MEDIA AND WEST CHESTER AREAS: 2024 FORECAST

Media Area and West Chester Areas: 2024 Forecast

What is Going to Happen in 2024?

As we edge closer to 2024, the question on everyone’s mind in the Media Area and West Chester is: What does the housing market hold in store for us? With a year that’s been full of uncertainties, it’s more crucial than ever to arm yourself with knowledge directly from the experts. The upcoming year presents opportunities that might just sway in your favor, and here’s the lowdown on why.

Continued Growth in Home Values Expected The buzz around the Media Area and West Chester housing markets is palpable as predictions from top industry bodies like Fannie Mae, the Mortgage Bankers Association, and the National Association of Realtors point towards a positive trend. The forecast? A robust 2.8% growth in home prices as we close this year, with an additional 1.5% increase by the end of 2024. Contrary to the doomsayers’ predictions of a price crash, the reality paints a far rosier picture. The simple principle of supply and demand has kept the prices afloat due to a persistent inventory shortage against a backdrop of eager buyers. For proof, just consider these:

In the Media Area (Wallingford Swarthmore, Rose Tree Media, Radnor, Garnet Valley) the average annual value increase from 2014 through 2023 has been 5.7%. Actual values went from $429,900 to $705,000.

West Chester Area (West Chester, Downingtown, Great Valley,  the average annual value increase from for the last two years has been 8.7% and 7.7% . Actual values went from $579,000 to $682,000

A Closer Look at Sales Trends for 2024 The current year has been slow in terms of home sales, down about 40% in both areas. But the projections for 2024 hint at an increase, albeit modest. This anticipated rise in sales bodes well for the local real estate landscape, offering an even more solid foundation for buyers and sellers in the Media Area and West Chester. Life’s constants—new jobs, expanding families, and other pivotal moments—drive people to move, keeping the market buoyant.

The Big Picture for Buyers and Sellers Whether you’re considering purchasing a new abode or putting your property on the market, understanding these forecasts can significantly impact your decision-making process. A more active market awaits in 2024, potentially energized further by decreasing mortgage rates. Recent rising price trends are predicted to continue in both areas, reassuring buyers that the value of their purchase will continue to increase and reassuring sellers that they will be able to sell their house quickly for a price that will make them happy.

here is what you need to do to make the right decision for you

  • Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
  • Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
  • Do I think that now is a good time to buy that first house or to sell and make that move up buy?  Again, absolutely yes.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect on Zoom, in person or on the phone at 484 574 4088.

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

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

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

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

The Misconception of Falling Home Prices

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

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

West Chester, PA: A Market Rebounding with Confidence

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

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

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

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

 

What are the implications from these data?

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

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

Forecasting Beyond the Fear

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

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

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

Bottom Line: Seek Trusted Sources

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

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

here is what you need to do to make the right decision for you

  • Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
  • Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
  • Do I think that now is a good time to buy that first house or to sell and make that move up buy?  Again, absolutely yes.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect on Zoom, in person or on the phone at 484 574 4088.

WEST CHESTER, PA – BUILD FAMILY WEALTH THROUGH HOME OWNERSHIP

WEST CHESTER, PA – BUILD FAMILY WEALTH THROUGH HOME OWNERSHIP

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

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

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

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

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

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

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

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

RENT PRICES ARE CONSISTENTLY RISING MAKING HOMEOWNERSHIP  MORE APPEALING

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

Consider this graph of rent increases over time.

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

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

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

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

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

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

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

here is what you need to do to make the right decision for you

  • Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
  • Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
  • Do I think that now is a good time to buy that first house or to sell and make that move up buy?  Again, absolutely yes.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect on Zoom, in person or on the phone at 484 574 4088.

 

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

Sell Your House for the Most Money in West Chester

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

Choice of the Best Realtor for You

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

Preparing Your Home for Sale

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

Houses Sell Fast; Why Not Do it Myself?

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

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

The Importance of Home Staging

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

Professional Photography and virtual tours

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

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

Market Your Home Effectively

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

Check Out the Realtor’s Web Site

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

Check Out the Realtor’s Customer Testimonials

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

Set the Right Price

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

Realtor as Your Negotiator

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

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

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

here is what you need to do to make the right decision for you

  • Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
  • Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
  • Do I think that now is a good time to buy that first house or to sell and make that move up buy?  Again, absolutely yes.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are still clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect.

