WEST CHESTER, PA REAL ESTATE. WEATHERING UNCERTAINTIES WITH OPTIMISM

Please watch the video first. It kind of sets up the whole article.

West Chester, PA Real Estate: Weathering Uncertainties with Optimism

The real estate market in West Chester, PA, is a focal point of discussion for buyers and sellers alike, especially with the looming concerns about a potential recession and its possible effects on the economy. This raises questions about the implications for the housing market in our picturesque Pennsylvania town.

Recent talks have been dominated by the potential of a recession, sparking fears such as increased unemployment rates and the possibility of foreclosures like those witnessed 15 years ago. However, the sentiment is shifting towards optimism.

A key report from the Wall Street Journal’s Economic Forecasting Survey underscores this change in attitude. Now, less than half of the economists (48%) foresee a recession in the next year, a notable decrease from the 54% average in July. This is the first instance in over a year where the likelihood has fallen below 50%, indicating a more stable economic forecast for the West Chester area.

The concern regarding rising unemployment rates is pertinent to its impact on the housing market. Yet, current projections are reassuring. While some job losses might occur, they are not expected to be severe enough to trigger a widespread wave of foreclosures or significantly destabilize the housing market.

To understand this better, it’s useful to look at historical data from Macrotrends and the Bureau of Labor Statistics. The current unemployment rate is close to historic lows. For context, the average unemployment rate since 1948 is 5.7%, and it peaked at 8.3% during the 2008 crisis. Today’s figures are substantially lower than these historical benchmarks, indicating a stronger employment landscape.

Future projections suggest that the unemployment rate will likely stay below the 75-year average, a positive sign for the housing market in West Chester, PA. This implies a low risk of a housing market crash due to a surge in foreclosures.

For sellers, the situation is favorable. Homes in West Chester are selling quickly, often within a week of listing, provided they are well-marketed and priced appropriately. Prices have risen by 13% in the past two years through November, and the trend is expected to continue due to the limited housing inventory, which currently stands at a 3-4 month supply.

For buyers, especially those upgrading their homes, finding the right property requires a skilled realtor, especially in this competitive market. I have a strategy just for move up buyers that works successfully and avoids the risk of not finding that house that you will love.

For first-time buyers, while higher mortgage rates may be a concern, there are innovative strategies to manage this challenge. With house prices predicted to keep rising in the coming years, now is an opportune time to enter the market.

In summary, the West Chester, PA real estate market stands resilient and strong, even amidst economic uncertainties. Most economists now discount the likelihood of an imminent recession and do not anticipate a significant rise in unemployment leading to a housing market downturn. For those concerned about unemployment and its effect on the West Chester housing market, it’s an excellent time to seek expert advice and explore local real estate opportunities.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. 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.

MEDIA, PA’S PATH TO PROSPERITY: LEVERAGING HOME EQUITY FOR WEALTH

Media, PA’s Path to Prosperity: Leveraging Home Equity for Wealth

In the heart of Media, PA, there’s a narrative unfolding that’s crucial for residents aiming to build wealth through home equity. Despite conflicting reports, the reality is that Media’s real estate market is experiencing a consistent rise in home values, debunking any fears of plummeting prices. This progression is not just a trend but an opportunity for homeowners in the Media area to enhance their financial stability.

Seasonal Patterns and Long-Term Growth in Media’s Real Estate Market

Much like the changing seasons, Media’s housing market follows a rhythm that sees fluctuations in activity and prices throughout the year. Spring ushers in a wave of home buying, usually, but not always pushing prices higher, a trend that often extends into the summer. As fall approaches, the market cools down, and sometimes prices will go down temporarily. But this doesn’t imply a decline in value. Instead, it’s part of the natural ebb and flow of supply and demand.

To accurately gauge Media’s market, it’s more informative to look at year-over-year data rather than month-over-month figures. This longer-term perspective provides a clearer picture of the market’s health and growth trajectory.

Debunking Misconceptions: The Truth About Media’s Home Prices

Local and national media often portray an image of declining prices, but this doesn’t reflect Media’s reality. The market is adjusting to a more regular growth pattern, not experiencing a downturn. This misconception underscores the importance of relying on insights from local real estate experts who deeply understand Media’s unique market dynamics.

For instance, while there might be months where home prices slightly decrease, the overall annual figures tell a story of robust growth. This pattern, consistent in both 2022 and 2023, highlights the enduring strength of Media’s real estate market.

MEDIAN SALES PRICES, MEDIA AREA, SINGLE FAMILY DETACHED, 2021 THRU 10/2023
Month Sale Price Sale Price Sale Price
2021 2022 2023
Jan $588,000 $650,000 $771,000
Feb $589,000 $575,000 $858,748
Mar $714,250 $610,000 $695,000
Apr $616,000 $625,000 $673,750
May $615,000 $712,000 $700,000
Jun $675,000 $680,000 $633,500
Jul $693,000 $750,000 $697,500
Aug $647,500 $791,500 $805,000
Sep $597,265 $677,000 $685,000
Oct $635,000 $609,000 $770,000
Nov $645,000 $700,000
Dec $575,000 $630,000
Annual Average $632,501 $667,458
Difference $34,957
% Difference 5.5%
Annual Thru October $642,446 $669,944 $724,278
Difference $27,498 $54,333
% Difference 4.3% 8.1%
Year over Year Positive, 10 of 12 months from 2021 to 2022
Year over Year Positive, 6 of 10 months from 2022 to 2023, Year to Date
Overall assessment, strong selling price growth is continuing.
Wallingford Swarthmore, Rose Tree Media, Radnor, Garnet Valley School Districts

 

Embracing Media’s Real Estate Market for Wealth Building

Understanding the real dynamics at play in Media’s housing market is key for residents looking to build wealth through home equity. Rather than being swayed by short-term fluctuations or sensational headlines, savvy homeowners can look to the consistent upward trend in home values as a foundation for long-term financial planning and wealth accumulation.

