station, an art station, light refreshments, and Centre Region Parks & Recreation’s Rec on the Go. Parking is very limited and carpooling is encouraged

Multicultural Unity Fair
The Community Diversity Group and State College Borough will host the second annual Multicultural Unity Fair from noon to 4 p.m. at the State College Municipal Building, 243 S. Allen St. The day will include entertainment, food, international games and activities, dozens of information booths and an opportunity to meet and talk with diverse members of the community.

Happy Valley Improv Birthday Bash
Happy Valley Improv celebrates two years of performing in State College with a 12-hour improv event, featuring workshops, presentations and, of course, performances. It all starts at noon at 3 Dots Downtown, 137 E. Beaver Ave. This is a “pay-what-you-can” event. See the schedule here.

Harvest Fest
Mount Nittany Vineyard & Winery, 300 Houser Road in Centre Hall, hosts its annual Harvest Fest from noon to 4 p.m. Stroll through the mountainside vineyards and enjoy complimentary wine tasting and vineyard/winery tours. Sample and purchase from local food vendors and grab lunch from the Blonde Bistro. Kevin Briggs will provide live music. An apple sale will benefit the historic Rock Hill School in Linden Hall. Parking donations benefit the State College Food Bank.

Salute to Veterans
Bald Eagle Valley Community Church, 111 Runville Road, Bellefonte, will host a community event to honor local veterans from 2 to 6 p.m. The event will include Free tethered balloon rides (weather permitting), free food, games, face painting for kids, a special appearance by mini-horses from Rising Hope Therapeutic Riding Center and motorcycles on display from the U.S. Veterans 22 Motorcycle Club. Many local organizations will be on hand with informational booths as well. 

Shinedown
Multi-platinum selling rock band Shinedown brings its “Attention, Attention” world tour to the Bryce Jordan Center, with opening acts Papa Roach, Asking Alexandria and Savage After Midnight. Gates open at 5 p.m. and the show starts at 6:15 p.m.

Burlesque Meets Broadway
Lady Grey’s Lovelies kick off their Late Night Cabaret season with “Too Darn Hot,” capture the magic of Broadway musicals in a truly unique vaudlesque revue, from showgirls and show tunes to dancing and drama. Enjoy the classics, discover some new favorites, and celebrate the inspiring choreography, soaring vocals, and the sheer emotional power and sex appeal of Broadway at it’s best. Showtimes are 8 p.m. and 10 p.m. in The Attic of the State Theatre. Restricted to patrons 18 and older due to mature content. Advance ticket purchases are recommended.

Women’s Voices
For the second consecutive year, Natascha Hoffmeyer brings together talented local women singers and musicians for the Women’s Voices concert benefiting Centre Safe. Performers include Anchor & Arrow, The Lemon Drops, Jazz Kat, Kristi Jean & Her Ne’er-Do-Wells, Pure Cane Sugar Band, Miss Melanie’s Double Something, Natascha & The Spy Boys and Jackie Brown & The Gill Street Band. Tickets.

Western Centuries
Honky-tonk supergroup Western Centuries brings together songwriters Cahalen Morrison, Ethan Lawton and Jim Miller, who are fusing  styles, influences and their roots in city life to move country music into new territory, drawing from modern R&B as easily as George Jones. The road-tested band pulls into Elk Creek Cafe & Aleworks, 100 W. Main St. in Millheim, for an 8 p.m. show. 


SUNDAY

“Sugar Skull!”
In its first visit to State College, New York City’s Mexico Beyond Mariachi will perform “Sugar Skull!, A Dia de los Muertos Musical Adventure” for youngsters and their families, at 4 p.m. in Eisenhower Auditorium. The show centers on a girl named Vita who thinks her family is crazy for planning a celebration for dead loved ones. But when a candy skeleton in her grandmother’s cemetery altar springs to life, Vita finds herself on a magical, musical journey to unravel the true meaning of Day of the Dead, along with her new friend Sugar Skull, a charismatic confection who dreams of riding the train to Who-Knows-Where. 

The Chainsmokers
Hit-making duo The Chainsmoker bring the “World War Joy” tour to the Bryce Jordan Center, with special guests 5 Seconds of Summer and Lennon Stella, for a 7 p.m. show.

The Robert Cray Band
Bridging the lines between blues, soul and R&B for the past four decades, Robert Cray is a five-time Grammy-winner, Blues Hall of Fame inductee and one of the most revered guitarists working today.  He brings his band to the State Theatre for an 8 p.m. show.

 

Original Article by Geoff Rushton at StateCollege.com

What Is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC]

What Is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC] | Simplifying The Market

What Is the Cost of Waiting Until Next Year to Buy? [INFOGRAPHIC] | Simplifying The Market

Some Highlights:

  • The “cost of waiting to buy” is defined as the additional funds necessary to buy a home if prices and interest rates were to increase over a period of time.
  • Freddie Mac forecasts interest rates will rise to 3.8% by Q4 2020.
  • CoreLogic predicts home prices will appreciate by 5.4% over the next 12 months.
  • If you’re ready and willing to buy your dream home, now is a great time to buy.

