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state college pa real estate marketCentre County MLS Local Market Report
January 30, 2012

The data discussed in this video reflects market data from the Centre County Association of REALTORS.

Active Residential Listings for January 30, 2012: 630

Residential Sales Activity for January 23-January 29, 2012


New Listings: 26
Listings that Pended:
19
Listings that Closed: 9
State College School Dist: 10
State College School Dist: 10
State College School Dist: 1
Bellefonte School Dist: 3
Bellefonte School Dist: 1
Bellefonte School Dist: 3
Other School Dist: 13
Other School Dist: 8
Other School Dist: 5
Average List Price: $163,703
Average List Price: $250,600
Average Close Price: $161,766
n/a
Average Days on Market: 137
Average Days on Market: 233
Number of Single Family: 21
Number of Single Family: 18
Number of Single Family: 8
Current Mortgage Rates
30 year conventional 3.875% 4.054%
30 year FHA 3.750% 4.705%
15 year conventional 3.000% 3.312%
30 year jumbo 4.125% 4.258%
Are you thinking of selling your home? Get a FREE Market Anaylsis.
For the week ending Jan. 13, mortgage applications for home purchase, (a market indicator for home sales), increased 10.3 percent. (Reported by Mortgage Bankers Association) For the last six weeks, 30-year fixed-rate mortgages -- the most popular choice among home buyers -- has averaged below 4 percent. Source: Reuters (Jan. 18, 2012)

 

State College Student Rentals News Update Dec. 2011
State College Borough Concil voted to triple the necessary distance between student rental properties. The required distance beween student homes is now 675 feet rather than 225 feet. If you are looking to buy a student rental (or sell one), trust the professionals at KBB.

Ferguson Township Board of Supervisors approves master plan for a new community, Turnberry (Dec 2011).
An 891 unit traditional town development, Turnberry, is planned for the Corl/Circlevill Farm site which is between Circlevill Road and Blue Course Drive. It will be a combination of single- and multi-family units, duplexes and apartments. Ninety-one units will classify as workforce housing. There will be 8 phases to this project with the first 397 dwellings to be started in June, 2012.
Pending Sales of Existing Homes surged in November, 2011
According to the National Association of REALTORS Pending Home Sales Index, sales of existing homes in the United States were at the highest level this November since April 2010.

Thank You State College for voting Kissinger Bigatel & Brower

Best Real Estate Company in the State College Magazine Poll!

Peter Chiarkas summarizes the year to date activity in December, 2011.

Curt Kowalski summarizes the weekly activity for the week ending Nov. 13, 2011.

Jane Cohick summarizes the weekly activity for the week ending Nov. 6, 2011.

Matt Barr summarizes the weekly activity for the week ending Oct. 31, 2011.



Justin O'Connell summarizes the weekly activity for the week ending Oct. 24, 2011.
Derek Canova summarizes the weekly activity for the week ending Oct. 17, 2011.
State College, Pennsylvania

Get ready for fun State College and all of Centre County...
... CATS, the smash Broadway musical by Andrew Lloyd Webber will come to State College on March 21, 2012.
Information from the 2010 Cenus on Centre County Housing:
Total housing units: 63,297 This is an increase of 10,136 additional units since 2000 (19.1% increase).
The Vacancy Rate is 9% which is the 44th lowest vacancy rate in PA. Statewide average vacancy is 9.9%.
Pennsylvania Popluation: 12,702,379
Centre County Population: 153,990
Population Chart from US Census
More facts about Centre County from the U.S. Census Bureau.

Scroll down this page to read articles of interest related to real estate.

8 Tips for Adding Curb Appeal and Value to Your Home

Homes with high curb appeal command higher prices and take less time to sell. We’re not talking about replacing vinyl siding with redwood siding; we’re talking about maintenance and beautifying tasks you’d like to live with anyway.
The way your house looks from the street—attractively landscaped and well-maintained—can add thousands to its value and cut the time it takes to sell. But which projects pump up curb appeal most? Some spit and polish goes a long way, and so does a dose of color.

Tip #1: Wash your house’s face

Before you scrape any paint or plant more azaleas, wash the dirt, mildew, and general grunge off the outside of your house. REALTORS® say washing a house can add $10,000 to $15,000 to the sale prices of some houses.

A bucket of soapy water and a long-handled, soft-bristled brush can remove the dust and dirt that have splashed onto your wood, vinyl, metal, stucco, brick, and fiber cement siding. Power washers (rental: $75 per day) can reveal the true color of your flagstone walkways.