In conclusion, Media’s real estate market offers a stable and promising avenue for wealth building. By recognizing the seasonal nature of the market and focusing on long-term growth, residents can confidently leverage their home equity to secure financial prosperity.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. 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.

STEADY GROWTH AMID SEASONALITY: WEST CHESTER, PA HOME PRICES CONTINUE UPWARD TREND

Steady Growth Amid Seasonality: West Chester, PA Home Prices Continue Upward Trend

As residents of West Chester, PA search for clarity amid conflicting reports on home prices, it’s essential to cut through the noise and understand the real trends at play. The narrative that home prices are plummeting is a misinterpretation of the current market dynamics. In truth, the West Chester area is experiencing a healthy progression in home values.

Understanding the Seasonal Nature of Home Prices

West Chester’s real estate market, like many others, experiences its own seasonal rhythms. Springtime blooms not just with flowers but with heightened home-buying activity, propelling prices upward. The momentum usually carries into the summer before calming down with the arrival of autumn’s cooler winds. This pattern is a dance of supply and demand, with prices naturally appreciating most during the high-demand spring and summer months.

However, month over month sales prices are an unreliable guide to the actual market trend.  A much better lnger term indicator is year over year which compares data for this month with the same month for last year. Please check the below chart.

MEDIAN SALES PRICES, WEST CHESTER AREA, SINGLE FAMILY DETACHED, 2021 THRU 10/2023
Month Sale Price Sale Price Sale Price
2021 2022 2023
Jan $525,000 $565,000 $636,500
Feb $577,000 $554,000 $620,000
Mar $557,188 $635,000 $671,500
Apr $557,500 $685,600 $660,750
May $591,820 $657,000 $705,500
Jun $575,000 $687,977 $731,750
Jul $642,500 $675,000 $711,000
Aug $604,000 $647,500 $702,000
Sep $575,000 $637,401 $700,000
Oct $580,000 $605,000 $684,500
Nov $550,000 $599,500
Dec $610,000 $590,000
Annual Average $578,751 $628,248
Difference $49,498
% Difference 8.6%
Annual Thru October $584,445 $642,720 $687,444
Difference $58,274 $44,725
% Difference 10.0% 7.0%
Year over Year Positive, 10 of 12 months from 2021 to 2022
Year over Year Positive, 9 of 10 months from 2022 to 2023, Year to Date
Overall assessment, strong selling price growth is continuing.

 

Dispelling Misconceptions and Media Misinterpretations

National headlines, or sometimes even local stories may sometimes paint a picture of declining prices, but this is a misreading of a market that is simply recalibrating to a more regular rhythm of growth. As West Chester residents, it’s prudent to look beyond sensational headlines and seek insights from local real estate professionals who understand the nuances of our community’s market.

For example, in 2022, month over month home sales prices were lower in four of the last five months. But the longer term more reliable data was the annual figures which showed robust growth.  A similar pattern is developing in 2023  but the year over year figures show solid growth.

The Reality of Home Prices in West Chester, PA.

As the year progresses, it’s normal for the rate of home price growth to decelerate, or even go down a little bit. But this is not indicative of an overall downturn. In West Chester, homes are continuing to appreciate in value, just at a rate that reflects the natural seasonal cycle.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. 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.

BUILDING HOMEOWNER WEALTH IN MEDIA, PA AREA

 

Building Homeowner Wealth in Media, PA Area

As a local resident of the Media Area  you’re part of a community where historic charm meets modern living—a true gem in Delaware County. This blend is more than just aesthetically pleasing; it’s a solid foundation for financial growth. Owning a home here isn’t just about settling down, it’s a strategic investment. Let’s dive into how the Media area is not only a delightful place to call home but also a wise choice for growing your wealth through home equity.

Media Area, A Goldmine for Home Equity Growth

This area’s real estate landscape is a beacon for those aiming to build wealth. With its steady appreciation rates, your investment here is poised for growth. Imagine this: a modest down payment on a median-priced home a few years back could translate into a substantial equity increase today. That’s not just an increase in your net worth; it’s a testament to the power of real estate in wealth building. For a real life actual example,  please check out the below chart.

