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.

 

OWN YOUR HOME IN THE MEDIA AREA, MAKE LOTS OF MONEY

Call to Action, if you would like to discuss, just call or text to 484 574 4088 or email to john@johnherreid.com.

• Homeownership has yielded substantial long-term benefits over the last five and 30 year periods, with nationwide averages of 57% and 297% price growth, respectively.

• Recent forecasts projecting home prices to crash in 2023 proved false, as prices experienced only slight declines before rebounding quickly.

• Experts project that home prices will continue to rise for years to come.

• Homeowners who purchased property 30+ years ago are still reaping the benefits of their decision.

Long-term benefits of homeownership extend beyond mere financial gains. For instance, homeowners often experience an increased sense of stability and security, as they are free from the unpredictable conditions of the rental market. They have control over their living environment, with the freedom to renovate or make changes to their property as they see fit. Homes often become long-term investments that can be passed down to future generations, fostering a sense of family heritage and continuity. Lastly, homeownership often triggers community involvement, as homeowners are more likely to invest time and effort into their neighborhood, enhancing the communal experience for everyone.

For a snapshot of building your wealth in the Media, Delaware County area, consider the below chart of median sales price of single family homes starting in 2014:

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

Bottom line, just the growth in home value increases family wealth by 64%.  Adding to this would be the impact of reducing the outstanding balance on the mortgage. That would come to about $50,000 at a 7% interest rate after 9 years.

Homeownership is not just an economic decision; it also taps into the emotional spectrum of humans. It provides a sense of belonging and autonomy, contributing significantly to one’s emotional wellbeing. Owning a home serves as a source of pride and accomplishment, boosting self-esteem. This emotional connection is further deepened when homeowners transform their property into a personal sanctuary, reflecting their taste, lifestyle, and experiences. The freedom to decorate and rearrange without limitations conveys a sense of control, enhancing emotional stability. Moreover, homeownership often cultivates invaluable relationships with neighbors, enriching social and emotional life. In essence, a house is not merely a physical structure, but an emotional hub imbued with memories, warmth, and a sense of identity.

From a financial perspective, homeownership can be perceived as a robust investment strategy offering both short-term and long-term benefits. In the short-term, homeowners may enjoy tax benefits, as mortgage interest and property tax payments are often tax-deductible. Additionally, a fixed-rate mortgage ensures predictable monthly housing costs, providing homeowners with financial certainty compared to renters who may face unexpected rent increases.

As you can see from the above, in the long-term, homeownership can lead to significant wealth accumulation. As homeowners make mortgage payments over time, they build equity in their homes—a valuable asset that can be used to secure future credit or fund significant expenses. Moreover, homes generally appreciate in value over time, potentially yielding substantial returns when the property is sold. It’s crucial to remember that while homeownership has the potential for significant financial rewards, it also comes with financial responsibilities such as maintenance costs and property taxes. Hence, a well-informed, balanced approach to homeownership is essential to optimize its impact on personal finances.

Homeownership significantly contributes to economic growth and stability. It stimulates demand for goods and services as homeowners usually invest in home improvements and regular maintenance, thereby creating job opportunities in construction, retail, and other related industries. A robust housing market can also lead to increased property tax revenues for local governments, which can be reinvested into community development. Additionally, the ability to borrow against home equity can spur consumer spending, driving economic expansion. Furthermore, homeownership fosters a sense of stability and community cohesion, which can lead to improved neighborhood conditions and increased property values, benefiting both individuals and the broader economy.

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.

OWN YOUR HOME IN WESTCHESTER AREA, MAKE LOTS OF MONEY

Call to Action – if you would like to chat about what is right for you, just call or text to 484 574 4088 or email to john@johnherreid.com

• Homeownership has yielded substantial long-term benefits over the last five and 30 year periods, with nationwide averages of 57% and 297% price growth, respectively.

• Recent forecasts projecting home prices to crash in 2023 proved false, as prices experienced only slight declines before rebounding quickly.

• Experts project that home prices will continue to rise for years to come.

• Homeowners who purchased property 30+ years ago are still reaping the benefits of their decision.

