If you are a buyer or a seller in the Delaware Valley, there is no question that demand is high, and in popular areas, supply is very, very low!
So how does this affect your sale or purchase? Here are a few tips for buyers and sellers.
Buyers: Be prepared for multiple bid situations when you find a house you like. I have a buyer who is pre approved for a mortgage lose a house she liked, because there were already 7 cash offers in on the property. Even more extreme, my investor buyer was one of 25 offers on a fixer-upper property in Chester County- that was a record for me! If you need a mortgage to buy a house, don’t give up, but be ready to launch an offer immediately when you find a house. Have a strong pre approval and consider putting down a hefty deposit and/or down payment to show your interest. If you’re a cash buyer, you may have the advantage with move-in ready homes, but have your agent check if there are other offers in on the house. Don’t lose your bid because you tried to low-ball in a hot market!
Sellers: Work with your agent to develop a compelling price that fits well in your local inventory. If your house is in top-notch condition and location is strong, you can price at the top of recent values. However, if your home is either in a weaker location (for example, on a very busy road), or in need of repairs or updates, price competitively. Don’t over price your house; spring is without doubt the best time to sell quickly and painlessly, but your still need to be priced right. Remember that ultimately, your house is worth what a buyer is willing to pay for it. Don’t be stuck on a number and lose the chance to meet your ultimate goal: settlement!
If you are in the Philadelphia region and have any questions, just ask.