Bucks County Market Update
As you will see the market has been steady. The same trends that we are going to discuss hold true for Montgomery & Philadelphia Counties as well. We are going to compare the statistics for January 2015 - July 2015 to January 2016-June 2016. Then I am going to offer you our insight and the trends we are seeing off the paper.
Each year in March, we see the number of seller's listing their home rise because the spring market actually begins in March. And why is that? Well think about it. Home buyers with children want to move once school is over and school is over in mid June, making March the ideal time to start looking. Homes Pended begin to rise as well in March and peak in June typically each year. June and July are historically the months for the most closings. Homes being listed begin to drop slightly in June & July because everyone is ready for vacation.
Interestingly enough we saw less seller's putting their home on the market in 2016. However, the units sold in 2016 are higher than 2015 during the same time period. This illustrates the trends we are seeing. There are more buyers out this year than in previous recent years. There is much more competition for nicer well maintained homes. Desirable homes are selling with multiple offers. We have had multiple buyers this year lose out on a few homes because their were multiple offers on the property and the seller took another offer. Multiple offers can drive the price of a home up. This is making home appraisals more challenging. Appraiser's are keeping the market in check this time around being careful not let the market artificially inflate.
So what does this mean to buyers and sellers?
If you are a seller it is a great time to sell! There are a lot of buyer's out there. Price the home right and you have a good chance of getting multiple offers. If you are a buyer, be prepared for a low inventory. If a home comes on the market that you like, go see it right away. Don't wait. Put an offer in, and don't low ball the seller because there maybe a few other buyer's behind you ready to make a fair reasonable offer.
It is our goal to continue to grow our business through helping and educating our clients. If you have a market question we are happy to offer our insight.
If you are in the market for an Expert Realtor Contact us at (215) 757-7257 or TheSwainTeam@gmail.com and we will setup an appointment with you and review your needs.