The Truth About Real Estate In Bucks County

I have written a few posts recently, about the state of the real estate market in Bucks County.  In those posts, I have consistently pointed out that our local market, is not doing all that badly.  That is especially the case when you compare what is happening in Bucks County, with what is happening in many parts of the county.   If you listen to the national press, you would assume that the bottom is falling out of the real estate market in Bucks County.  I have been extremely frustrated with our local  press, because until recently, there have been very few articles that accurately portray the state of the local market.  In case anyone has not told you, real estate is, and always has been, local.  What is happening in Florida, Arizona and California, has nothing to do with what is happening in Bucks County.

The chart actually documents, from data taken directly from our MLS system, that there were more closed units in Lower Makefield Township in 2007, than in 2006.  You would certainly not know this, from reading the local newspapers.  This is not to suggest that our market is not a, “buyers market”.

I found a couple of very well written articles, in local publications, that very accurately portray the state of our local market.  First, the current issue of Philadelphia Magazine, has on its cover, the following headline, “Philadelphia, Smile.  Your house is worth more than you think.” 

In the article, the author points out that the general Philadelphia metropolitan area, of which Bucks County is included, is holding up quite well, compared with other parts of the country.  The article explains why the Philly area market is better than you are being told.  He points out that the area economy is still strong.  Another point made, is that we are a primary residence market, for the most part.  There was never a lot of speculative buying, during the hectic, appreciating years.  As a result, although prices appreciated nicely in the Bucks County area, they did not appreciate as much as they did in more speculative areas.  Conversely, as other parts of the country have crashed, our landing has been much smoother.  The article dispels several other myths about the local real estate market.  I highly recommend getting a copy of the article.  If you are reading this, and would like a copy, please let me know, and I can send it via email.

The second article, was a column in the Philadelphia Inquires, this past Sunday, by the papers real estate columnist, Alan J. Heavens.  Alan talks in his column, about real estate from a historic perspective.  He says, “Real estate is local as local as a block.  Forget the web nuts and NBC nightly news.  There is no national housing market.”  Further, he observes that if you are thinking of selling but worried that the housing market is glutted.  Forget it, he says.  Houses linger because they aren’t priced right for the market.  How true!

Interest rates are low, and there is mortgage money available, despite the challenges of the sub-prime lending fiasco.

In a nutshell, as I have been saying recently, the real estate market in Bucks County is not as bad as the press would have us all believe.  Houses are selling every day.  The spring market is upon us and I will report on how the first quarter faired, once we get through March. 

In another post, I will provide some additional statistics for other Bucks County markets. 

Super Bowl Sunday in Bucks County

The big day has finally arrived.  It is Super Bowl Sunday!  Here in Bucks County, I have to say, it does not feel like an early February, Super Bowl day.  The temperature is in the 50's, and the local golf courses are doing an incredible business, considering it is mid-winter.  http://www.makefieldhighlands.com/layout9.asp?id=133&page=1869

I think the biggest challenge for our Philadelphia area, is who to root for.  Bucks County is right on the edge of the Philadelphia metropolitan area, but also close enough to New York, that there are many avid New York supporters.  For most sports, I am a Philly sports phanatic.  I root for the Sixers in basketball, and the Eagles in football.  My rooting interest in baseball is somewhat odd, considering where we live.  I have been a Chicago White Sox fan, since I was about 7 years old.  As a topic for another post, I do remember the White Sox days of Nellie Fox and Luis Aparicio. 

The challenge for today, though, being an Eagles fan, is to try and figure out who to root for in the Super Bowl.  Personally, I am rooting for the Giants.  I did not come to this position easily.  If you root for the Eagles, it is almost sacreligious, to root for the New York Giants.  The only thing worse, would be to root for Dallas.  I view this process as choosing the lesser of two evils.  I have had enough of the New England Patriots, Tom Brady and their coach.  I am sure part of that is jealousy, since it has been decades since Philadelphia has won anything.  I admire how the Giants have reached this spot, considering where they started from.  The problem is, I will have to deal with listening to the gloating New York fans, who call into Philly sports talk radio. http://www.610wip.com/

The Philly-NewYork thing, really makes for an interesing rivalry.  Both cities have incredibly passionate, supportive fans.  However, for today, I am a Giants fan.  I will deal with the consequences should they win.  In the meantime, my kids might ask me to sit on the other side of the room from them.  They are of the mindset, that you can't be a true Philadelphia fan, and cheer for the Giants.  It should all be fun!

Enjoy the day.