Contractors say Low Rates and Wider Loan Availability Encourage Action
San Francisco, CA -- (SBWIRE) -- 11/02/2012 -- Now is the perfect time to consider making a move in the real estate market, after months of economic doldrums in the housing market, as a Pennsylvania-couple have recently learned.
Kris and Nicole Svensson recently sold their previous home in Virginia and didn’t simply set out to buy a new house, they decided to start from the ground up. The pair picked out a pristine patch of Pennsylvanian land and decided that here, in Bloomsburg, was where they wanted to have their two-story Colonial-era home built.
The Svenssons then headed over to the 10th Annual Fall Eastern Pennsylvania Home Show in Allentown for inspiration in decorating their recently commissioned home. The couple says that low interest rates were the lynchpin in their plans to build their dream home. Kris remarked that, “we got 3.629 [percent] financing, which is ridiculous. It helps; it lowers the interest payments by a couple hundred bucks a month.”
Presenters at the home show said that, in addition to the low rates, few restrictions on availability of loans are helping the housing market recover. Steve Dormann, owner of S&D Renovations, said, “this is the best year we’ve had since the recession.”
Dennis Jenks, operator of Jenks Productions, said that customers are no longer putting off necessary upkeep and repairs. Jerks, who runs the home show, said that once skittish home owners have realized that they can’t hold-up in their houses forever and have started making due with the property the have.
“They have accepted the economy for what it is,” said Jenks.
Recent information from White Realtors HomeExpert Market Report showed that 2,380 homes were sold in Lehigh County in 2012, up about 15% from 2011. Home were also on the market 8 days less, 82 days, down from a 90 day average in 2011. The report looked at home sales numbers and trends from January to September of 2012.
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