Is the Market Rebounding?
We work mostly in Center City & the adjacent neighborhoods so our perceptions may be a bit skewed. However, when we show the properties that have location, amenities & are priced properly we have noticed a couple things.
My clients used to have the pick of the litter. Homes sat on the market longer & there were more to choose from. Inventory has dropped. I have so many clients looking for a home & not enough homes to show them. If you were thinking about selling, this may be a good time to put your home on the market instead of waiting for Spring. This obviously depends on a number of factors & we would be happy to speak further with you to determine if the time is, in fact, right.
Whether representing buyers or sellers we are getting into multiple offer/bidding war situations. This was unheard of just a year ago unless it was a super deal & these were mostly cash investors competing not buyers of a primary residence.
Shorter Days on Market
When someone on our team spots something good & we think we have a buyer for it we run out to show it right away. Why? I have seen so many properties pend in a week to ten days it is unreal.
Rates Are Still Low
Rates are historically low & many buyers are taking advantage of this. This dramatically cuts the carrying costs of your mortgage & makes home ownership infinitely more affordable.
Rents Are Up
In Center City, some real estate experts say the vacancy rate is at 1.8%. This is an all time low & the high demand for quality apartments to rent has pushed pricing up. We received 11 applications last July on 2 units in Old City. We have never had that many applications come in at once. A lot of buyers have decided to write a check for a down payment instead of first, last & security.
Let us know what you think! If you want to stop renting & look into the possibility of home ownership, contact us today!