The Election’s Effect on the Real Estate Market

What does the outcome of the election have to do with real estate? Here are my tips for home buyers and sellers in the market now.

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Well, this chaotic election is finally over, and we know that Donald Trump will be our next president. How does this affect the world of real estate? Here is what I recommend buyers and sellers do moving forward.

For home buyers, I have to say that in the last three years, I have never seen a better time to buy a home than right now in our post-election fall real estate market. All of the uncertainty and angst has created some amazing opportunities for buyers. Though we have a balanced market with 5.2 months of inventory, buyers have lots of opportunities and very little competition. They can get a great home at a great price.

If you’re a seller in today’s market, you have to think ahead. How are you going to get ahead of the spring competition? Just as it’s advantageous for buyers to have somewhat limited inventory left over from spring and summer, sellers can benefit from the lack of competition as well. As a seller, you’re in a great position to sell your home because a home that is marketed and staged properly will be exposed only to serious buyers. Any buyers on the market right now are most likely in need.

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Home buyers can get into a great home at a great price.

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We project that in the spring market, we will start to see some tremendous activity and an influx of listings starting in February. If you’re thinking about selling your home, the best time to sell is when your neighbors aren’t. That time is now.

Whether you’re a buyer or a seller, our market right now gives you a lot of different options. If you have any questions about buying or selling a home in this post-election fall market or in 2017, don’t hesitate to give me a call or send me an email. I’d be happy to help you!

Suburban Philadelphia Real Estate Market Update

Our market is currently favoring sellers, but it’s also a great time to be a buyer.

What’s happening in the suburban Philadelphia real estate market?

One of the things that I’ve noticed is that in the time period between August 2015 and August 2016, our inventory dropped slightly from 5.6 months to exactly five months. Since the line of demarcation for inventory is considered six months in terms of the greatest balance between buyers and sellers, we see that at five months of inventory, the market is currently favoring sellers.

There is plenty of inventory out there, though, and the election cycle should open things up for buyers toward the end of the year, so I haven’t seen a better time than right now to be a buyer. Another important thing to keep in mind is that interest rates have dropped from 4% at the beginning of the year to 3.625% now.

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I haven’t seen a better time than right now to be a buyer.

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For the prices that we track, we always track from the list price to the sales price. Compared to last year, people have been paying 1.2% more of the list price. That’s going from about 95% to 96.3%. That tells you two things: more people are buying because they’re paying a little bit more, and inventory is coming down.

If you have any questions about buying, selling, or leasing, please don’t hesitate to reach out to me. Just give me a call or shoot me an email and I’d be happy to help you.