MILLFIELD

BUY A HOUSE OR...BURY YOUR MONEY?

2012-02-06T15:27:00.000-05:00

If you’re given a choice to either invest $1,000 in a two-year bank certificate of deposit or bury that money in your backyard, don’t spend too much time thinking about it, because for all practical purposes you’ll come out the same either way.Researchers at the University of Alabama at Birmingham (UAB) say you’ll earn 83 cents more with the CD than burying your money, so the CD’s probably the better deal. But after you factor in the gas to get to the bank to buy your CD you’re probably better off going with the buried money and just taking advantage of inflation.
So, where should you put your money? Andreas Rauterkus, an assistant professor of finance at the UAB School of Business, says you should buy a house.

Read more....

Resource: realtor.org 1/30/12

How Long Will Low Mortgage Rates Last?

2012-01-18T08:50:00.000-05:00

For nine consecutive weeks, the 30-year fixed-rate mortgage has been hovering at or below record lows of 4 percent, pushing housing affordability for home buyers even higher.

But will these low rates stick around much longer?

The Federal Reserve has vowed to keep rates low through 2013 so rates likely will hang around for a few more months, at least, but whether mortgage rates will stay at the current record-lows, many experts say it’s unlikely. Read More

Source: “Low Mortgage Rates Likely to Continue Through 2012, Experts Say,” Los Angeles Times (Jan. 3, 2012)

Mortgage Rates Reach New Record Lows

2011-12-27T14:24:00.000-05:00

Just in time for the holidays:
Mortgage rates reached new all-time lows this week, pushing home buyer affordability even higher, Freddie Mac reports in its weekly mortgage market survey.

"Rates on 30-year fixed mortgages have been at or below 4 percent for the last eight weeks and now are almost 0.9 percentage points below where they were at the beginning of the year, which means that today's home buyers are paying over $1,200 less per year on a $200,000 loan,” Frank Nothaft, chief economist at Freddie Mac, said in a statement. “This greater affordability helped push existing home sales higher for the second consecutive month in November to an annualized pace of 4.42 million, the most since January.”

Here’s a closer look at mortgage rates for the week ending Dec. 22:

Resource: Daily Real Estate News | Friday, December 23, 2011

Mortgage Rates Drop Sharply This Week

2011-11-23T10:38:00.001-05:00

The 30-year fixed-rate mortgage, the most popular choice among home buyers, dropped to its second lowest reading on record this week, Freddie Mac reports in its weekly mortgage market survey.

"Market concerns over the European debt market drew investors to U.S. Treasury securities, lowering bond yields and mortgage rates,” says Frank Nothaft, chief economist at Freddie Mac. Read more...

Resource: Daily Real Estate News | Friday, November 04, 2011

The American Cities Where Mortgages Are Staying Afloat

2011-11-23T10:36:00.000-05:00

President Obama recently announced he would extend the nation’s mortgage refinancing program in an effort to provide relief to homeowners whose mortgages are worth more than the value of their homes. With 11 million underwater households no one can claim the housing crisis over. However, some regions have survived the crisis better than others. In those areas, home values are either stable or rising, and unemployment is below the national average.Read more:
Resource: www.247wallst.com

Lancaster, PA - Latest Figures for New Home Sales Suggest Market Fall is Subsiding

2011-11-23T10:30:00.000-05:00

In the Lancaster, PA market in August, sales of new homes declined year-over-year, but the drop in percentage terms was an improvement from July 2011, suggesting that the market may be stabilizing. New home sales saw a drop of 27.3% from the year earlier to 32. This came on the heels of a 51.1% decline year-over-year in July.In the 12 months ending August 2011, there were 441 new home sales, down from an annualized 453 in July.
New home sales made up 6.5% of overall housing sales. This is down from from a year earlier when new home sales represented 10.4% of total sales. For new and existing homes, sales grew year-over-year in August after also increasing in July year-over-year. Learn more....

