Definitely a strong BUYER'S MARKET!!!!! Especially with mortgage interest rates at historic lows.
Please feel free to contact me if you would like assistance searching for a nice home and negotiating a good deal for you.
Good luck. I look forward to speaking with you soon.
All the best,
REALTOR, Property Manager
Your Real Estate Resource For Life
Cell/Text: (267) 254-7994
I would say that it is still a buyers market, but the spring selling season has been gaining momentum. In fact an article in the April 20 Inquirer pointed that the Philadelphia area had a great upswing in sales of previously owned homes when compared to last year. In fact Philadelphia's growth in home sales was almost twice as big as the rest of the country. Now is the perfect time to buy, and it is getting better every day to sell. Call me if I can help with your real estate needs.
All the Best,
Century 21 Advantage Gold
Office: 215-638-4880 x1110
R. Eric Axelson, Associate Broker
Kurfiss Sotheby's International Realty
Coldwell Banker Realty Corp.
There is a lot of uncertainty still regarding the "shadow inventory" â€¦ foreclosed homes that banks are still holding on to. I feel it's unlikely that we'll see a second wave of declines, as the banks have demonstrated pretty clearly at this point that they aren't likely to shoot themselves in the foot by dumping huge numbers of properties onto the market all at once and cause further price declines. There are plenty of buyers in most markets, fighting over very few quality listings. As such, that together with low interest rates are keeping prices stable in most markets. I see this continuing for some time as banks trickle their inventory out to the market, and the Fed is committed to keeping interest rates low. Now is a good time to shop. As there is a lack of inventory, prepare to have to try a number of times before finding the right property. Consider being more flexible and open minded - less rigid with your wants/needs lists. But also don't feel like if you don't buy this very instant you are going to miss out on a hot market.
This is a good time to do your homework, and be prepared to make logical offers in the fair market value range. There are too many buyers out there to think that you're going to get a big discount off the asking price. That discount is already built in to the asking price for the majority of homes in the market - In a true Buyers market, buyers often get big discounts off asking prices because a lot of houses are competing for the attention of a few buyers. This is not the case. It's also not a true seller's market - Where unusual and sudden leaps in value with bidding wars can cause wild appreciation. This is a common sense market. See what has been sold (not asking prices, but closed prices) in the past 3 months for similar homes and keep your offer in line with those prices. Throw out the extreme lows, throw out the extreme highs - and focus on the median range. That's where you'll find true fair market value.
Good luck to you!