WESTCHESTER AREA, WHY NOW IS A GREAT TIME FOR HOME SELLERS
Price levels for residential real estate in the Westchester area have been very stable and increasing in recent years. As of late, the market has seen a dramatic increase in home prices. This upswing in home values has an incredible benefit for home sellers. With the increased demand for homeownership and the lack of supply in our current housing market, now is the best time to take advantage of this seller’s market.
Increased Home Prices
The continuous increase in home prices is a primary indicator that the housing market is thriving. Buyers are willing to pay more for a home, making this the best time for sellers to make an excellent profit. Homeowners who have been on the market for extended periods will appreciate the unexpected price increases, no matter how small or large. While some sellers might worry about overpriced homes that don’t sell, it’s a challenge for any market. As long as the asking price is realistic, sellers can be assured that buyers will show interest.
Please check out the below chart for the recent history of home value increases in the Westchester area.
| Westchester Area, Median Sale Price, Single Family Houses, 2021 through 2023 | |||||||
| Month | Sale Price | Sale Price | Difference | % Diff | Sale Price | Difference | % Diff |
| 2021 | 2022 | 22-21 | 2023 | 23-22 | |||
| Jan | $411,000 | $450,000 | $39,000 | 9.5% | $447,500 | ($2,500) | -0.6% |
| Feb | $430,000 | $453,275 | $23,275 | 5.4% | $467,450 | $14,175 | 3.1% |
| Mar | $466,403 | $480,000 | $13,597 | 2.9% | $480,000 | $0 | 0.0% |
| Apr | $446,551 | $490,000 | $43,449 | 9.7% | $528,420 | $38,420 | 7.8% |
| May | $478,700 | $495,000 | $16,300 | 3.4% | $525,000 | $30,000 | 6.1% |
| Jun | $466,150 | $540,000 | $73,850 | 15.8% | $540,388 | $388 | 0.1% |
| Jul | $449,050 | $535,000 | $85,950 | 19.1% | $507,000 | ($28,000) | -5.2% |
| Aug | $470,674 | $482,500 | $11,826 | 2.5% | |||
| Sep | $453,614 | $465,000 | $11,386 | 2.5% | |||
| Oct | $460,000 | $490,000 | $30,000 | 6.5% | |||
| Nov | $449,385 | $485,000 | $35,615 | 7.9% | |||
| Dec | $455,500 | $435,000 | ($20,500) | -4.5% | |||
| Annual | $453,086 | $483,398 | $30,312 | 6.7% | |||
| YTD, July | $449,693 | $491,896 | $42,203 | 9.4% | $499,394 | $7,498 | 1.5% |
| Sumary: | Year over Year Sales Price Up 11 of 12 months, 2022 to 2021 | ||||||
| Year over Year Sales Price Up 5 of 7 months, 2023 to 2022 | |||||||
| Prices still steady and going up in the West Chester Area. | |||||||
| Areas included, Westchester, Downingtown, Great Valley | |||||||
As you can see, prices are still on the rise in our area. And with low inventories, houses are selling quickly, usually in about a week or less. That is good news for buyers looking for the best way to build family wealth.
High Interest Rates
One hurdle for homebuyers is the recent dramatic rise in interest rates from about 3-4% up to 7% and higher. However, home prices are stable and rising in the area. I advise people who can make the purchase to do it now so that they start to realize the immediate appreciation in the value of their home.
High Demand
The demand for homes is on the rise with more Gen Z and Millennials leaving apartments to start families or search for more extensive living spaces for remote work purposes. A high demand means a higher chance for a bidding war, driving up home prices and increasing the home seller’s profit margins. With remote work becoming more common, families are searching for larger homes or better spaces suited for a work-from-home environment, driving the market even more.
Easy Listing and Closing Processes
Real estate agencies are streamlining the selling process by listing homes in more traditional ways like architectural listings or on MLS platforms. Selling a house no longer requires significant efforts from the homeowners dealing with the stresses of repairs, staging, and accompanied showings. The market’s high demand is also making the closing process more efficient, with fewer contingencies and shorter closing periods.
Conclusion:
With all the above indications, this is undoubtedly the best time for homeowners to sell their homes in this seller’s market. Homeowners are presented with a unique opportunity to list properties and make a lucrative profit. The increase in home prices, high demand, and efficient selling processes all point to a robust market set up for those intending to sell their homes. Homeowners looking to profit from their current homes should take advantage of this seller’s market by contacting a trusted real estate agent today.
here is what you need to do to make the right decision for you
- Buyers: If you’ve been holding off on buying because you were worried the value of your home would go down, knowing home prices are stable and increasing is reasuring. It also gives you the opportunity to own something that usually becomes more valuable as time goes on.
- Sellers: If you’ve been waiting to sell your house because you were concerned about how changing home prices would affect its value, this should also reassure you. Even with the recent increase in mortgage rates, teaming with a real estate agent and getting your house on the market is the logical and smartest thing to do.
- It’s also important to remember that every local market is different. That’s why it’s essential to lean on an expert for the latest information on the market in your area if you’re planning to make a move. I would like to become that real estate expert upon whom you can lean.
- Do I think that now is a good time to buy that first house or to sell and make that move up buy? Again, absolutely yes.
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- 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.