A property built in 1886 in the downtown Bethlehem rental market recently sold for $7,050,000.
This property, built in 1886, once served as a silk mill. Today, it’s an apartment building in Bethlehem that recently sold for $7.05 million. (Submitted) –
Eastwood Apartments LLC bought the building at 238 Goepp St. from 4220 Broadway LLC, according to Northampton County property records.
The 61-unit building has four stories built out of a former silk mill.
The Kislak Co., a real estate firm based in Woodbridge, N.J., marketed the property and finalized the sale, according to a news release.
In 2010, the owner renovated the building and completed additional improvements in 2015 through 2017, which included replacing windows and interior fixtures.
The building includes a mix of studios, and one, two, three and four-bedroom units. Occupancy at the sale was at 100 percent.
Matt Wolf, vice president of Kislak, secured the buyer in the transaction. Robert Holland, president of Kislak, and Justin Lupo, vice president, represented the seller.
As the fall semester begins, Lafayette College in Easton officially opens its new $75 million Rockwell Integrated Sciences Center on Monday.
Lafayette College opened its $75 million Rockwell Integrated Science Center in time for the fall semester. (Submitted) –
The 103,000-square-foot-project aims to integrate critical skills in science, technology, engineering and math while bringing together disciplines in biology, computer science, environmental science and neuroscience.
The college hopes the increased focus on collaboration and diversity will bring students enhanced learning opportunities to build skills that employers want.
Faculty have moved into the center and the college will have a formal dedication in September, said Alison Byerly, president of Lafayette College.
“This is really going to be a signature academic building for the college,” Byerly said. “The teaching spaces are designed for lots of flexibility. It shows our commitment to the future at Lafayette.”
The college connected the center to the adjacent Acopian Engineering Center on Anderson Courtyard and included its Dyer Center for Entrepreneurship and Innovation in the building. The design aims to bring together students, faculty and external partners to develop solutions to real-world problems. A large multi-use area anchored by a flexible maker space serves as the new headquarters for the Dyer Center.
Additionally, the Integrated Sciences Center includes a new Center for Inclusive STEM Education, with the goal of addressing the need to recruit more women and underrepresented minorities to the field.
The connection between engineering and the sciences is very visible with the building, Byerly added.
“The spaces encourage collaboration and reflect the fact that the way we teach science here is very hands-on,” she said.
Overall, the center should help build skills useful in a job setting, she added.
“It will certainly help as we are in our growth mode,” Byerly said.
The center should help the college boost admissions, she said.
Every other year, the college has added about 50 new students. For this school year, the college admitted 701 students and 20 transfers, which is up from 635 students several years ago.
Lafayette College named the center after S. Kent Rockwell, a 1966 graduate and benefactor of the 192-year-old college.
Boston-based architectural firm Payette designed the project. Turner Construction of Philadelphia is the construction firm.
Nevada-based Dermody Properties said it is developing nearly 30 acres in Berks County, which will be home to LogistiCenter at Midway South, a new industrial property at Exit 16 off Interstate 78.
Dermody Properties is developing this industrial property off Interstate 78 in Bethel Township, Berks County. (Submitted) –
The private equity real estate investment, development and management company bought 9024 Old Route 22 in Bethel Township from The Bethel Group for $946,141, according to Berks County property records.
Construction is underway on the 304,000-square-foot facility, which will have connections to Interstate-81, Interstate-476 and The Pennsylvania Turnpike.
Gene Preston, partner of Dermody Properties in Morristown, N.J., said construction should finish by the end of the year.
Blue Rock Construction of Upper Macungie Township is the general contractor building the site. Preston said he does not have any tenants yet and it’s being built on spec. The property is suited for manufacturing, warehouse/distribution and ecommerce companies.
He declined to disclose the estimated construction cost.
The company also developed the nearby LogistiCenter at Midway in Bethel Township, a more than 1 million square-foot-warehouse at Exit 16.
“We do not have any more land that we own out there,” Preston said.
Overall, he sees opportunities for industrial land getting scarcer.
“Land is getting tighter,” Preston said. “There’s still some land as you go west. In Lehigh Valley proper, there’s certainly not a lot of land zoned for industrial.”
In addition, the Midway South property has proximity to a four-way interchange along I-78, he said.
Representing the project for leasing are Gerry Blinebury, executive managing director, Adam Campbell, executive managing director, and Jeff Williams, senior director, all of Cushman & Wakefield.