MEDIA AREA, ESTIMATED EQUITY GROWTH, LAST FIVE YEARS
Month Sale Price Sale Price Sale Price Sale Price Sale Price Sale Price Sale Price
Median, 2017 Median, 2018 Median, 2019 Median, 2020 Median, 2021 Median, 2022 Median, 2023
Jan $402,000 $425,000 $465,500 $482,000 $588,000 $650,000 $771,000
Feb $435,250 $473,250 $470,000 $479,500 $589,000 $575,000 $858,748
Mar $434,000 $464,500 $530,000 $481,000 $714,250 $610,000 $695,000
Apr $462,500 $507,450 $485,000 $475,000 $616,000 $625,000 $673,750
May $475,000 $451,250 $495,000 $563,750 $615,000 $712,000 $700,000
Jun $505,000 $500,000 $535,000 $551,950 $675,000 $680,000 $633,500
Jul $525,000 $512,500 $486,750 $539,500 $693,000 $750,000 $697,500
Aug $485,000 $542,500 $547,000 $585,000 $647,500 $791,500 $805,000
Sep $530,000 $505,000 $495,000 $577,500 $597,265 $677,000 $687,000
Oct $475,500 $525,000 $499,900 $545,000 $635,000 $609,000 $770,000
Nov $476,000 $446,000 $535,000 $552,500 $645,000 $700,000
Dec $440,000 $529,000 $475,000 $555,250 $575,000 $630,000
Annual Average $470,438 $490,121 $501,596 $532,329 $632,501 $667,458 $729,150
Down Payment at 3.5% $16,465 $17,154 $17,556 $18,632 $22,138 $23,361 $25,520
Initial Mortgage Amount $453,972 $472,967 $484,040 $513,698 $610,364 $644,097 $703,630
Total Closing Costs @ 8% $37,635 $39,210 $40,128 $42,586 $50,600 $53,397 $58,332
Equity Price Growth to 2023 $258,712 $239,029 $227,554 $196,821 $96,649 $61,691 $0
Remaining Balance $392,392 $419,779 $440,447 $478,543 $581,339 $626,457 $698,061
Paydown Equity $61,580 $53,188 $43,593 $35,155 $29,024 $17,641 $5,569
Total Estimated Equity $320,292 $292,217 $271,147 $231,975 $125,673 $79,332 $5,569
Est Equity/Initial Price 68% 60% 54% 44% 20% 12% 1%
School Districts Included, Wall-Swarth, RTM, Radnor, Garnet Valley

 

If you bought the median priced home ($470,000) around Media in 2017,  just 6 years ago, with the above conditions, your net worth would have grown to an estimated $320,292 by 2023. Contrast that with renting where all you would have to show for the last 7 years of shelter payments would be a stack or rent receipts that helped to make your landlord richer.

Why This Area’s Economy Fuels Home Value

Our thriving local economy, fueled by diverse sectors such as education, healthcare, and tech, creates a stable backdrop for homeownership. With employment opportunities aplenty, residents enjoy financial stability, which is crucial for long-term investments like property ownership.

The Irresistible Appeal

It’s no secret that the Media area historic allure and community vitality draw people in. The area’s rich history, combined with a strong sense of community, makes it not just a place to live, but a place to thrive. This desirability is a boon for homeowners, as it keeps property values on the rise.

Education as an Investment Magnet

The presence of outstanding high schools and higher education (Villanova, Delaware County Community College, Widener University, Swarthmore College, Cabrini College plus over 40 others) isn’t just good for the mind—it’s good for the wallet. Whether capitalizing on the student housing market or simply betting on the area’s educational prestige, great high schools and higher education are pivotal pieces of the investment puzzle.

Navigating Higher Interest Rates

Yes, interest rates have climbed, but don’t let that deter you. The trajectory of home values around Media suggests that buying now is still a wise decision. Higher rates may affect monthly payments, but the equity you build from day one is invaluable.

Tax Incentives: The Cherry on Top

Homeownership comes with financial perks, including tax deductions that can save you significant money. These savings contribute to your wealth-building journey, making this an even more attractive place for homeowners.

The Warmth of Community

Media isn’t just about the financials—it’s about life. Engaging in local events and initiatives enriches the experience of living here, reinforcing the value of your investment both emotionally and financially.

Your Pathway to Homeownership

Ready to take the leap? Begin with financial planning, align with expert local real estate agents, secure mortgage pre-approval, and consider all aspects of the home-buying process, from inspections to closing deals. With each step, you’re moving closer to not just a new home but a savvy investment.

Embrace the opportunities that the area offers for building significant wealth through home equity. It’s not just a residence; it’s a financial cornerstone. Join the ranks of proud homeowners who recognize this area, as a place of prosperity and community.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. 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.

WEALTHY IN WEST CHESTER, PA; OWNING YOUR HOME MAKES ALL THE DIFFERENCE

WEALTHY IN WEST CHESTER, PA; OWNING YOUR HOME MAKES ALL THE DIFFERENCE

If you’re a resident of the charming town of West Chester, PA, you’re probably aware of the unique blend of historic beauty and modern convenience that makes this place so special. Nestled in the heart of Chester County, West Chester is not just a great place to live but also a smart place to invest in homeownership. In this article, we’ll explore how owning your home in West Chester is the key strategy for most people for building wealth in our community.

Why West Chester, PA is a Wealth-Building Haven

West Chester, PA, is more than just a picturesque town; it’s a community that offers a wealth of opportunities for those who choose to call it home. Here are some compelling reasons why owning a piece of West Chester real estate can set you on the path to financial success:

Steady Property Appreciation: West Chester’s real estate market has shown consistent growth over the years. Owning a home here means you’re likely to see your property’s value appreciate steadily over time, providing you with a solid return on your investment. For example, please check out this chart to show how  your wealth would have built up in you bought the median priced home just five years ago.

CHESTER COUNTY, ESTIMATED EQUITY GROWTH, LAST FIVE YEARS
Purchase Sale Price Down Payment Estimated Total Price Growth Estimated Total Equity Equity, %
Year Median at 3.5% Closing Costs Equity to 12/22 Pay Down of Sale Price
2017 $380,000 $13,300 $30,400 $160,000 $63,333 $236,633 62%
2018 $399,000 $13,965 $31,920 $141,000 $53,200 $208,165 52%
2019 $405,000 $14,175 $32,400 $135,000 $40,500 $189,675 47%
2020 $440,000 $15,400 $35,200 $100,000 $29,333 $144,733 33%
2021 $499,000 $17,465 $39,920 $41,000 $16,633 $75,098 15%
2022 $540,000 $18,900 $43,200 $0 $0 $18,900 4%

 

Take a look at the top row, in bold blue italics. If you bought the median priced house in 2017 for $380,000 and a minimum down payment of 3.5%, your total closing costs would have been about $30,400.  After 5 years, that same median priced house is priced at $540,000. That means your equity just due to the value increase is $160,000. You have also been paying your mortgage down for 5 years resulting in a balance reduction of $63,333.  Your total equity then comes to $236,633 or 62% of the initial cost of the house. Your investment of $30,400 grew to $236,633 which is a 778% gain. 

