Monthly Market Update – June 2017

Let’s Face it.  Inventory is low.  I have been saying this for months.  The fact is, low inventory and rising prices is forcing buyers to become less picky.  We are still short on inventory, and rising home prices have made it difficult for first-time buyers to purchase.

Interest rates are on an upward trend, which will make mortgages more expensive over the long term, and student loan debt continues to be a significant burden for many buyers.  But when I talk to other local realtors we all still expecting this year to be busier than last year. It appears the housing market has remained strong because of the improved job market.  Many potential buyers in a much safer financial position. As we saw the job market increase we saw buyers become more qualified, have more money saved, and a higher salary. 

Due to the low inventory we are starting to see buyers become more flexible.  There is a slight shift back to buyers who are more willing to purchase a home that is in need of upgrades or one that isn’t in their first choice for a location. But if it needs a little work they still want it at a bargain price. The return of equity has helped considerably. There is a rise in median sales prices that has made current homeowners much more willing to sell their home.  While it hasn’t been enough to meet demand, it has made the situation much better.

In summary, when looking at the market as a whole, we are definitely in a seller’s market. However, this year has many more positive signs for buyers. The more stable job market and the improved financial position for so many people in our area are some of the biggest factors, but the increase in equity and broader array of mortgage options contribute, as well. Buyers have plenty of reasons to be optimistic this year, too.

Ultimately, you should hire your Expert Realtor who understands the market. WORK WITH An Expert REALTOR WHO UNDERSTANDS HOW TO USE Innovative Marketing Techniques TO NET YOU THE MOST!
 
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If you are ready to buy, sell or just have any real estate questions, contact us today at 215-757-7257 or TheSwainTeam@gmail.com.  We are happy to help!