Wash your windows inside and out, swipe cobwebs from eaves, and hose down downspouts. Don’t forget your garage door, which was once bright white. If you can’t spray off the dirt, scrub it off with a solution of 1/2 cup trisodium phosphate—TSP, available at grocery stores, hardware stores, and home improvement centers—dissolved in 1 gallon of water.

You and a friend can make your house sparkle in a few weekends. A professional cleaning crew will cost hundreds—depending on the size of the house and number of windows—but will finish in a couple of days.

Tip #2: Freshen the paint job

The most commonly offered curb appeal advice from real estate pros and appraisers is to give the exterior of your home a good paint job. Buyers will instantly notice it, and appraisers will value it.
 
Of course, painting is an expensive and time-consuming facelift. To paint a 3,000-square-foot home, figure on spending $375 to $600 on paint; $1,500 to $3,000 on labor.
Your best bet is to match the paint you already have: Scrape off a little and ask your local paint store to match it. Resist the urge to make a statement with color. An appraiser will mark down the value of a house that’s painted a wildly different color from its competition.

Tip #3: Regard the roof

The condition of your roof is one of the first things buyers notice and appraisers assess. Missing, curled, or faded shingles add nothing to the look or value of your house. If your neighbors have maintained or replaced their roofs, yours will look especially shabby.
You can pay for roof repairs now, or pay for them later in a lower appraisal; appraisers will mark down the value by the cost of the repair. According to Remodeling Magazine’s 2010-2011 Cost vs. Value Report,, the average cost of a new asphalt shingle roof is about $21,500.
Some tired roofs look a lot better after you remove 25 years of dirt, moss, lichens, and algae. Don’t try cleaning your roof yourself: call a professional with the right tools and technique to clean it without damaging it. A 2,000 sq. ft. roof will take a day and $400 to $600 to clean professionally.

Tip #4: Neaten the yard

A well manicured lawn, fresh mulch, and pruned shrubs boost the curb appeal of any home.

Replace overgrown bushes with leafy plants and colorful annuals. Surround bushes and trees with dark or reddish-brown bark mulch, which gives a rich feel to the yard. Put a crisp edge on garden beds, pull weeds and invasive vines, and plant a few geraniums in pots. Green up your grass with lawn food and water. Cover bare spots with seeds and sod, get rid of crab grass, and mow regularly.

Tip #5: Add a color splash

Even a little color attracts and pleases the eye of would-be buyers.
Plant a tulip border in the fall that will bloom in the spring. Dig a flowerbed by the mailbox and plant some pansies. Place a brightly colored bench or Adirondack chair on the front porch. Get a little daring, and paint the front door red or blue.These colorful touches won’t add to the value of our house: appraisers don’t give you extra points for a blue bench. But beautiful colors enhance curb appeal and help your house to sell faster.

Tip #6: Glam your mailbox

An upscale mailbox, architectural house numbers, or address plaques can make your house stand out.

High-style die cast aluminum mailboxes range from $100 to $350. You can pick up a handsome, hand-painted mailbox for about $50. If you don’t buy new, at least give your old mailbox a facelift with paint and new house numbers.

These days, your local home improvement center or hardware stores has an impressive selection of decorative numbers. Architectural address plaques, which you tack to the house or plant in the yard, typically range from $80 to $200. Brass house numbers range from $3 to $11 each, depending on size and style.

Tip #7: Fence yourself in

A picket fence with a garden gate to frame the yard is an asset. Not only does it add visual punch to your property, appraisers will give extra value to a fence in good condition, although it has more impact in a family-oriented neighborhood than an upscale retirement community.

Expect to pay $2,000 to $3,500 for a professionally installed gated picket fence 3 feet high and 100 feet long.

If you already have a fence, make sure it’s clean and in good condition. Replace broken gates and tighten loose latches.

Tip #8: Maintenance is a must

Nothing looks worse from the curb—and sets off subconscious alarms—like hanging gutters,, missing bricks from the front steps, or peeling paint. Not only can these deferred maintenance items damage your home, but they can decrease the value of your house by 10%.
Here are some maintenance chores that will dramatically help the look of your house.
  • Refasten sagging gutters.
  • Repoint bricks that have lost their mortar.
  • Reseal cracked asphalt
  • Straighten shutters
  • Replace cracked windows
Reprinted from House Logic (Brought to you by the NATIONAL ASSOCIATION OF REALTORS)
By: Pat Curry Published: February 18, 2011

