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The Fall Market Is Here

space-and-company-philadelphia-fall-marketBY HILARY LEFKOWITZ-KARAMAN (www.hilary.searchphillylistings.com)
 
Second quarter statistics are out and this year has been remarkable! Those in the industry can feel the difference in our day-to-day activities, but what do the numbers say? How does this impact the everyday person?
 
Over the past year in Philadelphia, the median sales price has increased by 8.2% while inventory is at a significant low, with 16.6% less homes for sale. Total closed sales has increased incredibly by 14.9%. These numbers are impressive, but what do they mean for the consumer?
 

For Buyers

The days of buyers being in the driver’s seat are coming to an end, and in many areas, this notion is a distant memory. With the lack of inventory, it may not only be harder to find the home of your dreams, you are now paying more for that home due to scarcity as reflected in the rise of median sales price. However, if these trends continue, the same home you are thinking about buying today will be even more down the road.
 

For Sellers

If you were thinking of moving, NOW is the time to put your house on the market. Lack of inventory is driving prices higher than most other returns on investment products. Once you sell, though, you will still need to secure a new place to live. As these trends are expected to continue, reinvesting now, especially in an emerging neighborhood, is the way to go before prices climb higher.

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