That is why real estate has been ranked as the #1 investment opportunity in the United States for several years running.

Local Economy: West Chester boasts a strong local economy with diverse industries, including education (West Chester University), healthcare, and technology. With numerous employment opportunities in the area, you’ll have the financial stability needed to build wealth through homeownership.

Historic Charm and Community Spirit: West Chester is known for its vibrant community and historic charm. This attracts not only residents but also tourists.

Educational Opportunities: The presence of West Chester University adds to the town’s allure. Whether you’re looking to further your education or invest in properties for student housing, the university’s presence can be a significant advantage.

Higher Interest Rates: True, interest rates have risen dramatically from about 3% to as high as 8%. However, even with this headwind, home prices are predicted to keep on rising so it’s still an opportune time to buy a home in West Chester. Your payments will be higher but you still start building equity right away.

Tax Benefits: As a homeowner in West Chester, you can benefit from various tax incentives and deductions, which can help you save money and grow your wealth over time.

Community Involvement: Being part of the West Chester community means you have the opportunity to engage in local events and initiatives, which can enhance your sense of belonging and connection to your neighborhood.

Steps to Owning Your Home in West Chester

Now that you understand the potential wealth-building benefits of owning a home in West Chester, it’s time to take action. Here are some steps to help you get started on your homeownership journey:

Financial Preparation: Assess your financial situation and create a budget to determine how much you can comfortably afford for your new home. Consider saving for a down payment, as a larger down payment can lead to lower monthly mortgage payments.

Research Local Real Estate: Work with a local real estate agent who knows the West Chester market inside and out. They can help you find the right neighborhood and property that fits your budget and goals.

Mortgage Pre-Approval: Get pre-approved for a mortgage to show sellers that you’re a serious buyer. This can give you a competitive edge in a hot market.

Home Inspection: Once you find a property you love, work with your realtor to decide if you need to inspect the house or if competitive conditions dictate that you should make your offer with no inspection.

Closing the Deal: Work closely with your real estate agent and lender to complete the necessary paperwork and finalize your purchase.

By following these steps and embracing the wealth-building opportunities that West Chester, PA, has to offer, you can secure your financial future while enjoying all the benefits of living in this wonderful community. Owning your home in West Chester isn’t just about having a place to live—it’s about investing in your future and building wealth right here in our beautiful town. Don’t miss out on the opportunity to make West Chester, PA, your home and your key to financial success.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. 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.

 

UNDERSTANDING WEST CHESTER, PA HOME PRICES: INSIGHTS BEYOND THE HEADINES

Understanding West Chester, PA Home Prices: Insights Beyond the Headlines

As a West Chester, PA local, you’ve likely heard whispers at the corner café or seen bold headlines online predicting a downturn in home prices. You may have encountered some conversations at the neighborhood park or scrolled past doomsday predictions on your social media feed. It’s hard not to wonder if a housing slump is on the horizon for our charming borough.

But before you let those rumors influence your perspective on West Chester, PA home prices, it’s crucial to take a closer look at the data and expert analysis that provide a clearer picture of the real estate landscape.

The Misconception of Falling Home Prices

The buzz around declining home prices has been persistent. Influencers and news outlets often seize upon this narrative, amplifying fears that can overshadow the real story. Fannie Mae’s recent survey highlighted that a significant portion of Americans are bracing for a decrease in home values over the next year. But is this sentiment in line with reality, especially in our vibrant community of West Chester, PA?

The fact is, the media’s portrayal of a collapsing market doesn’t quite hold up against the scrutiny of industry professionals who eat, sleep, and breathe real estate trends. They’re the first to acknowledge that while the national market experienced a modest dip late last year, it was a brief ebb in an otherwise resilient trend.

West Chester, PA: A Market Rebounding with Confidence

West Chester’s housing market, much like the national trend, has shown remarkable elasticity. While nationwide figures can offer a broad stroke, local expertise is where the true narrative unfolds. In West Chester, PA, the enduring appeal of our community – with its vibrant downtown, excellent schools, and rich history – continues to underpin a robust housing market.

Recent local data indicates that not only have prices stabilized, but we are witnessing a gradual uptrend as we advance through the year. Contrary to the one-size-fits-all forecasts, West Chester’s unique market dynamics continue to attract buyers, signaling a healthy demand that underpins property values.

For backup to this opinion, please check out this chart of median home prices in the West Chester area over the last three years.

Westchester Area, Median Sale Price, Single Family, Jan 2021 through Sep 2023
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 22-21 2023 23-22
Jan $525,000 $565,000 $40,000 7.6% $636,500 $71,500 12.7%
Feb $577,000 $554,000 ($23,000) -4.0% $620,000 $66,000 11.9%
Mar $557,188 $635,000 $77,812 14.0% $671,500 $36,500 5.7%
Apr $557,500 $685,600 $128,100 23.0% $660,750 ($24,850) -3.6%
May $591,820 $657,000 $65,180 11.0% $705,500 $48,500 7.4%
Jun $575,000 $687,977 $112,977 19.6% $731,750 $43,773 6.4%
Jul $642,500 $675,000 $32,500 5.1% $711,000 $36,000 5.3%
Aug $604,000 $647,500 $43,500 7.2% $702,000 $54,500 8.4%
Sep $575,000 $637,401 $62,401 10.9% $700,000 $62,599 9.8%
Oct $580,000 $605,000 $25,000 4.3% $684,500 $79,500 13.1%
Nov $550,000 $599,500 $49,500 9.0%
Dec $610,000 $590,000 ($20,000) -3.3%
Annual $578,751 $628,248 $49,498 8.6%
YTD, thru Aug $578,501 $634,948 $56,447 9.8% $682,350 $47,402 7.5%
Sumary: Year over Year Sales Price Up 10 of 12 months, 2022 to 2021
Year over Year Sales Price Up 9 of 10 months, 2023 to 2022
Prices still steady and going up in the West Chester Area.
Areas included, Westchester, Downingtown, Great Valley

 

What are the implications from these data?

