DELAWARE COUNTY, 2 THINGS SELLERS NEED TO KNOW THIS SPRING

DELAWARE  COUNTY, 2 THINGS SELLERS NEED TO KNOW THIS SPRING

A lot has changed over the past year, and you might be wondering what’s in store for the spring housing market. If you’re planning to sell your house this season, here’s what real estate experts are saying you should keep in mind.

1. HOUSES THAT ARE PRICED RIGHT ARE STILL SELLING

Houses that are updated and priced at their current market value are still selling. Jeff Tucker, Senior Economist at Zillow, says:

“. . . sellers who price and market their home competitively shouldn’t have a problem finding a buyer.”

The need to price your house right is so important today because the market has changed so much over the past year. Danielle Hale, Chief Economist at realtor.com, explains:

“With a smaller pool of buyers today and more competition from other homes on the market, homesellers will likely need to adjust their price expectations in the market this spring.”

While this spring housing market is different than last year’s, sellers with proper expectations who lean on a real estate expert for the best advice on pricing their house well are still finding success. And that’s great news if you’re thinking about selling.

2. BUYERS ARE STILL OUT THERE

As mortgage rates have risen and remain volatile, some buyers have pressed pause on their plans. But there are still plenty of reasons people are buying homes today. Lisa Sturtevant, Chief Economist at Bright MLS, spells out the mindset of today’s buyers:

“For some buyers, higher mortgage rates simply means buying a home is out of the question unless home prices fall. For others, higher mortgage rates will be a hurdle but ultimately will not keep them from getting back into the market after sitting on the sidelines for months.”

That’s why, if you’re interested in selling your house this spring, it’s helpful to work with a real estate agent who can help connect you with those buyers who are ready to purchase a home.

WHAT DOES THIS MEAN FOR DELAWARE COUNTY?

If you are thinking about selling and making a move up buy, there are two major factors to consider.

  • Will I be able to sell for the price I think is fair,  in this increased interest rate market?
  • How long will it probably take?

To answer the first question, please take a look at the table below. It shows median price of a single family home in Delaware county for the last 2+ years. Please note that the median price for 10 of the 12 months in 2022 was higher than for the same month in 2021.  This trend continued into January and February, 2023.

MEDIAN SALES PRICE, DELAWARE COUNTY, SINGLE FAMILY DETACHED.
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 2023
Jan $359,000 $360,000 $1,000 0.3% $375,000 $15,000 4.2%
Feb $335,450 $376,000 $40,550 12.1% $390,000 $14,000 3.7%
Mar $369,500 $403,500 $34,000 9.2% $387,500 ($16,000) -4.0%
Apr $400,000 $415,000 $15,000 3.8%
May $400,000 $427,000 $27,000 6.8%
Jun $410,000 $451,500 $41,500 10.1%
Jul $425,000 $420,000 ($5,000) -1.2%
Aug $415,000 $430,000 $15,000 3.6%
Sep $385,000 $385,000 $0 0.0%
Oct $400,000 $390,000 ($10,000) -2.5%
Nov $384,900 $410,000 $25,100 6.5%
Dec $380,000 $420,000 $40,000 10.5%
Annual $388,654 $407,333 $18,679 4.8%
Average Sales Price, 1Q, 2022 $379,833
Average Sales Price, 1Q, 2023 $384,167
Difference $4,333
% Diff 1.1%

 

March 2023 median price was lower than the same month in 2022. Could this mean that we have reached a turning point and that prices will probably be going down from here on?  Maybe, but I do not think so. Even if we have a modest dip, price appreciation should resume quickly. That means that you can get a reasonable price for your home, if you choose to make a move up buy.

With respect to how long will it take, Days on Market for Delaware County for the last 3 months have been 16, 18 and 11. That means that if  your house is priced right and marketed well, you can reasonably expect to have an offer you can accept no more that 2-3 weeks.

SUGGESTED NEXT STEPS FOR YOU TO MAKE SURE YOU HAVE THE INFORMATION YOU NEED TO MAKE THE RIGHT DECISION

  • 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 this spring.
  • Do I think that now is a good time to sell and make that move up buy?  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.

CHESTER COUNTY, USE YOUR EQUITY WHEN YOU SELL YOUR HOUSE

CHESTER COUNTY, USE YOUR EQUITY WHEN YOU SELL YOUR HOUSE

One of the benefits of being a homeowner is that you build equity over time. By selling your house, that equity can be used toward purchasing your next home. But before you can put it to use, you should understand exactly what equity is and how it grows. Bankrate explains it like this:

“Home equity is the portion of your home you’ve paid off – in other words, your stake in the property as opposed to the lender’s. In practical terms, home equity is the appraised value of your home minus any outstanding mortgage and loan balances.”

