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The Real Estate Market is Continuing to Normalize in Philadelphia

Couple Taking A Break Among Moving Boxes

BY MATT DANTONIO (www.mattsellsphilly.com)
 

FOR SELLERS:

  • There are more homes on the market than last year. (Almost a 6 month supply of homes)
  • Sellers are getting anywhere between 90%-94% their initial list price.
  • In Philadelphia, 11,154 homes sold in 2013. 11,029 sold in 2014.
  • In Philadelphia, Inventory is up .2% in December 2014 over December 2013.

What does this mean if you want to sell your home? Price aggressively. Trust your real estate agent and broker. In the current market, you don’t want to overprice your home. Trust the numbers and data that are presented to you. To find out the market value of your home, contact me at mdantonio@phillycityspace.com or visit my site at www.mattsellsphilly.com
 

FOR BUYERS:

  • As of January 15, 2015, interest rates continue to take a dip. 30 Year fixed is as low as 3.66%!!
  • Inventory is at about a 6 month supply of homes. “More homes = less multiple offers on a single home!”
  • Fannie Mae and Freddie Mac are starting to loosen up a bit. They are offering 3% down loans, with a minimum credit score of 620.

What does this mean for buyers? Take advantage of the increased inventory, and low interest rates!!! If you plan on waiting for spring, forget about it! This is currently the “sweet spot” for buyers. You can afford more home right now, then you might when interest rates begin to rise again. Also, with Fannie Mae and Freddie Mac allowing 3% down loans with a minimum credit score of 620, you as a buyer can afford the home you want, with less money out of pocket! To begin searching for your home, contact me at mdantonio@phillycityspace.com, or visit my site at www.mattsellsphilly.com

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