For First Time Home Buyers,  concerned about possible falling prices.  Chances are excellent that if you buy now, the value of your new house will continue to go up.

For Sellers/Move Up Buyers – if your family needs a different house because of changing conditions, make the move now. Houses are selling fast if they are properly marketed and priced. And values in West Chester are forecast to go up.

Forecasting Beyond the Fear

It’s intriguing to note that even Fannie Mae revised their forecast from a conservative 3.9% appreciation to a more optimistic 6.7% for the current year. This upward adjustment isn’t a mere statistical blip; it’s a testament to the underlying confidence experts have in the housing market’s resilience.

West Chester’s Local Expertise: Your Compass in the Housing Market

For those residing in West Chester, PA, or considering joining our community, it’s essential to look beyond the alarmist headlines. Engaging with local real estate professionals who are deeply entrenched in the day-to-day dynamics of our market will offer the most accurate and pertinent insights into home prices.

Bottom Line: Seek Trusted Sources

In a world where everyone has an opinion and a platform to share it, discernment becomes your most valuable tool. For those concerned or curious about West Chester, PA home prices, it’s wise to consult those with a finger on the pulse of our local market. The data is clear: the narrative of plummeting home prices doesn’t hold up here.

If you’re in need of reliable, data-driven, and locally informed real estate advice, reach out to the experts who specialize in our area. Together, we can navigate the market, ensuring that you’re making decisions based on facts, not fear.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. 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.

WEST CHESTER, PA – BUILD FAMILY WEALTH THROUGH HOME OWNERSHIP

WEST CHESTER, PA – BUILD FAMILY WEALTH THROUGH HOME OWNERSHIP

Here are the main factors that make residential real estate the most important investment most people ever make.  We will explore every one in this article

  • Home values have been steadily increasing over the past 60 years, providing an opportunity for homeowners to build equity.
  • Rent prices are consistently rising, making homeownership a more appealing option than renting.
  • Home prices have seen dramatic increases and slight declines in the past year but are now appreciating at a more normal pace.
  • Low inventory of homes on the market is leading to fewer choices for buyers and resulting in faster sales, multiple offers, and potentially higher sale prices for sellers.
HOME VALUES HAVE BEEN STEADILY INCREASING OVER THE PAST 60 YEARS

Homeownership is a powerful wealth-building tool, offering several significant financial advantages. Firstly, as a homeowner, you enjoy potential capital gains as your property value appreciates over time. This can significantly contribute to your net worth. Secondly, monthly mortgage payments often replace rent, and these payments can act as a form of forced savings as you gradually own more of your property. This contributes to building equity that can be leveraged in the future for financial needs. Lastly, homeownership comes with tax benefits, such as the potential to deduct mortgage interest and property tax payments. These factors combine to make homeownership a financially savvy move.

Check out this graph for the long term trend.  The only downtrend was in the 2008-2013 time frame when the federal government mandated that sub prime mortgages be granted to people who had poor credit.

Over the long term, homeownership can prove to be a highly beneficial financial strategy. One advantage is the potential for substantial appreciation in property value, a trend that has been consistent throughout history. This not only contributes to overall wealth, but also offers opportunities for refinancing or drawing on home equity in times of need. Furthermore, the fixed-rate mortgage payments act as a hedge against inflation, keeping housing costs stable while rents may increase over time. Lastly, owning a home can also be a part of a well-rounded retirement plan. Once the mortgage is fully paid off, housing costs are significantly reduced, and the home can even be sold as a part of a downsizing strategy, potentially adding a significant sum to your retirement nest egg. In essence, homeownership can be a powerful tool for financial planning and long-term wealth generation.

For an actual example, consider the below chart which shows actual wealth buildup if a person bought a median priced house in West Chester in 2014 and held it until 2023.

MEDIAN SALES PRICE, WEST CHESTER AREA, SINGLE FAMILY
Primary Year Sale Price, Median Annual % Change Cumulative % Change Equity Buildup.
2014 $415,000
2015 $417,500 0.6% 0.6% $2,500
2016 $423,500 1.4% 2.0% $8,500
2017 $441,000 4.1% 6.3% $26,000
2018 $469,900 6.6% 13.2% $54,900
2019 $480,000 2.1% 15.7% $65,000
2020 $510,000 6.3% 22.9% $95,000
2021 $580,000 13.7% 39.8% $165,000
2022 $640,000 10.3% 54.2% $225,000
2023 $693,000 8.3% 67.0% $278,000
West Chester, Downingtown and Great Valley School Districts
All Positive Years since 2014
Trend Expected to Continue
Assume 10% Down in 2014, Mortgage Amount = $373,500
Interest Rate = 7%
% of Principal Remaning After 9 Years 88%
Amount Remaining After 9 Years $329,147
Principal Reduction $44,353
Total Equity (Net Worth) Increase $322,353

As you can see, the wealth improvement of $322,353 in this example is composed of the value increase of the home  ($278,000), plus the reduction in the remaining mortage balance ($44,353).