Majority of Americans Have a Large Amount of Equity

If you’ve owned your home for a while, you’ve likely built up some equity – and you may not even realize how much. Based on data from the U.S. Census Bureau and ATTOM, the majority of Americans have a substantial amount of equity right now (see graph below):

And having such large amounts of equity is a benefit to homeowners in more ways than one. Rick Sharga, Executive Vice President of Market Intelligence at ATTOM, explains:

“Record levels of home equity provide security for millions of families, and minimize the chance of another housing market crash like the one we saw in 2008.”

Over time, your home equity grows. In addition to providing financial stability while you own your house, when you’re ready to sell it, that money could go a long way toward paying for your next home.

HOW DOES THIS APPLY TO CHESTER COUNTY?

Check out the chart below, If you had purchased the average priced single family home in Chester county for $380,000 in 2017, by the end of 2022 you would have an estimated $236,663 in equity. Stated differently, you own 62% of the house. Your lender only owns 38%. If you are in the market for a move up buy, you can use this equity to finance the purchase and improve your family’s standard of living even more.

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

Naturally if you owned your home for less than those five years, your equity would be less. But even after only one year, you would have equity of $75,098. You could do a lot with that.

SUGGESTED NEXT STEPS FOR YOU TO MAKE SURE YOU HAVE THE INFORMATION YOU NEED TO MAKE THE RIGHT DECISION

  • 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 this spring.
  • 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.
  • If you would like to listen to our recent 14 minute podcast on this topic, please click on https://bit.ly/Leverage_Your_Equity_When_You_Sell_Your_House

DELAWARE COUNTY, TWO BIG ISSUES IN THE HOUSING MARKET, WHAT THAT MEANS TO YOU

DELAWARE COUNTY, Two Big Issues IN THE HOUSING MARKET, WHAT THAT MEANS TO YOU

The Two Big Issues the Housing Market’s Facing Right Now | MyKCM

CONCLUSIONS:

  • First issue is that we still have a limited number of houses for sale.
  • Second issue is that higher mortgage rates have some prospective buyers and sellers on the sidelines.
  • In spite of this right now is a better time for both first time buyers and move up sellers and buyers than waiting for interest rates and/or prices to come down.

DISCUSSION

The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:

“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeownersandthe fear of not finding something to buy.”

Let’s break down these two big issues in today’s housing market.

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.

When so many homeowners are rate locked and reluctant to sell, it’s a challenge for a housing market that needs more inventory. However, experts project mortgage rates will gradually fall this year, and that could mean more people will be willing to move as that happens.

The Fear of Not Finding Something To Buy

The other factor holding back potential sellers is the fear of not finding another home to buy if they move. Worrying about where they’ll go has left many on the sidelines as they wait for more homes to come to the market. That’s why, if you’re on the fence about selling, it’s important to consider all your options. That includes newly built homes, especially right now when builders are offering concessions like mortgage rate buydowns.

What Does This Mean for You?

Let’s take a deeper dive into the facts and see what they say about what buyers and sellers should do now.

These two issues are keeping the supply of homes for sale lower than pre-pandemic levels. But if you want to sell your house, today’s market is a sweet spot that can work to your advantage. In Delaware county,  houses are still selling quickly. Just check out the below data.

DELAWARE COUNTY, MEDIAN DAYS ON MARKET
JAN 2021 – FEB 2023
Month CDOM 2021 CDOM 2022 CDOM  2023
Jan 7 15 12
Feb 12 12 12
Mar 7 7
Apr 6 7
May 6 6
Jun 6 6
Jul 7 6
Aug 7 8
Sep 10 9
Oct 10 11
Nov 10 8
Dec 12 9

Median Days on Market increased from 6-10 days over the past two years, up to 12 days in December and January. What that means is that if you put your house on the market you can reasonably expect to get an acceptable agreement of sale in 12 days or in a little less than two weeks.  Bottom line, when your house is professionally marketed and priced, you should have no problem selling.

But how about finding that next place to live? For first time buyers with no existing house to sell, that is not an issue. It just will probably take a little longer than it would have a year or so ago.

DELAWARE COUNTY, MONTHS OF INVENTORY, JAN 21 THRU FEB 23
Month Months Of Months Of Months Of
Inventory, 2021 Inventory, 2022 Inventory, 2023
Jan 3 3 4
Feb 5 3 3
Mar 4 3
Apr 4 3
May 4 3
Jun 3 3
Jul 3 3
Aug 3 2
Sep 4 3
Oct 3 3
Nov 3 3
Dec 2 2

 

Also prices are stable and still increasing. To verify please check out the below chart. Median sales price was higher than the same month in the previous year for 9 of the 12 months in 2022.  The same trend continued into 2023.

