Pocono Lake Real Estate Market Update
The median home value in Pocono Lake, Pennsylvania is currently $129,630. The change over the past twelve months is -11.21%. Thats not great news for sellers but it's incredible for buyers. Nationally, the lastest reports from the National Association of Realtors projects that the median sale price will go up 4%.
The Pocono Lake area has not kept pace with the national averages but I anticipate that should change. In the past year the foreclosures have continued to impact sellers in the Pocono Lake area. But as of today, there are only 8 foreclosures available out of 227 homes for sale in Pocono Lake.
Interest rates continue to be low. NAR has projected they will climb this year to 5%, still a number that is reasonable. However, obtaining a mortgage is still a challenge.
If you have to sell, consider what you are paying in taxes, insurance and HOA fees. Is it better to wait for the prices to rebound? Will you recapture what you are spending in the time frame needed? It might be helpful to have a Real Estate Trends Analysis prepared to assist you in your decision making. There is no cost or obligation.
If you are contemplating buying and have been on the fence, maybe it is time to take action.