It’s been a busy spring and summer for real estate in Philly and the surrounding suburbs, and it looks like the trend will continue well into the fall months. While it’s common for the market to slow down considerably once school begins in late August, this year has been quite a bit busier than usual.
Industry experts believe the reason for so many late summer sales is due to a persistent imbalance between supply and demand; in the spring months, more buyers than ever were interested (and able!) in purchasing a home, yet there were so few available homes for sale. The fiercely competitive market in April, May and June led to an abundance of potential buyers who hadn’t yet found their dream home. Many of those shoppers are still actively looking!
Luckily, we’re finally starting to see a slight increase in the number of homes for sale when adjusted for seasonal norms. More homes than normal are hitting the market in September so far, and we’re certainly experiencing this at EveryHome too! Our hard-working EveryHome agents are listing plenty of great new homes for sale everyday.
One reason why so many buyers are interested in purchasing homes is the extremely low interest rates that are currently available. Most of our clients are locking in rates under 3.7%, which hovers around the lowest rates we’ve seen in decades. While we don’t expect these rates to rise rapidly anytime too soon, there is chatter from the Fed that they’ll be raising the interest rate at the end of 2016 – and we’ll likely see mortgage rates jump slightly then, too.