Buying a House in State College PA | 2024 House Buying Guide

Are you thinking about buying a house in State College PA? This guide will tell you everything you need to know from house buying tips, mistakes to avoid, step-by-step guides and more.

Buying a House In State College PA – A Guide for 2024

State College, PA, also known as Happy Valley or Nittany Valley, is home to Penn State University and the surrounding area. From the exciting college-town energy to the natural beauty of Centre County, State College has something to offer to everyone. Like any other place, State College has a variety of distinct neighborhoods with varying prices.

Steps to Begin Your Home Buying Journey

Before beginning your house hunt, it’s important to determine your financial options and get pre-approved for a mortgage. By setting a budget, you’ll be able to narrow down your options and save time in the house hunting process. In April 2024, homes in the State College market were selling for a median price of $413,000. The State College housing market is quite competitive, with houses selling, on average, after 5 days.

Choosing the Best Neighborhoods in State College PA

State College offers a diverse range of neighborhoods with varying characteristics. The following are considered popular neighborhoods in the area:

• College Heights: Located north of Penn State’s main campus, College Heights offers easy access to campus and downtown. The neighborhood’s beautiful homes and natural scenery make this neighborhood stand out among others.
• Holmes-Foster: Just a short drive from downtown State College, Holmes-Foster is known for its family-friendly atmosphere. The Holmes-Foster Park includes playgrounds, sports fields, and picnic areas for residents to spend time outdoors.
• Park Forest Village: Located northwest of downtown State College, Park Forest Village is a suburban neighborhood featuring a variety of housing options, including single-family homes, townhouses, and apartments. With several parks, a shopping center, and community pool, this neighborhood is an attractive area for families and young buyers.
• Lemont: This neighborhood is at the base of Mount Nittany, a popular hiking spot in State College. Lemont provides a small-town atmosphere with multiple community events in the area.
• Toftrees: A small drive away from campus, Toftrees is an upscale residential community north of campus. Home to a golf course, Toftrees is a popular option for golfers, retirees and professionals.

Tips and Strategies for Buying a House

Tips for First-Time Home Buyers

Entering the house hunting process for the first time can seem like a daunting task. Here are some tips on buying a house for the first time:

1. Get preapproved for a mortgage.
2. Make your own home buying budget.
3. Research the community you’re interested in living in.
4. Check your credit.
5. Plan for your down payment.
6. Research your property taxes and know that they can rise.
7. Don’t buy a home without an inspection.

When buying a house, it’s crucial to consider additional costs.

• Property Taxes – Property taxes are based on the assessed value of your property. In 2023, State College experienced an increase in property taxes, but real estate tax rates remain unchanged for 2024.
• Homeowners Association (HOA) Fees – If your property is part of an HOA, you’ll have fees that may cover community amenities, maintenance, or certain utilities. These fees are usually a monthly cost.

How to Find the Best Deals

To find the best deals in the housing market, you can use tools, such as property search and interactive map features to find the best homes for sale in and around State College. House hunting apps have also become a popular tool for home buyers.

Common Mistakes to Avoid When Buying a House in State College

First-time buyers may experience common struggles along the way in the house hunting process. However, your real estate agent can help you navigate any potential issues or questions along the way. Here are some common mistakes to avoid when buying a house:

1. Underestimating Total Costs – Buying a home involves fees and taxes. Make sure to keep extra costs in mind when setting your budget.
2. Skipping the Home Inspection – While a home inspection may cost $300 to $800, it can save you thousands of dollars in the long run. Findings can also be the basis for renegotiating your contract for any repairs or damages.
3. Not Checking Your Credit Report – Ask your lender to see your credit report and review for any errors. You can make improvements to your credit score. With great credit, you can receive the best mortgage deals.

Step by Step Guide to the Purchase Process

The purchasing process may seem daunting but breaking it down into a step-by-step guide makes it easier to tackle the house hunt. The following steps can assist you in the purchase process:

1. Gather a down payment.
2. Check your credit score.
3. Get preapproved for a mortgage.
4. Differentiate needs and wants.
5. Begin touring homes.
6. Find the market value.
7. Write the purchase agreement.
8. Get your offer accepted.
9. Sign the purchase agreement.
10. Schedule home inspections.
11. Perform final walk-through.
12. Review closing documents.
13. Head to closing.
14. Move in!

As an experienced real estate agent, my proven step-by-step guide to buying a house can make the purchasing process convenient for any home buyer.

Frequently Asked Questions (FAQs)

What are the average home prices in State College?

The average cost of homes in State College varies based on factors such as location, size, condition, and amenities. In April 2024, the median home price in State College was $413,000. However, real estate prices can fluctuate over time for numerous reasons. To get a more accurate understanding of prices and listings, it’s suggested to consult a local real estate agent.

How long does the home buying process usually take?

The home buying process can vary depending on a variety of factors. However, a general estimate of the home buying timeline is anywhere between four weeks to six months. Once you are under contract, it can take 30 to 45 days to close on a home.

Wrapping Up – The 2024 Home Buyer’s Guide for State College PA

State College, PA offers a welcoming community with unique neighborhoods for all, including first-time home buyers. With a stable local economy, State College offers relatively affordable housing options for home buyers working within a specific budget. Located within the heart of Penn State University, the educational opportunities are exceptional at all levels. Additionally, State College provides a plethora of recreational, cultural, and entertainment activities to promote a high quality of living.

While the home buying process may seem daunting for first-time buyers, research and expert guidance can ease the process. This guide is a great start to understanding how the housing market works and why you should make State College your new home.