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Lately, a lot of people have been asking about the local market conditions in Philadelphia. Here are the latest trends you need to know:
Right now, we are still in a seller’s market. There are 20% fewer properties on the market than there were a year ago, yet we’ve sold 10% more properties than we did last year.
The good news is that this seller’s market is starting to level off. Generally, given the seasonality of our market, things slow down during the first or second week of June. The rush season is over and buyers no longer have to worry about multiple offers.
Also, interest rates are still incredibly low, hovering between 3.5% and 3.75%. These rates are incredible but they won’t stay that low for long. It’s best to buy now.
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What does all of this mean for you? Buyers and sellers need a Realtor who knows which direction the market is headed. Buyers need to know which neighborhoods will be the next hottest areas, and sellers need to know where prices are levelling off. That way, you can price your home right and sell for the most amount of money in the least amount of time.
It’s best to buy now when interest rates are at historic lows.
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If you have any questions, give me a call or send me an email. I would be happy to help you.