 

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

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

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

Key Factors Driving Positive Growth in Home Prices

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

Why Is This So? Two Reasons:

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

Benefits of Owning a Home

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

How Home Equity Affects Net Worth

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

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

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

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

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

here is what you need to do to make the right decision for you

  • Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
  • Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
  • Do I think that now is a good time to buy that first house or to sell and make that move up buy?  Again, absolutely yes.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are still clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect

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

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

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

Key Factors Driving Positive Growth in Home Prices

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

Why Is This So? Two Reasons:

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

Benefits of Owning a Home

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

How Home Equity Affects Net Worth

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

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

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

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

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

here is what you need to do to make the right decision for you

  • Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
  • Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
  • It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
  • Let’s connect on the computer and have a virtual meeting. That is a great way to learn and see if I am the person you would like to do business with. Just call or text to 484-574-4088 or email to john@johnherreid.com
  • Do I think that now is a good time to buy that first house or to sell and make that move up buy?  Again, absolutely yes.
  • To get a quick update of what is new in real estate, click here to check out our new videos.
  • Interested in what recent clients think of my service? Click here to read what they say.
  • Interested to know what your house is worth? Click here to get the most extensive and accurate estimate of home value that is available on the Internet. No cost or obligation of course.
  • No doubt, the housing market is changing, and it can be a confusing place right now. I suggest that we connect so that I can help you make confident and informed decisions about what’s happening.
  • If you’re looking to make that move up buy this year, I believe now is a good time to do it. The best way to ensure you’re up to date on the latest market insights is to partner with a trusted real estate advisor. Let’s connect. I would like to interview for the job of becoming your trusted real estate advisor. Again we can do that in person or on the computer.
  • One of the biggest benefits of owning a home, regardless of your income level, is that it provides financial stability and an avenue to build wealth. By selling your house and leveraging your equity, it can be easier to pay for your next home. Let’s connect to find out how much equity you have in your current home and how you can use it to fuel your next purchase.
  • There are still clear opportunities for sellers right now. If you’re wondering if it’s the right time to make a move, let’s connect today.
  • There are plenty of buyers out there right now trying to find a home that fits their needs. That’s because the job market is strong, and many people have the stable income needed to seriously consider homeownership. To put your house on the market and get in on the action, let’s connect.

 

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, PA AREA; BAD REAL ESTATE NEWS IS PROBABLY WRONG

If you want more information about this topic just click on the hyperlinks in the article (the underlined blue print) to see more details.

If you’re thinking of buying or selling a home, one of the biggest questions you have right now is probably: what’s happening with home prices? And it’s no surprise you don’t have the clarity you need on that topic. Part of the issue is how headlines are talking about price. If you’re thinking of buying or selling a home, one of the biggest questions you have right now is probably: what’s happening with home prices? And it’s no surprise you don’t have the clarity you need on that topic. Part of the issue is how headlines are talking about prices.

They’re basing their negative news by comparing current stats to the last few years. But you can’t compare this year to the ‘unicorn’ years (when home prices reached record highs that were unsustainable). And as prices begin to normalize now, they’re talking about it like it’s a bad thing and making people fear what’s next. But the worst home price declines are already behind us. What we’re starting to see now is the return to more normal home price appreciation.

To help make home price trends easier to understand, let’s focus on what’s typical for the market and omit the last few years since they were anomalies. 

Let’s start by talking about seasonality in real estate. In the housing market, there are predictable ebbs and flows that happen each year. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach. Home prices follow along with seasonality because prices appreciate most when something is in high demand.

That’s why, before the abnormal years we just experienced, there was a reliable long-term home price trend. The graph below uses data from Case-Shiller to show typical monthly home price movement from 1973 through 2021 (not adjusted, so you can see the seasonality):

As the data from the last 48 years shows, at the beginning of the year, home prices grow, but not as much as they do entering the spring and summer markets. That’s because the market is less active in January and February since fewer people move in the cooler months.  The market heats up in the Summer because families want to get their deals done before school starts. That raises the demand against a fixed supply and what always happens when demand goes up and supply is unchanged. PRICES GO UP!!!! Then, as fall and winter approach, demand eases off again. Price growth slows, but still typically appreciates.

WHY THIS IS SO IMPORTANT TO UNDERSTAND

In the coming months, as the housing market moves further into a more predictable seasonal rhythm, you’re going to see even more headlines that either get what’s happening with home prices wrong or, at the very least, are misleading. Those headlines might use a number of price terms, like:

  • Appreciation: when prices increase.
  • Deceleration of appreciation: when prices continue to appreciate, but at a slower or more moderate pace.
  • Depreciation: when prices decrease.

They’re going to mistake the slowing home price growth (deceleration of appreciation) that’s typical of market seasonality in the fall and winter and think prices are falling (depreciation). Don’t let those headlines confuse you or spark fear. Instead, remember it’s normal to see a deceleration of appreciation, slowing home price growth, as the months go by.

To see what is really happening in the Delaware county area, please check out the chart below.

DELAWARE COUNTY, MEDIAN SALES PRICE, SINGLE FAMILY HOMES
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% $400,000 ($3,500) -0.9%
Apr $400,000 $415,000 $15,000 3.8% $416,000 $1,000 0.2%
May $400,000 $427,000 $27,000 6.8% $480,758 $53,758 12.6%
Jun $410,000 $451,500 $41,500 10.1% $475,000 $23,500 5.2%
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%
YTD, June $378,992 $405,500 $26,508 7.0% $422,793 $17,293 4.3%

As shown by the data in blue, for ten of the twelve months in 2022, median prices were higher in the Delaware county area than in the same month in 2021.