DELAWARE COUNTY, MEDIAN SALES  PRICE
JAN 2021 THRU FEB 2023
Month Sale Price Sale Price Sale Price
Median 2021 Median 2022 Median 2023
Jan $359,000 $360,000 $375,000
Feb $335,450 $376,000 $390,000
Mar $369,500 $403,500
Apr $400,000 $415,000
May $400,000 $427,000
Jun $410,000 $451,500
Jul $425,000 $420,000
Aug $415,000 $430,000
Sep $385,000 $385,000
Oct $400,000 $390,000
Nov $384,900 $410,000
Dec $380,000 $420,000

 

For the Move Up Buyer, my advice is to consider finding the  house you want and getting an Agreement of Sale before putting your house on the market. Try to negotiate a long settlement (like 90 days) to give you more time to find your next house. Because the Median Days on Market are only 12 days, this should not present a problem.

Is this a little risky? Yes,  but in this low inventory market I think it is a reasonable risk to take to lock in the price for your next house before they go higher.

Be sure to work with a local real estate professional to explore the options you have right now, which could include leveraging your current home equity. According to ATTOM:

“. . . 48 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values.”

This could make a major difference when you move. Work with a local real estate expert to learn how putting your equity to work can keep the cost of your next home down.

RECOMMENDATIONS:

  • For First Time Buyers: Prices are still stable and moving up in Delaware county. Thus it makes sense for you to buy that first house NOW. That way you begin to build your family’s wealth and net worth right away.
  • For Move Up Buyers: Given the low inventory or houses in Delaware county,  your first step should be to get an agreement of sale on the house to which you want to move. That could take longer than normal and you want to insure that you can get into a house you really like.
  • Then get your house on the market. Given the speed with which houses are selling, this presents minimal risk to you.

SUGGESTED NEXT STEPS FOR YOU TO MAKE SURE YOU HAVE THE INFORMATION YOU NEED TO MAKE THE RIGHT DECISION

  • 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 this spring.
  • 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. 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.

CHESTER COUNTY, TWO BIG ISSUES IN THE HOUSING MARKET; WHAT THAT MEANS TO YOU

CHESTER COUNTY, Two Big Issues IN THE HOUSING MARKET, WHAT THAT MEANS TO YOU

The Two Big Issues the Housing Market’s Facing Right Now | MyKCM

CONCLUSIONS:

  • First issue is that we still have a limited number of houses for sale.
  • Second issue is that higher mortgage rates have some prospective buyers and sellers on the sidelines.
  • In spite of this right now is a better time for both first time buyers and move up sellers and buyers than waiting for interest rates and/or prices to come down.

DISCUSSION

The biggest challenge the housing market’s facing is how few homes there are for sale. Mark Fleming, Chief Economist at First American, explains the root causes of today’s low supply:

“Two dynamics are keeping existing-home inventory historically low – rate-locked existing homeownersandthe fear of not finding something to buy.”

Let’s break down these two big issues in today’s housing market.

Rate-Locked Homeowners

According to the Federal Housing Finance Agency (FHFA), the average interest rate for current homeowners with mortgages is less than 4% (see graph below):

But today, the typical mortgage rate offered to buyers is over 6%. As a result, many homeowners are opting to stay put instead of moving to another home with a higher borrowing cost. This is a situation known as being rate locked.

When so many homeowners are rate locked and reluctant to sell, it’s a challenge for a housing market that needs more inventory. However, experts project mortgage rates will gradually fall this year, and that could mean more people will be willing to move as that happens.

The Fear of Not Finding Something To Buy

The other factor holding back potential sellers is the fear of not finding another home to buy if they move. Worrying about where they’ll go has left many on the sidelines as they wait for more homes to come to the market. That’s why, if you’re on the fence about selling, it’s important to consider all your options. That includes newly built homes, especially right now when builders are offering concessions like mortgage rate buydowns.

What Does This Mean for You?

Let’s take a deeper dive into the facts and see what they say about what buyers and sellers should do now.

These two issues are keeping the supply of homes for sale lower than pre-pandemic levels. But if you want to sell your house, today’s market is a sweet spot that can work to your advantage. In Chester county,  houses are still selling quickly. Just check out the below data.

CHESTER COUNTY, MEDIAN DAYS ON MARKET, JAN 21 – FEB 23
Month CDOM, 2021 CDOM, 2022 CDOM, 2023
Jan 8 7 14
Feb 9 8 8
Mar 7 6
Apr 6 5
May 5 6
Jun 6 6
Jul 6 6
Aug 6 7
Sep 7 7
Oct 6 7
Nov 8 7
Dec 7 12

Median Days on Market increased from 6-7 days over the past two years, up to 12 and 14 days in December and January, then got back into more familiar territory in February at 8 days. What that means is that if you put your house on the market you can reasonably expect to get an acceptable agreement of sale in 8 days or about one week which is where we have been for 2 years plus.  Also prices are stable and still increasing.  Bottom line, when your house is professionally marketed and priced, you should have no problem selling.