Resource: www.BuilderOnline.com
Posted on: Nov 08, 2011 09:22:20 AM

Mortgage Rates Reach New Lows

2011-10-10T13:58:00.002-04:00

For the third straight week, fixed-rate mortgages inched down, reaching new lows. The 30-year fixed-rate mortgage averaged a record low of 4.01 percent this week while the 15-year fixed-rate set a new record of 3.28 percent, Freddie Mac reports in its weekly mortgage market survey. In Western areas, 30-year rates moved even lower, averaging 3.95 percent, Freddie reports.
Read more.......

Resource: Daily Real Estate News | Friday, September 30, 2011

U.S. existing home sales jump 7.7 pct in August

2011-10-10T13:56:00.000-04:00

WASHINGTON, Sept 21 (Reuters) - Existing home sales rose more than expected in August to the fastest annual pace since March as falling prices and low interest rates drew more buyers into the market, the National Association of Realtors said.

Read more......

Resource reuters.com Sept 21, 2011

MORTGAGE RATES - AUGUST 18, 2011

2011-08-29T10:07:00.000-04:00

15 Year Fixed

2011 Local Average 3.52%
2011 National Average 3.60%
2010 National Average 4.00%

30 Year Fixed
2011 Local Average 4.27%
2011 National Average 4.35%
2010 National Average 4.54%

Source: http://www.realestate.yahoo.com/

7 of 10 Renters Say Owning a Home Is a Top Priority

2011-08-09T11:42:00.001-04:00

Most Americans still believe that owning a home is a solid financial decision, and a majority of renters aspire to home ownership as a long-term goal. According to the 2011 National Housing Pulse Survey released today by the National Association of REALTORS®, 72 percent of renters surveyed said owning a home is a top priority for their future, up from 63 percent in 2010.

Source: Daily Real Estate News - July 6, 2011

BREAKING GROUND - September 2011 - Summerfield Neighborhood.

2011-08-09T11:37:00.003-04:00

September 2011, Millfield Construction Company will be "Breaking Ground" on their newest neighborhood, Summerfield. The neighborhood will feature 148 homes to include townhomes & villas. The homes will have 2 & 3 bedrooms, 1 & 2 car garages, and a snow/mow package. Pricing for the homes is in the upper $100,000's. Visit www.summerfield.biz to get the latest developments.

INCREASE YOUR HOMES' RESALE VALUE

2011-06-06T11:44:00.000-04:00

6 Worth-the-Price Fix-Ups
Simple and affordable do-it-yourself projects can greatly increase a home's resale value, according to HomeGain's annual home improvement and staging survey.

The marketing company surveyed nearly 600 real estate professionals to discover which DIY home improvement projects give sellers the biggest return for their buck. Here are six projects under $1,000 (amounts are estimated) that made the list.

Read all 6 projects here...

Source: www.realtor.org

Has Housing Reached a 'Recovery Path'?

2011-06-06T11:11:00.001-04:00

Sales of existing homes rose slightly in March, marking the sixth consecutive monthly rise for existing home sales in the last eight months, the National Association of REALTORS reported Wednesday.
"We're clearly on a recovery path," says Lawrence Yun, NAR chief economist.

Learn more

Source - http://www.realtor.org/

COMING SOON! - New Millfield Neighborhood!

2011-06-06T11:03:00.000-04:00

COMING SOON!
HILLCREST AT SHEPHERDSTOWN
in CUMBERLAND COUNTY, PA.

Shepherdstown Associates LLC along with the builder, Millfield Construction Company, proposes to develop Hillcrest at Shepherdstown, a neighborhood of high-end townhomes on a nine acre tract that has been assembled on the edge of the village of Shepherdstown. The intent of the developer is to create a neighborhood that is complementary to the adjacent Historic District and surrounding community.

Stay tuned....

COMING SOON - New Millfield Neighborhood!

2011-06-06T10:58:00.001-04:00

COMING SOON!

Summerfield in Lancaster County

Millfield Construction Company will begin to build a townhome community in Manor Township in the Winter of 2012. The neighborhood will consist of Town Homes and Villas.

Summerfield Features:

1 & 2 car garage

2-3 bedrooms

1 and 2 story units

Master bedroom and bathroom

Snow/mow for the common areas.

Location is convenient to local schools, outlet shopping, and health facilities.