Long-term benefits of homeownership extend beyond mere financial gains. For instance, homeowners often experience an increased sense of stability and security, as they are free from the unpredictable conditions of the rental market. They have control over their living environment, with the freedom to renovate or make changes to their property as they see fit. Homes often become long-term investments that can be passed down to future generations, fostering a sense of family heritage and continuity. Lastly, homeownership often triggers community involvement, as homeowners are more likely to invest time and effort into their neighborhood, enhancing the communal experience for everyone.

For a snapshot of building your wealth in Chester county, consider the below chart of median sales price of single family homes starting in 2014:

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

Bottom line, just the growth in home value increases family wealth by 67%.  Adding to this would be the impact of reducing the outstanding balance on the mortgage. That would come to about $50,000 at a 7% interest rate after 9 years.

Homeownership is not just an economic decision; it also taps into the emotional spectrum of humans. It provides a sense of belonging and autonomy, contributing significantly to one’s emotional wellbeing. Owning a home serves as a source of pride and accomplishment, boosting self-esteem. This emotional connection is further deepened when homeowners transform their property into a personal sanctuary, reflecting their taste, lifestyle, and experiences. The freedom to decorate and rearrange without limitations conveys a sense of control, enhancing emotional stability. Moreover, homeownership often cultivates invaluable relationships with neighbors, enriching social and emotional life. In essence, a house is not merely a physical structure, but an emotional hub imbued with memories, warmth, and a sense of identity.

From a financial perspective, homeownership can be perceived as a robust investment strategy offering both short-term and long-term benefits. In the short-term, homeowners may enjoy tax benefits, as mortgage interest and property tax payments are often tax-deductible. Additionally, a fixed-rate mortgage ensures predictable monthly housing costs, providing homeowners with financial certainty compared to renters who may face unexpected rent increases.

As you can see from the above, in the long-term, homeownership can lead to significant wealth accumulation. As homeowners make mortgage payments over time, they build equity in their homes—a valuable asset that can be used to secure future credit or fund significant expenses. Moreover, homes generally appreciate in value over time, potentially yielding substantial returns when the property is sold. It’s crucial to remember that while homeownership has the potential for significant financial rewards, it also comes with financial responsibilities such as maintenance costs and property taxes. Hence, a well-informed, balanced approach to homeownership is essential to optimize its impact on personal finances.

Homeownership significantly contributes to economic growth and stability. It stimulates demand for goods and services as homeowners usually invest in home improvements and regular maintenance, thereby creating job opportunities in construction, retail, and other related industries. A robust housing market can also lead to increased property tax revenues for local governments, which can be reinvested into community development. Additionally, the ability to borrow against home equity can spur consumer spending, driving economic expansion. Furthermore, homeownership fosters a sense of stability and community cohesion, which can lead to improved neighborhood conditions and increased property values, benefiting both individuals and the broader economy.

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.

SELLING A HOUSE IN THE MEDIA AREA. WHAT YOU NEED TO GET THE BEST PRICE

Selling A House in the Media Area. What You Need to Get the Best Price

In today’s dynamic housing market, having a trusted real estate expert by your side is more crucial than ever. Whether you’re a first-time or repeat seller, an experienced agent can guide you through each unique step of the process, ensuring you make informed and confident decisions.

Not all agents operate the same way. A real estate specialist who understands current home prices, housing supply, and industry projections can provide optimal advice, separating fact from fiction and debunking sensationalized headlines with trustworthy data. As Jay Thompson, a Real Estate Industry Consultant, warns, clickbait headlines predicting doom for the industry often lead to fear and uncertainty among consumers.

Jason Lewris, Co-Founder and Chief Data Officer at Parcl, echoes this sentiment, stating that in the absence of reliable, updated information, real estate decisions are increasingly driven by fear, uncertainty, and doubt. However, it doesn’t have to be this way.

To make sure you get the best price for your house,  you need to make sure that you select the best agent you can find.  Hereis how to do that:

  • Interview at least two agents and preferably three or four.
  • Ask each agent what their processes are to make sure that you get the best price.
  • Then listen and evaluate their answers to the following questions.
  • What is their pricing plan and strategy?
  • What is their marketing plan and strategy?
  • Internet exposure sells most of the houses today. What is their Internet marketing plan?
  • What is the sales price history for our area?
  • What are the sales price projections for our area?
  • How will they keep me informed of what is going on?
  • Then select the agent you think is the most competent and with whom you feel the most comfortable.
  • Of course selling a homeis always a two sided process. You have to find another place to live. That will be the subject of the next blog.

