Well, if you hear on the national news you need an umbrella in California, it doesn’t mean we need an umbrella here in Bucks County! What do I mean?
That real estate is local and I will give you some insight from some of the top Real Estate experts and my own personal experiences the past few months. In the fall we saw a major shift due to rates jumping up suddenly and consumers that were uncertain about the economy which slowed home sales as buyers dropped out of the market. That in turn leveled off home prices.
We now see buyers coming back into the market, somewhat tentative for sure, but they are not experiencing the brutal competition they did for two-and-a-half years.
As a matter of fact we are seeing a return to mostly “normal” terms in the contracts such as inspection and appraisal contingencies coming back. Mortgage rates will stabilize (they always do) and inflation will lessen so that will play a part in the market returning to normal which levels the playing field for buyers and sellers and sets more realistic expectations for both sides.
Mark Fleming, Chief Economist at First American, says: “The housing market, once adjusted to the new normal of higher mortgage rates, will benefit from continued strong demographic-driven demand relative to an overall, long-run shortage of supply.”
The good news is our Philly metro location will always be in demand, great school districts are always sought out and the changing needs of indoor and outdoor space post pandemic will keep our area at the top of the list for buyers.
Need a Real Estate Consultation, now more than ever, choose an experienced agent and contact me at 215-801-2019 or firstname.lastname@example.org.
PHOTO CAP: Kathleen Layton