How is the Real Estate Market?
I hear this question almost daily. The national reports that people have been tuned into have such “blah-blah” “hum-drum” reports you can’t help believing it must be a great time to buy a house!
Buyers, I agree! It is a great time to purchase! The interest rates are low, there is quite a bit of inventory to chose from, and prices are reasonable! No, you can not expect to receive a “steal-of-a-deal” out there. Do they exist? Sure they do, but they are still a needle in a haystack find in our area.
However, I must also convey, there are things happening in Chester County, Montgomery County & Delaware County!
Sellers, if you are thinking of Selling, it does not necessarily mean that its a terrible time for you to sell! Is it a little worse than it was last year, or a couple of years ago? Sure, but its not as hum-drum as the nationwide news has portrayed it in our area.
Let’s look at the data, instead of just my perception…..
Chester County, PA -
In January 2007, Single Family Homes were sold at 94% of the Original List Price! (Condos were 97%). 457 Single Family Homes went under contract. (33 Condos).
In January, 2008, Single Family Homes were sold at 93% of the Original List Price! (Condos were 98%). 376 Single Family Homes went under contract. (27 Condos).
Delaware County, PA
In January 2007, Single Family Homes were sold at 93% of the Original List Price! (Condos were 94%). 503 Single Family Homes went under contract. (47 Condos).
In January, 2008, Single Family Homes were sold at 92% of the Original List Price! (Condos were 94%). 416 Single Family Homes went under contract. (31 Condos).
Montgomery County, PA has seen the most drop in the last year,
In January 2007, Single Family Homes were sold at 94% of the Original List Price! (Condos were 94%). 710 Single Family Homes went under contract. (95 Condos).
In January, 2008, Single Family Homes were sold at 92% of the Original List Price! (Condos were 94%). 560 Single Family Homes went under contract. (70 Condos).
As always, if you would like these statistics or others narrowed down by Township/Neighborhood, just ask!
To search for your home, visit my website at www.KimWood.net. Email is Kim(at)KimWood.net.
Kim Wood, REALTOR(R), RE/MAX Main Line; (610) 692-2228 Reception; (610) 692-6823 Direct.
*All numbers deemed reliable, but not guaranteed.
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Many thanks for your fascinating post.I’m sorry I cannot add to it as I’ve no practical experience with real estate, but can you assist me as you seem just like a wealth of knowledge. If I sell my own residence without a real estate agent, precisely what is my exposure to legal responsibility to a customer? Suggest I sell a property that has recognized or unidentified flaws. What is the responsibility I’m exposed to, if this isn’t shared to the buyer? I know all states are diverse, but I’m sure there are some common rules. Especially, I’d like to know what Nebraska’s are usually, if achievable. Many thanks in advance.
Liked the post. I’m gonna show this to my (future) bf heh. Hope you’re having a good Sunday. – Danielle