REAL ESTATE IN WEST CHESTER, ZIP CODE 19382
So, what does this article really mean for buyers and sellers. Two main take aways:
- For the first time buyer, granted the higher mortgage interest rates have made it more expensive for you to buy that first home. However, if you have or can get the financial wherewithal to do it, real estate still represents your most attractive investment alternative.
- For the move up buyer, in this strong market, you can be confident that your home can be sold for a price that you will feel good about, and in a short amount of time.
- Now lets go through the data and see why that is true.
As we look at the key market indicators, they all point to a strong real estate market that has rewarded home owners and will contnue to do so in the future.
The most important statistic to buyers and sellers is the price trend of single family homes in West Chester, zip code 19382. In 2023 this stood at a robust $725,500. This metric represents the middle point of all the sold prices in the market, providing a snapshot of the overall price range. With a median sold price of $725,500 and a string of steady price increases, this is solid evidence of a very good real estate market. Further evidence of this is the comparison listing price to sold price.
As seen in the below graph, the actual selling price has been over the listing price for the last three years. That is evidence of a very high demand for residential homes in West Chester. This is not normal. Usually selling prices in a strong market are 96% to 98% of the listing price. Forecasts are, however, that we will continue to see steady price increases into the future.
Why this strong market at the present time and why the forecast that this will continue? The biggest driver is the relatively small number of homes for sale.
The below graph shows that we have only 2 to 3 months of inventory on hand. Any time we have under 5 months of inventory, that means that the number of buyers is bigger than the number of sellers. That always means that prices go up.
More evidence of the strength of the current market is the number of days it takes to sell a house. The below graph shows that the median days on market have been about a week for the last two years+.That means if you put your house on the market and it is well priced and well marketed, you will have an agreement of sale in about a week.
here is what you need to do to make the right decision for you
- Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
- Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do. Prices are still going up and I see lots of reasons why that will continue.
- One option is to connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
- Do I think that now is a good time to buy that first house or to sell and make that move up buy? Again, absolutely yes.
- Interested in what recent clients think of my service? Click here to read what they say.
- Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
- There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, I believe that it is and I suggest we connect soon. There are plenty of buyers out there right now trying to find a home that fits their needs.
- To put your house on the market and get in on the action, let’s connect on Zoom, in person or on the phone at 484 574 4088.