Prices start in the upper $100,000's.

MORTGAGE RATES as of MAY 17 , 2011

2011-05-18T10:30:00.000-04:00

15 Year Fixed2011 Local Average 4.01%
2011 National Average 4.08%
2010 National Average 3.97%

30 Year Fixed
2011 Local Average 4.72%
2011 National Average 4.79%
2010 National Average 4.78%

Source: http://www.realestate.yahoo.com/

MORTGAGE RATES as of APRIL 12 , 2011

2011-04-20T13:22:00.000-04:00

15 Year Fixed
2011 Local Average 4.18%
2011 National Average 4.24%
2010 National Average 4.39%

30 Year Fixed
2011 Local Average 4.84%
2011 National Average 4.90%
2010 National Average 4.98%

Source: http://www.realestate.yahoo.com/

MORE AMERICANS CONFIDENT ABOUT HOME OWNERSHIP

2011-03-09T10:55:00.000-05:00

Americans are more confident about the stability of home prices than they were at the beginning of 2010, according to Fannie Mae's latest national housing survey, conducted between October 2010 and December 2010.. And when it comes to home ownership, younger Americans are particularly optimistic, the survey finds.
Learn more...
Source: Realtor.org, Real Estate News, March 1, 2011

Home Builders are Predicting a Sales Comeback

2011-02-21T13:23:00.001-05:00

New-home sales may bounce back this spring, and the rebound could last through at least 2012, predict market watchers.

The Mortgage Bankers Association forecasts a 10 percent jump in volume; while Fannie Mae and the National Association of Home Builders project gains of 18 percent and 20 percent, respectively.
The groups are optimistic despite tighter underwriting, the absence of a home buyer tax credit and stiff competition from bargain-priced foreclosure properties.
Read more....

WHITE HOUSE'S UNWRITTEN MORTGAGE MEMO:ACT NOW!

2011-02-14T14:02:00.000-05:00

The Obama Administration's newly unveiled housing finance plan may have clouded the picture for policymakers, lenders and bond buyers, but it made the future for borrowers starkly clear: It's going to cost more to get a home loan.
Mortgages have already become more expensive in recent weeks, as Fannie Mae and Freddie Mac began adding risk fees to almost all of the loans they sponsor. Average rates on 30-year fixed rate-loans have already moved from 4.4 percent in November to 5.2 percent now, according to Mortgage Marvel, a loan comparison web site.
In a much-awaited report released Friday, the administration proposed winding down the role of the two government-sponsored mortgage repackagers and left open for prolonged Washington debate what would remain in their place.

READ MORE......

MORTGAGE RATES as of FEBRUARY 4, 2011

2011-02-14T13:15:00.000-05:00

15 Year Fixed 2011 Local Average 4.25%
2011 National Average 4.31%
2010 National Average 4.39%

30 Year Fixed
2011 Local Average 4.89%
2011 National Average 4.94%
2010 National Average 4.98%

Source: http://www.realestate.yahoo.com/

Nearly Eight in 10 Americans Still Believe Buying a Home Makes Good Financial Sense

2010-10-25T10:24:00.002-04:00

Washington, October 14, 2010
Nearly eight out of 10 respondents believe buying a home is a good financial decision, despite ongoing challenges with the economy and housing market. That’s according to the 2010 National Housing Pulse Survey, an annual report released today by the National Association of Realtors®. READ MORE

MORTGAGE INTEREST RATES as of SEPTEMBER 21, 2010

2010-09-27T15:33:00.000-04:00

15 Year Fixed
2010 Local Average 3.95%
2010 National Average 4.04%
2009 National Average 4.58%

30 Year Fixed
2010 Local Average 4.44%
2010 National Average 4.51%
2009 National Average 5.14%

Source: http://www.realestate.yahoo.com/

10 REASONS TO BUY A HOME - WSJ

2010-09-20T11:14:00.000-04:00

Enough with the doom and gloom about homeownership.

Sure, maybe there's more pain to come in the housing market. But when Time magazine starts running covers that declare "Owning a home may no longer make economic sense," it's time to say: Enough is enough. This is what "capitulation" looks like. Everyone has given up.