All Square Footage is NOT created equal

Price per square foot is a typical way for consumers as well as real estate professionals to compare properties to each other. It is important to recognize that all square footage is not created equal. For example, luxury homes usually have sky lights, high end appliances, vaulted or cathedral ceilings, detailed roof lines, more windows, 3 or 4 car garages, expansive decks, patios and landscaping...all contributing to a higher price per square foot. It is also important to know if the "finished" square footage quoted is above grade or if it includes lower level (basement) finished area, which typically is not as valuable as the above grade finished area. Other significant influences are land/lot size, views, access to property, outbuildings/garages, age of structure, and overall condition of structures. So, you can see it is essential to know if you are comparing quality square footage vs. quantity square footage. Rely on your KBB REALTOR to accurately help you compare the "price per square foot" on the home you are considering selling or purchasing.
By Terry Gingher, Associate Broker/Partner, ABR, CRS, GRI - Originallly published 5/13/10.

The Right Tools Will Ensure that Your Home is Safe from Cold Weather Threats.

Home owners in cold-weather climates, such as the Northeast, Midwest, and mountain areas, face icy conditions, blizzards, and other cold-weather storms. Beyond requiring a quick trip to the convenience store for milk and bread, snow, ice, freezing rain, and extreme cold can threaten your home’s structure and your safety. Therefore, it’s important to take measures and invest in the resources you’ll need to deal effectively with winter’s challenges before it gets into full swing.

First, understand the threats
Blizzards. Storms with heavy winds and large amounts of snow accumulation can cause roof or other structural damage and leave you isolated.
Ice storms and ice dams. Ice storms coat structures, trees, power lines, cars, roads—and virtually everything else—with ice. As the ice melts, large chunks can fall and cause injury to anyone below. When ice melts during the day and then re-freezes at night, ice dams, which block water from flowing in the gutter, may form. This condition can force water back under the roof line and cause leaks.
Sleet or freezing rain. Combinations of snow and freezing rain may cause slippery conditions and coat roads, sidewalks, and driveways with ice when temperatures drop.

Protect yourself

The Federal Emergency Management Agency recommends that home owners have shovels on hand, as well as melting agents, such as rock salt. Some of the new, more environmentally friendly deicers include calcium magnesium acetate and sand to improve traction. Be sure to stock up early in the season, as these agents tend to be in short supply during periods before a well-publicized storm.
FEMA also advises you have enough fuel to maintain heat in your home, as well as a backup heating source: firewood if the home has a working fireplace, or a generator to power heaters in case of power failure. However, use caution as these can represent fire hazards when not used correctly. Be sure to follow directions explicitly and keep a fire extinguisher. Some generators and fireplaces also require proper ventilation, according to the Institute for Business and Home Safety, so follow directions carefully and keep them away from curtains or other flammable items.
Stock up on extra blankets, warm clothing, and enough food and water to sustain your family in case of a few days of isolation. And a transistor radio with fresh batteries can help keep you updated on news and information in case of a power outage.

Protect your home

Before winter, there are some precautions you can take to protect your home from the ravages of cold weather storms:
Winterize your home. Check shutters, siding, and other exterior materials to ensure they’re secure, says retired contractor and home improvement expert and writer John Wilder of Jacksonville, Fla. High winds, ice, and moisture from winter storms can easily strip off such outside elements if they’re loose.
Be sure that gutters are clear of debris and that walkways are even and don’t represent tripping hazards that can be exacerbated with snow or ice. Caulk drafty windows and apply weather stripping to doors—both inexpensive strategies that can keep heat in your home. Air sealing can help you save about $350 in energy costs or one-third of your average annual heating and cooling costs. The average annual home energy bill is about $2,200, according to Energy Star, of which about $1,000 represents heating and cooling. An assortment of air sealing materials and tools, including silicone foam, caulk, aluminum flashing for flues, and additional insulation, will run roughly $100-$350.
Watch your roof. Consider roof heating cables to prevent ice dams on roofs and in gutters, Wilder recommends. They emit a low level of electric-powered heat and prevent ice from blocking gutters and downspouts. These cables can also help melt snow as it falls and help prevent it from accumulating on your roof, where its weight may cause damage.
The cable costs approximately $50-$100 for a 65 to 100 ft. package and can be purchased online or at home improvement retailers. Well-ventilated attics, which release warm air and melt ice, can reduce the risk of ice dams as well, according to the Institute.
Winterize pipes. Be sure your pipes, especially those exposed or in unheated areas like crawl spaces, are wrapped in insulation to prevent freezing and bursting. Also, learn where your water shut-off valves are so you can turn off the water supply in case of a leak. Six feet of insulation can cost anywhere from $7 to $17; it’s available at most home improvement stores.
Trim tree branches. Branches that overhang roofs or areas where you park your car—or which are simply overgrown—represent a risk to structures, vehicles, and people. Keep trees trimmed and remove those that are weak or sickly to prevent them from falling on or near your home. Tree trimming and removal pricing varies greatly, and you may have additional restrictions if you live in an historic community or if the trees are close to power lines.
Check with your municipality about any regulations and contact your local Chamber of Commerce, municipal offices, or contractor rating sites like MerchantCircle or AngiesList to get the names of reputable pros. Tree trimming and removal can be dangerous, so don’t attempt it on your own unless you’re experienced.
By keeping your home in good repair and stocking up on the supplies you’ll need before the rush for rock salt and shovels begins, you’ll be as ready as possible to tough out the storm.
Source: Houselogic, National Association of REALTORS®
real estate tag and text
happy couple buying real estate