 

Homeowners Are Happy! Renters? Not So Much.

Homeowners Are Happy! Renters? Not So Much. | Simplifying The Market

When people talk about homeownership and the American Dream, much of the conversation revolves around the financial benefits of owning a home. However, two recent studies show that the non-financial benefits might be even more valuable.

In a recent survey, Bank of America asked homeowners: “Does owning a home make you happier than renting?” 93% of the respondents answered yes, while only 7% said no. The survey also revealed:

  • More than 80% said they wouldn’t go back to renting
  • 88% agreed that buying a home is the “best decision they have ever made
  • 79% believed owning a home has changed them for the better

Those surveyed talked about the “emotional equity” that is built through homeownership. The study says more than half of current homeowners define a home as a place to make memories, compared to 42% who view a home as a financial investment. Besides building wealth, the survey also showed that homeownership enhances quality of life:

  • 67% of current homeowners believed their relationships with family and loved ones have changed for the better since they bought a home
  • 78% are satisfied with the quality of their social life
  • 82% of homeowners said they were satisfied with the amount of time they spend on their hobbies and passions since purchasing a home
  • 75% of homeowners pursued new hobbies after buying a home

Homeowners seem to be very happy.

Renters Tell a Different Story…

According to the latest Zillow Housing Aspirations Report45% of renters regret renting rather than buying — more than five times the share of homeowners (8%) who regret buying instead of renting. Here are the four major reasons people regret renting, according to the report:

  • 52% regret not being able to build equity
  • 52% regret not being able to customize or improve their rentals
  • 50% regret that the rent is so high
  • 49% regret that they lack private outdoor space

These two studies prove that renting is just not the same as owning.

Bottom Line

There are both financial and non-financial benefits to homeownership. As good as the “financial equity” is, it doesn’t compare to the “emotional equity” gained through owning your own home.

Charming Bellefonte Boruough Cape Cod Home on almost 1/2 Acre | $215,000 | Bellefonte, PA

Photo
Charming Cape Cod in the Bellefonte Borough on almost half an acre. This cozy 3 bedroom, 2 full bathroom home has character sprinkled throughout from the arched doorways to the brick fireplace in the living room. It features fresh paint and hardwood floors throughout. The kitchen and dining room are open and bright with numerous recent upgrades. Off the kitchen there is a large, tastefully done, mudroom allowing for an easy entrance to the house. Spacious bedrooms with one on the first floor and the other two upstairs. The backyard is great for entertaining with a large patio and a few others

Are You Ready for the ‘Black Friday’ of Real Estate?

Are You Ready for the ‘Black Friday’ of Real Estate? | Simplifying The Market

According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers.

Every year, ‘Black Friday’ is a highly anticipated event for eager shoppers. Some people prepare for weeks, crafting and refining a strategic shopping agenda, determining exactly when to arrive at each store, and capturing a wish list of discounted must-have items to purchase. But what about buying a home? Is there a ‘Black Friday’ for the home-buying process? Believe it or not, there is.

According to a new study from realtor.com, the week of September 22 is the best time of year to buy a home, making it ‘Black Friday’ for homebuyers.

After evaluating housing data in 53 metros from 2016 to 2018, realtor.com determined that the first week of fall is when buyers “tend to find less competition, more inventory, and the biggest reductions on list price.

The report explains,

“During the first week of fall, buyers tend to face 26% less competition from other buyers, and they are likely to see 6.1% more homes available on the market compared to other weeks of the year…nearly 6% of homes on the market will also see price reductions, averaging 2.4% less than their peak.”

What’s so different about the first week of fall?

George Ratiu, Senior Economist with realtor.com says,

“As summer winds down and kids return to school, many families hit pause on their home search and wait until the next season to start again…as seasonal inventory builds up and restores itself to more buyer-friendly levels, fall buyers will be in a better position to take advantage of today’s low mortgage rates and increased purchasing power.”

Learn more about how prices, listings, and buyer competition stack up during the first week of fall in your metro area.

Bottom Line

If you want to take advantage of the ‘Black Friday’ of home buying, let’s get together to discuss the benefits of making your next move this fall.

Susan Rupert Group

Realtor, ABR, CRS, SRES, MCNE, e-PRO
Kissinger Bigatel & Brower

2300 South Atherton Street
State College, PA 16801
Mobile/Direct: 814-280-0364
Office: 814-234-4000 ext. 3213
Email: Susan@StateCollegePARealEstate.com

You have questions regarding our services? Please feel free to contact us.

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