The Sept. 6 cover of Time magazine: This is what capitulation looks like.
After all, at the peak of the bubble five years ago, Time had a different take. "Home Sweet Home," declared its cover then, as it celebrated the boom and asked: "Will your house make you rich?"

But it's not enough just to be contrarian. So here are 10 reasons why it's good to buy a home.

YOU CAN GET A GOOD DEAL - learn more
MORTGAGE ARE CHEAP - learn more
YOU'LL SAVE ON TAXES - learn more
IT'LL BE YOURS - learn more
YOU'LL GET A BETTER HOME - learn more
IF OFFERS SOME INFLATION PROTECTION - learn more
IT'S RISK CAPITAL - learn more
T'S FORCED SAVINGS - learn more
THERE'S A LOT TO CHOOSE FROM - learn more
SOONER OR LATER THE MARKET WILL CLEAR - learn more

Read the full article here.

Resource: Brett Arends - Wall Street Journal - Sept 16, 2010

NEW HOME SALES CLIMB IN JUNE

2010-08-04T15:19:00.000-04:00

The housing slump caused by the end of the tax credits may be over, with sales of new homes rising 24 percent in June compared to May to an annual rate of 330,000, the U.S. Commerce Department reported Tuesday.

Nevertheless, sales were at their second-lowest rate since 1963 – May’s were the lowest.

“The future is going to be dependent on job growth. There’s no demand because confidence is weak and employment is weak,” says Eric Green, chief market economist at TD Securities Inc. in New York.

Source: Bloomberg, Courtney Schlisserman (07/26/2010)

IT'S A GREAT TIME FOR HOUSING DEALS

2010-08-04T15:12:00.004-04:00

Paying off an underwater mortgage and buying a better home could be the best tactic in this troubled market.
"If you are trading up, what better time than when interest rates are at record lows and the cost of the trade-up is much less than it used to be?" says Christopher J. Mayer, a Columbia Business School economist.

With 15-year fixed-rate mortgages at about 4.5 percent, it also makes sense to pay off the mortgage and keep the house. "At this point," says Jay Brinkmann, chief economist of the Mortgage Bankers Association in Washington, D.C., "if they don't have anything else that is bringing a tremendous return, then they are buying themselves an annuity by paying their house off sooner than they needed to."

Source: The Wall Street Journal, M.P. McQueen (07/24/2010)

MORTGAGE INTEREST RATES as of JULY 30, 2010

2010-08-04T15:06:00.001-04:00

15 Year Fixed
2010 Local Average 4.12%
2010 National Average 4.17%
2009 National Average 4.58%

30 Year Fixed
2010 Local Average 4.63%
2010 National Average 4.73%
2009 National Average 4.85%
Source: http://www.realestate.yahoo.com/

MORTGAGE INTEREST RATES as of JUNE 6, 2010

2010-06-14T16:17:00.001-04:00

15 Year Fixed
2010 Local Average 4.35%
2010 National Average 4.39%
2009 National Average 4.58%

30 Year Fixed
2010 Local Average 4.89%
2010 National Average 4.93%
2009 National Average4.85%
Source: http://www.realestate.yahoo.com/

Mortgage Rates at New Lows, Thanks to Europe's Debt Crisis

2010-06-14T15:59:00.000-04:00

Here's some good news for the struggling US housing market: Thanks to the European debt crisis, mortgage rates are at historic lows.
The current average rate for a 30 year fixed loan is 4.87 percent, according to Bankrate.com. That's the lowest rate for the 30 years since Bankrate started keeping track 25 years ago. Read more

EXISTING-HOME SALES RISE ON HOME BUYER TAX CREDIT AND FAVORABLE MARKET CONDITIONS

2010-04-26T13:14:00.000-04:00

Buyers responding to the homebuyer tax credit and favorable affordability conditions boosted existing-home sales in March, marking the beginning of an expected spring surge, according to the National Association of Realtors®.

Existing-home sales which are completed transactions that include single-family, townhomes, condominiums and co-ops, rose 6.8 percent to a seasonally adjusted annual rate of 5.35 million units in March from 5.01 million in February, and are 16.1 percent above the 4.61 million-unit level in March 2009.