Here are some of the data with which your agent should be intimately familiar. There are three critical  trends, Number of Sales, Sales Prices and Days on Market.

Number of Sales in the Media area (defined as Rose Tree Media, Radnor, Wallingford-Swarthmore and  Garnet Valley School Districts): In a “Normal Year”, by July of each year, we would sell about 580 single family houses. This year we are at about 408 for a 30% decrease. That is the source for some of the headlines that the real estate market has gone to pieces and don’t make a move.

You might think that with sales way down, prices would be also. But, prices are stable and increasing. Just check out this chart.

Media Area, Median Sale Price, Single Family Houses, 2021 through July 2023
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 2023
Jan $499,995 $542,000 $42,005 8.4% $540,220 ($1,780) -0.3%
Feb $372,500 $459,500 $87,000 23.4% $484,050 $24,550 5.3%
Mar $550,000 $475,000 ($75,000) -13.6% $507,500 $32,500 6.8%
Apr $459,014 $462,000 $2,986 0.7% $470,000 $8,000 1.7%
May $505,500 $657,000 $151,500 30.0% $575,000 ($82,000) -12.5%
Jun $549,500 $580,000 $30,500 5.6% $572,500 ($7,500) -1.3%
Jul $541,500 $554,220 $12,720 2.3% $600,000 $45,780 8.3%
Aug $529,500 $592,500 $63,000 11.9%
Sep $496,000 $550,000 $54,000 10.9%
Oct $500,000 $525,000 $25,000 5.0%
Nov $467,500 $528,500 $61,000 13.0%
Dec $522,000 $480,000 ($42,000) -8.0%
Annual $499,417 $533,810 $34,393 6.9%
YTD,July $496,858 $532,817 $35,959 7.2% $535,610 $2,793 0.5%
Summary: Year Over Year Sales Price up 10 of 12 months, 2022 to 2021
Year Over Year Sales Price up 4 of 7 months, 2023 to 2022
Areas Included Wall-Swarth, Rose Tree Media, Radnor, Garnet Valley

Year over year prices are up over the last 2 and 1/2 years and show no sign of slowing down.

And houses are selling very quickly. A “Normal” time to sell a home used to be about 30 days; now it is about a week, give or take a few days. That is very speedy.

The right agent can help you to take advantage of all of these trends.

In conclusion, if you’re seeking reliable advice and trusted information about our local housing market, let’s connect. You don’t have to navigate this journey alone.

Please look at this short  video I prepared to communicate the most important points to you:

Just double click on this hyperlink  to play the video: https://vid.us/h5cgvq

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.
  • 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.
  • 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.
  • 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 this spring. 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.

SELLING A HOUSE IN WESTCHESTER. WHAT YOU NEED TO GET THE BEST PRICE.

Selling A House in Westchester. What You Need to Get the Best Price

In today’s dynamic housing market, having a trusted real estate expert by your side is more crucial than ever. Whether you’re a first-time or repeat seller, an experienced agent can guide you through each unique step of the process, ensuring you make informed and confident decisions.

Not all agents operate the same way. A real estate specialist who understands current home prices, housing supply, and industry projections can provide optimal advice, separating fact from fiction and debunking sensationalized headlines with trustworthy data. As Jay Thompson, a Real Estate Industry Consultant, warns, clickbait headlines predicting doom for the industry often lead to fear and uncertainty among consumers.

Jason Lewris, Co-Founder and Chief Data Officer at Parcl, echoes this sentiment, stating that in the absence of reliable, updated information, real estate decisions are increasingly driven by fear, uncertainty, and doubt. However, it doesn’t have to be this way.

