Scranton, PA, a city in northeastern Pennsylvania, offers an ideal balance of modern conveniences and rural beauty. It’s situated in the scenic Lackawanna River Valley, known for its past in the coal mining and railroad industries. Over the years, it has grown to a sizable city, with about 75,000 residents calling it home.
With its historic landmarks, thriving arts and culture scene, and proximity to both rural and urban attractions, it’s no surprise that Scranton is a popular place for those looking to put down roots. Whether you appreciate the region’s natural beauty, the affordable cost of living, or the historical element, Scranton has something for everyone.
Our Scranton Realtor Expertise
The Scranton real estate market can be complex, especially if you’re a real estate newbie or unfamiliar with the area. That’s where Thomas Hudak, a seasoned Pennsylvania realtor, comes in.
He’s served Pennsylvania residents for 20 years, helping them sell their homes and find their dream homes throughout the state. Thomas possesses a deep understanding of Scranton’s real estate scene, and when paired with his extensive experience in the industry, he’s well-equipped to help home buyers and sellers navigate the process with ease.
Thomas is dedicated to complete transparency, communication, and 110% client satisfaction, ensuring you get assistance tailored to your unique real estate needs. Whether you’re looking for a new build complete with modern amenities or want a home steeped in history, he can help you navigate the real estate scene.
Scranton Real Estate Market Overview
Scranton’s real estate market offers a wide variety of homes and properties to suit every budget and lifestyle. The real estate scene is somewhat unique, given its proximity to both rural and urban areas, making it a popular choice among those who appreciate a blend of nature and big-city amenities.
On the market, you’ll often find an array of single-family homes, ranging from historic Victorian-style houses to newer suburban developments.
If you’re looking to invest in Scranton real estate or purchase a multi-family home to house several branches of your family, there are options to suit that need, too. Multi-family homes are available in multiple locations in and around the city, offering plenty of space for larger families or multiple tenants.
The market also offers multiple townhomes and condos, particularly in the downtown area. If you prefer a low-maintenance lifestyle, these options might be the perfect fit.
The price for these homes and properties varies based on the property type and location. The median home value currently sits at approximately $180,000, making Scranton one of the more affordable markets in Pennsylvania. While ample homes are for sale, competition is fierce in certain areas, including the Green Ridge and South Side neighborhoods.
Scranton Home Buying FAQs
How Much Should I Save for a Down Payment?
A down payment on a house can be as little as 5% (even less if you’re a first-time buyer or qualify for FHA). On average, home buyers put about 8% of the total home price on the down payment. However, 10% to 20% is a good goal if possible. A larger down payment means lower monthly payments, less interest paid over the home loan, and faster mortgage pay-off.
What Are the Different Types of Mortgages Available in Scranton?
When buying a home, you may choose from five different mortgages: conventional loans, jumbo loans, government-backed loans, fixed-rate mortgages, and adjustable-rate mortgages. Conventional loans aren’t insured or guaranteed by the government, jumbo loans apply to properties that are too expensive for conventional loan size, and government-backed loans are guaranteed or insured by a government agency.
Fixed-rate mortgages are those with predictable, set monthly payments that extend through the duration of the loan. Adjustable-rate mortgages have interest rates that follow a specific benchmark and can fluctuate through the life of the loan.
How Important is a Credit Score When Buying a Home?
When considering lending you a loan, your credit score is a pivotal factor. The lender looks at your credit score to determine how safe it is to lend you money, as it tells them how reliable you are for repaying your debts. A person with a high credit score is a safer bet for repaying a loan, so they usually get better interest rates than those with lower credit scores, as the risk of lending to that person is lower.
Contact Our Scranton Realtor for Help With Buying or Selling Your Home
Ready to start searching for your new home? Or, maybe you’re ready to list your current residence on the market? Either way, Thomas Hudak is here to help. He can help you navigate the process of buying or selling, lending his local experience and real estate expertise to streamline the process. Contact Thomas today at (570) 814-2888 or complete the online contact form to get started.