RENT PRICES ARE CONSISTENTLY RISING MAKING HOMEOWNERSHIP  MORE APPEALING

In comparison to homeownership, renting offers its own unique set of benefits and drawbacks. From a financial perspective, renters often have lower monthly costs and aren’t responsible for maintenance or repair expenses, providing greater budget flexibility. Renting also offers more geographical mobility for those who aren’t locked into a long-term location due to career or lifestyle. On the downside, renters don’t accumulate equity and don’t enjoy the potential capital appreciation that homeowners do. They are also subject to annual rent increases and have less control over their living space.

Consider this graph of rent increases over time.

In contrast, homeownership provides a long-term investment and opportunity to build equity. However, it also involves higher upfront costs, ongoing maintenance responsibilities, and less flexibility to move. In essence, the decision between renting and homeownership largely depends on individual financial circumstances, lifestyle preferences, and long-term goals. But if you can swing it, owning your own home has humungous financial benefts (in this case $322,353) as opposed to renting which has a financial benefit of absolute ZERO!!!!!

And the basic question is this. To whose wealth do you want to contribute? Yours or your landlord ? I think know which one you should pick.

HOME PRICES HAVE SEEN DRAMATIC INCREASES AND SLIGHT DECLINES IN THE PAST YEAR, BUT ARE NOW APPRECIATING AT A MORE NORMAL PACE

The current surge in home prices is largely attributed to a dynamic interplay of supply and demand factors. On the supply side, there’s a noticeable shortage of homes available for sale. Furthermore, the demographic shift characterized by millennials entering their prime home-buying years has fueled demand. Additionally, the ongoing pandemic has underscored the value of homeownership, leading more people to aspire for their own space. These factors combined create a sellers’ market where the demand for houses outstrips supply, causing a surge in home prices.

LOW INVENTORY OF HOMES MEANS FEWER CHOICES FOR BUYERS AND HIGHER PRICES FOR SELLERS

In a low inventory market, selling your property can be a strategic move, especially if you’re considering moving to a higher-priced home. Firstly, you’re likely to sell your current home at a competitive price due to high demand and low supply. Consider the below graph which shows supply of homes for sale.

Secondly, while prices for higher-end homes may also be inflated, typically, the rate of price appreciation is slower for more expensive homes. This disparity in price growth rates between lower and higher-priced properties means that the ‘price gap’ between your current home and your next, more expensive home could be narrowing. Thus, upgrading to a more expensive home in a low inventory, high demand market might not be as financially demanding as it would be in a balanced market.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. 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.

 

WEST CHESTER, PA, HOW TO SELL YOUR HOUSE FOR THE MOST MONEY

Sell Your House for the Most Money in West Chester

Selling a house is an important financial decision that requires careful planning to ensure you get the best possible price. Here are a few key strategies to help you maximize your return:

Choice of the Best Realtor for You

Choosing the right realtor is perhaps the most critical factor in the success of your real estate journey. The ideal realtor not only has a deep understanding of the market conditions, but also possesses excellent negotiation skills, the best marketing program you have seen and a dedication to achieving your unique real estate goals. It is essential to select a realtor who is reliable, communicative, and exhibits a high level of professionalism. I always recommend that you interview at least two and preferably three or four realtors to decide on who is best for you. Most important is to understand  their marketing strategies. Make sure you check out their past customer testimonials.  Ultimately, the best realtor for you should be someone you trust and feel comfortable with, as this is the person who will guide you through one of the most significant transactions of your life.

Preparing Your Home for Sale

First impressions matter a lot. Before you list your house, ensure it’s in its best possible condition. It may involve decluttering, painting, minor repairs, or even professional staging. A well-presented home can command a higher asking price.  Once yoiu select your realtor, he or she will be your best resource for how to prepare your house to get the most money.

Houses Sell Fast; Why Not Do it Myself?

In a booming real estate market, you may wonder why you should hire a realtor when houses seem to sell quickly on their own. While it’s true that some homes sell rapidly, navigating the complex world of real estate without professional guidance can still present significant challenges. A realtor’s role extends beyond just finding a buyer. They handle the intricate details of contracts, inspections, and negotiations, ensuring that your interests are protected throughout the process. They also have access to a wide network of potential buyers and sellers, which can significantly widen your options. Most importantly, they leverage their market knowledge to help you get the best price for your property. It’s not just about selling your house quickly; it’s about selling it in the right way, at the right price, and with the least amount of stress. A professional realtor can offer immeasurable value in ensuring all these factors are meticulously managed.

In a market like we have today where houses sell very fast, it is always tempting to think about doing it yourself. Actual statistics over the last several decades show that hiring a good realtor will return about 6 to 10% more money to you at settlement. And with a lot less stress and worry on your part.

The Importance of Home Staging

Home staging is a powerful tool in the selling process. It goes beyond simple decluttering and cleaning, transforming your home into a place that potential buyers can easily envision living in. A well-staged home projects an inviting picture, helping buyers to emotionally connect with the space. It also shows your property in its best light, emphasizing its strengths and downplaying any weaknesses. Therefore, investing in professional staging, as advised by your realtor can significantly enhance the appeal of your home and ultimately, the return on your investment.