What does it mean to receive "multiple offers?" Yes! Multiple offers ARE happening even in this market!

So what’s the difference? How is it, then, that some sellers are receiving multiple offers and some are not? And as a buyer, how can I position myself to make an offer in a multiple offer situation?
Now before all you homeowners run out and put your home on the market expecting multiple offers… think again! The good news is that there are multiple offers. The bad news is that not all sellers are receiving multiple offers.
As a seller, pricing is key. If a property is priced at or slightly below market value, there’s a good chance there could be multiple offers. The buyers are out there. And the buyers are educated. Therefore, if a property is priced right, the buyers will come and take a look!
Some homeowners don’t want to price their home below market value. However, the realities are that you might very well sell for more than it’s listed for if you can generate enough interest to create that buzz and create that excitement where there’s a flurry of activity and there is a multiple offer situation. Having competing buyers is a much better problem to have than to be over priced and sitting on the market too long which could result in the need to under sell later (but that’s for another discussion).
In our market, there are more multiple offer situations in the $250,000 and under price range. Although, it still can happen in the upper price range homes. Again, pricing is key.
The Centre County market is doing quite well. We are slightly down in the average sale price compared to last year. However, we are up in number of units sold. We do have some short sales and foreclosures, but compared to the rest of the country, our number of those are lower. Being a college town, we are very fortunate to have a pretty stable economy.
As a buyer, how does a buyer proceed in light of the news that there will be multiple offers presented to the seller? The buyer should sit down with their Buyer Agent and discuss comparable properties and outline a good strategy for writing an offer. With the news that there are multiple offers, and if this is indeed the right home for the buyer (which should be discussed with your Buyer Agent), buyers need to put their best foot forward. Most often the seller will be presented with all the offers and they will pick one. Therefore, the buyer needs to bring his or her highest and best offer.
A seller being presented with multiple offers can look at all the offers and just pick one. Or the seller can choose one to counter offer. The seller can not counter offer back to all the offers simultaneously. If they choose to counter any of the offers, they can only counter offer to one of the offers.
Being part of a nationwide network of top real estate agents, I have had the unique opportunity to talk personally with several knowledgeable real estate professionals across the country. What I’ve found is that other markets, too, are experiencing multiple offers!
Isn’t it nice to know that from coast to coast, there really are homes receiving multiple offers! Whether buying or selling, talk to a Kissinger Bigatel & Brower real estate professional today to discuss your next best step! Source: Nyssa Smith, REALTOR, Kissinger Bigatel & Brower REALTORS. 5/2010
What is Radon?
Radon is a soil gas that comes from the earth. It is the decay of Uranium in the soil. Radon travels through rock faster , so if your home has a lot of rock around it, it tends to make the radon levels higher than other areas . As there is always a positive outside air pressure against your home and a negative air pressure inside your home. Installing a radon system in your home will remove the radon gas and also combat the pressures against your home. Also, sealing open cracks and joints in the concrete basement floor will improve how well the radon system works. If there is a crawl space in your home, we plastic line and seal the open earth and evacuate from under the plastic to remove the radon gas A typical radon system consists of 2 suction points connected together with 3" SCH40 pipe and routed to the outside where a radon fan is located and the exhaust routed above the roof line. Not only does a radon system remove radon, it helps with moisture concentration as you are removing the damp air under the home and exhausting it outside. As a family owned local company I have been in construction for 30 years and installing radon systems for 10 years. I always put the quality of my work and the concerns of the homeowner first.

Source: Frank Glantz, Owner Raid-on-Radon
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