But how about finding that next place to live? For first time buyers with no existing house to sell, that is not an issue. It just will probably take a little longer than it would have a year or so ago.

For the Move Up Buyer, my advice is to consider finding the  house you want and getting an Agreement of Sale before putting your house on the market. Try to negotiate a long settlement (like 90 days) to give you more time to find your next house. Because the Median Days on Market are only 8 days, this should not present a problem.

Is this a little risky? Yes,  but in this low inventory market I think it is a reasonable risk to take to lock in the price for your next house before they go higher.

Be sure to work with a local real estate professional to explore the options you have right now, which could include leveraging your current home equity. According to ATTOM:

“. . . 48 percent of mortgaged residential properties in the United States were considered equity-rich in the fourth quarter, meaning that the combined estimated amount of loan balances secured by those properties was no more than 50 percent of their estimated market values.”

This could make a major difference when you move. Work with a local real estate expert to learn how putting your equity to work can keep the cost of your next home down.

RECOMMENDATIONS:

  • For First Time Buyers: Prices are still stable and moving up in Chester county. Thus it makes sense for you to buy that first house NOW. That way you begin to build your family’s wealth and net worth right away.
  • For Move Up Buyers: Given the low inventory or houses in Chester county,  your first step should be to get an agreement of sale on the house to which you want to move. That could take longer than normal and you want to insure that you can get into a house you really like.
  • Then get your house on the market. Given the speed with which houses are selling, this presents minimal risk to you.

SUGGESTED NEXT STEPS FOR YOU TO MAKE SURE YOU HAVE THE INFORMATION YOU NEED TO MAKE THE RIGHT DECISION

  • 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 this spring.
  • 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. 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.

DELAWARE COUNTY, WONDERING WHAT’S GOING ON WITH HOME PRICES?

DELAWARE COUNTY, WONDERING WHAT’S GOING ON WITH HOME PRICES?

Wondering What’s Going on with Home Prices? | MyKCM

CONCLUSIONS

  • Is now a good time to buy your first home, Yes. Indications are that home prices will continue to increase, even  with the recent increases in mortgage interest rates.
  • If you have been in your home for a few years and have built up equity, is now a good time to sell and make that move up buy, Yes,  for the same reasons as above.
  • If mortgage rates go up, you are protected for the life of your mortgage.
  • If mortgage rates go down, many lenders are offering free refi’s which will protect you on the downside.
  • People who want to sell will be able to sell for a price they will like and in a reasonable period of time.
  • People who want to buy will still be able to find a house they will like.

DISCUSSION

The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.

Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains:

“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”

Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words, today’s home prices aren’t in a freefall.

The national figures were almost uniformly negative for the last half of 2022.  Not so for Delaware county which was  positive for 10 of the last 12 months. And the trend continued into 2023. Please see below:

MEDIAN SALES PRICE BY MONTH, DELAWARE COUNTY 2021, 22 AND 23
Month Sale Price Sale Price Difference Diff % Sale Price Difference Diff %
Median 2021 Median 2022 Median 2023
Jan $359,000 $360,000 $1,000 0.3% $375,000 $15,000 4.2%
Feb $335,450 $376,000 $40,550 12.1% $385,000 $9,000 2.4%
Mar $369,500 $403,500 $34,000 9.2%
Apr $400,000 $415,000 $15,000 3.8%
May $400,000 $427,000 $27,000 6.8%
Jun $410,000 $451,500 $41,500 10.1%
Jul $425,000 $420,000 ($5,000) -1.2%
Aug $415,000 $430,000 $15,000 3.6%
Sep $385,000 $385,000 $0 0.0%
Oct $400,000 $390,000 ($10,000) -2.5%
Nov $384,900 $410,000 $25,100 6.5%
Dec $380,000 $420,000 $40,000 10.5%

 

Several  other variables  are important when assessing’s  the health of the real estate market.  Three of the most important are Number of Sales, Days on Market (how much time does it take to get a satisfactory agreement of sale), and Average Inventory (how many houses do we have for sale?)

Number of Sales are down a lot in 2022. From 4,206 in 2021 to 3,512 in 2022, a 17% decline. But for people who want to buy or sell right now, that really makes little difference. The more important variables are Days on Market and Months of Inventory

Days on Market have generally been around a week for the last 2 years.  Starting in August, that began to increase. That meant that if your house is put on the market at a reasonable price and well marketed you could reasonably expect to have an Agreement of Sale in about a week or maybe a little bit more.  In December, January and February that got up to 18 to 24. That means the market is slower, but a “normal market” is about 30 days so houses are still moving. If you are thinking about selling, you should still be able to do that for a price that will be acceptable.