Professional Photography and virtual tours

This is the visible bait, well presented on line that gets people interested in your house and asking to see it. This is something that should be included right at the top of your realtor’s marketing program. This should be at the center of your realtor’s marketing program, included AT NO EXTRA COST TO YOU.  Investing in professional real estate photography  and virtual tours are thetwo  most important steps when selling your home. High-quality, well-composed images can significantly impact a buyer’s first impression of the property, often piquing their interest before they’ve read a single word about the home. A professional photographer knows how to capture the best aspects of a property, highlighting its features in a way that showcases its full potential. They also understand the importance of lighting and angles in creating appealing and realistic images. In today’s digital age, where most property searches begin online, compelling photographs can make your listing stand out from the crowd and attract more potential buyers. Therefore, professional photography is not just a luxury, but a necessary investment to ensure your home is presented at its absolute best.

In the era of digital advancements, virtual tours have become a pivotal element in the real estate market.  They give you a virtual open house, on line 24/7. They provide potential buyers with the opportunity to explore the property at their own pace and convenience, without the need for physical presence. Virtual tours offer a 360-degree view of the home, enabling buyers to visualize the space more accurately. They highlight the unique features and layout of the home, offering a perspective that static images cannot capture. Furthermore, they are an excellent tool for long-distance buyers or those with busy schedules, making property viewing more accessible and efficient. Thus, integrating virtual tours into your listing can significantly enhance the reach and appeal of your property, making it more enticing to a wider audience. For example, I have been told that many buyers on Realtor.com will only look at homes with virtual tours.

Market Your Home Effectively

Professional photography and a virtual tour with exposure on literally hundreds of real estate web sites are key to getting  your house sold quickly and for the most money. At Keller Williams, we have agreements with over 300 individual real estate web sites to give your house the most exposure available.

Check Out the Realtor’s Web Site

In today’s digitally driven world, having a strong online presence is not just beneficial, it’s essential. For a realtor, a well-designed, user-friendly website serves as a digital storefront, providing prospective buyers and sellers with easy access to listings, insights, and contacts. Through the website, a realtor can showcase their expertise and services, building credibility and trust with potential clients. Additionally, a strong online presence extends beyond the website to social media platforms. By regularly posting engaging and relevant content, realtors can connect with a wider audience, drive increased traffic to their website, and generate more leads. Furthermore, a consistent online presence allows realtors to stay top of mind among potential clients and positions them as a go-to resource for all real estate needs. Hence, the importance of an online presence in real estate cannot be overstated.

Check Out the Realtor’s Customer Testimonials

Customer testimonials play an invaluable role in shaping a potential client’s perception and decision. Prior clients’ experiences shed light on the realtor’s professionalism, competence, and commitment. As such, examining the customer testimonials on the realtor’s website is a highly recommended step. Look for recurring themes in the testimonials – responsiveness, negotiation skills, market knowledge, etc., which can provide a holistic view of the realtor’s strengths and credibility. Remember, genuine and positive customer testimonials can serve as a powerful endorsement for the realtor, instilling confidence in their service and capabilities. Therefore, make it a point to review these testimonials before making your decision.

Set the Right Price

Setting the right price for your home is a critical step. It is always advisable to “Price Ahead of the Market”, whether we are in a Sellers’ Market (Prices going Up) or a Buyers’ Market (Prices Going Down).  Right now we are in a Sellers’ Market so my general advice is almost always to price your house a bit higher than recent comparable sales. Bottom line, I feel that to get the best price, the first step is to ask for the best price.

Realtor as Your Negotiator

A competent realtor is not only your guide but also your advocate, adept at negotiation to ensure you get the best possible deal. They have the skills and experience to analyze comparable sales, inspect property condition reports, and understand market trends, which allows them to accurately assess the true value of a property. Armed with this knowledge, your realtor can effectively negotiate on your behalf, arguing for terms that align with your interests. Whether you are a buyer seeking the lowest price or a seller aiming for the highest, your realtor’s negotiation skills will be instrumental in maximizing your financial advantage. What I have learned in my 22 years in the business and 180 transactions plus 35 years in the corporate world is good evidence that I can represent you very intelligently.

Once you have a potential buyer, negotiation comes into play. It’s important to remain patient and flexible during this process. Keep your bottom line in mind and make sure that your realtor unerstands the advantages that are on the sellers’ side in a strong sellers’ market like we have today.

Remember, selling a house is a significant undertaking, but with the right realtor who will guide you in a carefully planned, strategically priced, and effectively marketed series of steps, \ you can ensure you get the best possible return on your investment.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are still clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect.

 

MEDIA, PA AREA – WHY OWNING A HOME IS A SMART INVESTMENT

MEDIA, PA AREA – WHY OWNING A HOME IS A SMART INVESTMENT

As the world comes out of the COVID-19 pandemic, many people are looking to invest their money in ways that are safe and secure. One investment that experts predict will see positive growth is homeownership. In this blog post, we’ll explore why owning a home is a smart investment in 2023, and we’ll look at some of the key factors driving positive growth in home prices. We’ll also examine the benefits of owning a home, including the potential for appreciation and long-term equity growth, tax benefits, and more. Finally, we’ll offer some practical tips for successful homeownership and explain how growing home equity can positively affect your net worth.

Key Factors Driving Positive Growth in Home Prices

The housing market is constantly fluctuating, and this year has been no exception. Earlier forecasts predicted that prices would remain stagnant or even fall, but recent data from six organizations and a survey of 100 economists, investment strategists, and housing market analysts suggest otherwise. The results indicate that prices will see a positive growth of around 3.3%. It just proves that sometimes, even the experts’ predictions can be wrong. The good news is that the market is expected to remain steady and even outperform previous expectations. So, whether you’re a buyer, seller or just interested in the housing market, it’s always good to keep an eye on the trends and be prepared for any changes that might come your way.

