Reading-Berks Real Estate 2020 Election Edition

 Reading-Berks Real Estate 2020 Election Edition
Posted By Jeffrey Hogue @ Oct 29th 2020 10:30am In: Real Estate

Every four years, we Americans vote to see who will hold the highest office in the land. It is interesting to look back and see how the Reading-Berks real estate market has fared since the last election. Please note: this is a non-partisan statistical look at local home sales figures and in no way an endorsement of any political party or campaign.

The passage of time seems to happen without notice. Occasions like birthdays, anniversaries, and holidays are reminders of the special events of our lives. Then there are those events that do not occur yearly but over broader lengths of time. One such event is the presidential election.


As a Realtor® and self-proclaimed market statistician, I like to use longer time event benchmarks to reflect and see where we were, where we are, and where we may be headed. After all, people rarely move every year. I think the national average for homeownership is north of ten years - so these broader market analyses may be more prudent.


Reading-Berks Real Estate Market - By the Numbers

According to Bright MLS™ Market Research, in the full year, 2012, there were 3,621 homes sold at a median value of $143,900. In 2016, 5,026 homes sold at a median value of $154,900. Home sales during the period were up 38.8%, and the median value was up 7.6%.


In 2020, from January through September, there were 3,713 homes sold. If we use the median figure of 347 for sold homes, we can estimate that the total sales for all of 2020 will be 4,754 homes sold, a drop of 5.4% from 2016. The median sold value so far in 2020 is $188,000, which is an increase of 21.3%. Based solely on these figures, if you purchased a home in 2016 for $150,000, it could be worth $181,950 in 2020.


A Look At The Near Future of Our Real Estate Market

Policies relating to mortgage financing, property taxes, and local ordinances can directly influence property value. The fed is mainly responsible for handling mortgage rates while the federal government establishes mortgage lending policies. Interest rates have been historically low for a long time. I don't see a significant shift away from the low rate strategy no matter who is on the white house unless inflation becomes a big issue. The fed works with state and local authorities on infrastructure and jobs, which are essential for a robust housing market.


Property taxes and local ordinances are more a product of our state and local legislation. It would be nice if Pennsylvania would get a grip on property taxes, but whoever is elected does not seem to matter here as the tax situation has been with us for over a hundred years. You all know this story! Despite that situation, property values have done exceptionally well.


Our local county, township, and borough supervisors are instrumental in keeping the Reading-Berks housing market on the right path, so it is essential not to forget them on any election day. My hat is off to all of them for the job they have been doing.


The presidency is far from the only office up for a vote. It is important to remember all the people running for state and local offices. They are all instrumental in keeping things working.


The Reading, PA, and Berks County housing market is doing better than I have ever seen in my twenty-seven years serving the area's real estate needs. I believe inventory will continue to be tight, and home prices should stay steady. I hope and pray that no matter who gets elected to any office, they keep the things that are working and improve on the things they can.


I know I said this was a non-partisan look at the Reading-Berks real estate market, but I would like to amend that statement. There is one person and group I think everyone should consider voting for in 2020 and beyond. VOTE Jeffrey C. Hogue for your next Realtor® and my group of fantastic team members from the Jeffrey Hogue Realtor Group. We will make sure your real estate transaction is handled right!


Knowledge is Power!

Jeffrey C. Hogue

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