The story of this year has remained the same – a lack of inventory has kept prices buoyant with houses frequently selling over asking price – making it a strong year for sellers. While buyers have not had an easy time, we have managed to help many of
our clients find the right property many times in a multiple offer situation.
Going into 2018
Going into 2018 predictions are that the ongoing inventory shortage will persist but that builders will respond and construct more new entry level homes for those struggling to get onto the housing ladder. Across the local counties we are seeing builders
responding already, with many new developments cropping up – both entry level and higher end builds. It is also expected that house prices will continue to increase next year by around 4.1%
The situation in the local area
Homes in Chester County have risen in value by 1.8% over the past year. This is slower than the previous year, but they are still predicted to rise another 1.5% next year. Homes in Montgomery County have risen 2.3% and those in Delaware County have risen
by 3.4%. Homes in both counties are predicted to rise again next year.
The increasing prices continue to make it harder for first time-buyers and those with less equity in their homes to find a suitable property, however it is not impossible, it just takes experience and a finger on the pulse of the local area to do so.
What does this mean for sellers?
Usually the winter market can be slow for sellers. However, this year, the lack of inventory makes it an ideal time to sell. With fewer houses on the market, sellers can capitalize on the number of buyers out there trying to find the perfect home.
It’s still important to list with a good realtor who can get you maximum exposure and has a book of buyers ready to come view.
We continue to put in the same effort into selling as we do when it’s a buyers’ market. We are experts at pricing your home, and through our marketing channels, often secure multiple offers, pushing your end price up even more.
What does this mean for buyers?
Honestly, it’s tough for buyers right now. While houses are commanding higher prices, and aren’t staying on the market very long, there is still opportunity to find a property for a good price. Now, more than ever you need to secure the services of
an experienced realtor team.
We constantly keep updated on new listings, keeping an eye out on properties that are soon to be listed so that we can secure early viewings for our buyers sometimes without the home ever being listed. We have sold several homes this year to our buyers
that never even hit the market due to our networking and expertise. Let us do the same for you!
It’s also important to remember that it’s not always about the price to a seller. While yes, most sellers are looking to get the highest possible price the terms of an agreement are sometimes just as important if not more important than pricing.
While there may be more than one bid on a house, we work hard to educate our buyers on how to make their offer stand out thus securing them the home of their dreams.
Whether you’re a seller or a buyer, we can help you achieve your real estate goals. We think outside the box and use our combined 71 years of real estate experience to help find you your dream home.