To make sure you get the best price for your house,  you need to make sure that you select the best agent you can find.  Hereis how to do that:

  • Interview at least two agents and preferably three or four.
  • Ask each agent what their processes are to make sure that you get the best price.
  • Then listen and evaluate their answers to the following questions.
  • What is their pricing plan and strategy?
  • What is their marketing plan and strategy?
  • Internet exposure sells most of the houses today. What is their Internet marketing plan?
  • What is the sales price history for our area?
  • What are the sales price projections for our area?
  • How will they keep me informed of what is going on?
  • Then select the agent you think is the most competent and with whom you feel the most comfortable.
  • Of course selling a homeis always a two sided process. You have to find another place to live. That will be the subject of the next blog.

Here are some of the data with which your agent should be intimately familiar. There are three critical  trends, Number of Sales, Sales Prices and Days on Market.

Number of Sales in the Westchester area: In a “Normal Year”, by July of each year, we would sell about 1,000 single family houses. This year we are at about 600 for a 40% decrease. That is the source for some of the headlines that the real estate market has gone to pieces and don’t make a move.

You might think that with sales way down, prices would be also. But, prices are stable and increasing. Just check out this chart.

Westchester Area, Median Sale Price, Single Family Houses, 2021 through 2023
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 22-21 2023 23-22
Jan $411,000 $450,000 $39,000 9.5% $447,500 ($2,500) -0.6%
Feb $430,000 $453,275 $23,275 5.4% $467,450 $14,175 3.1%
Mar $466,403 $480,000 $13,597 2.9% $480,000 $0 0.0%
Apr $446,551 $490,000 $43,449 9.7% $528,420 $38,420 7.8%
May $478,700 $495,000 $16,300 3.4% $525,000 $30,000 6.1%
Jun $466,150 $540,000 $73,850 15.8% $540,388 $388 0.1%
Jul $449,050 $535,000 $85,950 19.1% $507,000 ($28,000) -5.2%
Aug $470,674 $482,500 $11,826 2.5%
Sep $453,614 $465,000 $11,386 2.5%
Oct $460,000 $490,000 $30,000 6.5%
Nov $449,385 $485,000 $35,615 7.9%
Dec $455,500 $435,000 ($20,500) -4.5%
Annual $453,086 $483,398 $30,312 6.7%
YTD, July $449,693 $491,896 $42,203 9.4% $499,394 $7,498 1.5%
Sumary:  Year over Year Sales Price Up 11 of 12 months, 2022 to 2021
Year over Year Sales Price Up 5 of 7 months, 2023 to 2022
Prices still steady and going up in the West Chester Area. 
Areas included, Westchester, Downingtown, Great Valley

Year over year prices are up over the last 2 and 1/2 years and show no sign of slowing down.

And houses are selling very quickly. A “Normal” time to sell a home used to be about 30 days; now it is about a week, give or take a few days. That is very speedy.

The right agent can help you to take advantage of all of these trends.

In conclusion, if you’re seeking reliable advice and trusted information about our local housing market, let’s connect. You don’t have to navigate this journey alone.

Please look at this short  video I prepared to get a few additional thoughts out to you:

Please double click on this hyperlink  to play the video: https://vid.us/wvflj9

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.
  • 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.
  • 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.
  • 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 this spring. 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, PENNSYLVANIA, WHY NOW IS A GREAT TIME FOR HOME SELLERS

MEDIA, PENNSYLVANIA, WHY NOW IS A GREAT TIME FOR HOME SELLERS

Media, Pennsylvania is a great place to live, and now is an excellent time for home sellers in the area With increased consumer confidence, and increasing demand from buyers, Pennsylvania media has been buzzing with stories of homes being sold quickly. Buyers are eager to purchase new homes as they enjoy the benefits of living in one of America’s most beautiful places.

Price levels for residential real estate in the Media area  have been very stable and increasing in recent years. As of late, the market has seen a dramatic increase in home prices. This upswing in home values has an incredible benefit for home sellers. With the increased demand for homeownership and the lack of supply in our current housing market, now is the best time to take advantage of this seller’s market.

Increased Home Prices
The continuous increase in home prices is a primary indicator that the housing market is thriving. Buyers are willing to pay more for a home, making this the best time for sellers to make an excellent profit. Homeowners who have been on the market for extended periods will appreciate the unexpected price increases, no matter how small or large. While some sellers might worry about overpriced homes that don’t sell, it’s a challenge for any market. As long as the asking price is realistic, sellers can be assured that buyers will show interest.

