What Is Happening in the Philadelphia Real Estate Market?

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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.

“

It’s best to buy now when interest rates are at historic lows.

”
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.

If you have any questions, give me a call or send me an email. I
would be happy to help you.