Curious about the Greater Philadelphia real estate scene? Here’s a snapshot: Recent data reveals a 4.7% increase in new purchase contracts, alongside a 3.3% rise in listings. Median prices are up by 11.4%, with inventory also growing by 4%. This means more options for buyers, though showings have dipped by 20.8%. Nationally, single-family home inventory is steadily increasing, providing a boon for both buyers and sellers. In terms of year-over-year comparison, the Philly area is outperforming the national average, boasting a 7.9% increase in prices compared to the national 4.6%. Looking ahead ..read more

Curious About Mortgage Rates Amid Iran-Israel Conflict? Let’s explore how this situation could impact mortgage rates and the housing market. Some speculate rates might drop due to the conflict, while others predict the Fed could delay rate cuts. Last week’s CPI data surged, pushing rates up. Additionally, inventory is increasing, prompting price adjustments. Higher rates may affect both buyers and sellers. Sellers may consider expediting sales with rising inventory, while buyers may focus on properties with longer time on the market and stable prices. Take time to gather information and consu ..read more

Jerome Powell’s latest statement on interest rates is crucial. He doesn’t expect rates to return to pre-pandemic lows, and that’s significant for anyone considering real estate decisions in the next 6 to 24 months. Rates were in the mid fours pre-pandemic, but projections suggest they’ll be in the low sixes by 2024. Waiting for lower rates isn’t wise due to potential inflation risks. Over 86% of homeowners have rates at 6% or less, and home prices are appreciating, especially in certain areas. Waiting may mean missing out on equity and paying rent without building equity. For sellers, rising ..read more

Curious about the real estate market? Here’s a quick breakdown for you: Sales remained steady in Greater Philadelphia, with some areas seeing a slight decrease and others a small increase. Median sale prices rose by about 9% in suburban areas and 4% in Philadelphia. New listings in Philadelphia decreased slightly while increasing in other areas, indicating growing inventory. Interest rates are currently between 6.5% and 6.75%, making it a favorable time to buy. For sellers: Now might be a good time to cash out, as prices are up and inventory is growing. For buyers: Lower interest rates mean y ..read more

Rates are currently in the low 6% range, showing a significant drop from last week’s 6.875%. To make informed real estate decisions, it’s crucial to be prepared. Talk to a lender now, dispelling myths about credit pulls. Ensure your debt-to-income ratio is acceptable. Be ready to act swiftly when your dream home becomes available. Consult with a Local Real Estate Agent. Discuss your goals and market insights. Stay informed about rates and market dynamics. Plan strategically for a fast-moving market. While predictions suggest rates may drop to high fives by year-end, the priority is assessing ..read more

Is your agent a deal maker or an order taker? Many agents lack the ability to provide opinions, options, and essential information during transactions, potentially costing you the sale. In the real estate industry, the problem lies in agents who can’t think independently. A deal maker, on the other hand, presents various options to clients, especially during crucial stages like inspections. As a consumer, you’re the decision-maker, and a deal maker ensures you’re well-informed. Dealing with inspection issues post-sale is crucial. Many agents lack the skills needed, especially since the pandem ..read more

Mortgage rates surged to low 7% after a recent inflation report. Inflation hit 3.1%, exceeding expectations. Housing costs, especially shelter, rose more than anticipated. The Consumer Price Index (CPI) tracks everyday goods’ costs. The unexpected inflation caused a spike in mortgage rates. The upcoming Fed meeting in February will provide more insights. Buyers and sellers, don’t let fluctuating rates dictate your decisions. Focus on your goals and monthly budget. Consider fixed payments and explore alternative loan options. Real estate plans affected by rate volatility? Schedule a call with ..read more

Remax’s latest study reveals 8 out of 10 homebuyers are open to adjusting their search, with a surprising 56% willing to consider a fixer-upper. Sellers, beware – not all advice is valuable in this changing market. The survey shows 80% of buyers are ready for strategy changes, from considering attached properties to borrowing money. The key insight? 56% are open to homes needing cosmetic work or infrastructure improvements. For sellers, the challenge is getting the right advice. Focus on impactful changes like paint, clean carpets, and landscaping. Find an agent or team with a proven prep pla ..read more

Exciting news in real estate! Purchase applications have surged by 8.8%, indicating a robust market. Early predictions suggest a 2.2% home price appreciation this year. Stay informed! Demand is strong, with a notable 8% weekly increase in purchase applications. Home price appreciation is expected at 2.2%, offering positive signs for both buyers and sellers. Local inventory levels vary, impacting appreciation rates. In the Philadelphia area, there’s a decrease in inventory, creating opportunities for sellers. Plan ahead! Sellers should prep for a traditional spring market in 2024. For buyers ..read more

Curious about the housing market in Greater Philadelphia? Here’s a quick rundown of 2023: Home Sales: Down 18.3% to 23.7% Median Sale Price: Down 4.7% in Philly, Up 5.3% to 6.5% in Suburbs Days on Market: 19-22 days in suburbs, 47 days in Philly Inventory: Up 15-18%, 1.69 to 1.78 months supply What does this mean for you? Sellers: Consider listing now with rising days on market Buyers: Lower rates mean more affordability, act sooner Rates are down to 6.25-6.375%, making it an excellent time for both buyers and sellers. Plan ahead, meet with agents, and be prepared for the changing market. Hav ..read more