Pennsylvania is #7 out of 10 in Most Expensive Closing Costs

The housing market may be slow but closing costs are still going up.  Is it surprising that PA is near the top in costs?  Ask your real estate professional for an estimate of closing costs early in the buying process so there are no suprises!

According to a survery by bankrate.com the 2007 average closing cost of $2,736 has gone up to an average of $3,118 in 2008, a 14 percent increase. New York City at $4,016 is the most expensive place to close. North Carolina is the least expensive area with an average fee of $2,650.

Here are the top 10 most expensive states to pay closing costs.

1. New York: $4,016
2. Texas: $3,975
3. Florida: $3,683
4. Oklahoma: $3,558
5. New Mexico: $3,465
6. New Jersey: $3,432
7. Pennsylvania: $3,411
8. Alaska: $3,409
9. Colorado: $3,358
10. California: $3,321

Source: Bankrate.com (08/07/08)
excerpted from Realtor.com

WSJ Economist Poll Results for Fannie Mae & Freddie Mac

Wall Street Journal Poll indicates many economists feel government is going to need to help Fannie Mae & Freddie mac to keep them afloat.  Follow the link for more -

http://www.inman.com/news/2008/08/15/poll-feds-likely-aid-fannie-freddie

Housing Bill Tax Credit A Big Plus for 1st Time Buyers

When all you hear is bad news on the housing market, it’s nice to hear a positive spin for a change.  According to this article, “Using history as a guide, Lawrence Yun, chief economist of the National Association of Realtors believes the Housing Act could represent a boost of 10% in the number of homes sold.”

http://rismedia.com/wp/2008-08-11/housing-bill-creates-great-environment-for-first-time-buyers-says-industry-leader/

Should You Appeal Your Taxes?

With housing prices continuing to slide one question I’ve heard is “Should I appeal my taxes?  Your taxes are based on the assessment of your home and in Chester County all property owners have the right to appeal if they don’t agree with their assessment.   The process is relatively easy but you need to be well prepared.  There are annual deadlines when you can appeal and the revised rate only takes effect the year after.  For a comprehensive explanation of what, why and how? in Chester County, check out this link: 

http://dsf.chesco.org/chesco/cwp/view.asp?a=1413&q=573702

Ludwig’s Corner Horse Show & Country Fair

The 65th annual Ludwig’s Corner Horse Show and Country Fair  – August 30 – September 1, 2008 offers non-rated competition, large crowds and old fashioned country fair feel.  See you there!

More info here: http://www.ludwigshorseshow.org/