This same trend was continued in 2023 for five  of the first six months.

Those data points tell us that the real estate market in the Delawre conty area is stable and strong!!!!

A headline seeker could say that in the first six months of 2022, prices went up by 7% and only 4.3% in 2023. That is called a deceleration of appreciation, but it is still appreciation.

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.

WESTCHESTER AREA, ANY BAD NEWS ABOUT REAL ESTATE IS PROBABLY WRONG

If you want more information about this topic just click on the hyperlinks in the article (the underlined blue print) to see more details.

If you’re thinking of buying or selling a home, one of the biggest questions you have right now is probably: what’s happening with home prices? And it’s no surprise you don’t have the clarity you need on that topic. Part of the issue is how headlines are talking about price. If you’re thinking of buying or selling a home, one of the biggest questions you have right now is probably: what’s happening with home prices? And it’s no surprise you don’t have the clarity you need on that topic. Part of the issue is how headlines are talking about prices.

They’re basing their negative news by comparing current stats to the last few years. But you can’t compare this year to the ‘unicorn’ years (when home prices reached record highs that were unsustainable). And as prices begin to normalize now, they’re talking about it like it’s a bad thing and making people fear what’s next. But the worst home price declines are already behind us. What we’re starting to see now is the return to more normal home price appreciation.

To help make home price trends easier to understand, let’s focus on what’s typical for the market and omit the last few years since they were anomalies. 

Let’s start by talking about seasonality in real estate. In the housing market, there are predictable ebbs and flows that happen each year. Spring is the peak homebuying season when the market is most active. That activity is typically still strong in the summer but begins to wane as the cooler months approach. Home prices follow along with seasonality because prices appreciate most when something is in high demand.

That’s why, before the abnormal years we just experienced, there was a reliable long-term home price trend. The graph below uses data from Case-Shiller to show typical monthly home price movement from 1973 through 2021 (not adjusted, so you can see the seasonality):

As the data from the last 48 years shows, at the beginning of the year, home prices grow, but not as much as they do entering the spring and summer markets. That’s because the market is less active in January and February since fewer people move in the cooler months.  The market heats up in the Summer because families want to get their deals done before school starts. That raises the demand against a fixed supply and what always happens when demand goes up and supply is unchanged. PRICES GO UP!!!! Then, as fall and winter approach, demand eases off again. Price growth slows, but still typically appreciates.

Why This Is So Important to Understand

In the coming months, as the housing market moves further into a more predictable seasonal rhythm, you’re going to see even more headlines that either get what’s happening with home prices wrong or, at the very least, are misleading. Those headlines might use a number of price terms, like:

  • Appreciation: when prices increase.
  • Deceleration of appreciation: when prices continue to appreciate, but at a slower or more moderate pace.
  • Depreciation: when prices decrease.

They’re going to mistake the slowing home price growth (deceleration of appreciation) that’s typical of market seasonality in the fall and winter and think prices are falling (depreciation). Don’t let those headlines confuse you or spark fear. Instead, remember it’s normal to see a deceleration of appreciation, slowing home price growth, as the months go by.

To see what is really happening in the West Chester area, please check out the chart below.

CHESCO, MEDIAN SALES PRICE, SINGLE FAMILY HOMES
Month Sale Price Sale Price Difference % Diff Sale Price Difference % Diff
2021 2022 2023
Jan $452,500 $484,900 $32,400 7.2% $525,000 $40,100 8.3%
Feb $441,700 $510,000 $68,300 15.5% $511,250 $1,250 0.2%
Mar $495,000 $525,000 $30,000 6.1% $545,000 $20,000 3.8%
Apr $481,250 $540,000 $58,750 12.2% $545,000 $5,000 0.9%
May $512,021 $531,055 $19,034 3.7% $579,000 $47,945 9.0%
Jun $515,000 $600,000 $85,000 16.5% $605,000 $5,000 0.8%
Jul $531,000 $575,000 $44,000 8.3%
Aug $498,000 $550,000 $52,000 10.4%
Sep $479,900 $540,000 $60,100 12.5%
Oct $494,075 $549,500 $55,425 11.2%
Nov $499,000 $545,000 $46,000 9.2%
Dec $508,961 $500,000 ($8,961) -1.8%
Annual $492,367 $537,538 $45,171 9.2%
YTD, June $482,912 $531,826 $48,914 10.1% $551,708 $19,883 3.7%

As shown by the data in blue, for eleven of the twelve months in 2022, median prices were higher in the West Chester area than in the esame month in 2021. Only exception was in December.

This same trend was continued in 2023 for all of the first six months.

Those data points tell us that the real estate market in the Westchester area is stable and strong!!!!

A headline seeker could say that in the first six months of 2022, prices went up by 10.2% and only 3.7% in 2023. That is called a deceleration of appreciation, but it is still appreciation.

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.