Please check out the below chart for the recent history of home value increases in the Media area.

Media Area, Median Sale Price, Single Family Houses, 2021 through July 2023
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 2023
Jan $499,995 $542,000 $42,005 8.4% $540,220 ($1,780) -0.3%
Feb $372,500 $459,500 $87,000 23.4% $484,050 $24,550 5.3%
Mar $550,000 $475,000 ($75,000) -13.6% $507,500 $32,500 6.8%
Apr $459,014 $462,000 $2,986 0.7% $470,000 $8,000 1.7%
May $505,500 $657,000 $151,500 30.0% $575,000 ($82,000) -12.5%
Jun $549,500 $580,000 $30,500 5.6% $572,500 ($7,500) -1.3%
Jul $541,500 $554,220 $12,720 2.3% $600,000 $45,780 8.3%
Aug $529,500 $592,500 $63,000 11.9%
Sep $496,000 $550,000 $54,000 10.9%
Oct $500,000 $525,000 $25,000 5.0%
Nov $467,500 $528,500 $61,000 13.0%
Dec $522,000 $480,000 ($42,000) -8.0%
Annual $499,417 $533,810 $34,393 6.9%
YTD,July $496,858 $532,817 $35,959 7.2% $535,610 $2,793 0.5%
Summary: Year Over Year Sales Price up 10 of 12 months, 2022 to 2021
Year Over Year Sales Price up 4 of 7 months, 2023 to 2022
Areas Included Wall-Swarth, Rose Tree Media, Radnor, Garnet Valley

 

As you can see, prices are still on the rise in our area. If you bought the median priced house as little as two years ago, you already have over $30,000 increase value.  And with low inventories, houses are selling quickly, usually in about a week or less. That is more good news for buyers looking for the best way to  build family wealth.

High Interest Rates
One hurdle for homebuyers is the recent dramatic rise in interest rates from about 3-4% up to 7% and higher. However, home prices are stable and rising in the area. I advise people who can make the purchase to do it now so that they start to realize the immediate appreciation in the value of their home.

High Demand
The demand for homes is on the rise with more Gen Z and Millennials leaving apartments to start families or search for more extensive living spaces for remote work purposes. A high demand means a higher chance for a bidding war, driving up home prices and increasing the home seller’s profit margins. With remote work becoming more common, families are searching for larger homes or better spaces suited for a work-from-home environment, driving the market even more.

Easy Listing and Closing Processes
Real estate agencies are streamlining the selling process by listing homes in more traditional ways like architectural listings or on MLS platforms. Selling a house no longer requires significant efforts from the homeowners dealing with the stresses of repairs, staging, and accompanied showings. The market’s high demand is also making the closing process more efficient, with fewer contingencies and shorter closing periods.

Conclusion:
With all the above indications, this is undoubtedly the best time for homeowners to sell their homes in this seller’s market. Homeowners are presented with a unique opportunity to list properties and make a lucrative profit. The increase in home prices,  high demand, and efficient selling processes all point to a robust market set up for those intending to sell their homes. Homeowners looking to profit from their current homes should take advantage of this seller’s market by contacting a trusted real estate agent today.

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.
  • 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.
  • 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.
  • 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 this spring. 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.

WESTCHESTER AREA, WHY NOW IS A GREAT TIME FOR HOME SELLERS

WESTCHESTER AREA, WHY NOW IS A GREAT TIME FOR HOME SELLERS

Price levels for residential real estate in the Westchester area  have been very stable and increasing in recent years. As of late, the market has seen a dramatic increase in home prices. This upswing in home values has an incredible benefit for home sellers. With the increased demand for homeownership and the lack of supply in our current housing market, now is the best time to take advantage of this seller’s market.

Increased Home Prices
The continuous increase in home prices is a primary indicator that the housing market is thriving. Buyers are willing to pay more for a home, making this the best time for sellers to make an excellent profit. Homeowners who have been on the market for extended periods will appreciate the unexpected price increases, no matter how small or large. While some sellers might worry about overpriced homes that don’t sell, it’s a challenge for any market. As long as the asking price is realistic, sellers can be assured that buyers will show interest.

