Clarks Green stands out as one of Pennsylvania’s best small communities. But with a limited supply of real estate, buying a home and getting a mortgage in this highly desirable borough takes work.
With a population of just 1,476 as of 2010, this borough in Lackawanna County boast tree-lined lanes and historic homes in a laid-back natural setting. And better yet, this small community is just a short drive from Scranton, making it a great place to live and commute to a larger city for work, schools, shopping and entertainment.
As a result, Clarks Green has risen in importance among Pennsylvania real estate markets, and will only continue to become more desirable in the foreseeable future.
So if you’re thinking about living in this highly sought-after community, here are some things you should know about buying a home and getting a mortgage in Clarks Green, Pennsylvania.
Clarks Green Real Estate
Like most communities, Clarks Green hasn’t completely recover from the 2007 housing crash, but growth has been steady and home values are predicted to increase as the borough sustains its recovery.
The median home value in Clarks Green is $198,700, according to data from Zillow. Compared to the national average of $188,900, Clarks Green is doing better than most communities across the country.
Clarks Green’s home values have also increased 7.1% over the past year, again indicating that the area’s real estate market continues to improve. Zillow predicts that home values will rise 1.1% within the next year, rising above $200,000 by February 2017, which will push home values above the pre-crash valuations of 2007.
Housing Prices Will Continue Rising in Clarks Green
Economic recovery is only one of the reasons housing prices will continue to rise in Clarks Green, as a number of other factors make the area attractive to individuals and families looking to purchase real estate.
According to the Mapping America’s Future study by the Urban Institute, the area around Scranton, including Lackawanna County, is set to experience population growth of 24 to 40 percent over the next 15 years. Since population growth increases the demand for real estate, prices for real estate in Clarks Green should continue to rise.
Furthermore, an increasing population drives demand for consumer goods, which leads to more jobs and a cycle of economic growth that promotes more spending, including real estate. Scranton is set to stimulate job growth in major urban centers, which translates to greater real estate growth in residential areas.
Finally, Scranton is actively pursuing a campaign to increase tourism, drawing visitors to attractions such as historic boroughs, the large number of idyllic churches, and monuments. Tourism also creates jobs, drawing long-term residents to the area.
Getting a Mortgage in Clarks Green, Pennsylvania
Clarks Green is a very desirable place to live, but most people buying a home in this upscale community will need to get a mortgage to fund their home purchase.
Before applying for a mortgage, start saving to pay the mortgage down payment and closing costs. Also check your credit report and correct any mistakes, while also taking action to raise your FICO score.
When you are ready to start looking for a home, begin the process of working with a loan originator to pre-qualify for a home mortgage, which will allow you to immediately start working with a Realtor as a qualified buyer. Then as you search for a home, you can go through the longer process of being pre-approved for a home mortgage.
Once you are pre-approved for a mortgage, the lender will submit your application to underwriting, along with all the supporting documentation. After meeting the remaining conditions, you will receive a “clear to close”, and the lender will send the paperwork for closing to the title company/closing agent. Lastly, you will close on your home.
Marimark Mortgage is a Clarks Green Mortgage Broker serving the mortgage needs of borrowers in all of Pennsylvania.
As a mortgage originator, we specialize in conventional home mortgages, FHA, VA and USDA mortgage options, refinance loans, and reverse mortgages. We’ve also worked extensively with a variety of refinancing options to help clients lower their payments on their home.