Months of Inventory. History tells us that to have a balanced market with about the same number of buyers and sellers, we need 6 months of inventory. Recently that has been very low, about 2-3 months. In December, January and February our inventory was still at 3 and 4 months.  That tells us that there are still more buyers than sellers which means that the demand is higher  than the supply. What happens when we have high demand and low supply,  prices go up.

Stated differently, months of inventory are basically unchanged from the last two years. That means that if you want to buy, either first time or move up, the inventory is there for you to do that.

If you want to buy, chances that the price of your new house will continue to go up.

WHAT DOES THIS MEAN FOR YOU?

If you currently own your house, you may be concerned about even the smallest decline in prices. But keep in mind how much home values grew over the last few years. Compared to that growth, any declines we’re seeing nationally are likely to be minimal. Selma Hepp, Chief Economist at CoreLogic, shares:

“. . . while prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak.”

Because months of inventory are relatively unchanged from the last 2-3 years, my opinion is that this is still a good time to either buy or sell.  A little different, yes but still a good time.

That is what we have seen and what I believe we will continue to see.

 

RECOMMENDATIONS FOR YOU

  • 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 home prices in your area if you’re planning to make a move this spring.
  • 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. 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.

CHESTER COUNTY, WONDERING WHAT’S GOING ON WITH HOME PRICES?

CHESTER COUNTY, Wondering What’s Going on with Home Prices?

Wondering What’s Going on with Home Prices? | MyKCM

CONCLUSIONS

  • Is now a good time to buy your first home, Yes. Indications are that home prices will continue to increase, even  with the recent increases in mortgage interest rates.
  • If you have been in your home for a few years and have built up equity, is now a good time to sell and make that move up buy, Yes,  for the same reasons as above.
  • If mortgage rates go up, you are protected for the life of your mortgage.
  • If mortgage rates go down, many lenders are offering free refi’s which will protect you on the downside.
  • People who want to sell will be able to sell for a price they will like and in a reasonable period of time.
  • People who want to buy will still be able to find a house they will like.

DISCUSSION

The recent changes in home prices are top of mind for many as the housing market begins gearing up for spring. It can be hard to navigate misleading headlines and confusing data, so here’s what you should know about today’s home prices.

Local price trends still vary by market. But looking at national data, Nataliya Polkovnichenko, Ph.D., Supervisory Economist at the Federal Housing Finance Agency (FHFA), explains:

“U.S. house prices were largely unchanged in the last four months and remained near the peak levels reached over the summer of 2022. While higher mortgage rates have suppressed demand, low inventories of homes for sale have helped maintain relatively flat house prices.”

Month-over-month home price changes can be seen in the chart below. The data also shows that price depreciation peaked around August. Since then, any depreciation has been even milder. In other words, today’s home prices aren’t in a freefall.

Below is a monthly  summary of those same time periods for West Chester.

The national figures were almost uniformly negative for the last half of 2022.  Not so for West Chester which was  positive for 4 of the last six months. And the trend continued into 2023.

Jan Feb Mar April May June July August Sep Oct Nov Dec Jan, 23
4.2% -0.6% 17.6% 29.2% 13.0% 32.0% -2.0% 3.9% 14.9% 6.9% -10.4% 12.3% 10.6%

Several  other variables  are important when assessing’s  the health of the real estate market.  Three of the most important are Number of Sales, Days on Market (how much time does it take to get a satisfactory agreement of sale), and Average Inventory (how many houses do we have for sale?)

Number of Sales are down a lot in 2022. From 845 in 2021 to 665 in 2022, a 22% decline.

Days on Market have been around a week for the last 2 years. That meant that if your house is put on the market at a reasonable price and well marketed you could reasonably expect to have an Agreement of Sale in about a week.  In December and January that got up to 12 and 14 days; February was back to 8. That means that houses are still selling rapidly.

Months of Inventory. History tells us that to have a balanced market with about the same number of buyers and sellers, we need 6 months of inventory. Recently that has been very low, about 2-3 months. In December, January and February our inventory was still at 3 and 4 months.  That tells us that there are still more buyers than sellers which means that the demand is higher  than the supply. What happens when we have high demand and low supply,  prices go up.

Stated differently, months of inventory are basically unchanged from the last two years. That means that if you want to buy, either first time or move up, the inventory is there for you to do that.

What Does This Mean for You?

If you currently own your house, you may be concerned about even the smallest decline in prices. But keep in mind how much home values grew over the last few years. Compared to that growth, any declines we’re seeing nationally are likely to be minimal. Selma Hepp, Chief Economist at CoreLogic, shares:

“. . . while prices continued to fall from November, the rate of decline was lower than that seen in the summer and still adds up to only a 3% cumulative drop in prices since last spring’s peak.”

