The Smith Hourigan Group is joining Classic Properties. This will allow us to grow our capabilities and reach in the local market. Classic Properties has a large network and resources to support us, to help us serve our clients in the area.
Read More: Smith Hourigan Joins Classic Properties
The former Baptist Bible property in Clark’s Summit is on market for $17.5 million and being sold by Classic Properties.
The housing market is expected to remain strong, driven by low mortgage rates, strong demand, and limited housing inventory. Experts predict continued competition among buyers, especially in suburban areas, as many seek more space due to remote work trends. While rising home prices may challenge some buyers, the market is likely to stay robust with ongoing demand for homes in various price ranges.
Things are changing in local counties and new rules and regulations are coming. Zoning laws, property tax assessments and building codes are changing and will affect both buyers and sellers. These changes will mean more complicated transactions and will slow down real estate activity in the area with some areas more than others.
Read More: New Rules May Impact Real Estate Industry
The cost of buying and renting homes in Lackawanna County has surged, with both home prices and rental rates rising significantly. The increase is attributed to a combination of high demand, low inventory, and the impact of the ongoing housing shortage. As more people seek housing in the area, competition has driven prices up, making it more challenging for many to afford a home or apartment. This trend is expected to continue, putting additional pressure on local residents and potential buyers.
Read More: Cost of Buying, Renting in Lackawanna County Surging
An increase in housing sales has led to a rise in new construction projects in the region. The growth in sales, particularly in the first quarter of the year, has spurred demand for new homes, prompting builders to begin new residential projects. Local builders are focusing on meeting the demand for affordable housing, with several developments underway to accommodate buyers seeking homes in various price ranges. This surge in construction is seen as a positive sign for the local economy, offering job opportunities and contributing to the area’s housing market growth.
An economic forecast for the upcoming year, highlighting positive growth trends for the local economy. Experts from Classic Properties predict that the region will experience modest economic expansion, driven by a mix of factors including steady job growth, a strong housing market, and improvements in manufacturing. While some challenges like rising interest rates and global uncertainty are acknowledged, the outlook remains optimistic, with a focus on the continued development of local industries and the potential for new business ventures. The forecast suggests that the region’s economy is poised to remain resilient this year.
Read More: Economic Forecast
Our real estate professionals offer unmatched results in property sales. We maintain a local’s insight into the regional marketplace. We have well-trained agents serving the Lackawanna, Luzerne, Monroe, Wyoming, Pike, Wayne, and surrounding counties. To every relationship, we bring a practiced eye for recognizing the unique value of a property and understanding the discerning needs of our clients. We believe all our clients deserve a high level of service throughout their entire real estate experience.