Homes are selling quickly in Greater Philadelphia, and it’s not uncommon to see homes go under contract within a day! While we often see homes sell in less than a week during the springtime, we’re currently seeing even more competition among buyers than usual.
Katie’s recent North Wales listing sold in just hours!
Most real estate agents attribute rising home prices and quick sales to the lack of inventory of homes for sale. Simply put, there aren’t many homes on the market right now, and buyers are submitting offers quickly to ensure that they land their dream home before another offer is submitted. The imbalance between buyers and sellers is exacerbated by the historically low mortgage rates; home buying has become more affordable, bringing an even greater number of buyers to the market.
Competition for the most popular home styles is fierce, resulting in quick sales, higher offer prices, and the seller’s calling the shots. Moderately-priced homes (between $250,000 and $400,000) that are move-in ready and located in nice neighborhoods or subdivisions tend to be among the quickest to sell.
Home prices are also being driven up by the competition, and more and more buyers are submitting offers at the asking price. In fact, the average sale price in Montgomery County in April 2016 was approximately 95% of the original asking price, which is one of the highest ratios that we’ve seen in the past few years.