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Yardley, Pennsylvania

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The best in Bucks County

The Truth About Real Estate In Bucks County

Mar. 6, 2008
Categorized in: Local News

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. 


Blogging in Bucks County, Pa.

Feb. 1, 2007

Welcome to my Bucks County real estate -- and other related and/or non-related  -- blog spot.  My goal in creating this blog is to provide a personal perspective on Bucks County life, as well as providing an insight into real estate in Bucks County.  Although I am new to blogging, I am not new to real estate or Bucks County and I love to write.  I have lived in Bucks County for almost 30 years and have been working as a realtor for more than 13 of those years. This means that I should know Bucks County real estate.  Because Bucks County, Pennsylvania is so close to New Jersey -- and because I was born in New Jersey -- I also do real estate in New Jersey.  There are definitely advantages and disadvantages to living in either state. 

To those who do not know Bucks County, let me familiarize you about this absolutely wonderful place. It is a great place to live and features excellent schools, loads of history and charm, and absolutely gorgeous and stunning settings.  The Delaware River meanders through the county, and there are many towns and villages along the river. In fact, the river acts as a border between Pennsylvania and New Jersey.

There is a huge array of housing options in Bucks County. Most people who are new to the area find the housing expensive compared to many other parts of the country.  Central Bucks County is about 35 minutes from Center City, Philadelphia and only about an hour by train from New York City.  Our real estate pricing is slightly lower than the Philadelphia main line and lower than the commuting areas close to New York City; however, it is still expensive when compared with many other parts of the country.  Because there are many types of houses -- from condominiums to small single family homes to huge palatial estates -- there is something for every taste.

I live in Yardley with my wife Jane.  We have 3 children: Rachel, Lauren and Michael.  Rachel has a doctorate in psychology and is in private practice.  She also teaches and has a corporate consulting business, which helps companies with diversity training, conflict resolution strategies and helps executives maximize both individual and corporate potential.

Lauren currently owns and operates a Coldstone Creamery Ice Cream store in the Mercer Mall in Lawrence Township, New Jersey.  If you have never experienced Coldstone, do yourself a favor and check it out.  The ice cream is absolutely amazing!

Michael, our youngest, recently graduated from the University of Maryland and is working at a Marriott near campus.

In my life away from real estate, (I occasionally have some free time) I love basketball.  My tag line is that I am old, but slow!  I love to read both fiction and non-friction.  I play golf (if you can call what I do actually playing golf) and love all kinds of music.  I am currently taking guitar lessons, which is something that I have always wanted to do.  Jane and I love to eat so we enjoy trying new restaurants anywhere in the Bucks County area as well as in Philadelphia.

Because this is a real estate-related blog, I should mention that our local real estate market -- as with many areas in the country --went through about a 5-year cycle of rapidly appreciating values with multiple offers on homes not uncommon.  That cycle ended about 6 to 8 months ago.  The market totally shifted and has become more of a buyers market.  That means that buyers have many more choices, houses stay on the market for considerably longer, and offers are generally submitted below the asking price -- sometimes considerably lower than the asking price.  In future posts, I will share some graphs and statistics that will demonstrate exactly what is going on in our market. 

For those who know Bucks County -- although I have worked everywhere in the county -- the areas that I focus on the most are the areas that include Yardley, Lower Makefield Township, Upper Makefield Township, Newtown, Buckingham, Doylestown, Solebury and Langhorne. 

Well I guess that is enough for my first post.  I would encourage you to post comments or feedback.  If you have real estate-specific questions, I would be happy to answer them for you.  If you have any questions related to life in Bucks County, please let me know.  In the meantime, please visit my websites at www.TourBucksCounty.com, www.MartinMillner.com and  www.TeamMillner.com.