David, Home Buyer in Pennsylvania

is there a glut of housing in the phoenixville collegeville area? how long will it last?

Asked by David, Pennsylvania Mon Oct 22, 2007

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Whether there is an overabundance of housing depends on the price range being considered. In the higher price ranges ($500,000+) there are definitely more homes on the market than buyers ready to move. 13 months worth of inventory is currently listed. How long it will last is is something everyone has a different opinion about. Various factors are at play here, among them the amount of owners able to get favorable terms on refinancing, the amount facing forclosure, the number of step-up buyers, and the number of qualified buyers for the step-up buyers homes. It really is comparable to a food chain when you think about it.

In the under $350,000 range, the current inventory is much less, only 4 months worth. The reason for this is because this category is accessable to a broader cross section of the market. As well as first step-up buyers, first time buyers populate the range. That being said, there are still opportunities for great buys in the lower price range. Price of the home alone does not define a "Good Deal". Personal preferences such as neighborhood type, style of home and decor all serve the value proposition of a home. Even when the market is saturated, well maintained homes priced correctly will sell relatively quickly. Not in one week anymore, but still relatively quick.
1 vote Thank Flag Link Thu Oct 25, 2007
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0 votes Thank Flag Link Wed Mar 2, 2011
There is an abundance of houses in the entire area. If the homes are priced right they will not last long. Obviously the homes that are on the market longer are either priced to high or they have not found the right buyer. The weather has hurt the market and has slowed it due to the snow. Now that the weather has been nicer you will see more buyers out and about and you should see more houses moving in the next few months. If I can be of assistance please feel free to shoot me an e-mail or give me a call. Good luck with your decision and i would love to work with you.
0 votes Thank Flag Link Wed Mar 2, 2011
Let's look at history. What has always been a good investment. Real Estate. Who knows when things will change? No one, has the answer-speculators think they know all the answers. Ultimately, the real estate curve will move back up, There are good deals in Phoenixville, which has been revitalized quite a bit. As for Collegeville, prices have dropped some, but it is a growing community with Wyeth Labs and GSK anchoring alot of the development. I agree with one of your previous answers concerning the amount of homes in the 500+ range, but all things considered the curve always moves. Ed Carboy
0 votes Thank Flag Link Thu May 22, 2008
Edmund,

I don't want to start a cyber arguement, but I had to respond to you post to this question. You might want to do a little more reading before declaring that we've already hit the bottom of the market. Home prices need to come back into line with rental rates, which means big cuts for sellers lie ahead.

See these two article listed below

Unfortunately, the picture isn't as rosy as you painted it.
0 votes Thank Flag Link Sun Nov 18, 2007
The market condition is normal and neutral (buyers=sellers). Days on market is not an accurate reflection of the state of this market. It all comes down to the amenities offered by the property and the condition. Take advantage of the market today because the market has already bottomed and the chance of "getting a deal" will not be available next year.
0 votes Thank Flag Link Tue Oct 23, 2007
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