The last report predicted that average housing prices would go up in the first quarter of '08 because of the favorable climate of low unemployment rates and lower interest rates which would allow buyers to become homeowners. The biggest change in the real estate market was the drop of number of new homes built and new homes sold. There are great bargains to be had in new construction where builders are offering great incentives to move their inventory. So, why the real estate market slowdown in Chester County with so many favorable factors? Compared to other areas of the country, Chester County remains a very ambitious and hardworking county and a great place to live. Easy commute to Philadelphia via highways, turnpike and rail lines.Consumer confidence is at an all time low due to the Wall Street/ Mortgage/ Housing/ Energy/ Political/ Crisis in the News. Since all real estate is local we should put our blinders on and focus on what is happening right around our neighborhoods. The local banks and mortgage companies say they have plenty of money and good rates for buyers who have good credit and have demonstrated the old fashioned value of SAVING MONEY. For detailed information on Chester County or any specific neighborhood, township or school district within the County, please call Ruth for a detailed report.
ZIP Code: 19335 Approximate Location Boundaries: E Brandywine, Uwchlan, Uwchlan, Wallace, W Bradford
Location Characteristics: This area is known by the Downingtown School District, Shopping Malls in the Exton area, excellent mainline trains and highways that makes getting to the Philadelphia airport or the Center City easily accessible for suburban commuters. Forbes Magazine rated Chester County as one of the Top 10 Best Counties to Raise a Family
Low cost of living, reasonably priced homes and short commute times added to excellent schools is what landed 10 communities at the top of Forbes magazine's best places to raise a family.
To be considered, the communities had to have populations greater than 65,000 and most of the school funding had to come from property taxes. Average SAT and ACT scores must top 1,050 or 22, respectively. These factors reduced the number of counties under consideration to 51.
After that, the magazine considered cost of living, graduation rate, home prices, property tax rates as a percentage of median home prices, percentage of homes occupied by owners, per-capita income, air quality, crime rate and commute times. (Source: Forbes, Zack O'Malley Greenburg (06/30/2008)
In the fourth quarter of '07, 872 jobs were added to the payrolls of Chester County. As a result of these new jobs, the average monthy unemployment rate fell from 3.3% to 3%. The strong employment climate may help to create demand for home purchases. Favorable mortgage rates should aid this trend.
This information has been reprinted from the Economic and Market Watch Report with permission from TREND.
About Ruth Parker:
Realtor Ruth has been helping buyers find homes and sellers successfully pricing and marketing their homes for more than 12 years in Chester County. She is a part owner of a Keller Williams Realty office opening in the western Chester County town of Thorndale. The Keller Williams Realty - Midway office stands for the values that Ruth holds dear: Finding common ground between two extreme points of interest. If there is a way to bring satisfaction to a seller whose home is being foreclosed and a buyer who needs to find a home for himself or his family within the confines of his tight budget, that is success to Ruth. She and her husband live in the scenic hills north of Coatesville and the House of His Creation, which Ruth is the Chairman of the Board for, is located in the hills south of Coatesville. Shrewd and energetic, she works hard to elevate individuals by instilling hope and encouragement. Call her to work on your task.
These reports reflect the views and opinions of their authors and are not necessarily the views and opinions of Realty Times.
