Today I want to take some time to give you an update on the Greater Philadelphia Area real estate market.
Let’s first talk about inventory accumulation, which is an indicator of if we’re in a buyer’s or a seller’s market. We take the number of homes that are for sale and divide it by the number of homes that are sold each month to give us a final number. Currently, we have just under four months of inventory in the Greater Philadelphia Area—which puts us in a seller’s market.
Because of the lack of inventory and increased sales from this time last year, we’ve seen the market value of homes increase by 8%. That means that it’s a great time to be a seller. If you’ve been thinking about selling your home, now is the time to get it on the market.
Interest rates are still at historic lows, with the current rate hovering just around 4%. Even though you may have to be more aggressive as a buyer to purchase a home, you’re still getting your mortgage at a low interest rate.
If you have any other questions or you’re looking to buy or sell a home, please give me a call. I would be happy to help!