Bradford Estates Harrisburg PA Market Update for June 2011
Currently there are 7 non-garage style townhomes for sale in Bradford Estates. Market time continues to climb as the demand for garage-style homes continues to prevail. But even so, the sales both in Bradford Estates and throughout Harrisburg have come painfully slow with few exceptions.
Only 1 in the last 5 townhomes sold since January in Bradford Estates has been a Camden - a townhome without a garage. The two homes currently sold and pending in Bradford Estates (under contract moving towards settlement) are both my listings and are garage style homes. The one Camden that did go under contract, as reported in my last market update, sold for $141,250 with the sellers paying $5551 in closing cost for the buyers.
Difficult as it is for me to say, as I predicted several months ago, the market is determining value and values have dropped considerably in Bradford Estates. Only the lowest priced townhomes stand the best chance of selling. There is a significantly large number of homes out there for a significantly small number of buyers to choose from. Consequently, the impact of this continuing saga is obvious. Buyers continue to get great bargains as some of the more desperate sellers give in, for fear of not seeing another buyer for a long while.
Even though this practice is hurting property values in Bradford Estates, what are sellers supposed to do? Some have lost their jobs and need to sell quickly to relieve themselves of the monthly burden. Many owe more than their properties are now worth, creating a "short sale".
However, new construction incentives have made it easier for people who have their house listed at a low price in Bradford Estates to take a loss on the selling side only to gain more builder incentives on the buying side. When Bank foreclosures begin to hit the market, they will do so for over 30% less than the competition which will only bring values down further.
So why am I sharing all this negativity? I made a promise to keep you aware of market conditions. That is ALL conditions so you can fully understand the market as it affects selling your townhome in Bradford Estates.
On a positive note; activity has picked up a bit and interest rates remain low. I will continue to use every resource to facilitate the earliest possible sale of your home in Bradford Estates. As always, I remain committed and welcome any feedback. I hope this Bradford Estates Market Update for June 2011 is helpful in your decision-making process. For more information on buying or selling a home in Bradford Estates, contact me at 717 514-1793, or Ken@KensHomesales.com
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Harrisburg PA Real Estate Expert
Ken Huebsch: Your premier real estate agent in the Greater Harrisburg area. I am a specialist in Harrisburg real estate as well as the communities of Palmyra, Hershey, and Hummelstown. My wife Leslye and I have a combined 40+ years' experience serving our clients -We KNOW Harrisburg. When you plan to buy or sell Harrisburg area real estate, allow us to work for you. We are dedicated professionals and are here for your success.
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Cell: (717) 514-1793 Email: Ken@KensHomesales.com
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