Is the Market Rebounding?

The Answer is YES!Philadelphia Real Estate Market Up

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.

Low Inventory

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.

More Competition

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!