There’s no doubt that it was a “sellers market” in the busy spring months of 2016, as fierce competition among buyers drove up home prices and gave sellers full control. But is that still the case?
While we’re not ready to call it a buyer’s market just yet, the pendulum is shifting back toward the center and here’s why:
- Interest rates are hovering at historic lows, so home buying remains relatively affordable
- Despite inventory of homes for sale remaining relatively low, there are far fewer buyers in the market than there were just a few months ago, and home shoppers are less likely to find themselves in tense multiple-offer scenarios.
That all said, the real estate market tends to be “hyper local” in late Summer, meaning that certain neighborhoods are favoring the sellers, whereas others are favoring the buyers. As a general rule, suburbs that are closer to the city and located in strong school districts are still in a sellers market (Flourtown, Ardmore, and Media are a few good examples) whereas buyers are more likely to be calling the shots in semi-rural communities that are further from the city (think Schwenksville, Quakertown, Boyertown, and Downingtown).
Interested in learning more about your neighborhood, and what your home might be worth? Be sure to give us a call at (215) 699-5555 to be introduced to a friendly, helpful and local EveryHome agent!