If there's one thing that’s constant about the Real Estate Market is that it’s always changing. Factors like shifting interest rates have real time effects, so a small change in timing can yield very different results for buyers and sellers. That’s why it’s so important to work with a trusted Real Estate Professional; we put the knowledge we gain from working in the Real Estate market everyday to work for you!
You might be wondering, what’s happening in the Philly Market right now? Here are some trends we’ve noticed:
1. It’s a Seller’s Market!
Factors like low inventory and plenty of buyers make this a great time to sell. If priced and marketed correctly, homes are going under contract quickly, often with multiple offers and sometimes for over the asking price.
2. Buyers are Getting More Creative with Their Offers
Because the market is so competitive for buyers, many are making their offers more appealing by asking for fewer contingencies, waiving inspections, or purchasing properties “as is”.
For our client who want the security of a home inspection in case of structural defects or other major concerns, the buyer may agree to address concerns up to a certain dollar amount out of their own pocket, with the option to renegotiate the agreement if the cost of repairs exceed that limit. For example, a buyer agrees to take responsibility for any repairs needed as long as costs do not exceed $5000. If those repairs exceed $5000, the buyer and seller may renegotiate or terminate.
3. Buyers are Still Very Selective
Even though today’s buyers are fiercely competitive, they are also very selective. They look for homes with great, high quality finishes and property renovations that have been done correctly.
Bottom line: homes are selling quickly if they’re priced and marketed correctly. Buyers need to act promptly and decisively in this fast-paced market. So, whether you’re buying or selling, consult your Real Estate Professionals at Invest Philly, and let us put our market expertise to work for you.