Lawrence Yun, NAR chief economist, said it is encouraging to see a broad home sales recovery in nearly every part of the country, with two important underlying trends. “Sales have been above year-ago levels for nine straight months, and inventory has trended down from year-ago levels for 20 months running,” he said. “The home buyer tax credit has been a resounding success as these underlying trends point to a broad stabilization in home prices. This is preserving perhaps $1 trillion in largely middle class housing wealth that may have been wiped out without the housing stimulus measure.” Read more......

Source: Realtor.org, Washington, April 22, 2010

NEW-HOME SALES RISE FASTEST IN 47 YEARS

2010-04-26T12:49:00.003-04:00

NEW YORK (CNNMoney.com) -- New home sales improved in March at the fastest single-month rate in 47 years, according to a government report released Friday, as buyers snatched up properties ahead of the tax credit that's set to expire. New-home sales rose 26.9% to a seasonally adjusted annual rate of 411,000 last month, compared to an upwardly revised annual rate of 324,000 in February, the Census Bureau said. The gain snapped a four-month streak of declines. A consensus of economists surveyed by Briefing.com expected March sales to rise to an annual rate of 330,000.

The March sales were the strongest since last July, and the percentage gain was the biggest on a month-over-month basis since a 31% gain in March 1963.New-home sales spiked in every region of the United States. The South saw the biggest jump in new home sales, up 43.5%, while the Northeast region saw sales climb 35.7%. The West and Midwest regions both saw single-digit percentage growth, with the West up 6% and the Midwest up 4%.

The Census Bureau data followed a report from the National Association of Realtors on Thursday that showed existing home sales soared nearly 7% in March, as new homebuyers raced to buy up properties before a tax credit expires on April 30. "It's obvious that homebuyers are rushing in to take advantage of the tax credit that's set to expire," said Robert Dye, senior economist for PNC Financial Services. In November, the government extended and expanded an $8,000 tax credit, which also allows some repeat buyers to qualify for a $6,500 credit. Buyers have until April 30 to qualify.

Fewer homes to buy

Dye expects to see continued strength in April's data before "tailing off" through the summer as the group of buyers who rushed in are "all spent out." The Census Bureau estimated that 228,000 new homes hit the market in March. At the current sales rate, it would take 6.7 months to sell through that inventory, down sharply from an estimated 9.2 months of inventory in February.

Although new-home sales in March exceeded analyst expectations, sales are still trending near record lows, and prices are still under pressure due to oversupply. "It's a very good sign to see [the March inventory] number down," said Dye. "But this needs to tighten up more to see upward pressure on prices." The average price of a new home was $258,600, according to the Census Bureau. That was virtually flat compared to a year earlier, and 12% below average prices in 2008.

A precarious jobs market continues to threaten the housing market. Dye expects the April unemployment rate to dip to a still-high 9.6% from March's 9.7% when data are announced May 7. "Firming house prices and an improving jobs market will make recovery felt on Main Street as well as Wall Street," said Dye. "We're headed in the right direction."

CNNMoney.com By Chavon Sutton, staff reporter April 23, 2010: 11:48 AM ET

MORTGAGE RATES AS OF APRIL 23, 2010

2010-04-07T10:34:00.005-04:00

2010 Local Average 15 Year Fixed 4.53%
2010 Local Average 30 Year Fixed 5.12%
2010 National Average 15 Year Fixed 4.57%
2010 National Average 30 Year Fixed 5.15%

2009 National Average 15 Year Fixed 4.58%
2009 National Average 30 Year Fixed 4.85%

Rates as of 04/23/10 Source: www.realestate.yahoo.com

SHOULD I WAIT UNTIL PRICES GO LOWER TO BUY?