Because months of inventory and days on market are relatively unchanged from the last 2-3 years, my opinion is that this is still a good time to either buy or sell.  A little different, yes but still a good time.

That is what we have seen and what I believe we will continue to see.

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 home prices in your area if you’re planning to make a move this spring.

RECOMMENDATIONS FOR YOU

  • 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. 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.

RADNOR, WALLINGFORD-SWARTHMORE, MEDIA, MARPLE NEWTOWN, GARNET VALLEY, SPRINGFIELD; THE MAJOR BENEFIT OF INVESTING IN A HOME

RADNOR, WALLINGFORD-SWARTHMORE, MEDIA, MARPLE NEWTOWN, GARNET VALLEY, SPRINGFIELD; THE Major Benefit of Investing in a Home

One Major Benefit of Investing in a Home | MyKCM

CONCLUSIONS

  • Is now  good time to buy that first home or
  • Is now a good time to make that Move Up Buy?
  • Almost unequivocally the answer is YES!!!!!

DISCUSSION

Or if you would like to listen to our recent 12 minute long Dad and Daughter Talk Real Estate Broadcast of this topic, just click on https://bit.ly/Major_Benefit_of_Investing_in_a_Home 

One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac: “Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

With spring approaching, now’s a great time to consider if buying a home makes sense for you. The best way to figure that out is to talk with a trusted real estate professional.

The Largest Part of Most Homeowners’ Net Worth Is Their Equity

You may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The National Association of Realtors (NAR) shares:

“Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families. Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

In other words, home equity does more to build the average household’s wealth than anything else. And according to data from First American, this holds true across different income levels (see graph below):

INVESTMENT CASE HISTORY, AUTHOR’S HOME OWNERSHIP EXPERIENCE

We moved to Pennsylvania in 1979 for a job  with Scott Paper Company, back when there was a Scott Paper Company.  Conversations with fellow employees to find a house that was convenient to the job and in a great school district for our 11, 9 and 5 year old daughters led to Wallingford, Delaware county.  We purchased a structurally sound, cosmetically all beat to pieces home for a fixer upper price (still high for the time, please don’t laugh) of $83,000.

After lots of love, elbow grease, marvelous neighbors and wonderful family times, we sold in 2023 (44 years later for $695,000). That is a gain of $612,000. Capital improvements reduce the taxable gain to just under $500,000. That makes the entire gain exempt from income taxes. As opposed to stock market investments on which we pay short or long term capital gains taxes on every profitable transaction. And we also had income tax deductions every year for mortgage interest and property taxes.

That is a compounded rate of return of 4.93% per year.  Historical average annual appreciation rate over several decades in the United States is 3.5%, so we beat the averages. I should add that, for people who are concerned about short term market corrections (like 1980-1986 when prices were flat and 2008-2013 when prices declined by a lot), our gain was achieved despite those lean years.

Now lets take a peek into the future. What probably is in store for a family who buys the median priced home in the above mentioned school districts ($577,000)?  If we assume the average appreciation rate of 3.5%, That is a minimal risk if you plan to stay in the house for at least 5-10 years. With those conditions, here is the estimated home value at 10, 20 and 20 years into the future.

  • 2033, $814,000 Gain of $237,000
  • 2043, $1,148,000, Gain of $571,000
  • 2053, $1,620,000, Gain of $1,043,000

I think you can see how making this investment is going to provide for a much improved net worth after just  few years.

To give you an actual historical summary of how this would have worked for you if you had bought the median priced house in these areas back in 2014, here is the data. This is probably the best estimate we can give you for how it will probably work out in the future also.

MEDIAN SALES PRICE, RADNOR, WALLINGFORD-SWARTHMORE
MEDIA, MARPLE NEWTOWN, GARNET VALLEY AND SPRINGFIELD
Primary Year Sale Price, Median Difference Diff %
2014 $365,000
2015 $375,000 $10,000 2.7%
2016 $390,000 $15,000 4.0%
2017 $415,000 $25,000 6.4%
2018 $415,750 $750 0.2%
2019 $425,000 $9,250 2.2%
2020 $475,000 $50,000 11.8%
2021 $549,450 $74,450 15.7%
2022 $577,000 $27,550 5.0%
Overall $212,000 58.1%

Unfortunately my data does not go back any farther than that. But you get the idea. Eight years ago that would have been an amazing investment.  There is always risk associated with any investment, but with residential real estate, the risk is minimal.

RECOMMENDATIONS FOR YOU

  • 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. 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.

