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Real estate opportunities in the Greater Reading region.
To contact the Reading-Berks Association of Realtors, Inc. go to www.realestateinberks.com.
Berks County Housing Market
By Gary W. Yost, Chief Executive Officer, Reading-Berks Association of REALTORS®
Berks County has a very stable housing market. It is fueled by those same fundamental factors that make it a great place to buy a home and "establish roots with a commitment." The local unemployment rate continues to remain below National and State levels because we enjoy a diverse economy driven by manufacturing, agriculture, and a dynamic service sector. Berks County's central geographic location is also cited as a primary reason for living here. We enjoy the quality of life benefits associated with an active suburban / rural environment and are within easy driving access to major cities such as Philadelphia, New York, Baltimore and Washington D.C.
And this is not just the spin of local public relations efforts. National experts (Forbes Magazine and NBC Today Show real estate expert Barbara Corcoran) agree that Berks County is one of the country's best locations for real estate despite the challenges encountered in other markets across the country.
More good news for Berks! Affordability is one of the key determinants of home sales. The definition of Affordability is when the median income of a household is enough to buy the median priced house then the index is 100. The 2008 affordability index for suburban Berks County equals 140. This means that Berks County's median household income is 40% more than necessary to purchase the median priced home in Berks County.
The Berks County real estate market is alive and well. All of these conditions should lead to an improvement in the real estate market during 2009. Your local REALTORS® are the most knowledgeable about local market conditions and can provide a true picture about Berks County and surrounding areas. They will tell you that NOW is an excellent time for qualified buyers to purchase a home in Berks County.
The Reading-Berks Association of REALTORS® and its 1100 members is the voice of real estate for Reading and Berks County. For more than 85 years, we have been helping people achieve their dreams of homeownership.
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