It’s still a strong seller’s market throughout nearly all of Greater Philadelphia, with homes selling quickly and for top dollar! Due to a relatively low inventory of homes for sale and a growing number of buyers, competition for existing homes remains fierce. In fact, a number of recent EveryHome listings received more than ten written offers within three days of being on the market!
As a result, many buyers are offering well over asking price (we’ve seen as much as 15% over!) in an effort to secure their dream home. The most recent data shows that the average seller in Montgomery County can expect to receive a staggering 99.4% of their original asking price on settlement day, thanks to more than half of suburban listings selling for over asking price.
The low supply of homes has led many buyers to turn to new construction, which is booming throughout the region. According to the most recent data from the U.S. Census Bureau, building permits (an indicator of where new construction will be in the next year) has jumped a whopping 22.5% from this time last year.
It’s not all bad news for buyers, though! Buying a home remains within reach for many thanks to rock-bottom interest rates. The current 30-year fixed rate home loan stands at just 3.14% according to Capital Club Mortgage. While rates have recently edged higher, they remain extremely low from a historical perspective, and are far from squeezing prospective buyers out of the market.
If you’re interested in buying or selling a home in 2021, EveryHome would love the opportunity to assist you. Please be sure to visit the latest listings in your neighborhood updated every minute.