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

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

Market Realities – Is it All Media Hype?

I think everyone in the Real Estate industry and many consumers are tired of the doom and gloom out there. Is anyone thinking “self fulfilling prophecy?” There is no doubt that there is trouble in the Real Estate Market but in the area of Northern Chester County where I focus the news is not all bad. Prices are holding, sales volume is down yes but there are still Buyers and Sellers in the market. One of my favorite articles which I felt was right on is “How Matt Lauer is Wrecking the Philly Real Estate Market” – no offense Matt! http://www.phillymag.com/articles/how_matt_lauer_is_wrecking_the_philly_real_estate_market/