WEST CHESTER, PA; THE MAJOR BENEFIT OF INVESTING IN A HOME

WEST CHESTER, PA; THE Major Benefit of Investing in a Home

One Major Benefit of Investing in a Home | MyKCM

CONCLUSIONS

  • Is now  good time to buy that first home or
  • Is now a good time to make that Move Up Buy?
  • Almost unequivocally the answer is YES!!!!!

DISCUSSION

Or if you would like to listen to our recent 12 minute long Dad and Daughter Talk Real Estate Broadcast of this topic, just click on https://bit.ly/Major_Benefit_of_Investing_in_a_Home 

One of the many reasons to buy a home is that it’s a major way to build wealth and gain financial stability. According to Freddie Mac: “Building equity through your monthly principal payments and appreciation is a critical part of homeownership that can help you create financial stability.”

With spring approaching, now’s a great time to consider if buying a home makes sense for you. The best way to figure that out is to talk with a trusted real estate professional.

The Largest Part of Most Homeowners’ Net Worth Is Their Equity

You may be surprised to learn just how much of a homeowner’s net worth actually comes from owning their home. The National Association of Realtors (NAR) shares:

“Homeownership is the largest source of wealth among families, with the median value of a primary residence worth about ten times the median value of financial assets held by families. Housing wealth (home equity or net worth) gains are built up through price appreciation and by paying off the mortgage.”

In other words, home equity does more to build the average household’s wealth than anything else. And according to data from First American, this holds true across different income levels (see graph below):

INVESTMENT CASE HISTORY, AUTHOR’S HOME OWNERSHIP EXPERIENCE

We moved to Pennsylvania in 1979 for a job  with Scott Paper Company, back when there was a Scott Paper Company.  Conversations with fellow employees to find a house that was convenient to the job and in a great school district for our 11, 9 and 5 year old daughters led to Wallingford, Delaware county.  We purchased a structurally sound, cosmetically all beat to pieces home for a fixer upper price (still high for the time, please don’t laugh) of $83,000.

After lots of love, elbow grease, marvelous neighbors and wonderful family times, we sold in 2023 (44 years later for $695,000). That is a gain of $612,000. Capital improvements reduce the taxable gain to just under $500,000. That makes the entire gain exempt from income taxes. As opposed to stock market investments on which we pay short or long term capital gains taxes on every profitable transaction. And we also had income tax deductions every year for mortgage interest and property taxes.

That is a compounded rate of return of 4.93% per year.  Historical average annual appreciation rate over several decades in the United States is 3.5%, so we beat the averages. I should add that, for people who are concerned about short term market corrections (like 1980-1986 when prices were flat and 2008-2013 when prices declined by a lot), our gain was achieved despite those lean years.

Now lets take a peek into the future. What probably is in store for a family who buys the median priced home in West Chester ($540,000)? If we assume the average appreciation rate of 3.5%, That is a minimal risk if you plan to stay in the house for at least 5-10 years. With those conditions, here is the estimated home value at 10, 20 and 20 years into the future.

  • 2033, $762,000, Gain of $222,000
  • 2043, $1,074,000, Gain of $534,000
  • 2053, $1,516,000, Gain of $976,000

I think you can see how making this investment is going to provide for a much improved net worth after just  few years.

To give you an actual historical summary of how this would have worked for you if you had bought the median priced house in West Chester back in 2014, here is the data. This is probably the best estimate we can give you for how it will probably work out in the future also.

Median Sales Price, West Chester, PA
Primary Year Sale Price, Median Difference Diff %
2014 $415,000
2015 $429,950 $14,950 3.5%
2016 $434,900 $4,950 1.1%
2017 $450,000 $15,100 3.4%
2018 $482,395 $32,395 6.7%
2019 $500,000 $17,605 3.5%
2020 $530,000 $30,000 5.7%
2021 $625,000 $95,000 15.2%
2022 $695,000 $70,000 10.1%
Overall $280,000 67.5%

Unfortunately my data does not go back any farther than that. But you get the idea. Eight years ago that would have been an amazing investment.  There is always risk associated with any investment, but with residential real estate, the risk is minimal.

RECOMMENDATIONS FOR YOU

  • 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. 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.

WEST CHESTER, PA WHAT’S REALLY HAPPENING WITH HOME PRICES? AND WHAT DOES IT MEAN FOR YOU?

WEST CHESTER, PA What’s Really Happening with Home Prices?

What’s Really Happening with Home Prices? [INFOGRAPHIC] | MyKCM

CONCLUSIONS:

  • Home prices in Chester county are not only maintaining their previous levels, they are still strongly accelerating
  • If you are thinking about buying or selling a home, you can be assured that prices will be stable or increasing for the foreseeable future.
  • Numbers of sales are down a lot, but
  • Houses are still selling quickly.
  • Stated differently, you can buy or sell without fear that prices will go down.

