Picture this: House goes on the market. Showings one weekend only. The following Monday, there are 21 offers- most are tens of thousands of dollars over asking price. No appraisal contingencies, short close times and solid financing encompass all the offers. This is the market right now.
Low interest rates, a compressed inventory and high demand are all reasons why the housing market is booming. It’s a seller ‘s market which also drives up home values. Philadelphia median house price is over $200,000 for the second time! Houses are closing faster than ever with 41 days average on market and under contract in two weeks or less.
According to BrightMLS, Zillow and various market reports:
- City of Philadelphia, Philadelphia County and Bucks County home values up 11.9%
- Chester County home values up 8.6%
- Delaware County home values are up 13%.
New listings are slowing down which will also increase the price. New listings are needed!!
Not interested in selling? Refinance! The rates are historically low, and this would add cash to your pocket.
Del Val Realty and Property Management have licensed agents ready, willing, and able to sell your home. Tenants are buying the houses they live in. Covid restrictions are lifted. Eventually the market will slow down and mortgage rates will rise but for right now, the time is to sell.
Elisha Heebner is the Assistant Director of Rental Services and property manager of Del Val Realty and Property Management. Elisha specializes in property management as many homeowners today need a competent, caring person to handle these affairs for them. Professionally, it is her duty to provide services to her clients with integrity, competence, and confidentiality.