What is going on in our local market? Today, I’m bringing you an update of the latest numbers for the suburbs of Philadelphia.
While today’s market may have cooled off slightly from previous years, demand is absolutely hot.
As someone who has been in real estate for 25 years, I can say that I’ve never seen an August with demand quite like what we’re seeing right now. Buyer demand is far outpacing our supply.
Financing is still available, which is great news. Even though prices continue to rise, homes are actually becoming more affordable.
Contrary to what many people tend to believe, renting can actually be much more expensive than buying. For example, the percentage of income needed to afford median rent is now 29.2%. The percentage of income needed to buy a median home is actually much lower—just 15.8%.
As more and more renters become buyers, demand continues to rise. The share of home shoppers who are renters has gone up from 45% in the first quarter of 2015 to 55% in the first quarter of this year.
Now is a great time to buy. This is especially the case since Freddie Mac is projecting that mortgage rates will increase.
Additionally, high demand and rising home values mean that there are also a lot of opportunities for sellers in today’s market. Homes are selling very quickly. I’ve personally helped many sellers to obtain top dollar by using two of my websites: www.ComingSoonListings.com and www.PreHouseInspection.com.
Many owners are finding that they are able to get more than they expected from their home. The more equity you have, the better position you’ll be in when it comes time for you to make your move.
Whether you’re thinking of selling now or later, we hope you’ll join us at our Home Selling Sharks Seminar on October 7th, 2017 at the Hilton Garden Inn. Breakfast begins at 8:30 a.m. and the seminar will begin an hour later at 9:30 a.m. For more information on that, you can visit www.homesharkseminar.com.
If you have any other questions or would like more information, feel free to give me a call or send me an email. I look forward to hearing from you soon.