Please check out the below chart for the recent history of home value increases in the Westchester area.

Westchester Area, Median Sale Price, Single Family Houses, 2021 through 2023
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 22-21 2023 23-22
Jan $411,000 $450,000 $39,000 9.5% $447,500 ($2,500) -0.6%
Feb $430,000 $453,275 $23,275 5.4% $467,450 $14,175 3.1%
Mar $466,403 $480,000 $13,597 2.9% $480,000 $0 0.0%
Apr $446,551 $490,000 $43,449 9.7% $528,420 $38,420 7.8%
May $478,700 $495,000 $16,300 3.4% $525,000 $30,000 6.1%
Jun $466,150 $540,000 $73,850 15.8% $540,388 $388 0.1%
Jul $449,050 $535,000 $85,950 19.1% $507,000 ($28,000) -5.2%
Aug $470,674 $482,500 $11,826 2.5%
Sep $453,614 $465,000 $11,386 2.5%
Oct $460,000 $490,000 $30,000 6.5%
Nov $449,385 $485,000 $35,615 7.9%
Dec $455,500 $435,000 ($20,500) -4.5%
Annual $453,086 $483,398 $30,312 6.7%
YTD, July $449,693 $491,896 $42,203 9.4% $499,394 $7,498 1.5%
Sumary:  Year over Year Sales Price Up 11 of 12 months, 2022 to 2021
Year over Year Sales Price Up 5 of 7 months, 2023 to 2022
Prices still steady and going up in the West Chester Area. 
Areas included, Westchester, Downingtown, Great Valley

 

As you can see, prices are still on the rise in our area. And with low inventories, houses are selling quickly, usually in about a week or less. That is good news for buyers looking for the best way to  build family wealth.

High Interest Rates
One hurdle for homebuyers is the recent dramatic rise in interest rates from about 3-4% up to 7% and higher. However, home prices are stable and rising in the area. I advise people who can make the purchase to do it now so that they start to realize the immediate appreciation in the value of their home.

High Demand
The demand for homes is on the rise with more Gen Z and Millennials leaving apartments to start families or search for more extensive living spaces for remote work purposes. A high demand means a higher chance for a bidding war, driving up home prices and increasing the home seller’s profit margins. With remote work becoming more common, families are searching for larger homes or better spaces suited for a work-from-home environment, driving the market even more.

Easy Listing and Closing Processes
Real estate agencies are streamlining the selling process by listing homes in more traditional ways like architectural listings or on MLS platforms. Selling a house no longer requires significant efforts from the homeowners dealing with the stresses of repairs, staging, and accompanied showings. The market’s high demand is also making the closing process more efficient, with fewer contingencies and shorter closing periods.

Conclusion:
With all the above indications, this is undoubtedly the best time for homeowners to sell their homes in this seller’s market. Homeowners are presented with a unique opportunity to list properties and make a lucrative profit. The increase in home prices,  high demand, and efficient selling processes all point to a robust market set up for those intending to sell their homes. Homeowners looking to profit from their current homes should take advantage of this seller’s market by contacting a trusted real estate agent today.

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.
  • 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.
  • 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.
  • 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 this spring. 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.

WESTCHESTER, PA; UNDERSTANDING EQUITY IN HOME OWNERSHIP

UNDERSTANDING EQUITY IN HOME OWNERSHIP. WHY IT MATTERS

Owning a home is a significant accomplishment that comes with numerous benefits. However, one essential aspect of homeownership that often gets overlooked is equity. Building equity is crucial for homeowners since it can secure better mortgage rates, provide funds for a down payment, and increase the value of the home. Unfortunately, many homeowners don’t understand the concept of equity, let alone how to build it.

UNDERSTANDING EQUITY

Equity is the difference between the value of your home and the amount you owe on your mortgage. For instance, if your home is worth $500,000, and your mortgage balance is $300,000, your equity is $200,000. It’s important to note that equity is not the same as home value. Home value refers to the current worth of your property, while equity is an asset that has accumulated as you’ve paid off your mortgage over time. Equity plays a vital role in mortgage rates since lenders view borrowers with more equity as less risky and offer them lower rates. Moreover, homeowners with significant equity can sell their homes at a higher price.