Why Is This So? Two Reasons:

  • There are few homes for sale and
  • There are more buyers than sellers which means that homes will sell in about a week if they are properly marketed and priced.

Benefits of Owning a Home

Owning a home isn’t just about having somewhere to live. It also offers significant financial benefits. For example, you can deduct your mortgage interest and property taxes from your federal income taxes, resulting in significant savings. Additionally, owning a home offers the potential for appreciation and long-term equity growth. In other words, as your home increases in value over time, your net worth will increase as well. Owning a home also provides a sense of security and stability, as you have control over your living space and don’t have to worry about a landlord raising your rent or asking you to move out.

How Home Equity Affects Net Worth

Home equity is the difference between the current market value of your home and the amount you owe on your mortgage. As you pay down your mortgage and your home increases in value, your home equity increases as well. This can positively affect your net worth, which is the total value of your assets (including your home) minus your liabilities (such as your mortgage and other debts). For example, if your home increases in value by $50,000 over five years, and you pay off $20,000 of your mortgage during that time, your net worth will have increased by $70,000. As you can see, growing your home equity is an excellent way to increase your net worth over time.

For real live examples, check out this chart of median sales prices in the Media area:

MEDIAN SALES PRICE, MEDIA AREA, SINGLE FAMILY
Primary Year Sale Price, Median Annual % Change Cumulative % Change Equity Buildup.
2014 $429,900
2015 $438,500 2.0% 2.0% $8,600
2016 $460,000 4.9% 7.0% $30,100
2017 $475,000 3.3% 10.5% $45,100
2018 $489,900 3.1% 14.0% $60,000
2019 $510,000 4.1% 18.6% $80,100
2020 $540,000 5.9% 25.6% $110,100
2021 $634,500 17.5% 47.6% $204,600
2022 $685,000 8.0% 59.3% $255,100
2023 $705,000 2.9% 64.0% $275,100
Wallingford Swarthmore, Rose Tree Media, Radnor, Garnet Valley School Districts
All Positive Years since 2014
Trend Expected to Continue

In nine years after buying the median priced house in the Media area, the equity build up from value increases alone is $275,100.

And that performance is also very safe. I also see this trend continuing over time.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are still clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect

WEST CHESTER, PA – WHY OWNING A HOME IS A SMART INVESTMENT

WEST CHESTER, PA – WHY OWNING A HOME IS A SMART INVESTMENT

As the world comes out of the COVID-19 pandemic, many people are looking to invest their money in ways that are safe and secure. One investment that experts predict will see positive growth is homeownership. In this blog post, we’ll explore why owning a home is a smart investment in 2023, and we’ll look at some of the key factors driving positive growth in home prices. We’ll also examine the benefits of owning a home, including the potential for appreciation and long-term equity growth, tax benefits, and more. Finally, we’ll offer some practical tips for successful homeownership and explain how growing home equity can positively affect your net worth.

Key Factors Driving Positive Growth in Home Prices

The housing market is constantly fluctuating, and this year has been no exception. Earlier forecasts predicted that prices would remain stagnant or even fall, but recent data from six organizations and a survey of 100 economists, investment strategists, and housing market analysts suggest otherwise. The results indicate that prices will see a positive growth of around 3.3%. It just proves that sometimes, even the experts’ predictions can be wrong. The good news is that the market is expected to remain steady and even outperform previous expectations. So, whether you’re a buyer, seller or just interested in the housing market, it’s always good to keep an eye on the trends and be prepared for any changes that might come your way.

Why Is This So? Two Reasons:

  • There are few homes for sale and
  • There are more buyers than sellers which means that homes will sell in about a week if they are properly marketed and priced.

Benefits of Owning a Home

Owning a home isn’t just about having somewhere to live. It also offers significant financial benefits. For example, you can deduct your mortgage interest and property taxes from your federal income taxes, resulting in significant savings. Additionally, owning a home offers the potential for appreciation and long-term equity growth. In other words, as your home increases in value over time, your net worth will increase as well. Owning a home also provides a sense of security and stability, as you have control over your living space and don’t have to worry about a landlord raising your rent or asking you to move out.

How Home Equity Affects Net Worth

Home equity is the difference between the current market value of your home and the amount you owe on your mortgage. As you pay down your mortgage and your home increases in value, your home equity increases as well. This can positively affect your net worth, which is the total value of your assets (including your home) minus your liabilities (such as your mortgage and other debts). For example, if your home increases in value by $50,000 over five years, and you pay off $20,000 of your mortgage during that time, your net worth will have increased by $70,000. As you can see, growing your home equity is an excellent way to increase your net worth over time.

For real live examples, check out this chart of median sales prices in the West Chester area:

MEDIAN SALES PRICE, WEST CHESTER AREA, SINGLE FAMILY
Primary Year Sale Price, Median Annual % Change Cumulative % Change Equity Buildup.
2014 $415,000
2015 $417,500 0.6% 0.6% $2,500
2016 $423,500 1.4% 2.0% $8,500
2017 $441,000 4.1% 6.3% $26,000
2018 $469,900 6.6% 13.2% $54,900
2019 $480,000 2.1% 15.7% $65,000
2020 $510,000 6.3% 22.9% $95,000
2021 $580,000 13.7% 39.8% $165,000
2022 $640,000 10.3% 54.2% $225,000
2023 $693,000 8.3% 67.0% $278,000
West Chester, Downingtown and Great Valley School Districts
All Positive Years since 2014
Trend Expected to Continue

In nine years after buying the median priced house in the West Chester area, the equity build up from value increases alone is $278,000.

And that performance is also very safe. I also see this trend continuing over time.

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.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s 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.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • 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.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are still clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect.