Forbes Lists Lehigh Valley as 1 in 10 Markets Where Prices Continue to Grow

On Thursday, Forbes Magazine listed the Lehigh Valley as one of ten hot housing markets where home prices continue to grow.

Although home sales in the valley have dropped 15% this year, according to the Office of Federal Housing Enterprise Oversight (OFHEO) home prices in Lehigh Valley PA, in the 3rd quarter of this year, have risen 4.4%.

Over the past few years, home sellers and buyers have seen home prices increase 10-20% per year. This year marks the lowest increase in over 7 years.

Due to the national media, potential home buyers believe that Lehigh Valley home sellers will take any offer given on their property. In a past blog, I wrote about some of the offers that buyers are making on houses.

A couple of more recent stories:

Homeowner dropped their $500,000 house by $35,000 and then received an offer for $80,000 less. Offer rejected.

Homeowner had their house, that needed some work, listed for $325,000 in a $350,000 - $400,000 neighborhood. They received an offer for $220,000. Offer rejected.

Many home buyers ask about Foreclosures. Foreclosures account for less than one-half of a percent of the homes sold in Lehigh Valley.