THE BENEFITS OF EQUITY

Building equity has numerous benefits in homeownership. One of the primary advantages is that it can provide funds for a down payment when purchasing a new home. For example, if the value of your current home exceeds the mortgage balance, you can use the surplus equity to make a down payment on your new home. In addition, if you’re in a position to do so, purchasing a home in all cash can be a smart investment strategy, and equity can make that a viable option.

In the West Chester area, home values have been increasing rapidly. For instance, please check out the below chart which shows median sales prices for homes in the West Chester area over the last two and a half years.

Westchester Area, Median Sale Price, Single Family Houses, 2021 through 2023
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 22-21 2023 23-22
Jan $411,000 $450,000 $39,000 9.5% $447,500 ($2,500) -0.6%
Feb $430,000 $453,275 $23,275 5.4% $467,450 $14,175 3.1%
Mar $466,403 $480,000 $13,597 2.9% $480,000 $0 0.0%
Apr $446,551 $490,000 $43,449 9.7% $528,420 $38,420 7.8%
May $478,700 $495,000 $16,300 3.4% $525,000 $30,000 6.1%
Jun $466,150 $540,000 $73,850 15.8% $540,388 $388 0.1%
Jul $449,050 $535,000 $85,950 19.1% $507,000 ($28,000) -5.2%
Aug $470,674 $482,500 $11,826 2.5%
Sep $453,614 $465,000 $11,386 2.5%
Oct $460,000 $490,000 $30,000 6.5%
Nov $449,385 $485,000 $35,615 7.9%
Dec $455,500 $435,000 ($20,500) -4.5%
Annual $453,086 $483,398 $30,312 6.7%
YTD, July $449,693 $491,896 $42,203 9.4% $499,394 $7,498 1.5%
Sumary: Year over Year Sales Price Up 11 of 12 months, 2022 to 2021
Year over Year Sales Price Up 5 of 7 months, 2023 to 2022
Prices still steady and going up in the West Chester Area.
Areas included, Westchester, Downingtown, Great Valley

If you bought a house just 2 and one half years ago for the median price of $453,086, you would have increased equity of almost $50,000. If you bought your house more earlier than 2021, you would have even more equity.

A CMA, (Comparative Market Analysis) is a report that provides homeowners with an  estimate of their home’s current value, the amount of equity, and how they can improve it. Obtaining a CMA is beneficial for homeowners who want to verify their property’s worth and understand their equity’s potential. It can also be used by homeowners who plan to sell their homes to determine a competitive price and ask for more in a home sale. If you would like a CMA for your house, please call or text me at 484 574 4088 or go on my web site at www.johnherreid.com and ask for a home value estimate.

Equity is a crucial aspect of homeownership that every homeowner should understand. Homeowners with more equity have more financial flexibility, including lower mortgage rates, funds for a down payment, and increased property value. By obtaining a CMA and making simple home improvements,  homeowners can boost their equity’s potential, secure their financial future, and grow their wealth. Taking small steps now can lead to tremendous gains over time, making it well worth the effort.

WHAT YOUR HOUSE REALLY REPRESENTS

For many homeowners, a house represents not just a place of shelter and refuge, but also a major investment. This is especially true for those who have built up significant home equity over time. However, with mortgage rates fluctuating and economic uncertainty looming, some homeowners may be questioning whether it’s time to cash out and sell their homes. While concerns about mortgage rates are understandable, homeowners also need to consider their overall net worth when making this decision. Selling a home can have a significant impact on a person’s financial situation, so it’s important to weigh all the options carefully.

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.
  • 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 shifting, 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. Minimize the fear or uncertainty that could change your plans. If you’re unsure about how to make sense of what’s going on in today’s housing market, text or call me at 484-574-4088 or go to my web site, (johnherreid.com) and lets set up a time to meet, either on line or in person. I have the software so that we can meet virtually and make the best use of your time.
  • 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.
  • 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 this spring. 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
  • There will be very unsettling headlines around the housing market this year. Most will be wrong.
  • Let’s connect so you have an expert on your side to help you keep everything in proper perspective.