Berks Park 78 is another industrial complex nearby that includes corporate tenants Samsung, Dollar General and PetSmart.
A developer is renovating the former Bath municipal building into apartments.
A developer is transforming the former Bath municipal building into apartments. (Submitted) –
GeorgeAnn Custom Homes of Moore Township bought the building at 215 E. Main St. from the borough for $403,000.
Steve Wilson, associate advisor at SVN Realty in South Whitehall Township, said he represented the seller in the transaction. Jason Kocsis of Coldwell Banker Heritage Real Estate in Bethlehem Township represented the buyer.
“They are going to retain the historical features of the building,” Wilson said, referring to the developer’s plan for the apartments. “The buyer has begun removing items from the interior.”
The property sold for 7.5 percent above the list price and the developer will convert the 16,000-square-foot building into 12 apartments on three floors, he said.
“That property had caught the eye of developers for the past few years,” Wilson said.
Built in the early 1900’s the building once served as a school and most recently housed the borough’s offices and a museum.
The borough built a new municipal building at 121 S. Walnut St., which opened in 2018.
An Allentown construction firm has renovated a building it owns into a new day care.
Cityline Construction recently renovated this building into a new day care off Hamilton Boulevard in Upper Macungie Township. (Submitted) –
The Parkland Academy Early Learning Center is reopening as a Get Set Learning Center in Upper Macungie Township.
Cityline Construction of Allentown has renovated the 3,000 square-foot-building, said Tom Williams Jr., real estate director for Cityline. The building is at 7621 Hamilton Blvd.
The hours will be 9 a.m. to 3 p.m. and the center should be open by the end of the month, said Zady Pineda, owner.
The center provides an early childhood education experience for children ages six weeks to pre-teen. It also provides infant/toddler care to pre-k education, before and after school care, and school transportation as needed, as well as a summer camp program and nutritious meals, she said.
One Lehigh Valley homebuilder sees potential growth in Bucks County where is starting construction of a $12 million residential project.
Kay Builders has begun framing houses for its latest project, 38 single-family homes in Richland Township near Quakertown. (Submitted) –
Kay Builders, based in Lower Macungie Township, is building The Fields at Creek View, a residential community of 38 single-family homes in Richland Township near Route 309.
Rick Koze, president and owner of Kay Builders, said the company has started to look south because he sees opportunity there.
“There has been a lot of building in that area over the past 10 years,” Koze said.
St. Luke’s University Health Network is building a new hospital in nearby Milford Township, which should open by the end of the year. In addition, Caracor is developing Village at LifeQuest, a massive mixed-use project near the hospital.
With a large public market underway in nearby Quakertown and more businesses moving into the borough, the surrounding area of Upper Bucks is poised to see considerable opportunities for growth.
Koze said the site on Trumbauersville Road where Creek View is going up has already attracted residents looking to move north from the Philadelphia area. They are looking to stay within a reasonable commuting distance to the Philly/Lansdale area without moving into the valley.
The homes will be on 10,000-square-foot-lots, with houses sized in the 2,500 to 3,100-square-foot-range and with prices starting at $370,000, he said.
He said homes priced at about $400,000 are considered affordable housing for that area, he added.
Koze said he bought the property about a year ago and will dedicate about 15 acres of the site to the township as open space. In addition, the developer will build walking paths that connect to existing paths.
He plans to start delivering finished homes in December and has workers framing five houses now. He plans to complete the entire project by next year.
So far, the company has sold 16 homes, he added.
Sewer capacity is one downside to building in that area, he added.
“There might need to be some upgrades. That is the only impediment to growth there.”
Schlouch Inc., an excavating company in Blandon, is preparing the site for the community.
For the Lehigh Valley housing market, inventory continues to drop as housing prices rise to record highs.
Home prices keep rising in the Lehigh Valley as inventory takes a sharp decline. – (Submitted)
The Greater Lehigh Valley Realtors reported that new listings decreased 10.3 percent in July to 1,074 as compared to July 2018.
Over the same period, pending sales were up 7.8 percent to 899 while inventory levels shrank 17.8 percent to 1,757 units. In addition, the average sales price increased 6.4 percent from $232,650 to $247,526.
The median sales price increased 5.7 percent to $222,000, toppling June’s $216,500, which had been the highest ever recorded by GLVR.
“The sellers are feeling good,” said Carl Billera, president of GLVR.
Homes for sale in July spent an average of 27 days on the market, down 6.9 percent from the same month last year.
Meanwhile, the months’ supply of inventory was down 16.7 percent to 2.5 months.
The falling supply of homes for sale is driving up prices, Billera said.
Low mortgage interest rates have helped keep homes affordable, he said. But, he added: “If the prices keep going up, it’s going to have an effect at some point.”
Interest rates, however, may be moving down.
In July, The Federal Reserve reduced the benchmark interest rate by a quarter point to about 2.25 percent, marking the first reduction in more than a decade, the report said.
Whether they were installing flooring, putting up drywall or putting in electrical fixtures, the girls who participated in this year’s Let’s Build Construction Camp for Girls not only learned about opportunities in the construction industry, they also got the chance to practice their skills.
It was all part of the third annual camp, organized by Eastern Pennsylvania’s Associated Builders & Contractors and two other organizations, Construction Specifications Institute Greater Lehigh Valley Chapter, and Lehigh Valley Architecture, Construction and Engineering.
The free, weeklong camp serves to provide career info and hands-on training activities for girls 14 to 18 who have interest in construction, architecture, engineering and related fields. Proceeds raised from the event through the sponsors benefited the camp and the ACE Mentor Program-Lehigh Valley Chapter, a nonprofit.
Each year, the program continues to grow.
Last year, 21 girls participated and this year the camp drew 27, including one student from Chesapeake, Virginia, and another from Wisconsin who ended up making the trip as part of a visit with family in the area.
This year’s event, held at Bethlehem Area Vo-Tech from July 8-12, allowed the girls to work on teams of five to build and design part of a room, with the girls doing all the physical work.
The program aims to give teen girls inspiration, courage and confidence in gaining new skills.
Several women who work in the industry in the Lehigh Valley volunteer each year to help with the camps, guiding the girls in their efforts.
Another level of mentorship comes into play as girls who participate in previous years often return to serve as mentors for the newcomers.
On the last day of the camp, one of the volunteers, Donna Braden, owner of Jack’s Glass in Allentown, spoke about how much the girls accomplished.
They built all the walls in one day, learned how to build toolboxes out of metal and learned measuring skills, as well as how to hang drywall, and how to put in stamped concrete, Braden said. The girls also installed stonework, flooring and plumbing and visited local companies to learn about careers in the industry, she said.
“It’s to give them a taste of all the different possibilities in the building trades,” Braden said. “The girls have just been amazing.”
This year, the campers learned how to install stamped concrete, a new project for the camp.
The girls put concrete around the base of the school’s flagpole, which previously had been a muddy spot. Now, the school has a permanent fixture, complete with a Let’s Build logo imprinted in the concrete, said Jon Lattin, president of the Greater Lehigh Valley Chapter of CSI.
Lisa Zelko, sales representative for Casilio Concrete in Bethlehem, said her company supplied the concrete. All American Concrete did the actual work of pouring the concrete.
Andrea Coyne, corporate communications lead for Victaulic of Forks Township, said her company was on site to show the girls the installation of heating, ventilation and air conditioning systems and an alternative method of joining pipe. Coyne said her company also talked to them about welding careers.
The girls also heard presentations from members of Commercial Real Estate Women Lehigh Valley, who spoke about opportunities in the construction industry, including in areas such as finance and project management.
The weeklong camp culminated in a nailing competition where each team showed how fast they could hammer a nail into a board, with the fastest team to sink a nail winning top place.
Overall, the girls appeared to show eagerness to learn and enjoyed the chance to learn new skills.
Abygail Jacobs, 15, a student at Upper Bucks County Technical School, described how she enjoys welding.
“It’s a trade that doesn’t have many women,” Jacobs said.
Another participant, Colette Potter, age 15, from the Easton Area School District, said she likes interior design.
“I am working on re-doing our family playroom,” Potter said. “I think I’ll be able to use those skills.”
She said she also liked learning how to do drywall and install an HVAC system.
This year’s program brought in many new girls, so the organizers paired them with other girls who were more experienced, said Kristen Fallon, regional vice president of member services for the Eastern Pennsylvania Chapter of ABC.
“It helps boost them up internally,” Fallon said. “Certain ones that are quiet, they are finding their voice.”
The girls from last year’s camp had the opportunity to serve as project managers this year if they wanted, Fallon said.
With worker shortages in the construction industry, the camp’s supporting believe it’s a way to help fill those gaps.
Fallon said she is working with other CSI and ABC chapters to help grow the program across the U.S.
A paper cup manufacturer signed a lease for a 40,000-square-foot building in Bethlehem where
A paper cup manufacturer will open its first site in Bethlehem. (Submitted) –
it will open it first manufacturing facility next month.
Continental Cup Co. will open its site at 1920 Spillman Drive in Lehigh Valley Industrial Park VII off Route 412.
Lehigh Valley Industrial Park, the owner of the property, built the building on spec, said Don Cunningham, president and CEO of Lehigh Valley Economic Development Corp.
“There’s been a shortage in the market for smaller-size industrial manufacturing buildings,” Cunningham said. “We just need more of it.”
Kerry Wrobel, president of LVIP, said LVIP built the building because it saw a lack of properties in the market that offered smaller space.
Continental Cup plans to invest at least $9.5 million into the project and should bring 71 new full-time jobs over the next three years.
Wrobel said the company should start operations in September and it is now setting up equipment. The building is finished and should receive a certificate of occupancy next week, he added.
“The building was perfectly sized for their needs,” Wrobel said.
The company was looking for a site that was also close to Interstate 78, he added.
Continental Cup will manufacture high-end graphic cups primarily for the theater industry, quick-service restaurants and convenience stores, and received some state funds to get started.
The funding includes a $155,000 Pennsylvania First grant from the state Department of Community & Economic Development; $142,000 in job creation tax credits once it creates new jobs; and up to $31,950 in grants for workforce training and development. The state also encouraged the company to apply for a low-interest $400,000 loan from the Pennsylvania Industrial Development Authority to help with equipment costs, according to a news release.
Additionally, the LVIP property offers the Local Economic Revitalization Tax Assistance program, which takes real estate taxes and abates them at a pro-rated amount over 10 years.
The Governor’s Action Team helped coordinate the project along with LVEDC.
Mike Adams of NAI Summit represented both the tenant and the owner in the transaction.
A paper cup manufacturer will open its first site in Bethlehem. (Submitted) –
A paper cup manufacturer signed a lease for a 40,000-square-foot building in Bethlehem where it will open its first manufacturing facility next month.
Continental Cup Co. will open its site at 1920 Spillman Drive in Lehigh Valley Industrial Park VII off Route 412.
Lehigh Valley Industrial Park, the owner of the property, built the building on spec, said Don Cunningham, president and CEO of Lehigh Valley Economic Development Corp.
“There’s been a shortage in the market for smaller-size industrial manufacturing buildings,” Cunningham said. “We just need more of it.”
Kerry Wrobel, president of LVIP, said LVIP built the building because it saw a lack of properties in the market that offered smaller space.
Continental Cup plans to invest at least $9.5 million into the project and should bring 71 new full-time jobs over the next three years.
Wrobel said the company should start operations in September and it is now setting up equipment. The building is finished and should receive a certificate of occupancy next week, he added.
“The building was perfectly sized for their needs,” Wrobel said.
The company was looking for a site that was also close to Interstate 78, he added.
Continental Cup will manufacture high-end graphic cups primarily for the theater industry, quick-service restaurants and convenience stores, and received some state funds to get started.
The funding includes a $155,000 Pennsylvania First grant from the state Department of Community & Economic Development; $142,000 in job creation tax credits once it creates new jobs; and up to $31,950 in grants for workforce training and development. The state also encouraged the company to apply for a low-interest $400,000 loan from the Pennsylvania Industrial Development Authority to help with equipment costs, according to a news release.
Additionally, the LVIP property offers the Local Economic Revitalization Tax Assistance program, which takes real estate taxes and abates them at a pro-rated amount over 10 years.
The Governor’s Action Team helped coordinate the project along with LVEDC.
Mike Adams of NAI Summit represented both the tenant and the owner in the transaction.
State legislation that would require construction companies to verify that their employees are eligible to work in the U.S. will move closer to becoming law if the proposal advances
State legislation that would require construction companies to verify that their employees are eligible to work in the U.S. will move closer to becoming law if the proposal advances to the Senate this fall. –
to the Senate this fall.
Earlier this year, State Rep. Ryan Mackenzie, a Republican who represents parts of Berks and Lehigh counties, introduced House Bill 1170, legislation that would require employers in the construction industry to use the federal E-Verify system to ensure their employees do not include people not authorized to work in the U.S.
E-Verify is a voluntary web-based system developed through a partnership between the U.S. Dept. of Homeland Security and the Social Security Administration.
In Pennsylvania, E-Verify is required for all publicly funded construction projects. However, Mackenzie’s bill would require its use even for companies that engage only in private-sector work.
Mackenzie introduced the legislation in April along with State Rep. John Galloway (D-Bucks). Known as the Construction Employee Verification Act, it passed in the House on a vote of 170 to 28 and is awaiting final consideration by the state Senate.
“We are hopeful they will take it up in the fall,” Mackenzie said, adding: “When you get into topics like immigration, it can be contentious. But when it comes to E-Verify, this has bipartisan support.”
From there, it would need Gov. Tom Wolf’s support. But he has expressed some concern over the bill, according to a statement from his spokesperson, J.J. Abbott.
“While he understands the challenges faced by construction workers, the governor has concerns about this bill,” Abbott said. “He thinks we should have a broader conversation about worker misclassification and how best to move forward.”
A source of concern
Mackenzie said he has had many meetings with people in the construction industry since serving as vice chairperson of the state Labor & Industry Council. The use of unauthorized workers on job sites was one of the two top issues that came up repeatedly. In all the discussions, the focus was on the construction industry and there were hearings on the legislation with various stakeholders, he said.
Many unscrupulous employers hire individuals not authorized to work in the U.S for their construction teams, Mackenzie said. These unfair business practices hurt workers by driving down wages, creating an unequal playing field for other employers, and depriving government of revenue that it could use to fund programs like unemployment compensation, he said.
“My legislation is aimed at going after these dishonest employers,” Mackenzie said. “Failure to use E-Verify while hiring new employees would be penalized by taking action against licenses required to do business.”
He said he modeled the legislation after an Arizona statute that was upheld by the U.S. Supreme Court in 2011.
One state senator, John DiSanto, a Republican who represents Dauphin and Perry counties, said in a statement that he has heard mixed opinions about the legislation. He indicated that some changes may be needed.
“My primary concern with the bill as drafted is the potential suspension of state permits and approvals on a job site when there is a violation, which could harm compliant contractors, legal employees and innocent property owners trying to complete a job in a timely manner,” DiSanto said. “I’m hopeful this issue can be addressed as the bill proceeds through the legislature.”
Support from labor, business
A representative from a local labor union said his organization supported it.
“For me, it’s going after the employers rather than the employees,” said Paul Anthony, business manager at International Brotherhood of Electrical Workers Local 375 in Allentown. “I feel like the employer is taking advantage of employees who have no rights. We feel that there are undocumented workers that are being taken advantage of.”
A leader of a trade organization based in Hanover Township, Lehigh County, was also supportive of the bill.
Every worker in the construction industry should be verified, said Joe Perpiglia, president and CEO of Associated Builders & Contractors Eastern Pennsylvania Chapter. His Eastern Pennsylvania chapter has 500 member companies.
“Overall, from an ABC perspective, because there’s such a workforce shortage, people do need to be here legally, they can’t be off the grid,” Perpiglia said. “I think that’s part of the discussion for the Senate. We’ve talked about providing a path to create a program that would help people become legal. I don’t think this bill prevents that.”
The bill puts a method in place for employers to use a system to check their employees’ status, he added.
Sean Boyle, owner of Boyle Construction in South Whitehall Township, said he has been using E-Verify for all employees for at least three or more years. Boyle also owns J. Dylan Concrete and Codemaster Inspection Services and has nearly 100 employees combined.
“We actually went backwards to get everyone E-Verified,” Boyle said. “Everybody in our company has that clearance. For us, we’ve been doing it, so there’s no change for us.”
Indeed, the E-Verify system has been in place for some employers in Pennsylvania since 2013. The new bill strengthens existing law and provides employers in the construction industry protection from worksite enforcement, said Min Suh, a shareholder with Buchanan Ingersoll & Rooney. Suh works as an employment-based immigration attorney in the firm’s Philadelphia office.
One aspect of the bill she would like to see clarified is the definition of “construction industry,” which she described as “overbroad.”
The bill also requires the state Dept. of Labor to investigate complaints of non-compliance and she said she is unsure if that organization has the staff to do it.
And she wonders whether it will win support from Wolf.
E-Verify began in 1996 as a pilot program. It was re-named E-Verify in 2007, according to the E-Verify website.
When the federal government first introduced the program, there was a lot of concern about its accuracy, Suh said. However, it has improved over time, she said, noting that other states require companies to enroll in E-Verify, though the requirements can vary by estate. Some require all companies to use it; others are focused on construction.
“It’s a matter of time before all 50 states are E-Verified,” Suh said. “From my perspective, E-Verify is something that I recommend to my clients. I think it’s something employers will have to pay attention to.”
HOW IT WORKS
Employers create cases based on information taken from an employee’s Form I-9, the standard form used to determine a person’s eligibility to work legally in the U.S.
E-Verify then compares that information electronically to records available to the U.S. Department of Homeland Security and the Social Security Administration (SSA).
The employer usually receives a response within a few seconds either confirming the employee’s employment eligibility or indicating that the employee needs to take further action to complete the case.
Student-loan debt continues to be a major obstacle along the path to home ownership across the nation, particularly for millennials. But it’s not the only one.
Millennials generally appear to be interested in buying homes but are held back by student loan debt and other factors. –
Other factors – such as the desire among younger people to switch jobs more frequently and their tendency to value experiences over material possessions – are causing many millennials to delay home ownership. Added to mix is the fact that many younger people are getting married later and waiting to settle down and start families, one of the prime reasons people buy homes.
Still, student-loan debt is the dominant factor in delaying home ownership.
Two years ago, the National Association of Realtors completed a study on millennials that showed 22 percent had delayed moving out of their parents’ houses specifically because of student loan debt, said Carl Billera, president of the Greater Lehigh Valley Realtors.
“That’s the big factor,” Billera said, noting that many young people struggle with saving enough for a down payment. Millennials are those born between 1981 and 1996.
In addition, many lack confidence in the economy based on their memories of the Great Recession. The economy may have been growing for a decade, with jobs plentiful, but young people remain uncertain.
“They aren’t sure about it because they aren’t used to it,” he said.
Despite the burden of student loan debt, some say there are solutions that can help millennials enter the housing market.
If interested buyers do the research, make their loan payments on time, and establish a plan with a lender ahead of time, they could potentially get pre-approved for a mortgage, said Korbin Price, 28, a Realtor at Coldwell Banker Hearthside Realtors of Hanover Township, Lehigh County.
Price said he has helped people buy homes even with student loan debt of up to $500,000.
“They don’t always have to view this as a major obstacle,” said Price, who has student loans himself but was pre-approved for a mortgage. “It’s a lot more attainable than people think.”
With low inventory and rising prices in the housing market, timing is critical, which is why it pays to have a plan ahead of time, Price added.
Price said he believes in the idea of home ownership as part of the American Dream and one that millennials are interested in obtaining even as they seek out experiences.
“I wouldn’t say it’s 100 percent student debt that’s causing it,” added Stephen Perun, a commercial lender for Peoples Security Bank & Trust in Bethlehem Township. “A lot of people in their 20s are valuing experiences and not material things.”
Perun, 33, said he owns a house and he has many friends who own houses, but acknowledged it’s a big financial commitment with a lot of uncertainty. Many people switch jobs more quickly, too, he added, which makes them tend to avoid buying a house.
Expectations about that house also may play a role, said Meghan Godorov, regional director for educational insights for the National Student Clearinghouse, a research firm in Virginia.
Many millennials want land and space, she said but they may not want to buy a starter house and would rather buy their dream house.
“In order to afford these bigger houses, they are waiting to have a family,” Godorov said.
Godorov, 35, works remotely from part of a house she rents in Orefield. She has been looking to buy a home over the past year or so but said there are not a lot of opportunities and many homes are either too large or too expensive.
Still, she said, “I definitely feel that putting my money into something that will create equity is valuable.”
While it may appear that millennials are delaying home ownership, others see more interest in people from that age group buying homes for the first time.
“We’ve actually seen an increase in first-time homebuyers coming into the market now,” said Jonathan Campbell, vice president of Realty at DP Realty in Hanover Township, Northampton County.
Although student debt is an issue, interest rates keep going down, Campbell said. The average rate for a fixed 30-year mortgage is about 3.5 percent, he added.
“At the same time, rents are ever increasing,” Campbell said.
In addition, there are many programs for new homebuyers, including seller assist, federal grant programs and government backed loans. Furthermore, most people do not realize how little money they need for a down payment, he said.
Over the last few years, DLP Realty has seen 35 percent of its transactions for first time homebuyers increasing to about 45 percent.
“We’ve seen the biggest increase this year,” Campbell said.
Millennials are buying houses because they are realizing they can get into a home because their monthly payment is lower and there’s not as much cash coming out of their own pocket, he added.
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