DISCUSSION

  • If you’re thinking about selling your house, recent headlines about home prices falling month-over-month may have you second guessing your decision—but perspective matters.
  • While home prices are down slightly month-over-month in some markets, home values are still up almost 10% nationally on a year-over-year basis. A nearly 10% gain is still dramatic compared to the more normal level of appreciation, which is 3-4%.
  • 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.

WHAT’S REALLY GOING ON FOR CHESTER COUNTY

Like the fellow says, all politics is local. Same is true for real estate. The only factors that really matter are those that are happening in our neighborhoods.

Here is a snapshot of Sales Prices in Chester county over the last 2 years +

WEST CHESTER PENNSYLVANIA, MEDIAN SALES PRICES, 2021 THROUGH JANUARY 2023
Month     Sale Price     Sale Price Difference  % Diff Sale Price
Median 2021 Median 2022 Median 2022
Jan $590,000 $615,000 $25,000 4.2% $680,000
Feb $629,000 $625,000 ($4,000) -0.6%
Mar $585,000 $687,800 $102,800 17.6%
Apr $565,000 $730,000 $165,000 29.2%
May $646,300 $730,000 $83,700 13.0%
Jun $575,000 $758,750 $183,750 32.0%
Jul $689,450 $676,000 ($13,450) -2.0%
Aug $649,817 $675,000 $25,183 3.9%
Sep $618,000 $710,000 $92,000 14.9%
Oct $612,500 $655,000 $42,500 6.9%
Nov $630,000 $564,500 ($65,500) -10.4%
Dec $610,000 $685,000 $75,000 12.3%
Totals $616,672 $676,004 $59,332 9.6%

 

As you can see the price realization in West Chester is real and robust.  The entire year from 2021 to 2022 showed a 9.6% gain. The trend continues through January 2023. That is too real and robust to continue as the long term average is about 3.5%. However these data show that the local market is healthy with a strong demand.

What about the scare  headlines that say, THE REAL ESTATE MARKET HAS COLLAPSED. If we only look at numbers of sales, that is true. But if you are a seller or a buyer, what matters to you is can I sell or can I buy and what are the prices. Below is a chart of the numbers of sales in West Chester over the past 2 years +

WEST CHESTER, PA; NUMBERS OF SALES, SINGLE FAMILY HOMES,
Month Sales Sales Diff % Diff Sales Diff % Diff
2021 2022 2023
Jan 53 51 (2) -4% 23 (28) -55%
Feb 34 33 (1) -3%
Mar 67 56 (11) -16%
Apr 51 51 0 0%
May 70 56 (14) -20%
Jun 101 94 (7) -7%
Jul 80 69 (11) -14%
Aug 100 64 (36) -36%
Sep 76 59 (17) -22%
Oct 78 49 (29) -37%
Nov 65 40 (25) -38%
Dec 68 43 (25) -37%
Totals 843 665 (178) -21%

 

Numbers of sales are down a lot. -21% in 2022 and -55% in January, 2023. But that is only part of the story. As we saw above prices are still holding very steady and increasing.  Now how about another huge indicator, how long does it take to get a house sold? Below are the numbers that tell the tale. Homes are still selling rapidly in Chester County. That says there iare still more buyers than sellers. As long as that is true, prices will still be stable or rising, homes will sell quickly and both buyers and sellers can be assured that the market is not collapsing like it did in 2008/9.

CHESTER COUNTY, SINGLE FAMILY HOMES, DAYS ON MARKET
 JAN 2021 THRU JAN 2023
Month CDOM CDOM CDOM
Median 2021 Median 2022 Median 2023
Jan 8 7 15
Feb 9 8
Mar 7 6
Apr 6 5
May 5 6
Jun 6 6
Jul 6 6
Aug 6 7
Sep 7 7
Oct 6 7
Nov 8 7
Dec 7 12

 

RECOMMENDATIONS

  • 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.
  • 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.

HOW MUCH EQUITY DO YOU HAVE IN YOUR HOME?

Do You Know How Much Equity You Have in Your Home? [INFOGRAPHIC]

The answer to that question can free you up to make some very interesting decisions that can dramatically improve your lifestyle.

Do You Know How Much Equity You Have in Your Home? [INFOGRAPHIC] | MyKCM

Some Highlights

  • If you’re a homeowner, your net worth has gotten a big boost. That’s because recent home price appreciation has increased your equity.
  • Your equity grows as you pay down your loan and as your home increases in value. Over the past year, the average homeowner’s equity grew by $55,300.
  • Ready to sell? Let’s connect to talk about how you can use that equity to fuel your next move.
  • Just give me a call or text to 484-574-4088 or check out my continually updated web site, www.johnherreid.com. Lets set up a time to talk. And we can do that over our computers if you prefer.

SOME NEXT STEPS THAT YOU MIGHT WANT TO TAKE

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.