Hold on – not so fast! While the market does traditionally slow at this time of year, there are no indications that will be the case in our current market.
As a matter of fact, Lawrence Yun, the chief economist for the National Association of Realtors, predicts that, “This winter, there will be more sales compared to pre-pandemic winters going back all the way to 2006.” And for those of you who weren’t born yesterday will remember what THAT market was like!
Consider this – the average sale price in Bucks County for the 3rd quarter is up almost 12% over last year.
The number of homes for sale are down 39%, while closed sales are only down 5.5%. The overwhelming demand for homes won’t dry up just because you have to put a coat on before dropping what you’re doing to run out and see a new listing.
Which is what Buyers have had to do, as evidenced by the fact that the average property marketing period has dropped 50% to 18 days.
There are, however, signs that these higher prices may be leveling off. Note I said “leveling off” not “taking a nosedive”!
“The days of fast price gains are over,” Yun says. “There will be few pockets of the market where bidding wars do occur, but sellers should expect much less than what was occurring the past 12 months. Home prices generally will be higher price compared to one year ago, but maybe a bit lower compared to what occurred in the summer.”
At the end of the day, you need to make your move when it suits your life plan. If it IS something you’ve been pondering, let’s get together to sort through if, or when, the time is right. No pressure, I promise!
Just reach out to 215-813-6655 or Lynne@LynneKelleher.com. I’d love to meet you!