2010-04-07T10:32:00.001-04:00

The housing market is currently in a cyclical downturn, and conditions are ideal to purchase a home. Here's why:
- Interest rates are at historical lows
- Home prices have decreased
- There is a large inventory of homes on the market to choose from
- For qualified buyers who purchase a principal residence before April 30, 2010, there is up to an $8,000 tax credit available to first-time buyers and up to $6,500 available to repeat buyers.
- Some states are offering special short-term tax credit loans to help buyers with upfront closing costs or down payments. The best way to build household wealth is to own a home. Once you become a home owner, you are able to take advantage of the generous tax deductions that homeownership offers, and you begin to build equity in your property. As your property builds in equity, you can use those gains to sell your starter home and afford to move into a bigger house.
With so many homes on the market to choose from, your best strategy may be to scale back expectations for your dream starter-home. Instead of trying to buy a 2,000 square foot home, consider shopping for a 1,500 square foot home.
Rents, along with the cost of living, will always continue to climb. So no matter what conditions in the housing market are, the sooner you make the jump from renter to home owner, the quicker you begin to create and build up wealth for your family. After a few years, you will be able to leverage this investment and buy a larger house.
For answers to more questions about home buying, visit www.nahb.org/timetobuy.
SOURCE: NATIONAL ASSOCIATION OF HOME BUILDERS

PENDING HOME SALES SHOW HEALTHY GAIN

2010-04-07T10:29:00.001-04:00

Pending home sales rose in February, potentially signaling a second surge of home sales in response to the home buyer tax credit, according to the National Association of REALTORS®. The Pending Home Sales Index, a forward-looking indicator based on contracts signed in February, rose 8.2 percent to 97.6 from a downwardly revised 90.2 in January, and remains 17.3 percent above February 2009 when it was 83.2. The data reflects contracts and not closings, which usually occur with a lag time of one or two months. Lawrence Yun, NAR chief economist, says the improvement is another hopeful sign. “The rise in buyer contact activity may signal the early stages of a second surge of home sales this spring. The healthy gain hints home prices are continuing to flatten,” he says. “We need a second surge to meaningfully draw down inventory and definitively stabilize home values.” Pending home sales by region:
Northeast: the index rose 9.0 percent to 77.7 in February and is 18.9 percent higher than February 2009.
Midwest: jumped 21.8 percent to 97.9 and is 18.7 percent above a year ago.
South: increased 9.2 percent to an index of 107.0, and the index is 17.5 percent higher than February 2009.
West: the index fell 4.8 percent to 98.0 but is 14.6 percent above a year ago.

Why you shouldn't wait to buy a home?

2009-12-29T13:10:00.003-05:00

The housing market is currently in a cyclical downturn, and conditions are ideal to purchase a home. Click on this link to find out why!

Tax credit NOT just for "move up" Buyers

2009-12-23T15:00:00.002-05:00

Did you know that the new tax credit is NOT just for move up Buyers? Great opportunity for a lot of us - don't miss out.

Click here for a related article: http://realtytimes.com/rtpages/20091222_movedown.htm

Luxury Condos starting at $212,450

2009-11-03T16:11:00.002-05:00

Yes, that's right!
Live in luxury, no grass to mow, now weeds to pull, and no snow to shovel.
We now offer 1,700 square feet of living space, 3 bedrooms, 2.5 bathrooms, 2 car garage, walk out basement for ONLY $212,450.00.
NOW is the time to BUY!
Learn more ....... http://millfield.com/regents_specialoffers.php

Arbors vs. Regent's Park

2008-06-11T11:22:00.002-04:00

These 2 neighborhoods, although have similar floor plans, offer a varitey different things.
For example:
LOCATION: Arbors is situtated on the western side of Lancaster between 2 major highways 283 & Route 30. However, is nestled in a peaceful surrounding that was once farmland. Regent's Park is situated on the eastern side of Lancaster directly off of Route 30. It also offers peaceful surroundings due to the 3 acre nature preserve in the center of the neighborhood.
PRICING: Regent's Park offers home starting in the lower $200,000's where Arbors offers homes starting in the upper $200,000's. Arbors offers a few more upgades in there homes which explains the pricing difference.
TAXES: Arbors is located in East Hempfield Township and taxes can run about $4,500 with a home assessed value of $250,000. Regent's Park is located in East Lampeter Township and taxes there can run about $4,200 with a home assessed value of $250,000.